How Young Adults Can Thrive In Today's Economy w/ Rachel Cruze | The Lila Rose Podcast E123
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- Опубліковано 1 сер 2024
- Is college worth going into debt? How should I save for retirement? Is financial freedom possible for me and my family? Will I ever be able to afford a house? These questions are now more common than ever in the average American household. Today I sit down with @RachelCruze financial expert, to discuss how to thrive in this economy. We discuss how your average person should go from renting a home to buying a property, strategy for getting out of debt, how to make more money, a plan for saving for retirement and much more.
Check out Rachel's work here: rachelcruze.com
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Timestamps:
00:00 Intro Sequence
00:49 Introduction
01:43 We Heart Nutrition
03:06 Welcome Rachel!
03:40 Rachel's Background
04:38 The State of the Housing Market
07:24 How to Get Out Of Renting and Into Buying a Home
10:23 Setting Up Your Emergency Fund
11:48 Should I Wait for Interest Rates to Go Down?
13:09 Is There Incentive to Just Continue Renting?
14:45 Seven Weeks Coffee
15:50 Prioritize Saving For Retirement vs Down Payment
17:00 When To Start Investing in Retirement
18:56 Where To Put Your Down Payment Savings
20:00 How To Invest in Retirement
21:36 How to Get Out of Debt
24:31 Finding Your Career That Will Increase Your Income
26:25 Creating a Career Trajectory
28:41 Every Life
29:30 Is College Worth It?
31:51 Should I Go to College If I Need to Go Into Debt?
33:28 Avoiding Getting Into More Debt; Car Debt
35:25 How to Be Frugal With Food and Groceries?
38:18 How To Eat Healthy When It's More Expensive?
39:50 How To Make More Money
42:45 Stay At Home Moms Who Want to Bring In Income
44:23 Important Values Conversations
48:19 What The Economy Will Look Like Around The Corner
50:34 How To Find Rachel's Work
51:05 Wrap Up
I am 36 and I feel really behind. I have less that 10k in savings, I have zero debt as my parents lovingly payed for my education so that is is an advantage BUT I don’t make enough money and I am in a situation where I can’t see how I could make more (I already have two jobs) 😢
I NEVER prioritized my career and sadly now I can’t afford to start from the bottom because I have bills to pay and I make more money as a waitress, at least enough to get by, you know, pay my bills and put food on my table. I started an online business and while it’s going, it’s not really taking off.
But I trust God will open the road for me and watching this video somehow made me think I can still make it…
If you are reading this, please pray for me and know that I am praying for every person who reads this.
Keep trusting God. He will provide you your home. 🙏🏼 Praying for you!
I am really happy about this. Protestants suffer from prosperity gospel, but Catholics suffer from Poverty Gospel. If your vocation is marriage, you need to build wealth to care for your many children and support the church in it's mission to win the world for Christ with Corporal and Spiritual Works of Mercy.
I am Catholic and not sure about the poverty gospel concept.
@@abrareads I think it's something I have observed in my personal experience.
I have a theory that the practice of imitating monastic life in the third orders still carries strong influence for practicing Catholics today.
The holiness of priests, monks, hermits, and nuns of the past and present are inspiring and should always be cherished and learned from.
However, the methods used in their pursuit of holiness are not always possible for people who are married, working, and have a decent amount of children.
The least of these is a vow of poverty.
While clergy sacrifice the pursuit of money to devote time to God's will and care for His church.
Husbands and wives sacrifice the pursuit of time to devote money to God's will and care for His church.
In my opinion, the vocation of marriage should be strongly encouraged to pursue wealth as part of contribution to God's kingdom.
In the same way those who are called to consecrated life are encouraged to take a vow of poverty.
I've never heard it put that way, but that's an interesting perspective. I'm Catholic, but we follow Dave Ramsey's steps. We have no debt other than our home, put in about 15% into retirement, save for our kids' college funds, and are on track to pay off our home in about 15 years...would love to pay it off earlier, but we're a one income family and homeschool, so we just don't make enough to do it sooner. But our mortgage is very reasonable, so that helps!
I think families shouldn't choose poverty like St Francis, but they should choose minimalism in the same spirit. Otherwise, you could be arguing to keep your stuff/house that has become a stumbling block in your life. Mark 10:17-31 can apply to families too, no one is going to take your kids away from you if you aren't homeowners.
@@robynsamplonius7587 I think this is essentially what we do. We live very simply because we have one modest income and the other parent homeschools. So we are kind of forced to be minimalists b/c of this choice...haha. It's probably a good thing! That said, we are debt free and have used Dave Ramsey's financial princples to make our situation work!
