millennial financials being roasted
- Thread starter sickmint79
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I'd say they are just as loud, at times, but they don't sound as good as a V10 or V12 lol
In college I took Micro Econ and Macro Econ classes and they were incredibly useful. They were 101 and 102 level courses, so they covered the fundamentals. Even so, that was enough to give me a solid understanding of how compounding interest works, supply and demand, the basics of the stock market, IRAs, and tax brackets.
My teacher seemed to always use student loans examples when talking about loans and compounding interest. That was helpful IMO to drive home the responsibility associated with taking those loans. A lot of kids just figured it was free money now and they'll figure it out later.
I would think an intro to micro and macro economics should be required in Junior or Senior year of high school. I'm pretty sure my high school offered something like that as an elective, but it definitely was not a requirement.
My teacher seemed to always use student loans examples when talking about loans and compounding interest. That was helpful IMO to drive home the responsibility associated with taking those loans. A lot of kids just figured it was free money now and they'll figure it out later.
I would think an intro to micro and macro economics should be required in Junior or Senior year of high school. I'm pretty sure my high school offered something like that as an elective, but it definitely was not a requirement.
I almost feel they omit beneficial financial courses out of the public school curriculum by design. Remember, we need people just smart enough to run the machines as Carlin eloquently said lol.
+1 on parents needing to teach finances, but obviously as long as they aren't passing down bad advice. One thing I am very grateful for in my younger days, my dad added me as an authorized user on his CC. I think it helped me build a good fico score very early on.
+1 on parents needing to teach finances, but obviously as long as they aren't passing down bad advice. One thing I am very grateful for in my younger days, my dad added me as an authorized user on his CC. I think it helped me build a good fico score very early on.
I never did any financial anything in school. My parents just flat out never talked about money, but we also didn't have much to talk about anyway. I ended up going bankrupt young which stuck with me for WAY longer than it should have. So I guess I fall into the Millennial being financially illiterate group. As bad as I am with money, I watch this guys videos and apparently I am doing OK LOL
Just like credit scores, people don't understand what longer-term effects bankruptcy can have as well. Especially if they file for bankruptcy and continue with their bad habits. And end up in the same boat they were in before the bankruptcy. Not everyone learns from their mistakes. I'm not saying that is your case. But in your case, what did you see after the bankruptcy that affected you longer than you anticipated? Any examples?
Most of the people in these videos are soooo bad. Many times it seems there is a mental issue with them. The video I just listened to was a stripper who made 8-10K$ a month working 12 hours a week. She wasn't in too bad of shape. She was in the Navy and has that going for her. Like $2k a month and free healthcare. Some old investments, some idea of her living situation, a car payment, and what she thinks is a good investment of a home she is remodeling & plans to Air BNB for passive income and retirement. She paid $90k for the house and has a $60k mortgage on it. And she had like $30k in credit card debt on two cards. Not the best situation but she's not clueless. Then he asks if she's 1099. To which she is. She owes $60k for 2022 and probably another $40k for 2023. She has no savings and no money has been put aside for the taxes. She's like $212k in debt. With $100k due to the IRS in less than 12-months. How do you not plan for big taxes when you are an independent contractor? She has some slip-ups financially and some questionable decisions. Like her living situation and house Air BNB plans. But the tax realization sinks her ship.
my friends that have declared bankruptcy at some point (20s) all seemed to come out a lot better for it in the end. 1 certainly did far better on housing/real estate than me by miles as well.
i saw part of the episode above, and that chick seemed vastly more rational than the brunt of them on the channel. i did not see the tax part though, that is brutal.
the gal i dated before in the industry also did not pay her taxes on it. made an fton of money. spent an fton too, like why not go out with her girls to clubs and get bottle service and treated etc. we never got into her finances but i know she had some big contract money and owed some back taxes.
i wonder how OF chicks will really do. i mean pro ballers go broke and have agents and stuff around them and others who should in theory help them preserve some wealth, especially with what we know now in 2024. i guess its possible young OF chicks will be aware of that and make wise decisions - although they could also be dumb as rocks and make a bunch of fast money and have all that fast money leave spent on garbage. although i think men are probably the more reckless spenders on big ticket items.
i saw part of the episode above, and that chick seemed vastly more rational than the brunt of them on the channel. i did not see the tax part though, that is brutal.
the gal i dated before in the industry also did not pay her taxes on it. made an fton of money. spent an fton too, like why not go out with her girls to clubs and get bottle service and treated etc. we never got into her finances but i know she had some big contract money and owed some back taxes.
i wonder how OF chicks will really do. i mean pro ballers go broke and have agents and stuff around them and others who should in theory help them preserve some wealth, especially with what we know now in 2024. i guess its possible young OF chicks will be aware of that and make wise decisions - although they could also be dumb as rocks and make a bunch of fast money and have all that fast money leave spent on garbage. although i think men are probably the more reckless spenders on big ticket items.
My wife got hosed on her first marriage. She and her ex-husband were both on the mortgage. She split and he stayed at the house. He was not able to afford it nor sell it. The house was foreclosed on and her credit was bad for a while. Though this is something that couldn't entirely be prevented, at least financially.
I think bankruptcy allows many to get out from under the pressure of debt. As long as they understand how they got there and how to avoid getting back to a mountain of debt. Being in debt that you seem to never be able to get ahead of has to be debilitating.
Yes, the stripper episode is not bad as she was pretty "average" for the debt she had. It wasn't good, not not bad considering the money she makes. Until the taxes came up. lol
I would hope with the internet and all the info out there, that if they are making the money some of these OF people make, they have a legit business manager, accountant, etc. But as we have seen, when people make a lot of money, they can leverage it and get in trouble quickly. Especially if they aren't smart enough to seek help from the right people. Or end up with people(s) who take advantage of them.
Last year I watched 25-30 of that guy's videos they were great. Some of the guests on the show are idiots. After college I had to put it all together, and I had 3 simple rules, pay my debt (ccs, student loan), always have 4-5 months of expenses in the bank, and never put expenses on a card.
The most annoying thing was high interest rates on everything for a LONG time. Also it was mentioned when I did anything with credit for around 12 years.. It almost caused us to not get our first house, and that was probably close to 15 years later.
I had a friend who also filed about the same time as me. He went and bought a new truck a month later. I tried to buy a car to help build some credit, and couldnt get a loan at all. Not even from a shady lender. His bankruptcy basically never affected him. Meanwhile I was getting 24% interest car loans 8 years later.
he bought the truck in his own name?
i would figure gf or family or cosigns or something to avoid painful level rates for a while. 1 of my friends declared bankruptcy due to reckless credit card usage. i'm actually not too sure about the 2 others now that i think about it, we never went too in depth in their finances at the time, it's been so long now they'd probably disclose everything anyway, but both were post bubble and got out of their houses - but i i suppose that doesn't necessarily mean you declared bankruptcy. although i wonder if that would be part of trying to retain your assets/not have them come after anything else. i think one guy didn't have much to go after, and the other guy moved things around so that it would be hard to not possible to go after.
i would figure gf or family or cosigns or something to avoid painful level rates for a while. 1 of my friends declared bankruptcy due to reckless credit card usage. i'm actually not too sure about the 2 others now that i think about it, we never went too in depth in their finances at the time, it's been so long now they'd probably disclose everything anyway, but both were post bubble and got out of their houses - but i i suppose that doesn't necessarily mean you declared bankruptcy. although i wonder if that would be part of trying to retain your assets/not have them come after anything else. i think one guy didn't have much to go after, and the other guy moved things around so that it would be hard to not possible to go after.
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