Michael, we are getting snow storm on Tuesday. crazy weather for Louisiana. the state is just about shut down. Hey hey Lisi!!! Also, I will not be out in the snow to ski or anything. Louisiana is flat 🙄
@MbisonBalrog I don't think it's a penalty. I think they get their money first from your monthly payments. The banks get their interest paid back either way. But if you pay your mortgage early, you get out from under your mortgage way sooner. I think a penalty comes in to play if you cash out a cd or an Ira or 401k early.
They're not worried. The Federal Government will be there to bail them out. "Soft times make soft men, soft men make hard times. Hard times make hard men. Hard men make soft times!"......
Doctor with $750K in debt vs. Homeless dude with $8 in his pocket. Hmm? Homeless dude is ahead of the game. Doctor doesn't even own his own the hubcaps on his BMW.
This comment is why you need to be careful when buying a home. People don’t give a fuck if you buy their problem. Those people walked away thinking they got a fool.
I am retired, but when I was employed I couldn't help but notice the absolute poor financial decisions that many of my fellow workers made. Going on expensive vacations, buying new cars, refinancing their homes over and over, buying expensive toys like boats, taking second loans loans to pay off credit cards and then going right back into debt and generally spending money on frivolous or unneeded items. Years later these folks seem to be struggling with finances, but their peers who made reasonable financial decisions are, as a group, doing much better. It's that simple....
Yes. My brother and I are both hitting retirement age. I've got no college and never had a high-paying job, but I'm debt free and could retire if I wanted to. He's got debt out the wazoo, and just took on about $50k more in debt buying a Jeep that his wife badgered him for. 'Happy Wife, Happy Life' can be a recipe for disaster sometimes.
My coworker who’s a sales rep makes $300k a year, I was making $150k. On the drive to a customer in 2016, he said I bought a new truck, I said sounds nice I drive a paid off 1993 MR2. I asked how much is in your 401k and other investments. He said about $56k 😳. He asked mine I said about 400k, and I have a reasonable house in Florida. He is 50 years old. He then bought at $750k house, then lost his job. Now he is in debt. I have an older car, no credit card debit, just paid off the house, made some really good investments. I’m still worried if retirement with $3 million in net worth is enough?
About a decade ago I started a bathroom renovation project at home. Once the drywall was removed, I found so many issues from electrical to plumbing and previous repairs done wrong. I went from estimated 6K to 35K. To make matters worse, I lost my job and the project took way longer than expected. Lesson learned on this end lol
@@Eluderatnight...except drywall. I am a drywall contractor. Cable tv shows make everyone believe they can tape, finish and sand correctly...a 200+ sheet home.
Where we live housing prices have dropped about $125K in the last two years. Recently dropped 15K in the last 30 days. Not concerned though because we are not planning to sell our mini mansion. When value goes up or when value goes down our beautiful home is still beautiful. We became debt free 25 years ago. A very nice feeling.
All these issues stem from an economy grappling with uncertainties, including housing problems,foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.
In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
I consistently recommend Jennafer Beaver Turner as my top choice. She is well-known for her expertise in financial markets and has an impressive track record. I highly endorse her services.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon
Absolutely correct! It would be remarkable too, because we would see an eventual major decrease in high school students enrolling in college. They would realize how foolish it would be to get the themselves into a pile of debt before their working lives even begin.
Im so glad i know how to build a home. Thank you President Jimmy Carter who actually supported my high school on on wood building and construction class in jr high school... The 70s were awesome!
There’s more and more of a concern that incoming data is revealing that the Fed might be a little bit behind the curve than maybe they expected heading into this year,” said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto. In my portfolio, I'm noticing more red than green. How are other people in this market raking in over $350k gains within months
Concentrate on two main objectives. First, keep yourself safe by knowing when to sell stocks in order to limit losses and maximize gains. Second, get ready to benefit from market changes. I advise consulting a professional for advice.
Yes, I have been in touch with an adviser ever since the outbreak. Today, investing in hot stocks is quite easy, the difficult part is deciding when to buy and sell. With an initial starting reserve of $80k, my adviser chooses the entry and exit commands for my portfolio, which has grown to approximately $550k
my 401k growth has been stagnant since the 2022. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could retire in 3 years
The stock market is without a doubt the awkward teenager with the most extreme mood swings! I started out with a commentator named “Matthew D Heck” His honest approach gives me complete ownership and control over my position, and his rates are incredibly affordable given my ROI
Termite damage, bad plumbing, dry rot, electrical faulty, very old windows, cracks in foundation, roof worn out, swimming pool leaking "? All that can mean a very expensive money hole..
I was divorced by a adulterous thief, right after the divorce I then got scammed.. I've lost most of my money, but my one saving grace - NO DEBT. GET OUT OF DEBT IF YOU CAN.
And with indulgent wealthy parents-there’s the problem right there. Why would hubby bother to look at the accounts if the MIL is there with plenty of money?
When my Mom turned 80 years old she invested in Casino Ships in New Port Richey Florida, One pull after another. She left nothing for us 5 kids to fight over.
She had lost her home on a canal in Hudson back in 1993 from that surprise hurricane. She spent that insurance money and $150k in cash savings on those boats gambling. She said her last 8 years of life were a blast.❤
Having children who are good, productive people by raising them right is the single best way to give back to society. Also a tremendous blessing despite the cost. It teaches you to love other people more than yourself which grounds you
Mr & Mrs Bordenaro are putting forth the effort to show the truth. It has nothing to do with gloom or doom or whatever bias-of-the-day is being offered on social media sites.
