To be fair hes not entirely wrong. AI is a immerging tech that has taken the world by storm, just like the internet. It will only get more popular and people are finding creative ways to monetize it and make millions very quickly. It will continue to expand and getting in early is very vital to seeing massive success with it.
The only “more debt” he will be going into would be from a loan shark, having collections when you apply for any type of loan or credit card is like the kiss of death
Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
What I think everyone need is an adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit. With this I feel anyone can basically achieve financial freedom
The bank employee using a woman's transaction history to help him scheme on her would have been instantly fired and probably arrested at the bank I used to work at.
Definitely a breach of data privacy regulations at any company I've worked for. Simply because you have access to data doesn't mean you should look at it. That is reserved only for business purposes and not one's social life.
"Remember that movie a couple of years ago, Minority Report?" Who wants to be the one to tell them Minority Report came out over 20 years ago... (2002)
If you ask one person at a time for one dollar, have a 100% success rate of receiving the dollar, moved onto the next person and the entire process took 3 minutes, doing that 16 hours per day, leaving only 8 hours for literally all other life processes, never slowing the pace, never taking a single day off and never spending a single dollar owned, it will still take you 8.5 years to earn 1 million dollars. I did the math.😐
Yeah that's only $20 per hour. In many cities you'd be better off just working as a server or bartender in a nice restaurant, I know people who make more than that just off tips here in Austin.
As Einstein said "Compound interest is the eight wonder of the world. He who understands it, earns it, he who doesn't, pays it." Don't just take the dollars, invest them. Get your dollars working for you.
I really like the one telling us to leverage in order to buy 50 houses because thats exactly the type of behaviour that will spark a massive housing crisis and let us, millennials, able to actually buy our first home! Thanks!
I definitely agree with the "if you let your debt get to collections, you're already doing it wrong" sentiment. Paying off $100,000 in student loan and credit card debt made my husband and I feel free and relaxed. I can't even imagine how stressful life becomes when you get to the collections stage of things. Not to mention, that guy clearly forgot that foreclosures are a real risk of not paying back certain debts. He didn't think through his argument.
8:23 I don't agree with everything Dave Ramsey says but to his defense, he tells his people to invest 15% of your gross income, not including any matches, before you pay off your house.
I want to personally thank you guy's for lighting a fire under my but for saving and investing. At 63 it's too late for me to become a millionaire. I have started a Roth for my grandsons 4 and 2. I'm also in the ear of my 25 and 27 year old kids. I will get them going !!! Thank you so much for keeping me excited about saving and investing.
Absolutely. I started investing a little in my late 20's. Was putting 15% in by 30. My biggest regret is not maxing out a Roth IRA every year. I'm just going to supercharge my retirement saving as I'm hitting 40. Because inflation is so devastating. I'm targeting $1.5 million by 50. I figure I'll need $5 million by the time I'm 60 to equate to $1 million of before covid dollars. I've been starting talking with my 13 year old. She want's to start working next year. I'm setting her up a Roth IRA and am going to do a dollar for dollar match. For every dollar she puts in her Roth I'll match her. If my daughter can max out that Roth from age 13 to 23. She could come out of college with somewhere around $100k in a Roth IRA. That could grow to $1.8 - $6.0 million without contributing anything else to it in 40 years depending on rate of return (7-10%) If she keeps contributing $540 a month she could hit 10 million in a Roth IRA by Retirement. My guess is that tax free money is going to be worth way more in 40 years than it is now. especially with the socialist/communists taking more control in government.
I did what the house guy was talking about. We had 8 properties. All was good until 2 people stopped paying rent. We got rid of everything, left Vegas, and built a house in PA. If we get into real estate again I'd pay no less than 40% down to have cash flow.
Imagine during covid, ALL of your tenants could have legally just stopped paying rent for up to what turned into almost 3 years in some places! Insanity! Wouldn't have been able to sell them fast enough!
I just need to show love to the undercover heroes that cut Power Puff Girls over Brian speaking and timed the Chemical X part perfectly. Chefs kiss 7:29
@@chgr4674 They fudge the details but use the social security number. It is dangerous as the child has to take legal action against the parent to get it overturned. Something that they are less likely to do despite the breach of trust.
Using leverage to buy real estate is the riskiest thing I’ve ever seen. That guy is relying on his tenant’s rent payments to pay the mortgage. In 5 years, that guy is gonna be broke.
Agreed. That's exactly happened to me. I thought we were doing great with our 8 properties until two people stopped paying rent and another tenant trashed the place. You never hear about that.
One scam I saw many years ago was someone selling some turn key make money thing. I don't recall how much they were charging, but they had the gall to say that if you can't afford it, then get a credit card to pay for it. Because his system was such a sure fire thing. This tactic seems to be alive and well today. It's just presented differently.
A number of cults & MLMs have done that - they told people to borrow money, max out cards, etc. to finance their business or to get money to pay the cult. Big red flag.
