5 Financial Mistakes To Avoid - My Worst Mistakes
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- I talk about some of my worst financial mistakes I have made that have cost me big. Check out my video and let me know down in the comments what mistakes you've made and regret!
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DISCLAIMER: I am not a CFP, CPA, attorney, insurance agent, mortgage broker, or financial advisor. These videos are for educational purposes only and I am merely sharing my opinion and experiences. Please do your own research or consult a professional!
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So weird that the house was for sale but the homeowners didn’t want to show it!!!
They were living for free until a buyer could take the home over. So by preventing viewings, they got to live are longer rent free!!
Nice kitchen renovation!
Thanks!!
The after pics looks way way better. Really worth the bucks you paid for.
Mayyyybe lol. Thanks. Guess we treated ourselves a little. Lol
I love this content!!!!...I am about close on my new home in AZ in a month...then I will build another.. My goal is to buy a new home every year from here on out...I have 2 homes in Virginia... My goal is with God's help and hard work to be able to leave my job in 2-3 years!! They are literally trying to work me into the ground!! Ridiculous..I will use my equity in my rentals to buy other homes...looking at out of state..I am desperate to control my own life and get rid of working for someone else!!!!! Oh...I did make one splurge....I ordered the c8 corvette...should be here in 15 months...I am a car guy and never had a new one...I figure as long as it doesnt impact my long term goals.. I'm recently turned 50 years old and dont want to end up an old man and never enjoyed a great sports car..lol
Nice!!! I would love me a mid engine vette down the road! Working on my 2nd rental year new year! Good luck and god bless!
Brah... #1 rule... avoid PMI at all costs... thats what you've taught me lol
Back then it was a tax write off lol. Come on...
Kitchen looks great!!
Thanks... lol not wise but we had to live a little!!
Great stuff! At 29 I can relate to some and learned without relating !
Nice! Glad you enjoyed it
Thanks for this info! One of the underrated channels on TH-cam. These strategies are easy to understand and apply. Everyone should be aware.
Thanks for watching!
Really great info. I think you just saved me tons of money. I can't believe you don't have more subscribers! Keep the videos coming!
I been slacking lol.. busy :)
Thank you for being transparent and willing to educate and share your experience with us. I appreciate you!
You are welcome!!
Great advice. I learned a lot.
No prob! Thanks for tuning in
Mmm 🤔 it all points to me playing catch up with investing. I have major work to do! Thank you for providing that very important piece information on your investment property. I had no idea
You got this!! It took me some time to realize this! It helps to be financially free so that risky things don't seem so risky. I think this is why the rich keep getting richer. They have no fear! And usually they end up winning most of the time so they end up getting richer!
Great content! Thanks for the wisdom.
Thanks for tuning in!
My husband and I decided not have a wedding and that money was our 20% down for our house :) to avoid PMI, best decision ever. Trying to get more passive income, we need to take more risk like you said!
You are very discipline and wise!!
LOL...the ending part where you mentioned “worst” not “life” mistakes or my wife will divorce me, smart man and a great sense of humor! 🤣
lol
Buddy,thank for this info.can you send me something where to invest?thanks
Find some funds like SPY to invest in for long term
@@MillennialFinance101 where can I find that?thanks
You can use any broker and deposit money. From there, you can buy ticker symbol SPY to buy s&p 500.
I have a video on investing for beginners, check it out. th-cam.com/video/C98z8oLaNyg/w-d-xo.html
Hey, great video. I have a question. I'm interested in investing in real estate but it's very much a seller's market (I'm in the dallas area). Is it bad to invest in real estate in another state? Homes are expensive over here.
If it’s your first one. I highly suggest a local property. After, I’d venture out to find better ROI. It’s a bit of work if you’re new and working full time and doing it may be difficult. You’ll need a property manager and you’ll want some exp locally before you know what to look out for outside. I’ve never done this but have some friends that have and they say it’s been a lot of work to find a good property manager.
You can take out a loan on your rental house and pay off the house you live in.
I LOVE your kitchen. Good move on the wife part but wow it was a lots of mula $$$.
Enjoying some of that hard earned cash lol >_
Don’t forget to claim your stimulus for the new little one!!
@@MillennialFinance101 Yes I claimed her thank you! You're other video was helpful. Keep the videos coming!
it's amazing how easy it is to build long term wealth if you start investing in your 20's, unfortunately that's normally when you aren't making much money and are saving for a spouse and/or house.
Yeah but in my case I blew a lot of money on nonsense lol.
I love this content!!!!...I am about close on my new home in AZ in a month...then I will build another.. My goal is to buy a new home every year from here on out...I have 2 homes in Virginia... My goal is with God's help and hard work to be able to leave my job in 2-3 years!! They are literally trying to work me into the ground!! Ridiculous..I will use my equity in my rentals to buy other homes...looking at out of state..I am desperate to control my own life and get rid of working for someone else!!!!! Oh...I did make one splurge....I ordered the c8 corvette...should be here in 15 months...I am a car guy and never had a new one...I figure as long as it doesnt impact my long term goals.. I'm recently turned 50 years old and dont want to end up an old man and never enjoyed a great sports car..lol
You might find more happiness in a different job instead of trying to retire earlier! Usually that's the problem, you just hate being there. Find some other place that's better! Good luck friend!
