5 “Normal” Habits That Kept Me Broke and In Debt

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In this video, I’m going to share five normal habits that kept me broke, and in debt for years and what I did to break those habits, pay off my debt, and stay out of debt.
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Опубликовано:

30 сен 2024

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Комментарии : 98

@RonaldLBanks Год назад

What poor financial habits have you had in your life? What did you do to change them?

@laminage Год назад

Spending 😢 as a way to reward myself for the fruits 🎉 of my labors. Now it is so 180% for me. If I can't afford it I don't buy it. My only weakness is Amazon and Dollar Type Stores.

@Ripplesinthewaters Год назад

Food!!! I’m not a cook It’s easier to order DoorDash than it is to plan meals. It’s expensive and unnecessary! I’m still working on that. I got rid of most of my streaming services when I figured out just how much I was spending on them. Question: if you and your family want to buy a house, someday, how are you going to prove your credit without a credit file or a FICO score? Lenders can be picky on those with no credit. Have you heard of any other way to do it? This is a genuine question.

@ubaok24 Год назад

A lot of snacking.

@MsDoglover02 Год назад

It's been years but going out to lunch for for drinks after work with co-workers. We were in sales and the $ was coming in but it was going out just as fast. Now I live on probably 1/2 of that income and enjoy cooking on the weekend so I can bring my breakfast and lunch to work daily. I watch co-workers much younger than I am eat out most days and know it's not cheap. I love my own cooking and look forward to my meals. It's nice to have a couple of co-workers also pack a lunch and we share recipes.

@irmatezx3 Год назад

The how easy it is to use the pay in 4 payment plans. Working on stopping the urge to use.

@paulahastings7865 Год назад

Debt free is wonderful. I just use my credit card to pay regular bills. I pay it off every month. Do not pay interest!

@calisomething22 Год назад

I love how you repeat the main driving points a few times. It slows things down and repetition is how we humans ingrain things in us to change ( for better or worse ). You’re style is so simple and transparent … something this world needs in heaps and bounds.

@spanokopita5550 Год назад

The key, I think, is to not blame yourself for your past financial mistakes. You didn't know any better. But you should now take what you've learned and move forward towards a better future.

@RonaldLBanks Год назад

100% you are absolutely correct about this! We have to stop blaming ourselves for our mistakes and making excuses going forward! Thanks for calling this out my friend!

@sloebone7399 Год назад

Then who do you blame? It’s your money, you are responsible for it, if you don’t know something, it’s your responsibility to find out the answers. You don’t have to beat yourself up over mistakes, but you have to take responsibility and do better.

@Ashleyunfiltered 8 месяцев назад

@@sloebone7399true. There’s a difference between blaming and taking accountability for your actions.

@JJL206 Год назад

Always a great attitude and lesson from you, Ronald. Thanks. Making that last student loan payment, and that last mortgage payment (all ahead of schedule) was a wonderful feeling. "Product Rich"...that's brilliant. Borrowing that one!

@RonaldLBanks Год назад

Congratulations on paying off your student loans and mortgage! That’s huge! I’m happy for you.

@elizabethw3874 Год назад

Being debt free definitely is one of the best feelings! I’ve been 100% debt free for two years and it’s great. Thanks for sharing!

@RonaldLBanks Год назад

I totally agree! Nothing like it! 🙌🏾

@derrickwallace4187 Год назад

I wish I saw this before I bought my new car last year.

@RonaldLBanks Год назад

That’s ok! Devise a plan to pay it off as quickly as you can!

@Carolmaizy Год назад

I now have a plan to be debt- free in 2 years. It's exciting to see the light at the end of the tunnel, and work to get there.

@RonaldLBanks Год назад

You got this!! I’ll be here celebrating with you once you pay it all off! Keep me updated!!

@ethan.ty11 Год назад

How much money did you make during the 12 months of paying off debt?

@angelajohnson4245 Год назад

Absolutely LOVE your advice Ronald! I appreciate how down to earth you are. And, when you share some poetry, that's great too. 😉

@RonaldLBanks Год назад

Awesome Angela! I love that you’re loving my content and the down the earth vibes you get from me. Sounds like I’m doing something right! Keep growing on your journey my friend!

@sonalimathur7516 3 месяца назад

I am just loving your content. Thanks for the great value!! Keep going 👍👍

@RonaldLBanks 2 месяца назад

Glad you enjoy it and I’m excited about having you on this journey with me!

@sct4040 Год назад

You need a CC to book travels, not having one put you at a disadvantage. We all live in the 21st century. I am responsible financially while having 3 CC, paid all my bills with CC and get reward $ as credit toward my statement every month. 3% on groceries, etc.

@lizasoliman723 Год назад

also cried when i paid off my private loans! 16k in 8mo. i still have fafsa, but the interest isn't crippling & is currently paused. i do what i call "debt dumping". at the end of each month or cycle, i can determine the $ i "don't need" (ie. the emergency fund) in my checking/savings, and pay that "excess" towards the debt.

