Top 5 Wealth Killers in America!

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Top 5 Wealth Killers in America!
There are 5 things that are killing your wealth. The good news? They’re all things that you can overcome. We break down each problem, explain why it’s a problem, and give you the tactical steps on how to solve it so that you can build your great big beautiful tomorrow.
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Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

Опубликовано:

7 июл 2024

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Комментарии : 324

@SirJoshuaCohen 2 месяца назад

Please add chapters to your videos.

@Zombiebeast1995 2 месяца назад

They split them up into shorter videos, but still would help.

@thebraveguy9808 2 месяца назад

This would be super helpful. I watch Philip Defranco's news videos, and having each video split up into chapters makes it so much easier if you're going back to show someone the video and you want to find a specific part really fast.

@nicholas5396 2 месяца назад

1000%

@benchoflemons398 2 месяца назад

YES!

@Playingwithproxies 2 месяца назад

@@thebraveguy9808or if you are disinterested in a story skipping right to the start of the next one 😅

@MyNameIsJeff872 2 месяца назад

"We must all suffer from one of two pains: The pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons." - Jim Rohn

@Marinealver 18 дней назад

What about the pain of regret in discovering you were in the WRONG discipline?

@cur244 2 месяца назад

Getting off social media is key. It's such a waste of time and awful for people. The people I know on social media the most are great consumers!

@stocksxbondage 2 месяца назад

Good point! I think RU-vid still counts, but Instagram, FB, and TikTok are constantly bombarding people with endless marketing.

@JoeySmith101 2 месяца назад

RU-vid is still social media

@Chiefmane1 2 месяца назад

Yes im guilty of wasting too much time on social media, especially RU-vid. Great point.

@mbank3832 2 месяца назад

Social media is not an issue. I am on SM all the time and I don't spend needlessly. It is like saying credit card is the problem but the culprit is the dumb spenders that spent money they cant afford

@inigomontoya4135 2 месяца назад

I deleted IG off my phone and installed it on my iPad which is always off and not always charged. That way I can still find inspiration for my hobbies, find out some cool local events, connect with people I need to contact, but not wasting time doomscrolling on mindless garbage.

@filipoet Месяц назад

Yes!! I’ve had roommates for 3 years …after the hit to my pride, I’m SO grateful for the freedom it’s given me

@jamesbond-yx9hi 2 месяца назад

0:45 Inflation 9:36 Comparison 17:15 Procrastination 24:46 Debt 31:54 Fear

@johnsonspark171 Месяц назад

1. Having kids 2. New cars (especially trucks/SUV's) 3. Eating out Eliminating those three things from your life can make you wealthy beyond your wildest imagination! I'm a Millennial DINK and my wife and I have so much $$$ saved for retirement and we paid our house off last year! It's the easy life from here on out boys!!!

@dudakof Месяц назад

@johnsonspark171 I would add both arrests and vices/addiction to your list. And expand having kids to 'having kids at the wrong time' and 'marrying the wrong person.'

@MissyMessy43 2 месяца назад

1. Poor health (particularly in the US). There is a reason why medical bills are the number one cause of bankruptcy in the USA.

@Joce123 2 месяца назад

Take head that you have to pay a fee just to sit in the office outside of the doctor's office and just outside of the emergency room hundreds of dollars. Just to sit there it's called a facilities fee...not covered by health insurance

@Joce123 2 месяца назад

Edut: heed

@mialovestravel 2 месяца назад

To be fair, the bigger reason for that is that medical bills in the USA are absolutely ridiculous. Our healthcare system needs a LOT of changes. Even those in good health can fall victim to this.

@eddiemalvin 2 месяца назад

@@mialovestravel The US healthcare system is overwhelmed with treating unnecessary and avoidable health issues. The availability, quality and timeliness of care would greatly improve if people simply started taking better care of themselves.

@Fear.of.the.Dark. 2 месяца назад

you are getting this totally wrong. Medical bills are a problem in US not for poor health but for absurd pricing and insurance payments with poor coverages, with most good insurances tied to good jobs. You get laid off and you get a health scare like emergency room or a surgery or cancer and now you are looking at $20K to $30K medical bills easily. I got an emergency gallbladder surgery due to infection spreading 3 months ago that came out of nowhere. Got billed for $50K but I only paid $6K deductible and coinsurance due to having a good insurance. If I did not have a job with a good insurance like that, I would also be bankrupt now. I could also do the same surgery back in my home country in Asia for less than $500 only.

