The biggest lie is that you “can’t ask your coworkers what they make” which is just a ploy for employers to pay those who don’t speak up as little as possible.
@@heckingbamboozled8097 that's youtube these days. They spent months testing the removal of dislikes before implementing the change but can't be bothered to deal with these incredibly prevalent bots
Finance tiktok in a nutshell: "don't ever spend any money on things which make you happy and don't ever take a break from working" The most annoying shit ever
wow i never knew cody was a multi-hyphenate: he's a rapper, singer, actor, comedian, cook, chef, businessman, owner, CEO, makeup artist, coder, surfer, boyfriend, son, father of dog- of a dog, handsome, cool, sick as hell, cool as shit, a fuckboi, a lover, a fighter, a romantic, and (of course, don't forget it) an INVESTOR. not a politician tho
I honestly think the old man is kind of a wholesome and cute just because deep down he really seems to want to actually help people learn to save. Even if he has a weird way of doing it. Edit: WITH MY WIFE
To answer your question about life insurance, only reason to buy it when you have some DEPENDANT on your income so if you died tomorrow they wouldn't be able support themselves. This could be a significant other, kids, etc. In this case, a 15 year term is your best choice. Once the kids are moved out and no one is directly dependent on you bringing home money every month, there's not much of a reason to have it. Life insurance premium only get more expensive the older you get and honestly is just a scam by the time you're super old.
Term should be based on your expected assets/debts/incomes. It made more sense for me to get a 10 year as my net worth by then will be far greater than any outstanding debt or future liability (education,mortgage etc). If I had a lower income or more extreme debt/more children/stay at home wife then a longer term would make more sense. It's fun to take your premiums over the term and add them up and based on your payout if you died, calculate what the insurance company thinks your risk of death is
Life insurance is a very complicated product that has a ton of use cases depending on what someone's needs are. There is no blanket use or cost that makes sense for everyone. The differences between term and permanent policies alone are numerous, and one is not inherently better or worse than the other.
They sometimes pay more on average than you pay them. I think that's because while you're paying them your entire life, they are investing it and by the time they pay out, they already turned it into more money. The only times that they lose is when you die early. But that's a lose-lose situation for both of you.
Came to comment that this is true. I had a client who is an investor, actually a millionaire, and 60 years old who took out a whole life insurance policy. I could not wrap my head around why he would make such a decision when he has no dependents. His wife is even wealthier than he is. And as an investor, he’s always better off investing his own money rather than through some whole life policy. It just doesn’t make sense to me. But some people don’t get it.
To be fair, I've seen a lot of people spend their money out of their means like buying shit they can't afford, so it's usually ppl like that that think along the lines of millionaires live a baller life
@@ShivPatel-hy6vu If the difference between you being poor and rich is Iced coffee a couple times a week, you arent gonna be a millionaire any time soon
@@ShivPatel-hy6vu I've met a few millionaires, and I think millionaires do live a baller life. None of the millionaires I met ever didn't buy something they wanted or needed because it was too expensive, aside from things like private planes or islands. If they didn't buy something, it usually meant they didn't like it.
it's wild that these people are pretending that most credit card debt comes from like insane reckless spending on frivolous things rather then like... lower class people trying to survive on wages that aren't livable. same vibe as those finance youtubers who are like "your weekly five dollar coffee is why you'll never be able to buy a house"
They are not pretending. Most people that watch them know this. But no one will click on a video saying blablabla is why you are poor, they are more likely to click on "stop buying coffee cause thats why u broke bro" Credit cards, multiple studies have shown people are more likely to spend their credit card money than debit/ cash, Research has shown that people are willing to spend more-as much as 83% in some cases-when paying with a credit card instead of cash. Some of them even encourage you to take multiple credit cards to take advantage of the offers they have, its called cc swapping i think not sure. its just you read the title and assumed the entire video. Also that $5 weekly coffee, again just the title, if you had watched the video you know he is talking about compound interest, and the coffee was just an analogy. And people talking about being frugal, again ffs, if you watched their videos, by frugal they want you to start accounting for each expense so you can better understand where your $amc gainz are going, and by being "frugal" you can spot things are a waste of money and hopefully cut back on them, will cutting 5 dolla coffee make you a millionaire, probably not, but getting your ROTH and retirement setup probably will. And thats their video. The not scammy ones mostly make entertaining video and end it with "invest in s&p 500" and thats all you need to do :) and shitty wages, well, thats america for you :) "non skilled" "replaceable" "lets make 14yr old kids start working" all you can do is try to come out better than you started and index funds will do that for you
@@lmaoxd2957 When talking about millionaires, I talk about people who live in mansions and have sports cars and all kinds of expensive things. Not people who live the exact same frugal way regardless if they have $0 or $10,000,000 and then die.
