My Dad told me when he grew up, credit cards and car loans where very rare and he was taught not to use them. He said living in a world without credit cards/loans forced him to learn to save and budget for the future. This was a blessing in disguise. Unlike today, few will become financially independent. Because they have been brainwashed by the “got to have it now” society we live in. Learning to live as my father taught me, has allowed me to live debt free. This is so much better than living in debt. The Bible warns us about this in Proverbs. The borrower is slave to the lender. You don’t want to be a slave to anybody. It’s a choice!
@@jimbojimbo6873 Good morning Jimbo Jesus died so you don’t have to “live in the gutter” of this world. He loves you so much and died to forgive you of ALL your sins. Past,present, and future. You can live in peace and joy every day. Read the Book of John to find out all Jesus done for you. Have a great weekend! ✝️
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Actually it doesn’t. It’s actually about getting in at the right place at the right time. Like getting churches to pay you to write a bunch of books before 1980. So stop telling people how to live after 1980.
I'm not sure this is exactly "new." I remember watching infomercials growing up with the tag line "4 easy payments of $19.99!" This seems like the same tactic reskinned for the modern age.
i think the difference was it was a way to get people to buy something that was expensive but not that desirable. Now they are making it easy to do payment plans on stuff everyone wants.
I’ve been doing my own version of buy now, pay later for years. Except that I’ll put my purchases on a credit card & then pay the credit card off in full before the bill is due. 😊
Ditto! We realized that our credit score was dipping significantly over the month because at any given time our CC reported half to 1.5 months' balance! One quick call and AMEX changed us to pay the entire balance when the bill came due, instead of just the bill amount! 10/10 would recommend!
I’ve paid mine off every day for 5 years now so it became a habit and I could see the money leave my account every time I made a purchase. Works really well for me and I’ve never paid a dime of interest or spent more than I otherwise would have with my debit card.
this and the healthiest food you can buy is the food that doesn't get advertised, when was the last time you saw a commercial for rice, broccoli and chicken?
The thing that BNPLs have unlocked for me recently was this question i had after looking at it. "Was I Really able to afford $1300 on an E-Bike in 4 payments?" Long story short, my old car blew a head gasket and engine crapped, I needed a reliable mode of transportation to get me to work (which is 30 miles away from home) and I had no emergency fund. After I paid this, I started to come to the realization that I can easily pay down my debt if I'm able to do this so I've organized my debt and set a budget and now I can see where all the money has been going and I put a stop to it.
It is so interesting how different the USA and Europe work. When I applied for a mortgage I was asked if I had ever used a payment plan for a TV/laptop or other stuff. They told me if I had I would not get a mortgage because they wouldn’t consider me being a financial responsible adult and how I could ever afford to pay back a house when I can’t afford to buy a dishwasher.
The other thing that credit card companies are doing is offering you to take out a loan out on your credit card! It's absolutely insane. Citi has been pumping this down my throat non-stop.
Then get rid of your city card. I didn't use my bank of america card for so long bank of america canceled it for me since i was scared to cut it up and close the account.
Credit card companies are always wanting to increase my card's limit, you know, in case I need to make a big purchase. I told them they were crazy. I have a line of credit at a far lower interest rate that I would use if needed. Not to mention an emergency savings account. Why on earth would I want to pay a credit card's astronomical interest rate for anything?
I grew up thinking a budget was like a diet - punishment and restriction - but a while ago the algorithm sent me to George and the Ramsey Solutions team, and now see budgetng as empowerment. And, every few weeks I pop in for a little binge watch to remind myself. I was doing ok with money by saving first and blowing the rest of my salary - but now I feel in control and way more confident. I've cut up my credit cards and am using debit cards - I've saved up a super healthy buffer and am investing heaps. Intentionality is starting to become a habit and I'm really grateful. So, thank you all for inspiring me to be more intentional with my money.
I like to think a budget is more akin to a meal plan than a diet. When you shop without knowing what you plan to eat, you are more likely to waste food that you didn't eat and not have all the ingredients for the things you do want to eat. Same with a budget. Not having a budget means you'll probably waste money on things you don't need and not have enough money for the things you do need.
These are bad. I think even worse are door dash, grub hub, etc. I was at home one day and hungry and figured "let me order something". $10 or $12 meal would have been like $20 plus tip. I just went to the refrigerator instead. A lot of people almost only order food through those apps.
I really wish I could point to something and say “That’s it! That’s what’s killing my wealth right there!” But I don’t do any of these things and am still dead broke. Only pay for the things I absolutely need, spend less on groceries than most, don’t eat out more than a few times a year, don’t take vacations, drive an ancient car…and yet, I’m still here. 😫
We live in a comparison culture, their house is newer and bigger, they have new furniture, they drive a new car, they carry a designer bag, they are rich and I am poor...........buy what you like and can afford, pay for it when you buy it. You will never get your cards payed off if you continue to compare yourself to others. I have found that having those things is not as much fun as wanting them but having money can and does make me happy. I live in a little house and drive an old car but I do have plenty of money. Maybe next year I will buy a nice used car and if I do it will be paid for with cash.
Buy now, pay later is an anathema to me. I cannot believe that people buy it. I am stunned by credit card interest rates. We once called people who charges such interest rates loan sharks.