@echoingowl4025 2 месяца назад

Seen people drive a Tesla Plaid with car payments $3900 a month, rent $1600, on a $7000 net monthly income and then complain about inflation. Also seen where people buy a $900K Townhome at a mortgage payment of $5000 a month and then complain that $160K is not a good enuf pay.

@redtiger7268 2 месяца назад

My neighbor is a renter like me. We both pay $1900 a month. Not bad considering how expensive things are. We just bought a 2023 Tesla model Y, a 2023 Corvette, a 2022 Dodge Ram and a 2022 Porsche Panamera. The guy has double his rent in car payments over his rent. He could be investing and be retired in 10-15 years but instead would rather look flashy and remain poor.

@romariowallace3579 2 месяца назад

They are entitled and stupid

@SuperCrabbycrab 2 месяца назад

Sooo many are spending money on eating out, multiple times a week or every day. Even paying premium for delivery. I've never seen a wealth killer as bad as what people spend on food, to be honest. Even worse than money spent on a car, which is also "stupid money" - Inflation isn't an excuse here. No matter what. It's cheaper to go to the supermarket and cook yourself. It's a myth it's more expensive than eating out.

@bigshoe84ify 2 месяца назад

Agree completely, the food delivery trend is just outrageous and doesn't seem sustainable.

@mike-yo8qj Месяц назад

It's insane what people spend eating out and on delivery. Sure, if you're in a high enough paying job working long enough hours, then eating out or outsourcing your food costs makes sense. But, too many will claim that they have no time to make food and/or it's more economical to eat out are simply too lazy or bad at math.

@kaydenbrunssen4250 Месяц назад

My wife is a chef. We both love to cook. We go out to eat once a month for date night. I agree though even once is expensive. Paying for delivery is insane. Especially if you are in debt.

@Rolox01 Месяц назад

Basically every episode of financial audit with Caleb hammer is people spending an outrageous amount on food. It comes down to laziness and/or can’t handle having a basic sandwich for lunch or dinner

@Modernparadoxx Месяц назад

And the people that waste all their money on nonsense are the same people say the system is rigged against them 😂😂

@Tinyzkid 2 месяца назад

40 minute top 5 list

@VictorianPearls88 2 месяца назад

I am definitely not perfect in my financial life, however there is one thing I am so proud of myself for. I am slightly under 15% for my mortgage. 25% would be double my mortgage payment. And that is something that I will always be grateful and blessed by. And believe me I had to accept I wouldn’t get anything with all the bells and whistles and a nice “show home” like you see all over social media, but it’s mine and I am not house poor.

@M22Research 2 месяца назад

A big key to our wealth-building success - the only debt we have ever carried was a 20% down on our home and our monthly payment including taxes and insurance was never higher than 15% of our income, ultimately less than 10%. And we did not move every 3-7 years like so many folks do. Selling and buying a home can easily eat 8-10% of your equity every time you repeat it. (Caveat: I did have student debt prior to getting married, but I paid it off within two years after school.) This enabled us to max out retirement savings by the time we turned 30.

@patat007 2 месяца назад

Gas is a bad example for inflation... It is influenced by supply(cuts/increase), war, demand, all that. Inflation has all to do with money supply anyway....

@mattl165 2 месяца назад

Thank you. I remember 15 years ago gas hit $4/gal. During COVID it was ~$1/gal.

@jdp486 2 месяца назад

It's been way higher than it is now.

@iceblade6330 2 месяца назад

Agreed, I've noticed a lot of people/places do it (not an attack or defense of the money guys, just an observation). I remember paying less than $1 per gallon for a week or so during covid... I also remember paying $3.75 spring of 2014 (or something like that. I remember it was the most I had ever seen gas, and was concerned it was going to keep going up). Gas is too volatile to use, unless actions are taken to smooth the peaks and valleys.