The collections thing can be true. I had a kid when i wasnt financially prepared. My debts when unpaid and sent to collections. I went from 760 credit score to 560. 10 years has passed and im making 3 times more and more stable financially. 4 out of 6 debts that went to collections have disappeared due to statue limitations and enough time has passed. I have one more that's about to disappear this year. For me to pay that off would reset the time thats allowed on my report. Ive gotten my credit back up and is at 767. With only one derogatory mark. Dont go into thinking to game the system, but there isnt one size fits all solutions
Idk what I would say to my family is I just refused to pay my debts. They would whip me into shape real quick. People need to be raised right. Your word is your bond.
I am by no means advocating not paying your debt. I actually defaulted on three credit cards in college, I never paid them. They “tried” to impact my credit and I asked the credit agencies to prove I owed the money they couldn’t as the credit card companies got rid of everything when they sold my accounts to the debt collectors. All three credit agencies removed the negative entries. Luckily I did learn my lessons and have zero debt for 30 plus years.
I don't have a Lambo because I don't want a Lambo...... It's a dumb car in my opinion and I really like my Honda Civic. A car is a tool to me and I don't buy diamond tipped tungsten hammers just to make other people jealous of me.
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
I'm an amateur with a portfolio of 30,000$ but it's hard for me to build confidence. I want to invest another 12,000$ over a one month span, but I want to be strategic about doing it so l can grow more and not stay stagnant. Can you recommend me to this your professional please
When it comes to paying off mortgages, people also don't consider taxes and insurance. Where I live, our taxes and insurance are about 1/2 of our mortgage. So, even if I pay off the mortgage, the house may be "mine", but there will still be bills coming in to keep it.
Yeah man just buy and manage 15 properties and then 50 properties because as we all know all those properties will all make money and not be bad investments, because as we know, scaling is always positive! Absolute madness.
tip: i paid with a credit card at a restaurant this weekend and selected no tip, but left the tip in cash. also, i tipped 15% cause i didn't bring 5 other people.
Even Dave Ramsey says you shouldn't put extra money towards paying down the mortgage until you're investing 15% into retirement and whatever amount you decide for your kids' education funds.
How long did it take you to get to that step? We are not going to rush and pay off our mortgages at 2.99% and 3% in CA, throw all the money that we have into it for years and in the meantime deprive our kids from basically everything (after school activities, trips, money in 529, etc.), live like we are poor basically just because of fear (the rental can be sold and the equity can be taken out if we truly ever need it)
@@IrisP989 we had planned to do it in 10-15 years, but ended up doing it in 5. it shouldn't be about deprivation. you should being taking care of your needs, wants, and investments/savings first. assign a reasonable spend ratio for each of those categories and the rest can go towards the house. a breakdown of 50% needs, 20% wants, and 20% investments/savings would leave 10% to paying down the mortgage. what your ratios are depends on what your financial situation is and what your priorities are. does it make mathematical sense to pay off a low-interest mortgage early? in most situations, no. for us, the peace of mind and freed up monthly cash is well worth it.
@hownowvihao It's about making mathematical sense. I have a 30 year 2.00% mortgage. It makes zero sense for me to pay that off early when other investments and even a CD could yield me a higher return.
@@Diggler569 i'd argue that it's about making informed decisions that gives you the life that you want. part of that is accepting sacrifices and the natural consequences of making those decisions. for example, my wife leaving the workforce to raise our kids means that we are losing her sizable income every year she's out of the workforce. it makes zero mathematical sense, but it allows us to live our lives and raise our kids the way we want.
First guy is sort of right. Collections will show on your credit report but they'll drop off after 7 years. So don't answer mail, calls, or emails from the debt collectors for 7 years. If that's the route you want to take.
Praying off your mortgage is not mathematic, but it does vary a lot from person to person. For instance, my wife and I do have our emergency fund, and we are properly invested. We are paying off our house 10 years early because our industries are very volatile at times. If we were to both lose our jobs, so long as we can still pay the taxes, no one can take our home while we look for new employment
If you have a low interest rate on your mortgage compounding interest means you'll earn more money if you put money in high yield savings account. As long as you're earning more interest than you're paying, you'll end up having more money in the long run.
@@haybuhayko you are literally making my point. Yes, it makes sense mathematically speaking, but it has a risk involved. A paid off home, no matter what happens cannot be taken away.
Yeah if you buy yourself a lambo or any kind of high-luxury car in your mid twenties, I'll just assume your financials are absolutely destroyed or you have no idea how money works. Luxury cars are almost the worst spending you can do. Why would you pay a shit ton of money for something that immediately after being bought looses half of their value and keeps going down each day.
I bought a duplex less than a year ago and one tenant has been in it since 2004! I sold my corvette and but that money into a CD. When the CD is up I am going to pay off the duplex!
It took me about 10 yrs to become a millionaire through a combination of my own business, real estate and stocks. And of course being very mindful of how i used my dollars
The garnishing wages thing could vary from state to state. In my state you could apparently suspend someone’s license for some types of unpaid debt when I was younger.