A bit off topic but (I know I am dating myself) when I was a kid I saved up at the time what seemed a fortune to buy a pair of the original Jordans (‘84). My dad said no way was I going to waste a summer of lawn mowing on a pair of shoes. He made me open an investment account, and buy a real asset, ended up going with GM. Made a couple of bucks over the decades. Showed him what those shoes were going for now and he said I should have bought a pair. OK boomer.
6:12 Anyone else see the irony here? He is selling a subscription and next breath says to stay away from installment plans. George, guess who else is looking out for their financial well being at the expense of everyone else?
When my wife and I moved from Hawaii to the mainland we were basically broke (no debts but broke). I had just gotten a new well paying job but we didn’t have any enough to buy ourselves a sofa. So we financed it, it was an interest free financing. Over the course of 14 months I slowly payed it back not knowing that after 12 months all of the interest would be added back to it. Even tho I had payed back more than the minimums. I felt really dumb and was really angry at the bank and at myself. I could have payed it off after the first paycheck I got but no it was stupid and I they get you on small stupid mistakes
I had a similar experience with paypal. I was paying more than the minimum payment for some furniture, according to what they said was due, then all of a sudden over $800 dollars was due, or I would have to pay interest on the whole loan. Fortunately, and very unusually, I had the amount and paid it off. Lesson learned though, so worth it in that way.
@@M_SCit varies but if you pay it back within the timeframe you Don’t have to pay that interest. If you take one extra day . Forgot it you end up paying all the interest
I’ve used these once or twice before. As long as you pay in full before the final date where they start charging interest it’s not a bad deal and saves you from paying interest on a credit card.
I love how he talks about shoes, I've noticed the kids these days are all about shoes, even males. I just commented the other day somewhere that people who knows what kind of shoes you wear, or feel they can tell a lot about someone from their shoes are lost financially.
In the 80s & 90s expensive shoes were all the rage. People were paying $120 or more for each kids shoe. It's insane. That's like $250-$300 in today's money. I think for awhile people got over that. 2000s it seemed went the other way. I saw a lot of flip flops & boat shoes. Vans. Cheap stuff nobody cared about. (Yes.... I said that about vans). Interesting that trend is back.
This is literally one of my best episodes, added to the previous few. Could so much relate to the ''exit tax and safe place''. Truth is, since stock market appreciation is not taxed (if you know where to look), I personally invest most of my money there. Thats how my husband and i made our first $1million.
My wife and I have been doing this same thing. Can't get into trouble with the IRS when we have no income and all our money is in stocks. Personally, I don't like doing the work though. Lol. So we just invest through a licensed advisor who does the stock picking. Our money grows, and we are tax-free.
This is why I've entrusted a fiduciary with my investmnt decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to over $850k. My personal best so far
I had 5 buy now pay later things running at the same time. And while it wasn’t big amounts + my only debt it was just annoying and I always wanted it to be over with. As of this month they’re finished. By watching this video of the KAMEL (Knightly And Mighty Entertaining Man) I now know to never start one again - as I want my finances to look up and not down. 🎉
Back in the 60's a great song called "Everyone's Gone To the Moon" and a lyric in it says "Arms that can only lift a spoon". Sixty years later, it looks like it is beginning to be true.
Squirt used to be an independent soda producer. Then Pepsi bought them out. Squirt has a rich history, one of the last pops to stand up against the giants, Coke and Pepsi. Both Squirt and Dr. Pepper held out for a long time, but finally caved. With those established names and brand recognition, no way were they going to change their names.
I don't need the buy now pay later service but I did use them occasionally because of the good first time customer deals. I already have decided about the purchase and at the last minute I found that pay with the buy now pay later offers $100 discount, so that's why I used it. I could pay the item in full at the time of purchase and I'll be able to pay for the installments easily. It's just a new format of credit card. I use credit card for security and free cash back, not because I need to borrow the money. Just set the auto pay to pay it back in full and in time and everything is going to be okay as long as you don't carry any balance.
Here's my controversial opinion: Some credit cards allow you to split your purchase over a certain number of months with 0% interest and $0.00 in fees (like the one I have). I will admit that typically these cards are reserved for people with good credit, while typically anyone can qualify for the ones mentioned in the video. Recently my dad passed away and I had to book a flight home for the same day. Needless to say that what was regularly a $400 round trip flight ended up being close to $1000. Now, I had the money in my bank account to pay for the flight, but being able to split the $1000 over 4 months with no fees or interest gave me piece of mind since I like hoarding cash (we lost our home in the 2008 recession when I was 13). That being said, my personal advice is don't buy anything on credit that you wouldn't be able to purchase outright without it negatively affecting your finances. And if the buy now pay later option includes interest or a financing fee, avoid it like the plague! I don't think the availability of credit cards is the problem, but the poor financial education we collectively have as a society, especially in lower income households.
Hush your mouth Billy Mays is national treasure. LOL.. For real though I though did the 'act now we will double it for free, just pay a separate handling fee.' Usually cheap stuff around $20.
As a student I liked “Buy now, pay later”. -You can buy stuff now you can afford, but stretch the expense, so the expenditure is smoother. It is not a crater, but small mole hills in the financial planning. (only, when it is free)
Me, who has an Affirm account, snapped out of it right before Christmas. I noticed with a zero balance I suddenly got hit with "wow, you can spend $4000! Treat yourself" notifications. Oddly enough, it taught me, backwards, how to dump that money in savings.
