8 Personal Finance Memes That Are Actually Terrible
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- เผยแพร่เมื่อ 12 ก.ค. 2024
- In this episode, Chelsea walks us through several common pieces of personal finance advice that are total BS. One size never fits all, and we shouldn't treat our money that way! Click here for the financial realities that are making Americans' lives terrible: • 8 Financial Realities ...
Watch more of The Financial Diet hosted by Chelsea Fagan here: • THE FINANCIAL DIET
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Can we draft you to run for office?
I really value your work. Thanks to the entire team 🙌
When you're poor it's "handouts", when you're rich it's "economic stimulus"
Spot on!
Damn, good one.
totally agree Griffin
Economic stimulus works and ought to be universal. Austerity is a starvation diet that is the real 'trickle-up poverty'.
Rapper Phonte said it best!
Poor folk need help they call it Welfare! But when the rich need help then y'all call it a bailout!
Fun fact: the phrase "Pull yourself up by your bootstraps" was intended to be absurd. Like, literally speaking, it's not something you can do; pulling on your feet isn't going to get you off the ground. The earliest uses of the phrase were a way to refer to something impossible. Gradually, it came to be used ironically in reference to people who claimed their success was self-made, and that irony fell away over the last century.
Very interesting point of view.
Was about to say the same, the current use of it is unintentionally very ironic.
I always hear it as "Don't expect other people to serve You, do your own work"
As in, if You go camping, You carry your stuff, it's not your friends job to remember your thooth paste....
Learned something new.
Physics confirms that this is impossible.
The company I recently left loved to flaunt their "Women Owned" status, as almost all the upper leadership (CEO included) were women. But they offered no maternity leave, and frequently paid entry level women less than entry level men. It was really confusing tbh
My last company continually flaunted how equitable they were to women and pointed to the same 5 women who have been in executive leadership roles for 5-plus years as the example. Meanwhile, I worked in a group that never promoted a woman the entire time I was there and no one felt this was a problem (but they promoted 10 men, several of whom I trained when they were hired. For one of them, this was his first-ever job). In fact, the leader of my group got promoted to a national director after I left.
I have witness this first hand as well. It's terrible feeling and a big wake up call for my younger self.
no one hates maternity leave more than career women who have "something to prove" to their male counterparts.
@@violetreichert6470 You know something, that's so damn true. Female empowerment isn't just working all the time, allowing maternity leave when so many other jobs don't is helping women, not weakening them. Triple points in my book if fathers can also have paid time off as well to help care for children. It upsets me so much when I hear of fathers who pretty much never interact with their children because they're always working. You can barely form a connection with your newborn because your job won't let you. Men getting time off to help with kids is also feminism, as women benefit too from that additional support and moreso, as does the children.
@@BewareTheLilyOfTheValley Amen. Family leave should be a default.
Also, re #7, this is still my favorite gem from LinkedIn:
Job title: "Titles are meaningless, follow your passions, have a vision, and anything is possible."
Workplace: His dad's company.
This reminds me of the recent debunking of the marshmallow test: it turns out that the "rich kids" were better at resisting the marshmallow, not because of better self control, but because of greater food/financial security. It turns out those same kids also had greater success in later life...go figure.
Self-control is extremely important, so is talent (and both can be natural or acquired), but you cannot simply overlook the significance of circumstance.
I hadn't heard about that debunking! That's so interesting.
Hdhdhdkdjfjd?! How did they not consider that confounding variable?! I guess the same way I didn’t until now. Shit, where are the studies that take that into account?!
- that also sounds like you can use that to argue for psychological determinism. If what affects things as basic as our impulse control is not up to us, then how could we ever be held responsible for our actions?
I also read that resistance had to do with their ability to trust the adult in the room. Do they believe that this stranger will bring them more food? race/gender/home life had a big impact.
Food/financial security is also a privilege. I remember being cold all the time and not being sure whether there will be sales at the grocery store so we could afford enough to eat. There were opportunities in my face that I didn't see simply because I was constantly too cold and hungry. The moment I got a warm place and a steady source of food (coworker rented out her basement to us), I made at least $500 more a month.
It's also a better strategy to eat what you can when you can and not think about future if you are really poor. It's better to live on what you have than to die of hunger because you invested what you had to have more tomorrow. It's not that the kids had less self-control - they already learnt how to survive and used it.
Maybe it's because I'm Canadian, but I don't understand the criticism of the government "taking care of you". Like hell yeah! I'm unemployed right now due to covid and I'm so grateful to get money from my government. What I'm getting will be taxed next year and we all get taxed for unemployment insurance on every pay normally anyways. I'm not just getting this money without paying in some other way. And if I never need these services again, great! I'm happy to know that my taxes will pay help the vulnerable people in my community
As Canadians we are fortunate to have a government that cares for its citizens. Americans unfortunately do not have that same benefit.
We still get unemployment benefits here in America along with housing and food benefits.unfortunately some citizens are against this. Which is dumb because people need it.
As an American I’ve never understood it. I pay a lot of money in taxes and health insurance premiums but if shit hits the fan and I lose my job, I get back pretty much nothing.
@@lacroixal it's not just that, it's that Americans don't care about other Americans. We are very selfish, not all but most, and we don't think about our society at a collective. Americans, not all, hate the idea that 1 cent of their tax dollars will go to feeding a poor person. As an American I just don't understand that. I pay property taxes on my home that funds schools but I don't have any school aged children. But I don't get mad about it because education makes the entire society better. But that way of thinking is rare for Americans. We in American live in a got mine, fuck you society which is sad and depressing.