I do not have any Airbnbs, but you can get one pretty quickly using non-conforming loans. So, they are technically right, you can get 10 in two years. In fact, these loans do not even require much paperwork, they require a good credit score ( but their income is not verified), and as long as the income exceeds the mortgage by a certain amount they qualify. If the buyer is smart enough to manage all 10, that is a different question. It is not the craziest thing in the world, but for some this is a great way of life.
I love how all these "alpha male" type dudes are so afraid of just talking to women... like instead of stalking her and illegally tracking her bank info, why can't you just ASK her about her finances? I mean you know she could probably just tell you what's up, right? Why is that never an option with these guys?
The closest I've ever come to tipping a landlord was telling him his screens were shit. I know tipping is big for building supers in NYC. But they are right there in the building to fix shit right away...
@@userunknown7675 yeah it happened to my best friend. It was the water and electric bill in his name. He had to get it paid off before getting his first apartment.
If you are going to attack Dave Ramsey for suggesting pay off your house early, but fail to mention that you do steps 4, 5 and 6 AT THE SAME TIME, you are being disingenuous. How can I believe what you sell, when you are actively lying about your competition?
Re: debt collection, what about medical debt? In the US, with our healthcare/insurance system, it's hard (and sometimes impossible!) to know what will be covered by insurance, and what will fall to you. And medical care is a necessity, not a "bad choice". It happens all the time - your insurance refuses to cover something they previously covered, one of the doctors who tended to you was "out of network", even though the hospital was in network, etc etc. Yes, don't buy an expensive car you can't afford and then refuse to meet your payments. But not all collections debt is due to agreements that were entered willingly!
I’ve done it 10 years ago. You really don’t have to pay your debt if it goes to collections. They’ll harass you by phone for a few years then stop, and nothing will ever happen. Albeit my debts were old unpaid camera tickets. $50 here, $70 there. Now if you owe $100,000+ I can’t speak on that 😂😂😂
The guy saying you need to buy a lambo, well 200k for a car value drops abput 50% after you drive off the lot, oil changes cost an arm and a leg, insurance is expensive as can be, plus the 2k or more monthly payments on the car, so with everyrhing your looking at min 3k a month for insurance and monthly payments on your car, i can do so much investing with 3k a month set aside
Paying off the home mortgage (or not) was a valid question when the rates were down at 2-3% and the value of the house was growing at 4% .. now none of that is happening .. do the math and plan the decision that’s right for you
That's my thoughts on tipping culture. Like I work in healthcare, my charges each days equal at minimum 10k. Like are you going to tip me 20% for just doing my job? I'll take an extra 2k/day. Now I will tip drivers, and I will tip servers. That's it. I'm not tipping a batista, I'm not tipping a landlord, I'm not tipping the priest, and not tipping the damn cow for milk for my cereal. Like this has become a joke.
I agree that you need to plan ahead(retirement) but if people actually lived within their means they could pay off home in 10 years or less, leaving so much extra money so much sooner to really get into investing and diversifying without a monthly mortgage dragging you down. Debt has ruined too many lives, and the more you stay away from it the better imo. There are the few that can "leverage" it but the safest route will always be to be debt free.
Debt is not debt it’s an obligation, as soon as your mindset makes that switch you drill down every bit of debt..untill you no longer have any.. obligations
Most people will have made $1,000,000 in their lifetime even with an annual salary of twenty five grand, but the reason most people in America don't retire millionaires is because most folks have short-sighted spending issues and don't know how to save. That is why you guys are a God send for people willing to listen.
To be fair, we also pay quite a bit in taxes here in the U.S. and we don't require financial education in school. And we have expenses (i.e. rent/mortgage, food, clothing, etc.) to consider. Though, as a rule, most people could retire millionaires with proper planning and saving from a young age. They just need to know how.
The interview at 15:39, the guy wasn't saying to literally go panhandle for $1 million, he was saying all you need to do is solve a $1 problem for 1 million people. Context is everything.
The Scar Speed guy was an ad but he framed it as "this is how you make money hey look heres a thing i found organically" also if the game is selling NFTs for the game before the game has come out, the game is never coming out.
Baby step 4 invest 15% of income, #5 save for kids college, and then #6 is pay off mortgage early. Dave tells people to invest for retirement before paying off house
On the paying off your mortgage thing, if you think of the house as a liability and your mortgage debt as just any other debt while not using home equity as a your "emergency fund" or yoyr home as an asset it puts things into a better perspective. Pay off you mortgage early if you have a high interest rate byt if you can get better returns from another investment then out your extra money into that. Now the peace if mind of owning your home outright can have it's own value but that's up to you to decide because it'll vary from person to person and financial situation to financial situation.
I was at a place in Summerlins in Las Vegas where my order was taken by a VR computer and the food delivered by robot and they were still looking for a 20%+ tip. I declined.
