40-Year-Old with $0 After Life Changing Accident | Finance Action
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- Опубліковано 31 лип 2024
- 🔥 One Accident and Everything Changed! What a Turn of Events ?!
James, a 40-Year-Old former Department of Defense employee who faced a debilitating accident that put him on bed rest for over a decade. With no opportunity to work, James lost everything and amassed a substantial debt.
But James's story is more than just a tale on personal resilience-it's a roadmap of financial recovery and a testament to the human spirit's indomitable will. Join us as we uncover invaluable financial lessons and strategies from James's experiences, and explore how we all can better prepare for life's unexpected turns. Tune in to witness James's journey from rock bottom to financial recovery and be part of his fight back to financial stability. Don't miss it!
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🕒TIMESTAMPS🕒
0:00 PARTY STARTS
01:15 WHAT THE HECK IS GOING ON?
01:30 THE ACCIDENT
05:40 INCOME & ASSETS
09:48 EXPENSES & DEBT
26:18 THE MONEY CASE
29:13 WHAT TO DO?
40:35 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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TAKE Action Question ⚡️Do you think that James will make it out ? Rate your response below from 0-10 (0= No Chance - 10= 100% Going to Take Action) 👇
I think out of 0-10 he is a solid 7, because he took your advice and sold the car. He will do well if he is consistent.
@@Luncheon23Great assessment !
I think he's a 10
He will do it, 10 all the way.
He will do it!
10
I feel so much for this guy. I hope he was able to sell his car. I was 42 when all I had was 20k in retirement savings. Prior to age 42, I was generating a very paltry income, and had no idea how to get myself out. Today I’m 50, and have almost $200k saved, bought a modest home, rent out the back bedrooms, have zero credit card or car debt, and have substantial emergency fund. It’s nowhere near where I could have been had I made better decisions when I was in my 20’s, but I’m better off now than I was when I was 42. What I’m saying is, it can be done. Even in your early 40’s, it can be done. If you’re in your 20’s now, don’t waste your money on eating out and lattes. Save it, invest it, and then retire by age 55. After that, you’ll have the money to live high on the hog. Don’t wait.
Excellent story !!!
But what changed to change your direction?
@@andrewstorm8240 Well, it was definitely not for much intentional doing on my own part. I had been unwisely saving for retirement since my early 20's through other companies I'd been with. After graduating college at 37, I knew I didn't have a lot of time left to make things happen the way I want. So, after stumbling around through several dead-end jobs, I finally stumbled into the one I knew I wanted to stick with which offered a good living, as well as a fairly robust retirement package. It was at the moment I signed the paper electing how much I wanted to contribute that it hit me that I needed to be as aggressive with my retirement savings as possible. Sorry for the the long answer. In short, it was a combination of a long-standing awareness, and stumbling into what would turn out to be THE career I wanted to stick with, which happens to provide a relatively substantial living. Wish I'd have come to this place 20 years prior. I'd be a lot more ahead of the game, and right where I need to be.
Its never too late to change EVERYTHING.
This sounds like a low salary for PM work but I am glad he is so much physically better and able to work.
The money case does a great job of showing the long term cost of not saving and/or having to endlessly pay off bad debt. It’s a terrific tool for showing WHY to follow the advice. Probably my favorite part of these shows.
Thanks for the feedback ! We do love the Money Case as well :)
40 is still young🙏🏼💜there is hope💜💜He's been through a lot. Bless him❤❤he can do it! We believe in you!🙏🏼🙏🏼💜
He is on his way back !!!
@@itsRomainFaure so happy to hear this!💜💜 You are empowering and inspiring all of us to create a better future!🙏🏼✨️✨️✨️🌹🌹
This man has been through so much. 40 is young. He has time to get on top of this. If he plans now he can have an excellent lifestyle at retirement age. I wish for him to have no more bad luck, and that life will just keep getting easier. All the best for him.
Well said - he got this :)
I'm a veteran, please have him file for 100%VA disability! This clearly affected every aspect of his life and he should be compensated. I'm not sure if he is lacking info regarding monthly VA compensation or he is simplu stubborn. Feel free to reach out if any veterans need guidance! (F.y.i. VA has different levels of compensation..u can google exact ammounts..if u get 100% VA disabily rating that is about $4k monthly)
It isn’t clear if he was in the military. He said he worked for DoD doing R&D. Then he mentioned military. As a veteran myself, I would have started by saying “after high school, I joined the military, got hurt, etc.” Just makes me wonder if he was actually in the military or just doing contract work or maybe fed work. Wasn’t clear.