100% Based upon the thumbnail, I thought you were going to argument buying expensive shoes was a wealth killer. 😂 You have me convinced without even saying it.
Had a credit card through CHASE bank. Started making double, triple payments and BAM ! They increased my interest rate to 25% ! Because they seen, the interest they were going to lose out on !
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!.
she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.
Best life changing advice is to pick a good financial mentor and let them guide you towards wealth. This really saves you from loss and time wasting. I am glad I know Olivia Sullivan.
QVC was one of the first companies to start this kind of thing years ago with their "Easy Pay" that is billed to your regular credit card. It's easy to run up hundreds of dollars of payments if you do too much impulse shopping that way too.
What gets me with QVC's easy pay is sometimes, it'll be a really expensive item, like a $999.99 jewelry item for five easy payments of $200. What's "easy" about having a $200 payment for the next five months? Of course, that "easy" payment is before tax and most likely, an interest rate, gets added in. Some people just jump at that easy pay plan, but don't think about what kind of things might come up in the next five months that might make that "easy" payment a hardship, depending on what other unexpected expenses might pop up.
@@CarlaQuattlebaum There is no interest on QVC easy pay, but yes, the price they quote is before tax and shipping if applicable. However, QVC's prices on most things is overinflated to begin with and you can frequently find the same items elsewhere a lot cheaper.
Definitely was a problem for me the past two holiday seasons. Did the interest fee installments but the charge was to my credit card. Not so interest free. Before you know it one item turns into 5 , all from different retailers and it gets way out of control. Even if you can afford one item , the act of you doing the buy now pay later makes your brain think you can afford one more item. Then another and then another. This year i have made it a goal to not do this and pay for things in full and it works. Definitely helps with the budget.
Buying stuff online has an intrinsic “pay more” tendency, even before discovered by sellers. Years ago, I bought some clothing items from Lands End .. very good quality I was pleased with, but notably more expensive than I would buy in a store.
George, this is the first time I've come across your channel. Great advice. You're right, people make money off of our emotions. Also, I have to say there's something about you that reminds me of Jeff Goldblum. He's a great actor who seems to get better with age.
Klarna is a swedish company and the name is a Swedish word which closest translation is "clearing up", referring to a dark, rainy or cloudy weather turning sunny again :)
How would having a government pension change your investment calculations? How should teachers and other state employees on these plans invest their money for maximum wealth?
I often use a 3 month repayment plan which dosent charge interest, always for items i could pay for in full right away, usually for flights, car insurance or other large expenses, if im paying it off in time, often a month early and not paying any interest, is that working for me? Or am i missing something here?
Been debt free since I was 36. I'm 60 and still debt free. Been paying cash only since I paid all my credit cards off at the age of 36. I pay cash for my used cars. I always pay my bills on time. So not even paying late fees. My bank, I never paid a extra fee. My money and haven't lost a cent over nothing. Every dime is counted for. I always live within my means. I always ran a tight budget and strict myself from going over it. 60 and my credit scores shows nothing it's a N/A if you look it up. 24 years without using credit at all does that. I'm never going to get a credit card, will never get a loan. Cash, cash, cash only. Been doing fine doing it this way for a long time. Nothing is different other I'm not paying other's playing with my money. It's me and my money only. Play it smart, don't try to be a Joneses or do stupid trends.
Oddly enough, I actually really need new shoes. I’ve been wearing the same ones for years and now my feet and one of my knees just hurt and those shoes are falling apart. One pair I’ve had for two-and-a-half years, one I’ve had for like three or four years.
It’s weird that you said my name. Zachary isn’t even that common of a name, you just took a shot in the dark and were hoping to catch a fish. It was a fun experience haha!
I see this just like credit cards-if you’re financially educated and disciplined, it could be a good tool to make use of. Otherwise it can destroy you.
Expectations for 2024 is that markets starts to broaden out more, with the rates cut and all but i have a couple of questions....can I safely invest $220k in the markets particularly in these stocks and What should I do differently?
Accurate asset allocation is crucial right now, and some individuals use hedging strategies or allocate part of their portfolio to defensive assets for market downturns. financial advisory is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly $1m ROI
Bella Mia Darmon is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Other jokes aside, Warsaw is a great place and Polish food is delicious. At least this grumpy Hungarian loved them both in 2003, when she visited there.
I've been debt free since the start of 2020 and plan to stay that way. I get those ads constantly. Payments are a big NOPE for me. If I can't afford something I want, I get it the old fashioned way: I save up for it THEN get it.
I've always ignored affirm and klarna. The Game that they are playing is so obvious man. Like, why tf would you put a $20 online restaurant order on a PAYMENT PLAN?? Just pay the dang $20 right now, and if you can't than you shouldn't be spending $20 at that moment in time
BNPL is pretty nice if I already have the cash, but I'd rather earn some interest on it in a savings account. If the BNPL is 0% of course, and I would have paid in full if the BNPL wasn't available, of course. Fixed instalments? Delayed interest? There's a standing order to automate payments so the company gets nothing. Discipline required to not touch the money that isn't yours anymore - the moment you have debt balanced against savings, those savings are just in your custody - they're not yours anymore,
I did a no interest buy now pay later for new tires when I had the cash to pay for them 50x over a few years ago. My theory was I'm making more in savings so why take money from sinking fund to pay for the tires when I could just do monthly payments. The reality was all the mental gymnastics required maybe netted a $5 spread. Not worth the hassle, just pay cash!!
