Your videos have and will continue to help me make better decisions. I recently did a full incoming / outgoing mkney inckuding rent, bills, and credit cards. My calcs have my clearing my debt in 4 years spreading my cards over 4 tier groups based on card amount owed. I calculated how much I would need to pay over minimim to clear each card in a given period of time. This will be my first month on this budget. FYI, I did not go as hard as I could because want to make sure my plan is feasible over time. Thank u
I got out of credit card debt a year ago. I’m no longer living paycheck to paycheck. I’ve learned my lesson. The stress of living that way is not worth it. Never again!!
I got out from under my credit cards finally in 2019 and I’ve not paid a penny in credit card interest since. It sucks to have to have one for hotels and rental cars, but I’m not falling into that trap again. As god as my witness.
@@RETUSAF1995 if you are able to spend less than you make, which you must be if you’re not using a credit card, then you have proven you are capable of using one responsibly. And you are better off using one, for many reasons: rewards, delayed payments, fraud protection, indirect access to your accounts, online shopping, credit score, and so on. I too used to carry cc debt, and it’s the worst, but the problem isn’t the card, it’s your habits - which you’ve apparently fixed (congrats)
If you're smart there's always a credit card balance transfer with 0% interest for a year or two which you can use indefinitely from card to card to eventually pay off your credit with mostly zero interest except transfer fees. Credit is not for the low IQ.
I remember vividly as a kid, walking with my parents and saying, 'Wow, look at that car!!! That person must be so rich!' My parents said, 'No, the bank probably owns it.'
I thought about getting another used truck and sell my frontier since i got it back up and running. I think imma hold off because these high interest rates blow.
Haha this was me when I just came to the USA when I was 25. I told my American husband all these people are so rich like Kardashian and Hilton family 😂 I thought I was like Oliver Twist 😂
@@reviewsbygen5591that's funny. What kind of sucks is that many people also then assume they when you do own a fun type of car, people automatically assume that you're just trying to impress others and are struggling to afford it. I paid for my car in cash and people make jokes sometimes like "hope the payments are worth it" haha it is kind of funny.
I was 48k in debt. I finally had a come to Jesus with myself and started chipping away at it. I paid it off this month and I will NEVER do this again. I’m saving for my emergency fund now. If you’re struggling you are not alone. You can change your situation. Don’t give up!
Congratulations, great job! I paid off $43K in 2020 and never slipped back. I still use my CC pretty much exclusively but have better understanding and habits now.
First job I ever had was at an A&W. First customer came in with a coupon. Was immediately told by the owner that ALL coupons were just the original price. This was 20 years ago. People have been had for decades by these scams.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned 180k savings to turn to dust
In the world of finance, recessions are prime opportunities for wealth creation. When my portfolio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 250k. The knowledge and skills I have acquired through this experience have been invaluable in my journey towards financial success.
In the world of finance, recessions are prime opportunities for wealth creation. When my portfolio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 250k. The knowledge and skills I have acquired through this experience have been invaluable in my journey towards financial success.
Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market to be honest.
I have to tell you, it feels good driving a paid-off car. Originally it was a 7-year loan. I worked a bunch of overtime and had it paid for in 4 years. I have one card and keep it paid off. Love your channel. ❤
2011 Civic Si and a 2005 Acura TL as my daily. Both paid off, run like new, and only 100 a month insurance for both. Feels really good. Now just pay yourself every month and then you have car options in the future
When I cook for me and my girlfriend it’s usually about $6-12 in ingredients and 30 minutes maybe 45 minutes of my time. Going out would cost us minimum $30, take 45-60 minutes, and is maybe slightly better tasting.
Eating out is such a waste of money. Your hamburgers probably taste better also. When you think about eating out it really does not save time when you think of driving back and forth and waiting in line for your order to be taken and then getting the food. Then half the time it is not hot. Doing Uber eats is a fortune and if I am going to pay that much I might as well go to a decent sit down place. The other way people waste money on is bottle water. All bottle water is, is tap water that is filtered. You can buy your own bottled water.
@@SvenDzahov eating out is less healthier. Believe me the oils and additive they use to keep, store and prepare food ....is unavoidable and they use loads!
As someone who is 51 and working out my retirement plan so I can walk away from the plantation I think these people are crazy. Having to work for years extra just to drive a car that will eventually be forgotten about.
When I was younger, my mom maxed out 2 credit cards that totaled out to about $50,000 total. Filed for bankruptcy on both cards after my parents divorced. Now she has another credit card that's maxed out at about $15,000. It burns me up when I see people get themselves into this much debt for no reason.
As a European, these videos never cease to amaze me. Here in the Netherlands, it's not possible to get ourselves into this much credit card debt. Please keep these videos coming :)
Just curious: why isn’t it possible? I assume there are laws in place. Is it the loan amounts, the interest, the terms, or something else? (American currently carrying exactly $1K of interest-free debt because I decided to treat myself this summer. 😂 These videos make me itch. 😣)
@@LBellatrix Well firstly its limits. My bank won't give me a limit more than twice my monthly salary for a credit card. So if I am making 3K a month, they will just give me 6K so there is no way to spend that much. Car loans and bank loans are also the same. Secondly I don't think consumerism is similar to US here. I am still happy with my S22 and everyone in my workplace owns two three year old phones. You won't find people running to buy iphone 16 on day one. I think the mindset is very different here when it comes to new technology and products.
America is a giant slave plantation. They tell you that you're free then they load you up with debt and next thing you know, you are working you're whole life and die poor anyways
@@LBellatrix you miss payments in Europe and your credit limit tanks. You can't apply for more cards whilst in debt. It was changes brought in after the 2008 financial crisis
do they have a black friday or cyber monday sale coming up? not to be a bad influence… but if it was something you were already planning on buying and you have no debt and extra money… why not? if it’s something you don’t need at all it’s probably better to skip
All the holes on here think it's cute and funny to be screwd financially 😅😅😅 but wait 20 yrs from now unless they bk let's see how enraged these morons are😅😅😅
I hit $113k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
It's essential for you to have a mentor to keep you accountable. Myself, I'm guided by Evelyn Vera. for years and highly recommend her I focus on her. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
As a child of someone who worked trades, you pay a lot with your body. And getting to that higher pay takes a long time of working horrid hours for low pay.
No. After 4 or 5 years in a trade, you can start to demand top dollars. You think people who are hunched over a computer 10 hours a day grinding out code aren't having any issues with their body? The hours in trades can be rough, but that's your motivation to get out of the trenches when you're young and start your own company.
@@frankvonfrauner office workers absolutely do not have as many issues as blue collar workers.. sure there’s soreness and weakness but just look at osha stats 😅 give those hard labor workers their credit, i could never manage because of past injuries, and a bit of regular exercise goes a very long way.
I'm 36 and make 100k a year as a plumber working 40-45 hours a week. We start apprentices right out of highschool at $20 an hour. I make more than people my age who are nurses, teachers and professionals, and I make more with zero student debt. I'll continue to pay with my body, and when I retire at 55 I'll be laughing.
In my trade (chimney sweep) the employers need you more than you need them. I don’t apply to companies, companies apply to me. I’ve gotten my trade certificate in February of this year after 2.5 years of apprenticeship for shitty pay. I would never work for the lowest fare in the tariff. That being said I “only” make 50k doing 38.5 hours week and typically 40-50 days off a year, minimum of 30 days and sick leave are mandatory by law. We don’t have to carry heavy equipment, mostly light tools. And since companies are usually only having one or two employees you have a close work relationship to your boss. Based in Germany though, sorry.
@@nanananananananana00 Thing is tradies mostly do it to themselves by ignoring safety laws, ergonomics rules, cutting corners and trying to make extra. The people complaining now were the bricklayers or street pavers who were pointing and laughing at age 25 going "Hahaha look at me, I lift it all using my back, that makes me much quicker so I make like $ 20 per day more than you with your silly lifting tools. I'll be hitting the beer when you're still here finishing up with your stoopid labour laws n stuff!" And then they're 45 and crying that they can't do it anymore and demand our tax money to retire early while the guy using the 'silly tools' as per labour laws, is still at it. And they're crying and moaning 'office workers have fewer issues', while those issues are unavoidable.
This is the reason I’m glued to this channel😂 I only have a car loan, but I throw tons of extra money on principal, and keep my monthly payments 90 days ahead. I am slowly toning down my spending. Just cause I have extra money doesn’t mean I need to spend it. I’m so happy i found this channel before I made some bad decision on my spending.
It shouldn’t. Credit cards are stupid for interest and you’re losing tons of money even on $3,000. I’d try to at least get a line of credit to pay those off then stop spending more than you can afford to pay off every month. I’ve had a credit card for over 20 years and have never paid a single interest payment on it. In fact, I get rewards for using it so THEY pay ME to have it lol
As a dumb 19 year old, I signed up for a TJ Maxx credit card. When I asked the cashier if it was a credit card she kept saying it was a "members card" and I went with it. After I realized it was a credit card I paid it off, cut it up, and never looked at it again. The account eventually closed
Nothing wrong with credit cards as long as there's no fees and you pay it off in full each month. In fact it can be very beneficial to credit score, consumer protection(credit card company is equally responsible if the purchase is bad giving you a lot of rights), and saving(if you pay it off in full a month later that means you effectively pay it off a month later meaning consistent spending effectively let's you invest the money in the first month, pay it off next month and claim the interest/dividends).
@@scragar At the time I already had and still only have 1 credit card that I fully pay off every month and use for the cash back. The TJ Maxx credit card was redundant and I wouldn't have signed up for it, but I thought it was just a membership card I could use for coupons/sales etc
@@scragar What you're mentioning is a legitimate skill set. People DO NOT understand the complex financial tools available to them and how dangerous they can be if improperly managed.
Yeah, places like that do everything they can to trap people. The only retail card I have is Home Depot. You can purchase things and pay zero interest as long as you pay it off in 12 months (of course, if you don’t, the interest is stupid high and you also have to back pay all interest from the previous year!). I’ve used it a couple of times but always pay things off quickly. I’d never put more on it than I could pay in the specified amount of time. I’m at a point of my life that I could just pay cash but instalments just seem less painful on larger purchases for some reason…as long as it isn’t costly to do so.
I was diagnosed with lupus 5 years ago. My health was so bad that I didn't know if I'd live after that summer. I tackled that challenge and then my consumer debt. June 2020, i identified that I had over $115k of consumer debt. The biggest amount is student loan debt but it consisted of medical debt, credit card and installment payments. In any case I'm now at $46k by learning how to budget and not spending more that I make. I earn less than 6 figures a year and things are tight but I'm making it work. Never going back to my old spending ways.
