39-Year-Old Man is Financially FAILING (Worst Decisions)
ฝัง
- เผยแพร่เมื่อ 13 มิ.ย. 2024
- 🔥Meet Jon, a 39-year-old who has seen 99% of his wealth come from an inheritance. Despite this financial boon, Jon has faced challenges in managing his money wisely. Now, as he assesses what remains of his fortune, Jon is ready to make a change.
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🕒TIMESTAMPS🕒
0:00 PARTY STARTS
01:13 WHAT THE HECK IS GOING ON?
02:37 INCOME & ASSETS
08:05 BLOWING MONEY!
12:43 EXPENSES & DEBT
16:39 FINANCIAL WARRANT!
19:06 S***T CREDIT SCORE
20:50 7 MESSAGES STRATEGY
24:20 MONEY CASE
27:37 WHAT WOULD I DO?
31:41 COLLECTION NEGOTIATION
35:42 FOUNDER MINDSET
42:04 DID HE TAKE ACTION?
#financeaction #financialfreedom #itsromainfaure
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Disclaimer: Please be aware that this video and all other content produced by Romain Faure are not intended to serve as investment guidance or formal financial advice. The information presented is solely for entertainment and educational objectives. The money displayed in our video podcast is for entertainment purposes only and is not real currency. All cash shown is prop money, and should not be mistaken for genuine legal tender. Please enjoy our content responsibly!
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Financial education, Finance Action, American debt, personal finance, budget money debt cash, how to invest in real estate, how to start in real estate, rental property, investment property, compound interest, buying house, insurance, save, buy, pay off debt, debt free journey, financial independence, how to pay off debt, how to pay off student loans, debt snowball, financial independence retire early, how to pay off student loans fast, debt payoff, how to make money, get rich quick, get rich, make money online, net worth, loans, credit score, should I go to college, college debt, student loan forgiveness, debt free community, student loan, credit, loan, budgeting, stock trading, crypto, finance, budget, student loan forgiveness, car payments, credit card debt, debt, credit card, payday loans, car debt, The Dave Ramsey Show, The Plain Bagel, The Rich Dad Channel, Graham Stephan, Meet Kevin, Ryan Pineda, Elena Taber, Noelle Randall, Lili Thompson, John Olfert, Bigger Pockets, Caleb Kids Show, Dave Ramsey Live, Caleb Hammer, Coffeezilla, Bridgette Wilson, John Oliver, Che and Cherice, Caleb Maupin, inflation, manifestation.
The wealthy 1% focus on growing their wealth through strategic investments during recessions, whereas the 99% who are facing hardship primarily concentrate on surviving without access to basic necessities like food and essentials, especially considering the looming threat of hyperinflation.
Managing Money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times, while orders tend to avoid them. Well, at least my advisor does too.
At 60 years old and newly retired, my external retirement funds total around One million two hundred and fifty thousand dollars.. With no debt and minimal retirement fund allocation relative to my portfolio's value over the last three years, I recognize the importance of a financial advisor. Neglecting them isn't an option; however, thorough research is vital to find a trustworthy fiduciary advisor
I'd be retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I'm curious to know best how people split their pay, how much of it goes into savings, spendings or investments, learn around $130K per year but nothing to show for it yet.
You should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a Local or trusted online broker/planner.
How did you locate a reliable financial advisor? What criteria indicate their trustworthiness and competence?
Really good episode. Romain is so knowledgeable and he treats his guests with dignity and humility. I like the clear format of the show. ☺
Thank you 😊
Roman, when you tell people to pay off collections make sure they get a written agreement on the pay off amount not just verbal.
Monday morning is better with Finance Action!
Thank you! Hope you have a great week ahead hehe
The waving of the finger ‘let’s think about this’ cracked me up.
What did you think of this video ? 😀 it’s members only for now haha
@@itsRomainFaure i think going into detail about revocable and irrevocable trusts is really informative and would help a lot of people. i know you taught me something with that. and i think it shows how quickly an inheritance after death can be spent, no matter the amount.
@@itakenapsagreed!
@@itsRomainFaureI absolutely love your videos. This one was packed full of knowledge and compassion with a path forward. Keep up the work you are doing you are providing a great impact on TH-cam. I can’t wait to see your channel grow and reach more!