@@casinokam2695 the stress was that nagging voice in my head that only paid me $5 in rent over 4 months ($5 gain was interest for money sitting in savings longer) saying you have debt! Your almost at BS7 and have well over 1M net worth. Why do you owe someone money??
Instant Gratification vs Delayed Gratification. Ive used paypal pay in 4 and its probably the best. But overall, dont buy something you cant affford to pay off immediately.
I will never understand someone borrowing money to buy something they don’t actually need. Even if it’s “zero interest”, it’s still borrowing money Borrowing for something essential? Should’ve planned better in the past to avoid that situation, but in a vacuum, I can sort of understand it. Absolutely not for something people don’t need
For years I was buying Nikes, timbs, uggs whatever was hot. That NYC hood mentality will keep u broke… and just giving away brand new kicks so I can get new ones and feel better about myself. How dumb was I, I fell for it. Closet full of shoes and I literally wear the same comfy ones and box the rest. I stopped and had a good talk with myself. Plus I don’t live in NYC anymore. Thank the lord. The city will have u spend money on gear you do not t need believe me.
![ILLSLICK - KILLSHOT REMIX [FULL VERSION]](http://i.ytimg.com/vi/RIK8RrqIAzE/mqdefault.jpg)
My Dad told me when he grew up, credit cards and car loans where very rare and he was taught not to use them. He said living in a world without credit cards/loans forced him to learn to save and budget for the future. This was a blessing in disguise. Unlike today, few will become financially independent. Because they have been brainwashed by the “got to have it now” society we live in. Learning to live as my father taught me, has allowed me to live debt free. This is so much better than living in debt. The Bible warns us about this in Proverbs. The borrower is slave to the lender. You don’t want to be a slave to anybody. It’s a choice!
@@jimbojimbo6873
Good morning Jimbo
Jesus died so you don’t have to “live in the gutter” of this world. He loves you so much and died to forgive you of ALL your sins. Past,present, and future. You can live in peace and joy every day. Read the Book of John to find out all Jesus done for you. Have a great weekend! ✝️
Thanks for sharing, Brian. Your Dad lead you down the proper path… Pay it forward my friend!
@jimbojimbo6873 nice insults buddy 😂
I remember your dad from back in the day. I used to call him Becky with the nice hair. Send him my regards.
@@ActiveRehabMobility
He doesn’t respond to Becky. Perhaps your thinking about some else. God bless you. Have a great weekend. ✝️
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Actually it doesn’t. It’s actually about getting in at the right place at the right time. Like getting churches to pay you to write a bunch of books before 1980.
So stop telling people how to live after 1980.
I like the way Jaspreet Singh calls those payment plans "Broke now, Broke later."
That’s good! In my opinion a better saying would be broke now, broke-er later
Ohhh I love Jaspreet!!!
Broke now, more broke later. 😊
Or to use a movie reference, Martha stewart broke now, mc hammer broker later. 😂
I'm not sure this is exactly "new." I remember watching infomercials growing up with the tag line "4 easy payments of $19.99!" This seems like the same tactic reskinned for the modern age.
Just repackaged for the internet and todays society.
i think the difference was it was a way to get people to buy something that was expensive but not that desirable. Now they are making it easy to do payment plans on stuff everyone wants.
Yup! I remember catalogs with the same scheme!
19.99=666, turned over
I’ve been doing my own version of buy now, pay later for years. Except that I’ll put my purchases on a credit card & then pay the credit card off in full before the bill is due. 😊
I’ve always paid my cc off in full. Now however, I’m clearing the balance at the end of the month so I start the new month at zero. I much prefer it!
Ditto! We realized that our credit score was dipping significantly over the month because at any given time our CC reported half to 1.5 months' balance! One quick call and AMEX changed us to pay the entire balance when the bill came due, instead of just the bill amount! 10/10 would recommend!
I’ve paid mine off every day for 5 years now so it became a habit and I could see the money leave my account every time I made a purchase. Works really well for me and I’ve never paid a dime of interest or spent more than I otherwise would have with my debit card.
Been doing it for a decade. I stopped credit cards and started using cash this February to see how it goes. So far, so good. 👋
Those rewards add up!
Payments for anything suck. Its so dumb. How much stuff do we need?
How much stuff can you take to the afterlife? Kind of puts things in perspective.
Well. food, water and air won’t be useful in the afterlife so what exactly are you saying
You don't need a house?
exactly. ask the people in Africa or China what they "need". But your ass they're not making payments for a new pair of shoes.
@@brucesmith9144
True BUT… we can’t walk around naked and without having shelter. Can’t take our clothes to the afterlife. 😮😅
I recently had a friend who told me she does this all the time. I can’t imagine buy now pay later on clothes that you don’t need.
100% facts!
I am happy to say that I am debt free as of today ❤❤❤
Wooooohoooo. Well done 👍
Woooooooooooooooooooohooooooooooooooooooooooo
Well done.
Same today
@@charleecee6201 woooooooooooooooooooooooohoooooooooooooooo
Many congratulations.
Now build wealth like no one else👍
Never buy anything from internet pop up ads. Never buy anything from TH-cam ads.
this and the healthiest food you can buy is the food that doesn't get advertised, when was the last time you saw a commercial for rice, broccoli and chicken?