As if Americans werent bad enough with financial literacy already - its only going to get worse moving forward with TikTok being a major source of information for the younger generation
I incurred serious debt while I was younger but learnt to outgrow them through the years by learning how to save and in. vest strategically. With good adv. ice and guida nce I had 25% of my ea r n in gs in an IRA, the rest in peculiar index fun ds, futu res, S &P's etc that grew about 4mill in 8 years. I used part to purc hase a 7 unit condo of 3 bedroom each that bring in over 78k annually and I have the rest re inv ested again.
I'm into sports cars, (see profile pic), but over the past several years as I built up enough money to be able to "afford" a Lambo, the more I do not want one. Knowing how much work it took to get where I'm at, I'm not about to blow a big portion of it on a most-likely depreciating asset. I love my 2009 Porsche Cayman S that I bought used 4 years ago for $28k cash.
Someone in their mid 20s car shaming you for not having a Lambo while pushing AI is about as 2023 as it gets.
Without a doubt that guy does not 'own' his lambo.
Skilless juvenile men with their get rich quick garbage will surely be washed away in the comes tides
dude learned the word leverage and AI and magically became a financial advisor lolol
To be fair hes not entirely wrong. AI is a immerging tech that has taken the world by storm, just like the internet. It will only get more popular and people are finding creative ways to monetize it and make millions very quickly. It will continue to expand and getting in early is very vital to seeing massive success with it.
There is no way to monetize a service which can be run locally and is open source.
That guy who thinks he doesn't have to pay his debts is in for a shock when he tries to get more debt.
The only “more debt” he will be going into would be from a loan shark, having collections when you apply for any type of loan or credit card is like the kiss of death
Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well
What I think everyone need is an adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit. With this I feel anyone can basically achieve financial freedom
*STEPHANIE KOPP MEEKS* , That's whom i work with
The bank employee using a woman's transaction history to help him scheme on her would have been instantly fired and probably arrested at the bank I used to work at.
As an Internal Auditor, it has so many red flags
At Wells Fargo that's promotion material
Definitely a breach of data privacy regulations at any company I've worked for. Simply because you have access to data doesn't mean you should look at it. That is reserved only for business purposes and not one's social life.
I worked at PNC in HR. That guy would be fired on the spot. Especially since there is no union.
I thought i was gonna get a sports car once I had the cash and then once I got the cash I didn't wanna let it go lol
My mom had her wages garnished for an old car debt, I can tell you that is absolutely something that the debt collectors can make happen.
My sister was gonna have her wages garnished too.
"Remember that movie a couple of years ago, Minority Report?"
Who wants to be the one to tell them Minority Report came out over 20 years ago... (2002)
😂
To be fair "20 years ago" was only 5 years ago
If you ask one person at a time for one dollar, have a 100% success rate of receiving the dollar, moved onto the next person and the entire process took 3 minutes, doing that 16 hours per day, leaving only 8 hours for literally all other life processes, never slowing the pace, never taking a single day off and never spending a single dollar owned, it will still take you 8.5 years to earn 1 million dollars. I did the math.😐
Yeah that's only $20 per hour. In many cities you'd be better off just working as a server or bartender in a nice restaurant, I know people who make more than that just off tips here in Austin.
I was thinking the exact thing, that this would (in reality) take a lifetime
These people really do not understand how big of a number 1 million is. You cannot do 1 thing a million times lol.
As Einstein said "Compound interest is the eight wonder of the world. He who understands it, earns it, he who doesn't, pays it." Don't just take the dollars, invest them. Get your dollars working for you.
And the best part is you get to keep that million if you don't eat, pay rent/mortgage, bills, commute, or spend a single penny in those 8.5 years!
I really like the one telling us to leverage in order to buy 50 houses because thats exactly the type of behaviour that will spark a massive housing crisis and let us, millennials, able to actually buy our first home! Thanks!
Yeah! Let's do as the Boomers did, and we can live fat and happy while we screw over Gen Alpha! Kick that can even further down the road.
I definitely agree with the "if you let your debt get to collections, you're already doing it wrong" sentiment. Paying off $100,000 in student loan and credit card debt made my husband and I feel free and relaxed. I can't even imagine how stressful life becomes when you get to the collections stage of things.
Not to mention, that guy clearly forgot that foreclosures are a real risk of not paying back certain debts. He didn't think through his argument.
8:23 I don't agree with everything Dave Ramsey says but to his defense, he tells his people to invest 15% of your gross income, not including any matches, before you pay off your house.
Came to say this also. The paying off the house isnt until after you're investing in retirement for his plan
The editing on this was tremendous. The Powerpuff Girls reference had me rolling!!
I want to personally thank you guy's for lighting a fire under my but for saving and investing. At 63 it's too late for me to become a millionaire. I have started a Roth for my grandsons 4 and 2. I'm also in the ear of my 25 and 27 year old kids. I will get them going !!! Thank you so much for keeping me excited about saving and investing.
