Two insightful things that the guest mentioned: 1) He took action to change his surroundings and moved when he realized the financial threats to his family. 2) He understood scarcity since he grew up in the Soviet Union. A wonderful guest who seems empathetic towards those in trouble!
You know, when I was a kid, my family would refer to me as a Black Jew because even at a young age, I knew the power of a dollar. I don't think then my family knew that this could been seen as racist. I'm much older now and I'm still responsible with my money. If you want to refer to me now as a Black Jew, I'll wear it with pride because what you're saying is I'm not frivolous with my money. I don't want to spend any more of my money than I have to!
I agree ..not Jewish my self however I watch whenever I can .... I haven't had a CC in years ... if I don't have the cash to buy something, I don't get it and I tell myself I don't need it ... works for me .. I see the people who think that CCs are important for your credit score and or travel.miles etc ... I don't know 🤷🏾♀️
@@t.n.dynamite LOL Bro same here... I grew up in Deerfield Beach in the early 80s, and worked at the Empire Kosher Market at 13 years old. I learned so much from the Jews from Century Village who shop there. Some of them had the tattoos from Germany. This guy Mel used to tell me "don't let money burn your pockets". No mortgage, no car payments, retired from the military, and 100% disabled vet. I'm doing okay. :)
Being a Muslim, we could have a difference in many things but whatever you said here is absolutely gold. In the end of the day, whatever you believe or do, you deserve to live in Peace.
First and foremost we are humans, brothers and sisters. The basic principles Igor presented are viablefor any human, be it Muslim, Jew or orthodox, like me.
Sure, the schools do. It's basic math. Not to mention, plenty of things are taught and not remembered or followed. How many remember algebra, trigonometry, and calculus? What about health class? How many eat right and exercise on a regular basis? Get the point? Most decisions come down to discipline, which many humans struggle with. 😳
When I was a teacher the head of year announced a "bank visit" to a crowd of 11 year olds. A bank rep got them up on stage and gave each one a $20 credit card. As with most drug dealers the first one is always free. I was appalled, especially as I like many other consumers had in previous years dug my way out from under a rigged card. I taught simple compound interest to my tutor group and was threatened by the school. At the end of the year, I resigned and left them to it. It's taught in schools alright - badly.
Hello from Phx AZ 🌞. I personally do not use credit cards due to the industry being so disgusting and how their system works. It's been great for me not to follow the crowd. Excellent discussion and very insightful . Please bring Igor back.👏
I charge everything, even a pack of gum and I receive a cash rebate of around $1,500./year. I pay the credit card in full each month and therefore I don't get charged any interest.
We are fully debt free, mortgage and all. We still live frugally, those good saving habits never leave you. Living without financial stress is the most underrated feeling I know of. It’s heaven.
I was house poor after buying a house in 2005 for $500,000. That was a lot of money for a house back then. I learned the game as I played those numbers in my head for 15 brutal years. COVID 2020 saved me. I sold and bought a new out of HCOLA and man it feels good to not be house poor anymore.
I was one of those people. Thank God I woke up abt 15 years ago and 5 years later graduated to as you would say the one income world. Thanks for reminding me of what I escaped from.
I was told years ago that auto dealerships are just advocates for depreciating assets and banks are the real owners. The car is just collateral to get the loan signed for and then it’s a matter of paying interest to the bank for the privilege of owning a depreciating liability.
I commend this lawyer/therapist. Truly amazing what he has done with his life and his family’s and his impacts on others! This was an empowering episode!
When it comes to dealerships...Play their game.... tell them what they wanna hear.. tell them you'll finance the car, however tell them u need that warranty , ask for wiggle room to get the warranty.. 500 to 1k off Guaranteed. Once u get in the finance office with the agreed price... switch it up... put 10k down, tell them u dont want the warranty... then pay the car off in 3 months. This is exactly how I paid for my wife car in 2020... 2018 rx 350 lexus $34,500.00. 21k miles on it. All cars depreciate. However, lexus does a good job holding it's value longer then most companies
Great interview! Most of your guests seem to be low talkers/soft spoken. I wash the microphone was a little closer to the guests face. Very useful information, Thx!
I am an atheist but I really enjoyed your show. I have zero debts and I am very healthy financially and spiritually. I respect your religion and I thank you for the interview.
If you use CC for all purchases with the following rules 1) not buy anything you do not need - purchase you would have made anyway 2) pay the full balance using autopay. The amount of rebates of 2 to 5% and promos are substantial and yours to keep. If you cannot adhere to those 2 rules CC's are not for you, you are best off using a Debit card.
I appreciate Igor taking the time to explain this. That being said, I feel this is salient advice for folks who lack self-control or simply don't understand how to use debt. Without debt I wouldn't have a mortgage where the price for my home is pretty much static; I'd still be renting and be at the whim of the rental market and whatever my landlord thought would be acceptable to pay for housing. Without debt I wouldn't have been able to fix issues in my house - my house has already appreciated more than the debt I took out to fix it (and the fully amortized cost), and the interest rate/monthly cost is very low. Debt is useful, if you know how to use it and are careful.