"Poor people pay interest, rich people receive interest".
The thing that BNPLs have unlocked for me recently was this question i had after looking at it.
"Was I Really able to afford $1300 on an E-Bike in 4 payments?" Long story short, my old car blew a head gasket and engine crapped, I needed a reliable mode of transportation to get me to work (which is 30 miles away from home) and I had no emergency fund.
After I paid this, I started to come to the realization that I can easily pay down my debt if I'm able to do this so I've organized my debt and set a budget and now I can see where all the money has been going and I put a stop to it.
It is so interesting how different the USA and Europe work. When I applied for a mortgage I was asked if I had ever used a payment plan for a TV/laptop or other stuff. They told me if I had I would not get a mortgage because they wouldn’t consider me being a financial responsible adult and how I could ever afford to pay back a house when I can’t afford to buy a dishwasher.
Handling a debt obligation correctly raises your credit scores in the US.
Which is probably why most European economies are not growing or have very low economic growth.
@jong9379 building a system based on growth makes it more vulnerable
The other thing that credit card companies are doing is offering you to take out a loan out on your credit card! It's absolutely insane. Citi has been pumping this down my throat non-stop.
Then get rid of your city card. I didn't use my bank of america card for so long bank of america canceled it for me since i was scared to cut it up and close the account.
Doing so will cost a user a ton in finance charges.
I have always considered each credit card purchase to be a loan. And they add up fast.
If you don’t pay it off, yes
Credit card companies are always wanting to increase my card's limit, you know, in case I need to make a big purchase. I told them they were crazy. I have a line of credit at a far lower interest rate that I would use if needed. Not to mention an emergency savings account. Why on earth would I want to pay a credit card's astronomical interest rate for anything?
I grew up thinking a budget was like a diet - punishment and restriction - but a while ago the algorithm sent me to George and the Ramsey Solutions team, and now see budgetng as empowerment. And, every few weeks I pop in for a little binge watch to remind myself. I was doing ok with money by saving first and blowing the rest of my salary - but now I feel in control and way more confident. I've cut up my credit cards and am using debit cards - I've saved up a super healthy buffer and am investing heaps. Intentionality is starting to become a habit and I'm really grateful. So, thank you all for inspiring me to be more intentional with my money.
I like to think a budget is more akin to a meal plan than a diet.
When you shop without knowing what you plan to eat, you are more likely to waste food that you didn't eat and not have all the ingredients for the things you do want to eat.
Same with a budget. Not having a budget means you'll probably waste money on things you don't need and not have enough money for the things you do need.
These are bad. I think even worse are door dash, grub hub, etc. I was at home one day and hungry and figured "let me order something". $10 or $12 meal would have been like $20 plus tip. I just went to the refrigerator instead. A lot of people almost only order food through those apps.
I really wish I could point to something and say “That’s it! That’s what’s killing my wealth right there!”
But I don’t do any of these things and am still dead broke. Only pay for the things I absolutely need, spend less on groceries than most, don’t eat out more than a few times a year, don’t take vacations, drive an ancient car…and yet, I’m still here. 😫
It’s difficult, 😞 your not alone.. I know that doesn’t make you any better. Good luck 👍
Try earning more money then. Training, certificates, degrees can help. You can at least shop around for a new job starting now.
George is a fantastic addition to Ramsey.
I agree. At first i hated his arrogance then he grew on me.
We live in a comparison culture, their house is newer and bigger, they have new furniture, they drive a new car, they carry a designer bag, they are rich and I am poor...........buy what you like and can afford, pay for it when you buy it. You will never get your cards payed off if you continue to compare yourself to others. I have found that having those things is not as much fun as wanting them but having money can and does make me happy. I live in a little house and drive an old car but I do have plenty of money. Maybe next year I will buy a nice used car and if I do it will be paid for with cash.
I hate these things. I fell for Affirm once, and won't ever do it again.
Buy now, pay later is an anathema to me. I cannot believe that people buy it. I am stunned by credit card interest rates. We once called people who charges such interest rates loan sharks.
Rent to own from the 80's came to mind while watching this.
Ugh. I always found it gross to rent a sofa that likely 20 other people had until it was repossessed.
My hubby and I did rent to own on some furniture back in the 80’s. For only about 4 months. Not worth it !
A bit off topic but (I know I am dating myself) when I was a kid I saved up at the time what seemed a fortune to buy a pair of the original Jordans (‘84). My dad said no way was I going to waste a summer of lawn mowing on a pair of shoes. He made me open an investment account, and buy a real asset, ended up going with GM. Made a couple of bucks over the decades. Showed him what those shoes were going for now and he said I should have bought a pair. OK boomer.
Glad I grew up in the 60s... Had to learn to be frugal.
I feel personally attacked. The exact shoes I wear are in the thumbnail. 😮
They knew that.
George, you are...hands down...the very best of Dave's crew. I hope he puts you in charge if/when he decides to retire. God bless you!
Greetings from Warsaw, George! 😁
6:12
Anyone else see the irony here? He is selling a subscription and next breath says to stay away from installment plans. George, guess who else is looking out for their financial well being at the expense of everyone else?
When my wife and I moved from Hawaii to the mainland we were basically broke (no debts but broke). I had just gotten a new well paying job but we didn’t have any enough to buy ourselves a sofa. So we financed it, it was an interest free financing. Over the course of 14 months I slowly payed it back not knowing that after 12 months all of the interest would be added back to it.