My heart goes out to you as another chronically ill person. Lupus is no joke. I have different issues, but feeling like this life is all we got makes chronic illness nearly unbearable. It is one reason (of many) I am a Christian. This is not me trying to be pushy, but faith is a comfort. God is with me now, and I will be with Him in heaven later. It also helps me be content with not having a lot of extra money. They say religion is the opium of the masses but having no direction at all seems worse, to me at least. I wish you the very best! Edit: I explored Christianity academically first. I realized this sounded like I chose to believe cuz it feels nice. No. It is a comfort, but it's only a comfort because I am intellectually convinced it's true.
I was diagnosed with lupus and chronic ITP 7 years ago while in vet school so my heart goes out to you. It almost made me drop out and I was back and forth to the hospital all 4 years. The highest my debt went to was $169 (medical plus student loans). I'm down to $98k today and I just started paying 2 years ago. The medical bills are reoccurring so it's difficult to pay down but 'I'm determined to at least pay off my schooling. If not for lupus I could work more extra days but the more stressed I get the more it attacks my body.
The best thing my parents ever did for me was have decent amount of money but live incredibly thrifty despite their friends being very showy. It demonstrated to me that there is pride in saving up and living well within your means.
Around me people who DoorDash the most seems to be people who don’t earn a lot. I rarely if ever DoorDash/ubereats anything. It’s triples the price of eating out.
I don't pay attention to the interest rate on my credit card because I pay my statement balance in full every single month, so I don't pay a cent of interest period. Thanks to the people who spend and pay interest though, they're the reason I get cashback and travel points!
Yeah netted out credit card companies have paid me a couple thousand or more between signups and points. Payoff every month, heck I sometimes pay before the statement even generates. better safe than sorry.
We just got a new gas card that now is a regular credit card. The rate is 33%! That is insane! I can't imagine have that as revolving credit. The interest these companies make off people is what keeps people in the hole.
The worst part about credit cards is if you max it out they offer a higher credit limit but if you stay under 10% utilization you have to ask for an increase because they don’t like giving more money to responsible spenders because they make no interest off of them
I’ve been rebuilding my credit and have never been offered an increase because I never carry a balance. Every 7-8 months I put in a request to increase my limit and get it but never automatically get it from my creditors, I have to ask, but I know someone who maxed out their card and got higher limits automatically
College doesn't guarantee success. Constantly upgrading your wardrobe or car will only give you temporary pleasure. People are taking on massive debt with very little to show for it. Always getting a newer car, when no one cares what you drive in the first place. Student loan debt with a degree that's never used. The only thing that most people end up "upgrading" on is a bigger pile of debt that buries them for years or even decades. Its ridiculous. Be content with what you have. Find peace. Stop comparing your life to others. People like Dave Ramsey get hate because the old man is right. Far too many people justify their lousy financial choices, and will continue to do so until they see the light.
You dont have to constaly upgrade to have a “luxury”life, like you really dont. All you need is to know what you want in life or what could improve your life to make it more plesurable and have the self discipline to achive that. If i want a 5k tv be use is the best and biggest, i dont buy $1000, ,$2000, $3000 no fuck that i buy a super value $500 one and then in 6 months the $5,000 one and be set, buy the time i need to buy another tv i made 200000k or more in 10 years and i just buy it again at 6-10k, and reapet. And if you do that with everything, you be set, people dont have drive nor foccus thats what they lack and its only gain with in one self
A quarter million dollars for a starter home and its going to get more expensive. The USA belongs to the 10k+ a month earners after tax, with little to no debt. Game over for anyone else.
I feel like the biggest problem is that people today feel like luxuries are everyday needs. A trip is a need, takeout is a need, an Apple phone and all its accessories is a need, etc. I’m originally from a rural poor area overseas and cars are for the rich and so are trips and other items many Americans go in debt over. And I never understood the obsession with cars…. Even if they know they might have to end up living and eating the car because they ran out of money. My husband and I have 4 young kids and our bills are $3800/month at most. We save all the rest of his army salary. I just don't understand the obsession wjth stuff and buying things on credit. It's never worth it in the long run.
Me and the wife just bought a new washer and dryer. I was going to pay with cash but they played the 'sign up for a card and you get 100 off' incentive so I signed up for a card. When it came to putting in the estimated finance, I told the guy to just put in what we were going to pay (less than 2k). He put in 10k and after approval it put a 9k limit on the card when I only wanted the limit to be as low as what I needed. With that kind of experience I can see how easy it can be for others to fall into that trap of getting a card with a high limit and not really thinking about the long term.
I started a business and without income verification I was approved for a 10k limit. My first thought was "no wonder people have so much debt." 15 years ago when I started my first business, the bank would only approve $500 credit limit on a credit card even with income statements.
Had prime for like 9 years. Cancelled 6 months ago and I save about $100 a month because usually by the time I find $35 worth of stuff to get free shipping I've already decided to get it from a local store. No more impulse buys to try and justify the cost of the prime membership either. Plus my mail carrier must be relieved to only deliver a handful of packages here and there vs multiple a day.
Isn’t it 25$ and with prime shipping is included for prime items, I agree prime can be a sink but you only need 25+$ in item values if you want like one day shipping or something for me most stuff isn’t that deep for me so like I can wait
Get prime back it saves money. Local stores get there stuff from China like Amazon. If something is made in USA that the only way you help anything. Anything for your car is going to be 35% to 65% more at a parts store.
@@juspete5527 Wrong. The local store might get it from China as does Amazon, but the local store vendor is your actual neighbor and the clerk as well. Amazon is not your neighbor. The markup being 35 to 65 percent is hogwash.
Buying luxury items are a waste of money. Idk why folks would go beyond their means to show off while no one even cares what you eat, drive or lifestyle
Right?! How full of yourself would you even have to be to actually think that strangers even care about what you have or what you’re doing? It’s mind blowing 🤯
I like to interpret it as a demonstration how silly people are in general. About most things. Incurring Debt and personal misery with family strife and heartache to impress strangers who glance ober for maybe 15-30 seconds, or work with them, or are neighbors. Meanwhile they suffer sooo much, for a fleeting idea they themselbes can imagine, what someone they look up to (or dont) is thinking of him or her. But…. the joke is on them because the majority of the time the stranger that glanced for a second or the person that knows them, probably isn’t thinking of them at all. It’s literally a self fulfilling fantasy world, so that someone can imagine about themselves, what someone things of them, all with no proof.
Have a friend who has her Doctorate degree. She's doing so bad financially her granddaughter asked her for a couple of dollars for a function at school and she literally told her she has to see if she'll have it after paying her bills. Doing so bad she's starting to miss credit card payments. Wants to file for bankruptcy but can't/won't because if she does, she won't be able to get student loan money because she's STILL taking classes. Wonder if she thinks hundreds of thousands of student loan debt is worth it.
@@AccessoriesAddict5528 My brother is a teacher. Doesn't pay the most, but he does fine. Has a masters, because his job requires it. But he also got it in an affordable way and by sticking with his job, they cancel out his student loans. But still, his loans weren't $200k. And if he were to take classes and get his doctorate, he might be eligible for raises etc, but I also know he's not going to just take on loads of debt doing so.
I could be making $10 million dollars a day and I still would never buy a “luxury car”. Cars are the biggest money drain ever. The only reason I own a car now is because I have to since public transportation is nonexistent where I live. My car is paid off too because I bought a sensible vehicle.
Less expensive cars get you to the same places and last just as long too. It’s completely senseless to spend that much money on a vehicle. I own a Kia and it’s a great car. Bought it 2nd hand (only had 18km’s on it) and 6 years later I’ve put nothing into it other than basic maintenance.
Thanks for the video. I am overall a minimalist and have always had all my finances under control minus food. I am currently working on getting all my food from the grocery store and I think it will save me $300+ per month. I just made the most amazing BBQ chicken wings that cost around $3.
The CRAP i've fished from landfills and from the sides of roads should stagger me but it doesn't: when people come over they really like all my antique furniture and china... 😉 everyone thinks i inherited it all.
@@Scriptorsilentum exactly! it's mostly still too good to go and the reason is that people just run out of space for their stuff (blessed be carlin). Also had i bought a new one, i bet you the quality would be way worse!
LOL! That’s awesome man, one man’s trash is another man’s treasure. I love when people give things homes that still have life in them. People throwing out perfectly good things makes zero sense.
Videos like your got me motivated to get out of debt. Started listening to the Dave Ramsey show and got some of his books. I am motivated to get out of debt and be debt free. Between videos like this and the Dave Ramsey show it keeps me super motivated.
I'm not even in credit card debt for anything fun. It's like dental shit, moving expenses (overseas mandatory move and then back), and just life stuff. I don't really go on shopping sprees or buy clothing and crap. also most of the balance is the accrued interest over the years. It sucks. I pay every month, usually more than is due, I also pay off chunks when we get extra money in. It's never ending and it wears me out. As soon as I'm out of this hole, I'm burning all the cards and enjoying life finally.
Venue merch cuts are a big reason why merch prices have risen significantly. Venues now want 40% of merch sells. A t shirt used to be $30, now it’s $45. Hoodies were $60 and now they’re $80 sometimes $100
I think this is why knock-off places like Temu are thriving, despite the knowledge they have terrible working conditions. Nobody should be paying $100 for a hoodie so you get a replica for $15 on Temu. It doesn’t matter that they are highly flammable! 😂
*Laughs in visiting in-laws in China with an empty suitcase, leaving with one stuffed with $ 2 shirts, $ 15 winter coats etc* *Then grimaces in pain at the ticket costs to fly there to begin with*
I feel genuinely lucky that I was able to serve in the military and was literally paid to go to college. I can't imagine being saddled with all that student loan debt. I genuinely feel for people in that situation since college was literally beaten into our brains as a requirement for success since grade school.
I’m a maintenance mechanic, started 4 years ago with no college degree or trade school. Im making close to 90-95k this year. No debt, 3-5% raises every year or I can job hop and get a 10-15% raises.
I lived in the US from 2017 to 2019 and it was absolutely wild to me that Americans buy cars on payment plans and this is so normalised. I was actually shocked when my room mate told me this. I had literally NEVER heard of anyone in NZ/Australia buying a car on a payment plan. If you can't afford to buy a car outright, you can't afford to buy a car. All my cars have been around $5k USD or less for a perfectly fine second-hand vehicle. Even the concept of having a nice car, like why? It's a car. It facilitates getting you from A to B. If it's reliable and economical who cares about anything else.
