I Just discovered your channel and I loved it. I totally agree with your 7 points personal finance is not complicated if you're convinced of changing your lifestyle.
Great points about buying higher quality items if it’s something that will be useful. I still have my MacBook Pro from 2016 and I still use it in my business today.
It’s hard to pay off debt if you don’t make much money and then you have an emergency come up that has to be paid. You then have to use a credit card because you don’t have an emergency fund.
@@of6024 Ok. So what if you have an autoimmune disease? Or just any unexpected disease? What if you have to go through chemo and just can't work that much? What if you got injured? You might be like, "Well, sure, what if pigs start to fly?" But the whole point of this conversation was about possible EMERGENCIES, and what they cost. And anyone of these things is pretty easily possible, and in fact, very much a reality for a lot of people. It can be pretty damn heard to get out of it when you're already drowning in it. The cost of cancer alone is astronomical, at least in the US, and most people who get it aren't likely to ever pay it off, even if they do survive. Plus it can leave some people unable to work at all. Sure, some people can put in more work to get things done, but not everyone can, and also, not everyone lives in a place that pays a living wage at any of the jobs. Federal minimum wage is still $7.25 in the US. That is also in areas where the cost of living has gone up but not adjusted to be reflected in the minimum wage. So $7.25 per hour for 16 hours is roughly equal to $14.50 for 8 hours, and a lot of people still can't live of of that. At some point, there really just isn't enough hours in the day. "So get a job that isn't minimum wage!" Boy, ain't that the dream! A lot of people who are already deep in it don't have the skills to apply at places, not ability, nor money, to go back to school to invest time into getting a degree that might get them more, especially when there's a ton of people who can't even use the degree they earned. And where will they find the time if they are working 3/4 jobs, just to get by? Trade schools are a good option, if there's trade schools available around where a person lives, but if there isn't, it isn't as simple as move somewhere else that does. It costs money to move, and if you don't have money to pay for a basic emergency, do you think you'd have enough money to uproot your whole family? Things just aren't that black and white. For a LOT of people.
@@islandboy4445 You will never get out of debt with your mindset you keep saying what about this what about that when you should be focused on what you can do to get out of debt.
I had the die broke and screw the man with my debt when I die mindset...twice. The second time I decided how ridiculous it was. I don't buy brand name, I buy quality. You can spend a lot on brand name furniture that isn't made from solid wood, break easier, and aren't repairable. Even if you find brand name at a discount, you have to ask yourself why you buying the brand. I don't have the i will always be in debt mentality...I have the mentality that so long as debt is useful and beneficial, then I'll carry debt. There's zero reason or cost benefit for me to pay off my 30yr fixed 2.375% mortgage early. One lie is believing that a credit card spending limit is your spending limit.
I think one of the reasons we have the wrong attitude about self administering our investing is because many of us, at and speaking for myself, believe that we will always be in debt. That of course is true only if we don't take steps to get out of debt.
The biggest lie I had to overcome with that I will always have a car payment. We have purchased 5 cash vehicles since starting our debt free journey. It’s really wild to think, but we did it!
I did that until my 40's. Then I started to pay as I go. If I charged 100 at grocery store, I set up payment when I got home. I buy something on Amazon, I schedule payment for a week from then or now. I get points and have about 50 now, sometimes 100 but as long as no interest or fees, it's fine. It took a bit of discipline but easy onlilne.
If credit cards are not bad for your finances then why do you need to borrow money from them ? Shouldn't you have your own money to use ? I prefer to be my own bank, not have to rely on borrowing money .
It's for the rewards, like cash back or airline miles. You can pay your credit card off every month and not pay interest. You can pay it off every week or every day even. That's not really borrowing money. Just don't use any money you don't actually have in your checking account.
@@chelsea3177 if they need to earn rewards from a credit card then they should probably look at getting on a budget, managing their money better or getting a better paying job . Having a crediy card just to get reawards is lame af
@@tonychristensen6714 Justine most definitely has a budget, as you can see in her other videos... 😂 People use credit cards responsibly to help build their credit scores and they may as well get rewards while spending money they were going to spend anyway. If credit cards are too difficult or tempting for you, then you shouldn't get one. Everyone needs to understand their own financial habits to make the best decisions for themselves.
