Financial Advisors React to the WORST Financial Stories on Reddit
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- เผยแพร่เมื่อ 12 พ.ค. 2024
- We’re back with an all-new react video to bad financial advice that we’ve seen on Reddit! Unfortunately, it appears that a lot of Reddit users have seen some AWFUL financial guidance. Here’s what we think and how you can do money better!
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For those that are having a hard time understanding the "Progressive Tax" system that they are talking about try to imagine it like buckets. Each bucket has its own percentage tax rate. As you make more money it "overflows" into the next bucket, but ONLY the overflow money is actually taxed at a higher rate, the rest of your money is taxed the same as always. More income = more money.
Very good example!!
I think part of the problem is that when people work overtime their check gets withheld at a higher rate. It's still progressive but it appears as if the overtime is taxed more heavily. Of course it all gets reconciled in the tax return.
For an extreme example if an hourly employee worked 80 hours a week for 6 months they would have more withheld than someone who works 40 hours a week all year. The 80 hour worker would get a big refund, but looking at paystubs alone it would look like the 80 hour worker was being taxed higher.
I think workers remember being surprised by their first overtime paycheck being less than they expect and then pass on this myth to younger workers.
The irs even has a tool on their website to help you determine your tax. You can play with the numbers and see what will transpire if you make X vs Y income. It’s pretty neat to see what your numbers are.
That’s how it already is.
Yes! The only time getting a raise might be a bad idea is if it removes you from a financial range in which you were eligible for certain benefits (ex free childcare or housing stipends) and the raise is not enough to cover those new expenses.
In every hourly job I have worked at, at least one coworker refused to work overtime because they said they would pay more in taxes than they would make. 🙄
Repossession doesn't stop you from owing the bank money. If they sell it for less than is owed, which is most likely going to be the case, you will still owe what is known as a deficiency balance.
Oh, I did not know this, thanks for the info.
Yep. Also they have less incentive to get a good price for it. They just want it gone quickly since they can go after you for the rest.
It definitely does not. I have a repossession on my credit that im working on paying off as quickly as possible.
“It is so better to be wealthy than to look rich”. Nails it!
We’ve lived modestly so we could have a comfortable retirement. Some of our friends have not. When we’ve discussed retirement planning and I’ve shared our retirement fund balance, they’ve been shocked.
I was in my early 20’s and had older friends. I was told by someone making twice what I did that because of taxes that their net pay was just not worth it (meaning they really didn’t take home much more than I did) Another told me to just pay $50 more for a slightly bigger apartment cause why not?, when I did not need the space. And that should give you an idea of what financial decisions they made. Older does not mean wiser lol.
I hate when people who make more say they make less than lower middle class / poor people because of taxes. Completely ignoring the benefits their income brings and the amount they’re able to contribute to their future.
Same with people who spew the myth that overtime is taxed more than regular hours and that it’s not worth picking up extra hours
Speaking of older does not mean wiser. Last night my dad who is pretty wealthy and on track to retire at 54, told me that emergency funds are a waste of money and to instead use my Roth IRA and/or credit cards as an emergency fund
@@druid5561It's better to pay off high interest rate debt before building an emergency fund. If you make 5%interest on your emergency fund, but have a credit card that charges 17%, you're losing 12% plus fees by not paying off that balance first!
45-95k= 22%
95-182k= 24%
Ya, why even bother doubling my income if I have to pay the government an extra 2% 😂
Also, why does someone making 500k pay the same rate as someone making 500m?
Hmmmm, that seems odd.
I worked at a gas station for 8 years. It's amazing how much people will spend on scratch off tickets. There was an old man that would come in regularly spending anywhere between 200-1000 in an hour or 2. Years later he told me it was him trying to spend his savings before he passed because quote "I had to work so my kids are going to have to work. They aren't getting a cent" 😬
He could have just written a will and given it all to a charity or something.
@manifestingme1307Go for four hours
If I had a dollar for every time Bo said “I’m really excited about this show” I’d have like $438. I love it.