Absolutely. I started investing a little in my late 20's. Was putting 15% in by 30.
My biggest regret is not maxing out a Roth IRA every year.
I'm just going to supercharge my retirement saving as I'm hitting 40. Because inflation is so devastating. I'm targeting $1.5 million by 50.
I figure I'll need $5 million by the time I'm 60 to equate to $1 million of before covid dollars.
I've been starting talking with my 13 year old. She want's to start working next year. I'm setting her up a Roth IRA and am going to do a dollar for dollar match.
For every dollar she puts in her Roth I'll match her.
If my daughter can max out that Roth from age 13 to 23.
She could come out of college with somewhere around $100k in a Roth IRA.
That could grow to $1.8 - $6.0 million without contributing anything else to it in 40 years depending on rate of return (7-10%)
If she keeps contributing $540 a month she could hit 10 million in a Roth IRA by Retirement.
My guess is that tax free money is going to be worth way more in 40 years than it is now. especially with the socialist/communists taking more control in government.
You should start a bingo card for this. You could give "Buy tons of real estate" as the free center square since that one's going to come up.
The free space should be money guys mentioning the FOO
Bro, passive income, just go borrow a million and sit back and relax on the beach lol
This would be so funny !!!
Go Cougs!
go cougs
I did what the house guy was talking about. We had 8 properties. All was good until 2 people stopped paying rent. We got rid of everything, left Vegas, and built a house in PA. If we get into real estate again I'd pay no less than 40% down to have cash flow.
Imagine during covid, ALL of your tenants could have legally just stopped paying rent for up to what turned into almost 3 years in some places!
Insanity! Wouldn't have been able to sell them fast enough!
@@DJSolisticaserves you right for being too lazy to get a real job.
@@dm2060 I'm not sure what your comment is directed towards, but never the less your ignorance is clearly very very high.
@@dm2060most landlords have real jobs??? Loser
I just need to show love to the undercover heroes that cut Power Puff Girls over Brian speaking and timed the Chemical X part perfectly. Chefs kiss 7:29
You don't have to pay the debt collector because it isn't your debt anymore is sound advice. Also, stealing everything you own is great advice too.
I think the main lesson here is that if you're looking for financial advice on Tiktok, you deserve to be in debt.
Just buy a Lamborghini - it’s all Gucci, fam
I'm 37 and I've never had a Lambo. I drive an 8 year old minivan. I have over a million net worth though. In my book that's winning.
I've had tenants put utilities in the children's names. It's so sad. It's not easy to do that anymore. Thank goodness.
My dad put an apartment in my name over a decade ago. Lost $160 dollars while I was in college in 2019.
I know people that had their credit damaged badly by their parent doing that. It is a horrible thing to do to someone.
@@gm2407 That's why you shouldn[t get a SS number until you join the workforce.
How is that even possible? Children aren’t legally allowed to sign contracts. Don’t you have rules like this in the US?
@@chgr4674 They fudge the details but use the social security number. It is dangerous as the child has to take legal action against the parent to get it overturned. Something that they are less likely to do despite the breach of trust.
Using leverage to buy real estate is the riskiest thing I’ve ever seen. That guy is relying on his tenant’s rent payments to pay the mortgage. In 5 years, that guy is gonna be broke.
Agreed. That's exactly happened to me. I thought we were doing great with our 8 properties until two people stopped paying rent and another tenant trashed the place. You never hear about that.
Yea...no wiggle room for something to go wrong like a tenant who misses payments or if there's a catastrophic problem.
One scam I saw many years ago was someone selling some turn key make money thing. I don't recall how much they were charging, but they had the gall to say that if you can't afford it, then get a credit card to pay for it. Because his system was such a sure fire thing.
This tactic seems to be alive and well today. It's just presented differently.
A number of cults & MLMs have done that - they told people to borrow money, max out cards, etc. to finance their business or to get money to pay the cult. Big red flag.
The collections thing can be true. I had a kid when i wasnt financially prepared. My debts when unpaid and sent to collections. I went from 760 credit score to 560. 10 years has passed and im making 3 times more and more stable financially. 4 out of 6 debts that went to collections have disappeared due to statue limitations and enough time has passed. I have one more that's about to disappear this year. For me to pay that off would reset the time thats allowed on my report. Ive gotten my credit back up and is at 767. With only one derogatory mark. Dont go into thinking to game the system, but there isnt one size fits all solutions
Idk what I would say to my family is I just refused to pay my debts. They would whip me into shape real quick. People need to be raised right. Your word is your bond.
I am by no means advocating not paying your debt. I actually defaulted on three credit cards in college, I never paid them. They “tried” to impact my credit and I asked the credit agencies to prove I owed the money they couldn’t as the credit card companies got rid of everything when they sold my accounts to the debt collectors. All three credit agencies removed the negative entries. Luckily I did learn my lessons and have zero debt for 30 plus years.
