The Never Ending Debt Cycle (How to Avoid This Dangerous Trap)

The Never Ending Debt Cycle (How to Avoid This Dangerous Trap)

People who aren’t aware of the perpetual debt cycle might be stuck in this dangerous trap forever. It’s so easy to fall further and further into this continuous cycle of making payments. Sending payment after payment to the bank for various purchases each month can make it nearly impossible to become debt free or invest in your future. Those who are aware of this cycle and have the dedication to avoid it entirely will find it incredibly easy to become financially free even if they don’t have a high income. Debt can even be used to your advantage making it easy to create great wealth. Take a look at the never-ending debt cycle that seemingly everyone falls victim to and find out how you can easily become incredibly wealthy by taking advantage of this trap.

[sandra]

For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My husband and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.

[philly]

You have described nearly every financial mistake I ever made when I was younger. My advice to young people right now: you CAN get out of this. Start changing your spending habits now; don't wait. Just do it. I made my last car payment at the age of 32, and I paid off my mortgage at the age of 41. At some point, you will realize that your fancy SUV just isn't worth the cost.

[NannyTrish]

Wow, that’s the story of most people’s lives.

[ciscoshibler]

Perfect video! We paid off our debt this year and it is the best feeling ever!!! Even our smaller paychecks seem bigger simply because we get to keep the money! It's very freeing!

[brianaspinall]

It all comes down to self accountability. If you are in a relationship be aware of how your choices affect your partner.
I've seen enough cases where one side is 'forced' to deal with the debt of the other. If one partner has say 30k debt and they only do minimum payments then this creates pressure on the other half to pick up the difference.
Both have to do their very best to achieve financial stability.

[rayzerot]

One of the best things my parents did for me was to teach me to live within my means. I had to teach myself to invest but I wouldn't have the money to do that if I didn't live within my means.

[wrinklybird]

Bottom line. People are never satisfied with themselves and continue to chase instant gratification regardless of their debts. Instead of working towards a larger, more filling goal that takes time. Which gets them into life-long debt.

[ChrisInvests]

Don't forget to like and subscribe! We're almost to 100k subscribers 😀

[InvestToon]

Congrats Chris on your 100k subscribers! Hopefully we will get there soon too :) Have a great long weekend. We are a huge fan of yours!

[welshhibby]

Getting married is the biggest mistake….

[joshwolfe]

“You can’t put a price on the memories you’re going to make” classic

[GAM-TIME]

So true & it’s all up to you. Your decisions in youth can severely dictate your financial path in life. Choose wisely.

[Leclaudservices]

I love how simple you break down videos

[neilmccoy-ward]

Hard to tell if this is the right platform for this. But ill try anyways as this is still considered business. Given the present conditions, is it better to invest
into Real Estates or into Stocks? Which would yield better output.

[magic_fruit_bat]

Always look for that ROI when it comes to education.

[SF-fblv]

The only big mistake I made (maybe..) was spending 6 years getting a degree for an $89k/yr job when I could have joined the electricians union where (in Bay Area. CA) they ALL (after their apprenticeships) make...wait for it...$87/hr not $87k/yr; $87 dollars per HOUR plus overtime. Most make between $180, 000 and $250, 000 per year. KIDS, like 35 year-olds. Getting a degree does NOT automatically give you higher pay, just like it doesn't make you smarter. I make most of my money from investments now, so I'm catching up. But I will have to work another 10 years until I'm seventy...

[michaelvazquez]

I always come across your videos when I get new car fever. Thanks for reminding me to stay the course.

[brentlorrilliere]

You forgot the 90K of daycare expenses between age 0-6 while both parents work. While technically not debt, this is an unavoidable expense that makes it harder to pay down debts. When I visited my first daycare center, I almost threw up when they quoted $300 a week for one infant.

[ethanthompson]

Hey Chris, I love the channel. Is there anyway I could help you for free? I would love to learn how you grew this channel like you did. I could help with writing scripts or doing the video animations

[brucestiles]

This is a great video that describes exactly how people rationalize getting themselves into significant debt.

One could think of debt as a form of slavery, since someone else has a claim on a part of everything you earn.