One of my favorite youtubers literally brags about paying taxes. Taxes finance important things. It is not a theft to give back to the same society you participate in. If you use any governmental services, you shall pay for it.
I love all the not so subtle shade she throws at Dave Ramsey. Ever since discovering TFD and stopped listening to Dave, I feel so much more at peace with my money. I've taken some great vacations despite my debt, live without a roommate, built a real emergency fund, and gotten a great credit score. Thanks for making finances actually attainable and applicable to the real world.
I hear so much about this Dave Ramsay guy and the more I hear about him, the less I like. I actually may have watched a video or two from him and if I didn't stick with it, I know it wasn't advice for me.
Yes! I caught it too.
I've become increasingly more disillusioned with his advice. He operates with a very all-or-nothing mindset and over time he reveals just how out of touch he is with most people's situations. Refusing any form of debt or "frivolous" spending, buying a used car with cash, picking up another part-time job, and "living on beans and rice" is way more likely to make people's financial situation even more precarious and negatively impact their mental health.
Who is Dave Ramsey? Since I got into TFD I have got my spending into a much more appropriate rythym and have even been able to save an emergency fund and stashed a bit away in an investment account. The whole personal finance thing felt so alien and unwelcoming to me before and it seemed so totally insurmountable that I felt like... why bother. Chelsea makes it seem a lot more approachable and most importantly like something that you can definitely get a handle on even if you're generally a bit disorganized and not super-disciplined. Chelsea is the Gameboy of financial advice consoles 🤓
Kind of annoyes me when anyone ask him of advice regarding cohabiting-related financial questions, he often berates people for not getting married and doesn't give proper advice.
Is it just me or is one of the key factors in all these aspects of "financial advice" a complete and total lack of empathy?
I think people get angry at things they don't understand and when upper classes get asked how to make America more equal they just get angry at those who aren't "doing anything" but in reality they should be mad at themselves because they are the ones suppose to be giving back their time and/or money to donate to the charities in their community to make America more equal but they don't because they want the status symbols (big house, expensive car, pure bread dogs, etc.) rather than making sure the the actual less fortunate have resources.
The upper class isn't doing it's part and I think it's because taxes and they think they're already giving back but in reality if they were smarter they would donate and get a tax write off so they know where that money is going and not to just pay political puppets for sitting on their ass by paying taxes and doing the bare minimum then complaining about how american government should take care of the homeless.
The truth is, we have enough shelters. We just don't have enough government rehabs because the reason people stay on the street is because of lack of medication, I find most have schizophrenia but that's just what I've seen. Most Shelters require people to be drug free to make sure it's a more safe environment.
Drugs are cheeper than medication when you don't have insurance and the pavement can feel much safer than being in an abusive home. It's best not to assume someone is a piece of sh*t mooching off the government until you hear their full story. The stories of poverty are all unique and could happen to most of us if we don't take precautions with our money and who/what we let into our lives. We have control but only to a certain extent
100%
Ding ding ding ding ding
Unsure, I don’t think being massively ignorant is lacking empathy.
Empathy is a barrier to wealth extraction
Just smashed the like button when you went on about the fortune 500 company's standards. It's not about getting women to the top, it's about providing equal opportunities and possibilities to all. Finally somebody who said it right. And to be honest, you are the only one who I've heard saying this...
Same here. Equality should be the goal.
To attain equality sometimes it's necessary to skew in favour of one gender because it has been skewed in favour of the other gender for decades or centuries.
This issue is somehow way more complicated than it looks. Like, it's impossible to have blanket standards for groups of people to start with. After that, an average brain just shuts down.
Chelsea rants are the only thing getting me through quarantine
😂 so true!
Amen! she gets me through
Yeah. I don't agree with everything she says. But, it is very entertaining and insightful.
That “government” bit had me rolling!
Word
This is extremely needed video in a time where “Do this and you’ll be a millionaire” videos are BLOWING up on TH-cam. I can honestly say that even I have been brainwashed into thinking that there is a straight path to financial prosperity
For most people, it's possible over time. The issue is that not everybody can do it at once. At least not until robots take all those essential jobs. The key though is that you've got to have more income than expense. If that's not the case, because rent is unaffordable, you're not going to get there.
I really love this video. I remember telling my mum when I was somewhere between 16-20 that I was convinced that poverty is genetic. Her family was poor. My dad’s family was poor. My sister is poor. I was poor. Like you, the only way I managed to get out of the cycle was because I got into a relationship with a man who has a very good income. This has allowed me to focus on bettering myself without sacrificing and pursue my masters degree in order to get a better paying job. It also meant I could address things that had piled up over time because I couldn’t afford to deal with them, like seeing specialists for various medical issues. Keep spreading the realness! 💕
Thank you for number 8. My partner suffers from a chronic autoimmune illness that had him hospitalised at EVERY instance he was about to finish an important part of his education. It caused him to have to redo years of school, lose work, lose apprenticeships, not attempt to go to university. He is braving it with such poise and out of respect to him I am not making a bigger deal out of it than he does - but people talking about life in a way where you are responsible for all your circumstances just makes me SO mad.
When I heard her say that, she really gained my respect!
I think it stems from 1. You didn't save an emergency fund for when things do happen. 2. You screw up your health or weren't careful enough and that's what got you in the position 3. You didn't get a second job side gig for extra income to help with unexpected stuff. It's understandable WHY they say this but its never a "this is 100% your fault"
@@shaereub4450 there are cases where none of these options are possible. I see it first hand. My partner has a genetic condition that his father passed on to him, it costs 4000USD a month for his medication WHEN HE'S IN REMISSION. surgeries go into the millions. this has been the case for the last 14 years of his life. no emergency fund or side job will support you through that. were it not for the health care in our country, he would be on the street, or, more likely, dead.