@@NaudVanDalen that is not your average millionaire, you should have mentioned it earlier, also most of these millionaires who show their wealth have multiple sources of income, upwards 3 sources mostly, the cash they use to buy most of their assets like cars which almost always depreciate, is cash they invested years ago that made them more cash.
@Gilgamesh4238 what even more funny is that they are saying you shouldn't spend money on things to enjoy your life all in the hopes of getting rich but I as a rich person will not only spend on luxuries but also flaunt them
I’m all seriousness though, “buy what want, not what society expects of you” is amazing advice. “Rich” is only an aesthetic to people who have no taste or unique qualities.
Most people who buy what society expects of them are buying what they want. They want to be accepted in a general society and that's what fulfills them. Better advice is to stop being convinced by simple slogans that have absolutely no practical use.
@@christopheraplin Convinced to do what exactly? Buy what interests you instead of flashy items to display your wealth? I think that’s pretty solid advice. It’s pretty commonplace nowadays on the internet for people to show excessive wealth for clout and attention, so all I’m saying is that spending money on genuine interests instead of flexing is good advice.
@@galmohoric1797 You’d be surprised. Lots of people with mental health or identity issues will often do what they think society expects of them as a way to compensate.
@@lopilkderlll yeah you are right. But personally hearing advice from others is kind of the same principle you are just following some else that makes sense. I think they should work on self-awarness in such that they asks themselves the important questions about themsleves and then they will most likely come to conclusion that it really doesnt matter what society thinks. I know a lot of people dealing with this shit and not trying to sound like i am bragging but for a lot of them my advice on researching yourselves and getting asnwers from yourself worked out great.
cody is not just a youtuber. he is woman, he is fearless, he is sexy, he is divine, he is unbeatable, he is creative, honey you can get in line, he is feminine, he is masculine, he is anything he wants, he can teach you, he can love you, if you got it going on IF YOU GOT IT GOT IT IF YOU GOT IT GOT IT-
@C. V. No its the annoying ones that don't shut up about Elon Musk and try to talk to girls about stocks on dates and won't stop talking about crypto and nfts.
12:55 The idea is that running biased research which translates into policy is usually done to increase the profits of companies, influencing supply and demand
Cody has been one of my longest watched youtubers. Watch him and only a few others religiously, and he’s been there with me through the ups in downs in life. Thanks Cody I appreciate you.
@@Urukhistorian lately i’ve been watching a lot of ludwig, i also really love rosscreations, as well as the classics like noel, kurtis, jarvis, drew etc
Imagine having the privilege of saving money. I hate people preaching "just stop drinking $6 coffees!" I do not drink waste my money like that and if I did, it would not lead to me getting a house. I am on a disbility pension with Cancer. Cody, you may be rich, but you make fun of these kinds of weirdos, so I love you bro!
I made $2 off of the free share that Robinhood gave me so I guess you could say I’m something of an inspirational stock bro myself, will be posting my insanely humble morning routine soon
I love the idea of the “millionaire” even humoring the hater for a minute. That dude ain’t talking to NOBODY 1 standard deviation away from his tax bracket lol.
I think they do the skits to try and make learning about finances easier for people who don't get it. I've been tricked into watching plenty of finance videos on tiktok and sometimes learn things. if they just started spewing information at me, I'd probably just get overwhelmed and swipe past it tbh.
I mean...come on. You really don’t need a skit to understand the concept of “if you save your money you’ll have money, but if you spend it all on dumb shit then you no longer have the money”. If you do then I’m not sure finance is for you.
@@lisaporter-smith676 But like I said above, when it's in skit form it can trick people into watching because they don't expect it. It's a more digestible way to teach people like me who are turned off to it when just presented with jargon that's hard to understand. Most finance videos aren't as succinct as you just put it. Plus, if it makes it easier to teach this stuff to younger people, the more time they have to be educated. :)
Here’s the thing though: unless you get lucky and just have a ton of money, you’re going to go into debt at some point in your life. Houses cost a fortune. Land costs an even bigger fortune. College costs a mini fortune. Sometimes you don’t have insurance but have to go to the hospital and you end up owing a ton of money. Going into debt isn’t the end of the world. Most people are in debt, a lot of people just don’t know how to MANAGE their debt.