Safety, comfort, utility, reliability, tolerance to poor road conditions… I’m not defending getting in massive car debt but it’s worth it to pay a little every month to have a car that isn’t dangerous and miserable to drive and breaks down on the road with your kid in it
I've always had cheap second-hand cars and never had any problems with them. In 40 years driving I've never had a breakdown and I've driven on a lot of unsealed country roads. Just get a decent make of car second-hand. I wouldn't pay over around 8k.
@@musa7606 Yes, of course. But younger people (20s, 30s) are not buying these. Maybe by the time you hit 35/40 you might be able to afford a new car, but we're still talking 250k USD (which is a lot of money in NZ) who drive a 3rd-hand Nissan Leaf. And that would be the rule rather than the exception. Only very wealthy people would drive expensive cars in NZ/Aus. I think because people just don't care very much here. Flashing your wealth (or credit card debt) in a nice car would be viewed as crass, or just foolish, rather than aspirational. I think the problem is that US culture values this display of wealth so much that even demonstrably poor/middle class people feel pressured to spend beyond their means to conform.
I have a 2011 Honda. I love my car, paid it off 2 years early. I’m driving this baby till the wheels fall off. She’s well maintained, no rust, under 100k miles. Hatchback, 4wd, leather seats. I can’t imagine wanting a new car with a huge monthly payment just to show off. New cars are so expensive lately and the quality it abysmal
Between my FT manager job and two small side hustles, I clear 165k/yr. Living in eastern PA makes it tough to get ahead, but I’m making great progress. I am down to just a mortgage at 39 years old. I have about 6-9 years left on the mortgage depending on how much extra I pay. I have no other debt and have a 1 year emergency fund. My daily driver is worth about $1500, I stopped giving a crap about what anyone thinks many, many, years ago. Almost every person I know lives more lavishly, yet I earn way more money.
cars are the single biggest money suck we ever conceived. my car is a 1995 le baron. i had all the rust fixed, i tune it myself, it's clean in and out and turns over and moves EVERY SINGLE TIME, yet people look at me with a bewildered pitying stare. with their $500+ monthly car notes...
40 grand a month!? I don't even make that a YEAR, with a criminal justice degree! I don't feel sorry for any of these people who keep f-ing themselves over then resorting to a pity party because they live way above their means.
I am so glad i got into debt at 20. I got out by 25 and learnt that lesson well. Want and need are not the same, something you need makes tomorrow something you want costs tomorrow.
I'm in my thirties and I've owned two cars. I've held the title for both of them and my current car is a 2014. I had a friend ask me when I was getting a new one and I told her "when this one dies."
As someone from the UK who used to be in debt highest was £7500 these people are crazy and are consumed by spending, I’m now luckily barring my mortgage debt free being debt free changed my mindset and the thing is I still buy things I’m big into collecting retro video games and graded pokemon cards but I budget for this, people need to learn to budget
You always have to be aware of what debt is for when you make decisions. About to turn 38 I still have student debt for example while I own a decent car, good house 50% in one company and 33% in another that owns several properties, contractors will be over here in januari to upgrade my glazing and fittings. Basically I'm upper middle class. But the student debt's still there. Why? Well, for 5 years it was 0% interest, before it was 5 years 0,46% interest, before that it was 5 years at 1,09% interest. It was literally better to not pay it off and put it into a savings account or pay off extra on the mortgage. In fact before graduation I was borrowing extra student debt to fill up my savings account. I also know for a fact it's risk-free in the sense that the state won't suddenly change the conditions either, by law they can't. Same as with the mortgage, by being roughly 3,5 years ahead of schedule now it makes it basically risk-free: Won't ever be foreclosed on within 5 years. But I'm also the guy who insists on the library clerk getting her pin machine working because I want to pay that € 1 fine for being late right now: if I forget to pay later, it could rise to a whopping € 1,50 by next week. Taxes etc are either on automatic debit or paid the same day. Because those do have consequences if it goes wrong.
Man I really HOPE that Klarna IPOs soon, they're saying they're trying to get onto the stock market, it just seems like a money printer, people just don't understand it's a credit card and no different, yet they treat it like it is and spend more for some reason 😂
One of my cousins got married in Summer of 2020, and is in the process of divorce due to his ex's excessive spending. She kept asking for money for trips, and is into the "social media" life now too. He was taking out loans to fund these trips for her, and she'd go off without him while he worked his ass off.
I had around 50k in various debt, went to my credit union and got a loan with a lower interest rate and paid everything off. I was also able to pay off the loan quicker and now live debt free.
I bought used 2014 VW GLi anniversary edition with 9k miles, someone had returned it after couple months of driving it for bigger car, its fully paid off now with 101k miles, never had issue until recently with air intake manifold and fan assembly that cost me $1.1k to fix. Still pushing strong. Before researching, I went to my bank, which is a credit union to ask for the car loan and i went to the dealership with the check approved for 40k, to negotiate and only ended up spending 28k. My payment was around $267 /m if i remember correctly.
I have a brokerage account and some of my stocks went up, and I cashed a bit out and paid cash for a used Mercedes with 111k miles that was in excellent condition. No car payment means I can easily fix anything wrong and my brokerage account has gone up more and covered most of what I took out. Learn to invest.
If you are wondering if your videos is helping people or not, I just canceled and cut my Pandora Jewelry and J. Crew credit card. OMG this video is like a horror movie. Thank you!
I maxed a credit card to survive maternity leave because I was DETERMINED to give my little one those precious 12 weeks of continuous attention. Once I paid that thing off I shredded it and it felt glorious
@JaNouWatIkVind luckily in my home state they started 12 weeks paid maternity leave. So when I had my 2nd kid I just had to budget a bit but zero debt for my maternity leave for him and oh my god my mental and physical health were SO MUCH BETTER as a result!
we only spent $50 dollars on xmas this year for my husband and I, $25 each that is it, not buying anyone else presents, my parents were frugal, they bought us 3 kids, underwear, socks, clothes, and a couple toys.
Woo hoo! First comment! ☺️ The only advice I can give young people is to not start out life in credit card debt. If you can’t pay it off at the end of the month, you can’t afford it. The only debt you should have is a house and maybe a car and then strive to pay off both ASAP.
Honestly I'm surprised that you can even get a card approved with a credit limit that high. I'm an engineer with a decent salary for Sweden, a mortgage and a car loan. This year I finally got a credit card for airline miles collecting and the most they would approve me for was $1500. They didn't see a way that I could sustainably pay off more than that in a month. And they were right! Any higher and I would risk going into a negative spiral like these people. The fact that you can get a card with a limit of $10k on a normal salary is abusive from the banks end. As a customer you should realize that that's not advisable, but the bank should not even offer it!
Student debt is fine as long as it's proportionate to your projected earnings, but that needs to account for interest. Way too many people who don't have parents or scholarships to help them blow the lower interest loans on the bachelor level credits. If you don't come from money, you want to knock out as much of the non-specific credits at the community college level, preferably by paying out of pocket or getting a grant. Then you do the major credits via a transfer, and you don't go to any school that isn't offering scholarships or lower tuition. Once you reach grad level, THEN you can start really taking on the loan amounts, trying to limit as much of the private loans as you can, and if you have to take the private loans, start paying into them while you're still in deferment. Tuition is out of control, but we know that, and people need to be training their kids to prepare for that if they're going into a field that requires it.
$280k is student loan debt is wild. Only a very few people actually pay off their student loans. Thankfully I went to a trade school, I lived with my mom for a while after graduating and I paid it off. Now I’m living a debt free life and I am beyond thankful that I got myself out of debt. I’m back in school and I’m paying for it out of pocket. Student loans won’t ever get me again.
My husband just finished college (Two Master's on his GI Bill) and the amount of hidden fees and costs is SHOCKING. We had to pay $600 just so he could access the program his homework was being uploaded to for the Quarter. There are barely any jobs that can pay off Student Loans in a reasonable amount of time.
I don’t have a single penny of student loan debt and I work a full time job with a base salary of $90k a year. I’m 28 years old. You don’t need a college degree to get a good paying job. It’s a path for some but not a necessity.
It's bizarre to know some people actually borrow money for vehicles. That's like the first thing you learn about finances. Never borrow for a depreciating asset!
@@musa7606 Wrong. It's NEVER okay to borrow for a car. If you can't afford to pay cash for it, you can't afford it. Save money until you can pay cash, or buy a cheap car if you absolutely must have a car (and if you've put yourself in a situation which relies on a car, without actually being able to afford a car, you're some kind of idiot). Live somewhere with good public transportation until you can buy with your own money. That's what sane people do. Cars are depreciating assets. It's a golden rule to never borrow on anything which depreciates .. for obvious reasons. Honestly, I've never seen such willingness to borrow on vehicles. Very few people do that where I live. If we're poor we just drive beaters or take the bus. No wants a car so badly they're willing to go into debt for it.
@@pm2886 "Wrong." Right. "It's NEVER okay to borrow for a car." I guess you will just have to tell your boss you can't come in today because you can't borrow for a car. "Wrong." Again, right. Everything is about cost/benefit, and if you need it, you need it. "Live somewhere with good public transportation" Cool, I'll just move to somewhere with high rent and somehow come up with the funds for that. "It's a golden rule to never borrow on anything which depreciates" Actually, its a golden rule to borrow if not borrowing will hold you back.
@@musa7606 Here's what I said "if you've put yourself in a situation which relies on a car, without actually being able to afford a car, you're some kind of idiot". Why would you even apply for a job which required a car, if you had to borrow money for that car? That's insane. When I didn't have a car, I only took jobs which were accessible by public transport. I would travel 90 minutes each way by bus & train, so I could live in a cheap housing area. I came out tens of thousands of dollars ahead, than someone who drove that same route in a financed car. Again, the choice to put yourself tens of thousands behind, is insane. So I don't believe for a moment that people make the decision purely on financial grounds. They do it because they really want a car, but they don't want to save the money necessary. They also want more car than they could ever pay cash for - in other words a car they can't afford.
@@pm2886 "Why would you even apply for a job which required a car" Many people live in places that require cars to get to their jobs. I'm going to guess you don't. Cool bubble.
I am proud to say that I have 0 debt (minus car note) even though I have 4 credit cards. I have 800+ credit score. I don’t buy anything with the cards unless I can turn around and pay it off right away or can afford the monthly payment, and or it’s an emergency (car care credit card). I may not have a lavish life or expensive things or even a lot of stuff but I have a peace of mind.