@@MillennialFinance101 i feel you..however I'm six figures and no need to look for another job...at this point.. probally one of the highest paying jobs in the state for this type of work.. The work culture disgusts me how they take advantage of people here in AZ.. The poor people are so afraid to stand up for themselves. .will do anything even if its unsafe etc. .I will work on starting my own business and starting a charity.. I enjoy the money which allows me the opportunity to take care of my family and grow my real estate.. I view the job as a partnership. .I take the good and the bad.. I do have plenty of time off due to the schedule.. which is great.. My real love is real estate ! ..sadly i just really come to this conclusion at 50yrs old. .lol I love being a landlord and providing people with a great place to stay...
Holy crap, dont regret re doing your house, your kitchen is beautiful man.
As I build more wealth, I’m not regretting it as much lol
“Enjoy your money” people keep saying
Thank you. I loved this video!
You enjoyed my mistakes hehe. Thanks for watching!
The before and after pictures is a dramatic change, the aftermath is way better. You guys turned that house into a home for your family. Also, think of it as increasing your home value instead 😊
it was a lot of work!
How good does it look that I paid off a car loan before I buy a house? I’m debating if I should do that or if I should just save that money and put it towards the down payment?
Depends on how much cash.
I probably would go with 20% down over paying off a car. The car loan interest is probably really low compared to PMI.
If you won’t have 20%, the car might be fine to get rid of. It’ll help with buying power also since that car payment will limit affordability since it’s going to count against your monthly obligations.
Wait for that $15000 Biden tax credit. The interests are rising so home prices should fall soon. More reason for putting money against the home and you ca. Use that Biden credit to get rid of the car!
Def had some as well but what matters is we learned from them :) Thanks for sharing your lessons with us.
I think it’s part of life hehe
Nice advice man keep em coming, hi from California
Figure Id help a few folks out with my mistakes lol.
@@MillennialFinance101 hahaha thanks for the warnings but like your videos ming so I'll be watching them
Cash and no paper trail bud. Hard for irs to prove anything. They mainly go off 1099 and if you try to make deduction claims against it lol. Just pretend it doesn’t exist and you’ll be good. ;)
I don't think paying off rental was a mistake...you now have cash flow that u can use to pay off current home.. cash flow increases your income per month
True but the tax savingssss. It’s small but I could have also used some of that cash to get more rentals and take on more risk. I’d be so rich today lol. All good. I’m not scared any longer and all the assets and wealth helps with the risk tolerance
@@MillennialFinance101 true..I wish I would have done this 20 years ago ..I was thinking about doing it then ..finally I bought a second home 2 years ago..it was easy!!!! I have 2 rentals..and when I pay off...I can sell to supplements my retirement...or give to my kids in 20 years so they can build wealth when I get enough cash flow..I will not need to work for anyone else .! .just moved to AZ...from VA....
Soon as my home in AZ is built...Im buying another...I will self manage my homes in VA..
I should have about 1k in cash flow per month between the 2 properties...which I will pay down and use cash flow to buy more rentals....
That’s the dream!!!! I’m looking for at least 1 or 2 more paid off rentals. That should be enough cash flow to live a minimal life in retirement. If I end up working still/getting more, then so be it. I’ll be enjoying what i do though instead of hating it!!
@@MillennialFinance101 yes enjoy what u do! After how I was treated last week at work I'm like ..I'm saving every dime and getting more rentals asap...when my money is good enough..I'm out!!! Lol
Wouldn’t the value of the house go up by more than 30k with those renovations?
I got appraisal right after to try to remove pmi and nope. 10k increase. Sad day lol
U don’t get dollar for dollar when u upgrade. I am a real estate broker I know. U do get some value but not dollar for dollar.
24 views! Never been this early.
Hehehehe
Hey bro you live and learn right
Pretty much!! I’m hoping my 30s and 40s will be much more lucrative
My mistake is not to go All in on Tesla. 🤣
I had 30k @ 270 pre split and sold it all at 330. Lol moron move
Okay you make me feel better. 😂
Lol I’m invested in cciv (lucid motors) now. Trying to not make same mistakes hopefully!
Rocket quote $3477 for 2.8% for 20 yrs added to loan some givin me suggested either ask them not to included or included but to send on a payment in the beginning of the loan for $3447 your thought
How much did they add to the loan? That’s basically added to the $3477 you’re paying for the loan. Sounds expensive and break even is very far away!
$3447 add to loan. either don't added to loan send payment for $3477 in one payment in d begging o pay it at closing try Fargo try loan depo box almost the same rate
Yeah the rates have all gone up quite a bit in the last 3 months. You probably won’t find better. What’s your old rate you’re coming from?
Yes brake even 4 yrs one 2 option don't added one payment
Sell the rental and pay a huge Chunk on the primary and get a rental later.
Total cost of a loan $15000 but at closing cost pay $5000 what's happened $10000 explame explain pls
They rolled 10000 into your loan balance making you owe more on your loan.