He is so correct. My parents grew up in the depression, the lessons they taught me are invaluable. Greater than gold, is knowledge and self control. I could buy a brand new car and I would like one. However having to pay the state 6% sales tax is sickening to me! More sickening than the temporary lust satisfaction of a new car. God bless you.
US is funny in terms of credit. Lived there three times for up to 4 years at a time. Remember walking to Macy's and they would literally ALWAYS ask if I had a Macy's credit card yet. I said no. Then they'd ask if I wanted one, how much I was making etc. When they heard the number, they got into filling the application. Me, well, I got like 40% off my purchase for filing the application. Next it got declined. Why? Cause I had a trash credit score. Why? Cause I had tons of money and no debt. No US credit cards either, only debit cards. Had some issues buying two expensive cards at the same time with cash. In the end, it worked out ok. Saving thousands in Macy's discounts. Got a pre approved credit card in the mail literally every month. Never used one of them. My credit score still sucks in the US, cause I had money and never any debt 🤯🤣🙃
"Poison wrapped in honey"... That's a mighty good way to put it. I'm so glad my wife and I avoided the debt trap. We did the normal home mortgage / car loan thing. But a modest house and car. But we largely avoided any other debt and we've been debt free other than the mortgage for about 15 years and totally debt free for 10 years. It's not that we were that smart, but we have lived frugally and understood that every dollar can only be spent once and a dollar put on the card is going to cost more than a dollar to pay off. Last car we bought was 10 years ago now and we paid cash. Hopefully we never need to borrow again.
Im so glad I did things MY WY. Bought my first house free and clear in Detroit. 5 years later bought a free and clear rental. Didn’t finance my dream car until 25 but it was totaled out thank god at some point. Now I’m 34 with 2 houses free and clear and they pay the mortgage. Equity going up on all my homes. Oh also no children and only 2 credit cards. I’m not drowning in debt and i paid my student loans off. I want more rental properties to free me from my corporate job
Debt can be good! In the highest level of financial proficiency, loans are also a part of a successful life. - I have a mortgage on a good house in a good place, not too much house for our needs. It is still appreciating higher than the loan interest and also I have the peace of mind that I live in my own home, I can knock down a wall if I wanted to, etc... - I have a large loan when I had my kitchen re-done. Due to inflation, if I had to do that today, it would cost me twice as much - also, it's a zero-interest loan!
No kid should be able to graduate high school until they pass an exam on life style spending and survival finances. We need to empower our population with the psychology of spending
The way I see this issue is that its not the banks and credit card companies nor the stores job to teach you how to be financially responsible. That responsibility falls on you. You can cheat yourself but you cant cheat what you cant afford
Good interview,I also believe Naftali covered the credit card cycle,and how to truly handle it and the damage it does very specifically.Spending Future Money Today
You’re right on the money , ty. However there’s a great deal of ashirus now where people often times can learn for at least several years. Downside is kids are spoiled and ignorant of the real cost of living and supporting a family.
I don't have credit cards anymore, recently I wanted to get my iPhone repaired and found that Apple would not process the repair as they required a credit card for the payment. A Debit card was not good enough. Personal debt needs to be limited. I only buy a car when I have saved up to buy a car and to get any issues fixed.
If the credit limit of your credit card equals your salary, one maxed out credit card means you give 20% of your salary to the bank. I don't understand why people would do that. Here in Belgium most people use their debit card. I also have a credit card, but I only use it when on holiday abroad. And all my credit card payments are settled at the end of the month.
Dosent matter how you snaked into getting a credit card we can't blame the credit card companies for our negligence while having a card... We have to take a countibility over our financial behavior.... Very simple
Poor people are taking out student loans and living off of them with no intention of paying them off. Students are taking 100s of thousands of dollars worth of student loans off and hoping to work them off by working in low income areas.
What about them? Rent is a different category. It is not debt, unless you are living in a place you can’t afford and take out line or credit to pay your rent. Mortgage is debt/loan. Many people take out mortgages (debt) because they think they need a house but can’t afford neither the mortgage nor the household maintenance that comes from being responsible for ownership of property.
I PAY OFF MY CARD EVERY MONTH . I NEVER LET IT CARRY OVER. MY CREDIT SCORE IS WELL OVER 700. MY FATHER PASSED AT 101 AND NEVER USED A CREDIT CARD HIS WHOLE LIFE...👍👍
Tapping into home equity should be stopped . Its a loan, and should only be able to be paid down only not borrowed against, or if u want that money/equity sell the home.
Christianity, Judaism and Islam encourage being frugal. Islam even prohibits borrowing or lending for interest. However, this channel is really excellent…
@@BigD751 well it's always been really bad here in Israel but people always seem to think they deserve a pad in the center. I guess we are not the norm since we went without to get what we wanted.
You know, when I was a kid, my family would refer to me as a Black Jew because even at a young age, I knew the power of a dollar. I don't think then my family knew that this could been seen as racist. I'm much older now and I'm still responsible with my money. If you want to refer to me now as a Black Jew, I'll wear it with pride because what you're saying is I'm not frivolous with my money. I don't want to spend any more of my money than I have to.
