Paying That Much Interest is a CRIME | Finance Action
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- Опубліковано 31 лип 2024
- 🔥 Nathan, a 29-year-old who spends all his money on bars, trucks with some seriously bad financial decisions.
With a spending spree that's seen more downs than ups, and continued reliance on bad debt, Nathan needs to take action rapidly before it becomes too late! Now, with a looming settlement of $25,000 on the horizon, Nathan's at a crossroads: dive into the unpredictable waters of real estate or pave a solid financial foundation first? This episode is a crash course on how NOT to manage finances and a guide on what to do if you find yourself in a similar boat.
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🕒TIMESTAMPS🕒
0:00 PARTY STARTS
01:00 WHAT THE HECK IS GOING ON?
04:10 INCOME & ASSETS
09:29 EXPENSES & DEBT
19:47 WORST POSSIBLE LOAN
25:59 THE MONEY CASE
27:41 WHAT TO DO?
37:55 WILL HE TAKE ACTION?
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Disclaimer: Please be aware that this video and all other content produced by Romain Faure are not intended to serve as investment guidance or formal financial advice. The information presented is solely for entertainment and educational objectives. The money displayed in our video podcast is for entertainment purposes only and is not real currency. All cash shown is prop money, and should not be mistaken for genuine legal tender. Please enjoy our content responsibly!
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Financial education, Finance Action, American debt, personal finance, budget money debt cash, how to invest in real estate, how to start in real estate, rental property, investment property, compound interest, buying house, insurance, save, buy, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, financial independence retire early, how to pay off student loans fast, debt payoff, how to make money, get rich quick, get rich, make money online, net worth, loans, credit score, should I go to college, college debt, student loan forgiveness, debt free community, student loan, credit, loan, budgeting, stock trading, crypto, finance, budget, student loan forgiveness, car payments, credit card debt, debt, credit card, payday loans, car debt, The Dave Ramsey Show, The Plain Bagel, The Rich Dad Channel, Graham Stephan, Meet Kevin, Ryan Pineda, Elena Taber, Noelle Randall, Lili Thompson, John Olfert, Bigger Pockets, Caleb Kids Show, Dave Ramsey Live, Caleb Hammer, Coffeezilla, Bridgette Wilson, John Oliver, Che and Cherice, Caleb Maupin, inflation, manifestation.
He didn’t even realize it was almost 400% for that. He was about to be in for a rude awakening when it never went down after so many payments. I can’t believe it’s even legal for them to do that. That’ll ruin someone.
Paydays loans are as bad as debt comes 😨 Hopefully our discussion was an intervention for his situation ! We believe in Nathan!
The eye-popping interest rate of 391% on the payday loan is the highest ever seen on this channel! Hopefully Nathan takes your advice to heart and changes his spending habits in order to build up his net worth as well as save up for emergencies as well as invest for retirement. All in all this is a useful episode highlighting the dangers of payday loans with their entirely destructive interest rates 😊
Spot on ! I generally mention Credit Card Debt being the worst, but in this scenario it is nowhere close to Payday Loans !! There is a reason why those are illegal in some countries … I am hoping Nathan will make the right decisions too ✅ I appreciate your insight as always mate !
@@itsRomainFaure Loan sharks like that should be behind bars. That is unacceptable level of interest. That is basically modern day slavery.
@@maynnemillares such a high interest is really absurd !
As a fellow Nathan, I hope he’s able to pay off the debt and get it together.
Another good episode!
$25K is the exit ! Hopefully he makes good use of it indeed :) and Thanks Nate 😀
I just love listening to your advice and your accent is so fun.
Thank you! 😃
Sooo many people get sucked into these and most dont even know what a pay day loan is. Many people are down right desperate and will do anything to get a loan because they have no other resources. I know how it is to be financially desperate with no resources - as I am sure many here do as well. So I have compassion here. We all have a story. But he came here for help. Bless him!!
Nathan pretty much carries every possible type of bad debt - and is now paying the price, with extremely expensive interest. Without the $25K Exit, his situation could have quickly become a MAYDAY 😨
Can't wait for this channel to start gaining more popularity! I'm a fan of Caleb's content and I'm also becoming a fan of yours as well! I like your approach to it. Keep it up!
Thanks for the kind comment, Welcome on Board :)
Can’t wait for a follow up. Enjoyed the talk!
An immediate pleasure is more reinforcing than a distant one. A cookie now is more reinforcing than the goal of a 25lb weight loss six months from now. Same with money goals. Saying ,"No" to your own brain is a super power. Self discipline is needed.
Valid 👍
Romain and Caleb are both keeping me on track! Keep up all the good work!! ❤
I love to hear that 🤞 we are Tues/Thurs and Caleb is Mon/Wed/Fri. Full week days haha
I just got to his update at the end and I wasn’t expecting that!! Okay call me surprised!
Ahhh, the "Oh la la la la" brings back great memories of France :) Thank you for being so French
Hahaha
Another banger Romain! Thx to you both for the content.
Prepare for Thursday it’s going up in level 🔥
*Insert Michael Jackson eating popcorn meme*
🥳👌🏾
Great video! Keep it up. These types of videos are my guilty pleasure!!!