@Kipketer911 2 месяца назад

@@iceblade6330and does anyone remember the war that was going on in 2014, Crimea and Russia and Syria issues and still Afghanistan. Those drove up gas prices

@iceblade6330 2 месяца назад

@@Kipketer911 Yeah exactly -- I remember that stuff now, but no, I don't have that in my memories of it impacting gas prices (at the time I was definitely more focused on how I was going to pay my bills, including gas to get to work :) )

@saladboy1465 2 месяца назад

I'll save you some time: 1) Corn 2) DraftKings (Parlays specifically) 3) Not having unlimited Data 4) Auburn Fans 5)

@makjmk2408 2 месяца назад

As an Auburn fan this made me crack up.

@saladboy1465 2 месяца назад

@@makjmk2408 ❤️

@nicholas5396 2 месяца назад

😂

@jimsalmon5158 2 месяца назад

War Eagle

@sharppig Месяц назад

wdym unlimited data

@xmochix604 2 месяца назад

My kid is 20. A software engineer student. Rarely ever spends. We talked about lay offs, AI, job market and most importantly FI/RE. We live in a tech hub. Average pay is about 200-350k. I told the kid, if you’re smart with money, save and invest you can retire early, and do your amazing hobby as a side job which can be very lucrative, she agreed and said that actually sounds like a great idea. Talk with your kids! Set them up for success. They don’t have to retire at 65!

@dohczeppelin37 2 месяца назад

I would put "not earning enough" in the top 5. It's not popular to bring up but the reality is that you're going to struggle if you're below the median income in your area. The baseline cost of living settles at the level that below-median earners can afford by spending all of their income, which leaves very little room for saving and investing. My top 5: 1) Buying too much house, which is basically expert level lifestyle creep 2) Divorce (being single in general doesn't help) 3) Regular use of credit for lifestyle spending (car payments, credit cards, HELOCs, cash out refi's, etc) 4) Not taking care of your health, which will gut you in the long run 5) Not earning enough income

@aaronmendoza9237 2 месяца назад

If most of the money someone has in retirement comes from the compounding, could we see a graphic or Case study showing what percentage of the money came from the year the money was invested? For example, if every dollar invested at 20 years turns to $88, then those dollars represent a higher portion of the portfolio than the dollars invested at year 60. I think this would help illustrate why starting earlier is so important. Showing that the majority of someone's retirement comes from compounding can be unintuitive so putting it in terms of "dollars invested" by year/decade can light a fire for young people. Thanks for all the great content over the years!

@spbennett88 2 месяца назад

I've been watching you guys for years, and I can safely say this is one of the most concise episodes you have with some of the most beneficial wealth building information. For those of you who are new to channel, do yourself a favor and take heed of this information, and then start applying it. You will thank yourself later for it.

@borisVladimir2 2 месяца назад

“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” - Robert Kiyosaki

@sophialharper 2 месяца назад

What are examples of liabilities that “they think are assets”?

@stevenorris1 2 месяца назад

@@sophialharper probably most material things like new cars, furniture, appliances, etc.that doesn't generate income.

@mirandamillsivy 2 месяца назад

Robert “just borrow someone else’s money” kiyosaki

@michealpnoel 2 месяца назад

That's how its done, Almost every rich person I know did that at one stage or another.

@freyjapope 2 месяца назад

Rich people can afford assets and liabilities, poor people can only afford liabilities and consumables.

@amitychief3061 2 месяца назад

Great episode, I love how enthusiastic they are about rather mundane things, but it is those mundane things that will get you financial independence. I have done fine, retired at 55, but I regret not being aggressive enough when I was in my 20's. In hindsight, it should have all gone in an S&P index back then. Did some things right, waited on buying a house, and bought modest cars that I drove forever, home mortgage was really the only debt I took on and that was on a modest house. Over the years I have listened to many friends and coworkers lament about their financial situations and I am thinking to myself "yeah, but look at that house your living in and that car your driving, was it necessary to take on all that extra debt for those things? Did they really make you that much happier?".

@zacharycox5434 2 месяца назад

It’s fairly erroneous to use 2020 as the basis for things like gas. The pandemic crashed gas prices in a lot of places.

@docb77 2 месяца назад

2019 was only 2.69. inflation is still there.