2:45 I’m sure most tenants would leave something in a tip jar for their landlord. I don’t think it will be money, though.
😂😂😂
“Remember that movie a couple of years ago called Minority Report”
This movie is so old by now, if it was a person it‘d be legally allowed to drink
I don't have a Lambo because I don't want a Lambo...... It's a dumb car in my opinion and I really like my Honda Civic. A car is a tool to me and I don't buy diamond tipped tungsten hammers just to make other people jealous of me.
As someone who works in payroll services, they will definitely garnish your wages. We see garnishments every day.
Just want to give props to the video editors, those references and timing were making me laugh
A bank teller using your data for his own benefit, is that not illegal? A father taking out credit in his child's name, Is that not fraud?
Yup the father is commiting identity theft and most likely wirefraud
Not Bo saying Minority Report was "a couple years ago" and it's like a 23 year old movie 😭😭😭😭
Tip the landlord?! Dawg.... wheh?! 😂😂😂😂😂😂😂😂
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
Hello, I’m 37 and I am not worth much yet , please help me out. Bought my first house last month and I can't seem to make any other smart investment.
I'm an amateur with a portfolio of 30,000$ but it's hard for me to build confidence. I want to invest another 12,000$ over a one month span, but I want to be strategic about doing it so l can grow more and not stay stagnant. Can you recommend me to this your professional please
Search him by His name "Chrissy Barymoer"
On f.a.c.e.b.o.o.k
When it comes to paying off mortgages, people also don't consider taxes and insurance. Where I live, our taxes and insurance are about 1/2 of our mortgage. So, even if I pay off the mortgage, the house may be "mine", but there will still be bills coming in to keep it.
Yeah, ours is around $800 for taxes and insurance! Pretty cheap for a whole house, but not $0 like some people would think.
Ditto. Idk who pays their home off and "lives for free," but there's still expenses and maintenance.
Yeah man just buy and manage 15 properties and then 50 properties because as we all know all those properties will all make money and not be bad investments, because as we know, scaling is always positive! Absolute madness.
Dave Ramsey says to invest 15% in retirement while paying off mortgage. Kris Krohn is either clueless or arguing in bad faith
tip: i paid with a credit card at a restaurant this weekend and selected no tip, but left the tip in cash. also, i tipped 15% cause i didn't bring 5 other people.
Even Dave Ramsey says you shouldn't put extra money towards paying down the mortgage until you're investing 15% into retirement and whatever amount you decide for your kids' education funds.
@@justthebrttrk you do you. baby step 7 and zero regrets.
How long did it take you to get to that step?
We are not going to rush and pay off our mortgages at 2.99% and 3% in CA, throw all the money that we have into it for years and in the meantime deprive our kids from basically everything (after school activities, trips, money in 529, etc.), live like we are poor basically just because of fear (the rental can be sold and the equity can be taken out if we truly ever need it)
@@IrisP989 we had planned to do it in 10-15 years, but ended up doing it in 5. it shouldn't be about deprivation. you should being taking care of your needs, wants, and investments/savings first. assign a reasonable spend ratio for each of those categories and the rest can go towards the house. a breakdown of 50% needs, 20% wants, and 20% investments/savings would leave 10% to paying down the mortgage. what your ratios are depends on what your financial situation is and what your priorities are.
does it make mathematical sense to pay off a low-interest mortgage early? in most situations, no. for us, the peace of mind and freed up monthly cash is well worth it.
@hownowvihao It's about making mathematical sense.
I have a 30 year 2.00% mortgage. It makes zero sense for me to pay that off early when other investments and even a CD could yield me a higher return.
@@Diggler569 i'd argue that it's about making informed decisions that gives you the life that you want. part of that is accepting sacrifices and the natural consequences of making those decisions. for example, my wife leaving the workforce to raise our kids means that we are losing her sizable income every year she's out of the workforce. it makes zero mathematical sense, but it allows us to live our lives and raise our kids the way we want.
First guy is sort of right. Collections will show on your credit report but they'll drop off after 7 years. So don't answer mail, calls, or emails from the debt collectors for 7 years. If that's the route you want to take.
But for 7 years his credit would be trash. Some jobs will be out of reach, apartments would be harder to rent, etc
Tipping a landlord? Eff off. Sale your property if you don’t like it
the NFT thing dude is probably caught up in pump-and-dump schemes bruh
Praying off your mortgage is not mathematic, but it does vary a lot from person to person. For instance, my wife and I do have our emergency fund, and we are properly invested. We are paying off our house 10 years early because our industries are very volatile at times. If we were to both lose our jobs, so long as we can still pay the taxes, no one can take our home while we look for new employment
If you have a low interest rate on your mortgage compounding interest means you'll earn more money if you put money in high yield savings account. As long as you're earning more interest than you're paying, you'll end up having more money in the long run.
@@haybuhayko you are literally making my point. Yes, it makes sense mathematically speaking, but it has a risk involved. A paid off home, no matter what happens cannot be taken away.