Love to hear that - we have some incredible stories coming your way 😀
And they're free!! 😀😀😀
Another great breakdown of a guest’s financial opportunities, Romain! As you elaborated on, he’s putting the cart way before the horse. Under no circumstance should he be shopping for rates, especially given his debt situation. Rates are absurd right now anyhow, but that 391% interest and unproductive student loan debt is going to drown him before he knows it. Hoping he follows your plan, there’s hope!
Hey Josh! As always, it is great to hear from you 👍 and yes, his priorities are just in the wrong order right now! He has all cards and knowledge in hand, it is up to him to play them correctly.
Keep it up Nathan!
Great channel! That bit about REIT investment with no liquid savings, shows his lack of understanding about how to achieve financial independence. However, Nathan you can find the way, sometimes sacrifices are necessary but invest in yourself long term.
I very much agree with your comment on building a strong financial foundation first before launching into expensive ventures.
Can’t wait to watch this!
Let me know your thoughts Jasmine ! This is the first time we encounter that variety of bad debt :(
I know quite a few people who have large student loan balances but never finished their degrees. One that runs into six figures. I went to school in the mid 90's and started in a community college and then state schools. Back then we thought that was expensive but even adjusted for inflation it was like a third of the cost. Scholarships help, but my nephews and youngest son are going the ROTC route but they will owe 6-8 years of military service when they graduate.
I was surprised with the number of people that have not completed their degree given how expensive school is in the US. Thanks for sharing your story 👍
Same. I graduated from college in 2001. I knocked out my first two years at community college, then state college with three scholarships. Graduated and went to the military. Did my time in the military, got out and used my GI Bill to get another undergrad degree, a masters degree, and a certificate-all completely free.
thank you for posting as usual. its always enjoyable. i know he said he was interested in real estate and how you mentioned what if something breaks down: my s.o works in commercial HVAC for the govt. and a full residential central hvac system (system, pipes, ductwork.) is now about 20,000$ minimum, whereas just a system can cost over 10,000$ and that's not including labor cost.
Of course :) and yes indeed ! And even stronger point to justify building financial foundations first before going into what could become a nightmare !
The visuals are great!
Love to hear, we do our best to make it as easy as possible for our viewers to follow along. Thank you Brianna !
Don’t let that settlement burn a hole in your pocket. You’ll squander that and you’ll have nothing to show for that accident pain and suffering. Make sure you’ll always know where it went and be happy about it.
Yes it is his exit door! I hope he leverages it the best way :)
Romain has a subreddit now.
Let me check it out :)
Very educational thumbs up subscriber
Thank you! Welcome on board :)
$120 a month for cell phone service?! I pay $240 per YEAR for mine! That's crazy.
$1440/year for cell service...he needs to switch to Mint Mobile and save $1200/year. Also, repairing an old car for 25K is crazy, he could have had a decent brand new vehicle for that price, though I get the sentimental value it probably has.
I agree ! And $25K for a car that currently doesn’t work is tough …
I’m shocked that you wouldn’t just tell Nathan to NEVER indulge in payday loans again. An “extreme emergency” shouldn’t be an excuse. There are lower interest rate options out there if an emergency arises!
When you have nothing left - it would be the last of the last option.
Seems like this channel is gaining a lot of subs! I would bet that this time next year it'll be at 50k or more.
I hope so too - I am really working towards it, and also to continue bringing a wide array of stories!
Romain, do you have a link/recommendation on the scooter you purchased?
Mine was a Xiaomi! really liked it :)
Ouch😅
Tough :(
Some of these younger people have no clue, I would be afraid for their future.
Can't generalize :(
i have unlimited talk/text and 5G for only $15-17/mo. Mint mobile, runs on T-mobile.
Clean!
As a German (albeit living in a much poorer EU country), to me it is just mind-boggling how financially dumb people in the US are for a large part. I've been binge watching Romain and Ramit recently. People broke as hell, underwater by an amount every month unimaginable in Europe, every single month due to frivolous spending, wanting to "invest in real estate", "invest", while paying 25% and beyond of interest on their insane debts. To me it is crystal clear why 2008 happened. I finished high school in Germany in 2009, the economy was fucked thanks to the same behaviours (thanks America) shown today over and over again, and yet nobody over there learned a thing... Makes me wanna puke!
You are rude and incorrect. Financial irresponsibility exists everywhere. I have friends in Belgium who just purchased a house they KNOW they cannot afford. He an engineer and she a stay at home mom. I have a good friend in Biarritz who is 67. Every few months comes to the US, lives with her sister, makes money at temp jobs, then flies back after six months with her earnings, remains 3 months, then starts all over. She owns nothing and has only social security as a cushion.
If you want to compete with the Hammer you gotta play up the frustration. This guy is prioritizing eating out and lime scooters over a 391% interest loan! That's crazy! You should get mad to show him how serious this situation is. I like the suit case approach but if you get mad it will be better. You're accent is excellent. Get frustrated, start speaking your first language for a second.
Thanks for the feedback - his expenses are all over the place ! I have been holding my French but might let it go here and there 😅
No, please, stay exactly the way that you are. Your arguments, information and analysis is enough to carry the message. It's a pleasure to watch you educate people without degrading your guests. @@itsRomainFaure
@@blablabla55555I concur. I feel too like this approach lets us get to know the guest better as well and what led to this. What the issues and traps are.