When you use a Credit Card, you spend more money than you would if you paid cash. Cash is king. Using a credit card is getting a loan every time you purchase something. All Debt is bad debt, "the borrower is slave to the lender". If you want to use plastic, use a debit card if you must. Trying to beat a BILLION $ Credit Card company by playing the "I get the miles" game is a joke. Their job is to get you to spend more money and they succeed every time you swipe! Get Debt Free and use cash!
well, there's also the opposite, where you are debt free, fixated on remaining debt free , and amassing enough wealth for those what-ifs of life. financial freedom to me is having f u money.🤣
I agree credit cards aren't bad, it that people don't know how to use them to their advantage. Was wondering what are your thoughts about Betterment new fees they are going to roll out in December for investing accounts? Will you leave Betterment?
I’m not sure if you’ve already done this, but I’d love a quick video of all your reward hacks like using Fetch! This is the first I’m hearing about it & am wondering what others are out there. Thanks for sharing, Justine! 😊
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I'm living a debt free life too....piece of mind is everything!
I Just discovered your channel and I loved it. I totally agree with your 7 points personal finance is not complicated if you're convinced of changing your lifestyle.
Great points about buying higher quality items if it’s something that will be useful. I still have my MacBook Pro from 2016 and I still use it in my business today.
I still have my 2011 one! 😆
It’s hard to pay off debt if you don’t make much money and then you have an emergency come up that has to be paid. You then have to use a credit card because you don’t have an emergency fund.
That doesn't even include if you have kids! 😬
@@islandboy4445 Exactly. Not saying it can’t be done but it’s not easy
Then like mentioned by Dave Ramsey, look for a second, third, fourth job…but MAKE it happen.
@@of6024 Ok. So what if you have an autoimmune disease? Or just any unexpected disease? What if you have to go through chemo and just can't work that much? What if you got injured?
You might be like, "Well, sure, what if pigs start to fly?" But the whole point of this conversation was about possible EMERGENCIES, and what they cost. And anyone of these things is pretty easily possible, and in fact, very much a reality for a lot of people. It can be pretty damn heard to get out of it when you're already drowning in it.
The cost of cancer alone is astronomical, at least in the US, and most people who get it aren't likely to ever pay it off, even if they do survive. Plus it can leave some people unable to work at all.
Sure, some people can put in more work to get things done, but not everyone can, and also, not everyone lives in a place that pays a living wage at any of the jobs. Federal minimum wage is still $7.25 in the US. That is also in areas where the cost of living has gone up but not adjusted to be reflected in the minimum wage. So $7.25 per hour for 16 hours is roughly equal to $14.50 for 8 hours, and a lot of people still can't live of of that. At some point, there really just isn't enough hours in the day.
"So get a job that isn't minimum wage!" Boy, ain't that the dream! A lot of people who are already deep in it don't have the skills to apply at places, not ability, nor money, to go back to school to invest time into getting a degree that might get them more, especially when there's a ton of people who can't even use the degree they earned. And where will they find the time if they are working 3/4 jobs, just to get by?
Trade schools are a good option, if there's trade schools available around where a person lives, but if there isn't, it isn't as simple as move somewhere else that does. It costs money to move, and if you don't have money to pay for a basic emergency, do you think you'd have enough money to uproot your whole family?
Things just aren't that black and white. For a LOT of people.
@@islandboy4445 You will never get out of debt with your mindset you keep saying what about this what about that when you should be focused on what you can do to get out of debt.
I had the die broke and screw the man with my debt when I die mindset...twice. The second time I decided how ridiculous it was. I don't buy brand name, I buy quality. You can spend a lot on brand name furniture that isn't made from solid wood, break easier, and aren't repairable. Even if you find brand name at a discount, you have to ask yourself why you buying the brand. I don't have the i will always be in debt mentality...I have the mentality that so long as debt is useful and beneficial, then I'll carry debt. There's zero reason or cost benefit for me to pay off my 30yr fixed 2.375% mortgage early. One lie is believing that a credit card spending limit is your spending limit.