Have to remember, if you are getting into a foreclosure house odds are it has a lot of problems. If the person who was in the house couldn't pay the mortgage they weren't going to be paying money on upkeep or repairs on the house
It's like any other investment, you check it out thoroughly before you decide to make a move. And if you aren't in the business of knowing exactly what you are looking at then you need to really really be careful. It's like trying to buy and sell repossessed cars when you don't know a thing about cars, bad idea.
Not necessarily. They could be living it up in a nice house simply not paying the mortgage. Even still, the finishes are nothing compared to the cost of the land, and the structure. And usually there is nothing wrong with the structures. And if there was, you can easily spot it, and thereby the price will be super cheap; saving you money for other things.
@ Even still, how often you need to replace sheetrock, or electrical, flooring or inside the wall plumbing? If a foreclosure needs that much repair, then likely the owners themselves were not even living in it. They probably bought it for speculation themselves. But then something else happ, and they need to offload.
I’m lying $3100 in rent and I’m trying to buy a house that is expected to cost a little over $4100 a month. It’s just the numbers today as of 1/19/2025
Never use your equity to pay off credit card debt. Roll it into a different card with 0% APR for at least a year. Work on paying it down and keep rolling till you get there. We don't teach financial literacy in this country.
--Financial wisdom is essentially developed by inexperience and often failure. Doesn't come from a book nor a lecturer. To suggest that the current virtue of 'equity' is to be savored only from a distance (so to speak), is archaic. Today's world and rigged, impossible systems often are the cause of misappropriation of equity. It is called desperation. We did not ask for a global behavior modification called Covid...but we got it anyway. Most of these videos ignore that as a root cause, looking instead to thump the responsibility bible. 2020 was a total drag. It destroyed the fabric of many things, including fiscal responsibility. I would daresay, it's ultimate goal.
Yeap. Sadly lot of new RE investors popped up around Covid after they watched some RE gurus and HGTv. They have no idea what they are doing and are over leveraged into 10+ homes.. Have atleast two friends who are in that boat 😮. If this bubble pops it’s gonna be ugly
@bobbya51 it's $486.00 with taxes and insurance. Well put a new roof on in 2024 a standing seam metal. I replunm the house in 2018 that case me $200.00 I did it my self.
@@jjred233 ok well the rent are were i live is running like $1,500.00 the maintenance on my house is my be $50.00. We are on .70 acres. The most money the spend on the house was the melt roof that was $8,000 so I am good with the roof for life time. Just have to keep the roof clean and replace the boot s around the vents every 20 years or so.
People getting greedy and extending themselves too far. The BS they get fed from the "property investment gurus" is often disgusting. I'm in Real Estate and it's not a get rich quickly scheme often.
Some people really think they can do this house flipping thing, it's not very easy especially if real estate is not going up as fast as in the past and inflation is catching you with big renovation costs.
That’s me, I dealt with my mom’s finances when she had dementia and no savings that I can’t stand dealing with money. Money can be a big pain in the a$$. I don’t need to be a millionaire just enough to live comfortably.
I knew way back when graduating 🎓 from high school in "85" I knew the following (1) Work for the Government! Job security & define benefit for retirement!! (2) Don't EVER get married! At least in the USA!! (3) DON'T HAVE ANY CHILDREN AT ALL COST!!! I did all of following and living GOOD AND STRESS FREE IN RETIREMENT!!!!!!
I graduated high school in '85 also....I went into the Marines for 4 years, and got out, and married and had a child with a cheater, who I caught in the act...I left her and the divorce courts made me pay her half my income for 15 years, so I made all the mistakes you talked about, but as I was growing up, all the adults in my family told me that women don't cheat, so if I got married and if I didn't cheat, then the marriage would work....oh, and all those adults that told me that were women.
Always get a thorough inspection from a reputable inspector on a property you're interested in purchasing. Even if it's "new". There's a lot of corner cutting going on out there and some of these things can be quite costly.
Thank you Michael for keeping us informed. I appreciate you. A retired woman(Boomer) here. I have never cared what people think 🤔 about me. God 1st, always. Happiness is innate. Happily Debt free. Not broke. Not struggling. No regrets. No stress. 😎 I can’t feel empathy for individuals crying 😢 about their dire financial circumstance, that they themselves created. Debt 💸 is a choice. It’s so simple. If I don’t have the cash 💰 to buy it, I won’t. 5 years, 8 years(car loans), 30 years(mortgages), School loans, etc. These loans are traps designed to steal consumers’ hard earned money 💵(interest).😮 Insanity.
These day, it’s so hard to do it on your own. I see 2 or 3 families living in one house. I have to fight for parking lot. It’s crazy now. Sad but people are living beyond their means.
I WAS THE IDIOT who bought 4 rental properties instead of investing in the 401K. Now, 25yrs. later, I don't have 385K saved but cash flow 68K annually on properties worth $1,350,000
25 years ago, 2000, would have been the last time to buy before the tailspin that led to the 2008 crash. You did NOT buy while prices were approaching freefall.
only 480 k in debt is a drop in the bucket in calif. the teenagers here drive around in 100k plus cars and trucks flashing gold cards and wearing gold chains so big they can hardly hold their heads up to see out the windshield and they are always eating out fast food and stuff like that. the 30 year old child next door gets a 250 dollar a week allowance just for taking out the garbage and making his bed while his mommy and daddy are at work. I am a old man and I can tell you this these kids nowadays are living high on the hog. a lot of people are calling these hard times but this is the best I have ever seen people living in my lifetime ,trust me I have lived the hard times.
