Evil Business of Financial Slavery

[@phmiii]

As a 66-year old male, I have experienced everything except the "Pay Day Lone". My advice is to not get married, not have children, not have fun and not get old.

[@bigbusinesspro]

Thank you for your contribution.

[@tsubadaikhan6332]

Should I just go and hang myself now then? You're not making any of it sound appealing.

[@hasnainadler6406]

Underrated Channel

[@bigbusinesspro]

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[@rob15798]

Great video! All of these are very accurate and common. I'd much rather be financially stable and debt free and look like a "nobody" than to try to "keep up with the jones's" and be in debt to my eyeballs! Maybe that's just me though

[@bigbusinesspro]

Thanks for sharing!

[@essicc]

If you need a cash advance off your credit card. I heard that you can buy a money order from the post office with your CC then just cash the money order…

[@mariaj6551]

I 10000% agree. This is something I wish I had learned in my late teens and 20s. When I got my first credit card, I wasn't educated at all. I didn't understand that it was someone elses' money that I had to pay back. Hell, I didn't even understand APRs. Now in my 40's it feels great to have no CC debt, and being child-free, my husband and I live well below our means. We don't spend what we can't afford. HUGE difference.

[@bigbusinesspro]

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[@jaydoubleli]

i've stayed single and saved a fortune

[@mudhuthanudimmudkahagadulh4657]

Exactly! Mortgage is the biggest wealth killer! And guess what? Youre not a homeowner, youre a mortgage owner.

[@bigbusinesspro]

Brilliant Analysis, what is surprising however is how the banks manages to convince so many to fall for this trap. In most cases however, they don't even assist you in decision making. Their agents will convince you to make the choice that makes them the most money. Its a sad story when you begin to miss out on payment dates

[@tsubadaikhan6332]

There's a lot wrong with that. You need a place to live, and renting is a worse wealth killer than a mortgage. I live in Australia. We've got a huge problem here in that housing prices just keep going up. That becomes a huge problem because everyone that owns a home is happy that their value keeps going upwards, but to upgrade keeps getting further away. The median house price in Sydney is now $1.3 million. But the average rent is $700 a week, so you're still better off being a mortgage owner. Just about everyone in Sydney who owns a home is a millionaire on the books, if you ignore our debts. I bought my first place here in 1999, for just under $200k. Technically, I'm a millionaire now, but it doesn't feel like it. And there's no way my children will ever be able to buy a home here, unless I take out an equity mortgage in my place for their deposits, when I should be preparing for retirement. But with the majority of taxpayers Wealth increasing, it's a problem no Government ever wants to fix.

[@georgesmithamuntrucking5020]

@@tsubadaikhan6332 actually renting is more lucrative than overpaying for a home during a severe recession or what millennial are calling a silent depression. Downward forces are pushing down home prices at the moment, the high prices my friend that no one can afford is bound to collapse, that's simple demand and supply

[@tsubadaikhan6332]

This World is full of debt traps. But calling yourself a Slave because you were foolish enough to get caught in a debt trap is kind of disrespectful to those people that actually were Slaves, chained and beaten, bought and sold, separated from family, homes and friends. Yes, debt traps suck balls. But real Slavery was worse. Debt traps mostly involve some personal choice. Except maybe the medical ones. And even then, if you're in any other developed country than the USA, you've probably got some sort of Government Universal Healthcare to rely on. Even if it's a bit inadequate.

[@bigbusinesspro]

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