Did you know that each of those dollars could turn into $88 if only you were a financial mutant? 😂😂
$38,544 is a good start to your financial freedom 👍
7:17 I felt like I saw this in action on one of Ramit's I Will Teach You To Be Rich episodes. A couple who was going to have an $800k post-tax windfall made out their list of what they would do with the money, including upgrading cars for $150k, getting solar panels for $50k, donating $200k, and paying off their low interest $250k mortgage. They were only planning to invest $100k, but might not have even done that, since they underestimated how much taxes would take.
Thankfully Ramit pointed out their priorities were completely backwards, saying they should invest $600k of it, and use the rest on consumer debt and health costs. They were in debt before the windfall, and if they didn't take his advice, they're going to stay in debt for the rest of their lives.
I watched that ep as well - even before Ramit pointed it out, I was already shaking my head at what they were planning to do. People have the wrong priorities.
"Better to be wealthy than to look rich." AMEN. Far too many young people are falling into this trap these days to, where they think just because they got a credit card in their 20s they can afford fancy clothes, a ritzy car, etc.
But what is the point of being wealthy if you're going to drive a beater car and shop at Kohl's? You might as well stay poor at that point.
@@Anti-Taxxer You can drive the beater car and shop at Kohl's and then spend your money on an amazing ski vacation or something else that gives you an experience in life. I could care less what kind of car I drive, but when I get to blast down the slopes out in Colorado and see the beautiful scenery and just get the whole vacation experience, it's worth it.
@@TeKnoVKNG23 Well, I absolutely hate traveling and I especially hate the slopes. Your idea of a good time seems even more like a waste of money to me. I would rather drive a luxury car and spend thousands of dollars on clothes every month.
@@TeKnoVKNG23 Experiences are arguably the worst way to spend your money. They only last for so long and once they are over, all you’re left with is a memory that will inevitably fade.
I get what you’re saying. That’s why in the video they emphasize learning what makes u “tick”. What I like u might not like, etc. If your thing is fancy cars, that’s totally fine, as long as ur doing it bc u genuinely like it and not bc u “look cool.” They just focus on the fact that you do it when u can afford it and it doesn’t affect ur life negatively.
14:20 "get a bigger mortgage for the tax deduction." We bought our house in 2007 and literally everyone was telling me to do this. 🙄
You wouldn't believe how many people tell me I'm wrong when I tell them how payroll taxes work. I've been in payroll for 36 years....
"Don't make more money" doesn't make sense for taxes, but it can be very true for losing Medicaid coverage and having to switch to private insurance.
Good thing this video didn’t say anything about it not affecting your benefits then, right?
It is so much better to be wealthy than to look rich.
Need that on a shirt
An Ed Hardy shirt?
"This $20 shirt cost me $1700" 😂
Learned my lesson with not jumping on a bandwagon for a recently hot stock. A friend at work convinced me that some company was a great investment, so I bought in and the stock lost most of it's value, I harvested the loss and reinvested in another well-known hot stock (*cough* Netflix *cough*) that dumped. I'm just glad it wasn't crazy money for me and I learned my lesson that speculation when you're not familiar with a company and where it's headed is worse than gambling.
the problem is as soon as "the public" thinks a stock is hot its probably at its peak. Momentum investing afaik does work (aka does have a premium over the market average), but you have to know that other people will think its hot before they do. So for most people the research needed to actually propperly do it is way too high. So for most people index investing is still the way to go.
That’s why I ETF. If you don’t want to pay the fee. Just look at what they’re buying and keep buying em. Seems a lot of em mess with the same ones.
Bo saying "This is a mathematical flaw here that is just ffffffffffffffffffffffffffffffffffffffffffffuh". We knew what you were gonna say Bo 😂
3:35 _"Here's the solution: Go find a friend"_
F-, lost me already . . . ( o.o)
Small tidbit at @4:10. Not a critique but a small fun fact! In the Netherlands there is a situation where it's better to make less then more which iirc between 2300 to 2800 euro a month. This is because multiple different subsidies stop applying after a certain ammount which could make your net income after expenses go down. But that's a very niche scenario
I have never had a car payment... and that simple statement confuses 90% of people.
Also, I always thought 10 million was a massive amount of money until I started running my own business and I know it can be pissed away in a heartbeat now.
