I’m actually happy how I did life. I have no student loans. After highschool I worked 3 jobs for 2 years saved 60k and paid off my certification of airmen the first day I set foot in the class. I drive economy cars and have a condo. I’m not the richest but I know I’m ahead because of my low debt to ratio income.
Let me tell you something buddy. I remember when you started your TH-cam channel, I was one of your first subscribers, the main reason is high quality content, no bs, no magic bowl to become millionaire crap. Very good job with this video as always.
I was one of those with an insane car payment, was 600$ a month then traded in to a $316 a month payment and due to the market sold that car and made money, paid cash for a 06 Toyota Highlander and now I have no car payment
I've been very lucky with my car history and that's literally the only thinkg I have had going for me. All of the cars I've had except one, have held their value and more. And mind you this is even before 2020. Totalled a leased car but at that time the car had gained equity and had been selling above msrp, that was in 2016 and wow I was lucky. I recieved $3000 back on a car I had totalled, I couldn't have been more blessed. On the flip side tho, I've been naive enough to fall for every single one of these money traps and have been oh so very enlightened over the past couple of years. With that daid I wash I had figured all of this out a lot earlier, but even so do not be discouraged. Yes it is better to have started earlier but it's still even better to just start.
@@WhiteBoardFinance I've been sub since you were under 10K . Love your videos. You could mention that conveniently Student loans are one of the few debts along with of course Child support that are NON Discharegable. They never go away!
Appreciated that you pointed out "total homeowner exoenses". I find it disingenuous people who say "if u can afford $1500/month in rent there's no reason u shouldn't get a mortgage that is $1200 a month". There is more to home ownership costs than just mortgage payments
You are right, ownership comes with responsibilities too but if u just keep paying rent, that’s literally money down the drain. U will never get a penny back. Owning a property however, guarantees u would get get what u paid back in case u wanna sell the property and if the property appreciates in value, your are getting more money.
@@waleedelshamy2662 But the point of renting is getting to the point of buying a home when it's right for you. The fixed nature of renting makes it the prime opportunity to save as much as possible at that point in your life. Buying a home is an investment that will likely be more expensive than renting at times and requires another level of financial responsibility to do so.
I think the ROI on degree can be school specific too. Allow me to explain: I'm a nurse and make six figures. I went to a junior college to get my nursing degree and license and transfered to a 4 year college to finish my bachelor's degree in nursing while I was working (2 years at the JC plus another 2 at a state university to finish). After getting 3K from my work to pay for my bachelor's and qualifying for an 8K grant from my state for working in an undeserved area, I paid roughly $3,000 to $3,500 for my nursing license plus degree TOTAL. Whereas someone can go to a private school, thinking it'll be quicker or better, and pay $165,000 but still make the same or even less as me.
*Impressive! your potential seems limitless* I'm fascinated by investing, How can I invest *$200K* sitting around doing nothing in the bank and what sector do you recommend getting into?
TH-cam has been helpful to many in making financial decisions but it's not enough as most people don't understand just by watching tutorials. Its advisable to work with a Financial Consultant with high-level investment experience for positive results
I'm glad I came across this recommendation. My wife and I invests with her too. We knew how to earn and spend but when it came to financial planning we were novices. working with her remains one the best decision we made
The journey to financial independence begins with a step and proper assistance. I understood this working with Phoebe, started investing with her some years back that was the best thing I did for myself and now success feels easier than I taught. You can do all the due diligence you want, yet it all comes down to who you invest with
As a first-generation immigrant, I second your first point on the importance of education to take our lives above the low class. Love your content is genuinely beneficial for avoiding getting into the student loan trap. Thank you!!!
Yo Marko, I’ve been watching your videos from day 1 and honestly I have to say that you have helped me out massively. I’m now in my 40’s and I was in lots of debt and renting a small room in London and my future looked bleak. Now I’m debt free, own my own newish car and have just bought my first flat (mortgage). I tell everyone who tells me they are in debt to watch your videos. Thanks buddy and keep up the good work 👊
Great tips especially buying too much house and also Student loan debt. I am still paying off my student loans and it sucks. Luckily I dont owe that much so im grateful for that. Keep the great videos coming.
Good video. FWIW, while I was in debt for 10 years after getting my degree, I was taught early on to pay yourself first (whether for emergency savings or retirement) before servicing your debt. Initially I took 20% of my take home pay to set aside, the remainder going to debt (paying as much as possible towards higher interest rate debt), and living expenses. After a few years with increase in salary (above the level of inflation), the 20% would increase to as high as 35%+. Also, buy what you need, not what you want. Very important philosophy to practice - especially during the first 10 years into the workforce.