Maxing out credit cards in your kids name so they have motivation is like Johnny Cash’s “a boy named Sue”
Guess that dude talking about debt collection has never heard of "bank account lien."
This is gonna be epic
Hearing real stats from you guys feels great, thanks much much!!
Kris’s plan made a lot of sense when rates were sub 4.. I’ll take guaranteed 7+% by paying early on my next house/mortgage
Same. That's why my husband and I are paying off our mortgage early. Guaranteed 7%.
That banker using his account access to look at women's spending habits, so he can contemplate asking them out... WTF?
These financial “influencers” on tik tok are getting so annoying. Not everyone wants to own rental properties or flip houses.
Hopefully they do one on universal life insurance-so many reels about it now
Yes! I see this all the time, and as a former insurance agent, it drives me nuts.
Ooooh tell me more. Is that the same as whole life?
Yeah if you buy yourself a lambo or any kind of high-luxury car in your mid twenties, I'll just assume your financials are absolutely destroyed or you have no idea how money works. Luxury cars are almost the worst spending you can do. Why would you pay a shit ton of money for something that immediately after being bought looses half of their value and keeps going down each day.
Landlords insistence that they are victims of anything will never not be funny to me.
I bought a duplex less than a year ago and one tenant has been in it since 2004! I sold my corvette and but that money into a CD. When the CD is up I am going to pay off the duplex!
It took me about 10 yrs to become a millionaire through a combination of my own business, real estate and stocks. And of course being very mindful of how i used my dollars
The garnishing wages thing could vary from state to state. In my state you could apparently suspend someone’s license for some types of unpaid debt when I was younger.
I do not have any Airbnbs, but you can get one pretty quickly using non-conforming loans. So, they are technically right, you can get 10 in two years. In fact, these loans do not even require much paperwork, they require a good credit score ( but their income is not verified), and as long as the income exceeds the mortgage by a certain amount they qualify. If the buyer is smart enough to manage all 10, that is a different question. It is not the craziest thing in the world, but for some this is a great way of life.
Dave Ramsey doesn't say to stop saving for retirement to pay off your house. Don't misrepresent his position.
I love how all these "alpha male" type dudes are so afraid of just talking to women... like instead of stalking her and illegally tracking her bank info, why can't you just ASK her about her finances? I mean you know she could probably just tell you what's up, right? Why is that never an option with these guys?
The closest I've ever come to tipping a landlord was telling him his screens were shit. I know tipping is big for building supers in NYC. But they are right there in the building to fix shit right away...
The guy who maxed out his son's credit cards is definitely joking lol but that was hilarious
Sadly it's common place.
@@userunknown7675 It's also fraud.
@@userunknown7675 yeah it happened to my best friend. It was the water and electric bill in his name. He had to get it paid off before getting his first apartment.
Shit had me dying dude omg if it’s real his son is so f’ed
Less than nothing had me dead
If you are going to attack Dave Ramsey for suggesting pay off your house early, but fail to mention that you do steps 4, 5 and 6 AT THE SAME TIME, you are being disingenuous. How can I believe what you sell, when you are actively lying about your competition?
My man was trying to pump and dump some video game stock.
It's cool that they got married and all, but what that guy did is straight up creepy and borderline stalkerish. People, don't be that guy.
Good way to get fired as a bank employee
8:33 Baby Steps 4, 5, and 6 are done at the same time. Invest 15%, college fund, pay-off mortgage.
Power puff girls clip was awesome. Thanks for reminding me of good times and giving something to laugh about.
9:49 That is highly unethical and i hope she divorced him after that beach of privacy
I’m in my 30s so I’m about to look myself in the mirror and ask myself why I don’t have 2 Lambos.
Love how being a landlord is the new get rich quick easy life scheme. What ever happened to shame and honor?
Re: debt collection, what about medical debt? In the US, with our healthcare/insurance system, it's hard (and sometimes impossible!) to know what will be covered by insurance, and what will fall to you. And medical care is a necessity, not a "bad choice". It happens all the time - your insurance refuses to cover something they previously covered, one of the doctors who tended to you was "out of network", even though the hospital was in network, etc etc.
Yes, don't buy an expensive car you can't afford and then refuse to meet your payments. But not all collections debt is due to agreements that were entered willingly!
I just was able to take my stupid 7k debt at 20 from 33% to all together 10.75%
This was so entertaining!!! Sure enjoyed the laughs. People will obviously say anything for clickbait attention.
I’ve done it 10 years ago. You really don’t have to pay your debt if it goes to collections. They’ll harass you by phone for a few years then stop, and nothing will ever happen. Albeit my debts were old unpaid camera tickets. $50 here, $70 there. Now if you owe $100,000+ I can’t speak on that 😂😂😂
Brian and Bo are the best ❤ love your work guys!
