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INTERVENTION: You are BROKE | Finance Action
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- Опубліковано 31 лип 2024
- 🔥 Jonathan, a young 21-year-old, who despite his best intentions, finds himself sinking deeper into big debt.
This episode promises a deep dive into Jonathan's financial decisions, understanding his mindset, and laying the consequences of unchecked spending and debt accumulation. But more than just identifying the problems, we're committed to charting a way forward. Whether you're starting your financial journey or looking to steer clear of monetary missteps, "Finance Action" delivers valuable insights every step of the way.
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📺 New to Finance Action? PLAYLIST Start Here- • Finance Action
🕒TIMESTAMPS🕒
0:00 PARTY STARTS
01:15 WHAT THE HECK IS GOING ON?
05:24 INCOME & ASSETS
08:42 EXPENSES & DEBT
17:41 CREDIT CARD DEBT
22:06 THE MONEY CASE
25:00 WHAT TO DO?
31:40 WILL HE TAKE ACTION?
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Editor: Danica Studioso (www.danicaedits.com/)
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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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Thank you all for continuing to help grow this channel ! We are excited to announce new concepts coming in soon 👌 in the meantime we hoped you enjoyed this episode with Jonathan, who while still young, keeps making the wrong financial decisions ! Stay till the end of the video to check out his follow up 🔥
As an immigrant and mother of 2 sons in their 20s, this actually makes me happy to see young adults seeking financial guidance. I have high hopes that he’ll be financially stable if he follows your advice.
Many of us were ignorant as young people especially if we grew up in difficult situations. Jonathon, you can do this. And the rest of you youngins.
I am hoping he got this!
Crazy that his transportation cost is almost 50% of his budget. Car debt is the easiest trap to fall into, esp as a young person
Yes and one of the worst depreciating asset :( bad !!!
Jonathan definitely should be proud for even taking the first steps to realizing his problem and coming on your show while he's still super super young. He can definitely turn this around! Very appreciate your understanding and calm nature Romain!
I really wish they had a class in high school where they showed young students the money case segment. It seems to really help people, especially the young guests on your show, visually understand interest and debt. Most high schools teach absolutely nothing about personal finances and then expect young adults to be financially responsible…
Yes exactly, the value of money somehow remains taboo in 2023 …
They did.
So proud of Jonathan open to learning and changing his financial future. Viva Mexico ! 🇲🇽
That little "whooooo" sound you do is great!
Haha noted :)
That awful trap of the fancy car! I hope this young man can get it together.
Yep a trap that many have fallen through :(
He has a good heart! I hope this was his wake up call to make his future amazing!
🤞🤞
In terms of looks, Jonathan reminds me of myself at the age. He’s 21 going on 14. I remember in college, people thought I was just visiting…like I had an older brother I was following around (even though I have no older brothers). Jonathan has that youthful glee, that would convince he could also be 14 yrs old. He has to be the youngest looking person on this show. I can’t even focus on his finances when he basically looks like a young teenager. He probably couldn’t alcohol with his ID lol 😂.
I like how you ask if they have pets and suggest pet insurance. Vet bills can be expensive for our fur babies.
Yes I learned from experience on this …
I hope he finds success
I will never understand the addiction to vehicle debt.
Look foreword to tuesdays for the new finance action !!! 🔥🔥🔥
Look foreword to reading your thoughts every Tuesday :) also we have an exceptional story coming out this Thursday as well
Thank you for another good show. :)
Thank you for watching!
Great content
Thank you Alex, comments like this keep me motivated for many more stories to come :)
Love to see your impatience at this guest Romain! Am only a few minutes into the episode but I think it's going to be a lively one!
Jonathan needs to get his act together NOW 😨 looking forward to reading your thoughts
@@itsRomainFaure Having watched the episode in full I do agree that he needs to start over again ASAP. It was however encouraging to see his willingness to listen to good advice, and the way he took the Money Case to heart shows that he has real concern for his finances. Hope he succeeds in improving his future by following your advice sincerely!
@@Luncheon23 An extended money case segment indeed ! He need to completely pivot his mindset 🙏 as always I appreciate your support Luncheon!