The part about being careful about student loans can't be emphasized enough. Do your research and make sure your schooling will get you a good paying job that is worth the debt or else don't do it! Awesome video Marko, you the goat!
I just don't get it. Loan officers at a bank would never approve loans under the same conditions that student loans get approved. Undecided Major - denied Underwater Basket weaving (as per Marko) - denied Electrician certificate - approved ADN nursing - approved Go out of state to big name college - denied, but go to local community college for the same degree - approved. Something has gotta change. I think frivolous jobs at the college should be cut. How many Assistant VPs does each school need. Also the programs need to be cut. Go to school, and get out.
Many people are opting for a 2 year degree and then transferring to a 4 year college for their Bachelor's Degree saving some money and lowering their overall debt. Good plan.
@@TheJetstream10 I agree, if the B.S. is necessary and a good return on investment (ROI). I have relatives that are Associate-level nurses who make just as much money as Bachelor-level nurses, and they have just as much career flexibility and growth. Now, of course, if you want to become a FNP, then a Bachelor's and Masters is necessary. My recommendation: do not go to college for a degree, if it will cost more than 1 year of your projected annual salary. When these colleges/universities nationwide see their enrollment numbers plummet, the tuition will miraculously drop. Such schools who have multiple vice presidents and associate deans will downsize in those positions in lightening speed. It would take a wide scale boycott, but it would be effective. Sadly, as long as students take out the loans, there will be no reduction in uni costs. If people dropped student loan applications like they did Netflix subscriptions a few years ago, after their unannounced price hike, sh*t would change.
Love this! I'm glad you mentioned buying too much house. Too many people are house poor. My goal is to be financially free in the next 5 years. Our average home price in Colorado Springs is over half a million.
Marko...That was me. Bought my Corvette after getting my first real job! I was driving a 1982 Datsun at the time. I said, "I.ve earned it!" I was a fool....I should have invested that money. 🤑
The rule of thumb I was taught for higher education expenses is that you should spend/borrow no more than 1.5x the first year median salary for your field. So if you expect to earn 60k your first year after graduation, you should pay 90k or less for your education. People who borrow $200k for undergrad + masters and start out earning 40k are essentially financially handicapped for life. Yeah there are programs like PSLF and IBR but you will still be crippled well into middle age.
Hi Marco, can you make a version of this video for your high class viewers? Lol. (Seriously none of these points applied to me). Thanks and keep up the great work!
Fantastic video as alway. I'm a well paid software engineer in Ireland. The lure of buying new car is always there But I'll happily drive around my 06 GTI knowing I can put my money to work in other ways. People become poor trying to look rich.
Heck yeah! Great video. Thumbs up, Shared on FB, and I got to leave this comment to boost the engagement algorithm. It's the least I can do for a cool cat like yourself.
Apparently I'm not funny, good looking, etc. Paid off my house by the time I was 30. In all seriousness though Marko, glad someone on YT is telling people what they need to hear. I swear most in our generation blame others for their financial issues, when lack of careful planning is most commonly the issue.
My advice to new investors: buy good companies and keep them as long as they are good companies. Also keep your consistency going and while you are at it make sure to employ a working strategy.
I'm very risk averse so I settled for stable stocks. I put 60k in TSLA, NVDA, ALB made over 280k with the help of my F,A Rita Wildrin Mora, but guess what? I put it back with her and also dabbled in a 70/30 stock/bond portfolio. It compounded and now I'm on my way to the millionaires club from investing in stocks.
Love your channel and I appreciate your advice over the years! Would you be interested in a follow up video for how pitfalls may change when a person moves into upper middle class? Thanks
The one trap I fell into: marrying someone who was reckless and hostile towards my life savings. And I have friends who made the same mistake of marrying their abusers.
My current girlfriend married with a guy that keeps taking out loans under her name for his "businesses" and stuff that 'married couples could have' while in truth he's been spending them all on ponzi schemes investment and ran off marrying someone else with the money, after she got divorced, she's forced to pay off the debt all by herself
Solid video with solid principles. Covered enough topics and possible lifestyles without being too deep in the weeds on any specific topic. Also didn’t paint broad strokes about what people’s choices are or why they make them. You earned a subscription from me!
I made all these mistakes! Thankfully, I'm a little older and a little smarter now. I paid off my student loans and my car loans. I started maxing out my 401k contributions. I have been at the same job for 13+ years, but I have more than doubled my income in that time. I did buy too much house, but I plan to downsize when the kids move out in about 5 years.