I think the worst cases are Pat Kluge who got a divorce settlement of $100 million from John Kluge and lost it on a failed winery and Kenny Rogers who lost a fortune trying to start a restaurant chain.
Estimates suggesting that around 70% of wealthy families lose their wealth by the second generation and up to 90% by the third generation, highlighting the "third generation curse"
Most of the people have no idea how much money it takes to renovate , or gut rehab a property...if you have a figure in mind, multiply that by 2.5 or 3 , and multiply the time you think it takes by 3 or 4 ....unless you have all the money in the world to use , then is doable but at 10 times the price....!!!
Michael, I am a fairly new subscriber to your channel. Please do a blog on reverse mortgages or forward a link to one that you have already done. ✔️ Most often, primarily elderly homeowners are unaware of certain conditions and dire consequences regarding this type of mortgage.
I LOVE Michael. When he said he is 35 years old... I was shook! He looks more like 45. He is Handsome but he isn't aging well. You know that you are stressed out when your hair starts turning grey at ,35
Everyone wants to be a real estate mogul until they realize renovation costs aren’t just ‘a little paint and new floors’ 😂. Respect to the ones who do it right!
You’re right! When it’s not your money, people will make these mistakes over and over again. Once her parents pass away, hopefully there’s an honest estate executor in place who will be a good steward for the family so that the kids will inherit a decent inheritance too.
This is sad bc deep down i don't wish this on anyone but my worst enemies lol but as soon as i saw the title i immediately felt better about my own life. I think this is normal. I hope so anyway. Going to watch now n see what i can learn.
My house is from 1780, made from brick and stone, with 3ft thick walls. Renovating cost were equal to 2 new houses, but I wouldn't swap to other house. It has 4 apartments: 1 for me, 1 for wife, for renting, and 2 to live in.
That's the problem people get money and they start adding more to their plate and then once it piles up they no longer can afford to pay it off and then they're stuck looking stupid!!
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
Agreed, the role of advisors can only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
sounds great! i've never utilized a financial advisor but enthused about making money from the stock market, could you be kind enough with info of the advisor guiding you please? I could really use some guidance
Personally, I've stuck with Melissa Terri Swayne and her performance has been consistently impressive. You can confirm her basic info on the internet, she's quite known in her field with over 15yrs of experience.
Enjoy all your videos thanks for sharing way back between 1981 to 1986 I was young uneducated about finance so I ended up in debt first I bought a car to go to work then my mother past away so I bough a house with zero down paid $98.00 a month on the house but then I get in habit of using credit card I was doing well to receive $400.00 a month from jobs I work at but then I started to educate myself, and in 2003 year I finally got out of debt it took a while today I have no debts other than regular cost-of-living but I got it down also.
As the saying goes; ignorance is no excuse for the law. Making terrible decisions and not learning from continued mistakes is a train wreck waiting to happen.
It’s actually fantastic- these are people who are trying to get over on and ahead of everyone else THROUGH GAMBLING and relying on MOMMY and DADDY’S MONEY to get ahead of the people who do ALL OF THE REAL WORK, like the construction crews who did all the labor.
TY for your hard work and challenging messages. Most “ Home Inspectors” are not contractors and likely would not have been very informative. Additionally they are dependent on agents and lenders together with Gov lenders for repeat business. Please examine the requirements for licensing for “home inspectors” in most states. I am 75 husband 83 retired LACity Firefighter very competent electric plumbing room additions etc and we always retained qualified licensed builders to “inspect” our home purchase independent of the “ inspector,” even though homes in Ca were new and well built in those days.
Looking back . . . I'm surprised my dad, being wise in finances, would have convinced us to buy a home with no down payment. Albeit 38 years ago. In the rear view mirror, setting me up for failure (to boost his ego - but we won't go there).
My biggest concern is how we are going to survive all these financial and political crises, especially the power struggle in the US. The government has really made things difficult for its citizens and we cannot just sit by and suffer the consequences of bad governance🙏...
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just going into crypto investment , and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
I am new to the crypto world and don't understand how it really works. A friend told me trading with a professional trader is the best strategy for beginners and busy investors, but for months now I've been making so research and haven't found any.please any recommendations
Most of them are handed money from family or selling of a family business or farm. I have watched people lose millions in just a few years and now they're living in a rental duplex. Just like many that win the lottery they are broke in a year or two? It is fun to watch the show
Caleb Hammer's channel is great if anyone needs a wake up call. I'm honestly shocked at how financially illiterate a lot of people are. I can't tell you how many times he's yelled " you can't afford it" to people questioning why they would do some of the dumb stuff they have. Also, yeah, I think the HGTV shows have warped people's minds as to the reality of doing renovations. We've been doing a small bathroom. Thought it would only be about $500....another $2k later. It's never has cheap as you want to pretend it is in your head. Always something else comes up.
I am on a limited income and paying high rent price scares the heck out of me. I can not afford to move or pay a high mortgage payment. I don’t know how these people pay high rents / mortgages payments.
