Should I Refinance My Mortgage | 1% Mortgage Refinance Rule
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- เผยแพร่เมื่อ 13 ก.ย. 2024
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When Does It Make Sense To Refinance Your Mortgage | 1% Mortgage Refinance Rule
0:28 - Refinancing your mortgage can be a great way to save money but when is refinancing profitable
1:12 - When does it make sense for you to refinance your home
1:44 - Calculate when refinancing is profitable
3:18 - Ho much does it cost to refinance your home
8:20 - How to save money on your mortgage refinance using a simple refinance calculation
11:20 - Why you should use a mortgage refinance tool
12:34 - How the mortgage refinance prices works
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This Video: • Should I Refinance My ...
Channel: / minoritymindset
Video host: Jaspreet Singh
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DISCLAIMER CONT'D: I'm just a random guy on TH-cam so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.
Thank you for watching! If you enjoyed this video, you should watch - Why You Should NOT Wait To Refinance Your Mortgage: th-cam.com/video/jHqBtKeCjtw/w-d-xo.html
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Never refinance unless you can drop down at least 2 percentage points AND you never add years of payment back onto the loan. If you have 18 years left, refinance for a 15 year loan. Advice I received from very wise parents.
What about opportunity cost?
Your parents were smart! I would enjoy being debt free. Risk free and then invest/risk money not my home
That's what I did. A refi from 30 to 15 years (9 years in).
@@Gameljc Agree on opportunity cost. Refinance to increase cashflow and invest that @ 10% rate compounded. Net worth wise you should be better off if you extend that debt then if you paid it off early.
Obviously your very wise parents didn't know that the longer payback period may be the better choice, depending on what you do with the money.
I am going from 4% to 2.375% and going from 27 years left on my mortgage, and now going to be 15 years.... paymest was 923, going to be 1060. I think paying 150 more a month to go to a 15 year loan!
FHA? Or conventional?
We just refied from a 30 year with 26 years left at 6.5% to a 15 year at 2.65%. Payment went up $50 a month lol.
now thats a come up.... 6.5 they was killing you bro
Same situation here but I refi'd when rates were 3.25. Thinking about doing another refi as rates are around 2.28 right now for 15 year fixed.
@@DryUrEyesM8 Same boat here. What did you end up doing?
@@TG-vk5uy Didn't refi. Might use owner occupy for investment property.
30 year with 22 left at 4% to 15 year at at 1.875 ... Just closed last week. Payment up 100$
I waited throughout the pandemic and paid off all my debt to ensure i refinanced with the highest score in order to get the best rate. I currently have a 4.49%. The bank offered 2.99%. Which I still believe is high. My closing costs are $3,500. I’m set to save $300+ a month. I decided to go for it.
7:21 "because the value of our dollars get diluted" Great, simple, and to the point, way to explain inflation.
One important thing that people should keep in mind that banks bank on the statistical fact that though many people begin with 30 Year Mortgage or 30 Year Re-finance but a large percentage of them never complete the 30 year time. Several life time events causes people to sell their house or pay off the mortgage early and banks make all the money by the amortized loan as for initial 7 years or so, it is mostly repayment of the interest and very little principal. That is why banks promote and lure customers in to refinancing without telling the truth that the outstanding principal even after year of paying the loan would stand near the original loan amount.
I’m in the middle of a refi from 4.185% down to 2.25%. Monthly savings will be $280.00. Lifetime savings $101,000.00. Cost to refi estimated at $4,900 but will drop due to being a disabled vet I get out of some fees. I called to get started at the end of September and will close in December 16, 2020. Recoup time is 21 months. The day I locked in the rate was 2.64% but having excellent credit allowed me to buy down to 2.25% which is included in the $4,900 estimate. PennyMac holds my loan and I’m staying with them for the refi. I owe 23 years on the loan. I will pay more than the new monthly payment to kill the loan faster knowing I’ll be saving a lot on the back end.
Solid stuff! I bought a house 11 months ago at 4.375%. refinanced back in August to 3.25% and I put the difference towards the principal
After 5 years, I'd expect that you would fix that crooked chimney.
🤣🤣🤣🤣🤣🤣🤣🤣
My wife (girlfriend at the time) bought our house in 2015 and started paying an extra $200 a month on the mortgage in 2017. We hope to have it paid off in about 10 more years when we are 40-41. I thought about refinancing but our interest rate is 3.125%.