True. I can't imagine retiring until my nest egg is $25M or more.
I have a master in accounting and have taken tax compliance corporate tax and partnership taxation courses and the amount of people who argue with me about the tax rates is surprising
“Don’t make more income because the next tax bracket will take all your income”
Potentially true! But not for the tax bracket reason.
If you’re in at a moderate income level that grants you fully subsidized healthcare (could be $25k+ of subsidy per year) AND you have kids in college getting Financial Assistance… the combination of losing the healthcare subsidies + reduced school financial assistance, could very easily eat every single incremental dollar of income!
(Add in the likely loss of moderate income college tax credits.)
Yes, that’s crazy, and yes, the “system” is broken.
This genuinely happened to a friend of mine attending a private college. Her father got a promotion at work and as a result she lost more financial aid than his salary increased. Horribly broken system.
@@LadyOrpheus I can personally attest the problem is the same with Public Universities. Experience with both types across four kids… first making six figure income… and then managing 1040 income down to $50K. The secret to maximizing healthcare and college financial assistance depends on your state and number of dependents, as well as the number in college, but also note a gotcha for federal healthcare subsidies - income from all family members, including your kids, counts.
Bonus Tip: 529’s can be very helpful, but many schools have turned them into simply a tax savings tool for the very wealthy who will never qualify for financial assistance. The reason? In the financial assistance process, more and more schools, once they learn you have a 529, will simply take it and ask for more $. Particularly true for guaranteed tuition 529’s, but also regular 529’s. In other words, you’re simply giving away the money. Our large school in the Midwest with the top football team sheepishly admitted this.
You might as well liquidate the 529 and pay the tax and 10% penalty on the growth. Or keep $10,000 in it per kid since, insanely, the govt caps paying off college loans from a 529 to $10K per student…. And actually, newly available with Secure Act 2.0, converting 529 $ into Roth IRA’s for the kid whose name is on the 529. Without incurring the 10% penalty and without income tax liability. But there are restrictions and the IRS hasn’t “worked its bureaucratic magic” on the rules yet.
@@M22ResearchFor 529, if you can (living parents and you don't need the tax deduction) have you child's grandparents (so typically your parents or your in-laws) set up the 529. It doesn't get looked at the same way for aid calculations and, newer rule so will need to see, distributions from it aren't held against the student the same way.
If you have a 529 for your kid, best to wait until their last year so they won't have a tuition bill needing aid when that 529 money starts being looked at as income the following year (or just use the 529 to start a Roth IRA).
@@michaelpantano3324 generally sound advice but some schools interpret the FAFSA question about 529s to be asking if there are any 529’s with the student listed as the beneficiary. So, yah, you could obscure the truth, but then it would be tricky to use the 529.
More selective schools have become more sophisticated about this and other financial matters.
More selective schools also do not rely solely on the FAFSA. They also require the CSS profile, a more invasive survey, even allowing custom questions from the school.
One our schools only required the CSS profile at the freshman year and another required both FAFSA and CSS every year.
The college financial system is broken.
@@michaelpantano3324bad idea to have the grandparents set own the 529. The first year it doesn't show up on FAFSA, but in subsequent years all the money coming out from the grandparent 529 shows up as income and makes you available for less aid than if the parents owned the 529.
I'm the uncle that tells the nephew the 20/3/8 rule.
I was today years old. No idea about proper tax bracket calculations. Thank you
I used to be a bartender and server at a casino. And I watched someone throw away 3 grand in 5 minutes on the roulette table as I was trying to get him to pay for his double Shot of Hennessey said that the shots were too expensive. His buddy ended up paying for the drinks. All I could think is if you're gonna throw that much money away. Why didn't you just throw it off my tray lol It was one thousand dollars a spin
You could take the $5million and stick it in the Public High Yield Cash Account which is 5%APY in interest payed out monthly, it’s also fully FDIC insured up to $5 million, and just live off of the interest, which would be $250k/year, or just over $20k/month. All of that is without ever even touching the principal $5million.