I'll be totally debt free this month after I make my last cc payment of $1572.00. Credit score as of today is 813. No car loans, or mortgage. It feels FANTASTIC!!!!
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Everyone should have BTC in their portfolio
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
People who are in debt who refuse to buy cheap groceries are terrible people. Even in California where prices are extremely high at the grocery store you can get: QUESADILLAS: 6 lbs of shredded cheese for $16. 90 tortillas for $25. 2 large bottles of hot sauce for $14. Total: $55 EGG RAMEN BOWLS: 60 large eggs for $30. 40 packs of ramen for $12. 2 bottles of sriracha for $10. Total: $52 BAKED CHICKEN WITH RICE: 20 lbs of rice: $12 10 lbs of chicken: $40 Total: $52 YOU CAN GET ALL THE ABOVE For $160 AND THESE PEOPLE ARE SPENDING THE SAME $160 ON 10 PIZZAS THEN COMPLAINING THEY CAN'T AFFORD TO EAT. There are TONS of cheap and healthy meal ideas to help save money.
Buy now, pay later or the pay in 4 do work with concert/event tickets! I went to an NFL game for my birthday and I budgeted it out and could easily afford it with my paychecks so the pay in 4 was really helpful. But I can see how how it could be really dangerous for people who don’t budget
That is great it worked out that way for you. In the future, ideally you'd budget to save up your fun money ahead of time so no financing is necessary, or even if you did finance because it is 0%, if something happened to your income you wouldn't have to worry.
Honestly? That last girl was a breath of fresh air! PREACH! NO DEBT EVER OVER HERE AND NEVER WILL HAVE IT! If I can't afford it, not buying it! Not EVERYONE is irresponsible with their money! Some of us actually have brains! lol. Wish THAT was more common! You go, girl!
I’m ecstatic with Trump's victory and the year-end market surge. Which hidden jewels in the upcoming bull run would you buy with 150 grand right now? My goal is to position myself for a prosperous Q1 in 2025.
Index Funds & ETFs: 40-50%, Emerging Markets (e.g., VWO): 10-15%, Dividend Stocks: 10-20%, Growth Stocks/Small-Caps: 10-20%, REITs: 5-10% Remember to always work with a knowledgeable person in the financial market when starting out to avoid getting burnt.
She hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I’m stoked because I’m heading into retirement with almost a million bucks in my portfolio.
My current best explanation is that the carry on lending with yields above 4% is actually negative for a lot of banks. You can somewhat see it if you just look at the books, they'll breakdown their yield by asset class. For example, BoA is making 3.2% yield on retail mortgage assets, but an over 11% yield on retail credit cards. Right now their total net yield is below inflation, so in real terms the bank isn't actually making money on it's carry. The faster the bank can expand it's credit card lending the faster it can get back to making a real positive carry.
Another new life skill that is increasingly required is working on cars. New cars are so expensive that used cars have gone up in price. So finding a decent used vehicle and doing the maintenance yourself will save you tons of money.
I bought 2 cars during lockdown. An 80's classic C10 pickup for $6,000, and a Subaru for $23,000 @ 0% for 5 years. No interest. I'd say that's a pretty nice deal. Payed off last year 😀
What baffles me is the desire for people to buy all these HIGH END stuff like cars and what not to try to impress others. I am extremely fortunate in my situation but never got suckered into trying to impress others with high end luxury items its unfortunate. I don't care for vacations I care about my retirement and the future of my family that to me is wealth. I spend WELL BELOW MY MEANS and I will keep it that way. The idea of lifestyle creep or doom spending is mind boggling.
Using a credit card is not inherently a bad thing, as long as you use it wisely. I charge things here and there to my one credit card, that one gets paid off monthly so I pay no interest, plus I make 2% to 3% cashback. Same thing with my gas card, I get 15¢ off the gallon and since it gets paid off monthly there is no extra charges.
@@musa7606 I do that but with points. My Credit Union Credit Card offers amazing deals for the points. I've gotten so much good stuff for free and I keep the balance down. Also helps the credit score (800+)
How Escapism is RUINING Your Financial Future in 2024...
ua-cam.com/video/tVL6wtpSKj0/v-deo.html
I don't feel bad for any of these people. They have a brain, use it wisely.
A bottle of whiskey is a cheaper alternative to traveling to the tropics.
Peter Griffin - Credit Card Debt: ua-cam.com/video/kSG71-7rIg4/v-deo.html
All of your will become homeless
Your videos have and will continue to help me make better decisions. I recently did a full incoming / outgoing mkney inckuding rent, bills, and credit cards.
My calcs have my clearing my debt in 4 years spreading my cards over 4 tier groups based on card amount owed.
I calculated how much I would need to pay over minimim to clear each card in a given period of time.
This will be my first month on this budget.
FYI, I did not go as hard as I could because want to make sure my plan is feasible over time.
Thank u
These people dropping $5600 on Taylor Swift tickets are insane. There is nothing she could do on that stage that is worth that.
There's nothing she could do in my bedroom that is worth that, either, tbh.
well, I mean there is but she probably wouldn't do it😆
@@dumpsterbaby3155 creepy
@@dumpsterbaby3155not really. Even if she turned into a unicorn or stripped naked. I’d pay to not listen to that stupid bitch
😂😂@@dumpsterbaby3155
I got out of credit card debt a year ago. I’m no longer living paycheck to paycheck. I’ve learned my lesson. The stress of living that way is not worth it. Never again!!
I got out from under my credit cards finally in 2019 and I’ve not paid a penny in credit card interest since. It sucks to have to have one for hotels and rental cars, but I’m not falling into that trap again. As god as my witness.
Last used a CC in June 2001.
@@RETUSAF1995 if you are able to spend less than you make, which you must be if you’re not using a credit card, then you have proven you are capable of using one responsibly. And you are better off using one, for many reasons: rewards, delayed payments, fraud protection, indirect access to your accounts, online shopping, credit score, and so on. I too used to carry cc debt, and it’s the worst, but the problem isn’t the card, it’s your habits - which you’ve apparently fixed (congrats)
Never had a credit card
If you're smart there's always a credit card balance transfer with 0% interest for a year or two which you can use indefinitely from card to card to eventually pay off your credit with mostly zero interest except transfer fees.
Credit is not for the low IQ.
He bought the Ferrari for about $800k in 2021 and still owes $769k in 2024? How long is this car financed for? 30 years?
I wish we saw the full video. That dude is crazy lol.
if he can only pay for interest (minimal amount), his principal would not get paid. AKA his loan isnt going down.
Most of his payment would be going to the interest primarily for the next few years.
I bought my car 2.5 years ago, haven't paid of anything as it wasn't financed.
Never thinking about car payments makes driving a lot more fun.
Yeah, wtf.
I remember vividly as a kid, walking with my parents and saying, 'Wow, look at that car!!! That person must be so rich!' My parents said, 'No, the bank probably owns it.'
I thought about getting another used truck and sell my frontier since i got it back up and running. I think imma hold off because these high interest rates blow.
Haha this was me when I just came to the USA when I was 25. I told my American husband all these people are so rich like Kardashian and Hilton family 😂 I thought I was like Oliver Twist 😂
Lease my car then give it back to
@@reviewsbygen5591that's funny. What kind of sucks is that many people also then assume they when you do own a fun type of car, people automatically assume that you're just trying to impress others and are struggling to afford it. I paid for my car in cash and people make jokes sometimes like "hope the payments are worth it" haha it is kind of funny.
your parents were poor lol
I was 48k in debt. I finally had a come to Jesus with myself and started chipping away at it. I paid it off this month and I will NEVER do this again. I’m saving for my emergency fund now. If you’re struggling you are not alone. You can change your situation. Don’t give up!
Congrats! 🎉
Jesus doesn't exist
Well done on fixing things!
Congratulations, great job! I paid off $43K in 2020 and never slipped back. I still use my CC pretty much exclusively but have better understanding and habits now.
This is amazing. I’m working towards being debt free. I can’t wait to feel the relief 🙌🏾
Avoiding Black Friday shopping at all cost because the majority of these places claim things are on sale when it’s the same price or more.
yeah I do my Christmas shopping during the year when I see things on sale. that's it .
First job I ever had was at an A&W. First customer came in with a coupon. Was immediately told by the owner that ALL coupons were just the original price. This was 20 years ago. People have been had for decades by these scams.
@@rcg224I do the same. 😂
Yup
Or like $5 off lol
What I find amazing is the people who make these videos where they seem to be proud of this instead d of being completely embarrassed
Most of them are fake
Playing the fool has always had a demand because people are sadists
How is that first girl smiling
@fietsband08 it's her schtick. She practices toxic positivity.
Why be embarrassed of something almost everyone suffers from?
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned 180k savings to turn to dust
In the world of finance, recessions are prime opportunities for wealth creation. When my portfolio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 250k. The knowledge and skills I have acquired through this experience have been invaluable in my journey towards financial success.
In the world of finance, recessions are prime opportunities for wealth creation. When my portfolio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 250k. The knowledge and skills I have acquired through this experience have been invaluable in my journey towards financial success.
Investing Is more than reading quarterly reports. Learnt this from reading Peter Lynch's book. I believe there are people who do this for a living, and I just delegate the task to these professionals. That's how I make money from the market to be honest.
@@JefferyDuns I've been getting suggestions to use one, but where and how to find one has been challenging, Can i reach out to the one you use?
I have to tell you, it feels good driving a paid-off car. Originally it was a 7-year loan. I worked a bunch of overtime and had it paid for in 4 years. I have one card and keep it paid off. Love your channel. ❤
That's awesome! We paid our car loan off early too and it feels great!
Well done, because seven year loans are super sketch, but I get it in that you keep the payment low in case overtime isn’t available just in case.
same it feels good only buying cars outright. I worry about my insurance and I'm good
2011 Civic Si and a 2005 Acura TL as my daily. Both paid off, run like new, and only 100 a month insurance for both. Feels really good. Now just pay yourself every month and then you have car options in the future
I miss my paid off car. Someone ran into in August, and it was totaled. Smh keep that car for as long as you can.
I'm making burgers and fries for dinner. Spent $8 total for my son and I at Kroger.
When I cook for me and my girlfriend it’s usually about $6-12 in ingredients and 30 minutes maybe 45 minutes of my time.
Going out would cost us minimum $30, take 45-60 minutes, and is maybe slightly better tasting.
enjoy dinner with your son ❤ that's so cute
Eating out is such a waste of money. Your hamburgers probably taste better also. When you think about eating out it really does not save time when you think of driving back and forth and waiting in line for your order to be taken and then getting the food. Then half the time it is not hot. Doing Uber eats is a fortune and if I am going to pay that much I might as well go to a decent sit down place. The other way people waste money on is bottle water. All bottle water is, is tap water that is filtered. You can buy your own bottled water.