I like when you say in the description BELOW! Thank you for the video
just make sure if you refinance not to add years to the mortgage for the sake of a lower payment
Who else has started reading comments after 5 minutes of watching the video
Amazing explanation! Thank you!
If you plan to pay off your home early sometimes the fees incurred aren’t worth it.
Make sure there is no prepayment penalty
I am refinancing right now. I went from a 30 year to a 15 year and my payment still went down. My old loan i was paying 185k in interest. My new loan i am paying 42k over 15 years. Shaved 70 per month and 13 years of my mortgage and saved 143k. Incredible!!!
Who is your lender?
8:10 considering inflation and present value of things is important to making intelligent financial decisions... but it's also not easy to understand, but once you do it's hard to not consider
Dude you awesome. This is what I was looking for. Subscribed.
Thanks for this! I think the concept most people don’t understand is refinancing is just a new home loan with the current balance. They go with a new 30 year loan so it’s essentially like having a 35 year loan or so and they have just extended the length of time of the mortgage with a better rate, mail ya wash.
That’s why I really like your keep paying the original monthly mortgage cost and pay it off earlier saving lots!
Other option would be to refinance to a 20 year as the term of the loan being shorter gets a better rate so let’s say 3.75% for a 20 year and 3.5% for a 15 year.
20 year would be $545 a month
Refin 2025 paid off in 2045
15 year would be $658 a month
Refin 2025 paid off in 2040
I understand investing over paying down the mortgage but a lot of people would benefit by slightly increasing their payments as they either was the extra on the lower monthly mortgage or put it into a savings account making 0.0000002%
People would benefit more by investing the difference. Why would you pay mortgage earl, that has let's say 4% interest if you can invest the money safely at 7% in the stock market. Never pay off our mortgage early!
@@Gameljc totally agree investing will beat paying down the mortgage, but my last statement most people won’t do the right thing with a lower monthly mortgage. Look how much consumer discretionary items were purchased with the last stimulus. If you didn’t need the stimulus for food on the table investing it in a depressed market like March and April would have paid big time! Instead people bought a new big screen tv and furniture. 🤦♂️
@@doctorhorton I agree that most people wouldn't stick to investing the difference :)
Very valid points, it depends where you are in your loan and your life. I did a refi on my first buy and after 5 years I basically added 5 years to my loan at the same value for a better rate. I wish I would have known more and looked more at the bigger picture, but I also bought at a bad time which hurt as well.
I understand the concept of paying additional principal to reduce the overall amount paid in principal + interest over the course of loan, but if you are borrowing at a low enough rate, isn't it just advantageous to get/keep a loan as long as possible? If i had a mortgage at 3% and I can even deduct my interest off my taxes making my effective rate something like 2.x%, shouldn't i just pay the mortgage minimum and use my extra money to invest else where?
Refinanced from 4 to 2.7 for 29 years removed my PMI bought in 2017 . Payment is down $550 over all. Paid 4000 closing cost but got the refund form escrow around same amount and some added to the loan. I choose to pay additional principal so i can pay off early. Main point was to decrease my liability .
@Minority Mindset thank you
How would you compare just paying extra on your current mortgage. Like when you pay off your car, you just send that toward principle? No closing costs, fees, or extended years. I'm on my 3rd refi in 20yrs and feeling amortization table phobia. It's like I'm paying for my home 3 times!
Look at statements take principal divide it half
Next pay normal payment plus the half the principal
Next pay another half of half principal bi weekly
You now mortgage is cut in half Also pay your escrow insurance in full if you can.
Also important factor that I didn’t hear Jaspreet mention - you should not refinance if you will be selling your home before your payback period is past
Well... At least my 2nd re-fi
ill actually kno what im doing....
Thks as usual
But i still superr benefited
The journey to home ownership may be long and hard but will be worth when done correctly. Who else agree with me?
I bought our home 3 yrs ago and have balance of 175k right now with 3.8% for 30yrs.
I think i can pay this off in 2 yrs so i refuse to refinance just to bend over to the scum bag Wells Fargo.
There is no true home ownership in America as the property taxes never end.
