Everything You’re Hearing On the Housing Market is WRONG kzread.info/dash/bejne/lqyemqmnZdm8kc4.html

@imaginarydreamz7794

Жыл бұрын

Very good life advice. Most don't understand and never will. I have a good friend and he and his wife make over $200 k with zero savings, they just bought a house and new cars and they are not paid for. My friends are 55. Why let your things own you, why not own them? I'll never understand.

@osuave7811

Жыл бұрын

Michael. Imaging a world where higher education is free, healthcare is not attached to your work, it's a given right to all born U.S citizens. Retirement is automatically covered under your social safety net benefits at 50yrs old or continue working longer while your benefit increases too incrementally. Is it possible to be broke under that type of system. The last time I checked it was call a "Socialist Democratic System." Already implemented in some countries with empirical success data to back it up.

@lovethemflowers

Жыл бұрын

They earn $200k and NO savings?? Insane.

@LD__2416

Жыл бұрын

The system is purposely designed this way. They do not want people knowing how money works or how to invest. They also don't want you knowing your civil rights (although from what I hear they drill it in students heads in private schools). There is a reason these things are not taught in public school. They want you completely dependent on their system. They dont want people knowing their rights or focused on becoming independently wealthy because that would defeat the purpose of the system. Sad and sick but true.

@atassaro

Жыл бұрын

I once had a $1.2 m listing where I brought in my own buyer with an $1.050 m offer in the first week. The seller's son who lived on the other side of the country had a realtor friend who was 'much smarter than me' told them not to accept. After a few months, I lost the listing. I took great satisfaction in telling the son that "they would never see an offer over $1m again". He told me "I didn't know what I was doing". The house closed several months later for $800k.

I was a kid in the 50's, shoes were bought 2 sizes bigger, jeans 3 sizes rolled up cuffs, torn shirts sewed up worn to school ,eat what's in front of you, work hard ,study hard, shut up and save for a rainy day.

@nowyouknowrealestate5703

Жыл бұрын

I was going to say something like this. I am blown away by the things that are set out on the curb for the garbage man. If you come to my house ,which is furnished beautifully, you will see what “Free.99” (my kids saying for what I pay for items) can do in our wasteful society.

@DIVISIONINCISION

Жыл бұрын

@@nowyouknowrealestate5703 In my suburban neighborhood, there are people who show up to collect items left at the curb, especially after people sell their house and move. Couches and furniture, usually. When I move, I'll likely donate my couch to charity as it's the one thing I probably won't take with me.

@marypaquette8705

Жыл бұрын

Same here learned from my parents( who lived through the Depression), and World War 2, sure it was tough, but you never gave up!😊😊

@andrewwiener6798

Жыл бұрын

I wore size 9 tennis shoes in first grade until my parent's payday. Life is a struggle.

@kimberiysmarketstrategy

Жыл бұрын

Any one need boys clothes ? Lol 😂

The amount of brand-new, high-end, financed $80,000 cars I see in front of modest homes in this country is shocking.

"If you find yourself in a hole, stop digging." ~Will Rogers

@blackdong4footwangnosucky

4 ай бұрын

Dig wat why dig hole

My parents taught me about money management. My mother was gifted at it. When me and my siblings borrowed money from her in our youth, she charged us 100% interest and kept the amount owed in a ledger! She said it was to teach us to never have to borrow money from anyone. She could really stretch a dollar to its max. She was my inspiration to get a business degree and it has served me quite well over the years. We were taught to never get anything that we couldn't pay for. I got a law degree and paid for it myself. I have a friend who owes more on her law school student loans today and we've been out of law school 28 years!! In my interview for law school, I was asked by a professor why I wanted to go to law school. I told him that it was my right as an American citizen to pursue any endeavor I choose AND I have cash money to pay for it. ACCEPTED! 😁

@chiragmehta8212

Жыл бұрын

Wow … you had amazing parents.

@drthomasmathew9837

10 ай бұрын

Great

@rudolphsmith1022

3 ай бұрын

Praise Jesus Christ!! HALLELUJAH AND AMEN!!!

@rudolphsmith1022

3 ай бұрын

​@@chiragmehta8212Praise Jesus Christ! Please read in The Holy Bible John 14:6, John 10:10, Mark 8:36, John 3:16-17, Hosea 4:6, Deuteronomy 8:18, Matthew chapter 24 and Revelation 21:8. HALLELUJAH! God bless.

