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9 Pieces of Financial Advice You Should Ignore! [keyword

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On today’s episode of The Money Guy Show, we cover the nine pieces of financial advice you should ignore! Leave your comments and comments below.

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9 Pieces of Financial Advice You Should Ignore!

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9 Pieces of Financial Advice You Should Ignore!
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47 comments

The Money Guy Show 13/09/2021 - 5:25 Chiều

Take Your Finances to the Next Level ➡️ Subscribe Now: https://www.youtube.com/c/MoneyGuyShow?sub_confirmation=1

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Marcus W 13/09/2021 - 5:25 Chiều

Hey guys! When you say total housing costs should not be more than 25 percent of your monthly gross income, does that just mean rent/mortgage payment payments? Or does it include insurance + utilities (and possibly property taxes if it's a house)? Doing a little budgeting before moving to my new place. Thanks!

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Zlacher 13/09/2021 - 5:25 Chiều

Take advantage of being poor while you're young. I got over $20,000 free using gov grants to buy my first house. 1 year later i was making too much money to qualify.

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Zlacher 13/09/2021 - 5:25 Chiều

I dint know how id live if my mortgage was 25% of my gross. I like not feeling poor lol

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Angela 13/09/2021 - 5:25 Chiều

i spend less with credit because they do all the accounting for me

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Jake TheDegenerate 13/09/2021 - 5:25 Chiều

My objection to the the stock market is gambling is the fact that you HAVE to put your money there to get any return. I'm 38 and I still remember having a bank account as a kid getting like 5% on my deposit. Not anymore, take that 5% and divide it by 10 and there is your return on savings.

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Nicol Bolas 13/09/2021 - 5:25 Chiều

I'm coming from 2 years in the future and our mortgage rate right now is 1.5%

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Dustin Jones 13/09/2021 - 5:25 Chiều

I rented for 13 years after grad college moved to Knoxville. Rent was reasonable, and saved enough to by a small house cash. I did miss investing that early on, but the amount of up keep at buying a home (for me) is A LOT of money. Had to buy new hvac, fridge, wash/dryer, breaker box, water turn off valve, garage door, lawn equip—costing about $12k in first few years. Glad I waited to buy a house, but do regret early (heavier) investing.

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travis abt 13/09/2021 - 5:25 Chiều

Regarding not paying off house early: I understand that one shouldn't blitz through the mortgage while not investing into retirement, but isn't leaving a mortgage around the same principle as taking out more money because you can invest it for possible greater returns?

I guess my interpretation would be to set aside X amount of money for retirement (15-25% gross income) and all extra goes to the mortgage. That way you're able to make progress on the mortgage while saving for the future?

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Dario Camacho 13/09/2021 - 5:25 Chiều

Here in México a mortgage sets you up for a 13% interest rate :C. There is no chance we can invest before payin that goddam credit

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Pamela K 13/09/2021 - 5:25 Chiều

When you say keep housing costs below 25% of gross income, what does that include? I assume mortgage, taxes, insurance and utilities? What about savings for repairs. I save about $6,000 per year for any home repairs, is that part of the 25% or part of savings?

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Colby Clipston 13/09/2021 - 5:25 Chiều

46:10 CPAnus

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N R 13/09/2021 - 5:25 Chiều

Toilet paper and oreos 😄

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Pandorash8 13/09/2021 - 5:25 Chiều

“It’s deductible.” Man, I used to think it was a good thing too. Until I realised that spending a dollar to make thirty cents isn’t wise lol!

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Victor Vale 13/09/2021 - 5:25 Chiều

what if you buy the cheapest house on the block but you are the wealthiest person on the block?

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GetSchwifty 13/09/2021 - 5:25 Chiều

I’ve been wasting my time on Dave Ramsey… these guys are for me!

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Devin Parker 13/09/2021 - 5:25 Chiều

If you borrow $75,000 to get a degree in 16th century middle eastern poetry and crying because you cant get a job, you're gonna get steam rolled out in the real world!! No 2 ways about it

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James Odell 13/09/2021 - 5:25 Chiều

My tuition my first year at Michigan State Univ. in 1966 was $363 dorm was about $1250 for the full academic year. I knew that was a bargain but it started going up exponentially after that. My two youngest are in college now and it is no bargain. I just feel blessed that they will get out out school with no debt. Love your videos.