Cards aren't for everyone. The same way home "ownership" (namely the mortgage) isn't either. In the latter, only makes sense if you plan to live at the same location for many years and your household size stays the same. While I've of course never paid any finance charges on cards in the maybe 20 years I've had them
I decided not to have a credit card thanks to this channel (in my country you don’t need it to build credit). I’m so glad I’m living my life more responsibility, and within my means. If I know I have an event coming up, I start saving a couple of months in advance to be able to afford a new outfit/gifts/the trip. Thank you guys. Much love from Croatia ❤️
Excellent and insightful presentation! I grew in what would be described as an underprivileged area, the daughter of Polish immigrants under communism. We really started with nothing, yet no one on our street had financial problems. We paid off our modest homes quickly, lived well within our means, and were working any job we could procure by age 8 or 10. Most of us went on to pay for college and enjoyed successful careers. As far as I'm concerned, I had an excellent education, lacking nothing. Money in the form of credit is not success. Life without credit is truly success.
You guys were Un-American. For instance, parents helped the kids, fed them well, gave them safe, stable, places to live while they did their part of growing up and getting educated. Parents probably let their kids live at home even after age 18 (the age where Real Americans kick their kids out to sink or swim) so the kids could attend a local college, or trade school, or go through an apprenticeship, etc. This is all 180 degrees opposite of how Real Americans do things. There's a reason Americans have the saying "Raised by wolves".
Only 47% of CC holders are carrying a balance from month to month, the rest are benefiting with the convenience of CC swiping and rewards. You say there is no emotional response to swiping a CC, but as someone who pays off the CC each month, i can say i feel the emotions of upcoming expenses like all the food costs on an upcoming trip before even arriving. I think some people are impulsive and some are not, and some are in between. The CC is a tool that is bad for the impulsive but perfectly useful for those who are planners.
Im in the same camp as you, but around every 10 years (like the stock market) things get hairy where by u lose your job, someone has a health issues, many things at once. And since u have great credit, you tap the 0 apr offers and you have every intention to pay off before maturity, and many times you can get away with transferring to another Cc before expiration also for 0 apr. but there is always a fee 3-5% on 30-50k etc is far from free. You just look the other same and write it off as who else can u borrow at 0% apr from for as low as 3-5% one time fee. But in a bad case you run out of offers to keep moving it around, things dont pick up for you in time, and you get slap with prior years taxes due, now your borrowing more on CC at zero percent, but you need to pay that fee and now your juggling to large amounts of borrowed credit. It happens to the best. It is a predatory system. They get paid in every direction imaginable.
I keep mine frozen. It's to prevent theft. A little over a year ago there was a whole thing where a band of identity thieves were stealing the garbage of my apartment complex. I'm not even making that up. I've always shredded important stuff, but I decided to go ahead and freeze my credit anyway. It's a secure feeling.
I thank G-d I no longer have car, student loan or credit card debt. It's been really difficult to get there. You have to look at it like a predator that wants to devour you and treat it accordingly.
Igor is a fascinating human with so much wisdom. I could listen to him all day long. And you always ask the right questions and are a great listener. I love Kosher Money. Love from Sydney.
Haha. I heard “you can’t afford it if you can’t buy it twice” meaning that you have that amount in savings after a purchase. Consumerism is (a form of) slavery
another predatory practice i see is car dealerships. you go into a dealership and say i will buy the car (no lease or loan), and they try to deflect and push car with loan for 7 yrs. when i asked them they called and said we got new stock arrived and how i would like to pay, i said by cash - full amount. then, there was a delay and he said, sorry, he called wrong customer, there was one ordered ahead of me. i settled for 2nd hand on loan for 7yrs, but i will pay off in 1 yr. they have some deal with the financing bank, and this is totally unethical behavior in my books. i wanted a specific hybrid, so i wasn't interested in a different car.
Adam Smith wrote "read, write and account" multiple times in Wealth of Nations. But why hasn't accounting/finance been mandatory in high schools for Gen-Z? Why not for their parents? Why not for their grandparents? Instead we have had 70 years of television brainwashed consumerism. Did John Maynard Keynes ever see a television commercial for automobiles? Try finding an economist who talks about the depreciation of durable consumer goods. But Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work. Planned obsolescence consumerism is a high technology form of slavery.
You had my attention from the start because I BELIEVE that is exactly why people end up in massive troubles other than scammers or an unexpected health crises. I am sharing this for sure today! Thank you!
If you have zero credit cards you have a bad credit score and cannot live a functioning adult life. That's the thing that no one talks about. In order to have a credit score to buy things like a house or a car you must have a credit card and not use labor income. The whole system is a racket
What I learned from home mortgage / car loan. Never amortize over 20 years. Amortize less than 20 if possible. Look for terms that allow you to pay a high percentage off every year. You will pay your mortgage off much faster. If you get a raise or extra income, slap it on the mortgage. We paid ours off in record time. Also, if you have to borrow money for a car, take the loan over no more than 2 years. If you can't manage that payment, then the car is too expensive.