Honestly it’s not the fault of the people, we are only part of the blame because we have to learn financial literacy yada yada yada but the other part of the blame is on the system and school literally teaching you how to be a miserable employee STEP BY STEP
I'm graduating with my degree in Finance this April. I'm super excited! I've avoided 1 and 2, started on 3, excited to start working on 4, and will probably be renting for a couple more years before jumping on number 5.
I have to say I realized my money was being wasted when i paid off my car at 22 years old. Even though I wasn't making a lot of money the money I had started piling up to the point that I had a downpayment for a house. At that point I knew car payments are a financial trap.
@@randomstuff463 compare the used car market to the new car market, then take the things you have into account: Do you need to build your credit? How stable is your job? Do you think that the price is reasonable, or would you rather wait for a drop? How long do you plan to keep the car? These things can make a difference in what you choose.
@@typhlosionisbest thank you for the response. I have good credit but definitely room for growth. I can put 20% down right now on the truck and plan to have it as long as possible.
Came from a 3 rd world country and just started watching your videos. I really need to change my habits as am 31 now and have a dependent and have nothing honestly to show for all the years i have.
Longtime subscriber, first time commenting. Fantastic video here Marko! I appreciate and agree with a large majority of your content and find it highly beneficial. I've actually lived through and can attest to a few of these things you are talking about. Being in my 30s and recently becoming financially dedicated within the last 10yrs I need all of the quality advice I can get, so I just wanted to finally take the time to thank you for all of your hard work and knowledge over the years. Looking forward to following more stellar financial advice in the future. The whiteboard finance home buying criteria got me lmao! Cheers brother,
Your videos inspired me to get totally out of debt and start saving for a house and potential rental property. I sold my beautiful car back to the dealership. I broke even and didn't end up owing them any money because the used market was really good last year. Then I bought a used vehicle for cash. It feels good to have no debt! Little steps slowly start to pay off.
#1 reason to get a 15 yr mortgage in my opinion. Is my own personal experience. Bought my first house at 23 yrs old for 85k. 15 yrs later (almost exactly) I sold it for 140k. ( 4yrs ago). Now it’s 200k. stupid market. Im sure over those 15 yrs I put in at least 30-40k in updates. I basically got that back when I sold it. If it was a 15 yr loan it would’ve been paid off. I might’ve chose to rent it out or I would’ve had a lot more money at closing. The fact is that people don’t stay in their houses forever and paying off principal is money in the bank. Sure I know what people say. “ take the difference and invest it”. But that’s not reality.
Great video Marko. I am a car guy. All those other things never had a problem. But cars will always be my crack lol. Btw my dream car is a 911 GT3 991.2. One day. My car heads know what that is.
@@WhiteBoardFinance Very nice. I said the same thing. The day I drive it will be the day it comes home with me. We will reach our goals one day brother. Happy new year and keep ignoring those haters 👍🏽✌🏾🤙🏾
@@WhiteBoardFinance can you make a video on this? Cover how you’re going about it, how much is being saved each month for the purchase, buying cash or putting down money on x loan for x number of months.
Forgot to mention whole life insurance. I realize that would probably seem like a conflict of interest considering the sponsor, but overpriced permanent life insurance is a ridiculously common middle class money trap.
My dad fell for that back in the day. Got policies for all of us and took over 25 years just for mine to be paid up. My mom's is still being paid to this day I'm pretty sure.
Why is that? Custom life is important if you even think about investment. Cash flow is the key to a good life, and investments aren’t stable all the time like some big life insurance companies. It’s good to have diversified strategies and life insurance is one of them. Everyone around me bought it to have a peace of mind
@@jackz4149 because the cash flow rates of return are terrible and the fees keep you in the red for way too long. When comparing it to investing in steady dividend stocks... hell, even bonds, you fall behind and stay behind forever. If rather invest my whole working career and do my best to leave the original balance, living off the cash flow and then there's a giant nest egg to pass on, as a way to self insure
@@KR-bn4bg you don’t put everything into it, you still invest in other stuff… and nobody is staying behind, it’s just ensuring a peace of mind in uncertainty, you’re not looking for a giant return rate but securities when you lose your livelihood. There’s a reason why middle class stays there, stocks and shitty crypto play a huge role
My gosh. This video is so on time. Thank you. Nice and simple and saying so much at the same time. I was already going down the wrong path. I was definitely thinking "a new car"🤣🤣🤣
This is true but frequent hopping even every 2-3 years can be a red flag to potential employers. I have seen resumes with such frequent changes not being considered.