Ramsey baby steps helped my wife and I get our life straight and get out of debt early in our marriage. That lifestyle change and the mindset shift of not going into debt is a huge deal. Your income truly becomes your wealth building tool.
Love seeing Rachel and the other Ramsey team members on here. Another great podcast from Lila!
Amazing!
I am 63 years old. I advised my children to buy land first and build a one bedroom one bath house....maybe 1000 ft. When you have the funds available add on another bedroom and eventually add a master suite with an onsuite bathroom. Then you can add a garage....in Texas, i would be ok adding a covered carport early to protect your car from occasional hail here. This what we did....added to the house when we had children. Now our property is worth over 500k. Built everything for about 85k
Love the baby steps. We got married at 22 and started them immediately after. We went from a -45k negative net worth and paying overdraft fees on the checking to 7 yrs later about to pay off our house and Ill get to be a stay at home momma with my 1st baby on the way. Life changing for my family.
Amazing! Congratulations!
I'm a Millennial myself, i just turned 35 in May and my sister would be 29 next month. We understand the trying to afford a house in our today's culture and Gen Zs could related to it as well so that's why we trying to rent a house together so we could try to saved up money.
Two of my favorite women on UA-cam
❤❤❤
Lila must literally listen to the same exact people I do...haha. So fun!
Haha love that!
Making everything homemade and prioritizing quality over quality, never eating out is our way to live without health insurance. We are simply never sick and don't have any money for insurance. Throw rotten tomatoes at me, but it's the reality
Just to encourage Millenials and Zer’s-my husband and I didn’t buy our first home until we were forty. We were not debt free either. We put down 3% on a one income salary and have a beaitiful home in a desirable neighborhood.
We did move from CA to TX and lived with his parents for six months to save the down payment. It can be done!
Congratulations 🎉
Cha-Ching Coincidence! I didn't even read the topic yet. I just know your podcasts are a wealth of wisdom!
Thank you so much for doing podcasts every week, Lila! "Liked" before listening!
Please ask in future, Lila! Would have liked to hear tips or realistic ways to build credit high enough to buy a house if you never use a credit card and only pay for a car in cash. No debt is amazing, but that topic was missed. Paying off my credit cards completely each month and paying off a small car loan is what I think helped me build credit enough to qualify to buy a house by age 24.
Oh, I’m so excited for this one! I love watching and listening to both of you ladies!
Regarding cars, i recommend saving 1.5x of the cost to buy a car. For example, 5k to purchase the car and use the 2500 to buy new tires, get the engine tuned up and fix all safety issues. If you have anything remaining, have the drivers seat recovered if necessary....you will appreciate the comfort.
Great combo! Love listening to each of you, and here you are, together! Great advice, Rachel, and superb interviewing as always, Lila!
Thanks so much for listening ❤
Also, my niece went to college recently and paid off that year of debt every summer she went.
Hope you and your family are having a light-filled peaceful joyful Happy Independence Day Week! 🇺🇸 Wore the same colors as my avatar this morning red, white and blue!
I asked this question to Ramsey Solutions before but I never got a response: when you move to a "cheaper" part of the country, the paycheck is usually lower (for those of us working in-person, physical jobs). For example: a forklift operator in BC (Canada) makes $25/hr, and a forklift operator in Saskatchewan makes $17/hr. The math is the same all over the country (we are all struggling with not enough paycheck), just in the "country" the numbers are smaller in comparison (still not enough.) I think we are in a world depression, and our best chance is to spend like it's the 1930s again, probably until we die. The best thing you can do for your kids no matter where you are in the world right now: teach your children to ignore 90% of what culture says they need.
Thank you Lila and Rachel. Common sense approach to money/finance, l enjoyed this episode!
I'm so glad you enjoyed it! Thank you for listening
Love Rachel! Excited for this one.
This was such a great interview.
This episode was amazing. Thank u guys!
Glad you liked it!! ❤
Most people cannot save $100k per child for college and pay off debt and buy a house and pay for weddings and pay for braces and fund retirement. Unless you're in the 1%.
College doesn't have to cost 100k per child, though. Also, I don't think parents should feel obligated to pay for their children's college. In fact, a better thing you could do to help them get ahead with no cost is simply teach the power of investing young, even if a small amount. Too many people don't start saving and investing until well into their adult years.
Agreed too 1 percent of the income earners in the world are the only ones that can do this! Those that make about 38k a year are in the top one percent and they can do this!