@@bingisnow Thank you so much! Yes I really enjoyed working on this one too :) A perfect balance
Romain, my father worked for 38 years, he recently passed and left my mom with a pension. The social security is complete shit, but if it wasn't for my dads employer, she would be another screwed along with my brother and I would have needed to support her. I am not any better than your guest (except no girl), but at 39, I have 100X his savings, but lower net worth and a fully funded retirement plan.
Sorry for your loss, you are making it work !! And at 39 years old we still have a full life in front to make the best next decisions. And yes social security will only get you so far …
Romain, I always laugh when you say, “bye Felecia” in your French accent 😂
Signature 😀
Really appreciate all the follow ups at the ends of the episodes! Love this channel
Thank you for your support :)
Oh, Romain! I wish you would have kicked me in the butt when I was 39. I'm now 59, and although I have about $500k in retirement, I should have a heck of a lot more! I worked a lot of years without saving anything to my 401K account. The years have passed by SO fast, and now I'm pushing 60. I wish i could turn back time! This is my biggest regret.
59 you are still very young - everything can still happen 😊
Yes, give yourself grace! 500k is still decent and you can either work to accelerate growth contributing extra or continue to work in an area you enjoy that doesn't feel so much like work!
Wohoo love the Monday videos!
"I plan to be rich by then" oof!
Reminds me of the stuff we used to say as teenagers. One of my buddies would draw up a cool logo on his notebook and talk about he was going to start a clothing label
I love your kindness, Romain ❤
Your accent is soooo cute! 😂😂😂😂
Hahah Cheers Veronica!
"So you didn't throw that money to the garbage?" 😂😂
Kills me that you are so underrated. You will blow up at some point mate keep it up!
Thank you for the positive thoughts :) Cheers mate!
John (guest) has Master's degree. He should consider teaching such as teaching English online for a part-time job or teaching English abroard and rent the house.
Romain, thank you for educating us regarding the trust will and how the debt collection works (I wish I knew about this when I was in my 20's. I paid them off). I am in my late 30's (expat in Europe) I should look into the trust will. Thank you for another useful show.
I was thinking the same thing! You have student loans, a Masters and your extra money is doing Jimmy John’s delivery? Super interesting choice.
My Favorite TH-camr
Thank you Frederick! I appreciate that :)
I learn so much watching this show! And always feel so encouraged that it’s not too late to make a change.
I love to hear that!
Thank you for mentioning an irrevocable trust. Many do not know they should be doing this to avoid probate and unnecessary expenses.
Of course, and you want to do revocable !
@@itsRomainFaure yes
That's wild on the unpaid speeding ticket for 7 years...I got my first speeding ticket at 17 and thought I'd be cool and hide it from my parents and not pay it. Within 60 days they literally sent this nasty letter saying they were going to suspend my license for over a year and possibly issue a warrant for my arrest. There was no "just don't pay it for 7 years" option, lol.
Him saying things just work out and I plan on being rich in the future. Says a lot. This is often the views of early 20s, now nearly 40. You should understand things don’t just happen you have to attempt to plan. You’re probably not going to be rich and that’s okay, if you’re it will be from consistent determination and effort not random. Then saying you work 30hrs a week. 🙄
"Here, I see on your checking account, ladies and gentlemen, a balance of 74... cents." That pause was comedic gold lol
We just completed a revocable trust this year. Im glad you mentioned it for others to look into.
Congratulations !
I really must!!!
Great advice you provided to Jon. The only concern I have would be that, when he contacts the debt collection agencies, he should not just talk to them verbally, but he should get the agreement in writing (or email) that upon the negotiated payment they will consider the debt closed and report it to the credit bureaus. (Otherwise, they may apply the $100 as partial payment and "refresh" the debt, which may already be outside the allowable time frame.) This was a great presentation, Romain, as usual.
Excellent commentary!
This looks like a good episode, and from the preview he does look like it's really hitting him. I look forward to watching and seeing this through! Already liked :)
Awesome! Let me know your thoughts :)
Loved how you displayed a plan for being a millionaire at retirement! 👏👏👏
Thank you ! Timing is KEY
Your office seems like it shows your personality in a nice minimalist way.
Oh thank you!
@@itsRomainFaureis it just a set for filming or do you work in there as well?