@davisamills597 2 месяца назад

100% agree! #1. Cars are the worst!!! & Credit Card debt

@nicoverrelli2981 2 месяца назад

You guys seem so genuine in your advice

@cbrottler 2 месяца назад

I think a big one is student debt. We need to drill down the ramifications of carrying such debt to our kids. There are other paths in life other than a 20k-80k a year university.

@thedude5040 2 месяца назад

I find it weird that I spent 7 years as an undergrad and borrowed every single semester, except the semester I graduated. When I graduated I only owed $46,500 in principal and accumulated interest. 2011-2018. Changed majors many times, but i always worked part time and made efforts to reduce the amount i needed to borrow. I only had a few scholarships amount to around $6000 over the 7 years. I graduated with an electrical engineering degree in 2018. In 2022 I paid off all student loans. I started in the liberal arts and sciences, and wanted nothing to do with engineering freshman year.

@shadowfox2120 2 месяца назад

US university costs are insane. I grew up in Puerto Rico where I got my 4 year degree from a US accredited private university for $8k.

@tenningale Месяц назад

Cars. All the liabilities associated with your house and people not comparing the "appreciation" to inflation.

@Moist._Robot 2 месяца назад

I have a friend who mocks everyone else for being addicted to social media on social media.

@Anonymous-ld7je 2 месяца назад

The duality of man

@HodgeChris 2 месяца назад

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

@PatrickFitzgerald-cx6io 2 месяца назад

The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.

@carssimplified2195 2 месяца назад

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

@Pamela.jess.245 2 месяца назад

Impressive can you share more info?

@carssimplified2195 2 месяца назад

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

@Pamela.jess.245 2 месяца назад

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

@Szechieh1986 2 месяца назад

Love you guys - keep up the great work.

@slord1512 2 месяца назад

I was all in on becoming wealthy until 13:45 in the video. At which point I paused the video, went and watched the 2024 Corvette e-ray commercial and realized I'd rather be broke driving that car. Man was that commercial convincing!

@Chubbylito11 2 месяца назад

i worked in the mortgage industry from 2007-2010 and now in credit card collections and the stories will scare you to death on how they ended up in that situation

@briandadude 2 месяца назад

1. Cars 2. Houses 3. High interest debt 4. Divorce 5. Underinsured

@thinker2328 2 месяца назад

@mariov5035 2 месяца назад

Shit, I have the first 2

@wh8597 2 месяца назад

You just gave me 40 minutes! Thanks!

@shawncline1485 2 месяца назад

@wh8597 These aren't the 5 from the video. They're likely his opinions/thoughts

@thejohnbeck 2 месяца назад

These are not from the video

@kevinamery5922 2 месяца назад

On the last point about Fear, kinda surprised you didn't expand it into where Fear and Greed have a monster child - Fear of Missing Out (FOMO). People can sometimes try to make up for "lost time" by taking a huge gamble on something speculative and end up losing way more than they would have if they just stuck to a conservative plan.

@4Tankmp 2 месяца назад

Really liking the student loan rule. Covering the very necessary societal servants that are still good jobs.

@starlightwaters1 22 дня назад

this video is amazing

@OneGoodCrusader 2 месяца назад

Procrastinating in your career is also a wealth killer, I am struggling with that which is not allowing me to push myself for higher paying positions that my peers at the same level have

@daveperella1263 2 месяца назад

Best thing for me is to actually compare myself to people in worse situations, like just being a healthy person with family and friends to support me is a lot more then some people have

@ScottUlmer 2 месяца назад

You should have done for the 4 people Fannie, Mae, Freddie, Mac

@EcomCarl 2 месяца назад

Great highlight on the crucial role of financial guardrails in navigating wealth killers like inflation and housing affordability! 🛡 Staying disciplined with spending and investing consistently despite economic fluctuations is key to long-term financial resilience and growth.

@MrPyrex609 2 месяца назад

Add findom/ financial domination to that list

@travistarr9433 2 месяца назад

Good show.

@esqu1re 2 месяца назад

Does principal payment portion of the mortgage count as saving or debt servicing? I keep the Intetest, taxes, and insurance part of the total mortgage payment under 25% of my income, but if you include principal, its like 35%. My principal payments account for like 45% of the total mortgage payment. I look at principal payment as forced saving that ill get back when I 1031 or sell it. What am i missing?