4 Reasons To PAY OFF YOUR MORTGAGE EARLY ua-cam.com/video/tyiQdqorcSk/v-deo.html
Michael, we are getting snow storm on Tuesday. crazy weather for Louisiana. the state is just about shut down.
Hey hey Lisi!!!
Also, I will not be out in the snow to ski or anything. Louisiana is flat 🙄
Reaganomics sucks!
Mike we are debt free no mortgage no credit card debt no car loans
Dont banks charge penalty for paying off early?
@MbisonBalrog I don't think it's a penalty. I think they get their money first from your monthly payments. The banks get their interest paid back either way. But if you pay your mortgage early, you get out from under your mortgage way sooner.
I think a penalty comes in to play if you cash out a cd or an Ira or 401k early.
Never, ever buy a flipped house. All you're buying are cheap shoddy repairs covered with a fresh coat of paint. Proper repairs are expensive!
Sounds like the parents need to stop treating their adult kids like spoiled children
Kids are very expensive to raise, just supplying them with the basics.
All boomers are real estate tycoons so........simmer down.
This
Patronising much?
Most Americans....Buying Things they don't need.....With Money they don't have...
…to impress people they don’t know.
100%. And then they blame and complain.
@@Imsosmrt1999 good 1
...to impress people they think give two p00ps
They're not worried. The Federal Government will be there to bail them out. "Soft times make soft men, soft men make hard times. Hard times make hard men. Hard men make soft times!"......
The best advice I can give to anyone is don't marry a financial idiot. When you start seeing the red flags BAIL OUT!
AKA a woman ?! 😂
I married someone you describe.
Or a dumb man
480k in Debt WITH NO SAVINGS. That makes me feel better I'm just broke.
My idiot brother is in the same boat it's terrifying.
They are $480k from starting at zero
Doctor with $750K in debt vs. Homeless dude with $8 in his pocket. Hmm? Homeless dude is ahead of the game. Doctor doesn't even own his own the hubcaps on his BMW.
Lol me too
Lol 😂
That $480k went to make other people's dreams come true.
Interesting thought
It's more like a nightmare
A $480K foreclosure should not need extensive renovations. New cabinetry, frig, and stove/oven should not put you in over your head by that much.
This comment is why you need to be careful when buying a home. People don’t give a fuck if you buy their problem. Those people walked away thinking they got a fool.
@@ryanmccluan7467 Yah, never trust inspectors. I have my share of stories.
I’m 62. Retired a year ago with zero debt and an income of $78K per year from a pension and SS. Life in Dallas is good.
@@Scodura1ha ha ha
@@Scodura1 yah yah how are the fires or the BS
I’m a quadrillionaire and I own half the world. Life is good
I own nothing and I am happy 😂
I know that’s right.❤
Please don’t take out home equity. You’ll regret it. Too many people go into foreclosure after doing this.
It's called HELL, not velocity! I agree with you.
That was the best advice I got when I first bought my house by a wiser older friend on a plane trip.
You mean I shouldn't get a new truck with a HELOC??? LOL
@ Yep! Unfortunately, there will be people who will find out the hard way.
Thanks for sharing!
I am retired, but when I was employed I couldn't help but notice the absolute poor financial decisions that many of my fellow workers made. Going on expensive vacations, buying new cars, refinancing their homes over and over, buying expensive toys like boats, taking second loans loans to pay off credit cards and then going right back into debt and generally spending money on frivolous or unneeded items. Years later these folks seem to be struggling with finances, but their peers who made reasonable financial decisions are, as a group, doing much better. It's that simple....
Yes. My brother and I are both hitting retirement age. I've got no college and never had a high-paying job, but I'm debt free and could retire if I wanted to. He's got debt out the wazoo, and just took on about $50k more in debt buying a Jeep that his wife badgered him for. 'Happy Wife, Happy Life' can be a recipe for disaster sometimes.
Seen the same thing,agree 100%.
ALL on credit. Credit card debt is in the billions. We became a materialistic society.
I've noticed the same thing I know they can't quit, I quit because I didn't want to be like them 😂🎉
My coworker who’s a sales rep makes $300k a year, I was making $150k. On the drive to a customer in 2016, he said I bought a new truck, I said sounds nice I drive a paid off 1993 MR2. I asked how much is in your 401k and other investments. He said about $56k 😳.
He asked mine I said about 400k, and I have a reasonable house in Florida.
He is 50 years old. He then bought at $750k house, then lost his job. Now he is in debt.
I have an older car, no credit card debit, just paid off the house, made some really good investments.
I’m still worried if retirement with $3 million in net worth is enough?
About a decade ago I started a bathroom renovation project at home. Once the drywall was removed, I found so many issues from electrical to plumbing and previous repairs done wrong. I went from estimated 6K to 35K. To make matters worse, I lost my job and the project took way longer than expected.
Lesson learned on this end lol
That's why I sold my house and rent
Why I'm glad I've been a carpenter, mechanic, machinist, and an engineer. I can handle anything foundation to roof.
@@Eluderatnight...except drywall. I am a drywall contractor. Cable tv shows make everyone believe they can tape, finish and sand correctly...a 200+ sheet home.
@@BornToBeALiveWire I'm good at dryway. I'm just not as fast as "the drywall guy". You won't see my seams, screws, tapelines or curves to the wall.
@ Ummm, yeah. I will. 500 watt halogen lights is protocol for my paycheck.