Learned some hard lessons being a poor kid. I told my daughters that even if you have five cents left by the time you're paid again you are ahead of the other 99% of people that go into debt for any reason. Get paid interst, don't pay interest.

Great advice! “The things you own end up owning you.” Tyler Durden

@MichaelBordenaro

Жыл бұрын

One of my favorite movies👌

Micheal, I'm an avid fan of yours. I am 69 years old,. retired nurse and everyday I feel grateful for what I have. I have a clean, comfortable home to live in, electricity, internet, food in the refrigerator and family. The rest is just icing on the cake. I have a fair income, know how to manage my money and am very happy to buy secondhand from facebook marketplace anything I want. No bad habits other than sugar. I live in a beautiful area and love to walk and hike in the parks which are free. I felt very connected with what you were trying to say. Best wishes to you, Michael

After returning from Ghana in 2002, I realized how wealthy I was, even as a "broke" college student. The opportunity to amass wealth in the U.S. is astonishing, yet people blow their money on useless things. It completely changed my mindset for what I wanted my life to look like, and what was valuable to me. Since then, even when I've been broke, I knew I could recover financially, simply by living in the Land of Opportunity and practicing wise money management. Great topic, Michael!

@MichaelBordenaro

Жыл бұрын

Absolutely visiting another country will really be an eye-opener for any of the just how wealthy we are here in the US. It’s a shame most people squander it.

Perfect tutorial that I preach. My dad was always in debt and I did not like that feeling since I always saved for what I wanted. I started hanging around with our CFO, he was 8 years older than me with house and cottage paid for by age 44. He said secret to success is get rid of debt. Here I am near 60, own my home with almost a million in other assets and I have never had a 6 figure income. No debt is the secret to financial freedom. A big bonus I fix my own vehicles so I can avoid those large depreciating car payments and work on older used vehicles.

@lyceum4177

Жыл бұрын

Well, good debt like rentals is a way to gain wealth...

@faustinreeder1075

9 ай бұрын

Worst experience of my life was being a landlord. No thank you.

Back in 1966, when I was four years old, my parents had a bitter divorce, and my mother argued that she should have custody of us kids. My father asked how she would support three kids, and she replied, “I’ll get a job.” To which my father retorted, “who’d hire you?” At that time my father was an engineer working at GE in the Plastics division, the very same division Jack Welch came up through to eventually become CEO. Well, my mother did win custody, as was the norm in that era, and my father was ordered to pay $60 per week in child support ($20 per kid). In the years that followed, with just her high school diploma, my mother took all manner of jobs, anything she could get. She cleaned houses, sold Avon, worked in the office pool for Berkshire Life Insurance, decorated wedding cakes, hung wall paper, the list goes on. And then one day, in 1972, with her name in the files of Kelly Girl (the old name for Kelly Temporary Services) she got called up to fill in for a secretary who was going on maternity leave. A six week assignment, secretary to a technician, at GE Plastics Division. She reluctantly took the assignment, knowing she’d be passing my father in the hallways. But kids gotta eat. Six weeks goes by and the woman she was subbing for decides not to return, to stay home with her new child. They gave the job to my mom full time. Six months later her boss, the technician, gets a promotion. GE had a policy of hiring from within, and when they asked him who in the department should replace him in his technician role, he said, give the job to my secretary, she already knows it. And so they did, and saved money in the process when she refused to have a secretary of her own. Over the course of the next 9+ years she rose through the ranks, her and her high school diploma, to a marketing engineer role, a higher rank than my father, with more responsibility and more pay. She didn’t mind so much passing him in the hall anymore. And at ten years and a day, having shown him exactly who’d hire her, she took her partial pension and joined two other engineers to go off and start up a new company. Equality of opportunity allowed my mother to rise beyond anyone’s expectations at a time when women were seen as second-class citizens. And by her example she showed her three boys that women are fully equally capable to tackle any task or career in which they apply themselves. Oh, and she never asked for a cost of living raise to that, wholly inadequate, child support. That never entered her mind. So why tell this story? Because money was a daily concern in our household as I grew up. I learned every facet of how to save it, stretch it, grow it, and what to spend on and what to not spend on. All these years later, with just a high school diploma, I’m a multimillionaire. Thanks for leading the way, mom.

