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#1 wealth killer = children
In some places, having a car is non-negotiable. I know in New York everyone from the mayor to feces-encrusted bums ride the subway, but here in L.A. our public transportation is awful and we all need cars to get around.
An advisor in the 80s once told i and my colleagues at work that the only way never to go broke was to buy good companies. Miss Anita, of blessed memory then asked him how can one know good companies? This question is still lingering on mind. Great Video!
I’m fortunate enough to be able to live pretty comfortably off of public transportation. I spend at most $50 a month on transportation and even though my income is already pretty low, it still allows me to save plenty that I then subsequently put into different kinds of investments.
I’m quite happy with that set up!
It doesn’t cut it when you have a family and everyone works different shifts, in different areas and has different interests. Public transportation is so much more inconvenient and slower than the freedom of simply hopping in a vehicle. I didn’t have a vehicle until I was 23. I will never go back to public transportation. Crowded. Smells terrible. Unhygienic. Unsavory people ( not all obviously or even most).
I use public transit or I walk. Walking is good exercise and it’s free.
He has Frankenstein shoulders and his head is way too small for his body
get a used Toyota or a Honda, drive it till 300k miles, simple
Carhack for me:
Researched most reliable engines, and lowest total cost of ownership. I wanted a full sized truck with a V8 on the cheap. I bought a used 2000 Silverado V8 ext. cab 4×4 Z71 from a U.S. soldier being deployed that was desperate. I got it with 103k miles on it for $5200 in 2008. I can actually get more than what I paid for it in today’s truck market and it has like 217k on it. It’s had no major problems with it and the majority of problems it had I fixed myself knowing not much and watching DIY car fix YouTube vids.
What’s even better though is I actually found a camper top (matching) for the bed online used for dirt cheap ($150) and I once sublet my apartment for a summer at a major premium and I lived out of my truck sleeping in it. Major money move. I saved so much money covering rent and making a little extra cash. I still have the truck today and it runs SOLID and best of all it’s paid off and my insurance per month is…… $65.00 !
I have a car which I need to go to work, and I need to go to work to pay for the car. Wut?
Living close to campus/job is nice but it’s almost always more expensive as well! Paying 40%-50% more to rent or buy property, will make the savings from not owning a vehicle pretty meaningless.
I’m from Singapore. The car here IS the ultimate wealth killer and people here are still buying them!
A Ford Focus is not as reliable as Toyota or Honda which alot of hondas and toyotas go 300 to 500 k + still running strong with normal repairs very cheap to have
Feel bad when I see poorest (poorer) than me. I’m poor. No shame. I’m clean, bills paid etc…anyway…. Those people in stores scratching those tickets. Not wanting to believe the odds, or not able to understand those odds.
Cars are indeed a wealth killer, buying new could make sense if you know you are going to drive it into the ground. Learning the do simple maintenance also saves a mint, for example, I was quoted £230 to service my car, bought all the relevant parts and done it myself for £85, same for rear brake discs and pads, quoted £200, paid £62 in parts. Once you get going it will probably make the vehicle last longer, as once you get the practice in you will be more likely to start checking on consumables and doing maintenance more often.
Well said
Great
I also have a wealth tip – stop using overpriced Apple products!
money is about as simple as women. you cant understand them. they are so confusing they speak english and still dont make any sense.
seriously, thanks for this! the automobile has been so ingrained into American life that it’s very difficult for a typical American to be without a car. and so an unfortunate side effect of this is a ton of predatory activity around cars. predatory loans. predatory garages that take advantage of people who don’t know their car parts. predatory sales practices. predatory insurance practices. these things really hurt people and the people who get hurt the most are poor people who just want to work. Nate, you save lives when you share such helpful information like this
This is such a great video, and well explained on the concept of a decpreciating asset that keeps taking money from your wealth. A lot of people think they need a cool car that costs more, when in reality its just another expense that affects your bottom line. Awesome tips and thanks for sharing!
I’m glad I stumbled on this. Investing has changed my perspective on how one can succeed in life. Working multiple jobs for money isn’t the optimal way to attain financial freedom. Unfortunately, we find this out later in life. Great video.
@Indianbybirth Looking back, I wish I had come across Levi a long time ago. Because I would have invested under him rather than those liars. But it’s better late than never since I’m finally earning good ROI in stocks. Here to get across to him.
Leviclemans(a)Gmai
Lcom…Is he taking commissions for trades? Yes, I’m I still making money in the process? Hell yes!