I was part of a fiction writing group for a while and it became quickly apparent that money was the biggest influence on whether you succeeded in publishing a book or not. The best writers in the group all had financial sponsors, usually in the form of parents or partners, so they were able to devote all their time to their art, while us 40 hour a weekers fell further and further behind them. It was pretty darned frustrating.
Sadly, that’s the history of the arts and philosophy. Scholar has its etymological origins in the Greek word meaning “to live at ease”. They tacitly knew back then that such a life was privileged, though Roman believers in meritocracy likely denied that.
Yup. I love to write. I have two writing degrees. But it is a luxury. I don't have the money to hire an agent, get connected with a publisher, hold me accountable for finishing a book, etc. I also don't have the stamina to regularly publish blog articles right now, or pitch opinion pieces to different news outlets. Maybe one day. Hopefully soon. But who knows.
@@sailorsallyrockinrarity2130 You don't pay an agent up front. They get a percentage of your sales. If an agent is asking you to pay them up front, run away.
I’m a professional novelist. Agented, NY-multipublished. I know tons of other pro writers who have full-time day jobs. I know tons of pro writers who wrote their first (and second, and third, etc.) published novel while working 40+ hours a week, raising children, caring for pets, living life. The idea that you cannot write a publishable book without having a financial sponsor and endless free time is simply not true (as is the idea that one needs money to hire an agent, as has already been pointed out).
The best advice I can give you is to stay away from any writing group or class that did not immediately correct you on both of those assumptions. A group that left you thinking you needed money to hire an agent is a group or class that will get you nowhere worth being in the publishing industry, sorry.
Something Chelsea should have touched on RE: pulling yourself up by your bootstraps is that financial privilege means that you are surrounded by others who have financial privilege. There is a network that people can tap into that allows them to get jobs, internships, loans with favorable rates, legal help, informational interviews, resume help, financial advice, and admission into schools.
Yes ma'am!! I remember spending 6 months applying at jobs that I could work for while also affording daycare. I didn't get any of them, not even a call. But the second a friend of mine got promoted, I took her place and was able to get a job. Several others had applied and even one girl was more qualified than I. I thought I would not get the job because she clearly was the better choice. Instead I got it just because I knew someone. I did not work hard and I am not exceptional at a first glance, I was just lucky.
The world runs on networks and the only time it doesn't, is if they just don't know anyone else and then it gets into appearances and what "look" they want for their company. It annoys me when people try to speak like it is otherwise.
Exactly, if you are part of club, they will help you out some way.
Child star gets Famous and rich:
Parents had the money to have a car, the time to drive their children to acting school and to multiple castings, bought them nice new outfits, could afford a haircut, styling and makeup and had the money to have a child, feed it and take care of them.
Including Beyoncé. Not to take away from her immense talent, hard work and dedication, or her perfectionism, but that's simply the truth.
@@lv9265 yeah, I don't live in America but Germany and nearly ended in a low paying job, because my parents weren't rich enough so my teachers at elementary school decided I would go to the worst school.
I got depression, went into a psychiatric clinic, got transferred to the best school type, made the best degree and now work as an illustrator and designer besides studying on that degree at university.
Just a little luck can have a huge impact on people's lives. For good or bad.
@@lv9265 Beyonce would tell you herself her family was upper middle class and her father left his job to manage his daughter's girl group.
That's not just work ethic that's having amazing resources and support at an early age.
@@zucchinigreen I know. Idk if she'd admit that but yeah.
Lorelei Villanueva no she has literally said exactly that lol that she had an upper middle class upbringing.
Yessssssss! I hate when people say that if you have debt you should be eating only beans and never spending money. I’m working a second job as a server to get out of debt and the only thing keeping me sane from working so much is taking a little bit of that extra income to have drinks with friends every now and then.
I suggest Philosophy Tube: Darwin vs Marx. The Elon Musks say that the factory workers deserve to be treated sh!tty, look at how much they drink instead of saving their extra money. Marx says of course people drink, they have to work in your sh!tty factory!
I hear you. Good on you for working so hard.
You need to find a better free hobby that’ll keep you sane. Try working out, going on hikes, going to the park, attending movie night (for free), doing an activity that’s free...
Same, I'm following Dave Ramsey's plan to get out of debt but gosh darn-it, I have to treat myself sometimes or else I'd be completely miserable!
@@ses-ei7oc i think Dave's point is, IF you treat yourself while in debt, it'll take you longer to get out. However, i think you need to find a middle ground, and treat yourself once in a while, while also saving a high amount for paying off debt in emergency fund.
I liked the perspective on women CEOs being made to seem like a representation of the entire company. I agree we should look at the company's treatment of all employees instead of just the higher ups.
Yes. I believe that basically STOPPING living your life for 2+ years is just unrealistic and cruel and NOT smart. I mean... time is precious AND NO ONE knows how much of it we all have. What if your mother dies and YOU chose not to visit her in over a year because it was going to cost you money that "you didn't deserve" to spend because you still had some credit card debt... its just not Life Smart
Amen! Also the massive point that has been made of recent years about the pay gap, when that mostly refers to professional settings. Its a smokescreen. Like, if you're a cleaner, whether you're male or female, you're still getting paid fuck all. How about we make a big deal about *that*! Let's make sure *everyone* can earn a liveable wage, whether they're white collar or blue collar.
It’s not the government’s job to take care of you...
Chelsea: “First of all... yes it is.”