@joanncrimi

Жыл бұрын

A Wonderful Lesson in Life . From Your Mother's strength to raise you three children!!😇

@MichaelBordenaro

Жыл бұрын

That is such a fantastic story about your mother Carl. She was really a fighter and made it happen for you and your siblings. Huge success story!

@johndoe-wv3nu

Жыл бұрын

Time to go back to awarding custody to the parent that can afford to raise the child.

@bicgohill8756

Жыл бұрын

Cool story bro.

@jasonweishaupt1828

Жыл бұрын

She got lucky.

My friend went to Law School he owes 280k, trying to get Biden to pay for it...oh I forgot that's you an me paying for it

@MichaelBordenaro

Жыл бұрын

He's not going to get off that easy, only a small portion can be forgiven, if it even goes through. He'll still be on the hook for most of it.

@jimbobarooney2861

Жыл бұрын

I'm in Europe, which is not perfect by any means, normally students work summers and maybe some help from their parents, it's usually that a student would have debts, I think this is so wrong, very negative to start your life and career saddles with this hugh debt, but I guess it has to be paid somehow, so I assume the citizens aren't willing to pay more tax to educate the next generation

@formula112967

Жыл бұрын

@@jimbobarooney2861 Why would I want to pay for the next generation? I didn't go to college, so I don't have a college salary. If I don't have a college salary, why should I pay for somebodies college debt that has a college salary?

@jimbobarooney2861

Жыл бұрын

@@formula112967 agree, everyone pays their own debt without a doubt, I just think it's a shame it's so expensive

@joechughtai3155

3 ай бұрын

@@jimbobarooney2861Stop with the guilt trip... we pay big for the next generations education. K-12 if FREE for the students in the US, for ALL the children (non citizens too) Public Universities are subsidized big time by the tax payers too. You seem to be conflating life choices with educating the next generation, dude in this example CHOSE to go to Law School so he could make $300/hr.

So true, Micheal! We have a lot to learn in America. Gratitude, modesty, and appreciation are among the lessons we need to master.

Instead of saying…”how can I afford that?” We should ask ourselves…”do I really need that?”

@MichaelBordenaro

Жыл бұрын

That too! Which I pretty much elaborate on in the 2nd half

@williamwilson6499

Жыл бұрын

And if you do need it, you then have to ask “how can I afford that?”

Most people in soflo are broke AF!! Credit cards and leased cars and houses

I so agree with everything you said, especially “you don’t have to be rich to be rich”. Health is I believe the most important asset you could ever have, and gratitude for all one has is so important , every day.💜

@mfuria4687

Жыл бұрын

What happens when you loose your health? Eventually we are all confronted with this, your good health is not guaranteed, happiness comes from with in , despite your life’s circumstances.

@peartfaldo

Жыл бұрын

If money made you happy...why do a lot of rock stars/actors OD and have major problems. A simple life no matter how much you have, is being rich.

Instead of saying “I have to goto work today” I’ve started saying “I get to goto work today” As cliche as it sounds, it works, it’s truly a blessing to have a job in todays climate.

@joanncrimi

Жыл бұрын

Amen! Be grateful you have a way and means to produce income!🙏😇🙏

@AO-bb8bz

2 ай бұрын

Great advice

You’re right about parents not teaching the better methods of finance..my parents were absolutely horrible with money and still are…in my late teens/early 20s, I also fell into that bad finance trap and didn’t learn about finances until I met my husband. He was my turning point and got me back on track. Now we own our house and cars free and clear.

@MichaelBordenaro

Жыл бұрын

Unfortunately, some people never learn and even more unfortunately, we have to learn from them

Aargh! Not “Rich Dad, Poor Dad!” It’s gotta be the most overhyped and almost useless book on personal finance.

I know a guy who has been making $2,000 per week that just bought a $60K truck. Hasn’t received it yet. Just found out his contract ends the end of the month. I know a woman who made sure to get approved for a mortgage before her contract ends. Approved for over 400K. Someone else is about to lose her house, a house that is packed full of designer clothes and things that she HAD to have to the point where she can’t afford her house anymore. These are bright people who do foolish things because they want what they want when they want it.

Just for the record. If you make 200k a year and still live paycheck to paycheck, you are broke as well.