Hi Marko, My name is middle class Michael and I'm guilty of the first 4 money traps! No really, my name is Mike hahaha. Went to college, then bought a brand new car from the car stealership within 6 months of graduating. Thankfully I haven't fallen for the 5th money trap.... yet. I mean its tempting right now with money being so cheap to borrow! Im a follower of whiteboard finance so naturally I'm smart, funny and good looking among other things. Learning from your channel has motivated me to begin investing aside from my 401k. Thank you for all the great content you produce!!
Hi Marko, loved it. Can I ask for advise on late bloomers/ immigrants who come in with nothing and only find footings in their late 30s early 40s? How can they invest/save better?
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Hey marko can you do a video on helping uneducated 30yr olds. Idk what is the best financial decision to go to school or what the best choice is.
1. Excessive student debt
2. Huge car loans
3. Not investing
4. Career plateau
5. Buying too much house
1. Student Loans 2. Huge Car Loans 3. Not Investing (start early) 4. Career Plateau (complacency, W-2 Hamster Wheel, Lack of Progress) 5. Buying "Too Much House"
“Too much house” is to easy right now.
@@Peppermon22 don't buy right now then
Thanks
Thank you!
Thanks. Saved me 10 mins. Far too busy making bank to waste time on something that only needs bullet points.
That's why I got a abovewater basket weaving degree!
smart
I’ll hire you lol
*an above water
Should have taken more classes 😪
I guess English grammar is not a part of the course work.
Did you just take shots at the bald Dave Ramsey. Nice hairline by the way!
Thanks! Means so much :)
I’m actually happy how I did life. I have no student loans. After highschool I worked 3 jobs for 2 years saved 60k and paid off my certification of airmen the first day I set foot in the class. I drive economy cars and have a condo. I’m not the richest but I know I’m ahead because of my low debt to ratio income.
Good for you bud keep it up 👍
Facts !!! I leverage differently but I respect it
Good job Rydge
@@fatwallets1018 how did you do it?
Respect, everyone who complains about not making enough money won’t put in the work required to make that money such as working 3 jobs.
Let me tell you something buddy. I remember when you started your TH-cam channel, I was one of your first subscribers, the main reason is high quality content, no bs, no magic bowl to become millionaire crap. Very good job with this video as always.
Thank you so much Rafael!
He thinks you're niave and spoiled 😂
"We're lending money we don't have to kids who can't pay back to educate them for jobs that don't exist anymore, and that's crazy"
Mike Row.
#deep Where can I find that quote at? Hopefully a video...
Mike Rowe*
Thank you so much Marco, the good looking, the funny guy and everything else.. For sure I will show this posting to my kids.
Went to college for music. Loved it, but also wish I'd found your channel sooner! Anyway, thanks.
Thank you!!!
Such useful video bro I'm saving it for rewatch all year
I was one of those with an insane car payment, was 600$ a month then traded in to a $316 a month payment and due to the market sold that car and made money, paid cash for a 06 Toyota Highlander and now I have no car payment
I've been very lucky with my car history and that's literally the only thinkg I have had going for me. All of the cars I've had except one, have held their value and more. And mind you this is even before 2020. Totalled a leased car but at that time the car had gained equity and had been selling above msrp, that was in 2016 and wow I was lucky. I recieved $3000 back on a car I had totalled, I couldn't have been more blessed. On the flip side tho, I've been naive enough to fall for every single one of these money traps and have been oh so very enlightened over the past couple of years. With that daid I wash I had figured all of this out a lot earlier, but even so do not be discouraged. Yes it is better to have started earlier but it's still even better to just start.
You're the man Marko! You keep me from slipping up with these videos. GOAT status, you're the most trusted finance guy on TH-cam imo
Ty that means a lot
@@WhiteBoardFinance
And, most of the times, really funny 😂
@@WhiteBoardFinance I've been sub since you were under 10K . Love your videos. You could mention that conveniently Student loans are one of the few debts along with of course Child support that are NON Discharegable. They never go away!
Appreciated that you pointed out "total homeowner exoenses". I find it disingenuous people who say "if u can afford $1500/month in rent there's no reason u shouldn't get a mortgage that is $1200 a month". There is more to home ownership costs than just mortgage payments
You are right, ownership comes with responsibilities too but if u just keep paying rent, that’s literally money down the drain. U will never get a penny back. Owning a property however, guarantees u would get get what u paid back in case u wanna sell the property and if the property appreciates in value, your are getting more money.
@@waleedelshamy2662 But the point of renting is getting to the point of buying a home when it's right for you. The fixed nature of renting makes it the prime opportunity to save as much as possible at that point in your life. Buying a home is an investment that will likely be more expensive than renting at times and requires another level of financial responsibility to do so.