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g 13/09/2021 - 5:25 Chiều

If paying mortgage fast is not so good, then maybe, mortgage paid even slow is not so good either? Imagine if I live dirt cheap with a roommate, paying super low shared rent, I could put even more into investments and earn potential million dollars more in 2-3 decades….then around 60+ years of age I might just buy my first home fully, without needing a mortgage at all and get special two discounts in addition: discount as a first home buyer and a discount as a senior home buyer as well!!! But I know the fear of homelessness while being in debt is huge. Being in debt for some people is just terrifying….Mortgage is still risky….because what IF – WHAT IF for some reason we can't pay it – in case of an accident, job loss, or something bad happening? It could happen: losing all that money already put into mortgage and losing the house (after depleting all my emergency cushion savings!) and then becoming homeless is still a potential although unlikely risk ! And, for some people like me, who come from very impoverished family background and destitute living, there's this fear of potential house loss followed by living on the streets. And that fear of potential disaster is greater than the fear of not having the potential half a million dollars in the future. I'm not sure if that fear is rational, but I think that the risk of that happening is still possible. Yet, if in case of such rare disaster, I could still dig into my investments(AFTER MY emergency cash savings reserves get depleted) to save me from going homeless, maybe it's still worth investing more into roth ira and other investments than into a mortgage? 🤔But then again, I might as well just rent something super cheap until my 60's…..🤔🤔🤔You really gave me something to think about because I always thought paying off any debt (even mortgage) as fast as possible is the best and safest thing no matter what…..

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Radhika Suresh 13/09/2021 - 5:25 Chiều

Brian does not let Beau finish his sentences.

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Andrew Diamond 13/09/2021 - 5:25 Chiều

"Is any debt good"?

Mortgage at 2.75%….I'm in the 30% tax bracket…. so my after-tax rate on this mortgage is 1.925% – lower than inflation and way lower than return on investment on essentially anything.

It's even lower than the rate of inflation, so I'll be able to pay it off with lower-value money in the future.

Now that's some GOOD debt.

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Mike Burns / Arranged Accidents 13/09/2021 - 5:25 Chiều

I hear you, but I'm making a mad dash to pay off my house anyway. I'm going on 47 though, so not too contrary to your advice. With a paid for house, I can float my bills with an entry level job. Can't put a price on that peace of mind.

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Over Comer 13/09/2021 - 5:25 Chiều

I was one of those people hoodwinked into buying whole life insurance because I was told when it matur'd that it was I could take it out totally tax free. I did that from age 45 through age 55 to the tune of $19000 a year. All that money losing all of that interests over 10 years. Each time every fall when I had to write that $19000 check I nearly vomited from the discord in the my stomach. I finally can the guy who cheated me out of my money got a new guy who is making some nice gains for me Biggest ripoff ever

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Bill Poor 13/09/2021 - 5:25 Chiều

My first qtr at OSU in 81 was 200.00

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Nathaniel Carreon 13/09/2021 - 5:25 Chiều

Paid off my mortgage in 10 years and was able to send my kids to the best schools and retire early. No regrets at all.

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JW 1983 13/09/2021 - 5:25 Chiều

I'm a long haul trucker. More monthly debt, more monthly payments, means more time on the road away from home. With self driving trucks around the corner. And the memory of 2007 great recession frsh on my mind. Truckers were struggling from 2007-2012. There is more to life than waiting to be happy someday!

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Susan Brunson 13/09/2021 - 5:25 Chiều

You have no idea who is the wealthy or poorest person on the block because of a house Warren Buffet just saying 🤔

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Rachel Hughes 13/09/2021 - 5:25 Chiều

Brian, credit card are you using?

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Rachel Hughes 13/09/2021 - 5:25 Chiều

The only thing I would argue is what you said about vacations. It’s better to pay for an experience vs something tangible.

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Ergin Artesia 13/09/2021 - 5:25 Chiều

You keep talking as though turning 65 is a drop off the cliff. I hear things you countdown to 65… but i plan to invest to at least 85… that still decades. Maybe you can do a few episodes for what happens when you hit 65?

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Cletokings 13/09/2021 - 5:25 Chiều

Ignore Dave Ramsey baby steps at all cost!!! Worst financial advise I have heard.

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Tong L 13/09/2021 - 5:25 Chiều

You definitely want to pay off your home/mortgage early! Especially if you can do it in 10 years.