@yaks6312 2 месяца назад

So I have a question... have you done videos on people with pension plans. I'm a firefighter and a big fan of what yall put out. But there's not alot of info on people who have a pension. So wanted to see your thought... i would be willing to email more info if needed. thanks.

@melliebe6029 2 месяца назад

Fantastic episode. Love the 6 year example at the end to show my teenagers who just funded their Roths.

@brianbaker3017 2 месяца назад

Is there any episode that Bo is not excited about?

@Zorlig 2 месяца назад

None that make it to production!

@laundrygoddess4 2 месяца назад

Nope. He's a human version of a golden retriever

@josephscott2071 Месяц назад

What’s the best credit card have?

@carlgarrett5142 2 месяца назад

As far as avoiding comparison goes, nobody lays it out better than the late Thomas Stanley in "Stop Acting Rich," the last book in the Millionaire Next Door series. For those trying to keep up with the Joneses, Stanley admonished, "Get Out Of Jonesville." I have always meant to have a T-shirt made up with that message.

@Eclipse-go2fl 2 месяца назад

I wish their was a class for young adults to attend that can be added to school curriculum. Now that I have a budget and doing everything for retirement. I can say that I am not a rudderless boat in this ocean of finances I feel like I’m heading to that island of retirement. Thanks again

@EddyGoyanes 2 месяца назад

My crystal ball gave me visions of Brian flooring a Corvette while blasting Nirvana and I am very happy about this. BTW, I'm in my early 40s and am already saying I didn't start early enough. Makes me consider cranking up the savings rate even beyond 25% if I can help it - but that isn't always easy. Anyhow, what did Bo mean when he said "total debt payments below 36% of gross"? How is that total debt defined/broken down? Is it all out-bound payments including housing, utilities, and credit cards?

@austinscott2577 2 месяца назад

The C8 costs less than the big trucks on dealer lots now.

@danteeightsix9069 2 месяца назад

I work, go home, provide myself with a little bit of entertainment to relax before bed and do it again the next day. I have become far better off financially by cutting off expensive hobbies by doing the bare minimum. Continue this for my last 20 working years and once I'm a millionaire, then I can start doing whatever I want.

@bigshoe84ify 2 месяца назад

I am very similar but I also consider myself easily entertained/don't get bored easily. I think this really saves me a bunch of money over a long period of time.

@frederickmorton275 2 месяца назад

Yous are top dogs! I love your channel!

@redtiger7268 2 месяца назад

I'm going to push back on their advice to have a 3 year car loan. Yes you should budget to pay the car off in three years or less BUT if you sign a 3 year loan it can and most often times does have a pre-payment penalty. If you sign a loan for 60 months or more it CANNOT have a pre-payment penalty by law. It is better to sign the longer loan (which often times has a lower APR) and just double up on your payments.

@CL-bu8mh 2 месяца назад

I have student loan that I can pay off with what I have in my hysa. I also have some funds ready in my brokerage account but since the market is falling the last week or so, gonna wait a bit longer before purchasing.

@Mr_NB628 Месяц назад

Is it possible to make your cut up videos on a separate channel? Like I feel like I watched the longform version and then my feed is overwhelmed by all these short videos. It’s also hard to find the longer videos because I have to sort through Short cuts before I find the long one

@cW-kp5jd 10 дней назад

That gas one really isn’t fair since the demand for gas dropped so significantly during the pandemic that it should be an outlier

@rudyardganuelas6254 2 месяца назад

“Disheveled billionaires”. I was not ready to hear that on a Friday.

@mattbenz99 2 месяца назад

Something funny that I have been seeing is some restaurants lowering their prices recently. Not back to pre pandemic levels, but enough to notice. I think a lot of restaurants jumped the shark and raised prices too much too fast and their customers stopped coming. McDonald's is even now claiming in their investor calls that they raised prices too much, which I find hilarious.

@bigshoe84ify 2 месяца назад

As someone that rarely eats at restaurants I also find the greed hilarious. Instead of just raising prices as absolutely necessary when their costs went up, they just arbitrarily raised prices to make record profits and blamed it on supply chain issues and inflation. I won't be sad to see many of these places go out of business.