@MichaelBordenaro

Жыл бұрын

Absolutely

@daveblackman816

Жыл бұрын

I know a few people who make this much and are broke

I live as a Minimalist, and don't have many materialistic items, and drive a 21 year old truck with 220,000 miles, Just living a minimal simple life in Florida and don't need fancy new cars or mansions, but I also been single my whole life, no wife or kids, which can be a big expense. And No debt at least.

@MichaelBordenaro

Жыл бұрын

No debt, no wife and kids makes things very simple and cheap. Stress free

@peterdeis1487

Жыл бұрын

Sadly women fail to realize how expensive their habits are. Most guys can't afford to pay for their lifestyles, let alone children. Women have to be more realistic about what things really cost.

@jamesdelap4085

Жыл бұрын

You get it. Why bother. . .When there's porn and KZread on your phone(that everyone else is watching too) SEE "GRAY DIVORCE".

@imaginarydreamz7794

Жыл бұрын

No wife can be a huge one LOL. I'm not so lucky.

@chillinvillin21

Жыл бұрын

@@peterdeis1487 or you have to be with the right person that shares your thoughts on how to live life.

I read Rich Dad Poor Dad in the late 1990s and it’s worked very well for me. We’ve made a lot of money and lived Under our means. We bought rental properties and stocks (started small). My sister threw lavish birthday parties for her kids and lived in a small house. It makes a difference over the long run. Keep in mind $1650 a month is almost 20k a year. In your 20s… Put that in the sp500 and forget about it. You’ll be a multimillionaire.

You're right. Status keeps people drowning in debt. I was fortunate enough to fix my life in time. I stopped waiting for the federal government to pay off my student loan debt and did it myself. My car is old but runs perfectly. Now, I'm using the same five year plan I used to pay off my student loan debt to pay off my mortgage. I love being in this peaceful space.

The most interesting thing about the US is how people there talk about car payments like it's a normal monthly expense. I didn't even know that financing a car was a thing until i was 25 years old. You saved for it and than you bought what you could afford with your savings. I had never heard of a car payment. Borrowing money is to buy a house.

@chiragmehta8212

Жыл бұрын

Can’t compare usa with let’s say a country where there is mass transit.

My father always said to me, "if you cannot buy cash", do not buy it, and I have done that since I was able to purchase my first home in Santa Monica CA in the 80's cash. I worked extremely hard, since I have not looked back and never been broke even after 2 divorces.

@MichaelBordenaro

Жыл бұрын

That is so awesome

@blackdong4footwangnosucky

4 ай бұрын

How do dat bro?

Basic Financial education was taught in my high school in the early 90’s. Budgets and how to manage a small business. Home economics covered cooking and managing a household.

Absolutely. No matter how much properly you have, if you don’t have peace of mind it’s not worth it. Mental pressure is one one of the reasons for Dementia or Altimers at early age. 🙏🏼

Great discussion Michael. People need to hear what you're saying in this video. I just like a good book to read, a good movie to watch, great popcorn, and a nice clean and safe environment to relax and reflect. This is being in heaven to me. There are a lot of wonderful places to live outside gated communities, elite suburbs, and HOA prisons. There's more peace of mind in these place too!

@MichaelBordenaro

Жыл бұрын

Thanks Emzy! It’s amazing how some of just the smallest things in life can make us very happy

@bobl2887

Жыл бұрын

Democrat housing policies want to do away with safe suburbs by forcing communities to build low income housing. That brings envy, jealousy and crime to your neighborhood

Everyone would benefit from listening to this video whether they are young or old, rich or poor. Thank you for sharing all your thoughts and wisdom!

@tj2791

Жыл бұрын

🤣

@MichaelBordenaro

Жыл бұрын

Thanks!

Today I have zero debt. I live in a smaller condo that's paid in full, no car payments, no credit card payments, no loans, nothing. I no longer need to make big money to live comfortably. As we speak I am on my 4th vacation in the last year. I live humbly but completely stress free when it comes to finances. I'm 54 now and my only regret is not living debt free when I was younger.

Refrigerator going bad could be a big expense for a lot of people. A new basic fridge can be 1500 to 2500 dollars.