Enjoying your sense of humor!
I think the ROI on degree can be school specific too.
Allow me to explain: I'm a nurse and make six figures. I went to a junior college to get my nursing degree and license and transfered to a 4 year college to finish my bachelor's degree in nursing while I was working (2 years at the JC plus another 2 at a state university to finish).
After getting 3K from my work to pay for my bachelor's and qualifying for an 8K grant from my state for working in an undeserved area, I paid roughly $3,000 to $3,500 for my nursing license plus degree TOTAL.
Whereas someone can go to a private school, thinking it'll be quicker or better, and pay $165,000 but still make the same or even less as me.
Thank you for working in an underserved area.
my wife is a nurse and just finished for nurse practitioner
@@WhiteBoardFinance im aware, I've been a subscriber for a while 👊
@@Quanic2000 xin Chao nhe
@@madasinwat2 huh?
thank you for the great video, hard to maintain the middle class lifestyle! being financially informed is key.
you're funny man. Your ability to keep a straight face while saying all of this makes learning about finance so much better
*Impressive! your potential seems limitless* I'm fascinated by investing, How can I invest *$200K* sitting around doing nothing in the bank and what sector do you recommend getting into?
@yung I'm interested and need to start now. If you don't mind how can I get in touch with your financial consultant?
TH-cam has been helpful to many in making financial decisions but it's not enough as most people don't understand just by watching tutorials. Its advisable to work with a Financial Consultant with high-level investment experience for positive results
I'm glad I came across this recommendation. My wife and I invests with her too. We knew how to earn and spend but when it came to financial planning we were novices. working with her remains one the best decision we made
The journey to financial independence begins with a step and proper assistance. I understood this working with Phoebe, started investing with her some years back that was the best thing I did for myself and now success feels easier than I taught. You can do all the due diligence you want, yet it all comes down to who you invest with
As a first-generation immigrant, I second your first point on the importance of education to take our lives above the low class. Love your content is genuinely beneficial for avoiding getting into the student loan trap. Thank you!!!
You have a good sense of humor haha! Love seeing actual personality in finance videos.
Yo Marko, I’ve been watching your videos from day 1 and honestly I have to say that you have helped me out massively. I’m now in my 40’s and I was in lots of debt and renting a small room in London and my future looked bleak. Now I’m debt free, own my own newish car and have just bought my first flat (mortgage). I tell everyone who tells me they are in debt to watch your videos. Thanks buddy and keep up the good work 👊
Cap
@@TopVillain It's pretty doable
I discovered you earlier this year and man you’re one smart human financially.
Vintage style whiteboard upload. Great and over due topic to discuss.
Marco thanks for all the tips and key points
The 15yr and 30yr comparison had me rolling.. nice video
Glad you enjoyed LOL (that was 100% sarcasm but I think some ppl think I was serious)
@@WhiteBoardFinance I have everything you mentioned but the hairline. What should I do?
@@josemanuellopez8989 20 year fixed lolll
Marko, I started a new federal job, and I met a coworker that watches you too. Know that your videos brought together good friends in Texas.
👆Hit me up...
Liked, shared and praised..Thank you!
Much appreciated!
I love your videos man! Thanks so much
Great tips especially buying too much house and also Student loan debt. I am still paying off my student loans and it sucks. Luckily I dont owe that much so im grateful for that. Keep the great videos coming.
One of the best channels on YT. Thanks Marco, great vid once again.
Good video. FWIW, while I was in debt for 10 years after getting my degree, I was taught early on to pay yourself first (whether for emergency savings or retirement) before servicing your debt. Initially I took 20% of my take home pay to set aside, the remainder going to debt (paying as much as possible towards higher interest rate debt), and living expenses. After a few years with increase in salary (above the level of inflation), the 20% would increase to as high as 35%+. Also, buy what you need, not what you want. Very important philosophy to practice - especially during the first 10 years into the workforce.
The part about being careful about student loans can't be emphasized enough. Do your research and make sure your schooling will get you a good paying job that is worth the debt or else don't do it! Awesome video Marko, you the goat!
Very true! Ty Andrew
I just don't get it. Loan officers at a bank would never approve loans under the same conditions that student loans get approved.
Undecided Major - denied
Underwater Basket weaving (as per Marko) - denied
Electrician certificate - approved
ADN nursing - approved
Go out of state to big name college - denied,
but go to local community college for the same degree - approved.
Something has gotta change. I think frivolous jobs at the college should be cut. How many Assistant VPs does each school need. Also the programs need to be cut. Go to school, and get out.