God, I love you Chelsea!
anyone can be 'brave' with a trust fund from grandma
“I’m a trust fund baby; you can trust me.”
I'd love the opportunity to find out for sure.
Speaking as one of those kids, you are absolutely right. Economic risk tolerance is almost entirely a reflection of your bank account and almost nothing to do with your character
@@FigureOnAStick Andrew Yang says the same thing in one of his books. The people in his circle, he says, approach problems as opportunities, and assume there will be plenty of resources one can round up to make a good idea come to fruition. He is trying to sponsor people from other economic levels in many ways, but in part by showing them that the world is not an endless corridor of only doors that are closed to them ... which he finds to be their natural conception of their possibilities.
I’m pretty far out of your target demographic (senior citizen) but I admire the work of you and your team! Government, baby🙌🏽
1st reaction: 1:32
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U da real MVP
Thank u!
Chelsea's been in the house so long she's starting to blend in with the decor
Lol
I love it. Hopefully she reads this
lol
The earrings are coordinated with the painting!
Frickin' hilarious, XD!
To think that I used to believe these "fake" mantras and use them as ideals is appalling. Thank you Chelsea and the TFD team for the clarity. TFD has helped shape a new outlook on finance.
The fact that the Ayn Rand Institution needed PPP money proves “Pull yourself up by your bootstraps” is a joke
They are just getting their own money back that was first stollen from them
Taxes are not theft.
Don't hate! They're following in Rand's footsteps!
Eric da' MAJ prove it by breaking the law. Haha I’m very smart. And taxes are not theft. Taxes are a way to create demand for the dollar. Basic Econ 101
Shows how deeply problematic Rand’s ideas were. She’s not taken seriously as a philosopher at universities for a reason. It’s immoral bullocks!
There is 1000% a puritanical aspect to money. It was my Mexican-American house growing up. It was also coupled with scarcity mindset b/c my parents were immigrants to this country. So i grew up with the shaming notions that anytime i got in debt or simply spent money, i was fundamentally flawed and that it was only up to me to fix it (bootstraps). Which in turn only triggered my scarcity mindset b/c i didn't want to be denied things i couldn't have growing up, i didn't want to be perceived poor anymore, or i spent b/c i was ashamed of all of the above. It's a vicious vicious cycle and I'm still not out of it. The emotional scarring that happened when my mom would indirectly accuse me of debt or money mistakes as there being something wrong with me (aka i wasn't abstaining enough) but then in turn not be willing or able to help me out was one of the most traumatic things that happened. And i literally have only learned about this in the last 2 years of my life and I'm 32. Rant over. 😰
You’re 32 and still so young! You should feel proud about how far you’ve come. Our circumstances are different, but I resonate with a lot of what you said. My Mom likes to comment on any money I spend, and I’m older than you! It sure takes an emotional toll. I wish you the best, and please don’t be so hard on yourself. Learn the lessons you find most valuable and give yourself the room to be human. Sometimes we see our improvement in inches when in reality, we are making huge strides. 💗
please read "debt" by david graeber and "the deficit myth' by stephanie kelton! really changed my perspective on what DEBT really is, without debt you simply have no relationships or life. money itself is a unit of measurement, not of value in and of itself.
@@kelley5816 thank you for sharing your story with me! I am proud i have the insight and now am seeking to change by watching videos like this.
@@danceonyourtoes thank you for the book recommendations! I will take all the helpi can get to make better choices
Rocio - I feel you so much on this. Similarly, relearning my relationship/ approach with money and getting out of an unhealthy scarcity mindset. Especially making sure that as children of Mexican parent we aren’t becoming the racist stereotype and “change the narrative” of those stereotypes of socioeconomic status and what that implies. When Chelsea talks about the cycles of generational wealth, it reminds of the importance of financial literacy and how we are often that bridge for our parents.
I seriously love it when Chelsea does feminist, pro-social safety net, realistic understanding of class dynamics in America, rants!
"Pull yourself up by your bootstraps" was meant to show the absurdity of self-sufficiency. The actual act is impossible, and the phrase was meant to say “to try to do something completely absurd” (according to the Huffington Post). Everyone, even the rich, needs help succeeding. My dad came to the US poor, working as a busboy, and became wealthy largely because he was lucky enough to find a business partner, because he met my mom who helped him found a successful clothing business, and because he was born into a family that taught him to take care of himself at a young age. I am lucky enough to have a father who thinks 30 years ahead, to have a mother who loves me, and to have a step-mom who loves me, too. I haven't, and didn't succeed. My family, friends, teachers, AND I succeeded together.
Honestly this channel pointing out toxic financial behaviors has really shaped my understanding
I LIVE for Chelsea's response to #5. I've freelanced a good bit of my life and I'm no stranger to food assistance. Idgaf about anyone's side eye, it's my money! The government is just holding it until I needed it and they can do the same for any citizen!
Get it now since you won’t get Social Security! 🙌
@@emiliabolsas I know right 😅
@@emiliabolsas lmao so true. The worst part is that the government isn't even legally obligated to pay us social security. So they're literally stealing our money.
I want to kick idiots in the face who call food stamps/welfare "handouts". It's only a handout when you're not contributing to society by working/volunteering. How the fuck is literally getting back the money you paid the government a "handout"? It's not even enough to survive off unless you're one of the few people who have some kind of severe, mental/physical handicap, and SSD pays you $3000+; my dad gets $3000 im SSDI monthly, but he served in the military for 8 years and got discharged because he got nuclear poisoning, PTSD, and a slew of other injuries during the Gulf War. And the government was only trying to give him 10% in VA pension 😂. The government doesn't want to pay ANYONE what they owe us, because it's so obvious the politicians want to stuff their pockets.