@CamEats123

Жыл бұрын

Buy a used one. When I bought a house last year bought all used kitchen appliances, name brand stainless steel for under 1k. Fridge, dishwasher & microwave

@brianmatthews4149

Жыл бұрын

And all it takes is 10 or 15 minutes with your vacuum twice a year to keep the coils clean from dust bunny's.

@MichaelBordenaro

Жыл бұрын

Absolutely!!

@blackdong4footwangnosucky

4 ай бұрын

I got dat, I bought dat

This video was fun. Every point is so true. We are incredibly blessed. I am 66 and have worked all my life. Am I a millionaire? Nope, but my wife and I have everything we need. There is nothing anyone can come and take away from us. Does that mean I am rich? Yes!! Awesome to be free.

@MichaelBordenaro

Жыл бұрын

Thank you very much Robert that is the right mentality. You are rich my friend!

Here is how to tell if you are rich or poor. Answer: can you not work for at least one year and live with everything you have right now (all financial obligations). The longer you can not work, the richer you are. Most people wouldn’t last 30 days without borrowing money. Most of us are broke, working for the banks 🏦

@MichaelBordenaro

Жыл бұрын

Absolutely!

About 10 years ago my husband and I decided to pay off all our debts and start saving. We now have over $200,000, 100% debt free and have a child. It’s all about saving your money! It’s actually fun to be frugal. I love thrift store shopping for the things I need, driving a used car that is paid for and teaching my child how to save. I wish I would have started living this way a long time ago.

@MichaelBordenaro

Жыл бұрын

It is fun to watch the money grow like that and know you can afford more than just about anyone

@sergeydudukin4214

Жыл бұрын

@@MichaelBordenaro money grow when someone print more of them or when you collect some from other people. If you collect them from the other people by providing services or goods it is hard earned money. If you collect them because price of the shares changed it is virtual money (not backed by any services or goods) and should be taxed at 100% But in our broken society those money are equal. When just a few abusing the system it is not hurting everyone, just some enriching unjustifiedly . But when many trying to abuse it - system collapses.

@formula112967

Жыл бұрын

Having a child is detrimental to saving and staying out of debt.

Your message is right on. It’s up to us to listen to what your saying. Your one of the first on you tube to speak so clearly about financial matters. Hope you do more on this topic as you travel on

I used to live in a 10,500 SQ ft house.....went to $50k property taxes EVERY year......now I live in a 2,000 square ft house, got rid of Ferrari's and got smarter .. I LAUGH at those with 30 yr mortgages, brand new cars, Uber Eats.....and they are flat broke🤪🤪🤪🤪🤪

In my house when I was growing up, money discussions were taboo.

@grannybird7365

Жыл бұрын

All I knew about money was we didn’t have enough of it. But always had money for cigarettes, alcohol, and playing the horses.

You are spot on as always. My generation,my kids and grandkids were never taught finances in school. The education system needs to start this in Grade School. Great videos!

@Mysticaltyger

Жыл бұрын

The last thing those in power want is a financially educated populace.

A big problem is wishful thinking. It can apply to how they manage new expenses they want to take on, where they're moving, a job change, and the like. There is this constant assumption that it will just work out because they WANT it to work out. Hope is one thing, but life will always throw unexpected setbacks and there are all kinds of raw deals that are made to look enticing. Like you said, there isn't financial preparation because they don't think it's necessary or don't even think into the future about what might come up. The world of business often preys on this human tendency.

Stay single your pockets will jingle

@Tracked350Z

Жыл бұрын

Not when you're doing track days lol.

@MichaelBordenaro

Жыл бұрын

Haha one gave me a good laugh!

@spscorse

Жыл бұрын

@@Tracked350Z lol

We all have everything we need and it's all free, we just can't see it right before our eyes. Thank you for this awesome walk and talk.

Hearing you speak reminds me that the best things in life are truly free. People love to overcomplicate their lives to impress others.

The main issue is, most people live in debt just to keep up with the Joneses. Which is a terrible mindset to have. My own wife is this way (lucky that we have separate bank accounts). If you have lots of debts, you will ultimately own nothing and be left out.

@lindajohnson.

Жыл бұрын

Sounds like she needs a reality check.

@andyO4you

Жыл бұрын

You are on the same boat as her my friend. She sinks, you gondola as well.. don't know why you think otherwise or how you are better than her.