I don't know. I think it's worth it if you buy at least a duplex or 3 or 4 units. Buying a single family home isn't a very good investment. People fail to consider the cost of repairs, maintenance, taxes, insurance and the inevitable upgrades to their home and all the extra stuff they'll buy to fill the extra space they now have. If you buy a multi-unit property, you can rent out the other unit(s) and pay some or all of your mortgage and then it can definitely be a good investment.
There's a pretty simple way to decide if you should refinance. Search "break even calculator" on Google. Put in your old loan info and then your proposed new loan. It will tell you how long it takes to break even on your closing costs. As long as you expect to stay in the home that long you will start seeing a savings at that point and it makes sense to refinance.
I was researching on this, your video is so in time
But what is the real future value of that $4000 if invested in an index considering the average return of such funds over the decades?
Awesome video brother. Love your content!
((Current rate - new rate)/100) x principal to refi. This is the interest saved per year. Then take closing costs divided by answer above to get payback. So ((3.625-2.5)/100)x150000=1687.5. Closing costs are 4000. So 4000/1687.5=2.37 year payback on the 4000 cost.
Wouldn't it be better to pay a little extra on your principal each month? Pay loan off faster and less interest? This would also avoid extra closing fees.
You’d have to crunch the numbers to get the opportunity cost, break even points, etc.
I am curious as to how a typical refi would compare to a standard accelerated mortgage payment plan where you would make the equivalent of 13 vs 12 annual payments broken up into 26 payments. Essentially sending a check for half your current monthly mortgage payment every two weeks. The set up fees used to be between $200-400 and the payoff to the bank would be 21 years and 9 months rather than 30 years. Maybe this formula is more relevant when interest rates were higher.
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Great video Jaspreet! I just locked in a refinance at 2.25%!
What about opportunity cost? 97$ a month compounded over 30 year at 7% would be worth over 117k. People think they have a "mental highground" if they paid of their mortgage early. Their is no reason to pay your mortgage early, you should invest the difference and ride the compound interest affect. Other than that I love your videos :).
@Angel Ramirez over 30 years its basically guaranteed
@Angel Ramirez trapping your dead equity in your home if yu live in it is not guaranteed that housing will continue to go up
Wait! Shouldn't you compare that to opportunity cost?
If you used that $4000 and just invested it into the market over a 30 year period, you'd probably exceed the returns (due to compounding) without the hassle.
Obviously, this is a "sure thing" with a good return, but maybe you should take the initial $4000 from the money you planed to invest in bonds over that time period to make sure the money didn't chip away at your equities return
Bought our house in July 2016 for $196k at 3.625% on a 30 year. In January 2021 we refinanced $144k to a 15 year at 2.5%. Fees were $3200 that we rolled into the plan which made it $147k refinanced at 2.5%. Monthly payment went up about $130/mo. Well worth the $3200 cost. We stayed with the same small town local bank and kept pushing them to keep the costs down and find ways to lower our fees Not sure if it worked but the $3200 was definitely less than expected.
If you had paid the closing cost out of pocket instead of rolling it into the mortgage wouldn't your payment be less. Now it's more and you had equity in the home. I thought refiance at a lower intrest rate for 15 years with equity would lower your payment to less than original loan so one could continue make the same payment and now put that extra towards the principal.
@@eileenwatt8283 Grab a loan calculator and run the numbers. In 5 years we built about $50k equity. If we had paid the costs upfront then yes our payment would be lower but just because one refinances to a shorter term does not always mean a lower payment. We were only 5 years in on an original 30 year mortgage Our payment went up but more goes to principal instead of interest. Now if we refinanced and started a new 30 year then yes our payment drops given the 30 year starts over at a lower principal. We probably could have gotten our 15 year and 30 year payments to be the same but that would have required more than the closing costs as upfront payment (if i recall correctly) and at 2.5% i would prefer any payments go into our investments given most of our dividends are higher than 2.5% (not even considering the potential for capital gains)
YES! I needed this video right now.
I just filled out a refinance application with one of my banks, looking to drop into a 15 year fixed and pay extra principal; if all goes steady, the house will be paid off in less than 13years. Paying extra principal won’t affect my other monies for investing. If you are on the fence, run amortization schedules. Jaspreet, keep up the good work!!!