Chelsea's baiting Dave Ramsey so hard rn 😂
And I’m here for it ❤️
I was laughing the whole time. I can see Dave Ramsey calling her a stupid liberal lol. He’s so dumb sometimes
Although Dave Ramsey provides an effective framework for getting out of debt, he completely disregards the impact of class, race and intergenerational wealth.
I stopped respecting Dave Ramsey when I found out he has a radio show where he basically mocks people with extreme financial situations. Just rubbed me as unprofessional. Like, I would never go to a personal trainer who just makes fun of fat people on the internet all day, so why would I want a financial planner who just makes fun of people in debt?
@@marzipan2555 Never thought of it like this but his videos started to rub me the wrong way and this is why.
Chelsea, this is one of the most powerful videos you have ever made. Thank you! Shaming people for taking unemployment benefit is such a big thing in the Western society. I even can not believe that it is even a topic. What are we paying our taxes for? Also, 10% event/90% our reaction - you are so so right. We don't play the same hand of cards as everyone else. That's just the reality and cancer diagnosis is a good example.
Silly, don't you know that we pay taxes so that the government can bail out big businesses when they fuck up and don't have even the equivalent of a $1000 emergency fund? (Sarcasm, in case it's not obvious.)
Most of these memes were probably made by financial gurus trying to sell something
Absolutely agreed. I think that's the way they were made and got traction.
Says the financial guru, trying to sell something.
@@andrewgutmann9432 lol
@@andrewgutmann9432 it takes one to know one
@@andrewgutmann9432 hahahah totally
The "that's government, baby" part sent me😂😂😂
although I like much of the work of Dave Ramsey, he would quake watching this video. He can't seem to admit that some people were set up to fail, and his principles can help many people, but not all.
He would disagree, yes. Quake? No, lol
I think he recognizes some people were set up to fail - but he sees it through a religious lens, not socio-economic. He also knows his principles are targeted to only a certain kind of person. But since they *technically* work (even if they aren’t the most logical or mathematical), he stands by them. After all, they made him rich.
I agree with some Chelsea ideas and also appreciate what Dave Ramsey does. I do think his principles can work for anyone. If nothing else, you learn something about money and yourself. No matter how little one makes, it’s no excuse not to budget and adjust until we get it right. I thought I didn’t make enough money until I started budgeting. Now that I have a better grasp on what I have, I am making and keeping more.
I credit Dave Ramsey with turning around my finances. While I don't agree with him on some MAJOR issues (politics, religion), he turned my life around and got me on a budget and telling my paychecks how to behave. I'm still allergic to debt though and don't have any credit cards. I'm trying to get through life by never borrowing money again (including a home, as homeownership is not for me).
@@rair1118 you should learn about survivor bias
Amazing video. I’ve been trying to get my finances in order and this validates my experiences. I’ve looked up financial advice videos and some of the information is so out of touch.
“We save money by reusing glass pasta jars as cups”
Or “we only drink water”
That $10 I spend on coffee a month is not the thing keeping me broke. It’s perhaps my car payment that I needed to get to a job so I could pay my modest mortgage and the student loan that won’t end”
Someone needs to make a gif of you snapping with the quote “that’s the government baby!”😂
I would use that GIF all the time (especially against the people who are convinced that everything is a government conspiracy to remind them that the government is actually for us not against)
Honestly? Your earrings matching your flowers and art? Iconic.
Now, lets see this video 😘
I am I the only one that appreciates the “ultra white valley” voice that Chelsea does every time she quotes one these memes?!! I was rolllling! 🤣🤣🤣
The point with women with money resonated so well with me. My former corporate employer was bragging constantly so much about a couple of women in VIPs and high positions (that loved doing toxic crap) to show how inclusive and great they were. However, they gave basically no coverage for any OBGYN basic check-ups. Often it is all a facade when they brag about girl bosses within the company . Glad now I am in a genuine female run company like TFD. Thank you Chelsea for all the great content!
i think you're one of the few youtubers who make finance themed videos and is fully aware of their privilege (at least among those youtubers i've watched). i'm interested in finance videos but i'm tired of hearing the same nuance lacking conversations about side hustles and being productive. it often feels like i'm not allowed to enjoy the money i have because it "has" to be saved or something. so it's really refeshing to listen your rants :D
I don’t understand how you can complement this lady. She is insufferable. I’m not even passed the bootstraps portion of the video and nearly everything she says is either wrong or is colored by marxian theory.
I genuinely take umbridge to Kylie Jenner being called self made. The people who wrote that article and the people who believed it must be so removed from society or brainwashed to believe that crap! And I agree about the same hours in the day as Beyoncé she has a lot more than me to do whatever she wants with her hours lol. You hit the nail on the head in the last few years I was able to change my economic status because my husband had steady income and great health insurance while I chased a dream that paid off (eventually lol).
Killa Barbie when they called Kylie Jenner a self-made billionaire, I was like oh okay, clearly there’s been an update to the definition of self-made that I wasn’t aware of. She’s like the complete polar opposite of self-made.
Me too! If she had just released a make up brand it wouldn't have exploded to that level. She inherited a platform in the form of a popular reality tv show, and had endless access to resources to support her while she was starting businesses.
Also Beyonce was fortunate enough to have parents that dedicated their professional life to her development as a music superstar. Not to many parent are well equipped to do that for their children.
It's just a different definition of "self made". To you, maybe "self made" means you had to start out as an orphan with nothing and it's virtuous because if that, but in their definition, it was just meant to distinguish her from young people who simply inherited a billion from their parents.
