Home Finance Experts 5 Examples of Unhealthy Cash Recommendation Monetary Specialists Share (and also you...

5 Examples of Unhealthy Cash Recommendation Monetary Specialists Share (and also you observe)

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what leaves a nasty style in my mouth? Unhealthy monetary recommendation, the sort that comes from private finance ‘specialists’.

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39 COMMENTS

  1. WF advice,1. Why pay down your mortgage when we have to work until were old anyhow. 2. Invest your cash in the market instead of paying down the mortgage ( everyone , including dave Ramsey assumes you financed last year with a nice rate—-I have an awful rate, 7.875%.. I am 6 months away from payoff, and a nice safety cushion yet)..

  2. Thank you for the tax advice I thought like Susie before. I didn't realize how little or really is. Even if I invested in a general index fund with a rate of about 6% on the $2000 it's still only roughly $100. Let's not forget that we don't get the $2000 at the beginning of the year as well..only gets trickled in over the span of the year. I also turned down my 401k at work it was tough turning down free money but after your video I now know I made the right choice. Thank you very much for this video!

  3. Getting into student loan was the largest financial lie that I dealt with. The best thing for anyone to do is to evaluate for themselves what works best for them, which is what makes it so hard to give large scale financial advice.

  4. So use credit cards to get 1 percent back and take awesome vacation after you borrowed tens of thousands of dollars but don't reduce your withholdings and invest because interest rates on a savings account are low… Ok……

  5. I'll go along with four of the five points made here. But I have to disagree with the point about a 401(k) match. The match provides you with an immediate 50% or 100% return on your money, and then your earnings continue to grow in a tax-sheltered vehicle. This does not preclude further investment in a Roth IRA or other product. The 4% or 6% pre-tax deduction from your paycheck should not affect your standard of living. Step 1: Make sure you have health insurance. Step 2: Pay off your credit card debt and continue to pay off the balance every month. Pay off your student loans. Step 3: Contribute just enough to your 401(k) plan to obtain the company match. Step 4: Contribute the maximum annual amount to an IRA or Roth IRA. Step 5: Invest further in your 401(k) plan or in a taxable account; with a goal of saving a total of 10% of your annual salary each year towards retirement. Step 6: Get up every morning and go to work until you reach retirement age.

  6. Caviot is the spending money for convienences is when you can afford to do that. It should be a small financial decision and shouldn't break the bank.

  7. Use your credit cards! Finally started seeing and understanding how using the points is like making your money work for you. Gas, Netflix, etc. You’re already paying, why not collect some points 🤷🏽‍♂️…. just make sure you pay before the interest hits😉 #TravelEnthusiast here!

  8. I'm a bit mixed on the credit card part. I did use a CC for a course to help advance my career, not necessarily for my current job but for future jobs and it was a class I really wanted to take (no regrets, btw) and I couldn't pay cash for it so I paid with a CC and I did get it paid off in about 2-3 months. I feel I learned from being deep in Credit Card debt that I don't want to stay in it too long so I pay it off as soon as I can.

    I think the big problem is relying on Credit Cards like it's your own money and paying only the minimum, that bit me in the ass when I was younger and I don't want to be bitten by that snake again.

  9. 1-4 is subjective and is beneficial for some people you can't just say it's bad advice. As an advisor you need to know your clients and for some this kind of options are what they need before they can get to the the point of the alternative options that you mentioned.

  10. Thank you for the information. I feel all five examples are spot-on but #5 hits home for me. Once again, just last week, I had to defend myself for renting. Yes, I’m older but renting works well for me, for now. Do you have any videos discussing; renting vs owning?

  11. My picks are investment type insurances and annuity 401k.
    Thank you Jeff for different perspective!
    I still love and follow David Ramsey and keeping the good habit.

  12. Hey champ and any gurus I have asked many times in many places and don’t think I have received a legit response yet…. so being new I had no clue what to do when I started my 457 6 years ago. I now have 6 years in a 457 in the premanged 2050 fund. It’s a mix of pre and roth (100% roth for the last year +) and my question is…. I want to go more aggressive most likely to get out of the target date fund 2050 (do I let it ride till retirement or ) when is the ideal time to transfer it to something else? I don’t have many choices with my policy but I could easisily go equity small and mid caps (I think small or mid has high ratio). But is there a best time to transfer a position wouldn’t my time vested in the target 2050 fund of 6 years put me at some yield on cost ratio of positive ness compared to say swapping it all to the sp500 fund at the peak aka worst time to throw it all into it?! Idk just rambling but anyone have some insight into this topic thanks!

  13. I’ve never heard anyone, until now, say don’t get a tax return. That’s ridiculous. Also I’ve been told about the whole no credit cards advice. Dude, credit cards are awesome! If, you use them wisely, which I do.

  14. For me, considering where I live, buying a house would be a HUGE mistake. The property tax average is so high that one would have to be making almost 70K a year to simply pay the taxes – let alone the mortgage.

  15. The biggest one for me was not to worry about credit scores. If we had started working on our credit score a year earlier we could've gotten us a much better credit score and would've saved us thousands of dollars!!

  16. Jeff, you are trying way to hard with all the bad jokes and cameos. Stick to the facts and cut out the BS added jokes. Almost to the point of making your videos unwatchable. But love the content other than that.

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