@alexmueck8558 2 месяца назад

22:44 the dad voice peaking through

@M22Research 2 месяца назад

Procrastination: number one income killer? Not periodically changing companies. I worked for the same company for 25 years. While it provided some stability and I fully funded a comfortable retirement for us, the contemporary corporate world has zero loyalty either direction - EE to company or visa versa. The fact is, jumping companies, particularly when employee-initiated, typically bumps your salary.

@SeboltLawnLandscape Месяц назад

Car payments are the number one thing IMO. Everyone brushes it off as normal, and a fact of life that you're always going to have a payment. Everyone claims they need something reliable, but i am here to tell you that alot of new stuff is absolute junk. I have owned new, as well as used, and if you keep a used car on a proper maintenance schdule it is FAR cheaper to own and drive. I am a car enthusiast through and through, but the pricing these days is just out of bounds. Don't saddle yourself with car debt! The best thing you can do is buy a lightly used toyota or honda for a commuter and keep it until 250,000 miles or more.

@zachschevelle 2 месяца назад

@MoneyGuy, is it ok to carry a mortgage into retirement if you have a federal pension and make more in retirement than when working. This considers a healthy TSP on top of the pension.

@Andocus1213 2 месяца назад

Yes

@outrageous-alex 2 месяца назад

At 2:32 I think thats a little disangenuous. When the quarantine hit, nobody was driving. Previous to it gas was above $3 a gallon around me and went down to below $2, then jumped to almost $4 and is now mid $3.5. If your going to grab a year. Grab 2019.

@Mr_NB628 Месяц назад

The Gas one is super annoying. America makes enough oil to supply all of our needs 100%. We just export it. Also, if we got rid of oil subsidies, the last calculation I saw was that oil prices would drop by $.50 per gallon. We shouldn’t have to subsidize oil companies when they make billions of dollars every year.

@CoercedNut 2 месяца назад

As someone who graduated college in 2021, it sure seems like it was the absolute worst timing. Couldn’t afford to buy a home before graduation, and definitely can’t afford to buy one now. Won’t bother trying to compare myself to anyone unless I want crippling depression. Costs have gone to the moon in nearly every aspect of life. How can any in this generation expect to live ‘the American dream’ unless they’re looking at run down shacks for homes?

@isaacfortier1762 2 месяца назад

Right there with you on that one.😂😢

@blade643 2 месяца назад

You just graduated. The audacity of you to think you deserve to buy a home immediately afterwards is laughable

@carpelunam 2 месяца назад

I need these types of people for my investments to go up though. Becky needs her Lululemon.

@Martin-Savage 2 месяца назад

Gas is 5.60 in California. Almost reaching 6 to 7 dollars in Los Angeles.

@chemquests 2 месяца назад

Did you all not hear the part where they explained why they started from 2020? It’s just a continuation from the last time they did a comparison. You can look at the previous episode if you want a different reference point.

@austinzimmerman9512 2 месяца назад

good

@goraidersndodgers 2 месяца назад

Interesting that you used food and energy prices in your inflation example, when those are usually excluded from the core inflation rate due to their high volatility.

@MeltingRubberZ28 2 месяца назад

However those are like...20% of peoples budgets.

@CaedenV 2 месяца назад

The scarry thing about buying a house right now is that averages to revert to the mean. So if houses typically appreciate 4-5% on the long term average, and we have been well above 4-5% the last few years, then it means that we may see "less than stellar" returns on housing the next few years (not that 4% is great to begin with). Buying now, and then seeing your home value sit relatively flat the next few years would hurt a lot if you were already stretched to get into a house in the first place.

@stevenewsome5306 2 месяца назад

If you plan on living in your home 10+ year then why does the appreciation value even matter? I don’t care what my home is worth and never think about it. I’m living here until death do us part or I hit the lottery. FYI I don’t play the lottery.

@cyberwapx 2 месяца назад

HEEEEy brrrriaaaan. I aaaaammmm soooo exxxxxcccittteedd for this. ..

@craigneff5914 2 месяца назад

You should buy off lease only

@Zorlig 2 месяца назад

The three wealth killers are not spending less than you make, not investing the difference and mucking

@docmartin42 2 месяца назад

Please help me to understand this approach to inflation the Federal Reserve is taking. They increased interest rates to fight inflation in a distal way as relates to consumer products, but this had a proximate effect on home mortgage rates. So are we materializing the risk to have home costs be hundreds of dollars more per month than they were by trying to mitigate the risks of a dozen eggs costing $3 instead of $1.50?