@Claire Winchester Murray
I just did, and I have to be honest, I’m quite impressed. Thanks again.
I see your point Claire, and it’s a good one. It’s false to think that taking increased risk guarantees you more money, you wouldn’t bet on a pony in a horse race.
@Tara Shanti definitely! I can admit I am not confident I can predict which funds will be in the tiny % that outperform over time and I realise now how much of my 2021 performance was pure luck, but going into 2022 with Clemans gave my portfolio a huge boost.
Watch your back dude! They will silence you!!!
Hey Nate, How are your investments doing with the market going up and down lately? I have a 401k and don’t want to look at it. Are you doing anything different or just riding the waves?
Buying electric car can make sense. Not Tesla, chepar one, like 20-30k$. If you move only in 50 mile perimeter (shopping, work, home, some outdoor activities, clubs, chlidern sports etc..) than you will be ok. You will save a lot on gas, on maintainance, not sure about insurance how this is supported in US, but I guess even paying loan for more expensive electric car can pay off if you have house with place where you can charge it and most US has
Hey Nate! Just wanted to say how grateful I am for your channel and insight. I actually started my own personal finance YouTube channel last month because of you and hope to one day even just to be able to get to 5% of what your channel is. Thanks again for the great content!
“Transportation IS housing”.
Calif Governor Gavin Newsom
If you live in an area closer to your workplace and have a bicycle, it sorts out most of these unwanted costs. Do have a look at apartments on rent, even if you have to pay a little extra. Over a period of 5-10 years, its much more profitable to stay closer to where you work. You will have to really hunt for a perfect apt / house to stay though. It will be well worth the effort.
🤩✌️ Nice content and channel nate 👌🤩
Zero real world experience… next
I always hear that buying a new car depreciates but a new civic is 23k starting and a 2014 used civic is 17-18k with 80k miles
i used to live in the capital of my country and i was making good money, then i lost my job, now i am living in the countryside in my mom”s house, even though i am making way less money, i am not paying housing neither transportation i pay for food but not like before losing my job in the city was like a blessing in desguise because i am saving way more money than before even though i make less.
i wanted to by a vihicle to move aroung sometimes but this video has enlightened me, i am going to use my father”s car, and problem solved.
That moment when you have no vehicle yet you are still broke 😅
Hey Nate, your advice on checking on your car insurance every year and getting a better deal is very practical and useful and yet, I think most people never do this. I want to add that you can also do this with a cell phone and internet plan. There’s more and more competition in these areas and a 10-minute call on the phone could potentially save people 100s of dollars per year. Thanks for the video!
Jiffy lube is like $40
Donal trump nephiew
Lol Nate must be one of the most unintentionally funny guys ever. First the low key “I think those electric car users are super out of touch with reality” super nice way of saying f you, and then the story at 11:31 had me rolling. 🤣
Awesome video
I live in Canada, so we have cold and long winters. I also have young children and a car is an essential. But I bought a Toyota Yaris and it doesn’t cost that much at all! I also need a car to work.
its so much cheaper to just use uber, I know tech companies automation they aren’t doing anything good and we are becoming to independent on technology, for now though, its cheaper to use uber to transport to and from work. don’t believe me? it cost me roughly 10 bucks per day to get picked up travel 5 miles to work get dropped off and I take the bus home. just calculating uber alone at that rate I was paying roughly 200 bucks per month 0r like 2500 dollars per year just to take uber, even if i took uber 1 time per day that’s what 3660? not adding tips of course that all depends on what you want to tip. but at that rate taking uber 3-5 miles daily to commute to work its cheaper, now traveling further yes its more expensive, if your commute is far then yes it’ll be more worth in the long run most likely, but there’s a huge gap still and that needs filled before you start to lose money vs the cost of owning your own car. why own a car when someone else can make a living on that expense and I can spend less just using uber. I don’t need a car at this current time plus public transit is amazing here so its never difficult to get around.
not everyone wants a tesla also… 7:48. like me, no thanks… I got better things to spend money on. you ever seen those movies with solar flares or EMP and see how they got so many cars that no longer work in those movies but then magically they find 1 vehicle that works because its an older vehicle? exactly. that’s what could happen with tesla and is very likely. having something old that runs like an old car did, would be a nice backup to have.