@manbtm1

Жыл бұрын

I have never understood why people keep up with the Joneses, because quite frankly the Joneses could care less about you or I, they care about themselves.

This is a great video. I have a clutter problem from buying stuff that I do not need right away or at all.

I have said for years that, if we added money management to the school curriculum at an early age, we would all live prosperously...assuming that is what a person wants. But most kids get absolutely NO education in managing money or how the economy works, but instead get their "learning" from listening to the 24/7 marketing on TV, radio, internet, magazines, billboards, etc. and trying to live up to the Joneses. It is totally heartbreaking...

I read the wealthy barber when I was a kid. I remembered these 2 concepts, dollar cost average in the market. And I always lived below my means. It has paid off.

So very true!! No financial planning in the educational system! Just a lot of useless information in most schools!

Spot on, nailed it…

My wife and I are making about 200k living in a 60 year old dump with no central air. She drives a 12 year old Camry hybrid. I drive a 5 year old Civic. We are stacking our chips for retirement. Our 11 year old son has had a retirement account since he was 5 and a side hustle acting job. Our house payment is $1284 a month. We are 20 miles from Washington, DC.

Love it brother! How can I afford it was defo a game changer & yesss the poorest citizen on welfare in the US is richer than 80% of the population in the world! Lmk when you’re ready for that cerveza! Love your integrity!

Man, that was the book that changed my outlook in life 20yrs ago during my senior year in college. All those r true but the thing i remember most is "just because u invest doesnt mean your an investor, most people are just average so dont be average"

The monthly budget thing changed my life. It gave me the road map I needed to course correct my finances. Now my credit score is near 800 and I’m putting money away for a down payment and paid off a lot of debt strategically

Blame it on schooling Never teach financial education And back then no internet Average people didn't have computer at home No smartphone back then Now it so easy to get information from internet People can educate themselves how to buy home How to invest etc

100% correct on all fronts! Can't add anything or say it better. Great video, love the topic of finances, esp everyday people!

Thank you for reminding me that I’m rich, compared to many other people in this world. 😊

❤️being Grateful of what you have ❤️Simple life ❤️

Thank you, this was a good video. I also read Rich Dad and the sequel book. We are forced in life to take risk in order to try to keep pace with inflation, but most of those that teach us in school live a life of guarantees (pension, benefits, etc...). I always thought that if educators were forced to take risk and invest for their futures, they would have the understanding to teach that to their students.

401ks are great. The money goes in tax free during the years you make the most money. Employers tend to match what you put in which is basically free money and you’re forced to automatically save and not touch this money, unlike a savings account. Even if returns are moderate, over a 30 year + period, you can amass a nice nest egg.

@brianmatthews4149

Жыл бұрын

Free money is always nice.

Michael - Probably your best video. Unfortunately, as you said, messages like this are necessary due the the abysmal state of education in this country. Nice job!

@MichaelBordenaro

Жыл бұрын

Thank you very much Greg!

@peartfaldo

Жыл бұрын

Yep. It will just make more people reliant on the govt...which is the whole idea...

Perfectly said! Live within your means, and be happy.

im always astonished to the lack of finance basics. its by design and i am heartbroken the amount of wealth that will be lost due to ignorance. my inner circle, most are millionaires on paper, but will probably wiped out in 6 months

🎉🎉🎉🎉😮😮😮😮😮 I think that I may have mentioned this before…….. But it really upsets me to see expensive Cars 🚗 at apartment parking lots. Just doesn’t make sense to me. I have EVERYTHING I need and don’t remember the last thing I bought for myself. I’m working on paying off my credit cards and that’s the most important thing for me at this time. Thank you Michael for today’s video. Blessings my friend, Carlos ✝️🙏❤️😊❗️

My kids are now adults: 24, 27, and 30. They learned money management in HS They are ridiculously frugal.

Great content. We make 7x our expenses and live like minimalists and love the unburdened lifestyle.

@andyO4you

Жыл бұрын

At what point then do you want to make 10x or 50x more? What's the point?

@melvano4014

Жыл бұрын

@@andyO4you That’s our pensions before SS and 401ks and rental property. We live in a land of mega opportunity!

@MichaelBordenaro

Жыл бұрын

I love not having to worry about paying the bills either

@andyO4you

Жыл бұрын

@@MichaelBordenaro but at what point is good enough? Say I want to live off 15k per month. At what point do you pay back and relax? Say you make 30k but spend 10k etc...