She did have access to better opportunities than 99% of people because of her family, and probably still started out with millions, but she became richer than the rest of her family and turned it into a billion.
umbrage!
The most disparaging people are often the ones who have mistaken their own good luck for proof of their financial savvy.
The Baby Boomers. Born into the best conditions, punishing younger generations for not being born into the best conditions.
i clapped like a seal when she went on the "it's not the government's job to take care of you" rant like yes PLEASE teach these clowns something
Primary example of when they should take care of us is now. They shutdown business then they can be expected to compensate us for those lost wages. Sure they're doing a terrible job right now but ideally they need to ensure citizens receive the support for a functional society.
I'm loving this and also the "6 secrets from rich people videos" recently. They're so daring and interesting when other content was admittedly getting repetitive (for a person who has been a fan since you posted your third video. lol).
Gen X here. They called us slackers and thought we’d go down listening to Grunge and working dead end jobs. We’re doing ok, though.
The Millennials get roasted for being self centered and protected. Chelsea here with her insightful comments and perspective for the collective, shows us, and those disparaging her generation, that they’ll be ok, too.
Gen X here, too. I completely agree with you!
Gen X also, I say this all the time....
Gen X here too, and yes.
Thank you Gen X ☺️. -Sincerely, a Millennial 🤗
Yep. All the bad press about us (Xers) and about the millennials and even about the GenZers, it all seems to come from my parents' generation. The kids are doing more than us with less advantage - and we did more with less advantage than our parents. Bless the GenZers, they have a lot of work to do and they're starting already. Which I think they learned from the millennials, bless them too. S
I grew up on a Dave Ramsey worshipping household and this credit rant is SO TRUE. Dave Ramsey’s program is an extreme solution to his extreme problem. It robs many people out of the joy of today who don’t have the same extreme problem he had. Letting go of his ideals and embracing ones that actually work in this day and age was one of the most freeing and helpful things I did.
Thank you Chelsea for acknowledging your privilege in having a financially stable spouse and health insurance helped build your wealth and career.
That was something I noticed in grad school as a poor international student.
The people who were most able to keep up with the work and do extra research and assignments had spouses who helped them emotionally and financially.
I felt a lot of guilt for not being able to cope with the academic rigours of grad school while supporting myself and trying maintain my VISA, but my situation was just different and I eventually couldn't handle and didn't finish.
It was a shame that I carried with me for a long time. But looking back I realized that's not possible to succeed in your own without some kind of support and I want to give grad school another go, but this time ensuring I have more support from myself and my network.
Just take this heart, you deserve it ❤️
Needed this so much today!! Just had my full time job slashed in half due to the virus. It is completely out of my hands but the mental damage of working full time since I was 17 to suddenly not and no longer being as stable has been immense. The bootstrap folks don't have a baby on the way and trying to figure out how to bring home diapers
Oh Raven, sorry to hear. Were you able to get hold of the government support? More stupid questions: do they do delivery around you? How far are you in the pregnancy. I know this is not any of my business but for some reason it hit home. Please be careful and take care of yourself at your best ability. I know you can! Hugs from the UK
@@JadenNeko it just happened yesterday so working through those waters. My state is not the best with unemployment benefits so this should be interesting lol. But I've paid into the system for ages, its time for the government "to take care of me" (seriously love this video!!)
I'm just over 5 months but my boss doesn't enforce the city mandatory mask ordinance so I'm direct in the line of fire trying to protect little one. Thank God I live in a small city because delivery is survival for this momma who can't go into a grocery store
Good luck and I'm sorry for the hard times. Are you able to access paid maternity leave soon if you are 5 months in? (I dont know about US policy for that but maybe?)
Make sure to get the unemployment benefits. They are not benefits but your right as someone who paid into the system. You got this!
THe thing I extra love about "Pull yourself up by your bootstraps" is straight up physically impossible. It's the kind of thing Baron Von Münschausen would brag about doing, like saving himself from drowning by pulling himself from the water by his own headhair.
Not. Physically. Possible.
Am pretty sure something like that was in a bundled story book I read as kid. But pretty much what you said, impossible. Like, flying pigs!
In Hungary, we phrase this term with the Munchausen example. 😀
I love when Chelsea does these rant videos... It's like she looks deep into all of our hearts and says aloud what we most need to hear.
I'm watching this while drinking wine (living my truth rn) and watching Chelsea rant really made me feel like I was hanging out with a friend who was also getting drunk on wine and complaining about Insta boss babes and neo-conservatives.
Love it
can you do a video debunking mlm. i see too many people falling for this predatory “business model” that end up loosing money. thanks
Last Week Tonight with John Oliver does a great episode on this. It's on his youtube channel
There is an old one from the TFD, i believe from 2 years ago
They’ve done one or two videos in the past. I played one for my friend a few weeks ago when she was being recruited
Check out channels like Illumimaughti, munecat, SAVY writes books, etc they do really well researched videos debunking mlms.
Highly recommend the first season of “The Dream” podcast. They go into this in a really entertaining but also very kind way. Incredibly well done.
“People hasten to judge in order not to be judged themselves.”
― Albert Camus
Is this a passive aggressive jab at Chelsea for judging these statements? 🙄 Also, what does this quote even mean? Judging someone quickly doesn’t even get you out of being judged yourself.
I have been following you for over one year, Chelsea, and I think this is one of your top videos. Too many people lose their confidence over memes such as you describe or comments in most social media. As I told someone just yesterday, in social media, people often color their lives or downright lie. Don't compare yourself to anyone. I'm 71 and I can attest to that from long experience. Good job. Vous etes adorable, Chelsea.