Many people are opting for a 2 year degree and then transferring to a 4 year college for their Bachelor's Degree saving some money and lowering their overall debt. Good plan.
@@missireason8998 well said
@@TheJetstream10
I agree, if the B.S. is necessary and a good return on investment (ROI).
I have relatives that are Associate-level nurses who make just as much money as Bachelor-level nurses, and they have just as much career flexibility and growth. Now, of course, if you want to become a FNP, then a Bachelor's and Masters is necessary.
My recommendation: do not go to college for a degree, if it will cost more than 1 year of your projected annual salary. When these colleges/universities nationwide see their enrollment numbers plummet, the tuition will miraculously drop. Such schools who have multiple vice presidents and associate deans will downsize in those positions in lightening speed.
It would take a wide scale boycott, but it would be effective.
Sadly, as long as students take out the loans, there will be no reduction in uni costs.
If people dropped student loan applications like they did Netflix subscriptions a few years ago, after their unannounced price hike, sh*t would change.
You're killing it man.
Great video again!
Nice tips, thanks
Love this! I'm glad you mentioned buying too much house. Too many people are house poor. My goal is to be financially free in the next 5 years. Our average home price in Colorado Springs is over half a million.
Great video!!
I actually sent this one to a coworker who was just asking me about investing. I am trying to get people educated in their mindset about money.
Marko...That was me. Bought my Corvette after getting my first real job! I was driving a 1982 Datsun at the time. I said, "I.ve earned it!" I was a fool....I should have invested that money. 🤑
The rule of thumb I was taught for higher education expenses is that you should spend/borrow no more than 1.5x the first year median salary for your field. So if you expect to earn 60k your first year after graduation, you should pay 90k or less for your education. People who borrow $200k for undergrad + masters and start out earning 40k are essentially financially handicapped for life. Yeah there are programs like PSLF and IBR but you will still be crippled well into middle age.
An A grade video, yet again from Marko . No gimmicks, just simple old school advise. Follow these basics and almost everyone will do well.
Great content, as always. It’s nice to get excellent advice without being yelled at. Wishing you continuing success.
Excellent vid and tips 👍🏽
Hi Marco, can you make a version of this video for your high class viewers? Lol. (Seriously none of these points applied to me). Thanks and keep up the great work!
I’ve been watching your videos for a while now, but I have I feel that this video has really hit me! Thank you 👍🏽
Fantastic video as alway. I'm a well paid software engineer in Ireland. The lure of buying new car is always there But I'll happily drive around my 06 GTI knowing I can put my money to work in other ways. People become poor trying to look rich.
Heck yeah! Great video. Thumbs up, Shared on FB, and I got to leave this comment to boost the engagement algorithm. It's the least I can do for a cool cat like yourself.
Very insightful video! Would love to see one where you discuss the steps to get out of the trap once you’ve fallen into it!
Just love this channel has no gimmick. Respect ✊
Apparently I'm not funny, good looking, etc. Paid off my house by the time I was 30.
In all seriousness though Marko, glad someone on YT is telling people what they need to hear. I swear most in our generation blame others for their financial issues, when lack of careful planning is most commonly the issue.
My advice to new investors: buy good companies and keep them as long as they are good companies. Also keep your consistency going and while you are at it make sure to employ a working strategy.
I'm very risk averse so I settled for stable stocks. I put 60k in TSLA, NVDA, ALB made over 280k with the help of my F,A Rita Wildrin Mora, but guess what? I put it back with her and also dabbled in a 70/30 stock/bond portfolio. It compounded and now I'm on my way to the millionaires club from investing in stocks.
Pretty impressive, I have been on the wrong side for far too long and I'm willing to make consultations to improve my situation. Can she help me?
Did a quick search and found her web page. Her resume is quite remarkable, I wrote her and I'm waiting on her reply.
@@emilyd2972 The crazy part is that those fund managers are probably outperforming the market and raising good profits.
@@michaeleverett4416 Index funds outperform fund managers stupid bot
Very good video! I like the idea of listing those traps chronologically.
Thanks Marko! Props for the George Carlin reference. He truly was ahead of his time and his material is (arguably) more relevant than it ever has.
Thanks!
Love your channel and I appreciate your advice over the years! Would you be interested in a follow up video for how pitfalls may change when a person moves into upper middle class? Thanks
Excellent, thanks for the information!!👌🏼👌🏼
The one trap I fell into: marrying someone who was reckless and hostile towards my life savings.
And I have friends who made the same mistake of marrying their abusers.