@@itsRomainFaure The money case is a great learning tool. It really drives the point home!
The guy has worked himself into a giant hole with that car. I hope his mother advised him against it. If not, that’s terrible neglect from the mom on her young adult’s financial future. I wouldn’t bring the mother and parenting into it, if he didn’t mention that he lives with his mom.
No one making $20 an hour should finance the purchase of a 30k+ car. He should have bought a used car for under 8K, even if it was over 10 years old or had over 100,000 miles on it. His car expenses have no business being more than $400 a month.
What’s sad is that he has the reliable car that’s 10k underwater, and isn’t even really using it to make extra money to make up for the hole that it has put him in.
I think it’s also important to point out during the money case that if he isn’t able to invest $200 a month until he’s 30 instead of 20, the amount he’d have at retirement for a year of investing at 30 is about 1/3rd of what he’d get if he was able to put aside the same amount of money starting at 20. It’s really insane how big of a difference there is in that extra 10 years of compounding.
An impeccable written assessment - per my understanding of the situation, his parents are also in deep financial issue, so he hasn’t found a lot of wise financial support on that front.
Looking at the money case, assuming he is able to invest $200 per month, once starting at 20 and the other at 30 years old here are the results:
1. Starting at 20: $1,264,816
2. Starting at 30: $452,098
Your 20s are the golden years for your financial future, it’s up to each to make the right decisions.
@@itsRomainFaure yes it’s very common for people to acquire the same money-spending priories of their parents, for better or worse.
As someone who had parents whom my sister and I would always consult before buying a car, and parents who never would have condoned us spending a lot on a car as young adults, it’s hard to relate to someone who was raised with such different parental situations for this circumstance. (I’m not saying his mom is “bad”. It just seems like the economics on cars isn’t her strong suit)
@@firefalcoln very well said - especially during a first car purchase, you want to be surrounded with individuals that can help you make the right decision, it wasn’t the case here :(
Didn’t he say his mom is a poor immigrant from Mexico? Of course she isn’t going to know anything about finances. This kid also financed a new iPhone, financed a projector for his room, goes out to eat because he’s lazy, he’s got a lot to fix…
First!
Yes 😁 let’s go !!
Why does a 21 year old buy such an expensive car 😮 My first car cost $1900 !
That's one of the worst money habits I've ever seen. At least he's seeking your help early in life
Do ubereats, i make easily 25 to 35 dollars an hour but i would do a minimum of 4hrs
Or doordash
Yes he needs to try it for longer than just one hour and disregard it ! Many people make a living off it, when they play it the game right !
@@itsRomainFaure facts and not with a brand new car 🙄 I just use an old 2005 corolla
@@28cthedestroyer jackpot, although safety around the age of the Corolla, I would potentially consider upgrading to an affordable car that has updated safety equipment 👈
Do you have to pay for extra car insurance when you do Uber eats or DoorDash?
Ouch
Welcome Back :) short but true comments haha
Where are you finding a lawyer for $50?
Traffic ticket lawyers - I used to pay $50 when I was living in Vegas a couple of years ago. Today you are looking at $100+, still very much worth it !
You don’t need a lawyer to contest a ticket.
Correct but convenience at this price can be worth it
Cringy 😬😬😬😬😬
What is ?
@@itsRomainFaure The whole episode.
@@klutchsportsgroup4997Totaly disagree! I love this content ❤ instructive and enjoyable in one
Let's play "Get to Know Romain"! @itsRomainFaure what is the significance of the Superman emblem on your shelf?
Haha :) I should probably do a video to try better connect with the audience. I am happy that you bring this subject to my attention, Thank you :) The Superman Emblem is more anecdotal, I used to often been called Clark because of the glasses so I wanted to bring it on, mostly for fun 😅
@@itsRomainFaure If you've got a personal story I'm sure your audience would love to know it. Like Dave Ramsey and Caleb, they both had huge personal financial crisis that turned everything around. Plus, it gives people hope.
@@user-lf2lf6wy4z Great food for thoughts mate 👍 Thanks :)