Credit cards have never trapped me, for one simple reason: I can do math, and consider a spent dollar to be a spent dollar. Grandparents who survived the Great Depression by not having taken bank loans, raised me like that. But there’s no escaping the conundrum of rents that inflate themselves until they exceed net income. I hate to call the USA a failed state, but this corporate predation and dumbing down the public is clearly a situation incompatible with democracy.
Yep. I see paying 2% a month to rent quick cash can be a great deal for many special situations. I've done it when I was just starting out in life. Same as a renting a u-haul, mixer, cherry picker or whatever. My bank cards have always followed our contract and in a few cases exceeded it! In two cases, while I was responsible for $25 of losses due to theft, but they covered me so I was out nothing. In another I was late and they charged me a fee but I called them and they were happy to reverse it---above and beyond!
My generation is really struggling, and I think many of them have just given up, thinking they can just keep using the cards and just file bankruptcy later. Honestly, I would call the US a failed state. I see commercials where you can donate to feed a child in some other country for a dollar a day, yet we can't even come close to that here. The dollar is worthless in our own country, but valuable somewhere else.........
Credit cards are a great tool if you can internalize what they are and how they work. I learned the hard way when I was younger but glad I did not get into too much debt (just enough to learn my lesson).
Igor is one of the Best Guys to interview for this bilateral intergreted topic of finance and matramonial - he has seen and heard it All from all sides of the table. I myself brought Igor a few cases way back when and he was so caring, patient, understanding and professional all while not even knowing if would make any money from this client he still showed true kindness care and concern. A man of True Chessed First!
Two insightful things that the guest mentioned: 1) He took action to change his surroundings and moved when he realized the financial threats to his family. 2) He understood scarcity since he grew up in the Soviet Union. A wonderful guest who seems empathetic towards those in trouble!
I gotta say, I'm not Jewish but I really like this channel. everyone should watch it.
You know, when I was a kid, my family would refer to me as a Black Jew because even at a young age, I knew the power of a dollar. I don't think then my family knew that this could been seen as racist. I'm much older now and I'm still responsible with my money. If you want to refer to me now as a Black Jew, I'll wear it with pride because what you're saying is I'm not frivolous with my money. I don't want to spend any more of my money than I have to!
That’s not racist, good sense is just good sense regardless of race colour or creed.
I agree ..not Jewish my self however I watch whenever I can ....
I haven't had a CC in years ... if I don't have the cash to buy something, I don't get it and I tell myself I don't need it ...
works for me ..
I see the people who think that CCs are important for your credit score and or travel.miles etc ... I don't know 🤷🏾♀️
@@t.n.dynamite
LOL Bro same here... I grew up in Deerfield Beach in the early 80s, and worked at the Empire Kosher Market at 13 years old. I learned so much from the Jews from Century Village who shop there. Some of them had the tattoos from Germany. This guy Mel used to tell me "don't let money burn your pockets". No mortgage, no car payments, retired from the military, and 100% disabled vet. I'm doing okay. :)
Being a Muslim, we could have a difference in many things but whatever you said here is absolutely gold. In the end of the day, whatever you believe or do, you deserve to live in Peace.
We all deserve that.✌️
Respect!
First and foremost we are humans, brothers and sisters.
The basic principles Igor presented are viablefor any human,
be it Muslim, Jew or orthodox, like me.
@@sokolmihajlovic1391 Bingo
Can't have peace until you accept Jesus. You will be lost until then
This should be mandatory teaching in every high school in America.
This is exactly why they don't teach it. They want you in debt.
Sure, the schools do. It's basic math.
Not to mention, plenty of things are taught and not remembered or followed. How many remember algebra, trigonometry, and calculus?
What about health class? How many eat right and exercise on a regular basis?
Get the point? Most decisions come down to discipline, which many humans struggle with. 😳
What they should teach is discipline and character. that's what it all comes down too.
@@Joesire isn't that the job of the parents ?
When I was a teacher the head of year announced a "bank visit" to a crowd of 11 year olds. A bank rep got them up on stage and gave each one a $20 credit card.
As with most drug dealers the first one is always free. I was appalled, especially as I like many other consumers had in previous years dug my way out from under a rigged card.
I taught simple compound interest to my tutor group and was threatened by the school. At the end of the year, I resigned and left them to it. It's taught in schools alright - badly.
It's very empowering to listen to Jewish wisdom about money. Thank you for letting us in. Godspeed!
Hello from Phx AZ 🌞. I personally do not use credit cards due to the industry being so disgusting and how their system works. It's been great for me not to follow the crowd. Excellent discussion and very insightful . Please bring Igor back.👏
I charge everything, even a pack of gum and I receive a cash rebate of around $1,500./year. I pay the credit card in full each month and therefore I don't get charged any interest.
I’ve been saying for decades “ I work nearly half the year as a SLAVE for the “government.” I don’t want to work for a bank too.”