Where we live housing prices have dropped about $125K in the last two years. Recently dropped 15K in the last 30 days. Not concerned though because we are not planning to sell our mini mansion. When value goes up or when value goes down our beautiful home is still beautiful. We became debt free 25 years ago. A very nice feeling.
Where?
Is it just the prices? Or are recently sold also dropping at that same rate?
All these issues stem from an economy grappling with uncertainties, including housing problems,foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.
In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions.
Consider a similar approach.
This sounds promising! Do you have any professionals or advisors you could recommend? I really need help with proper portfolio allocation.
I consistently recommend Jennafer Beaver Turner as my top choice. She is well-known for her expertise in financial markets and has an impressive track record.
I highly endorse her services.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon
Basic Finance is what should be taught in the first two years of High School.
No the last two years. What do kids care when they're 15 and Mom and Dad are still supporting them.
or you know... filing taxes.... or the federal reserve scam.
Absolutely correct! It would be remarkable too, because we would see an eventual major decrease in high school students enrolling in college. They would realize how foolish it would be to get the themselves into a pile of debt before their working lives even begin.
I was taught how to use a credit card and how to pay a mortgage in high school. I don't think basic finance should be taught in school.
wont happen because too much of our society and culture relies on tricking and trapping
Im so glad i know how to build a home. Thank you President Jimmy Carter who actually supported my high school on on wood building and construction class in jr high school... The 70s were awesome!
There’s more and more of a concern that incoming data is revealing that the Fed might be a little bit behind the curve than maybe they expected heading into this year,” said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto. In my portfolio, I'm noticing more red than green. How are other people in this market raking in over $350k gains within months
Concentrate on two main objectives. First, keep yourself safe by knowing when to sell stocks in order to limit losses and maximize gains. Second, get ready to benefit from market changes. I advise consulting a professional for advice.
Yes, I have been in touch with an adviser ever since the outbreak. Today, investing in hot stocks is quite easy, the difficult part is deciding when to buy and sell. With an initial starting reserve of $80k, my adviser chooses the entry and exit commands for my portfolio, which has grown to approximately $550k
my 401k growth has been stagnant since the 2022. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could retire in 3 years
The stock market is without a doubt the awkward teenager with the most extreme mood swings! I started out with a commentator named “Matthew D Heck” His honest approach gives me complete ownership and control over my position, and his rates are incredibly affordable given my ROI
Use his name to quickly conduct an internet search Matthew D Heck
Termite damage, bad plumbing, dry rot, electrical faulty, very old windows, cracks in foundation, roof worn out, swimming pool leaking "? All that can mean a very expensive money hole..
Lots of work with deteriorated old homes but most new homes now built poorlywith cheap materials
I was divorced by a adulterous thief, right after the divorce I then got scammed.. I've lost most of my money, but my one saving grace - NO DEBT. GET OUT OF DEBT IF YOU CAN.
That couple. The blind leading the blind. What could possibly go wrong??
And with indulgent wealthy parents-there’s the problem right there. Why would hubby bother to look at the accounts if the MIL is there with plenty of money?
When my Mom turned 80 years old she invested in Casino Ships in New Port Richey Florida, One pull after another. She left nothing for us 5 kids to fight over.
I live down the road in hudson on 19
That boat is a floating dump
😂 I don’t know if you were trying to be funny but I lost it. “Invested in casino ships, One pull after another “, Classic
She worked hard for her money, so she decided to spend it all before she passed on. It sucks.
She had lost her home on a canal in Hudson back in 1993 from that surprise hurricane. She spent that insurance money and $150k in cash savings on those boats gambling. She said her last 8 years of life were a blast.❤
Your best mom
Having children who are good, productive people by raising them right is the single best way to give back to society. Also a tremendous blessing despite the cost. It teaches you to love other people more than yourself which grounds you
Hard disagree. Why not just learn to be productive yourself rather than rolling the dice and putting too much pressure on kids.
100 agree..now how do I start..still looking
@@Harambe_it's a blessing to have children that are a huge success and it's not just the parenting, too many factors raising kids
Your dedication really shines in every video. Awesome job!
The financial ignorance and lack of self-control is staggering. Including the lender!!
People are watching to many feel good home improvement shows.
There is never a shortage of dumb people
And it makes it better for the rest of us.
@@pensacola321 you sure about that?
Michael the harsh truth preacher.
Dont come here if you dont feel like doom and gloom.
Mr & Mrs Bordenaro are putting forth the effort to show the truth. It has nothing to do with gloom or doom or whatever bias-of-the-day is being offered on social media sites.
Have to remember, if you are getting into a foreclosure house odds are it has a lot of problems. If the person who was in the house couldn't pay the mortgage they weren't going to be paying money on upkeep or repairs on the house
It's like any other investment, you check it out thoroughly before you decide to make a move. And if you aren't in the business of knowing exactly what you are looking at then you need to really really be careful. It's like trying to buy and sell repossessed cars when you don't know a thing about cars, bad idea.
Not necessarily. They could be living it up in a nice house simply not paying the mortgage. Even still, the finishes are nothing compared to the cost of the land, and the structure. And usually there is nothing wrong with the structures. And if there was, you can easily spot it, and thereby the price will be super cheap; saving you money for other things.
@@MbisonBalrog I have yet to meet someone "living it up" and not paying their mortgage.
@ Used to be true, but now with Anti-Squatter Laws not so much.