I was surprised he did not get any monthly compensation from the accident happened 15yrs ago! since he became disabled 😮
This is a sad case but the guest has some justification for the amount of his debt as he's been out of the workforce for many years. Hopefully he takes *all* your suggestions and works towards debt repayment and saving up for retirement. Best wishes to him on his financial journey.
Yes indeed, stories like this make me realize how grateful I am :)
He sold the car, worked on his spending habits ! I have high hopes he will make it out !
Such a sad event to happen to such a young person! I commend him for getting help and for getting back to work, and I certainly understand how he wants to have some nicer things like a newer car, and the newer phone, because he hasn't been able to buy those things for most of his adult life. He should think about changing his W-2 so that he is no longer getting a tax refund, because that is basically just loaning your money to the government for a year. If he's getting $2,000 back and in a refund he could have that staying in his paycheck every month! I would also suggest trying CBD oil instead of using the dispensary and see if that would be less expensive and still help his pain. Hyundai cars are actually very reliable! I have one that's 20 years old and is still running very well. I can see that he's been through so much and it's really hard to think about making big changes, but I'm rooting for him and I think that he will do very well even with one of these changes that you're suggesting Romain. And also sounds like he has a wonderful supportive family who have helped him through his injury, and apparently to buy his car from him so he could get out of his debt 😊
Your message is spot on! Last I heard from him he is doing much better, and is finally, able to live a normal regular life! An amazing story of resilience and mental strength.
Great content! This is great information! I'm 39 years old and my plan is to save 1000 a month until retirement and hopefully get to one million. I have 200k saved so far for retirement.
Wow clean !!!
Great plan! You can make it happen.
I think he was just civilian working for the military and not a military veteran. Because if he was a disabled vet, he would get VA Disability payment for life. And every year he can fight to get it increased until he reaches 100% disabled. Also, he should’ve applied for SSDI if he was hurt so badly.
Thank you for sharing this knowledge, yes indeed upon confirmation he was a civilian working for the department of defense, hence why he wasn’t able to receive all the mentioned compensation.
That’s so sad. I wish him the best and follow your advise. Thank you for always being so compassionate Romain
@@teachersherrie8420 yes James has already sold his car and is working on his spent ! I’m glad that he is taking actions to improve his situation :)
I think he will end up okay if he follows your suggestions. I like how you show the follow up messages 🙌🏻
Thanks - yes we do follow up with every of our interviewee ! It’s about taking action and being accountable for it. We have some surprise follow ups coming soon :) stay tuned Nate 👍
direct, clear and informative, good content. Thanks and greetings from Chile, South America.
South America! Amazing :) Thank you for trusting me with your time!
Wishing the best for this guy.
(Love your approach to your guests by the way!)
Much appreciated!
Looking forward to an update on this. Wishing James the best of luck!
Yes I definietely would like to do one!
.
Nice to call him back very good.
Just subscribed from NYC -hit like
This guy needs to address his pain killer addiction. One he does this he will be able to move forward in life.
Great advices!!! Et j'aime votre accent.
Thank you for your service. Its never to late to start!
Never!
You should tell people if they are getting big tax returns to adjust their withholding... most Americans look at this as income windfall rather than the 0% interest loan theyve given to the govt
Good point, although I don't recommend if this is a W-2 income directly taken from your paycheck, it is also a "disguised forced saving account" for many.
He has great charisma very convincing very helpful. That S&P 39:30 10% is nuts 🤯how do we not know about stuff like that!?!?
VOO*
New subscriber here. Are there any videos with follow up interviews
Would love to see everyone succeeding ❤
welcome ! We have about 3 videos right now that have a follow up videos attached to them. For now I recommend you to hold up till the ULTIMATE STORY coming out this Tuesday :)
I'm glad Romain you were not seriously hurt in your car accident. You are the new (male) Suze Orman. Keep up the good work! I hope this guy gets out of debt quickly, earns a much higher income, and gets a girlfriend he loves and treats well. He deserves it.
Hahah thank you I will take the compliment :) and yes he has been doing much better since my last chat with him ☺️
Not girlfriend wife!!!! No girlfriend business
I would normally be more difficult on him considering his age. But I would rather be empathetic since it seems like that accident had destroyed his life in so many ways. And I generally root for him because he seems like a good guy who went through a traumatic situation. And I do hope he seriously heeds Romain’s advice. He’s only 40 yrs old and I understand Romain was only trying to emphasize his age because he was concerned. But there are 60 and 70 yr olds in the same boat as him which is a completely different narrative than for a 40 yr old. He still has plenty of time to retire comfortably but he has to make drastic changes.