I think one of the reasons we have the wrong attitude about self administering our investing is because many of us, at and speaking for myself, believe that we will always be in debt. That of course is true only if we don't take steps to get out of debt.
i think it's more that the marketing of financial products, services, and advice makes basic concepts seem overwhelming and complicated.
The biggest lie I had to overcome with that I will always have a car payment. We have purchased 5 cash vehicles since starting our debt free journey. It’s really wild to think, but we did it!
Woohoo!!! I love that! And you got so intentional with paying cash for your car!
Few people are capable of using credit cards without incurring interest. If you can, more power to you. If not, they are best avoided.
I did that until my 40's. Then I started to pay as I go. If I charged 100 at grocery store, I set up payment when I got home. I buy something on Amazon, I schedule payment for a week from then or now. I get points and have about 50 now, sometimes 100 but as long as no interest or fees, it's fine. It took a bit of discipline but easy onlilne.
Just booked a flight to Hawaii with my credit card reward miles that I have been racking up for 3 years.
WOW that is incredible!!
I'm so curious on completing debt free journey. It's something that is slow with low income.
Credit card rewards are amazing ! Being a responsible user and paying it down to zero at the end of the cycle is key as you said!
Agreed!
Your #4 got my feels
Can you talk about the fall of FTX? Specifically in the context of the business and ethics of financial influencers
I use a debit card all the time. Don't have to worry about credit card debt.
that is so nice with your Kate Spade experience. my wife and daughter are pro-Coach bag and we all enjoy Coach products.
If credit cards are not bad for your finances then why do you need to borrow money from them ? Shouldn't you have your own money to use ? I prefer to be my own bank, not have to rely on borrowing money .
It's for the rewards, like cash back or airline miles. You can pay your credit card off every month and not pay interest. You can pay it off every week or every day even. That's not really borrowing money. Just don't use any money you don't actually have in your checking account.
@@chelsea3177 if they need to earn rewards from a credit card then they should probably look at getting on a budget, managing their money better or getting a better paying job . Having a crediy card just to get reawards is lame af
@@tonychristensen6714 Justine most definitely has a budget, as you can see in her other videos... 😂 People use credit cards responsibly to help build their credit scores and they may as well get rewards while spending money they were going to spend anyway. If credit cards are too difficult or tempting for you, then you shouldn't get one. Everyone needs to understand their own financial habits to make the best decisions for themselves.
When you use a Credit Card, you spend more money than you would if you paid cash. Cash is king. Using a credit card is getting a loan every time you purchase something. All Debt is bad debt, "the borrower is slave to the lender". If you want to use plastic, use a debit card if you must. Trying to beat a BILLION $ Credit Card company by playing the "I get the miles" game is a joke. Their job is to get you to spend more money and they succeed every time you swipe! Get Debt Free and use cash!
@@vintagecrazyjay4970 so true mate , spoken as a true dave ramsay follower 💯
Mostly good. gotta say i still disagree on the name brand stuff though. You do you though.
A big part of Financial Freedom is having your heart and mind free from worry about the what-ifs of life! Have an amazing week everyone!!!
well, there's also the opposite, where you are debt free, fixated on remaining debt free , and amassing enough wealth for those what-ifs of life. financial freedom to me is having f u money.🤣
A wise man prepares for life's inevitable setbacks...a fool is demolished by those setbacks...
I agree credit cards aren't bad, it that people don't know how to use them to their advantage. Was wondering what are your thoughts about Betterment new fees they are going to roll out in December for investing accounts? Will you leave Betterment?
Where did you see an announcement about new fees with Betterment?
eh.. I will never be debt free xD once I paid off my mortgage, I will buy another place :D
I’m not sure if you’ve already done this, but I’d love a quick video of all your reward hacks like using Fetch! This is the first I’m hearing about it & am wondering what others are out there. Thanks for sharing, Justine! 😊
That's a great idea!
Clear and concise video. Great job