HYSAs will not be paying out that much interest forever
Worked in banking almost a decade now and seen the majority of these many times. I could boil it down to people are conditioned nowadays to believe everything has to happen “now, now, now” and it’s more important to have a lifestyle that appears “affluent” built around depreciating assets like cars, boats, travel, trailers, all the toys & grossly overpay for bigger houses not worth their value all on borrowed money they’ll have to pay interest on over decades. Case in point you could either take a $100,000 loan to buy whatever you want with today over a 30 year term at 11% interest with a $950 monthly payment or be loaned the $100,000 but it would be invested in the S&P 500 getting the 11% average return with a $950 monthly contribution over 30 years for you to have to pay back double the principle at the end. Option 1 ends you up after 30 years debt free but having paid $250,000 in interest, the second ends you up with $4,300,000 after you’ve paid back double the principle.
I got a small sum (less than $400k) when my mother died. I paid off my car loan and am hanging on to the rest of it for dear life! (I have no other debt).
“Small sum” lol. Whatever the amount is, consider investing it prudently!
Lol rereading - it does say less than 400k, lol I guess technically even $120 is less than 400k lol so maybe it was a small sum and the less than 400k is leaving us falsely assuming it's like 380k
What about the savers credit? Sometimes if you earn too much, it reduces your tax credit more than the increase in income.
I feel people who are good with money tend to only offer advice only when asked.
Hey guys, I have a question about advancing my financial career. My current role is Agri Credit Analyst for a community bank in Georgia, but I’ve always aspired to work in a Fiduciary Advisory role with our Wealth Management Division. What Certifications would you deem just as valuable as the CFP and CFA, or are acquiring these certifications more than adequate? Thanks! Go Dawg.
When I worked for Edward Jones, most had their Series 7 and CFA/CFP and that seemed sufficient. A CPA would also do wonders, but (from personal experience) I did not see many advisors with a CPA.
I would suggest asking some people already in that division for two reasons 1) they'll be familiar with what you're bank and the managers value most and 2) it's a way to start networking so that you're top of mind and hopefully seen as a qualified in house candidate if a position opens up.
You should do a wall street bets reactions. 😂
been here since 190k subs was surprised at how fast you went to 400k! to the moon!
I’m staring down the barrel of the higher tax bracket gun in 2024. It’s law of diminishing returns and now I have to analyze is the $0.68 I’m going to make per dollar worth picking up over time? But I’m definitely making more every time I work. My parents fall into this tax trap. I’ve tried to explain it to them but they either don’t understand it they disagree with me. Super frustrating watching someone you love screw themselves over and over again.
14:22 mortgage deduction .. I think the issue here is the difference between tax DEDUCTION (which reduces taxable income, giving you say 25% of the expense as a tax refund) and tax CREDIT (which gives you 100% of the expenses as a tax refund)
This doesn’t get discussed enough. A deduction is like getting a discount, which is great if you use it on something you really need. But a discount on something unnecessary is always going to be a poor choice over investing
I do want a money guy shirt that has "im so excited" on it some where lol
They are wrong about the tax brackets, but a very narrow situation where the "be careful about making more money" applies to folks with welfare benefits. If they make just under the cutoff, their next raise has to be a _very_ high percentage to make up for the loss in benefits. So training up in skills has to be the strategy there. Makes it hard to even start a business if the first profits are modest, which they usually are.
Edit: By "they are wrong" meant the redditor's relative, not the money guys
Welfare is separate from taxes.
Losing your welfare benefits is a major deal, unfortunate that a lot of time this can trap people from making small steps toward earning more.
Welfare is a double-edged sword. It helps those struggling but also disincentivizes people to get themselves off of it. That being said they weren’t talking about welfare, they were talking about taxes only so they weren’t wrong.
16:30 What's wrong with that?
It would be like not paying your Netflix bill. What could happen except them revoking your service?
Unless you've got the phone under contract, or Pay-as-you-go. But if it's month-to-month SIM-only, what's the problem? It's not like you pay for the service after you receive it.
I think the issue is communication.
Edit: Why would cancelling a subscription through alternative means harm your credit?
If Netflix and Disney+ could report people to a credit bureau whenever they cancelled their subscription...