I genuinely respect and applaud your ability to use COMMON SENSE and FACTS to debunk myths that are seemingly only believed by those who are willfully and blissfully ignorant or extremely better off and have never had to understand another struggle yet force those standards on the general populace. Thank you, seriously.
THATS THE GOVERNMENT, BABY!!!
This post is exactly what I needed today. Thank you, Chelsea & TFD!
Thank you for this, we get inundated so much by this toxic - "positive" thoughts only - financial and life advice. I feel like I took so much of that on for years as personal failures. Its liberating to here you call bullshit with such passion. These kinds of "bootstraps" pieces of advice also have the undercurrent of implying we shouldn't feel empathetic for those struggling because its their own doing.
Fantastic video - I love how you validate so many different realities that counter these memes. Also, your earrrings matching the print above your dining room table is just amazing.
“Outliers” -Malcom Gladwell, read it. It further explains most of Chelsea’s points perfectly. Preach Chelsea!
“The 👏🏽 INTELLIGENT 👏🏽use of credit.”
It exists for a reason other than to fleece people!
What’s more toxic?
1. Telling poor people they can do whatever they want
2. Telling poor people they can’t do whatever they want
It’s a slippery slope that requires nuanced approach in my opinion. Every case is different. My parents were born poor and became rich and my mother was the breadwinner in most years. I was born middle classed and there’s no way I’ll ever be poor. Others born middle classed or rich and go on to become poor by choice. It’s all case by case.
I think we run into issues when we use absolute like “always” and “never”. Only takes one case to prove that wrong.
How does one choose to be poor by choice? I'd be hard pressed to find somebody that actually wants to be poor.
But then again guys, what somebody sees as poor can be somebody else idea of being wealthy. Though I agree that generally nobody chooses to be poor, with the exception of those who WANT to live on the street, and believe me, there are those outside, sometimes you don't have the choice due to a domino effect of events or even poor choices. To get out of that can be a hassle. Unless I understood your comment incorrectly :)
essflem
You can choose to be a philanthropist, a teacher, a drifter, etc. I’m talking about a cousin of mine. They understand money but they choose not to have much of it. They were born rich.
essflem It seems counterintuitive, but there are those who decide how little effort they want to expend and then accept that lifestyle (TMI, my mom is one). My frustration is when these people who don’t want to advance are held up as the posterchild for a group to prove that external help is superfluous.
Is it me or is she basically saying that if you're poor just learn to live with it because you'll never get out of it. Basically saying if you're poor you're doomed.
Honestly we need that video about “self made billionaire”
A strict, rigid budget can be a "splash of cold water to the face" needed to counteract a broken, dysfunctional approach to finances. We paid off our student loans, but then acted all "no day but today", and spent every penny we made on junk we didn't need for almost a decade.
In Sept 2016, we made our first strict budget that required everyday "sacrifices" that quickly accumulated to being able to save and invest a good percentage of our after-tax income every month. We don't have a lack of joy in our lives. On the contrary, through eliminating absolutely everything not needed to live, and stripping our budget to the bare foundation, we were able to identify what spending ACTUALLY brings us joy, and build that back in while still achieving big financial goals. Strict "beans and rice" budgeting is not forever; it's a shortcut to developing discipline and perception of value, which are necessary to being successful with money.
"that would be Th3 G0vErnM3nT, baby"
You have to put more sass into it Page 😂😂😂
I kind of disagree with the reaction about women having more money. I think it was badly put, yes, but it's rooted in socio-economic research. It should be interpreted as "don't be afraid as a society to invest in women's education and wealth, because only good will come from it". It's a response to the problem developing countries have: if we send women to school, who will take care of the children? Our society will die out. Many studies, however, prove that the more money women have the higher the Human Development Index is. So nothing bad will happen, only more widerange development and welfare for all.
yeah, but she doesn't disagree with what you said. she disagrees with specific examples of capitalist bullshit, and not what you said.
I like what you said. It does, however, differ in meaning from the original statement. In particular, I think the phrase “nothing bad happens when...” will always be poor wording, because it’s bad logic. But I’m really glad you drew attention to the hesitancy to support women’s education.
Thank you! I loved this (and your hair, girl!). The refusal to recognize privilege in all it's forms really affects self esteem when we feel like, "why don't i have XYZ"?
This is kind of off topic but it got me thinking, can we also stop saying like... "Lost the battle with cancer" or "she's a cancer survivor" because it implies someone who "lost their battle" just didn't fight hard enough.
I remember seeing a woman with a breast cancer awareness shirt on that said "you can either fight like hell or give up". I wanted to ask her "so, my grandma died from breast cancer. Did she give up?".
You're such a gift to this planet. Thank you so much for tackling these issues and giving us the language necessary to help others understand it too.
One of the most sensible finance video I've ever watched. Love from the Philippines.
I strongly believe that people have more agency than they realize, but I've always recognized that our circumstances do constrain what we can do. This blindness to the systemic forces that shape our lives is a huge impediment to meaningful economic reform.
Everyone I know who said "I'm following my passion, not a paycheck" when we were younger now constantly complains that it's society's fault they're broke.
I feel like quarantine has made you extra sassy and I like it, lol! I was raised quite capitalist and am enjoying your honest perspective lately. I’ve been very successful to now and have been struggling with health issues untimely along with Covid and am up against hard financial times after along stretch of comfort. I have found your perspective refreshing right now.