@@litarea it is a small studio at my home yes - I have another office :)
I love your show! Keep on going! Amazing amazing! Thanks for helping all of the people that you do! ❤❤❤
Also I love your smile and positive energy! 😊
Always look forward to your videos!
I appreciate that!
You are a very funny Guy Romain with the accent😊🎉
It comes naturally haha
What do you think is going to happen when your retire? “Honestly I’ll think I’ll be rich by then”
Who’s gonna tell him? lmao
Yep .. it’s never too late but it will not fall from a tree for sure !
Nice work. Keep up the momentum!
Yes on it 😀
Great advice. I really wish this man the best. 👍🇨🇦
Here 🙋♀️ I'm ready 🍿
Hope you enjoy!
Never sell the house 🏡 houses are expensive to buy
Really like your channel, you have a better experience and you're much more sympathetic than most others on youtube.
(I know that accent is fake though lollll)
I love the format of your show
Thank you so much!
@romain what hysa do you use? I’m trying to get that 5.5% instead of 4.6% with SOFI
I have a couple ones - Wealthfront has it at 5.5% send me an email and I can send you a link 😀 Romainfaurechannel@gmail.com
Jeep and a ram guy.... Doesnt get much more basic than that lol.
I like your channel a lot. This very useful advise. I was wondering if anyone knows of a similar channel focused on Europe.
Yay a new video! 👏🏻 🇬🇧
The collections fall off of his credit report in 7 years. Contacting the creditors will restart the clock. I don't agree with doing it unless he is certain that they will allow pay for deletion on his credit report. He needs a feasible budget and to start an emergency fund. He should also reach out to the student loan servicers on the private lender at the very least to get on track with repayment. I am the same age as the guest and he needs to save more than $600 a month to get to at least 1 million saved in future dollars. He should plug his numbers into a retirement calculator and get a copy of his SSA retirment income statement to find out how much money in SS he can expect.
Dear people who have paid a debt but are still being pursued for it: if you pay the original people AFTER it goes to collections, the collections company is not informed. You have to call the people you paid and demand they send notice to the collections company that you are paid up and to take you off the collections list. I worked for an “original” company like that. I was just a minion but the policy was we didn’t bother telling collections until you made us (just by requesting).
38 min +/- a bit of time:
The calmest smack down hahaha
Dude should just sell the house and invest the money in an index fund. He’s paying the carrying costs of a single family home he doesn’t even need as a bachelor
Good point - it really depends on the area ! I am working on a video for this :)
Romain, could you do a short or a post explaining a little more about the living trust? That sounds important, and I don't think to which professional ask for it or what to keep in mind so I don't mess up out of ignorance 😅
Good point - next video dives a bit deeper into the subject stay tuned :)
YES I!!! was informed that one should do an irrevocable living trust.
@@user-lf2lf6wy4z revocable gives you the flexibility - irrevocable is a one time and engraved in stone. I don’t recommend the ladder if you are not 65+
Got a modest inheritance half for a house in cash. Rest in bank. Got mine age 50. So worked pre inheritance and savings
Not sure why it won't show my comments :/ the m1 account suggestion has a 5k min and still holds a monthly fee to get the 5% rate
Romain I adore you and Caleb. You both outshine Dave Ramsey by a million with these thorough audits. I am so grateful to have you as a TH-camr working your ass off for us. You’re so helpful. Thank you!
Thank you for your positive comment!
John has time to turn this around and have a stable and safe retirement. I really liked the information on “irrevocable trusts.” It is so important to avoid an expensive and lengthy probate. That is not how you want your loved ones to have their last memories of your life. Great episode today. ❤
You want to do REVOCABLE ❤️
@@itsRomainFaurethat's right. The revocable can be changed. 😅
Love the younger people on the show!
My favorite youtuber,,,i love your accent😅
Would be interesting to see European version of this show
Hmmm ... interesting :)
But do they take on debt the same as in the US?
@@sharoncollins7722 it is not the same system
But don’t give them your contact info or confirm address etc…or they’ll restart the collections and bugging you all over again
Oooo, not that I have known that many, but anyone I knew who did not pay their traffic/speeding citation/ticket within a year GOT ARRESTED!!! And this guy is coasting along life for SEVEN YEARS and has not had ANY intention to pay that ticket?? Hmmmm, must be nice to be so smug and cavalier to KNOW you are entitled to not get a warrant!! Sorry, this infuriates me!! I hate leaving negative comments, but this one I could not get past. Thank you, Romain for the upload.