Empowering. If you can use credit cards responsibly, they are great. If not, stick with cash.
We are fully debt free, mortgage and all. We still live frugally, those good saving habits never leave you. Living without financial stress is the most underrated feeling I know of. It’s heaven.
property taxes will always be there and insurance. u.u
@lilpandanesegirl yes. But you can decide to move from Miami to Houston.
I was house poor after buying a house in 2005 for $500,000. That was a lot of money for a house back then. I learned the game as I played those numbers in my head for 15 brutal years. COVID 2020 saved me. I sold and bought a new out of HCOLA and man it feels good to not be house poor anymore.
Awesome!!!!!! Well done.
I was one of those people. Thank God I woke up abt 15 years ago and 5 years later graduated to as you would say the one income world. Thanks for reminding me of what I escaped from.
I can't believe they did an hour long piece that comes down to "Don't buy stuff you can't afford".
There's a multi trillion dollar industry predicated on people who don't understand that principle.
The information and wisdom that is delivered by this channel is second to none. If only people have ears to hear...
I’m a longtime subscriber. Great interviews. Thank you and hello from Canada
You ask the right questions!
I was told years ago that auto dealerships are just advocates for depreciating assets and banks are the real owners. The car is just collateral to get the loan signed for and then it’s a matter of paying interest to the bank for the privilege of owning a depreciating liability.
I commend this lawyer/therapist. Truly amazing what he has done with his life and his family’s and his impacts on others! This was an empowering episode!
I had a credit card in my 20s and ran up 3K. It was so stressful I never used a credit card to carry debt again.
When it comes to dealerships...Play their game.... tell them what they wanna hear.. tell them you'll finance the car, however tell them u need that warranty , ask for wiggle room to get the warranty.. 500 to 1k off Guaranteed. Once u get in the finance office with the agreed price... switch it up... put 10k down, tell them u dont want the warranty... then pay the car off in 3 months. This is exactly how I paid for my wife car in 2020... 2018 rx 350 lexus $34,500.00. 21k miles on it. All cars depreciate. However, lexus does a good job holding it's value longer then most companies
Great interview! Most of your guests seem to be low talkers/soft spoken. I wash the microphone was a little closer to the guests face. Very useful information, Thx!
This sould be tought in schools up to university. Thank you!
I am an atheist but I really enjoyed your show. I have zero debts and I am very healthy financially and spiritually. I respect your religion and I thank you for the interview.
If you use CC for all purchases with the following rules 1) not buy anything you do not need - purchase you would have made anyway 2) pay the full balance using autopay. The amount of rebates of 2 to 5% and promos are substantial and yours to keep. If you cannot adhere to those 2 rules CC's are not for you, you are best off using a Debit card.
I appreciate Igor taking the time to explain this. That being said, I feel this is salient advice for folks who lack self-control or simply don't understand how to use debt. Without debt I wouldn't have a mortgage where the price for my home is pretty much static; I'd still be renting and be at the whim of the rental market and whatever my landlord thought would be acceptable to pay for housing. Without debt I wouldn't have been able to fix issues in my house - my house has already appreciated more than the debt I took out to fix it (and the fully amortized cost), and the interest rate/monthly cost is very low.
Debt is useful, if you know how to use it and are careful.
Right on. We were primarily discussing bad debt (vs. the good debt you reference).
My first time watching this podcast and it’s very enlightening and helping me prioritize my financial journey
He is so correct. My parents grew up in the depression, the lessons they taught me are invaluable. Greater than gold, is knowledge and self control. I could buy a brand new car and I would like one. However having to pay the state 6% sales tax is sickening to me! More sickening than the temporary lust satisfaction of a new car. God bless you.
US is funny in terms of credit. Lived there three times for up to 4 years at a time. Remember walking to Macy's and they would literally ALWAYS ask if I had a Macy's credit card yet. I said no. Then they'd ask if I wanted one, how much I was making etc. When they heard the number, they got into filling the application. Me, well, I got like 40% off my purchase for filing the application. Next it got declined. Why? Cause I had a trash credit score. Why? Cause I had tons of money and no debt. No US credit cards either, only debit cards. Had some issues buying two expensive cards at the same time with cash. In the end, it worked out ok. Saving thousands in Macy's discounts. Got a pre approved credit card in the mail literally every month. Never used one of them. My credit score still sucks in the US, cause I had money and never any debt 🤯🤣🙃
"Poison wrapped in honey"... That's a mighty good way to put it. I'm so glad my wife and I avoided the debt trap. We did the normal home mortgage / car loan thing. But a modest house and car. But we largely avoided any other debt and we've been debt free other than the mortgage for about 15 years and totally debt free for 10 years. It's not that we were that smart, but we have lived frugally and understood that every dollar can only be spent once and a dollar put on the card is going to cost more than a dollar to pay off. Last car we bought was 10 years ago now and we paid cash. Hopefully we never need to borrow again.