@@SvenDzahov eating out is less healthier. Believe me the oils and additive they use to keep, store and prepare food ....is unavoidable and they use loads!
I wish I still had a kroger in NC
Shop til you drop. But it's shocking someone making $480,000 a year still underwater....
Jordan Belfort made $49 million a year and still went broke at one point. It’s not about how much you make, it’s about how much you save.
@@supreme5998 we know, the point is it should be easy to save
That old 'Lifestyle Creep' got 'em.
@@supreme5998 yeah the point is it should be easy for them
@@Chan-zn7wbI think it was the molly 😅
If I made 40k a month I'd lock in for 10 or so years and retire early. No need to impress anyone.
I was thinking the same thing when I heard that! LMAO! Like, bitch, that's more than I make in a YEAR! X'D
Day 1 and I'd be calculating the amount I need to quit work forever right down to the HOUR
Ong
For fucking real, it's just sad and amazing
As someone who is 51 and working out my retirement plan so I can walk away from the plantation I think these people are crazy. Having to work for years extra just to drive a car that will eventually be forgotten about.
the fact that debt is now entertainment is wild to me
When I was younger, my mom maxed out 2 credit cards that totaled out to about $50,000 total. Filed for bankruptcy on both cards after my parents divorced. Now she has another credit card that's maxed out at about $15,000.
It burns me up when I see people get themselves into this much debt for no reason.
As a European, these videos never cease to amaze me. Here in the Netherlands, it's not possible to get ourselves into this much credit card debt. Please keep these videos coming :)
Why is it not possible to get into that much credit card debt in the Netherlands?
Just curious: why isn’t it possible? I assume there are laws in place. Is it the loan amounts, the interest, the terms, or something else?
(American currently carrying exactly $1K of interest-free debt because I decided to treat myself this summer. 😂 These videos make me itch. 😣)
@@LBellatrix Well firstly its limits. My bank won't give me a limit more than twice my monthly salary for a credit card. So if I am making 3K a month, they will just give me 6K so there is no way to spend that much. Car loans and bank loans are also the same. Secondly I don't think consumerism is similar to US here. I am still happy with my S22 and everyone in my workplace owns two three year old phones. You won't find people running to buy iphone 16 on day one. I think the mindset is very different here when it comes to new technology and products.
America is a giant slave plantation. They tell you that you're free then they load you up with debt and next thing you know, you are working you're whole life and die poor anyways
@@LBellatrix you miss payments in Europe and your credit limit tanks. You can't apply for more cards whilst in debt.
It was changes brought in after the 2008 financial crisis
I was about to buy a $200 xbox controller and then I watched this video…. I didn’t buy it in the end, and I’m not even in debt.
Theres plenty of room in life for some guilt free spending
Wait for when it goes on sale
Wait for Black Friday/Cyber Monday in a couple weeks and see if the current price drops, good timing
do they have a black friday or cyber monday sale coming up? not to be a bad influence… but if it was something you were already planning on buying and you have no debt and extra money… why not? if it’s something you don’t need at all it’s probably better to skip
Wtf kind of controller cost 200$
There's a whole mortgage between that Ferrari value and the loan he has on it
All the holes on here think it's cute and funny to be screwd financially 😅😅😅 but wait 20 yrs from now unless they bk let's see how enraged these morons are😅😅😅
If they knew once they bankrupt there dead to the world for 7 whole long yrs I mean nothing noone will give you a cent untill 7 yrs
I hit $113k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
It's essential for you to have a mentor to keep you accountable. Myself, I'm guided by Evelyn Vera. for years and highly recommend her I focus on her. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
I would really love to know how much work you did put in to get to this stage.
Wow! wow! please is there any way to reach her services?
I will leave her info below this comment.
+147
As a child of someone who worked trades, you pay a lot with your body. And getting to that higher pay takes a long time of working horrid hours for low pay.
No. After 4 or 5 years in a trade, you can start to demand top dollars.
You think people who are hunched over a computer 10 hours a day grinding out code aren't having any issues with their body?
The hours in trades can be rough, but that's your motivation to get out of the trenches when you're young and start your own company.
@@frankvonfrauner office workers absolutely do not have as many issues as blue collar workers.. sure there’s soreness and weakness but just look at osha stats 😅 give those hard labor workers their credit, i could never manage because of past injuries, and a bit of regular exercise goes a very long way.
I'm 36 and make 100k a year as a plumber working 40-45 hours a week. We start apprentices right out of highschool at $20 an hour. I make more than people my age who are nurses, teachers and professionals, and I make more with zero student debt. I'll continue to pay with my body, and when I retire at 55 I'll be laughing.
In my trade (chimney sweep) the employers need you more than you need them. I don’t apply to companies, companies apply to me. I’ve gotten my trade certificate in February of this year after 2.5 years of apprenticeship for shitty pay.
I would never work for the lowest fare in the tariff. That being said I “only” make 50k doing 38.5 hours week and typically 40-50 days off a year, minimum of 30 days and sick leave are mandatory by law.
We don’t have to carry heavy equipment, mostly light tools. And since companies are usually only having one or two employees you have a close work relationship to your boss.
Based in Germany though, sorry.
@@nanananananananana00
Thing is tradies mostly do it to themselves by ignoring safety laws, ergonomics rules, cutting corners and trying to make extra.
The people complaining now were the bricklayers or street pavers who were pointing and laughing at age 25 going "Hahaha look at me, I lift it all using my back, that makes me much quicker so I make like $ 20 per day more than you with your silly lifting tools. I'll be hitting the beer when you're still here finishing up with your stoopid labour laws n stuff!"
And then they're 45 and crying that they can't do it anymore and demand our tax money to retire early while the guy using the 'silly tools' as per labour laws, is still at it.
And they're crying and moaning 'office workers have fewer issues', while those issues are unavoidable.
a car for $770K 🤣🤣😂😂. A lady owing almost $7,000 to 'TJMaxx' 😂😂🤣🤣At least I feel better about my own life choices by watching Zac's videos.
This is the reason I’m glued to this channel😂 I only have a car loan, but I throw tons of extra money on principal, and keep my monthly payments 90 days ahead. I am slowly toning down my spending. Just cause I have extra money doesn’t mean I need to spend it. I’m so happy i found this channel before I made some bad decision on my spending.
These videos make me feel better about my 3k cc debt
No kidding. We had 9k and I thought that was a lot! Apparently not anymore...
Mike why? Pay off your debt asap. Having a cc is simply stupid.
No expensive Christmas presents. Make something.
It shouldn’t. Credit cards are stupid for interest and you’re losing tons of money even on $3,000. I’d try to at least get a line of credit to pay those off then stop spending more than you can afford to pay off every month.
I’ve had a credit card for over 20 years and have never paid a single interest payment on it. In fact, I get rewards for using it so THEY pay ME to have it lol
I only owe $59 and I’m annoyed lol I’d be unable to sleep if I owed over a band 😂
As a dumb 19 year old, I signed up for a TJ Maxx credit card. When I asked the cashier if it was a credit card she kept saying it was a "members card" and I went with it. After I realized it was a credit card I paid it off, cut it up, and never looked at it again. The account eventually closed
Nothing wrong with credit cards as long as there's no fees and you pay it off in full each month.
In fact it can be very beneficial to credit score, consumer protection(credit card company is equally responsible if the purchase is bad giving you a lot of rights), and saving(if you pay it off in full a month later that means you effectively pay it off a month later meaning consistent spending effectively let's you invest the money in the first month, pay it off next month and claim the interest/dividends).
@@scragar At the time I already had and still only have 1 credit card that I fully pay off every month and use for the cash back. The TJ Maxx credit card was redundant and I wouldn't have signed up for it, but I thought it was just a membership card I could use for coupons/sales etc
@@scragar What you're mentioning is a legitimate skill set. People DO NOT understand the complex financial tools available to them and how dangerous they can be if improperly managed.
I did the same and I racked it back up
Yeah, places like that do everything they can to trap people. The only retail card I have is Home Depot. You can purchase things and pay zero interest as long as you pay it off in 12 months (of course, if you don’t, the interest is stupid high and you also have to back pay all interest from the previous year!). I’ve used it a couple of times but always pay things off quickly. I’d never put more on it than I could pay in the specified amount of time.
I’m at a point of my life that I could just pay cash but instalments just seem less painful on larger purchases for some reason…as long as it isn’t costly to do so.
I was diagnosed with lupus 5 years ago. My health was so bad that I didn't know if I'd live after that summer. I tackled that challenge and then my consumer debt. June 2020, i identified that I had over $115k of consumer debt. The biggest amount is student loan debt but it consisted of medical debt, credit card and installment payments. In any case I'm now at $46k by learning how to budget and not spending more that I make. I earn less than 6 figures a year and things are tight but I'm making it work. Never going back to my old spending ways.
Wishing you the best in your health and finances!
My heart goes out to you as another chronically ill person. Lupus is no joke. I have different issues, but feeling like this life is all we got makes chronic illness nearly unbearable. It is one reason (of many) I am a Christian. This is not me trying to be pushy, but faith is a comfort. God is with me now, and I will be with Him in heaven later. It also helps me be content with not having a lot of extra money. They say religion is the opium of the masses but having no direction at all seems worse, to me at least. I wish you the very best!
Edit: I explored Christianity academically first. I realized this sounded like I chose to believe cuz it feels nice. No. It is a comfort, but it's only a comfort because I am intellectually convinced it's true.
You got this king
I was diagnosed with lupus and chronic ITP 7 years ago while in vet school so my heart goes out to you. It almost made me drop out and I was back and forth to the hospital all 4 years. The highest my debt went to was $169 (medical plus student loans). I'm down to $98k today and I just started paying 2 years ago. The medical bills are reoccurring so it's difficult to pay down but 'I'm determined to at least pay off my schooling. If not for lupus I could work more extra days but the more stressed I get the more it attacks my body.
I need to understand what companies extend 115k of credit to one person?!
The best thing my parents ever did for me was have decent amount of money but live incredibly thrifty despite their friends being very showy. It demonstrated to me that there is pride in saving up and living well within your means.
Weirdly enough, my bachelor's in fine art did help me snag a good job with good pay. It's in manufacturing, but I'm still counting it.
🤣🤣🤣🤣
Inflation is unreal, but a lot of us also need to get a grip
Around me people who DoorDash the most seems to be people who don’t earn a lot. I rarely if ever DoorDash/ubereats anything. It’s triples the price of eating out.