Even tho I had payed back more than the minimums. I felt really dumb and was really angry at the bank and at myself. I could have payed it off after the first paycheck I got but no it was stupid and I they get you on small stupid mistakes
I had a similar experience with paypal. I was paying more than the minimum payment for some furniture, according to what they said was due, then all of a sudden over $800 dollars was due, or I would have to pay interest on the whole loan. Fortunately, and very unusually, I had the amount and paid it off. Lesson learned though, so worth it in that way.
Hey I didn’t know that!!! Interest free is actually interest delayed? Who can explain it more?
@@M_SCit varies but if you pay it back within the timeframe you Don’t have to pay that interest. If you take one extra day . Forgot it you end up paying all the interest
I’ve used these once or twice before. As long as you pay in full before the final date where they start charging interest it’s not a bad deal and saves you from paying interest on a credit card.
I love how he talks about shoes, I've noticed the kids these days are all about shoes, even males. I just commented the other day somewhere that people who knows what kind of shoes you wear, or feel they can tell a lot about someone from their shoes are lost financially.
In the 80s & 90s expensive shoes were all the rage. People were paying $120 or more for each kids shoe. It's insane. That's like $250-$300 in today's money.
I think for awhile people got over that. 2000s it seemed went the other way. I saw a lot of flip flops & boat shoes. Vans. Cheap stuff nobody cared about. (Yes.... I said that about vans).
Interesting that trend is back.
This was huge in the early 90's. The shoes were named after some basketball player.
Yes, that is a thing. And what's even dumber is many of those shoes/snickers are damnat ugly😂
When I was a kid mid 50s to early 70s kids dint have expensive shoes....cuz they weren't. Shall I be proud of that?
@@rabokarabekian409 Not sure what you're going on about.
This is literally one of my best episodes, added to the previous few. Could so much relate to the ''exit tax and safe place''. Truth is, since stock market appreciation is not taxed (if you know where to look), I personally invest most of my money there. Thats how my husband and i made our first $1million.
My wife and I have been doing this same thing. Can't get into trouble with the IRS when we have no income and all our money is in stocks. Personally, I don't like doing the work though. Lol. So we just invest through a licensed advisor who does the stock picking. Our money grows, and we are tax-free.
This is why I've entrusted a fiduciary with my investmnt decisions. Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to over $850k. My personal best so far
@josephbush Do you mind sharing info on the adviser who assisted you?
Thank you for sharing. it was easy to find her, then I scheduled a phone call with her. She seems proficient considering her résumé.
HEY USELESS SCAMMERS
I had 5 buy now pay later things running at the same time. And while it wasn’t big amounts + my only debt it was just annoying and I always wanted it to be over with. As of this month they’re finished. By watching this video of the KAMEL (Knightly And Mighty Entertaining Man) I now know to never start one again - as I want my finances to look up and not down. 🎉
Same lol! I kept getting crazy notifications like KLARNA JUST FUCKED YOU AGAIN! 😂 Never again!
Back in the 60's a great song called "Everyone's Gone To the Moon" and a lyric in it says "Arms that can only lift a spoon". Sixty years later, it looks like it is beginning to be true.
yes I distinctly remember that song,
Remember folks bankers and politicians are never your friends
Squirt used to be an independent soda producer. Then Pepsi bought them out. Squirt has a rich history, one of the last pops to stand up against the giants, Coke and Pepsi. Both Squirt and Dr. Pepper held out for a long time, but finally caved. With those established names and brand recognition, no way were they going to change their names.
I don't need the buy now pay later service but I did use them occasionally because of the good first time customer deals. I already have decided about the purchase and at the last minute I found that pay with the buy now pay later offers $100 discount, so that's why I used it. I could pay the item in full at the time of purchase and I'll be able to pay for the installments easily. It's just a new format of credit card. I use credit card for security and free cash back, not because I need to borrow the money. Just set the auto pay to pay it back in full and in time and everything is going to be okay as long as you don't carry any balance.
Yes, I used one of those pay 4x once. There was no interest so it was a good deal. I won't pay internet on a purchase.
Here's my controversial opinion: Some credit cards allow you to split your purchase over a certain number of months with 0% interest and $0.00 in fees (like the one I have). I will admit that typically these cards are reserved for people with good credit, while typically anyone can qualify for the ones mentioned in the video.
Recently my dad passed away and I had to book a flight home for the same day. Needless to say that what was regularly a $400 round trip flight ended up being close to $1000. Now, I had the money in my bank account to pay for the flight, but being able to split the $1000 over 4 months with no fees or interest gave me piece of mind since I like hoarding cash (we lost our home in the 2008 recession when I was 13).
That being said, my personal advice is don't buy anything on credit that you wouldn't be able to purchase outright without it negatively affecting your finances. And if the buy now pay later option includes interest or a financing fee, avoid it like the plague! I don't think the availability of credit cards is the problem, but the poor financial education we collectively have as a society, especially in lower income households.
Does your card charge an annual fee?
@@M_SC Nope
Thank you. I am from 70s 80s: Bank: Money Safe: Today: You have provided a wake up call.
Best part about this video was the Ad from TH-cam afterwards within 3 seconds saying “Or buy now, pay later!”
This was right on time for me!
I am the Buy Now Pay Later Queen……not any more after this new knowledge!