Im so glad I did things MY WY. Bought my first house free and clear in Detroit. 5 years later bought a free and clear rental. Didn’t finance my dream car until 25 but it was totaled out thank god at some point. Now I’m 34 with 2 houses free and clear and they pay the mortgage. Equity going up on all my homes. Oh also no children and only 2 credit cards. I’m not drowning in debt and i paid my student loans off. I want more rental properties to free me from my corporate job
Grateful for the playback speed options.
Absolutely Excellent guest, please need a second program with him and your UNCLE ❤🙏🏽
Debt can be good! In the highest level of financial proficiency, loans are also a part of a successful life.
- I have a mortgage on a good house in a good place, not too much house for our needs. It is still appreciating higher than the loan interest and also I have the peace of mind that I live in my own home, I can knock down a wall if I wanted to, etc...
- I have a large loan when I had my kitchen re-done. Due to inflation, if I had to do that today, it would cost me twice as much - also, it's a zero-interest loan!
Had to subscribe 👍🏼👍🏼 we need more speakers on finance and taking accountability
Thanks for the great content as usual.
No kid should be able to graduate high school until they pass an exam on life style spending and survival finances. We need to empower our population with the psychology of spending
The educational system was created to create workers. Teaching financial responsibility is the job of the parents not the government.
Be prepared for kids to stay in school until age eighty.
They can drop out. You cannot legislate wisdom. Tán your damn kids insured if hoping others do it for you
Enlightened conversation, thank you for bringing high quality guests!
The way I see this issue is that its not the banks and credit card companies nor the stores job to teach you how to be financially responsible.
That responsibility falls on you. You can cheat yourself but you cant cheat what you cant afford
*Also, the national debt is $34.75 T!*
The only credit rating you need to check on a regular basis is with Hashem !
In the first minute, hard to believe he omits home mortgages. What is the logic for that?
That Thought just crossed my mind too
He should know. I love the analogy of poison wrapped in honey.
The Credit Card companies knows its easier for a person to swipe a card than pay with real money.
I really enjoyed this episode. Excellent interview and guest.
Good interview,I also believe Naftali covered the credit card cycle,and how to truly handle it and the damage it does very specifically.Spending Future Money Today
I have a 300.00 credit card I do worry about. They havent sent me a statement in months.
You’re right on the money , ty. However there’s a great deal of ashirus now where people often times can learn for at least several years. Downside is kids are spoiled and ignorant of the real cost of living and supporting a family.
I don't have credit cards anymore, recently I wanted to get my iPhone repaired and found that Apple would not process the repair as they required a credit card for the payment. A Debit card was not good enough. Personal debt needs to be limited. I only buy a car when I have saved up to buy a car and to get any issues fixed.
Insightful thankful I am responsible with money
If the credit limit of your credit card equals your salary, one maxed out credit card means you give 20% of your salary to the bank. I don't understand why people would do that. Here in Belgium most people use their debit card. I also have a credit card, but I only use it when on holiday abroad. And all my credit card payments are settled at the end of the month.
Igor was created for these ministries in these days. Blessings from a Texas Christian
great content and wisdom. made all the mistakes. rebuilding now.
Another great episode @Igor I’m curious where you went to Law School and if you became an attorney as a second career.
He went to Hofstra University.
Wow over 100k views the Langer’s are celebrities 😊 amazing work
Dosent matter how you snaked into getting a credit card we can't blame the credit card companies for our negligence while having a card...
We have to take a countibility over our financial behavior....
Very simple
Poor people are taking out student loans and living off of them with no intention of paying them off. Students are taking 100s of thousands of dollars worth of student loans off and hoping to work them off by working in low income areas.
Makes no sense,being an attorney,architect,IT, etc etc,you would want to work in a high income area where there is money,NOT where there is no money.
Great episode!
What about mortgage and rent payments?
What about them?
Rent is a different category. It is not debt, unless you are living in a place you can’t afford and take out line or credit to pay your rent. Mortgage is debt/loan. Many people take out mortgages (debt) because they think they need a house but can’t afford neither the mortgage nor the household maintenance that comes from being responsible for ownership of property.
Debt settlement commission is 20% .
What percentage of frum credit card debt is from sheitel purchases? Is it higher than jewelry purchases?
At about the 27 minute mark on bankruptcy. F that companies go bankrupt all the time. Use the system the same way they do.
This guy is the real deal
Excellent video
I love this guy
Hey this credit card story is tragically exactly what is happening to US economy. Yes, dont waste on 1) student loans, 2) credit cards, 3) cars
I like Ag and Au
Living within your means is morally sound behavior.
I PAY OFF MY CARD EVERY MONTH . I NEVER LET IT CARRY OVER. MY CREDIT SCORE IS WELL OVER 700. MY FATHER PASSED AT 101 AND NEVER USED A CREDIT CARD HIS WHOLE LIFE...👍👍
Insightful
Tapping into home equity should be stopped . Its a loan, and should only be able to be paid down only not borrowed against, or if u want that money/equity sell the home.
Wise man👍
Is he describing USA debt?
Christianity, Judaism and Islam encourage being frugal. Islam even prohibits borrowing or lending for interest. However, this channel is really excellent…
Don't live champagne lifestyle on beer wages.