@ Even still, how often you need to replace sheetrock, or electrical, flooring or inside the wall plumbing? If a foreclosure needs that much repair, then likely the owners themselves were not even living in it. They probably bought it for speculation themselves. But then something else happ, and they need to offload.
I'm adding this story to my long list of reasons not to have kids.
Could have moved to somewhere easily affordable & had more kids & not been broke.
Did you have a reason to be born? Will you have a good reason to die? No reasons needed to have children or not either. You have them or you don’t.
@@Ghekko-kw3zz yep like Sudan or Syria.
$3500 a month is crazy. How are people paying this
Cash or card ...
2 or 3 families live together.
I’m lying $3100 in rent and I’m trying to buy a house that is expected to cost a little over $4100 a month. It’s just the numbers today as of 1/19/2025
Never use your equity to pay off credit card debt. Roll it into a different card with 0% APR for at least a year. Work on paying it down and keep rolling till you get there. We don't teach financial literacy in this country.
--Financial wisdom is essentially developed by inexperience and often failure. Doesn't come from a book nor a lecturer. To suggest that the current virtue of 'equity' is to be savored only from a distance (so to speak), is archaic. Today's world and rigged, impossible systems often are the cause of misappropriation of equity. It is called desperation. We did not ask for a global behavior modification called Covid...but we got it anyway. Most of these videos ignore that as a root cause, looking instead to thump the responsibility bible. 2020 was a total drag. It destroyed the fabric of many things, including fiscal responsibility. I would daresay, it's ultimate goal.
People here don't want to live within their means.
well that's obvious
There's no excuse for spending half a million dollars more than you can afford.
Yeap. Sadly lot of new RE investors popped up around Covid after they watched some RE gurus and HGTv. They have no idea what they are doing and are over leveraged into 10+ homes..
Have atleast two friends who are in that boat 😮. If this bubble pops it’s gonna be ugly
Thank you to our host for this walk around outdoor tour. Good topic. Good advice
We buy our home in 2017 at 65,500 and now the home is value at about now 225,000 we pay 486 a month. My home is cheaper then rent.
It's $460 PLUS never ending property maintenance , increasing taxes and insurance . Right ?
@bobbya51 it's $486.00 with taxes and insurance. Well put a new roof on in 2024 a standing seam metal. I replunm the house in 2018 that case me $200.00 I did it my self.
The cost of upkeep on that home went from $1,400 a year to $5,000 a year. The bills haven't sink in it. They will eventually.
@@jjred233 ok well the rent are were i live is running like $1,500.00 the maintenance on my house is my be $50.00. We are on .70 acres. The most money the spend on the house was the melt roof that was $8,000 so I am good with the roof for life time. Just have to keep the roof clean and replace the boot s around the vents every 20 years or so.
@@bobbya51 that’s true, but they ended up better off because you have to live somewhere.
People getting greedy and extending themselves too far. The BS they get fed from the "property investment gurus" is often disgusting. I'm in Real Estate and it's not a get rich quickly scheme often.
I used to tell people getting rich in real estate is really expensive.
A lot of people are gonna make a small fortune. But they are gonna start with a large one.
Bought home in 2017, paid off in 2019. Retired in 2022. Never use your house as a piggy bank!
Wow, how did you pull it off in just two years?
Let me guess you're a 22yr old UA-cam influencer
@@iddddaduncan 🤣 No. I'm 62 🤣
@@kenchu5900 Decided to sell a 2nd property we'd owned since 2004, in preparation for retirement. Wanted 0 debt when retired.
It's the old turn your house into an ATM machine. Consolidate credit cards and debt and in 2 years they are right back in the same pickle
In todays world its not a good idea to spoil your kids
Them kids are overrated and its played out to act like the Jones’s we know you trying hard
Knowledge is power...education is key
Some people really think they can do this house flipping thing, it's not very easy especially if real estate is not going up as fast as in the past and inflation is catching you with big renovation costs.
That’s me, I dealt with my mom’s finances when she had dementia and no savings that I can’t stand dealing with money. Money can be a big pain in the a$$. I don’t need to be a millionaire just enough to live comfortably.
its easy to go over budget when it isint your money, just ask our government
We are the government.
Stash a couple of grand away for Bankruptcy filing. You’ll be fine.
No house, no debt. Live on $1200/mo and travel the world.
WINNER!
Nice. I owned a house and hated it.
@@Corkfish1 How can you hate owning a property?
One of the best financial decisions anyone can make is owning a property imo.
@oldbloke204 probably upside down on equity
@ I always think that if you own it that it must be freehold otherwise you don't own it.
Same as vehicles or whatever else.
I knew way back when graduating 🎓 from high school in "85" I knew the following (1) Work for the Government! Job security & define benefit for retirement!! (2) Don't EVER get married! At least in the USA!! (3) DON'T HAVE ANY CHILDREN AT ALL COST!!! I did all of following and living GOOD AND STRESS FREE IN RETIREMENT!!!!!!
I graduated high school in '85 also....I went into the Marines for 4 years, and got out, and married and had a child with a cheater, who I caught in the act...I left her and the divorce courts made me pay her half my income for 15 years, so I made all the mistakes you talked about, but as I was growing up, all the adults in my family told me that women don't cheat, so if I got married and if I didn't cheat, then the marriage would work....oh, and all those adults that told me that were women.