"even as smart as you are, you are not immune to stupid" - Imma gonna steal that line and use it liberally
Stupid is a very common virus
We can thank Billy Mays for the "FOUR EASY PAYMENTS OF NINETEEN NINETY FIVE!!!" that set the stage for buy now-pay later philosophy.
Hush your mouth Billy Mays is national treasure. LOL.. For real though I though did the 'act now we will double it for free, just pay a separate handling fee.' Usually cheap stuff around $20.
As a student I liked “Buy now, pay later”.
-You can buy stuff now you can afford, but stretch the expense, so
the expenditure is smoother.
It is not a crater, but small mole hills in the financial planning.
(only, when it is free)
I don’t know if it’s you or somebody else, but your videos are fantastic!
Chase bank has now “pay installments” when you have “expensive” transaction.
Me, who has an Affirm account, snapped out of it right before Christmas. I noticed with a zero balance I suddenly got hit with "wow, you can spend $4000! Treat yourself" notifications. Oddly enough, it taught me, backwards, how to dump that money in savings.
You are hilarious!!!...but seriously, thank you for the great advice! You're awesome sir!!
The me that existing pre-Ramsey would be in trouble on these things! Thanks to you all, I got my mind right before they became a thing
100% Based upon the thumbnail, I thought you were going to argument buying expensive shoes was a wealth killer. 😂 You have me convinced without even saying it.
Had a credit card through CHASE bank. Started making double, triple payments and BAM ! They increased my interest rate to 25% ! Because they seen, the interest they were going to lose out on !
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!.
Do you mind sharing info on the adviser who
assisted you? I'm 39 now and would love to
grow my portfolio and plan my retirement
She’s OLIVIA SULLIVAN FINANCIALS
she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.
She's definitely going to help you. All you have to do is look up her full name and reach out to her
Best life changing advice is to pick a good financial mentor and let them guide you towards wealth. This really saves you from loss and time wasting. I am glad I know Olivia Sullivan.
QVC was one of the first companies to start this kind of thing years ago with their "Easy Pay" that is billed to your regular credit card. It's easy to run up hundreds of dollars of payments if you do too much impulse shopping that way too.
These things are absurd. You really need to reflect if you need to make multiple payments to buy shoes etc ..
What gets me with QVC's easy pay is sometimes, it'll be a really expensive item, like a $999.99 jewelry item for five easy payments of $200. What's "easy" about having a $200 payment for the next five months? Of course, that "easy" payment is before tax and most likely, an interest rate, gets added in. Some people just jump at that easy pay plan, but don't think about what kind of things might come up in the next five months that might make that "easy" payment a hardship, depending on what other unexpected expenses might pop up.
@@CarlaQuattlebaum There is no interest on QVC easy pay, but yes, the price they quote is before tax and shipping if applicable. However, QVC's prices on most things is overinflated to begin with and you can frequently find the same items elsewhere a lot cheaper.
George, love the humor. Learning to be free with laughter. Love it so much! 😂😂😂
🇵🇱 Poland mentioned!
See you in Warsaw George 😊
I'm so happy I actually predicted when I saw the thumbnail he was going to talk about "buy now, pay later", my financial mind is growing
I feel like George needs to talk about Edward Bernays, the founder of the “American Dream of consumerism”
When he said my name, i screamed 😂, just finished your book!
Heck yeah! Thanks man!
Can’t go a day without watching some George videos 😊
Definitely was a problem for me the past two holiday seasons. Did the interest fee installments but the charge was to my credit card. Not so interest free. Before you know it one item turns into 5 , all from different retailers and it gets way out of control. Even if you can afford one item , the act of you doing the buy now pay later makes your brain think you can afford one more item. Then another and then another. This year i have made it a goal to not do this and pay for things in full and it works. Definitely helps with the budget.
Buying stuff online has an intrinsic “pay more” tendency, even before discovered by sellers. Years ago, I bought some clothing items from Lands End .. very good quality I was pleased with, but notably more expensive than I would buy in a store.
I know I am not immune to stupid, George.
Such a good channel. Very informative, but love the pop culture clips, lol
I don’t understand these services. Aside from any that may offer 0% interest, don’t we already have BNPL with credit cards?
George, this is the first time I've come across your channel. Great advice. You're right, people make money off of our emotions. Also, I have to say there's something about you that reminds me of Jeff Goldblum. He's a great actor who seems to get better with age.
Klarna is a swedish company and the name is a Swedish word which closest translation is "clearing up", referring to a dark, rainy or cloudy weather turning sunny again :)
I knew I had heard that word before
What's wrong with Uggs? As an Australian, Uggs are a cultural institution!
Nothing except Americans needing to make 6 payments to pay for them 😂. Nation of debt slaves
They are fine until they get and look worn out
I've had a Klarna problem for about three years and just paid off the last of my Klarna debt last week!
How would having a government pension change your investment calculations? How should teachers and other state employees on these plans invest their money for maximum wealth?
I often use a 3 month repayment plan which dosent charge interest, always for items i could pay for in full right away, usually for flights, car insurance or other large expenses, if im paying it off in time, often a month early and not paying any interest, is that working for me?
Or am i missing something here?
Hi from Poland! :D
George! How did you know my name was Zachary? Lol
George gets thumbs up up front every time. You rock!