@oldegoatee8450 Год назад

Great presentation! While working with overseas missionaries, I realized that what we Americans call "Broke" or "Poor" are what some people consider rather wealthy, or at least financially stable. Looks like you eventually avoided consumerism while you are still young! Plus, taking responsibility and not blaming inflation, etc., is always a good idea. Impressed.

@nickt9884 Год назад

product rich v. actually rich-YES

@amyhardin2079 Год назад

Great videos. Thanks for not talking so fast I can’t understand you during your videos. A lot of RU-vidrs are doing this now and it’s hard to comprehend the information.

@mamamanaged2015 Год назад

A lot of really good points with real life examples that are very well expressed. Thank you for sharing your experiences and solutions!

@RonaldLBanks Год назад

Glad this was helpful my friend! I’m happy you enjoyed it!

@roslyncaskey3396 Год назад

The "Rawness" of Ronald. Point blank Bank. I so enjoy your content. Thank you, and continue to educate the masses who are in financial mess.

@lizzyagatha 7 месяцев назад

We paid it all off too, it DOES feel great, we just have out mortgage, our house is worth twice that now, so all is well - decluttering finances, as well as the house is truly life changing.

@maryalchester Год назад

Financial advice or aid can never be overstated. Most people jump into life or business sectors without planning. Life isn’t a gamble. It’s not so or die.

@sockscroptop7982 9 месяцев назад

A little irrelevant- but noticed in your video thumbnail that you have a diagonal line on your nail. Here in AU, they would tell us to get that checked for melanoma as some show that as a sign.Probably just nothing but you may want to point that out to your general practitioner in the next check up if not shown already😊 love your videos by the way!

@kallistoindrani5689 9 месяцев назад

👍👍👍👍

@mbaylee1974 Год назад

Product rich….wow! And ouch! Can relate. ❤

@krislatoya7556 Год назад

Funny enough, I got my 1st cc at 31 because I started realising I was using savings for food and gas and to get through the month. Now I have that trailing balance because I can't just pay the minimum balance and I can't pay it off in its entirety monthly 😧

@callmeNeno Год назад

Cutting credit cards is drastic!! Doing David Ramsey baby steps~~ building that emergency before investing. Awesome content dude!!

@kaitlinross4348 Год назад

Thanks to you and Gabe Bult, we’ve went from spending more than bringing in, to paying off 2k in credit card debt over the last month. I literally cannot believe this and all the wasted money😭

@callmeNeno Год назад

How many bank accounts suffice?

@ShoppingwithRina Год назад

Never had debt but I realised something now

@shirleyburnham2782 Год назад

I got rid of catalogue debt now working on clearing other debts. I feel so much more free getting rid of my clutter & debt. It's still a journey & I'm still learning. Thank you for your tips xx

@iamlyrics9118 Год назад

I thank you and appreciate your TRANSPARENCY 💯💪🏼👏🏼🙏🏼

@RonaldLBanks Год назад

Always my friend!! 🙌🏾

@rchm7294 Год назад

I LOVE YOUR VIDEOS!!!

@RonaldLBanks Год назад

I love that you’re loving them!!! 🙌🏾 Thank you for giving me the opportunity to share with you!

@yashupadhyay7874 Год назад

Genuine and uncluttered! Thanks for the video.

@startpage717 Год назад

Yep. Student loan...if it wasn't for that I would owe no one.

@RonaldLBanks Год назад

Devise a plan to pay them off! You got this!

@davidprice7224 Год назад

Bravo to you!. You show a maturity that is beyond your years. Keep it up and you will ALWAYS be rich!

@Celestialkarma Год назад

God Bless Ronald

@RonaldLBanks Год назад

God bless you as well Annanya!

@nickt9884 Год назад

Thank you once again-SO helpful. It's a mindset shift.

@RonaldLBanks Год назад

You are so welcome Nick! Keep growing on your journey my friend!

@simonedm111 Год назад

Great video, Ron. Becoming debt free is really the ultimate freedom.

@RonaldLBanks Год назад

Absolutely! I agree 100%. Becoming debt free was the best decision I made

@reginalddawson9258 Год назад

Excellent content!

@RonaldLBanks Год назад

Glad you enjoyed it Reginald!

@willowbei 8 месяцев назад

You have such a sincere and straight-forward approach to so many things. I like your style, and your attitude, and your "common man" way of Being in the world. What am I trying to say? Your energy is marvelous and your information is spot on. I am glad I found your channel. I continue to work on all aspects of my life - procrastinating on many things, yet making progress now and then. One of these days I hope to find that I have developed my minimalism from a concept to a reality. I will let you know when that happens.

@arashy Год назад

Congratulations on becoming debt free! Had to stop watching video near the end where you were holding your phone to take video-REALLY aggravated my vertigo 🤢

@ktrudy1 Год назад

Great info ❤❤❤ty

@kakylong2 Год назад

In college, my Hubby had a full-time job but sold hotdogs & chips to hungry college students in the dorms. He made enough money to pay off the rest of the semester. We are debt free but do use a credit card that pays us back & has a 0% interest. It feels good not to have all that debt hanging over our heads. Now we're working on becoming minimalist...this seems harder than getting out of debt. 😊

@fturner5562 Год назад

👏🏽👏🏽👏🏽👏🏽👏🏽👏🏽 Great advice! Will definitely share this!