Enlightening
The school system needs to reform,
House debt is some of the worst debt. Owning a home is a big loser in the long run unless you are very very savvy
Don't agree.
@@cropduster8798 it's really bad bro
@@BigD751 well it's always been really bad here in Israel but people always seem to think they deserve a pad in the center. I guess we are not the norm since we went without to get what we wanted.
You know, when I was a kid, my family would refer to me as a Black Jew because even at a young age, I knew the power of a dollar. I don't think then my family knew that this could been seen as racist. I'm much older now and I'm still responsible with my money. If you want to refer to me now as a Black Jew, I'll wear it with pride because what you're saying is I'm not frivolous with my money. I don't want to spend any more of my money than I have to.
I just finished paying off 50,000 dollars in CC debt, its the best feeling ever! I haven't used a CC in at least 6 month
Way to go, Ari! 👑
Cards aren't for everyone. The same way home "ownership" (namely the mortgage) isn't either. In the latter, only makes sense if you plan to live at the same location for many years and your household size stays the same. While I've of course never paid any finance charges on cards in the maybe 20 years I've had them
Congrats!
@@LivingLchaim ❤️
Wonderful!!! So happy for you!!! 🎊
Insightful
I decided not to have a credit card thanks to this channel (in my country you don’t need it to build credit). I’m so glad I’m living my life more responsibility, and within my means. If I know I have an event coming up, I start saving a couple of months in advance to be able to afford a new outfit/gifts/the trip.
Thank you guys. Much love from Croatia ❤️
High Five from your neighbor "Hungary". We do the same
Excellent and insightful presentation! I grew in what would be described as an underprivileged area, the daughter of Polish immigrants under communism. We really started with nothing, yet no one on our street had financial problems. We paid off our modest homes quickly, lived well within our means, and were working any job we could procure by age 8 or 10. Most of us went on to pay for college and enjoyed successful careers. As far as I'm concerned, I had an excellent education, lacking nothing. Money in the form of credit is not success. Life without credit is truly success.
"Life without credit is truly success". No truer words were ever spoken. "Poor" and free trumps being a slave to the lender, any day of the week.
You guys were Un-American. For instance, parents helped the kids, fed them well, gave them safe, stable, places to live while they did their part of growing up and getting educated. Parents probably let their kids live at home even after age 18 (the age where Real Americans kick their kids out to sink or swim) so the kids could attend a local college, or trade school, or go through an apprenticeship, etc. This is all 180 degrees opposite of how Real Americans do things. There's a reason Americans have the saying "Raised by wolves".
Only 47% of CC holders are carrying a balance from month to month, the rest are benefiting with the convenience of CC swiping and rewards. You say there is no emotional response to swiping a CC, but as someone who pays off the CC each month, i can say i feel the emotions of upcoming expenses like all the food costs on an upcoming trip before even arriving. I think some people are impulsive and some are not, and some are in between. The CC is a tool that is bad for the impulsive but perfectly useful for those who are planners.
the 4% fee they charge merchants is passed to the swipper, either directly or as an increase in the price of the merchandise.
Your rewards come from those who pay late fees and interest on their cc. If you can morally live with that, you are correct.
You would not have rewards if not for the people getting completely screwed by those cards.
@@John-du2mq as long as CC fees and interest are transparent to every card holder, which they seem to be, I'm fine with it
Im in the same camp as you, but around every 10 years (like the stock market) things get hairy where by u lose your job, someone has a health issues, many things at once. And since u have great credit, you tap the 0 apr offers and you have every intention to pay off before maturity, and many times you can get away with transferring to another Cc before expiration also for 0 apr. but there is always a fee 3-5% on 30-50k etc is far from free. You just look the other same and write it off as who else can u borrow at 0% apr from for as low as 3-5% one time fee. But in a bad case you run out of offers to keep moving it around, things dont pick up for you in time, and you get slap with prior years taxes due, now your borrowing more on CC at zero percent, but you need to pay that fee and now your juggling to large amounts of borrowed credit. It happens to the best. It is a predatory system. They get paid in every direction imaginable.
I froze my credit after identity theft 2 years ago. It helps keep me responsible and keeps the thieves out!
I keep mine frozen. It's to prevent theft. A little over a year ago there was a whole thing where a band of identity thieves were stealing the garbage of my apartment complex. I'm not even making that up. I've always shredded important stuff, but I decided to go ahead and freeze my credit anyway. It's a secure feeling.
Yep, love that feature. #Scammers
How can someone freeze their credit?
Same.
You need to individually contact the credit bureaus and request this. There’s I believe 4 of them.
I thank G-d I no longer have car, student loan or credit card debt. It's been really difficult to get there. You have to look at it like a predator that wants to devour you and treat it accordingly.
“Gazelle Intense” - Dave Ramsey (He meant it like the debt is the Lion and you have to run like a Gazelle running for it’s life)
Funny when you get debt free you realize you didn't need a lot of the things you were buying in the first place.