And people are instantly scared of debt when in certain situations it’s “good debt”. This is the debt you see most investors in real estate have because they are using others money to buy more and more properties whilst simultaneously paying of their own debt. You named the things that you can get put into debt for, but they have their own benefits from doing so like getting your own personal residence, getting a degree, etc. And like you said it turns into a snowball effect if you don’t know how to properly manage not your debt, but also your expenses and spendings.
Agreed. That one made sense & applies to taxes in general… people can’t or won’t work for pay so they’ll ask the government to “redistribute” their wealthy neighbor’s money to them. It’s like hiring a thief with a big gun to do your dirty work.
@@sierrahultgren945 Huh. I thought it's entities (corporations or individuals) lobbying the government, usually through corruption, to get subsidies or no bid contracts more than the cost of their production/service or to get bailed out from bankruptcy. Something akin to the 2008 financial crisis when bankers destroyed the economy, bankrupted themselves, but in came the government to save them with taxpayer money. Or Amazon getting millions from a state to open a warehouse in that state. Or Boeing, Raytheon, etc getting a contract by the government to build planes, tanks, weapons etc which ends up abandoned in some desert.
@@akmal94ibrahim Very very true! Lobbyists bear a big impact on public policy and sadly, not always a good impact. 2008 is an excellent example of that. That being said, my comment was more directed at the mindset of many Americans who feel entitled to others' belongings and property simply because they themselves have less. Out of pain from not having their needs met, they may grow angry at those whose needs are being met and cover up that pain with an entitled mentality, as if they have a right to the good things others have. I'm grieved when I see the division this has created in our country. And on the flip side, greedy people who are unwilling to use their comparative advantages to help those in need feed into that same division.
Critikal isn't afraid to share his finances we need more people willing to open up like that. And goherping, went through his business earnings and expenses every year.
Cody, rent seeking is like what Turbo Tax does. They lobby for complicated paperwork and shitty reporting policies so that the tax system is intentionally difficult to navigate while having a monopoly on tax software. They use lobbyists for public policy to drive up their own commercial revenue streams, either mandating people use their product (less common) or they create a mandated governmental system (like tax reporting) a higher barrier to completion than their own product. Since most people aren't tax experts, they'll buy your product if you promise it'll be easier than doing it the free way. They are both the problem and the solution, legally. Evil scumbag shit. His apple example was just really shitty.
cody idk if "rapper-singer-actor-comedian-cook-chef-um-uh-businessman-uh-owner-ceo-makeup artist-coder-surfer-boyfriend-son-father of a dog-handsome-cool-sick as hell-cool as shit-fuckboy-lover-fighter-romantic" will fit in your instagram bio
A real life example of rent seeking is when the American shipping market was upset that overseas shipping was becoming more popular and made a bunch of laws that now make it extremely expensive for things like cruise ships and importation which artificially has been pumping up prices for these goods
5:09 ima be honest this one is pretty good. I absolutely hate when households are so hush hush about finances and then wonder why their kids end up financially illiterate. You can’t learn how to run a households finance in a day
The thing these investment content creators don't do, and is really upsetting that it's never even brought up, is explain ways to get out of the never ending financial quicksand pit that is low to middle class. Most people are born into debt and the system is set up to keep them there. Most people aren't deciding to spend $12,000 on a watch, most people are digging through the Walmart shelves looking for the cheapest loaves of bread so they might be able to afford some bologna and American cheese to go with it.
Rich people are like: stop buying Gucci, Prada, Rolexes, Lamborghinis and invest and you'll be rich like poor people are buying that. Although I feel like middle class people are pretty well off I guess. Nothing wrong with a decent living. Not everyone can be rich.
Yeah that bugged me, like investing CAN be a smart idea, but not if you DON'T KNOW WHAT YOU'RE DOING. You can really easily lose a ton of money by investing.
@@FrenkTheJoy its literally as simple as it gets, most of these people dont advocate investing in individual stocks but broad market index funds, the dd on this is pretty small and doesnt require that much knowledge as investing and evaluating individual companies. you know, as cringe as this is, "time in the market beats timing the market"
lmao there’s also the one where they’re in a situation, turn to the camera say “they don’t know I know this” do the thing then get asked “you’re right but shhh our company doesn’t want people to know about it. How did you know?” Turns back to the camera “because I follow -self-“. It’s glorious.
My younger brother sure could use this obvious advice about not overspending and saving/investing. He spends every paycheque he gets on frivolous stuff and has literally 0 in savings and owes a ton of credit card debt. No matter how many times I tell him to stop spending and to save, every time I go by his place, I see new unnecessarily expensive stuff laying around.