We are considering refinancing. We have been waiting to see how much lower rates are going to be. I think now is the time though. Great video!!
@Minority Mindset LoL nice try.
I think you just have to see if the math works for you. Many of these people talk absolutes, but they don't know your particular life circumstances. What may be a true generally may not fit what is happening or growing in your life. So if you refinance and you use your savings to pay off high interest loans (without making new ones) and then put your money to work by investments, paying off principle, or other means then it can be good. The best 30 year rate I have seen is 2.25, but the stock market (over the long term) is around 10. Maybe investing in a 10% return for 10 years would be a better use of your money than paying off the 2.25. Just see what works for you.
Did you even watch the whole video?
Excellent point. The key to refinancing is lower payment. Lower payment gives you more financial security on a long run. You have higher loss of income threshold while staying in your house. If there is ever a 50 years mortgage, I'll be the first one to get it. This works if you planning to stay in your home for over 7 years though.
You did not factored in the interest already paid in that 5 year of the original loan. When you refinance you start paying interest again. You have to add up both values (already paid and new to be paid) and see if its worth it refinancing or not. Obviously a very low rate will most likely be a good thing but its something you need to consider when refinancing. For me, saving 9K on my loan during a 30y period did not overcome the fact that it would be paid 4 years earlier.
If you pay that $3700 towards the principal today, it will come to same amount as you would refinance without the risks. If you move or sell after refi. You will lose that money.
I have 4% for 30 year fix. I'm trying to refinance to 2.70% 30 year. But now they say my DTI is too high. Because of a car payment . And my rate is 2.9%
On this car payment for 5 years.
If they would let me refinance I could save $ 500 a month
Take your business to a different bank.!
Interest rates are so low! Get that fixed rate locked up for 15 or 30 years while you can.
Real estate investment is one of the biggest investment in the world right now, most people make huge profit from real estate market but it's not profitable for me me.☹️
Same it was not profitable for me though it was lucrative at first.
Over the years I came to realize that 70% of millionaires today are investors.
@Jason Brian until you understand the rule of money you can never be rich, investors understands rule of money.
@@staffsergeant8749 how can you help me?
@@masonwilliam8921 understanding rule of money is knowing when to invest, what to invest and how to invest.
Good video - 2 things missing: 1) How much longer do they “Plan” on living in the home? 2) assuming they plan on staying in the home the full term.
What did they do or recommend with the $97 per month? LOL - as I’m typing you answered the question by paying the additional $97 toward the payment. Why not just put the loan on 25yrs? Still that’s assuming they keep the home for 30yrs. Great video - good clean answers and delivery. 👍
Buying a house is not easy i have tried 2 times, but i will keep trying until i succeed
Because you can’t find a house or get financing?
@@parabellum1002 mostly the financing part. i was pre aproved twice to 0 down payment but was later told that i needed 15 % down payment. i came to the conclusion that my only way possible is with a down payment.
@Ryan M are you saying that its a good time to invest in a house in this market?
@@carrosdiecast3650 most lenders ask at least 3% of the house value. Depending where you live, buying a house might be a great investment. I tell people to see mortgage as rent, add 100 more to fix the house
Thank you, you explained that very clearly. I'm about 3 yrs into my Mort. at 4.5%. I can refi for 4%, and I wasn't sure if it was worth it. I'll hold out until they can do better
I held out, and now I'm getting 3%
@@zulikkowalski3547 im in the same situation too. Should I wait out now tho?
Good tip, but don't forget that interest rates don't have to "drop" for you to qualify for lower interest rates. If you've owned a home for, say, 8 years, you have paid down principal and presumably gained appreciation as well. That would drop your loan-to-value ratio (LTV), which in and of itself qualifies you for lower rates. Plus, if you've been building credit over the past 8 years (let's say you've gotten a few raises and are better about paying down your debt) and now have a better credit score, that also qualified you for a lower rate. Plus, quite a few lenders will let you do a "flex term", which means that you don't need a 30-year or 15-year loan. You can pay the loan off in the same amount of time.
I think you are forgetting the opportunity cost of paying the 4 k to refinance. Give a seven % return in the stock market, you would double your money every decade. So 4 k to 8 k in the first decade, 8 k to 16 k in the second decade and, reaching the full thirty years it would be worth 32 k.
Love the channel although, some great content about finance!