🙄 oh brother
Always get a thorough inspection from a reputable inspector on a property you're interested in purchasing. Even if it's "new". There's a lot of corner cutting going on out there and some of these things can be quite costly.
Some people just don’t understand how finances work. It’s like giving a machine gun to a monkey. Disaster ensues.
It's called basic math.
Thank you Michael for keeping us informed. I appreciate you. A retired woman(Boomer) here. I have never cared what people think 🤔 about me. God 1st, always. Happiness is innate. Happily Debt free. Not broke. Not struggling. No regrets. No stress. 😎 I can’t feel empathy for individuals crying 😢 about their dire financial circumstance, that they themselves created. Debt 💸 is a choice. It’s so simple. If I don’t have the cash 💰 to buy it, I won’t. 5 years, 8 years(car loans), 30 years(mortgages), School loans, etc. These loans are traps designed to steal consumers’ hard earned money 💵(interest).😮 Insanity.
How bout bankruptcy
They will go after the parents.
Some people are really stupid.
That’s insane, I can’t believe what I’m hearing - I know you’re absolutely correct. What are these people doing!!!😮
These day, it’s so hard to do it on your own. I see 2 or 3 families living in one house. I have to fight for parking lot. It’s crazy now. Sad but people are living beyond their means.
I WAS THE IDIOT who bought 4 rental properties instead of investing in the 401K. Now, 25yrs. later, I don't have 385K saved but cash flow 68K annually on properties worth $1,350,000
You are right! If you had used the same leverage with the S&P you’d have way more money. You did ok though. Enjoy.
25 years ago, 2000, would have been the last time to buy before the tailspin that led to the 2008 crash. You did NOT buy while prices were approaching freefall.
Fantastic 👏 👏 👏
You achieve the AMERICAN dream 😂
"The biggest problem with the way that we've been doing things is
The more we let you have, the less that ill be keeping for me"
Well, try buy 4 rental properties in 2024 or 2025, and see what happens. 😀
Especially if you're clueless about money, live within your means!
only 480 k in debt is a drop in the bucket in calif. the teenagers here drive around in 100k plus cars and trucks flashing gold cards and wearing gold chains so big they can hardly hold their heads up to see out the windshield and they are always eating out fast food and stuff like that. the 30 year old child next door gets a 250 dollar a week allowance just for taking out the garbage and making his bed while his mommy and daddy are at work. I am a old man and I can tell you this these kids nowadays are living high on the hog. a lot of people are calling these hard times but this is the best I have ever seen people living in my lifetime ,trust me I have lived the hard times.
"Having kids is simply cruel at this point "
David Benatar ❤
Having kids is very expensive!
@lovethyneibor22: Having kids is cruel, selfish, and stupid.
I think this couple is 43 and 50. How many more kids are on the way?
@@rebeccaburgess5333 Unless you're rich*
@
yes you are right
I think the worst cases are Pat Kluge who got a divorce settlement of $100 million from John Kluge and lost it on a failed winery and Kenny Rogers who lost a fortune trying to start a restaurant chain.
Kenny Rogers restaurant is still alive and well in the Philippines. I love their roasted chicken 😂
Rogers “knew when to fold them” when it came to his restaurants. I guess he was not a gambler.
Lower rates will NOT result in lower prices.
Estimates suggesting that around 70% of wealthy families lose their wealth by the second generation and up to 90% by the third generation, highlighting the "third generation curse"
The third generation Walmart heirs seem to be doing o k . 🤑
Comes down to that people can’t do basic math, and we’ve normalized being in massive debt in US society. Dumb and dumb…
Most of the people have no idea how much money it takes to renovate , or gut rehab a property...if you have a figure in mind, multiply that by 2.5 or 3 , and multiply the time you think it takes by 3 or 4 ....unless you have all the money in the world to use , then is doable but at 10 times the price....!!!
Michael, I am a fairly new subscriber to your channel. Please do a blog on reverse mortgages or forward a link to one that you have already done. ✔️ Most often, primarily elderly homeowners are unaware of certain conditions and dire consequences regarding this type of mortgage.
Yep and Tom Selleck the multi millionaire will sit their with a smile telling all about it!
Preach brother Mike!
I LOVE Michael. When he said he is 35 years old... I was shook! He looks more like 45. He is Handsome but he isn't aging well. You know that you are stressed out when your hair starts turning grey at ,35
Refinancing uptick is a result of cash out refinancing.Very dumb thing to do.
It is the same here in sweden..working class have no money left in the end of the month..greetings from sweden
Everyone wants to be a real estate mogul until they realize renovation costs aren’t just ‘a little paint and new floors’ 😂. Respect to the ones who do it right!
the tax implication on that "quick sale" is huge----must own 5 years or more to avoid
Only if it's a primary residence
You’re right! When it’s not your money, people will make these mistakes over and over again. Once her parents pass away, hopefully there’s an honest estate executor in place who will be a good steward for the family so that the kids will inherit a decent inheritance too.
Thanks for sharing today. Sharing post immediately so others will know......from the Ozarks
Sounds like they graduated high school and never passed any math exam and just pushed through the system
We need more workers for the machine.
Thx. for keeping it real, as always. 👍
Classic case of a bull market being like the game 'musical chairs' .... when the music stops ... if you don't have a seat you're out! and bankrupt...