5:10 that's on the parents... And that's terrible, that people just learn awful financial advice and never learn better. How would they think there's another option if they only grew up with the one? That's so unfortunate.
The "don't make more money" advice is sometimes valid though. Certain government assistance programs (like SNAP) have a hard cutoff, where if you go over a certain amount the extra money you earn might be less than what you got from the program.
If your goal is to intentionally stay on government assistance your whole life (by avoiding opportunities to earn a better income for yourself), then you're not going to have a very prosperous life. Programs like this teach people how to rise above the bare minimum and build wealth.
@@MichaelAnderson-wk1no Some people are in bad circumstances and just trying to get by. It's not ideal, but try explaining to a single mom who just wants to feed her kids why she should take a 5k raise and give up 20k in government aid... What we need is a scaled reduction like with SSI, where for every $3 more you earn above the limit you lose $1 of aid instead of a hard cutoff, but until the government implements that there will be some people stuck in the position where it doesn't make sense to earn more.
@@MichaelAnderson-wk1nothe problem isn't the choice they make. Because they have no choice in a lot of situations the increase in pay is often to little to offset the lost benefits. And let's not kid ourselfs in thinking that people in such a situation have the room in their finances to take the hit.
My mother in-law (whi has filed for bankruptcy twice) convinced her 19 year old son (my brother in law) that he should buy a brand new 45k car... 😬
7:45 Makes sense. To win the lottery, you have to play the lottery. Financially responsible people don't play the lottery.
People who chase tax deductions seem to forget that they're spending 100% to save less than 100%, meaning they ultimately lose money. It makes no sense to me.
So happy to see all the new followers!
Love these reaction videos!
Hopefully that dude still has that bit coin
I seen a guy win $500 on a scratch off then waste it and his paycheck on more scratch offs
Opportunities are often missed by those who spend as they go…
Congrats on the 400k milestone gentlemen! 🎉
I wonder what the timeline is for question at 8:36 the better answer should have been a discussion about "time in the market" vs "timing the market". Dollar cost averaging is almost always better for a return.
This was a really fun video guys!
Bo is "so excited" for every single episode.
That bitcoin guy is feeling good now though 😂
1:55 brain’s old man back is catching up with him. He’s got the pillow behind him
My sister once told me her emergency fund is her credit card.... gaaahhh!!!
not sure where the bitcoin story came from or when, but bitcoin is up 150% in the last 12 months. the all time high for bitcoin is $69k, today it is $42k, even if the person in the story bought all $10k on the day of the all time high, he would have $6100 today, not the reported $2k
Yeah I believe that post was from about a year ago. So not 2k more like 4k worth.
Still it's absolutly mad to gamble your retirement on something that volatile.
Morning gentlemen, I have a question for you. I am a recent college graduate making 100k per year with 40k (@5%)in student loans and 188k in mortgage debt (@6.3%). My goal is to be able to purchase land and build a home in 8-10 years. Should I work to pay off my student loans now or just do the minimums and save up on a down deposit for my goal? (I am already maxing out my ROTH IRA)
You may consider making larger payments on the mortgage, as that is the loan with the highest interest. Consider:
•Minimum payments on the student loans
•Pay down the mortgage, extra if possible per month
•Save/invest the $$ left over.
One thing to consider when you choose to hold onto student loans longer than you actually need to: this is a pretty risky proposition because your student loans are debt that is not tied to any kind of asset that you can sell. If you suffer some kind of tragedy then you can sell your home and use that money to get by. Not the case for your loans.
It’d be really nice to have your mortgage monthly along with how much money you have left at the end of each month. Can’t really calculate without that.
But as an estimate, if you were living frugally and didn’t have other debt, let’s say you have $2000 a month to put aside. If you pay off your student loans it should take about 2 years (a little less). Then let’s say you can put aside 20K a year until you buy the land, you’ll be able to save 120-160K in that timeline. At that point your mortgage (I’m estimating the payment I have no idea) might sit around 120K. It should be easy to sell that house without owing any more on it and you should be able to make a profit to add to your bucket.