from experience I can tell you, insurance its good to find good deals yes, but also be cautious that just like any market, there’s some crooks in the mix and bad actors and they put up a good fight in declining as many claims as they can before you can get paid if your not at fault and they have no insurance and your company covers you. there’s a lot that advertise oh we do this service, we cover you up to this much” oh but you did it at 3 pm on a Friday during this event when traffic is at its highest or some really stupid very small hard to see but fine detail hidden in the gray area. some of those cheaper companies will look for the smallest reason to give for why you don’t qualify to receive any compensation even though your clearly covered. these companies are the worst to deal with because you could be left without payment way longer. nothing is worse then your own insurance company taking their sweet time to pay you.
wow you spend 100-150 bucks for an oil change? where the heck do you go and why do they charge so much for an oil change? you can get an oil change in cali for like 40 bucks out the door or do it yourself get all the gear for like 25 bucks…
Wow nice video
If you don’t work at home and many do rely on vehicles…. I think this over looks many other wealth problems
This is just a commercial
Cool
I’ve been driving shitty used cars for my whole life and it sucks honestly. I always see people driving awesome cars and it hurts
ol Steve Jobs head ass
For men. The number 1 wealth killer is women.
Lots of women make as much as, if not more than, men.
@Ly L Then there is no gender pay gap? The following is the 2021 gender pay gap data. “Despite initial concern that pandemic-induced job losses would slow pay equity efforts, the gender pay gap continued to close in 2021, with average pay for women overall increasing by 2 cents to 85 cents for every $1 paid to men.”
I sadly live in an area with poor infrastructure, so we rely on cars to go anywhere. Also my workplace is out of range to go by bike to… yet I see that a car costs a lot of money. I just had mine fixed for a 1000 bucks -.-
not having a youtube channel with 1M+ followers? is that the answer.
This has a ton of inaccuracies
I don’t even drive, never mind own a car. I cycle wherever possible, walk if I have to, take the train if distance is prohibitive. As far as a I am concerned the motor car is one of the worst things ever to have been created.
Cool
I like it
Great tip
Also, don’t do car payments!
Teslas are not the only EVs out there. Prices are going down and affordable ones appear every month. I don’t get the Tesla hype. (And I work in the industry)
Wow, This is interesting 🤩
Wow nice video good
Can’t agree more with your thoughts on this wealth killer. People really need to detach themselves emotionally from car ownership.
Yep Cars are the biggest wealth killer especially here in Australia. There’s a tax on everything
You gotta see Turkey. We pay tax for almost every step we take
@h. yea it’s ashame. I have family in Turkey it’s hard for the people living there but tourists who live in high income nations are living well in Turkey
I like
Man, make a video on how you cut your own hair.
🌎🇸🇪🤩👍
😂😂😂
dude you got it wrong, i spend less than a grand a year on my car, diesel included
🙏🏻🌸
✌️
Yees
Nice
I have my drivers license for more than 10 years now, and still never owned a car and I’m not planning to for the future as well. Luckily I live in a city with good public transport, but I’m very glad I am not spending hunderds of Euro’s per month to a car, especially with these high fuel costs right now.
This is the exact reason I am here my car is keeping me broke 😩
Good points indeed!
I never owned a car; my partner owns two used cars and I think he wasted so much money (on insurance, gas, parking, and repairs).
I wanted to buy a self-driving EV, but now I’m rethinking about it (parking, insurance, and maintenance seems too much).
When I recently got a car, it is is definitely an upgrade from.what I used to..2017 elantra. There was certainly not a lot of options to chose from and I needed a car quickly for my job. Do you think it was a good idea to put Platinum warranty coverage in my payments? I’m still in debate about whether this is going to be worth it. I’m spending $40 extra a month. Anyone have any opinions or experience? I never had a car with a backup camera, remote start and bells and whistles like my others before.
💬🤝🏿🤝🏿
In my experience(and opinion): The Hyundai warranty protection is worth it. In your case it also covers electionics. Which the warranty should cover and at low to no cost to you. I’ve had a radio replaced(refurb–it’s basically a tablet anyway). Rear windshield wiper water system repaired, with a replaced part. Psgr sun visor resplaced. Also have had 3 replaced knock sensors, all covered. So far been mechanically sound; but novelty items and the big tablet radio repairs were nice. Not leaving me with a large repair bill. Hope this helps, or at least a little. =)
Algorithmus
living in car dependent america though makes this one is really hard to apply to everybody, you literally NEED a car to do anything in america unless you live in a big city and even then a car is still needed sometimes
I do rideshare as a side hustle and it brings in $50K profit per year. I use a cheap hybrid rental car.