I don't pay attention to the interest rate on my credit card because I pay my statement balance in full every single month, so I don't pay a cent of interest period. Thanks to the people who spend and pay interest though, they're the reason I get cashback and travel points!
Yeah netted out credit card companies have paid me a couple thousand or more between signups and points. Payoff every month, heck I sometimes pay before the statement even generates. better safe than sorry.
We just got a new gas card that now is a regular credit card. The rate is 33%! That is insane! I can't imagine have that as revolving credit. The interest these companies make off people is what keeps people in the hole.
Same. Paying in full every month and enjoying that sweet 2% cashback on everything…
Absolutely why would anyone want to pay high interest rate
@@Ioncandidisagree you don’t have to spend take responsibility ffs
The worst part about credit cards is if you max it out they offer a higher credit limit but if you stay under 10% utilization you have to ask for an increase because they don’t like giving more money to responsible spenders because they make no interest off of them
Not sure if this is 100% true
The exact opposite is true.
I’ve been rebuilding my credit and have never been offered an increase because I never carry a balance. Every 7-8 months I put in a request to increase my limit and get it but never automatically get it from my creditors, I have to ask, but I know someone who maxed out their card and got higher limits automatically
The even worst part is they will close your account if you don’t use it within a certain amount of time
Even if you cant cook they sell premade food at the grocery store just shop wisely and youll be good no need to go out and spend $20 for a meal
Get an Air Fryer & heat up frozen ready-meals for $3 - $5 per meal..
College doesn't guarantee success. Constantly upgrading your wardrobe or car will only give you temporary pleasure. People are taking on massive debt with very little to show for it. Always getting a newer car, when no one cares what you drive in the first place. Student loan debt with a degree that's never used. The only thing that most people end up "upgrading" on is a bigger pile of debt that buries them for years or even decades. Its ridiculous. Be content with what you have. Find peace. Stop comparing your life to others. People like Dave Ramsey get hate because the old man is right. Far too many people justify their lousy financial choices, and will continue to do so until they see the light.
You dont have to constaly upgrade to have a “luxury”life, like you really dont. All you need is to know what you want in life or what could improve your life to make it more plesurable and have the self discipline to achive that.
If i want a 5k tv be use is the best and biggest, i dont buy $1000, ,$2000, $3000 no fuck that i buy a super value $500 one and then in 6 months the $5,000 one and be set, buy the time i need to buy another tv i made 200000k or more in 10 years and i just buy it again at 6-10k, and reapet. And if you do that with everything, you be set, people dont have drive nor foccus thats what they lack and its only gain with in one self
Ok you’re saying everything I say. Useless degrees they will never use…0 income but huge student debt why why why.
People have given up on trying to save for property so they shop
Yep.
A quarter million dollars for a starter home and its going to get more expensive. The USA belongs to the 10k+ a month earners after tax, with little to no debt. Game over for anyone else.
They could have property if they stopped over spending.
I do think there is something to that.
“Not I” said the cat’
I feel like the biggest problem is that people today feel like luxuries are everyday needs. A trip is a need, takeout is a need, an Apple phone and all its accessories is a need, etc. I’m originally from a rural poor area overseas and cars are for the rich and so are trips and other items many Americans go in debt over. And I never understood the obsession with cars…. Even if they know they might have to end up living and eating the car because they ran out of money. My husband and I have 4 young kids and our bills are $3800/month at most. We save all the rest of his army salary. I just don't understand the obsession wjth stuff and buying things on credit. It's never worth it in the long run.
I just don’t understand expensive handbags, never had one never will. Having a paid off home gives a lot more security
Me and the wife just bought a new washer and dryer. I was going to pay with cash but they played the 'sign up for a card and you get 100 off' incentive so I signed up for a card.
When it came to putting in the estimated finance, I told the guy to just put in what we were going to pay (less than 2k). He put in 10k and after approval it put a 9k limit on the card when I only wanted the limit to be as low as what I needed.
With that kind of experience I can see how easy it can be for others to fall into that trap of getting a card with a high limit and not really thinking about the long term.
To be honest it is not In a business interest to tell stupid people that they are not smart enough to get a big loan.
Hope you’re still planning to pay off the whole thing ASAP even though you don’t have to!
I started a business and without income verification I was approved for a 10k limit. My first thought was "no wonder people have so much debt." 15 years ago when I started my first business, the bank would only approve $500 credit limit on a credit card even with income statements.
If you can't pay cash, you can't afford it, period!
Ok Dave.
My grandfather always said that and I always followed it.
37 and thankfully no debt of any kind
Too bad you need a credit score for most things the average person could never save for
@@kingworm7168what exactly certainly can’t buy a house on your credit card.
Except for a house
I will never understand why people are essentially bragging about being in debt on social media. How embarrassing.
I think part of it is them trying to recoup the cost either through sympathy or some sorta brand deals.
Are you new to 2024? People film alllll sorts of L's and put it online. Attention is a drug
@@crzzymnn911 it’s not even a 2024 thing it’s been going on for a decade at least. Tik tok has just magnified it
Same with bail bracelets they love to show them off 😂😂
Had prime for like 9 years. Cancelled 6 months ago and I save about $100 a month because usually by the time I find $35 worth of stuff to get free shipping I've already decided to get it from a local store. No more impulse buys to try and justify the cost of the prime membership either.
Plus my mail carrier must be relieved to only deliver a handful of packages here and there vs multiple a day.
You also help a local dept. store grow and have more stuff in stock for your community. Keep it up.
Isn’t it 25$ and with prime shipping is included for prime items, I agree prime can be a sink but you only need 25+$ in item values if you want like one day shipping or something for me most stuff isn’t that deep for me so like I can wait
Get prime back it saves money. Local stores get there stuff from China like Amazon. If something is made in USA that the only way you help anything. Anything for your car is going to be 35% to 65% more at a parts store.
@@juspete5527 Wrong. The local store might get it from China as does Amazon, but the local store vendor is your actual neighbor and the clerk as well. Amazon is not your neighbor. The markup being 35 to 65 percent is hogwash.
Prime is not good value for money.
Buying luxury items are a waste of money. Idk why folks would go beyond their means to show off while no one even cares what you eat, drive or lifestyle
I think it's the 'I can so I am' mentality. And trying to keep up with the celebrities (or what qualifies as a celebrity these days)
Right?! How full of yourself would you even have to be to actually think that strangers even care about what you have or what you’re doing? It’s mind blowing 🤯
@@CassandraYThey CAN’T though. That’s the whole problem lol
To fill voids
I like to interpret it as a demonstration how silly people are in general. About most things. Incurring Debt and personal misery with family strife and heartache to impress strangers who glance ober for maybe 15-30 seconds, or work with them, or are neighbors. Meanwhile they suffer sooo much, for a fleeting idea they themselbes can imagine, what someone they look up to (or dont) is thinking of him or her. But…. the joke is on them because the majority of the time the stranger that glanced for a second or the person that knows them, probably isn’t thinking of them at all. It’s literally a self fulfilling fantasy world, so that someone can imagine about themselves, what someone things of them, all with no proof.
Have a friend who has her Doctorate degree. She's doing so bad financially her granddaughter asked her for a couple of dollars for a function at school and she literally told her she has to see if she'll have it after paying her bills. Doing so bad she's starting to miss credit card payments. Wants to file for bankruptcy but can't/won't because if she does, she won't be able to get student loan money because she's STILL taking classes. Wonder if she thinks hundreds of thousands of student loan debt is worth it.
Promise she insists she be called doctor
How do these people get a doctorate when they are obviously not smart.jesus Christ.
Doctorate in what?!
If you aren't making bank in the job, getting a Doctorate is just a vanity project.
@@musa7606Totally agree with you. Something to do with counseling.
@@AccessoriesAddict5528 My brother is a teacher. Doesn't pay the most, but he does fine. Has a masters, because his job requires it. But he also got it in an affordable way and by sticking with his job, they cancel out his student loans. But still, his loans weren't $200k.
And if he were to take classes and get his doctorate, he might be eligible for raises etc, but I also know he's not going to just take on loads of debt doing so.
I could be making $10 million dollars a day and I still would never buy a “luxury car”. Cars are the biggest money drain ever. The only reason I own a car now is because I have to since public transportation is nonexistent where I live. My car is paid off too because I bought a sensible vehicle.
A->B.
Car.
Nothing else.
Unless I can bike there 😊
@ I wish I lived in a place like NYC where you can walk everywhere or take a subway train
Less expensive cars get you to the same places and last just as long too. It’s completely senseless to spend that much money on a vehicle. I own a Kia and it’s a great car. Bought it 2nd hand (only had 18km’s on it) and 6 years later I’ve put nothing into it other than basic maintenance.
Thanks for the video. I am overall a minimalist and have always had all my finances under control minus food. I am currently working on getting all my food from the grocery store and I think it will save me $300+ per month. I just made the most amazing BBQ chicken wings that cost around $3.
Parents
Just found myself an armchair on the side of the road, it's in perfect condition, just what i needed! It's worth waiting for stuff to come to you
The CRAP i've fished from landfills and from the sides of roads should stagger me but it doesn't: when people come over they really like all my antique furniture and china... 😉
everyone thinks i inherited it all.
@@Scriptorsilentum exactly! it's mostly still too good to go and the reason is that people just run out of space for their stuff (blessed be carlin). Also had i bought a new one, i bet you the quality would be way worse!
LOL! That’s awesome man, one man’s trash is another man’s treasure. I love when people give things homes that still have life in them. People throwing out perfectly good things makes zero sense.
The dude with the Lambo, G Wagon, EV Hummer is renting them out on Turo and that is his sole income.
You think so fr?
@@selcatron Yousef had a video on him trying to trade them in...
@@frankvanfossan i dont know who that is but ok cool
Makes sense I was wondering why each vehicle seemed to have high mileage.
Videos like your got me motivated to get out of debt. Started listening to the Dave Ramsey show and got some of his books. I am motivated to get out of debt and be debt free. Between videos like this and the Dave Ramsey show it keeps me super motivated.
The old videos from Gail, that show “Princess” are also very motivating and with good strategies to get out of debt!
Perfect way to start my Monday morning. Thanks Zac for dropping another video!
I'm not even in credit card debt for anything fun. It's like dental shit, moving expenses (overseas mandatory move and then back), and just life stuff. I don't really go on shopping sprees or buy clothing and crap. also most of the balance is the accrued interest over the years. It sucks. I pay every month, usually more than is due, I also pay off chunks when we get extra money in. It's never ending and it wears me out. As soon as I'm out of this hole, I'm burning all the cards and enjoying life finally.