@vulpixelful 2 месяца назад

Their strategy worked, because it discouraged borrowing for large assets like homes and equipment, to cool demand. We don't have $5 eggs for that reason. Lower mortgage rates encouraged people to get way more home than they otherwise could. The problem is that developers are not building starter home stock anymore, and the existing starter home stock needs major updates right around now.

@docmartin42 2 месяца назад

@@vulpixelful Ok, fair enough. I don't know that I am convinced that there would be $5 eggs, but even if that is the case is it not better that people have $5 eggs than a $3000 mortgage when it otherwise would have been $1500?

@vulpixelful 2 месяца назад

@@docmartin42 It's more like people should be finding homes where that $1500 mortgage is possible. The problem is that those starter homes aren't being built. If on the other hand people could continue to make up for that by buying more home with lower rates, it doesn't set them up for success--they may not be able to comfortably afford the new payment once the property taxes are reassesed. That's a contributor to the cost of living crisis. A lot of people got a rude awakening with their property tax bill increases.

@DP2004 2 месяца назад

Any chance we could get a discord group? I really dislike Facebook

@RobWilliams007 2 месяца назад

Not to mention, if you wait to save, it kills your lifestyle later because all spare income has to go towards savings/investing.

@noname-pb9vj 2 месяца назад

When the market crashes ante up even more money, buy cheap.

@tallyotoinc 2 месяца назад

They're disconnected with the employment market

@sarahwouldnot 2 месяца назад

I’ll be getting a 2.5% raise in July, I’m only contributing 1% to my 401k, and working to pay off 43k in debt. With this raise should I up my contributions (employer matches up to 3.5%) or pay off debt (should be debt free by 2027)? I’m 31 in May.

@bradk8590 2 месяца назад

Always take the match. Even if you have to withdraw it, afters taxes and penalty you'd be getting at least 50% return on your money

@ayannafit2441 2 дня назад

They said the P word 😣 (procrastination) That is the one killing me.

@samcates435 2 месяца назад

Maybe I’m wrong, but the way I think of a “case study” is when you look at a real individual case (i.e. person). In my mind, when you guys say “case study”, you’re actually talking about a hypothetical, not a case study. Is it just me…?

@abramtreadwell722 2 месяца назад

I don’t understand how someone’s house payment could exceed 25% let alone 40% plus. Insane

@jimv77 2 месяца назад

Solution: 1) Work from home and most things delivered. 2) Live at home with parents for free. 3) Debt? 4) Happily single 5) Still under parents health plan and no transportation liability.

@CoercedNut 2 месяца назад

Ah yes, the depressed basement dwelling hermit life.

@GreedyBeanie 2 месяца назад

These are all good if they're options to you but many people don't have these options. Most parents want their kids out in their 20s and work from home jobs tend to pay significantly less and be significantly harder to get on average. I make $23/hr now but when I worked from home I made just a mere $7.50/hr. Granted, I was working from home in 2020 and now I earn my larger pay rate in 2024 so part of that difference is inflation, but it certainly isn't all of it.

@anniealexander9616 2 месяца назад

1. Doordash/dining out for every meal. 2. Jordans 3. Video game systems/games/memory/live time 4. Cars 5. Salon nails/color/massage/tanning/make up. 6. Paying for lawncare, housecleaning, car cleaning 7. Amazon/things you don't need 8. Not appealing taxes and shopping insurance.

@Diggler569 2 месяца назад

Those things aren't wealth killers as long as you do things in MODERATION WITHIN YOUR BUDGET. When it comes to services, sometimes you need to buy time to manage stress levels and be able to perform better at work, have time to complete other things that are higher priority, and seek new opportunities. This whole thing of "save any way possible and suffer" is just weird and toxic. Have a budget, avoid high interest debt, and invest in yourself by getting relevant education that can supplement your work experience. It's easier said than done but let's get away from saying to deprive yourself to build wealth. BTW, video games have an extremely good ROI compared to a vacation to Europe or concert. Nothing wrong with either but calling video games a wealth killer makes you look absurd. Do things that you enjoy within reason and logic.