Much needed video, Michael, as people don't seem to realize what behavior is bankrupting them along with wanting to buy the latest technological gadget.

People make more money in stock market when it goes down! Stock market isnt passive but it is less work...........I love stock market!

There is "good" debt and "bad" debt, but the worse kind of debt is any debt that causes you to lose the roof over your head in a time of crisis. I can't think of any debt that is worth losing my place over.

@MichaelBordenaro

Жыл бұрын

Totally agree, Thomas

The U.S national debt ceiling was just raised to $38,000,000,000,000 dollars

Number ONE rule: It's NOT how much you make. It's HOW YOU USE IT

Thanks Michael! I appreciate you and the content you share.

It takes a certain amount of discipline. But you have to live below your means.

Well said Michael !!

So happy you made this video Human Brother! Thank You! 🙂

Another great video Michael. Great common sense points as usual. Keep them coming !

Doctors have roughly 200k plus in student loans. I've heard so many doctors say that they wouldn't recommend becoming a doctor.

I still drive my 1979 Trans Am in summer months & my 1992 Toronado Trofeo both black…both run like new. I never gave up on them and always maintained them. Went to automotive school and learned how to repair them too

@MichaelBordenaro

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That is awesome!

Thanks for the positive video👍

Thank you for some pragmatic suggestions about how to live within our means.

The best thing I did was to read The Richest man of Babylon Rich Dad Poor Dad The Millionaire Next Door Think and Grow Rich The intelligent Investor These books should be mandatory to read in high school to avoid the disaster of society we have now. Thank God I was blessed with this knowledge. Financial education is the key to success. Michael Thank You for your content Great job

@MichaelBordenaro

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You’re right they should definitely have these books as mandatory literature in high school

Excellent content, well done sir!

@MichaelBordenaro

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Thank you!

Thanks for confirming all my beliefs, your dropping some serious truth bombs , all direct hits on this One.

One of biggies is vehicles. It's a depreciating asset in almost every case. I can never understand why someone goes out and every four or five years and buys a new car because they're bored with the car or truck. I've never understood leasing of a persons personal vehicle. You pay a down payment and make payments for three years yet after 36 months you hand the keys over and now you own nothing.

@MichaelBordenaro

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I hear you, but leasing is not always a waste of money simply because you can buy out the lease at the end and it’s basically as if you bought the car beginning

Best video to date. Financial education is a vacuum in the US curriculum. Like the Rich Dad, Poor Dad approach. Like the Ramsey budgeting and save to buy approach. This line of critical thinking about money is helpful. Keep going.

The Joneses are in debt

@MichaelBordenaro

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No doubt

That is so true!! It really doesn't matter how much money you make, what really matters is how much money you keep💫💙

Great video. Clear and concise. Had my 13 y/o son watch it. Thank you.

@MichaelBordenaro

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That’s awesome Anton I hope your son gets a few golden nuggets from it

Thank you for sharing the information. It is of great value.

Great advice! Being grounded and managing your budget will reward your future assets.💐

This is one of your greatest videos. Great job, Michael!

@MichaelBordenaro

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Thanks John!

Hopeful and greatful words, thank you very much 😃

@MichaelBordenaro

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Glad you enjoyed it Joel!

Nice content Michael. Well done.

@MichaelBordenaro

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Thanks!

I learned back in HS to be the one making compound rates of return rather than paying compound interest.

I totally goofed up my spending. I’m learning from people like your viewers and you.

@MichaelBordenaro

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I’m glad you’re learning. It will make a huge difference for you.

Thank you Michael. Such a pleasure listening to the smart common sense things you speak about.

Hi Michael many thanks for another good video. Looks like there is a lot of cars leaking oil on the road. what I have found is many of the young and Graduates coming onto the workplace are articulate but have no common sense.

Michael, I buy one Lotto, one Mega, and one Powerball ticket only when I fill up my tank. $5. I work remotely, so it's not much. 😄

@johncronin5311

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👍

@MichaelBordenaro

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😄

Spot on- awesome advice! I love the topic on money you addressed!

@MichaelBordenaro

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Thanks!!

Rich people own assets, poor people own liabilities. That is the key phrase.

This segment was one of your ever most important topics. Lots of smart thoughts!