*There’s no shortcut to getting rich, but there are smart ways to go about it. I’ve been seeking financial advices since 2014 and I’ve acquired over 2M dollars. Start early to create other sources of income so you don’t suffer in retirement or old age*
Really, could you possibly share more hints or ideas on this approach. What are the sectors you engage in?
@Beth Laurence I engage in different kinds of prolific Investments- launchpad IDOs, NFTees, and multifamily real estates through proper planning and management of a widely known financial consultant, and so far the experience has been the best for my finances
As to get more details on ideas you could indulge in. You can easily find (Donald Nathan Scott) on the internet where you can easily reach out to him.
I’m happy hearing someone talk good about Donald Nathan Scott. Donald Nathan Scott offers a very good service and he has been influential in my financial journey. I’m surprised his name mentioned here and I’m happy as to read positive recommendations here. I met Donald in Florida two years ago and I have been working with him ever since and sincerely , choosing to work with him is one of my best decision in life.
It’s never easy to invest solely , many people get into an investment because they see there friends get lucky . So you know, a lot of successful investor didn’t get rich investing on there own but got help from experts(financial adviser). It’s just a few honest ones tells you this whereas everyone claims they did it on there own . For a better investing experience, work with a financial advisor as they have broad experience when it comes to investing.
Yeah, insurance costs are killer
You’re mature beyond your years.
Thank goodness you brought this up! I don’t think we can all escape from the chains of EXPENSES and that’s why we ought to increase wealth by creating multiple income streams else one could go bankrupt. I’m glad I learnt this earlier and I could share with anyone interested on how I generate over 45k USD monthly by making profitable investments. Great piece!
@San Bede of course, I pay him for his services. Visit *Zachary Allen mark* on
*instagram* . You can look him up online and connect with him
@Andrew Don Kelly I see your point and it’s a good one. It’s false to think that taking increased risk guarantees you more money. You wouldn’t bet on a pony in a horse race
@Andrew Don Kelly thanks Andrew, I just ran through his profile online, impressive! I’m getting started right away, much appreciated
@San Bede great decision. I’m glad you listened pal, I wish you good luck
I’m in a bit of a dilemma. I have a 1998 Ford Mustang GT thats fully paid off, in good working order, and very cheap car insurance. I also have a 2016 Ford Focus that I still owe 8K, it gets great gas mileage, in great condition, and average priced insurance. I want to sell one of the cars so I can pay down my debts. Which would you sell? (Question for everyone and not just Nate).
easy ..Buy Toyota CHR hybrid..I literaly forget to put gas in it .. and m’y gas budget is lower than ‘y phones bills .
May all being be healthy, be well, be free!
Awesome content! In my opinion, I think the number 1 wealth killer is *INADEQUATE INVESTING* and most people discover this later in life. Saving money alone would never make you wealthy enough as you tend to spend in times of emergency. But, investing money builds wealth gradually and for the long term and this is how I’ve been making enough returns (about $500-$2000 daily) to ensure that I and my family are good in troubled times. Great piece!
Hello, I’m happy to storm this comment. Where can I talk to Zachary, please?
@Baldur Eike kindly L00k up *Zachary Allen mark*
0n *instagram*
I just found his profile online mate, impressive! At first I wanted to add $2500, he seems trustworthy and honest, so I’ll start with $15,000 and maybe add more if I think it’s worth it. Thanks for the info mate, much appreciated
@Baldur Eike Of course he is reliable! I have never seen negative reviews about his work. I even have to say that Zachary not only makes one profit, but also puts your interests first as you have more and more opportunities to earn more. I wish there were more people like him
Only buy cars with cash.
I’m 39. My husband and I once bought a new car before we were married. Stupidest money mistake ever. That was 2007. Cash only . I don’t care if ypu have to buy a junky vehicle while you save up. Cash only.
13:25
Here’s the 5 tips 👍
💬☝🏻
Number 1 Wealth killer is Insecurity and Fomo
The #1 wealth killer is marriage and kids…. not cars. LOL
Cars=eat money….period…..money right down the drain…
Big time money loser…..
Ins…$34. Month….oil change $26.
Can you used caption arabic
My language is Arabic I want to understand your vedios😢
one big mistake I made as a younger dude was to buy eureopean import vehicles (VW, Audi). Yes, they’re were nice rods but the cost to maintain and repair vs. a domestic was much higher. So the type of car you own will determine, in some measure, the your overall operating costs over the life of the car.