My current girlfriend married with a guy that keeps taking out loans under her name for his "businesses" and stuff that 'married couples could have' while in truth he's been spending them all on ponzi schemes investment and ran off marrying someone else with the money, after she got divorced, she's forced to pay off the debt all by herself
@@tk_mitternacht963 that's so fkd up smh
# 6 The marriage Trap, Don't Do It Boys
Solid video with solid principles. Covered enough topics and possible lifestyles without being too deep in the weeds on any specific topic. Also didn’t paint broad strokes about what people’s choices are or why they make them. You earned a subscription from me!
I made all these mistakes! Thankfully, I'm a little older and a little smarter now. I paid off my student loans and my car loans. I started maxing out my 401k contributions. I have been at the same job for 13+ years, but I have more than doubled my income in that time. I did buy too much house, but I plan to downsize when the kids move out in about 5 years.
Great video. Thanks. Love the sense of humor!
Glad you enjoyed it!
“Master your money and build your wealth”, clean
8:27 is why you gained a new subscriber. Love it and great video!
"Americans are typically ignorant with financial management..."
My man, Marco, pulls no punches 🤣🤣🤣
It's true though. The American school system does not teach prosperity and is based on ancient wartime factory job needs.
Absolutely,@@davpunk .
It's true. I saw lots of people want to buy a house with 5% down. 💀
Honestly it’s not the fault of the people, we are only part of the blame because we have to learn financial literacy yada yada yada but the other part of the blame is on the system and school literally teaching you how to be a miserable employee STEP BY STEP
Because they don’t teach you financial literacy.
Same with any country tbh.
I'm graduating with my degree in Finance this April. I'm super excited! I've avoided 1 and 2, started on 3, excited to start working on 4, and will probably be renting for a couple more years before jumping on number 5.
I have to say I realized my money was being wasted when i paid off my car at 22 years old. Even though I wasn't making a lot of money the money I had started piling up to the point that I had a downpayment for a house. At that point I knew car payments are a financial trap.
Well now you have it and you’re still young so start investing
@@reefcrow9818 I wish I were still young. I learned that lesson 28 years ago.
im 22 and about to buy a truck fro practicaltity. what should i do?
@@randomstuff463 compare the used car market to the new car market, then take the things you have into account: Do you need to build your credit? How stable is your job? Do you think that the price is reasonable, or would you rather wait for a drop? How long do you plan to keep the car? These things can make a difference in what you choose.
@@typhlosionisbest thank you for the response. I have good credit but definitely room for growth. I can put 20% down right now on the truck and plan to have it as long as possible.
Came from a 3 rd world country and just started watching your videos. I really need to change my habits as am 31 now and have a dependent and have nothing honestly to show for all the years i have.
Longtime subscriber, first time commenting. Fantastic video here Marko! I appreciate and agree with a large majority of your content and find it highly beneficial. I've actually lived through and can attest to a few of these things you are talking about. Being in my 30s and recently becoming financially dedicated within the last 10yrs I need all of the quality advice I can get, so I just wanted to finally take the time to thank you for all of your hard work and knowledge over the years. Looking forward to following more stellar financial advice in the future. The whiteboard finance home buying criteria got me lmao!
Cheers brother,
Thank you Miles that means a lot sir :)
Really well thought out comment. Nice job.
Good video! Easy to understand and you explain the concepts well.
Your videos inspired me to get totally out of debt and start saving for a house and potential rental property. I sold my beautiful car back to the dealership. I broke even and didn't end up owing them any money because the used market was really good last year. Then I bought a used vehicle for cash. It feels good to have no debt! Little steps slowly start to pay off.
Loved the ending 😂
Not investing a mistake? But Marko, I just maxed out my credit cards at Gucci!!!
😂the ending .
As always thank you Marko! 🔥
The humor intertwined in the overall message is top notch…..I could have a beer with this guy lol
Thank you for sharing ur advice in these videos! I wish they'd teach us all these things in school!
Marko with the 15-year mortgage recommendation? Looks like someone is primed to be the newest addition to Ramsey Solutions! 😂
You’re the man, bro!
haha keep watching. I actually talk about the 30 year fixed.
@@WhiteBoardFinance of course I watched, just givin ya a hard time!
Love the content! and
aww- thanks for the compliments at the end
my dear Marco from Tropoia
Great taste in wine and a perfect hariline. Hahaha entertaining yet educational as always.
😄😄😄 good information
Love your channel you're advice is amazing!
The George Carlin "Stuff" reference at 11:40 was beautiful.