Consolidate the debt and then go hardcore gazelle intense. You can do it!
Go into survival mode and pay of as fast as humanly possible, good luck.
Why not declare bankruptcy and be done with it within a year?
No credit card debt. For Christmas i give my grand kids $50.00 each and my sons/daughter in laws a $100.00 Starbucks gift card.
Ooohh, I'd love a $100 Starbucks gift card!
Very generous!
Venue merch cuts are a big reason why merch prices have risen significantly. Venues now want 40% of merch sells. A t shirt used to be $30, now it’s $45. Hoodies were $60 and now they’re $80 sometimes $100
40% lol no
15% tops
I think this is why knock-off places like Temu are thriving, despite the knowledge they have terrible working conditions. Nobody should be paying $100 for a hoodie so you get a replica for $15 on Temu. It doesn’t matter that they are highly flammable! 😂
*Laughs in visiting in-laws in China with an empty suitcase, leaving with one stuffed with $ 2 shirts, $ 15 winter coats etc*
*Then grimaces in pain at the ticket costs to fly there to begin with*
I feel genuinely lucky that I was able to serve in the military and was literally paid to go to college. I can't imagine being saddled with all that student loan debt. I genuinely feel for people in that situation since college was literally beaten into our brains as a requirement for success since grade school.
That's the trade off for getting 7.62 lobbed over your head. Free college and a lifetime passive income stipend.
@joefer5360 although that is true for many, I was on nuclear submarines so that wasn't something I had to worry about.
my dad was in the military so i was able to get his GI bill to pay for my college, im very grateful for the military lol
@@DansBackcountry Ah, so you were at the brunt of seamen jokes. That's still pretty rough.
@@joefer5360 fact
I’m a maintenance mechanic, started 4 years ago with no college degree or trade school. Im making close to 90-95k this year. No debt, 3-5% raises every year or I can job hop and get a 10-15% raises.
Save as much money as is possible, retire early👍
Job hop max out your income
I lived in the US from 2017 to 2019 and it was absolutely wild to me that Americans buy cars on payment plans and this is so normalised. I was actually shocked when my room mate told me this. I had literally NEVER heard of anyone in NZ/Australia buying a car on a payment plan. If you can't afford to buy a car outright, you can't afford to buy a car. All my cars have been around $5k USD or less for a perfectly fine second-hand vehicle. Even the concept of having a nice car, like why? It's a car. It facilitates getting you from A to B. If it's reliable and economical who cares about anything else.
Safety, comfort, utility, reliability, tolerance to poor road conditions… I’m not defending getting in massive car debt but it’s worth it to pay a little every month to have a car that isn’t dangerous and miserable to drive and breaks down on the road with your kid in it
I've always had cheap second-hand cars and never had any problems with them. In 40 years driving I've never had a breakdown and I've driven on a lot of unsealed country roads. Just get a decent make of car second-hand. I wouldn't pay over around 8k.
The dumb ones do. There are stupid people everywhere
Do they not sell brand new cars in Australia?
@@musa7606 Yes, of course. But younger people (20s, 30s) are not buying these. Maybe by the time you hit 35/40 you might be able to afford a new car, but we're still talking 250k USD (which is a lot of money in NZ) who drive a 3rd-hand Nissan Leaf. And that would be the rule rather than the exception. Only very wealthy people would drive expensive cars in NZ/Aus. I think because people just don't care very much here. Flashing your wealth (or credit card debt) in a nice car would be viewed as crass, or just foolish, rather than aspirational. I think the problem is that US culture values this display of wealth so much that even demonstrably poor/middle class people feel pressured to spend beyond their means to conform.
I have a 2011 Honda. I love my car, paid it off 2 years early. I’m driving this baby till the wheels fall off. She’s well maintained, no rust, under 100k miles. Hatchback, 4wd, leather seats. I can’t imagine wanting a new car with a huge monthly payment just to show off. New cars are so expensive lately and the quality it abysmal
Between my FT manager job and two small side hustles, I clear 165k/yr. Living in eastern PA makes it tough to get ahead, but I’m making great progress. I am down to just a mortgage at 39 years old. I have about 6-9 years left on the mortgage depending on how much extra I pay. I have no other debt and have a 1 year emergency fund. My daily driver is worth about $1500, I stopped giving a crap about what anyone thinks many, many, years ago. Almost every person I know lives more lavishly, yet I earn way more money.
cars are the single biggest money suck we ever conceived. my car is a 1995 le baron. i had all the rust fixed, i tune it myself, it's clean in and out and turns over and moves EVERY SINGLE TIME, yet people look at me with a bewildered pitying stare.
with their $500+ monthly car notes...
Sounds like you gave up
@@NeoAndersonReloaded not a very bright individual behind that keyboard… Are you?
40 grand a month!? I don't even make that a YEAR, with a criminal justice degree! I don't feel sorry for any of these people who keep f-ing themselves over then resorting to a pity party because they live way above their means.
DEI hire?
Your degree doesn’t matter. Shut up
@@pedlpower 😂😂😂😂
I am so glad i got into debt at 20. I got out by 25 and learnt that lesson well. Want and need are not the same, something you need makes tomorrow something you want costs tomorrow.
I'm in my thirties and I've owned two cars. I've held the title for both of them and my current car is a 2014. I had a friend ask me when I was getting a new one and I told her "when this one dies."
As someone from the UK who used to be in debt highest was £7500 these people are crazy and are consumed by spending, I’m now luckily barring my mortgage debt free being debt free changed my mindset and the thing is I still buy things I’m big into collecting retro video games and graded pokemon cards but I budget for this, people need to learn to budget
You always have to be aware of what debt is for when you make decisions.
About to turn 38 I still have student debt for example while I own a decent car, good house 50% in one company and 33% in another that owns several properties, contractors will be over here in januari to upgrade my glazing and fittings. Basically I'm upper middle class. But the student debt's still there.
Why?
Well, for 5 years it was 0% interest, before it was 5 years 0,46% interest, before that it was 5 years at 1,09% interest.
It was literally better to not pay it off and put it into a savings account or pay off extra on the mortgage. In fact before graduation I was borrowing extra student debt to fill up my savings account. I also know for a fact it's risk-free in the sense that the state won't suddenly change the conditions either, by law they can't.
Same as with the mortgage, by being roughly 3,5 years ahead of schedule now it makes it basically risk-free: Won't ever be foreclosed on within 5 years.
But I'm also the guy who insists on the library clerk getting her pin machine working because I want to pay that € 1 fine for being late right now: if I forget to pay later, it could rise to a whopping € 1,50 by next week. Taxes etc are either on automatic debit or paid the same day. Because those do have consequences if it goes wrong.
That last woman who made a tiktok for "accountability" ... NO ONE WHATS TO HEAR YOU TALK WITH YOUR MOUTH FULL!
i stopped the video there.
I dislike videos where people are eating. I do not understand how people can watch an ASMR video of someone eating
Man I really HOPE that Klarna IPOs soon, they're saying they're trying to get onto the stock market, it just seems like a money printer, people just don't understand it's a credit card and no different, yet they treat it like it is and spend more for some reason 😂
But it’s worse than a credit card because it doesn’t improve your credit score at all
@kingworm7168 and yet people still use it... Lol
Ha my wife says we can just put it on Klarna and I say, no, we can just pay for it and be done with it ha ha ha
This makes me feel much better about my $200 in credit card debt that I could pay off today lol
One of my cousins got married in Summer of 2020, and is in the process of divorce due to his ex's excessive spending. She kept asking for money for trips, and is into the "social media" life now too. He was taking out loans to fund these trips for her, and she'd go off without him while he worked his ass off.
he wasn't married. he had a roommate that treated him like an atm.
BETA BUX DELUXE HAHAHAHA. Bet that man thought him making money was enough when all he was an atm while she chased men she really wanted
I had around 50k in various debt, went to my credit union and got a loan with a lower interest rate and paid everything off. I was also able to pay off the loan quicker and now live debt free.
I bought used 2014 VW GLi anniversary edition with 9k miles, someone had returned it after couple months of driving it for bigger car, its fully paid off now with 101k miles, never had issue until recently with air intake manifold and fan assembly that cost me $1.1k to fix. Still pushing strong.
Before researching, I went to my bank, which is a credit union to ask for the car loan and i went to the dealership with the check approved for 40k, to negotiate and only ended up spending 28k.
My payment was around $267 /m if i remember correctly.
Trade in before it blows up and get a 90s toyota
@juspete5527 never
I have a brokerage account and some of my stocks went up, and I cashed a bit out and paid cash for a used Mercedes with 111k miles that was in excellent condition. No car payment means I can easily fix anything wrong and my brokerage account has gone up more and covered most of what I took out.
Learn to invest.
If you are wondering if your videos is helping people or not, I just canceled and cut my Pandora Jewelry and J. Crew credit card. OMG this video is like a horror movie. Thank you!
😂
I maxed a credit card to survive maternity leave because I was DETERMINED to give my little one those precious 12 weeks of continuous attention. Once I paid that thing off I shredded it and it felt glorious
You mean you went into debt for creating a human life. 🤦♀️ Murka!
@JaNouWatIkVind luckily in my home state they started 12 weeks paid maternity leave. So when I had my 2nd kid I just had to budget a bit but zero debt for my maternity leave for him and oh my god my mental and physical health were SO MUCH BETTER as a result!
@@thatfuzzypotato1877 🙏 I'm glad to hear it. I'm sure your baby (and toddler) enjoyed that time with you too and will benefit throughout their life.
The day you need to trade a Ferrari in for a Corvette is the day you should realise you screwed up royally
Helluva downgrade. Better off buying a bicycle and tell your friends you went "green". Save yourself the embarrassment.
As nice as the new Corvettes are, probably should have just bought the Vette and invested the rest.
It is a stringray 😂
My wife and i make a combined income of 170k base and we can't fathom spending more than 25k on a car.
Well. I mean. A second hand 911 though.
@@NoRegertsHere can prolly get a high mileage 996 for about 25k tbh
@ nice. Couple getting around with 175k now miles going strong. Good bang for the buck
These are the same people that will be complaining about having no retirement funds in 30 years.
we only spent $50 dollars on xmas this year for my husband and I, $25 each that is it, not buying anyone else presents, my parents were frugal, they bought us 3 kids, underwear, socks, clothes, and a couple toys.
