27 Minutes of the BEST Financial Advice & Decisions in 2024...

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2:40 2nd
4:45 Comment
5:15 3rd
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8:30 4th
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15:38 5th
19:54 6th
21:42 Comment
22:09 7th
23:40 8th
26:00 9th

#finance #debt #money

[ssb]

Personal story: I started my current full-time job almost two years ago on Sep 23 and almost pulled the trigger on a brand new 2023 Toyota Rav 4. The dealership told me I'd have to wait till October to pick up the car. I put a non-refundable $500 deposit to reserve the purchase of the vehicle. Once I settled into my apartment (finally having an entire apartment to myself) and acknowledged the reality of the take-home pay I'd get and how much of that money would go to the car (Car payment + insurance + gas/maintenance), I cancelled my purchase and let go of the $500. It stung to let go of that $500 at the time. But looking back at it two years later, it's one of the best decisions I made money wise.

[EmilyAllan]

Best financial decision I made was to keep my standard of living the same as my income increased after paying off all debt. Growing net worth over time by saving aggressively is the next best decision I made.

[yoozkay]

Iv'e been binging financial youtube videos for about a year now. between vids like this and Caleb Hammer I paid off all of mine and my wife's debt and opened a high yield savings in 6 months. It hurt to spend all of that money so fast but I am so happy I did it. I dont have a car payment, im 6 months into repairing my credit and Im up over 110 points. I think watching certain creators is the real gateway drug as long as you can apply the lessons.

[morrinohara]

One of my best financial decisions was going to community college for my first two years of my degree. Far lower tuition and my professors actually knew me, saw my achievements, and were able to recommend me for scholarships at the four-year university I was transferring to. I have no student debt, and during school I was able to live in an apartment 75% covered by scholarships.

[antillie]

Good decisions....
1. Opened a Roth IRA in 2005, started maxing it out each year in 2007.
2. Started a Roth 401k in 2008. I threw in as much as I could back then and I still do so today.
3. (Got lucky with this one) Bought a house in late 2008.
4. Drove used beaters until 2012 when I got a new Civic.

[alexanderkareh]

After watching this channel, I decided to sell my truck that was costing me $650 every month. I still had YEARS left on the loan. I ended up buying a car half the price on a 3 year term. I’m also selling my motorcycle. I’m looking forward to having less headache as well as more money.

[HomeschooledBlackGuy]

At 35 my best decisions were:

1. buying a trashed house that had no floors, no working toilets, popcorn ceilings, and overgrown lawn. Upsides? 2400 SqFt, 40% under comps in 2020 at 2.6%, good foundation and brand new AC (it was a flip job someone was abandoning). 4 years of sweat equity later I have a mortgage payment that’s 17% of my income.

2. Not having car payments, I have two old cars that aren’t pretty but get the job done and my risk is minimal.

Am I lucky, hell yeah. Is my house super nice? Not really, but it’s worth nearly double what I borrowed for it already.

[Likoiko]

Best decision I’ve made is not having a car at all. While it’s not as free or convenient as to when and where I can go certain places. Everything I NEED is along a bus route. And a day pass for unlimited rides is 3$, just have to plan ahead more. Also living within walking distance from my job but that’s more quality of life personally

[aesthetic]

One thing that can also save you money is learning how to work on your car it doesn’t have to be anything major but just learning how to change your oil and spark plugs can save you hundreds of dollars

[GothBatty]

I lowered my rent from 1900 to 1180 last week. 🎉🎉❤

[Greenlights]

Live below your means. That’s it. That’s the best advice.

[Enkaybee]

Streaming services have gotten to the point where piracy is something that financial advisers should be teaching their clients how to do.

[patriotdrone]

New car paywalls are wild. My 10 year old car runs great and was paid off years ago.

[hypersynesthesia]

“I don’t understand why you would live in the city” - yes, housing costs are high, but living in the city means I don’t have to have a car, because public transport exists. It means I can walk to every grocery store I need, I have parks and entertainment and amenities within reaching distance, and my friends live around the corner from me. Distance stops being an issue. What this really highlights to me is how vital good city infrastructure is (something our taxes ought to pay for). Some US cities are liveable without a car (eg NYC, Seattle), but it’s pretty bleak how many cities leave people totally dependent on cars. (I live in London and have never even taken driving lessons, because we have extensive public transport.)

[BagsNBaguettes_]

My sister who is a teacher was telling me a story about a mom at her school who drives either a Tesla or a Range Rover yet could not afford to buy her kid notebooks or school supplies….

[camb-tp]

HYSAs are the best and I wish I’d opened one up sooner. It’s free extra money in my emergency fund. :)

[Meeps]

I think one of the most important things is contextualizing money. People think about paying for things in money, but what did you pay for your money? Time. Example I give is fixing a dent or scratch in your car which can be $100s or $1000s. Purely cosmetic problem. If someone told you "I can fix this right now if you're willing to take 2 weeks off of your lifespan, " you probably would think that's absurd. Would I die 2 weeks earlier just tk have a scratch in my car gone? But in reality you already paid 2 weeks of time for the money to begin with. Of course this is a reductionist example, but there is a reason we quantify a wages as $ per hour.

[vapinggranny]

If your girl says “luckily my boyfriend drives an old car, ” she’s a keeper

[RebelMontana]

Start saving at a young age when you get your 1st job even if it doesnt pay. Also avoid relationship where they will take advantage of you for financial gain. I wished I could go back in time to prevent that but welcome to reality.

[ashleygarcia]

I have a 2021 Toyota RAV4 that unfortunately we had to get after i totaled the car i had for 5 years....we got it for 26k, we have no other debt and im grateful for that 🙏🏼