Exactly people are so confused about this and are paying their mortgage early. The bigest mistake.
I knew something don't feel right haha, i dnt really like debt, its always the lender that come on top.
Great video but i wonder why nobody mentions the 5 years of interest you pay that went down the toilet when you refinance for another 30 year
The bank wants to keep you at the front of that front loaded interest !
that’s what I am saying!!! why does no one address this? Refinance means you are starting that amortization table all over again. :(
@@Elena-er7zp you should calculate opportunity cost. How much you pay in interest isn't the whole picture.
@@Elena-er7zp as long as you’re not doing a cash out refinance amortization schedule doesn’t matter. You’re still saving money.
It is the closing costs that kills a refinance
So does it make sense to double payments for the first half of the loan and then make the minimum payment during the second half?
*So interesting you did this video because Lindsey and I were JUST talking about this last night. Rates hit another record low. 12th time this year!*
Thank you for breaking it down!
Great information! I just went through the refinancing process but I wish I would have watched your video before in order to get a clearer picture of the cost analysis
I am refinancing since the closing costs are gonna be rolled into the new loan and I have no costs out of pocket. Having a lower monthly payment makes me feel much more secure during such an uncertain time. And it gives me more cash available to invest :) maybe I’ll buy another property!
That is exactly what I’ve been considering.
Refi to extend mortgage term with cash out. Use equity to INVEST in a future property - not new furniture or new car!
Any feedback / suggestions on this approach?
Dont pull another 30 year mortgage.
At this point when refinancing do a 20 year.
5 years later if rates drop again to save 1% or more , do a 15 year .
7 years later if rates drop again, do a 7 year mortgage. You wanna stay on the same path of time line to pay off home or faster
A 15y fix for 1.99% sounds really good these days
Great Video! You get a sub!
I did a refi, but I jumped from 30 years to 20 years. Paying a little more a month but going to save roughly 80k in the long run.
Awesome video. Exactly info I was looking for.
Good morning Jaspreet could you make a video on mortgage recasting would love to see your break down
@MinorityMidset , are there any pros or cons to refinancing with equity vs cash? Who benefits? Who loses?
Great job explaining!
Great information! Thank you!
The amount of effort you put in this video is everything, thank you Jaspreet!
How many times can you refinance a home?
In the long run refinance is a trap.
Because now you go back and start a new debt.
Lets say you have 30 years mortgage you have paid 10 years you have left 20
With refinance you go back to 30 years again.
Meaning more years to pay off so where is the savings.
You can refinance to a20 year loan, can't you?
You should think about the opportunity cost. Smaller payment = more money to invest.
Refinancing to a shorter term may have lower interest rates
I was thinking about this at 4 am,telepathy is real .Great information.
We refi with cash out recently . there was a 2% drop . so a monthly 200$ saving unfortunately for an extra 10 yrs over original loan . The extra money is going into Repairs to foundation & high interest outstanding bills . with extra 200$ savings we shorten the total time by 10 years saving 10K$.
And then, cut the time of loan even more by paying weekly.
Much needed info, thank you
I would wait til 2021 to do anything with a home. Here in Portland Oregon, places are only now starting too get on the market that the average person can afford. Wages won’t be going up for about 5 years so live within your means more then ever now. Peace and love.
Can you do a video on the break down of fees and taxes for a refinance?
Bro, I heard a mortgage is "good debt" and not to pay off your home early. I understand early pay off will save on interest but that home can also be a tax break. What you suggest? -Ty
This is a complicated question because it's very situational. But let's take a quick example. Say your mortgage is 300k and your interest is 4%. You're gonna pay about 12k in interest for a year.
Now let's say your married filing jointly, make 150k a year, and your in the 24% tax bracket, you'd owe roughly 36k in taxes. The way the mortgage interest works is to lessen the amount you owe taxes on, meaning you'd only owe income tax on 150k - 12k = 138k. This isn't enough to drop you into the lower bracket so you still own 24% on 138k or roughly 33k. So you paid the bank 12k in interest to save 3k on taxes. Sounds like a bad deal to me. (If you disagree I'd like to be on the receiving end of that transaction 🤣)
Next to even get the discount you have to itemize your deductions, see complicated... The current standard deduction is 24k so you have to have deductions greater than 24k for it to even matter, which isn't impossible, but I have 5 kids and I barely break past that.