Wish him well finincial stability and happiness
Thanks again for all of the comments, and for sharing positive thoughts :)
Wow wow wow. And Ayi Ayi Ayi. I'm starting to use those phrases daily now. Thanks for that Romain.
Welcome to France!
He can do this. 🙏
He did!
Got into a car accident last year, totaled the loaner I had from the dealership while my car got repaired from a recall, guy that hit me was 100% at fault, his insurance accepted liability about 2 hours later. That's when I got uninsured motorist coverage, because that guy easily could've not had insurance and I'd have been screwed just by having to pay for that car, not even just medical expenses
Welcome to my world! Got hit by a drunk driver in 2015, he had no insurance nothing and I got saved my uninsured/ underinsured !! Oh mate we have a similar story, I am glad yours went ok 👌
@@itsRomainFaure sounds like yours was a lot worse than mine, glad you're ok brother
@@Tdog267 yes it was a pretty tough time - got into coma for 4 days and stacked up on $160K or so of medical expense :( I was so glad I had insurance !
He’s not getting paid enough as a PM he should definitely ask for a Raise
No taxable income in Ont and credit card debt is gone in 2 yrs.
gotta turn the ones into 100s
One day ! Some videos have those haha
Whose ready to bet their emergency fund on the Faure/Hammer collab in 2024?! 💵🔥
All kidding aside, you’re killing it Romain!
Hehe Thanks Daniel 😅
They should audit each other muahahaha that would be awesome
I am a musician, 49 y old. Do you recommend to get a health insurance? (Hands, general health. I live in Hungary where we have free healthcare if working
Are you referring to supplemental health insurance? I am not an expert with Hungary but if it is government funded, and caters to your medical needs, maybe it might not be necessary? but again I don't know your financial/health situation. I would always recommend the more safe approach!
Oui, normalement le gouvernement finance les frais de santé, tout comme en France, et je suis bonne santé, donc ca doit suffire, mais j'ai entendu dire que certains prennent une assurance en plus pour leurs mains (surtout des musiciens.) Merci pour votre réponse. :)@@itsRomainFaure
@@krisztinamegyeri4996 quand j’étais en France, j’avais une assurance supplémentaire 🙏
en étant étudiante en France, moi aussi...@@itsRomainFaure
La question serait plutot que si on prend une assurance supplémentaire et on utilisera jamais pour un accident grave (je veux l'éviter), est-ce que ca vaut la peine de payer pendant 10-20 ans environ? Qu'est-ce qu'on fait avec plus tard. Est-ce que c'est un peu pareil comme la caisse de retraite supplémentaire que vous avez propose aux gens. Merci. @@itsRomainFaure
When getting a new/used vehicle Toyota will always be a good investment
He would need a good deal on it 👍
@@itsRomainFaure always!
@@donaldlyons17 Yes it has become ridiculous :(
I’m sad he lost his job and renters during the housing crisis. But damn that can’t be holding you down 15 years later.
Hey Daniel, he was on bed rest for 18 hours a day during 15 years due to an injury back then. So it wasn’t just the job :(
Walk one mile in his shoes! I'm less sick an tried to kill myself. This guy is tougher than you an me combined.
Buy a used Sonata!
Wouldn’t he receive monthly disability from the VA?
He did for a while, but far from enough to cover some of the needs he had at the time
I was wondering the same thing he should have received disability from the VA.
@@itsRomainFaurethat doesn't seem right if the military retired him due to the disability he acquired while working then his disability rating can be rechecked he should look into that.
thank god he sold that car
Yep!!!
You have time . Get started now.
"Debt" has a silent B in England. So you should pronounce it as "det". Is this also the case in America?
Tough Accent - I am working on it though haha
@@itsRomainFaure I know, I am not a native speaker either.
It is the case in America as well, but such pronunciation error is what gives your French accent charm, Romain. Plus, it doesn't cause confusion during delivery nor skews your message; it is fully understood that you mean "det" even if said "deBt"... so carry on! 😊
@@nhung7592 haha thank you :)
This guy doesnt sound poor at all.
Does he need to though ?
$1000 for a used car? Oh mitsubisi mirage is the absolute worst peice of crap.
I LOVE Mitsubishi - to each their own opinion haha
It's not only my opinion . Also the thing is going to be discontinued. Thank god
Is this racheal cruz twin with this guy
Hahaha
Bigger shovel. 28hrs is part time. Get another job or increase hours
He is doing much better! which is awesome to see!
Parents failed him.
Did they though?
Why put on the French accent? Just makes you sound silly 🐸
Born in France, lived most of my life there? Not crafting any accents … come on - do better 😉
You can reduce your monthly interest by $44 by making your payments 2 weeks before the due date