Been debt free since I was 36. I'm 60 and still debt free. Been paying cash only since I paid all my credit cards off at the age of 36. I pay cash for my used cars. I always pay my bills on time. So not even paying late fees. My bank, I never paid a extra fee. My money and haven't lost a cent over nothing. Every dime is counted for. I always live within my means. I always ran a tight budget and strict myself from going over it. 60 and my credit scores shows nothing it's a N/A if you look it up. 24 years without using credit at all does that. I'm never going to get a credit card, will never get a loan. Cash, cash, cash only. Been doing fine doing it this way for a long time. Nothing is different other I'm not paying other's playing with my money. It's me and my money only. Play it smart, don't try to be a Joneses or do stupid trends.
I just turned 36 this year and this is the year I pay off my last debt and move on to the next baby step, its pretty excited
Oddly enough, I actually really need new shoes.
I’ve been wearing the same ones for years and now my feet and one of my knees just hurt and those shoes are falling apart. One pair I’ve had for two-and-a-half years, one I’ve had for like three or four years.
Simply existing is keeping me broke, I need to stop doing that.
It’s weird that you said my name. Zachary isn’t even that common of a name, you just took a shot in the dark and were hoping to catch a fish. It was a fun experience haha!
I see this just like credit cards-if you’re financially educated and disciplined, it could be a good tool to make use of. Otherwise it can destroy you.
“BNPLs” not George still mad about VRBO 😂
Expectations for 2024 is that markets starts to broaden out more, with the rates cut and all but i have a couple of questions....can I safely invest $220k in the markets particularly in these stocks and What should I do differently?
Venturing into the market without the help of a professional and expecting profit is like turning water into wine you would need a miracle.
Accurate asset allocation is crucial right now, and some individuals use hedging strategies or allocate part of their portfolio to defensive assets for market downturns. financial advisory is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly $1m ROI
@@VanPelt54u7fcyde57 who is the person guiding you? i could use some assistance.
Bella Mia Darmon is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
So… don’t buy anything , no matter what discount there is EXCEPT from you ?
aaaa cant believe you mentioned Poland :o greetings from Poland
Stop dissing on Uggs George!! 😂
Other jokes aside, Warsaw is a great place and Polish food is delicious. At least this grumpy Hungarian loved them both in 2003, when she visited there.
But he just offered to sell us a service with 20% off with payments. I am so confused.
You shouldn’t have dissed hydraulic presses. My favorite channel, featuring crazy Finns.
Forrest Gump had the best saying: "Stupid is as stupid does."
Whoa! Greetings from Poland! Pierogi are very good.
I've been debt free since the start of 2020 and plan to stay that way. I get those ads constantly. Payments are a big NOPE for me. If I can't afford something I want, I get it the old fashioned way: I save up for it THEN get it.
I've always ignored affirm and klarna. The Game that they are playing is so obvious man. Like, why tf would you put a $20 online restaurant order on a PAYMENT PLAN?? Just pay the dang $20 right now, and if you can't than you shouldn't be spending $20 at that moment in time
What's wrong with Uggs? I bought a pair of Ugg sheep skin house slippers, and they are the most comfortable thing, ever.
I was curious about my card’s pay over time….0%! but there is a small monthly fee😂😂😂😂
BNPL is pretty nice if I already have the cash, but I'd rather earn some interest on it in a savings account. If the BNPL is 0% of course, and I would have paid in full if the BNPL wasn't available, of course. Fixed instalments? Delayed interest? There's a standing order to automate payments so the company gets nothing. Discipline required to not touch the money that isn't yours anymore - the moment you have debt balanced against savings, those savings are just in your custody - they're not yours anymore,
I did a no interest buy now pay later for new tires when I had the cash to pay for them 50x over a few years ago.
My theory was I'm making more in savings so why take money from sinking fund to pay for the tires when I could just do monthly payments. The reality was all the mental gymnastics required maybe netted a $5 spread. Not worth the hassle, just pay cash!!
Ease of mind has a price. Worth it
@@casinokam2695 the stress was that nagging voice in my head that only paid me $5 in rent over 4 months ($5 gain was interest for money sitting in savings longer) saying you have debt! Your almost at BS7 and have well over 1M net worth. Why do you owe someone money??
Instant Gratification vs Delayed Gratification. Ive used paypal pay in 4 and its probably the best. But overall, dont buy something you cant affford to pay off immediately.
I will never understand someone borrowing money to buy something they don’t actually need. Even if it’s “zero interest”, it’s still borrowing money
Borrowing for something essential? Should’ve planned better in the past to avoid that situation, but in a vacuum, I can sort of understand it. Absolutely not for something people don’t need
DATA IS THE NEW OIL
Keurig Dr Pepper owns Squirt. It was created in 1938 by Herb Bishop in Phoenix, Arizona.
For years I was buying Nikes, timbs, uggs whatever was hot. That NYC hood mentality will keep u broke… and just giving away brand new kicks so I can get new ones and feel better about myself. How dumb was I, I fell for it. Closet full of shoes and I literally wear the same comfy ones and box the rest. I stopped and had a good talk with myself. Plus I don’t live in NYC anymore. Thank the lord. The city will have u spend money on gear you do not t need believe me.
Marketing, don’t you just love it?
Your data is out there no matter how you pay. Only exception would be someone who only pays with cash and doesn't carry a smart phone.
I always enjoy watching your videos.