Yes Ticket, Taxes ... among other government owned debt should be taken care of IMMEDIATELY!
Overdue unpaid traffic citations in my state, after a while, freeze your driver's license or forbid any renewal until paid!! So they get you within 6-8 years. His time is nearly up!!
@@kaythegardener yes this is a priority !
@@kaythegardener Interesting, the several states where I have personally seen People commit this crime had laws to arrest the criminal if citation was not paid up to a year - some even less than a year. I have never ever heard of a state going this long - but I have not lived in every state.
Yep, when I was young and stupid and had just got my license, I got a ticket and figured I'd be the cool teenager and hide it from mom and dad. A couple months went by and I got an official letter from them that my license would be suspended for a year and a warrant would be issued for my arrest if it wasn't paid immediately.
The care you offer to help in getting people in the best direction is helpful.
And having a positive audience like yourself motivates me to continue :)
I live in the UK and I’m 48 years old. I have always saved every penny except for the past 14 years where I’ve stayed home bringing up my children. My husband unfortunately does not have the same attitude towards money. My government pension is up to date however I am anxious to invest in a private pension so I am comfortable in the future. I really wish there was someone like Romain who could give me the advice on how to improve my retirement fund.
Congratulations on taking action on your finances, I am still hoping that you are enjoying life as well :)
@@itsRomainFaure Thank you Romain!
Great idea to sell the car.
Nice touch there...a deviation from financial audit to personal stories 😅. Anyway, best wishes to Jon, he seems to have figured out the frugality part, but needs to ⬆Income ⬇Debt.
Exactly!
Went to school with Jon!
Oh wow - what a small world :)
I am only a few years older than him and what he's got in savings is less than what someone starting with nothing is expected to have saved for retirement by this age.
Correct.
Video Number 62! 🎉❤
You are on it 😀
He is a good reason not to allow people not to pay their student loans.
Looks like he has a definite income issue!
Romain: how do your choose your candidates ?
I have a phone discussion with them before coming to the show to understand their intention and if they are in the mentality to take action :)
@@itsRomainFaure How do you make the initial contact? I’d love for you to meet with my daughter. She lives in Seattle. She’s ready to take better control.
@@charq52 I am currently in Las Vegas right now if she wants to make the trip - my email is Romainfaurechannel@gmail.com
@@itsRomainFaure I'll be speaking with her soon (we don't live in the same place) and I'll pass this along. Thank you.
5.5% HYSA? Where? Most want 5000 deposit to start with 4.1 to 4.4. The accounts that pay 5.5 you have to put in 25k within 30 days of opening. Not to be argumentative! If you know of a 5.5 account please clue me in!!
M1 finance has 5% no minimum and I'm pretty sure it's free now
@@nickcs2x592 thanks I'll look into it. I remember last year there was a 95 / year fee on M1 so I sort of stopped looking at them. I'll see if its still there. No 5.5 but respectable.
@@nickcs2x592 5k minimum for the 5% rate....still looking into the other details but this looks solid
Someone should make another financial audit channel. I don’t think there’s enough caleb hammers on youtube
Watch the video first Kevin ...
Romain is much much better
I don't get this comment. Both Romain and Caleb offer advice in their own ways. I really like Romain bc of how calmly he speaks and how he genuinely tries to educate people.
Caleb is good but Romain is better. I get tired of the screaming and swearing that Caleb does. Caleb sincerely cares about his guests but his approach is a bit over the top. Romain is respectful and calm.
@@user-lf2lf6wy4z it’s for clicks lol. It’s all an act
You don’t apologise for their deaths, that means you were responsible for them, you say you’re sorry
Noted
@@itsRomainFaure it’s an old joke at a funeral, I’m sorry for your loss = ok, I apologise = responsible. Also never say good morning (mourning) at a funeral :-) Love you man my French is more merde than your English
I hope the guest get it together and listen to the Host: the guest needs to take this life serious. Being in his situation, how can he even contemplate having a significant other? Hopefully he focus on making money: then consider having a woman friend. By next year, I predict this channel will have about 300,000 subscribers!🕍🕌