Debt saturated Americans are facing the consequences of falling asset prices.
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My only Debt is my Mortgage at 2.25%. Not bad. No credit card debt and my car is paid for. My only issue is i’ll need to buy a 4×4 before Winter gets here as my car is rear wheel drive. I won’t spend a lot on one.
What are you going to buy with debt? An appreciating asset or a depreciating asset?
Don't buy what you don't really need.
Paid off $10,000 in CC debt in the last 3 years. I've been building a cabin from lumber I milled myself on a parcel of land we purchased for cash. The banks wouldn't give us a "construction" loan so I've done it all without any debt except the Credit cards in the beginning (7 years ago). Of course that made it harder. Of course it also ruined my credit! Hahaha. I just got a Credit Card "offer" in the mail yesterday 36% interest, $199/year, $2000 limit. They can seriously "F" OFF! LOL I hope the whole system crashes. The "Money Changers" are about to be thrown out of the Temple. What does Wall Street contribute? What product do they provide? What is their purpose? Oh, thats right. To skim the profits off the top for the "investors", screw the consumer and crush the lower and middle classes. Sorry if that sounds harsh. They have proven that they could care less about anything/anyone but themselves. I have ZERO sympathy for Banks, Lawyers and Wall Street Brokers (Gamblers). Kind of like what they think of me.
Richest Man in Babylon is a 100 year old book that should be read by every high school student. It teaches through a story. One thing it teaches is that a person should begin by paying oneself first, 10% of what you earn and then let it multiply. -David 72 years young.
The difficult thing today is that used cars are selling for near the value of new ones. The depreciation drop is not what it has historically been.
I’m broke, but debt free!
i have a lifted 06 toyota 4runner, i really like the car but its a gas chugger. i could selll now for about 9k make a bit of profit but i really like the car. im being pressured to sell but dont know what to do
Instant gratification
i used to work at a bank where occasionally id have to handle a computing error flagging fraud and freezing accounts, it was always an economy chevy trax/spark/cruz… with like 65k loan, like what the hell is going on, look into account history, oh there was an underwater bmw/porsche/mercedes/land rover that they had to consolidate like 50k bad debt into a new loan so they wouldn't go bankrupt and could still get around. then they'd have like $1k payments for 72 months on a used economy car… i assume they learned their lesson…
Spot on. I've spent the last 5 years paying off debt, most of it paid off now and another 12 months should see the last of it paid up in full. Never ever again. No more new cars the depreciation is just too much, will buy carefully chosen second hand cars that are safe and well maintained and pay cash for them, as always a deal to be found when you pay cash.
Im 27 and still live with my parents. I did buy a $25k new car in cash. It is nothing fancy and not a luxury car but it's been very reliable. But lately, as i finally started taking care of my health and losing alot of weight im finally finding motivation to learn new things. Im starting to wrench on things and fixing things myself and im getting better at it. Know that i think about it i probably should have bought a beater so i could learn how to fix it up. But my $25k car is paid off and it's reliable. Im planning on driving it until the wheels fall off hopefully it won't happen for another 15 years or so. Im really wanting to save up for a house for know.
Sold my 2500 HD, selling my commuter car that’s too nice for I need then paying cash for my next small commuter car. No more car loans. None. Just realise it’s vain and stupid. Love your channel, Simon
Student Loans, Car Loans, 30yr mortgage then when you finally pay it off there is the reverse mortgages so even after death you still in debt. In the Matrix, human beings are just a batterybut the reality is we are just a debt machines.
Our only debt is our house and its increased 50%+ in 5 years, with 2% interest. No car payments, no credit card debt, no loans. I refuse to be a slave to debt. We don't have f-u money, but we have multiple income streams, savings, and that's enough for me. I try to help my friends navigate their debt but they're always making one step forward and 3 steps back. They're paying for cars they don't even own anymore… rolling remaining leases over into new car loans, or trading cars in at a loss and buying a new one.. My one friend totaled her car and ended up owing money because she had 3 car loans packaged into one. We are looking to buy a 2nd house when the housing market crashes.
Myself I pay cash for everything. My insane wife: She buys everything at 30% interest & is always broke.
I've been buying my wife a new car about every 10 years. It's getting close to that time again & OMG new cars are so expensive. The small SUV I like is $37,000 & I'm not spending $37K for something that's worth nothing in 5 years. Action plan: I will wait, it appears that we are heading into a recession & hopefully prices will come down.
I hate debt with interest, it's like stealing money from your future just for an instant gratification
You have to pay to carry the debt also..interest
just found your site watched 4 in a row.
It's just like Catherine Fitts declared; this is Slavery and is the biggest profiting ever has been-slavery.
I had 2 uncles pass away who saved all their money and never enjoyed life. All the money they saved stayed here.. obviously they didn't take it with them. Their cars were rarely driven. They're wives stayed with everything. You decide how you want to live. I can see both sides. I think you should enjoy life.. to a degree at least.
You talk so wise better than University degree educated people
Easier to git in debt then get out. Trap. . .
Being in debt and with no emergency fund is a very stressful way to live. The only way out is to cut your expenses down to nothing and become a working machine for a while until you get your house in order…infinitely easier said than done.
debt slavery.
Excellent video.
Debt taken out to buy a depreciating asset like a car, or worse yet, toys like motorcycles or RVs, or even worse yet, an "experience" is financially the dumbest thing one can do. Debt taken out to buy an appreciating asset like a house (hopefully) or to make money is smart debt, although I wouldn't be pushing hard to be a first time homebuyer right now.
Funny thing is, people who really have their finances in order often drive older paid for cars. They can afford a new car, maybe even buy it for cash, but don't want to lose the dividends and/or opportunity that having money working for them provides. As pointed out in the video, it is all too easy to get "upside down" in a financed car. New cars as of late have been particularly bad buys, with dealers charging over MSRP on some models. That is insanity. Leasing is no escape either, as the depreciation is built in and one is perpetually on the steep (dumb) initial end of the new car depreciation curve.
This everything bubble is gonna pop at some point and there is going to be some serious financial "blood in the streets". Keep the old clunker alive awhile longer and buy a car then. Take the savings and buy shares in AutoZone and other auto parts sellers, because people are keeping their cars longer than ever these days.