To me this makes the most sense because building a house is expensive and you’ll have random expenses pop up. It’s better to not have any monthly minimums to worry about. Also, you’ll likely be close to paying off those student loans at that point anyways, but you’ll have lost so much more money in interest so it’s not worth it in my opinion.
@@saraashkir5793 my mortgage, and monthly escrow, comes out to 1650 a month. Right now I put 1500 a month into savings.
Too many ppl have no idea about money, how money works, and how to make money work for them. It isn’t about education, family background, and income level.
If I win the lottery at my age (25) I. Taking the annuity payments to prevent myself from spending too much and lower the tax burden a bit the get myself a lawyer, tax pro, and financial advisor to aid me.
Bo is excited, we know it’s a good one.
"Understand the difference between speculating and investing."
9:25 that didnt age well
The btc one is either he got scammed or the poster is lying. Btc is down 33% on its very peak, doubtful they bought on this exact time.
I think it depends on when that comment was originally posted. I didn’t see a timestamp
Getting car ads watching this video is funny
“It is so much better to be wealthy than to look rich.” 👏
lol someone almost said a bad word at 4:00 lol
Actually in Portugal when you go up a tax bracket you get taxed for ALL your income so yes you can take home less
Portugal doesn’t have progressive taxes? I did a quick search and couldn’t find anything, would be interested to know more
It does not. It’s absolutely shocking, one of the reasons I left the country
that is why they don't teach you how to manage money in school - keep the people poor so they keep working for the bills.
That is mostly a behavior problem and usually they learn it from the people around them.
"You will be the same person in five years as you are today except for the people you meet and the books you read." (or the youtube you watch these day)
who is "they"
This thing about buying a home for the 'tax deduction' was actual financial advice before the standard deduction rose to where it is today.
All of these examples are behavior problems.
Unless you are subject to the SS tax torpedo or IRMAA, yes that is not how tax works.
Which subreddit are you guys looking at
Id like to know also
What’s the worst piece of financial advice somebody has given you? (Askreddit)
What are the best ETFs to have in a Roth IRA? I’m 24 and just opened one but have a Roth 401k through work that is at 12% and gets the full employer match that is only index funds. What should I do differently?
VTI or VOO
I have SPY and QQQ in my Roth
I have Fidelity 500 Index Fund (FXAIX), very low expense ratio (0.015%)
@gregvanommeren5660 that's what I have as well but the person wants an ETF so 🤷🏾
I use FZILX and FZROX in fidelity. Should be zero fees.
Hi guys, i have small children, so I'm posting this question early in case i can't type in the morning. My husband and I are 30 and make a combined $67k, we have no debt other than our mortgage. Our big problem is that we've totally not known what we were doing with our retirement accounts. We each have a Roth IRA, and Roth 401ks. My question is, we can afford to max our IRA contributions, which we plan on doing, but we definitely can't afford to max our 401k contributions. Should we leave it at our employer match amounts and put our extra savings into a normal brokerage account or put the extra into our 401ks? Other than our emergency fund and deductible fund, we do not have anything that's currently liquid.
Just speaking cuz I’m in my later 50s and far exceeded what’s normal for net worth. Yes get up to your matching in your employers 401k. I would max out both of your Roth accounts , these accounts do grow, I’m amazed when I look at mine. I’m with vanguard and it’s low fees. VTI or VXSAX have worked well for me. I also have a lot in my brokerage account in VTI as well also some monies in their money market which is around 5 percent. I’ve been debt free for a decade, it’s the long game you want to play. I’m doing 2 out of the country vacations and doing 3 this year.
@kckuc310 so instead of extra towards 401k after match you put the rest of your funds into brokerage?
@@mewster1818 nope, do up to the match in the 401k, then max roths outside your employer for both of you and then decide how much to brokerage account or additional 401K or alittle in both split the difference. I can say having extra liquid funds is great. Need a car quick , need an appliance now, you have it just a simple transfer to your bank account.