I'm not saying you shouldn't take the deduction if you qualify for it, out that the deduction is evil or anything, just pointing out how bad the advice of "keep the mortgage it's a tax deduction" advice is.
These are all rough calculations and not exactly how amortized mortgage interest or the tax code works, but close enough to get the gist. I'm not a tax professional and this is not tax advice.
Great video !! Jazz is the bomb 💣 👍🏼🙌🏼
What about property taxes when your home value go higher?
This is a great video thank you!
Yess! I love this video. Thank you
My house balance 225,000, 26 years left payment 1650.00 per month that’s include my taxes. If I start beginning this years a payment 2300.00 to the principal and each month additional 200.00 per month 3.25%. How long I be able to save each year of interest? Please let me know.
nothing like one your videos to start my Saturday!
Great videos we need more
Hi Jaspreet. I'm not in the USA, we don't have the same exact mortgage system. Here is my story. My mortgage is 63.136 €. Rate 1,35%, for 15 years. Mortgage insurance is monthly 32,20€ . First payment was in September 2019. My plan is to pay off the rest of my mortgage in October 2026 ( the total will be 35k € including the 6 month interest penalty ) . So instead of being free in 2034, I will be mortgage free in 2026. What do you think ? ( why in 2026? Because I still need to save up to achieve 35k) . I earn minumum wage, I can't save big chunk of € each month)
As a person who hates money.. ehh I must be the controller. Not the money..maybe watch burning money as for fun..if I am secure
Wow , that's a really detailed explanation. Thanks juspret
And that is why u refinance not with a 30 year but with a 25 , 20 or 15 year depending how many years U have left on your original mortgage - most lenders offer this option if the lender charges u a lot of fees getting that lower rate they are being dishonest u find another lender. Basically the banks are crooked here u have the federal gov lending them money at almost 0 percent to help the struggling citizens and they still find ways to cheat and rob u with fees
Refinancing really works best when you can lower your interest rate 1-2%, and then continue to make your original payment so that a higher amount is applied to the principal instead of to interest. The trick is to beat the interest/ principal curve; otherwise, you are amortizing at the bank's rate, which really feeds their pockets over the long term.
Using his example, although you could refi to a lower interest rate and a lower monthly payment, you are best served by continuing to pay the 537 instead of the 440. Barring any major change in your expenses, this will result in a ~18% payment up and above your premium due, which should help you pay off your home years earlier than expected and save you thousands and thousands in interest.
True. This is the best way and easier especially if the person paid extra every month on the original mortgage and the amount left is half of the original loan. That's a lot of equity. They should refinance for the lowest monthly payment and put double or triple on the principal. Mortgage would be paid off in less than years given.
With a low monthly payment and no other debt one can pay the mortgage weekly for 12 weeks, starting in January. At the end of 12 weeks the mortgage is paid up for a year. Every month put money on the principal. The mortgage will be gone in less time.
Paying the mortgage for the whole year ensures that if one is sick or loses their job the house is secure. They don't have to worry.
This work for car payments too.
Take the lowest payment and pay it weekly to keep it ahead for 6 months or more. Prepayments is the best way to pay off high expenses and have financial freedom .
but your forgetting the 3700 hundred dollars invested over 30 years would be 28000 at a modest 7 percent return from the market
Hey Jaspreet, have you considered just recasting or reamortizing your home loan instead of refinancing? Would it be better to pay off what you have sooner than to redo it? Something to consider. 🤔 BK
I think refinancing to a 30 year from a 30 year is the worst idea ever. Look at the amortization table and realize you're giving massive amounts of interest to the bank for those first five years.
Great explanation
What do you think of buying land and putting a manufactured home will not that be a lot cheaper than a stick built home
Keep hustling
Or, instead of paying down the principal, you could also take the savings and invest that at, hopefully, higher returns.
I saw the title and was like "I bet Jaspreet is going to mention refinancing at a lower rate but making the same payments to pay off the loan earlier." 8:28 Yup, called it. This is basically the same formula for most loans. The faster you pay off any loan with an interest rate, the more you save in the long run.
“Don’t forget about fees. If you’re getting confused” remember, that’s why you’re poor.
That was extremely helpful, thank you