Teach children about money. Yes, money is not a comfortable subject, but all these companies are ready to pounce on financial illiterate people.
Woo hoo! First comment! ☺️
The only advice I can give young people is to not start out life in credit card debt. If you can’t pay it off at the end of the month, you can’t afford it. The only debt you should have is a house and maybe a car and then strive to pay off both ASAP.
4:30 cars are one of the worst "investments" lol. they deprecate the second youre off the lot 99% of the time
Honestly I'm surprised that you can even get a card approved with a credit limit that high.
I'm an engineer with a decent salary for Sweden, a mortgage and a car loan. This year I finally got a credit card for airline miles collecting and the most they would approve me for was $1500. They didn't see a way that I could sustainably pay off more than that in a month.
And they were right! Any higher and I would risk going into a negative spiral like these people.
The fact that you can get a card with a limit of $10k on a normal salary is abusive from the banks end. As a customer you should realize that that's not advisable, but the bank should not even offer it!
Student debt is fine as long as it's proportionate to your projected earnings, but that needs to account for interest. Way too many people who don't have parents or scholarships to help them blow the lower interest loans on the bachelor level credits. If you don't come from money, you want to knock out as much of the non-specific credits at the community college level, preferably by paying out of pocket or getting a grant. Then you do the major credits via a transfer, and you don't go to any school that isn't offering scholarships or lower tuition. Once you reach grad level, THEN you can start really taking on the loan amounts, trying to limit as much of the private loans as you can, and if you have to take the private loans, start paying into them while you're still in deferment. Tuition is out of control, but we know that, and people need to be training their kids to prepare for that if they're going into a field that requires it.
having any credit card interest is just wild to me
Love your channels!
currently edging off to other people's debt while delivering packages at work 📦
😂😂😂
$280k is student loan debt is wild. Only a very few people actually pay off their student loans. Thankfully I went to a trade school, I lived with my mom for a while after graduating and I paid it off. Now I’m living a debt free life and I am beyond thankful that I got myself out of debt. I’m back in school and I’m paying for it out of pocket. Student loans won’t ever get me again.
My husband just finished college (Two Master's on his GI Bill) and the amount of hidden fees and costs is SHOCKING. We had to pay $600 just so he could access the program his homework was being uploaded to for the Quarter. There are barely any jobs that can pay off Student Loans in a reasonable amount of time.
I don’t have a single penny of student loan debt and I work a full time job with a base salary of $90k a year. I’m 28 years old. You don’t need a college degree to get a good paying job. It’s a path for some but not a necessity.
What profession are you currently in, if you don’t mind me asking?
@@Ryan-jt4ii I’m a maintenance supervisor for USPS.
It's bizarre to know some people actually borrow money for vehicles.
That's like the first thing you learn about finances. Never borrow for a depreciating asset!
It's ok to borrow for a car, because most need a car... But make it highly affordable. Don't go get a new car with a 6 year loan.
@@musa7606 Wrong. It's NEVER okay to borrow for a car. If you can't afford to pay cash for it, you can't afford it. Save money until you can pay cash, or buy a cheap car if you absolutely must have a car (and if you've put yourself in a situation which relies on a car, without actually being able to afford a car, you're some kind of idiot). Live somewhere with good public transportation until you can buy with your own money. That's what sane people do.
Cars are depreciating assets. It's a golden rule to never borrow on anything which depreciates .. for obvious reasons. Honestly, I've never seen such willingness to borrow on vehicles. Very few people do that where I live. If we're poor we just drive beaters or take the bus. No wants a car so badly they're willing to go into debt for it.
@@pm2886 "Wrong."
Right.
"It's NEVER okay to borrow for a car."
I guess you will just have to tell your boss you can't come in today because you can't borrow for a car.
"Wrong."
Again, right. Everything is about cost/benefit, and if you need it, you need it.
"Live somewhere with good public transportation"
Cool, I'll just move to somewhere with high rent and somehow come up with the funds for that.
"It's a golden rule to never borrow on anything which depreciates"
Actually, its a golden rule to borrow if not borrowing will hold you back.
@@musa7606 Here's what I said "if you've put yourself in a situation which relies on a car, without actually being able to afford a car, you're some kind of idiot".
Why would you even apply for a job which required a car, if you had to borrow money for that car? That's insane. When I didn't have a car, I only took jobs which were accessible by public transport. I would travel 90 minutes each way by bus & train, so I could live in a cheap housing area. I came out tens of thousands of dollars ahead, than someone who drove that same route in a financed car.
Again, the choice to put yourself tens of thousands behind, is insane. So I don't believe for a moment that people make the decision purely on financial grounds. They do it because they really want a car, but they don't want to save the money necessary. They also want more car than they could ever pay cash for - in other words a car they can't afford.
@@pm2886 "Why would you even apply for a job which required a car"
Many people live in places that require cars to get to their jobs. I'm going to guess you don't. Cool bubble.
I am proud to say that I have 0 debt (minus car note) even though I have 4 credit cards. I have 800+ credit score. I don’t buy anything with the cards unless I can turn around and pay it off right away or can afford the monthly payment, and or it’s an emergency (car care credit card). I may not have a lavish life or expensive things or even a lot of stuff but I have a peace of mind.
0 debt at 31 years old here:) Feels good
Why do people need 4 credit cards?
I'll be totally debt free this month after I make my last cc payment of $1572.00. Credit score as of today is 813. No car loans, or mortgage. It feels FANTASTIC!!!!
@@aikogiron3449when he does go in debt, he's going out with a bang!
At one point about 20 years ago I had over $123K in cc debt. Very dumb. Today just have access to and unused $10K for emergencies
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Everyone should have BTC in their portfolio
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Absolutely! Profits are possible, especially now, but complex transactions should be handled by experienced market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
I dont understand how the TJ Max lady keeps smiling with that cc bill. She sounds so proud of her debt.
Laughing at her pain
Must change your mindset to get out of debt
Your hair looks good 👍
so does he. 😎
People who are in debt who refuse to buy cheap groceries are terrible people. Even in California where prices are extremely high at the grocery store you can get:
QUESADILLAS:
6 lbs of shredded cheese for $16.
90 tortillas for $25.
2 large bottles of hot sauce for $14.
Total: $55
EGG RAMEN BOWLS:
60 large eggs for $30.
40 packs of ramen for $12.
2 bottles of sriracha for $10.
Total: $52
BAKED CHICKEN WITH RICE:
20 lbs of rice: $12
10 lbs of chicken: $40
Total: $52
YOU CAN GET ALL THE ABOVE For $160 AND THESE PEOPLE ARE SPENDING THE SAME $160 ON 10 PIZZAS THEN COMPLAINING THEY CAN'T AFFORD TO EAT. There are TONS of cheap and healthy meal ideas to help save money.
Buy now, pay later or the pay in 4 do work with concert/event tickets! I went to an NFL game for my birthday and I budgeted it out and could easily afford it with my paychecks so the pay in 4 was really helpful. But I can see how how it could be really dangerous for people who don’t budget
That is great it worked out that way for you. In the future, ideally you'd budget to save up your fun money ahead of time so no financing is necessary, or even if you did finance because it is 0%, if something happened to your income you wouldn't have to worry.
Honestly? That last girl was a breath of fresh air! PREACH! NO DEBT EVER OVER HERE AND NEVER WILL HAVE IT! If I can't afford it, not buying it! Not EVERYONE is irresponsible with their money! Some of us actually have brains! lol. Wish THAT was more common! You go, girl!
I’m ecstatic with Trump's victory and the year-end market surge. Which hidden jewels in the upcoming bull run would you buy with 150 grand right now? My goal is to position myself for a prosperous Q1 in 2025.
Index Funds & ETFs: 40-50%, Emerging Markets (e.g., VWO): 10-15%, Dividend Stocks: 10-20%, Growth Stocks/Small-Caps: 10-20%, REITs: 5-10%
Remember to always work with a knowledgeable person in the financial market when starting out to avoid getting burnt.
She's really good in studying the market and making a strategy and i am learning so much from her already...
She hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I’m stoked because I’m heading into retirement with almost a million bucks in my portfolio.
I want to be part of this success... I need to contact Evelyn immediately. Thanks for the info
Bots
My current best explanation is that the carry on lending with yields above 4% is actually negative for a lot of banks. You can somewhat see it if you just look at the books, they'll breakdown their yield by asset class. For example, BoA is making 3.2% yield on retail mortgage assets, but an over 11% yield on retail credit cards. Right now their total net yield is below inflation, so in real terms the bank isn't actually making money on it's carry. The faster the bank can expand it's credit card lending the faster it can get back to making a real positive carry.
I'm going ham on my credit card debt next year!!
Start now!
@SeorkMaxx I'm figuring out other finances so I can put the maximum amount starting next year
Btw the sweet spot between buying groceries and takeouts is buying from the Supermarket deli, its cheaper and quick
1:22 into the video... I have a TJX credit card, the limit WAS 20K..I hardly used it so they cut my limit by 19k. Lol, they did me a favor..
Another new life skill that is increasingly required is working on cars. New cars are so expensive that used cars have gone up in price. So finding a decent used vehicle and doing the maintenance yourself will save you tons of money.
People need to learn what really makes them happy...
Cocaine :)
I bought 2 cars during lockdown. An 80's classic C10 pickup for $6,000, and a Subaru for $23,000 @ 0% for 5 years. No interest. I'd say that's a pretty nice deal. Payed off last year 😀
I enjoy these videos a lot, keep up the good work
What baffles me is the desire for people to buy all these HIGH END stuff like cars and what not to try to impress others. I am extremely fortunate in my situation but never got suckered into trying to impress others with high end luxury items its unfortunate. I don't care for vacations I care about my retirement and the future of my family that to me is wealth.
I spend WELL BELOW MY MEANS and I will keep it that way. The idea of lifestyle creep or doom spending is mind boggling.
I sometimes feel the compulsion, but then I think "To what end?" and that works. Why buy it for someone else instead of yourself?
Sadly here in Canada debt has been normalized , even when i go out for coffee everyone is using a credit card to pay.....lol
Using a credit card is not inherently a bad thing, as long as you use it wisely. I charge things here and there to my one credit card, that one gets paid off monthly so I pay no interest, plus I make 2% to 3% cashback. Same thing with my gas card, I get 15¢ off the gallon and since it gets paid off monthly there is no extra charges.
I use my card for everything, but I want the airline miles and I pay off the card as I use it.
@@musa7606 I do that but with points. My Credit Union Credit Card offers amazing deals for the points. I've gotten so much good stuff for free and I keep the balance down. Also helps the credit score (800+)