Igor is a fascinating human with so much wisdom. I could listen to him all day long. And you always ask the right questions and are a great listener. I love Kosher Money. Love from Sydney.
Thank you, thank you very much for your kind words 😊
Empowering. From Tucson AZ love. Thank you Living Lchaim and Kosher Money. Your channel looks great and I have learned a lot from you. Regards.
My grandfather told me never buy anything you cant pay for up front
Tuo nonno era intelligente!
Haha. I heard “you can’t afford it if you can’t buy it twice” meaning that you have that amount in savings after a purchase. Consumerism is (a form of) slavery
Wise man
Your grand pappy didn't have to go through this much corporate greed
🇺🇲🤑
How is anybody ever supposed to buy a house 🤔
This show never misses and this guy is on point. I watched the ENTIRE episode… as always incredibly insightful
I’m out of debt. Paid off student loans, credit card debt, it feels so good. Won’t take out debt again. I’m free.And now my credit score is 821. 😊
another predatory practice i see is car dealerships. you go into a dealership and say i will buy the car (no lease or loan), and they try to deflect and push car with loan for 7 yrs. when i asked them they called and said we got new stock arrived and how i would like to pay, i said by cash - full amount. then, there was a delay and he said, sorry, he called wrong customer, there was one ordered ahead of me. i settled for 2nd hand on loan for 7yrs, but i will pay off in 1 yr. they have some deal with the financing bank, and this is totally unethical behavior in my books. i wanted a specific hybrid, so i wasn't interested in a different car.
Vau i thought cash is always better
@@MirjanaPucarevic yes, it is better, but they playing games and prefer clients that willing to go into lease or loan.
Just pay it off the next month. Don’t even do the first year
@@MirjanaPucarevicthey sell your debt and bundle it to banks and use it as an
Income security
If the vehicle you were after isn't available then leave. A co-worker got the switcheroo with a semi truck and it had a dropped valve
Small cap 😂
Adam Smith wrote "read, write and account" multiple times in Wealth of Nations. But why hasn't accounting/finance been mandatory in high schools for Gen-Z? Why not for their parents? Why not for their grandparents?
Instead we have had 70 years of television brainwashed consumerism. Did John Maynard Keynes ever see a television commercial for automobiles?
Try finding an economist who talks about the depreciation of durable consumer goods. But Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work.
Planned obsolescence consumerism is a high technology form of slavery.
and Marxism is slavery.
You had my attention from the start because I BELIEVE that is exactly why people end up in massive troubles other than scammers or an unexpected health crises. I am sharing this for sure today! Thank you!
If you have zero credit cards you have a bad credit score and cannot live a functioning adult life. That's the thing that no one talks about. In order to have a credit score to buy things like a house or a car you must have a credit card and not use labor income. The whole system is a racket
Igor, I'm calling you !!
Lol. I love this guy
Enlightening on helping relationship portion of debt
God Bless
What percentage of debt and bankruptcies are due to medical expenses?
What I learned from home mortgage / car loan.
Never amortize over 20 years. Amortize less than 20 if possible. Look for terms that allow you to pay a high percentage off every year. You will pay your mortgage off much faster.
If you get a raise or extra income, slap it on the mortgage. We paid ours off in record time. Also, if you have to borrow money for a car, take the loan over no more than 2 years.
If you can't manage that payment, then the car is too expensive.
Credit cards have never trapped me, for one simple reason: I can do math, and consider a spent dollar to be a spent dollar. Grandparents who survived the Great Depression by not having taken bank loans, raised me like that. But there’s no escaping the conundrum of rents that inflate themselves until they exceed net income. I hate to call the USA a failed state, but this corporate predation and dumbing down the public is clearly a situation incompatible with democracy.
Yep. I see paying 2% a month to rent quick cash can be a great deal for many special situations. I've done it when I was just starting out in life. Same as a renting a u-haul, mixer, cherry picker or whatever. My bank cards have always followed our contract and in a few cases exceeded it! In two cases, while I was responsible for $25 of losses due to theft, but they covered me so I was out nothing. In another I was late and they charged me a fee but I called them and they were happy to reverse it---above and beyond!
My generation is really struggling, and I think many of them have just given up, thinking they can just keep using the cards and just file bankruptcy later. Honestly, I would call the US a failed state. I see commercials where you can donate to feed a child in some other country for a dollar a day, yet we can't even come close to that here. The dollar is worthless in our own country, but valuable somewhere else.........
Fun fact the US is not a failed state. It's a failed corporation
Credit cards are a great tool if you can internalize what they are and how they work. I learned the hard way when I was younger but glad I did not get into too much debt (just enough to learn my lesson).
Very inspiring!!!! Everything he said is the stress I'm living all day. I listen to Dave. I feel like I'm in the ER and needed to hear all this.
Igor is one of the Best Guys to interview for this bilateral intergreted topic of finance and matramonial - he has seen and heard it All from all sides of the table. I myself brought Igor a few cases way back when and he was so caring, patient, understanding and professional all while not even knowing if would make any money from this client he still showed true kindness care and concern. A man of True Chessed First!