Yup I always hate how I’m judged for working a minimum wage job meanwhile I’m unqualified for anything higher paying, despite the fact that I keep applying to higher paying jobs. Everyone acts like those few people who ascend from poor to rich are ‘doing it right’ and the rest of us are gross failures who should have done what they did. Of course people don’t realize those people are the exception, not the rule, and we shouldn’t be expected to be that exception when it’s statistically impossible.
Damn Chelsea dropping truth bombs!
Chelsea, thank you for your kindness and empathy. I am humbled by the amount of time and energy you and your team spend creating content that centers and promotes the care of others. Sending you love and goodwill from KY.
I love how honest and real you are! You are a breath of fresh air. I never see anyone be this honest.
Chelsea, this video was definitely what I needed to hear today. Thank you for always being incredibly human.
oooh, please roast Kylie Jenner. 😍
22:00 I really appreciate that you said this, because this line always killed me! it's not a matter of bravery or even talent, because not everyone has a safety net to rely on to take on really big risks.
This is SUCH a great video! It's so rare to find people in the personal finance space who are also aware of the realities of social mobility in this country.
Chelsea, you’re saving us. Seriously. I was doing the Dave Ramsey plan before lockdown. A $1k emergency fund and everything else towards debt. Didn’t work out so great when ‘Rona hit.
Same!! We still paid off a huge student loan, a private one for about $12,000 but jeez that 12k would be nice right about now
I love this so much!!! I hate all of those quotes with a burning passion for various reasons and you perfectly articulated it haha
Chelsea I love your social conscience. Good on you for using this platform in a positive way. You are eloquent and a great communicator / educator. Thanks for all the work you put into creating your videos. Stay safe. Best wishes from Australia 🤗
Chelsea is so honest. I truly appreciate this channel. It has helped in ways that I'm not even consciously aware of.
I stan the right person & company 😫😍 (also i finally started unlearning that "credit is bad" with tfd a couple years ago and now I'm even good at it and my score is super great 😭😭😭 i love you guys)
I wish you had spanish subtitles to share this important information to my family, They actually Belive that they are poor because their mindset. 😔
The one I've started to hate is "being poor is a mindset."
As I was watching this I was thinking the economy needs tiers of wealth. The economy would not be able to function as we need farm workers, we need restaurant workers and unless the pay of those jobs changes, it’s impossible for everyone to be rich. And then you said “everyone can be rich. But can everyone be rich?” 👌🏼
I love how Chelsea's undertones and subtext let us know exactly who she's talking about: -"repeating sinful financial behavior" Ramsey lol
I think this is my favorite TFD video ever! Everything is SO well-put and satisfying to hear.
I think your definition of government is spot on! I have this little fantasy wherein people who don't want to pay taxes are allowed to not pay. BUT they have to build their own roads, pay for their own fire fighters, their own traffic controllers, etc.
We have the opposite: certain companies underpaying taxes but relying on the govt built infrastructure to enable their operations. (communication, transportation, heck Navy protection of private shipping) Let alone govt funding in research that leads to business opportunities (ie smartphone technology).
Great video. I follow Dave Ramsey in addition to TFD and other gurus. I’m definitely Dave-ish, but his approach is valuable in many ways. There’s a lot of power in deciding that your behavior can change your circumstances (this can be complicated for people in poverty, etc., so don’t at me). For the general population, if you choose to consistently say that your environment determines your situation more than your own choices do, you will always be at the mercy of everyone and everything but yourself. If you want to be a sane person, that’s no way to live.
I hope i word this question ok- I agree the “bootstraps” quote is absolutely ridiculous. But what do you do when someone you know truly does have bad money spending habits and puts themselves in bad situations? What can you do/ say without using a similar “bootstraps” quote? I studied very hard in HS to get a scholarship to college (or else i just wouldn’t afford it). Now that I’m out, working and saving using advice that has been echoed on this channel, I’ve also given like 15k+ to one particular family member getting them out of debt to help her move up...only to see her spend money frivolously....i’ve stopped given money obviously but i still really want her to get better.
When you find that answer, let me know. I had a friend a few years back who my family and I tried to help her get herself out of poverty -- teaching basic finances so she would stop spending money on extras before her rent/food/bills were paid; helping her find an affordable apartment; driving her to/from her job (she and I worked in the same building for a while) or getting her a bus pass; inviting her into our social circle so she could find more friends, and so on. By now, last I heard she still can't keep a job longer than a couple months before being fired, still runs out of money for food before the end of the month, doesn't like to cook, and just lost her housing off in another state where she moved to. There's just nothing more my family can do for her before burning ourselves out, so I've cut ties after doing all I could do when she wouldn't change after all this help she was getting from my family and even from my church too.
There are some programs that require your active involvement in earning the privilege of assistance (Habitat for Humanity comes to mind). The thought being if the person wants the outcome they should be willing to invest of themselves, as well as be educated on how to sustain their bettered situation. Another proposal my friend and I pondered is limiting the number of times someone can apply for assistance because of improper spending. Now let’s all jump into the Whirlpool of Hubris over defining “improper spending” 🤪
The rants I didn't know I needed to hear, but truly did! THANK YOU for saying these things, and for not being the type of financial advisor that perpetuates this type of crap.
I’m so glad I found your channel! Keep it up. Quality content and the occasional s-bomb. Educational AND relatable! Love it.
I get really worried watching videos about finance that I'm going to wind up down some right wing rabbit hole, but this video was incredibly satisfying. I agree with everything you've said and happy to finally subscribe.
"Yuck your yum" hahahha. we use that in sex ed to encourage people to not make fun of different sexual preferences lmaooo
Loving the passion and narrative!!! Appreciate extremely in these harder time than usual.
This is my favorite so far! Thanks, Chelsea! You explain it so well and being so much realness.