@Celestialkarma Год назад

God Bless Ronald

@Zazimozi Год назад

Best feeling ever. Permanent (word)

@RonaldLBanks Год назад

Best feeling ever! 🙌🏾 Glad you enjoyed this video my friend!

@seekselfstrive Год назад

found your channel yesterday and have already watched at least 5 videos. You have a calming voice and I love hearing the wise words of your father. ❤ I watch a lot of minimalist videos and decluttering videos and your channel is already my favourite. I found out I'm the overwhelmed declutterer. I literally don't know where to start and make more of a mess while going through my cupboards, so now I have plastic tubs in my lounge room full of stuff I have to further declutterer and its now been sitting there for a week coz just looking at it stresses me out 😞 Its going to be a very slow process for me but your advice has been helpful 😊

@teresafaircloth8783 Год назад

So true

@Celestialkarma Год назад

God Bless

@ONLY1KUDWE Год назад

Such great advice and a great story. Keep up the great work.

@FABIOh1976 Год назад

Dislike for lack of Timestamps

@lynneplis4793 Год назад

I enjoy your gentle but “tough love” message. It’s hard to face our own bad decisions, yet I know I’ve learned so much from my mistakes. I’m 67 now. In my early 30’s, I got my first well paying job. I’d always wanted diamond earrings and a black mink coat. When I got them , I remember thinking “huh, so that’s what it feels like “. Didn’t need to get more of that sort of thing. In a comfortable retirement now. We’ve taught our children to save and see the value of money. Keep spreading the word, my friend.

@margal3120 Год назад

Your willingness to be vulnerable with us shows your emotional maturity and self-awareness and that’s commendable!! You deliver such an important message. Thank you!!

@LaLa-le4ki Год назад

Thank u

@RonaldLBanks Год назад

You’re welcome my friend! I’m glad you got value from this!

@stevenpace1849 Год назад

I loved your tee shirt story. Here's mine: I went to U C Berkeley during the sixties. My buddy, George, dropped out during his freshman year to design tee shirts for tourists. He did well on Shatuck Ave and Fisherman's Wharf. One day, Jerry Garcia of the Grateful Dead spotted George's stand on the street corner. The rest, as they say, is history. Always follow your dreams. And don't let anyone tell you you're doing in wrong.

@tressalewis7004 Год назад

Great job, Ronald! Keep preaching that free living ;-)

@RonaldLBanks Год назад

Always! Glad you enjoyed this Tressa!

@tahiyamarome Год назад

Thank you so much. This video has come at the perfect time for me. I have gotten partway down the de clutter and undebt roads. I am a stage 4 cancer patient and the latest round of treatments has been rougher than others so far. I also had a seizure which suspended my lic for 3 mos. I have been struggling so hard to find the motivation to pick up and keep going. I am able to work part time and am trying to figure out all the loops and hoops of social sec and disability. I have a great team of helpers but i have been frozen arnd financial organizing. I bought this really great budget tool from a planner company that has a "clever" woodland dwelling mammal as a logo. But i've been so anxious about money i just froze up trying to use it. This video helped me calm down and remember i can break things down into smaller chunks. You are so calm and reassuring that i feel like i have a coach helping me out. I feel hopeful instead of ground down. Thank you so much. ❤

@cathylynnpietranton Год назад

Hi Ron many years ago now I was a single mom and I did have credit card debt. I didn't make a lot of money and children always need something. Thank you ❤

@matthewalexanderkatsock Год назад

7:10 “Tracking your staily spending” haha. I once fumbled my words and said “looks like they put a fresh paint of coat on that”. Another great conversation. My only input would be that the few that can truly reap the benefits of credit cards can come out on top (vs. the companies). But solid advice would be to not risk it if you’re not confident.

@bstrong5016 Год назад

Hi Ronald. What do you think about debt related to a mortgage for your home?

@therichbuddha3277 Год назад

That's good debt. Yes, there's such a thing, especially if you didn't buy to much home and it's value is appreciating.

@ellensundestrand1326 Год назад

It's a necessary debt unless you're crazy rich and can drop hundreds of thousands at the drop of a hat. Best to be paid off as quickly as you can though.

@RonaldLBanks Год назад

I don’t see an issue with mortgage debt at all. I still believe you should double down and pay it off as quickly as you can though. Be intention and purposeful. Your income is your greatest asset. (Which is why I also believe you should have multiple streams of income-never rely solely on your job)

@Addisondad55 Год назад

Good video, Ron!

@RonaldLBanks Год назад

Glad you enjoyed it my friend!

@jamiecorisis6122 Год назад

Great video! This is a video to show teens and young adults who are just starting out, giving them a chance to get ahead in life and hopefully not fall into the pitfalls so many of us have done.