The guy saying you need to buy a lambo, well 200k for a car value drops abput 50% after you drive off the lot, oil changes cost an arm and a leg, insurance is expensive as can be, plus the 2k or more monthly payments on the car, so with everyrhing your looking at min 3k a month for insurance and monthly payments on your car, i can do so much investing with 3k a month set aside
6:38 "There he is"
That had me cracking up.
When I was in my 20s, I wanted to drive a Mustang but they have rear wheel drive so I bought a two door Escort. Not even close to a Lambo.
Paying off the home mortgage (or not) was a valid question when the rates were down at 2-3% and the value of the house was growing at 4% .. now none of that is happening .. do the math and plan the decision that’s right for you
opening scene... and I don't ever want or need a lambo.. 🤣🤣😂😂
From an OG fan, you guys are still awesome! Keep it up, I look forward to the million subscriber party!
Ask that guy if he tips his doctors and dentists 25% for keeping his body healthy. Damn.
That's my thoughts on tipping culture. Like I work in healthcare, my charges each days equal at minimum 10k. Like are you going to tip me 20% for just doing my job? I'll take an extra 2k/day. Now I will tip drivers, and I will tip servers. That's it. I'm not tipping a batista, I'm not tipping a landlord, I'm not tipping the priest, and not tipping the damn cow for milk for my cereal. Like this has become a joke.
I agree that you need to plan ahead(retirement) but if people actually lived within their means they could pay off home in 10 years or less, leaving so much extra money so much sooner to really get into investing and diversifying without a monthly mortgage dragging you down. Debt has ruined too many lives, and the more you stay away from it the better imo. There are the few that can "leverage" it but the safest route will always be to be debt free.
Why I love Dave Ramsey. Completly changed my lifestyle. Got me investing and paying off my house early, about 6 years ahead so far.
Debt is not debt it’s an obligation, as soon as your mindset makes that switch you drill down every bit of debt..untill you no longer have any.. obligations
Most people will have made $1,000,000 in their lifetime even with an annual salary of twenty five grand, but the reason most people in America don't retire millionaires is because most folks have short-sighted spending issues and don't know how to save. That is why you guys are a God send for people willing to listen.
To be fair, we also pay quite a bit in taxes here in the U.S. and we don't require financial education in school. And we have expenses (i.e. rent/mortgage, food, clothing, etc.) to consider.
Though, as a rule, most people could retire millionaires with proper planning and saving from a young age. They just need to know how.
The interview at 15:39, the guy wasn't saying to literally go panhandle for $1 million, he was saying all you need to do is solve a $1 problem for 1 million people. Context is everything.
13:50 "this is an ad" LOL
The Scar Speed guy was an ad but he framed it as "this is how you make money hey look heres a thing i found organically" also if the game is selling NFTs for the game before the game has come out, the game is never coming out.
I love their react videos
Baby step 4 invest 15% of income, #5 save for kids college, and then #6 is pay off mortgage early. Dave tells people to invest for retirement before paying off house
On the paying off your mortgage thing, if you think of the house as a liability and your mortgage debt as just any other debt while not using home equity as a your "emergency fund" or yoyr home as an asset it puts things into a better perspective. Pay off you mortgage early if you have a high interest rate byt if you can get better returns from another investment then out your extra money into that. Now the peace if mind of owning your home outright can have it's own value but that's up to you to decide because it'll vary from person to person and financial situation to financial situation.
I was at a place in Summerlins in Las Vegas where my order was taken by a VR computer and the food delivered by robot and they were still looking for a 20%+ tip. I declined.
Lamborghini is something that you drive once or twice realize that it’s way too expensive to actually on and sell
The dude talking about maxing credit cards in his kids name just publicly admitted to credit card fraud.
When real estate goes south, for what ever reasons... that's when you get your tip jar out!
Another good one! Thanks guys!
As if Americans werent bad enough with financial literacy already - its only going to get worse moving forward with TikTok being a major source of information for the younger generation
Lol these videos are great.
If you aren't born into a family with 5 Lamborghini, then your life is already over.
I incurred serious debt while I was younger but learnt to outgrow them through the years by learning how to save and in. vest strategically. With good adv. ice and guida nce I had 25% of my ea r n in gs in an IRA, the rest in peculiar index fun ds, futu res, S &P's etc that grew about 4mill in 8 years. I used part to purc hase a 7 unit condo of 3 bedroom each that bring in over 78k annually and I have the rest re inv ested again.
@annMarien Your experience sounds fascinating. Would you be able to recommend a reliable advisor whom you have consulted with?
@annMarien How nice to see that these bot conversations don't just happen on Ramsey's channel.
Thanks for the content.
I'm into sports cars, (see profile pic), but over the past several years as I built up enough money to be able to "afford" a Lambo, the more I do not want one. Knowing how much work it took to get where I'm at, I'm not about to blow a big portion of it on a most-likely depreciating asset. I love my 2009 Porsche Cayman S that I bought used 4 years ago for $28k cash.