Be Your Own Bank

Ride with Dave and get some financial wisdom while exploring Bella Vista Waters and Norwest while testing the GoPro Hero 8 with Hypersmooth 2K video.

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[Miata]

Been there done that. It works.
The #1 biggest determinant of whether this will work for you is the spouse you choose. I can't stress it enough, but if you aren't both on board with really saving money and really avoiding debt you will end up in debt with no savings. Have that discussion early on in any relationship. Trust me on this.

[WacKEDmaN]

"this things vibrating like a cheap $2 sex toy!" - quote of the year!
its damn smooth....it seems ALOT better than the other cameras yave tried....none of that motion sickness vision!..
even where youre saying its all over the place at the start (off the path onto the road)...it was smooth as silk... the image stabilization its bang on!

[oliver]

Valuable advice for younger people such as myself here, thanks Dave. I am a midnight Network Engineer that runs an NBN ISP (Ozot - Esports Internet (WA)) afterhours so it was encouraging to hear you say that it is something people should be doing.

[sefarkas]

Great advise Dave, I remember the day things were not going well at work and was going to lunch and came to the realization that I had enough saved up in FU money to take a walk. I didn’t quit, but it changed my perspective and kept saving. Bought my first house at 25. Years later as a manager I would give the talk to new hires telling them to make believe they are still on a student budget as long as they can and not piss away the 'big bucks'. A few came back years later and said thanks for the advice.

[vkye]

1991: Reading a Talking Electronics mag and there's a page of Colin Mitchell talking about business/finance/success.
2021: Browsing though YouTube and there's Dave Jones talking the same.

Love it!

[mynameisben]

The contrast between the footage and your commentary is hilarious

[dhpbear]

It's amusing how the image-stabilizer makes it look like you're veering off the path!

[TooLazyToFail]

FU Money (it didn't take a lot) got me out of a job I was miserable in at the start of the year, and paid my expenses while I got some certifications and found a MUCH better job. Better pay, better quality of life. FU Money isn't about being lazy, it's about being PICKY. If you can be picky, you can have a much better life!

Great stuff, Dave.

[Arek_R.]

Once I've started working on the side in my free time, I hold minimum 4 digit amount of money since I'm like 16yo.
Since then I could go to the store and buy whatever food/sweets I want without having to count how much money I have available in my pocket to spend.
Once or twice even borrowed some money to my mom so she could pay the bills when it was the harder times and she ended up being short on money.
10 years later I have never had the bank account empty, and also never had to borrow any money.

[oliverthane]

The biggest problem with saving to buy a house now is getting close to getting the 20% deposit ... I remember basically saving every cent for 7ish years to get $100k to get a $500k house ... Then the market went nuts for 7 years ... Then house prices go up $100k a year or more .. giving up coffee and avo on toast aunt going to get you $100k/year unless you have a real problem

[m.zohaibusman]

Instructions Unclear. I accidentally robbed a bank

[jtb]

Nice advice but the current housing market in the Netherlands is ridiculous. People overbid more than €50.000 above market value. Its impossible to buy anything. I have been looking for more than 4 years, the only thing i now could get is a 1 car garage for €200.000.

[ecospider]

I think of money in 3 ways. Assets, savings, income. Live within your income. Build enough savings that if have a financial emergency you are not tempted to touch your assets. Once money becomes an asset it should never be spent just grown. When you have enough assets you can start thinking of the growth as income.

[TrickyNekro]

I listened to you a couple years ago with the fu money, gone well, studying + new job. If I have stayed at the old job I would have been very miserable right now.
Although, the change, you kinda have to be braver than you might think, then again it was a first for me.

[swolebro]

The 3x video speed users are watching Dave perform like he's in the Tour de France.

I owned a house for 7 years. As far as investing goes, I'd call it a C-. From my other investing experience, I know that I'll be able to use the proceeds from the sale to generate revenue that amply covers the rent, taxes, and growth, while leaving me with the freedom to move again if desired. There's benefits to owning, but there's also benefits to renting.

Don't buy a house solo. There's a reason the adage goes "get married, buy a house, start a family." The order matters.

[tonnylins]

Dave exploring places and talking business on a bike, I like it!

[Psi]

Offset accounts are called Revolving credit accounts here. Basically just a large overdraft on your main chequing account secured against your home. You have most of your loan in fixed term but maybe $50k of it in your revolving credit account as overdrawn by 50k but with a max overdrawn amount of maybe 100k. That essentially gives you the ability to draw up to $50k more out of your home loan whenever you need it. Obviously this setup has risks if you're stupid with money and draw down to $100k immediately to buy toys/holidays, but if you're smart with money its really really useful to have money available whenever you might need it.

[Skyfox]

"America is its own health shit show." You've got that right, Dave. But here in the US, paying for all one's own health coverage is impossible. Those without insurance are basically bankrupted and in debt for the rest of their lives. Some choose to remain sick even if it kills them just so their savings isn't sucked empty and their family is left with nothing. Even with insurance, people have been bankrupted.

[sbaxter]

There are companies 3d printing houses now. Imagine 3d printer robots printing entire towns.Its so weird to imagine. A few drones scan a beautiful Italian town and then the company 3d prints it in the USA.

[johnsonlam]

Thanks a lot for the life tips that others won't tell, glad my English is good enough to listen and understand this valuable advise.