HI MICHAEL I'M A HUGE FAN OF YOUR CHANNEL. I'M 65 AND I LEARNED SO MUCH FROM YOU. THANK YOU FOR YOUR VERY HARD WORK CANADA 🇨🇦 PEACE ✌️ ☮️.
This happened at my old house in OKC years ago. Never again. Im broke but i owe nothing. Zero
You'll never be able to buy a car a house anything a credit you'll never even owned a credit card again
This is sad bc deep down i don't wish this on anyone but my worst enemies lol but as soon as i saw the title i immediately felt better about my own life. I think this is normal. I hope so anyway. Going to watch now n see what i can learn.
My house is from 1780, made from brick and stone, with 3ft thick walls. Renovating cost were equal to 2 new houses, but I wouldn't swap to other house. It has 4 apartments: 1 for me, 1 for wife, for renting, and 2 to live in.
That's the problem people get money and they start adding more to their plate and then once it piles up they no longer can afford to pay it off and then they're stuck looking stupid!!
Great video.
I know someone like this.
But people here think that he's a great asset in the community.
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
So far I'm doing good, approaching retirement with about 800k in savings. Transitioning from building wealth to spending can be scary, especially with soaring inflation. My question is, after maxing out my tax-advantaged retirement accounts, what next?
Agreed, the role of advisors can only be overlooked but not denied. I was shocked that I made more money with investing than hard work, not even my CEO income. Earning ''return on investment'' fetched me millions within a space of 5 yrs.(But I still enjoy working)
sounds great! i've never utilized a financial advisor but enthused about making money from the stock market, could you be kind enough with info of the advisor guiding you please? I could really use some guidance
Personally, I've stuck with Melissa Terri Swayne and her performance has been consistently impressive. You can confirm her basic info on the internet, she's quite known in her field with over 15yrs of experience.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
There is a great saying for some of these people. How much I make is not what is important but how much I SAVE is the most important.
Enjoy all your videos thanks for sharing way back between 1981 to 1986 I was young uneducated about finance so I ended up in debt first I bought a car to go to work then my mother past away so I bough a house with zero down paid $98.00 a month on the house but then I get in habit of using credit card I was doing well to receive $400.00 a month from jobs I work at but then I started to educate myself, and in 2003 year I finally got out of debt it took a while today I have no debts other than regular cost-of-living but I got it down also.
What would be more concerning is if you had savings and $480k in debt.
In debt for $480K,,beyond sad and foolish.Learn basic math,you must have slept through class. WTF!!!!!!
As the saying goes; ignorance is no excuse for the law. Making terrible decisions and not learning from continued mistakes is a train wreck waiting to happen.
well, that's not good.
It’s actually fantastic- these are people who are trying to get over on and ahead of everyone else THROUGH GAMBLING and relying on MOMMY and DADDY’S MONEY to get ahead of the people who do ALL OF THE REAL WORK, like the construction crews who did all the labor.
@Drizzly_Bear what's the fantastic part?
@
Wake up- gamblers losing is the fantastic part.
TY for your hard work and challenging messages. Most “ Home Inspectors” are not contractors and likely would not have been very informative. Additionally they are dependent on agents and lenders together with Gov lenders for repeat business. Please examine the requirements for licensing for “home inspectors” in most states. I am 75 husband 83 retired LACity Firefighter very competent electric plumbing room additions etc and we always retained qualified licensed builders to “inspect” our home purchase independent of the “ inspector,” even though homes in Ca were new and well built in those days.
So thankful my parents gave me a great financial education
--As did most of us over 40. What they didn't know, was tyrannical covid.
Looking back . . .
I'm surprised my dad, being wise in finances, would have convinced us to buy a home with no down payment. Albeit 38 years ago.
In the rear view mirror, setting me up for failure (to boost his ego - but we won't go there).
My biggest concern is how we are going to survive all these financial and political crises, especially the power struggle in the US. The government has really made things difficult for its citizens and we cannot just sit by and suffer the consequences of bad governance🙏...
"Bad governance" is redundant.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just going into crypto investment , and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
I am new to the crypto world and don't understand how it really works. A friend told me trading with a professional trader is the best strategy for beginners and busy investors, but for months now I've been making so research and haven't found any.please any recommendations
Thanks to Mrs. Ksenia Alice
She's a licensed broker and successful entrepreneur from the state.
Most of them are handed money from family or selling of a family business or farm. I have watched people lose millions in just a few years and now they're living in a rental duplex. Just like many that win the lottery they are broke in a year or two? It is fun to watch the show
Who has new babies at 43 and 50 years old...??? unless you bought them...!!!!
Thanks, Mike.
When it is not your money... (Governments principle)
480k debt? just go backpacking for 7 years. itll be over in no time.
Caleb Hammer's channel is great if anyone needs a wake up call. I'm honestly shocked at how financially illiterate a lot of people are. I can't tell you how many times he's yelled " you can't afford it" to people questioning why they would do some of the dumb stuff they have.
Also, yeah, I think the HGTV shows have warped people's minds as to the reality of doing renovations. We've been doing a small bathroom. Thought it would only be about $500....another $2k later. It's never has cheap as you want to pretend it is in your head. Always something else comes up.
Stupid is as stupid does!!!!!!!
That's why we call it "spoil" children. 😢
Shaking my head at the lead storyline. How do these people sleep at night. ❤
I am on a limited income and paying high rent price scares the heck out of me. I can not afford to move or pay a high mortgage payment. I don’t know how these people pay high rents / mortgages payments.