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jhipps3 13/09/2021 - 5:25 Chiều

Jock Ewing had a saying…."Never mortgage South Fork Ranch"

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Jazmin Rodgers 13/09/2021 - 5:25 Chiều

At 1:00 PM I watch Dave Ramsey and stop all 401k investing to 0% because I have debt. At 2:00 PM I watch the money guy show and want to max out all investments because I’m in my 20s. I’m so confused 😅

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Alec Strahl 13/09/2021 - 5:25 Chiều

Dave Ramsey. Pay off your house early. Finance decisions should be logical. Not emotional lol

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James Jhonson 13/09/2021 - 5:25 Chiều

Another aspect of paying off your house early can also free up money to invest i.e. the money you make in monthly morgage payments can now be used to invest. My parents paid off the first house they built in fifteen yesrs.

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Colin 13/09/2021 - 5:25 Chiều

This idea of "good debt" is toxic. I'm not somebody that believes that all debt is terrible and evil. Some debt is tolerable. But there's nothing good about having a liability that charges you interest.

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GreatWhiteShaun 13/09/2021 - 5:25 Chiều

Hi I know this is an old video and you probably won’t reply but I’m 32 and buying my 2nd home I’ll have £700 spare I was going to put £500 in s&p 500 and £200 overpaying mortgage. Should I just put it all in s&p500 or keep it diversified? Thanks

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Matthew Ryan 13/09/2021 - 5:25 Chiều

2:40 Pay off your mortgage early
10:16 Why waste money on rent when that can be a mortgage payment
14:00 Buy cheapest house on the street
18:50 Credit cards should never be used
23:30 Go to college because student loan debt is good debt
31:30 Term insurance is a waste of money
36:30 Stock market is no better than gambling
40:25 Go buy gold
46:10 It's deductible

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Deer Rudy 13/09/2021 - 5:25 Chiều

I have heard you give the example of discontinuing investing and focus on paying off your home a couple times on your show. I don't think it's completely accurate or fair to Dave Ramsey's example. He does not say stop all investing to pay off a mortgage he says pay off all day except the mortgage and suspend investing. Once all debt except a home is paid then you start investing 15% of your income with additional money thrown at your mortgage. You also dont takeninto account the few hundred thousand dollars you save in interest. Mathematically at the end you may still come out ahead with the method but you're just not taking all the information into account. I don't think it's a fair representation . With that said still t great information can I think it helped a lot of people.

I recently was listening to another financial planner on YouTube who's message was basically have a government job which provides a pension plan and have no debt and you're set for life. God forbid that you're in the stock market. That's a real video I cringed. Anyone with an email and a camera can put out advice I guess

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Yash C 13/09/2021 - 5:25 Chiều

Decided to watch some old shows. This one because I just got married and was wondering if there was any advice to ignore about marriage! Can you guys do a show about the financial implications of marriage. (I just realized that I have to stop contributing to my Roth IRA b/c we make too much money. I'm happy we got married and all, but a little warning would have been nice. LOl

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Kevin Kuc 13/09/2021 - 5:25 Chiều

Absolutely right on credit cards, I spend more with money in my pocket.

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Kevin Kuc 13/09/2021 - 5:25 Chiều

Your assuming the perfect world on the mortgage. What happens if you lost your job and the bank foreclosed?

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Jacopo Patrick Warnking 13/09/2021 - 5:25 Chiều

Thanks for the great content @The Money Guy Show! Would you advise against buying a multi-unit property to househack, if it is likely not to live there longer than 5 years? The idea would be, that the property could be rented out fully after moving out and provide the cost of renting elsewhere.

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William Smith 13/09/2021 - 5:25 Chiều

I feel you on this but if I'm not mistaking I thought the Ramsey Plan have you investing 15% and then paying off the mortgage with the cash above and beyond that 15%?

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randy. deville 13/09/2021 - 5:25 Chiều

I go to church a lot-I was raised going to church- done my crazy stuff when I was younger in life-I cant forget and always like to live by principles in the bible in Proverbs there is a scripture that says The borrower is servent to the lender Think about it!!!

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randy. deville 13/09/2021 - 5:25 Chiều

Good stuff Guys!!! Love the way You- The both of you get into detail about Finances I think the same way- Love watching !!!!

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