Def follow the FOO! Once you’re at 20-25% retirement investing then you can move on to the next step. Can always be good to have a non-retirement brokerage account. But sounds like you’re in great shape already with your emergency fund in place
@@mewster1818 to me, it would make more sense to contribute the extra towards the 401k as long as you've got a very healthy 6 month emergency fund if that's basically all the liquidity you have. The brokerage account is nice, and I myself keep one for long term savings, but that's beyond my typical emergency fund, and I don't actively contribute to the brokerage account. The 401k will have tax benefits whereas your brokerage account doesn't.
What is the point of having money if you're not going to spend it and enjoy it?
Woo hoo for the FOO!!! 🎉🎉🎉
970k still feel like im failiung also only make 54k a year. and had my house give up on me.
You hit the million dollar mark in the past 3 months brother? If so congrats 🎉
What is the over under odds on half of these being from “fluent in finance”? 😂
The bitcoin one is funny because bitcoin is back up quite a bit, so if he held onto it he's probably doing alright now.
BTC never lost 80% recently… 5, 6 or 7 years ago then could be but just this year BTC is up 150%..lol
They didn’t say these were recent posts…but the same thing could happen again, BTC is volatile
Brewster had caveats with that money, that’s the only reason it was hard for him to spend it and not have anything to show for it.
But the lesson of Brewster’s Millions was to learn fiscal responsibility.
bloody hell, I'd love an [x] million dollar windfall. It would be hard as hell for me to blow it, because I feel like I'm scraping and scrabbling for every $1000 I save. I'd keep like... 2% of it and do something wild just for fun, and the rest would go into managed investment accounts so I could retire early.
Please stop disregarding base rates, comparing the bankruptcy rates of lottery winners to the general population instead of the subset that plays the lottery is disingenuous.
There is no way someone has bitcoin investment gone from 10,000 to 2,000 now .. hodl for big gains 😂
That Bitcoin guy obviously didn't know about the four-year cycle and didn't do his research into what he was putting money into. Hopefully he held cuz he's only down 30% now if you bought it at the top. And in 6 months he'd likely be in profits even if he bought at the exact top.
Blackrock may have a bitcoin ETF soon, so I am considering EVERYONE ELSE'S speculation as a short term investment. Ride the wave of crazy and then hop off before reality sets in
So many people are idiots! stop. thats all!
9:20 if its for retirement then he doesnt need to care if the bitcoin is down from 10k to 2k. As long as it goes above 10k in the next 20-30 years hes fine.
Same way if your pension is invested in the stock market and the market is down, ypu dont look at it and think "damn, in 20 years when i retire im screwed, because the market is down today"....
Yes its higher risk, but it could also be higher reward, so why not go for it.
Yeah it realy depends how much his total retirement savings are amd how old the guy is. If it is a high percentage it is absolutly nuts, but if the guy is in his 60's and it is 100% he was already working till he kicked the bucket.
Bitcoin is up almost 200% year to date
Omg 🤣😂🤣😂🤣
bitcoin is on the rise, if he kept it in he he made all his money back
At that time, he couldn't predict the future.
again .....dave.
Nothing makes me happier then when I see Bitcoin bros lose money ( 9:00 ) of this video ... there's a sucker born every minute
Most coins are in profit 😂
@@rottenejl1did you take discontinued/ruggpulled projects into acount.
these guys were never told to speak with an inside voice.
I love you guys but that logo is so weird, it literally screams Hospital or Care home
Bitcoin has a place in everyone’s portfolio. Volatile yes but to the upside over the long term. Small position makes sense. Money guys I hope you two really take a turn on this stance in the future.
Their stance is correct though. It's speculative. For bitcoin to be a standard part of everybodies portfolio a lot of change would be needed.
The claim that it should be is currently absolutly bonkers.
The BTC comment is BS. Look how much it is up now.
Math is hard
I love the gaslighting on taxes. Granted it is true that only the amount you earn in the higher tax bracket is taxed at that higher level, but you are still paying more in taxes. You are still earning less while technically being paid more. It is increasing the headwind. The more you are paid, the less of the gain you will be allowed to keep. Ostensibly, you are expected to provide more value for your employer but you are not allowed to keep that same increase in income.
Vote republican to keep more of your money
bitcoin up 157% for the year btw
And most coins are in profit
Still -40% from ATH
🤣@@AlexFlavell