Great video, love watching both of you. You guys always share such great insight
Can't see how to add kids to this equation. I'm a stay at home mom of two with 0 village and as many side hustles as I can do from home. My husband makes under 40k a year, but we make it work. We don't have debt, except mortgage, no savings or safety net. I'd love to help more, but how do I do it, unless working night shifts or weekends, when my husband is with kids? Kids are the priority for us now.
Good for you, mama! God will provide.
Husband needs to provide more...
ua-cam.com/video/WtyvCOTUWw4/v-deo.htmlsi=9rssg9diRnIfaei4
This was awesome, thank you
Stay healthy! Health insurance is very expensive but necessary
keep up the good work
39:47 processed food are more expensive that good real food like you can make two organic pasture raised egg bakes with potatoes and veggies for the price of a box of cereal. Instead of fast food get a pound of grass fed beef tortillas and cheese to make floutas 😊
Gen X here, me and my wife made it to be 50 this year, i married this beautiful woman in 1996 while I was in college. Our son and daughter are Gen Zs. Born in 2000 and 2004.
Intermittent fasting and having one day on water a week is a great way to save money. First and foremost it's healthy, obviously. But, while following the intermittent fasting protocol, you save as well - your body learns to control cravings and by eating in a limited time-frame you end up eating less. 💡😉
Great podcast!!! 👏👏👏
Thank you, Valeria!
She is great!
lmao my job just notified me I’m not getting paid for the first three months so this is definitely needed
Im currently now in baby step 3, but the steps after these are going to be tricky tbh.. for one, how do you handle step 5 if you have a large family? I also have moral issues with the 401k investment structure as well as the secondary market... it strikes me as speculative in nature and contrary to how the Church understands monetary stewardship.
Have you husband (if you have one) join knights of Columbus. They make sure their investments align with Catholic church value. Also, they offer life insurance to make sure you guys won't be in poverty if either spouse passes away.
Omg 😱 I love them ❤😊
Can someone please clarify- I always thought you should pay the highest debt first, but Rachel said for a debt snowball, you pay the lowest first. If you had a high interest credit card payment and a lower line of credit, you would only be paying the minimum every month on the credit and not fully paying it every month? Even though that will hurt your credit score and chances of getting into a home. TIA for clarifying!
She's from the Ramsey show and from what I'm aware of they teach it that way so that you don't get overwhelmed over a 30k debt vs 2k debt. It's more encouraging to get the smaller one down then onto the next
Just having an associates in something qualifies you for so many more higher paying jobs than without.
Apparently it's worse in Australia than America. Despite that California is terriblely expensive.
This doesn't help those of us who are already in college with debt and can't get a job. It's pretty much hopeless.
Find a job. Do you apply to jobs daily? Follow up with LinkedIn? Network with professors? Found a mentor? Sought professional development training? Finding a job is a job. Doom scrolling job posts online doesn't count as a job search. You can't just put in applications blindly online and expect someone to give you a job.
If you have skills, there's a job for you. If you don't have skills, swallow your pride and get whatever retail or fast food job you can. This isn't 2009. There are jobs.
She's super rich so she can live old school and prioritize college. The American Dream: my child is super impressive, goes to college, gets super rich and looks good in family pictures, ie makes the parents feel "successful " and proud.
This ideal has little to nothing to do with the Kingdom of God and God's idea of success.
I was homeless living in a van 4 years ago on the street. I collected can and showered in a jack in the box sink. I went to a public library and found a job. I am not homeless today and have my dream car. I never begged and never gave up. Whether you think you can, or cannot, you are correct
@@powerfulyou444that’s a powerful story.
Find any job, even trade job makes good money. Better to earn than nothing. Or give up without trying.
Once you are out of debt...get your employer match at the very minimum.
The giving the 10% did not hear it?
Believe that $ 7500 a month in a lower Middle Class its ok
People need to have employable skills, or be their own bosses - like an auto mechanic, plumber, electrician, gardener/landscaper, cook and the likes...but sadly young people just want to become tik-tokers and sugar babies
Mortgages here are minimum $3k for a total gut job. I’m tired of optimistic clueless advice that does not address the reality on the ground in many areas of this country.
I'm favoured $130k every 4 weeks! I now have a good house and can afford anything and also support my family❤
I will advise you stop trading on your own if you keep losing. And i don't trade on my own anymore, I always required help and assistance
She's my family personal Broker and also a Broker to many families here in the United states, she is a licensed Broker.
😱Sounds familiar, I have heard her names on several occasions.. And both her success stories on wall street journey!!!
I'm not here to converse for her but to testify just for what I'm sure of, she's trustworthy and best option ever seen.
She is active on the
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