@ScottUlmer 2 месяца назад

Don't you talk about my video games like that. Those be fighting words. 😂

@Diggler569 2 месяца назад

@@ScottUlmer PLEASE! WILL SOMEBODY THINK OF THE CHILDREN?

@bobbert1945 2 месяца назад

I agree with everything except for buying services that improve your life. I'd rather work extra doing what I do best (and makes me money), and hire someone else to clean my house or mow my lawn so I can enjoy free time. One Saturday of working PRN at another hospital was much more valuable in time and money than cleaning my own house or mowing my own lawn. I very much agree with everything else on your list.

@Joce123 2 месяца назад

Oh my gosh. We are not through a high inflationary period.of time we are STILLl in it. prices are still doubting..3% my A☆☆

@michaelstrohl5765 2 месяца назад

Jay Z was a bad example of spending little on material goods. He has a watch collection that's well over $25 million lol.

@carlgarrett5142 2 месяца назад

"Have financial guardrails in place"? Guys, the whole point is that people are having financial guardrails imposed upon them. Maybe it's time to create a "plan B FOO" that better reflects what so many people are facing. People would appreciate it.

@cchoi108 2 месяца назад

You don't have to watch influencers on social media trying to get you to buy stuff. You can watch money guys, and there are all sorts of frugal, frugal retired living, minimalist mom, cheap RV living from Bob Wells, living big in a tiny house, never too small apartment living, and all kinds of channels about how to live cheaply, retire cheaply, how to live as an expat in pretty much every country, how to learn new languages for free tutorials, less is more, etc. My RU-vid feed is filled with that stuff. RU-vid is great. I also like to put on a cleaning video when I have to clean lol. Search for these videos and watch them and your life will improve. Totally stay away from the architectural digest channel lol.

@Marinealver 18 дней назад

lawsuits and hospital visits If you have money, your luck is going to run out, and they/them will COLLECT!

@MT-sq3jo 2 месяца назад

#2 Don’t compare - in the old days it used to be called “Don’t try to keep up with the Joneses” 😂 Seriously, any “wealth that you can see like cars and jewelry, overly luxurious exotic vacation shown on Social Media” are no longer actual wealth since the money was already spent for those conspicuous consumption.

@RobWilliams007 2 месяца назад

And 3-4% inflation is compounding and that 30-40% already baked in.

@davidkerins8464 2 месяца назад

Have you actually thought about buying gold and silver to preserve your wealth

@cuz129 2 месяца назад

I'd never recommend anyone buy a luxury car unless they can pay cash. You don't borrow money for luxuries. Just my opinion. That's like borrowing money for a vacation.

@MattBWhitehurst 2 месяца назад

1. Kids 2. Kids 3. Kids 4. Kids 5. RU-vid Premium

@luck3yp0rk93 Месяц назад

The top 5 things that will make your mid to late life meaningful: 1. Kids 2. Kids 3. Kids 4. Kids 5. RU-vid premium, fuck ads

@anniealexander9616 Месяц назад

@@luck3yp0rk93Just click skip ads and don't pay the premium. Meaningful life: 1. Kids 2. Kids 3. kids 4. Grandkids 5. Grandkids 6. RU-vid 7. Future great grandkids.

@Mactakun 9 дней назад

So true, I’ve NEVER met anyone who didn’t have kids and is past 50 and is happy.

@roburb73 2 месяца назад

The 2.25% rate is a game changer! Our mortgage is 5.1% of our gross income. Yes, our income is high but out mortgage is really low. We built in '14 and it's doubled in value since.

@Fadescape 2 месяца назад

6) Living in the United States

@benkaplun8431 2 месяца назад

22 years old with $12,400 in my 401k and $6,900 in my Roth IRA :) my goal is to have my first six figures by 25, I’ve been working hard and saving like crazy 😆 (this would include all accounts, not just retirement accounts since I have brokerages with Schwab, fidelity, Robinhood and ML between retirement, equity at work, HSA, and independent investing. Oh and regular high yield savings)

@Playingwithproxies 2 месяца назад

Cars, Interest, eating out, credit cards, and inflation