#1 reason to get a 15 yr mortgage in my opinion. Is my own personal experience. Bought my first house at 23 yrs old for 85k. 15 yrs later (almost exactly) I sold it for 140k. ( 4yrs ago). Now it’s 200k. stupid market. Im sure over those 15 yrs I put in at least 30-40k in updates. I basically got that back when I sold it. If it was a 15 yr loan it would’ve been paid off. I might’ve chose to rent it out or I would’ve had a lot more money at closing. The fact is that people don’t stay in their houses forever and paying off principal is money in the bank. Sure I know what people say. “ take the difference and invest it”. But that’s not reality.
Love ur video. Its very acknowledgeable. My series 3 is parking shining out side the drive way now...
Great video Marko. I am a car guy. All those other things never had a problem. But cars will always be my crack lol. Btw my dream car is a 911 GT3 991.2. One day. My car heads know what that is.
I'm saving up for either a 992 Carrera S or a 718 GTS 4.0 - haven't driven either yet.
@@WhiteBoardFinance Very nice. I said the same thing. The day I drive it will be the day it comes home with me. We will reach our goals one day brother. Happy new year and keep ignoring those haters 👍🏽✌🏾🤙🏾
@@WhiteBoardFinance can you make a video on this? Cover how you’re going about it, how much is being saved each month for the purchase, buying cash or putting down money on x loan for x number of months.
@@WhiteBoardFinance drive an evora 400 first :-)
@@27Ctrojans Porsche > *
I almost didn't subscribe when you said 15-year fixed mortgage, until you explained yourself. Then I subscribed XD
This is all true. Make this your guide if you're young. Don't try to keep up with the Jones's.
Just the "degree" in business I needed. great advice
Forgot to mention whole life insurance.
I realize that would probably seem like a conflict of interest considering the sponsor, but overpriced permanent life insurance is a ridiculously common middle class money trap.
My dad fell for that back in the day. Got policies for all of us and took over 25 years just for mine to be paid up. My mom's is still being paid to this day I'm pretty sure.
Why is that? Custom life is important if you even think about investment. Cash flow is the key to a good life, and investments aren’t stable all the time like some big life insurance companies. It’s good to have diversified strategies and life insurance is one of them. Everyone around me bought it to have a peace of mind
@@jackz4149 because the cash flow rates of return are terrible and the fees keep you in the red for way too long. When comparing it to investing in steady dividend stocks... hell, even bonds, you fall behind and stay behind forever. If rather invest my whole working career and do my best to leave the original balance, living off the cash flow and then there's a giant nest egg to pass on, as a way to self insure
@@KR-bn4bg you don’t put everything into it, you still invest in other stuff… and nobody is staying behind, it’s just ensuring a peace of mind in uncertainty, you’re not looking for a giant return rate but securities when you lose your livelihood. There’s a reason why middle class stays there, stocks and shitty crypto play a huge role
@@jackz4149 put zero into it and you'll have more money. You either sell insurance or drank some salesman's kool-aid to believe in this nonsense
Keep up the great work! 👍
great vid marko, this is exactly the reason why the middle class stays middle class
My gosh. This video is so on time. Thank you. Nice and simple and saying so much at the same time. I was already going down the wrong path. I was definitely thinking "a new car"🤣🤣🤣
Number 4 is the most important for the middle class. Depending on the industry, only way to make more money these days is by switching jobs.
Completely agree. Where's your TH-cam channel?
The great resignation.......new era.
This is true but frequent hopping even every 2-3 years can be a red flag to potential employers. I have seen resumes with such frequent changes not being considered.
Love your channel and always learn so much from it! You've inspired me to start one up myself!
What other investments are you suggesting, outside of a Roth IRA, IRA or 401k?
real estate, bitcoin, digital assets, small percentage of precious metals to preserve wealth.
great video. actually learned thank you
You forgot to add: wonderful son, compassionate father, and ruthless businessman. What else did I forget?
hahaha
Thanks for the great vid Marko! Very solid points!
Amazing video captain as usual, keep doing your joke in the end its so funny hahahaha.
Thanks! Will do!
Hi Marko, My name is middle class Michael and I'm guilty of the first 4 money traps! No really, my name is Mike hahaha. Went to college, then bought a brand new car from the car stealership within 6 months of graduating. Thankfully I haven't fallen for the 5th money trap.... yet. I mean its tempting right now with money being so cheap to borrow!
Im a follower of whiteboard finance so naturally I'm smart, funny and good looking among other things. Learning from your channel has motivated me to begin investing aside from my 401k. Thank you for all the great content you produce!!
Hi Marko, loved it. Can I ask for advise on late bloomers/ immigrants who come in with nothing and only find footings in their late 30s early 40s? How can they invest/save better?
Honda Civic lol!!Love this guy. All the best for 2022 Marko.