Money Expert Brilliantly Exposes The American Finance Trap | KOSHER MONEY

[@stevedars1234]

We are fully debt free, mortgage and all. We still live frugally, those good saving habits never leave you. Living without financial stress is the most underrated feeling I know of. It’s heaven.

[@lilpandanesegirl]

property taxes will always be there and insurance. u.u

[@Hand_me_a_handle]

​@lilpandanesegirl yes. But you can decide to move from Miami to Houston.

[@kp3509]

I was house poor after buying a house in 2005 for $500,000. That was a lot of money for a house back then. I learned the game as I played those numbers in my head for 15 brutal years. COVID 2020 saved me. I sold and bought a new out of HCOLA and man it feels good to not be house poor anymore.

[@Batirtze-b6x]

Awesome!!!!!! Well done.

[@ike4160]

Two insightful things that the guest mentioned: 1) He took action to change his surroundings and moved when he realized the financial threats to his family. 2) He understood scarcity since he grew up in the Soviet Union. A wonderful guest who seems empathetic towards those in trouble!

[@aribiegeleisen3488]

I just finished paying off 50,000 dollars in CC debt, its the best feeling ever! I haven't used a CC in at least 6 month

[@LivingLchaim]

Way to go, Ari! 👑

[@davidglad]

Cards aren't for everyone. The same way home "ownership" (namely the mortgage) isn't either. In the latter, only makes sense if you plan to live at the same location for many years and your household size stays the same. While I've of course never paid any finance charges on cards in the maybe 20 years I've had them

[@jiujitsustl]

Congrats!

[@aribiegeleisen3488]

@@LivingLchaim ❤️

[@nancylivengood1581]

Wonderful!!! So happy for you!!! 🎊

[@rzmk8620]

Being a Muslim, we could have a difference in many things but whatever you said here is absolutely gold. In the end of the day, whatever you believe or do, you deserve to live in Peace.

[@PunkRockGardener]

We all deserve that.✌️

[@gmshadowtraders]

Respect!

[@sokolmihajlovic1391]

First and foremost we are humans, brothers and sisters. The basic principles Igor presented are viablefor any human, be it Muslim, Jew or orthodox, like me.

[@PunkRockGardener]

@@sokolmihajlovic1391 Bingo

[@johnjacobjingle7177]

Can't have peace until you accept Jesus. You will be lost until then

[@sergiyradonezhsky634]

I gotta say, I'm not Jewish but I really like this channel. everyone should watch it.

[@t.n.dynamite]

You know, when I was a kid, my family would refer to me as a Black Jew because even at a young age, I knew the power of a dollar. I don't think then my family knew that this could been seen as racist. I'm much older now and I'm still responsible with my money. If you want to refer to me now as a Black Jew, I'll wear it with pride because what you're saying is I'm not frivolous with my money. I don't want to spend any more of my money than I have to!

[@PunkRockGardener]

That’s not racist, good sense is just good sense regardless of race colour or creed.

[@clarkclarke]

I agree ..not Jewish my self however I watch whenever I can .... I haven't had a CC in years ... if I don't have the cash to buy something, I don't get it and I tell myself I don't need it ... works for me .. I see the people who think that CCs are important for your credit score and or travel.miles etc ... I don't know 🤷🏾‍♀️

[@haroldbottom3474]

@@t.n.dynamite LOL Bro same here... I grew up in Deerfield Beach in the early 80s, and worked at the Empire Kosher Market at 13 years old. I learned so much from the Jews from Century Village who shop there. Some of them had the tattoos from Germany. This guy Mel used to tell me "don't let money burn your pockets". No mortgage, no car payments, retired from the military, and 100% disabled vet. I'm doing okay. :)

[@deborahjackson6108]

I’m out of debt. Paid off student loans, credit card debt, it feels so good. Won’t take out debt again. I’m free.And now my credit score is 821. 😊

[@Susan-iq2di]

Excellent and insightful presentation! I grew in what would be described as an underprivileged area, the daughter of Polish immigrants under communism. We really started with nothing, yet no one on our street had financial problems. We paid off our modest homes quickly, lived well within our means, and were working any job we could procure by age 8 or 10. Most of us went on to pay for college and enjoyed successful careers. As far as I'm concerned, I had an excellent education, lacking nothing. Money in the form of credit is not success. Life without credit is truly success.

[@davidbrayshaw3529]

"Life without credit is truly success". No truer words were ever spoken. "Poor" and free trumps being a slave to the lender, any day of the week.

[@alexcarter8807]

You guys were Un-American. For instance, parents helped the kids, fed them well, gave them safe, stable, places to live while they did their part of growing up and getting educated. Parents probably let their kids live at home even after age 18 (the age where Real Americans kick their kids out to sink or swim) so the kids could attend a local college, or trade school, or go through an apprenticeship, etc. This is all 180 degrees opposite of how Real Americans do things. There's a reason Americans have the saying "Raised by wolves".

[@aggieglitter]

Igor is a fascinating human with so much wisdom. I could listen to him all day long. And you always ask the right questions and are a great listener. I love Kosher Money. Love from Sydney.

[@foodmens]

Thank you, thank you very much for your kind words 😊

[@cheapandchic89]

I decided not to have a credit card thanks to this channel (in my country you don’t need it to build credit). I’m so glad I’m living my life more responsibility, and within my means. If I know I have an event coming up, I start saving a couple of months in advance to be able to afford a new outfit/gifts/the trip. Thank you guys. Much love from Croatia ❤️

[@jenobene710]

High Five from your neighbor "Hungary". We do the same

[@Tchild2]

This should be mandatory teaching in every high school in America.

[@cropduster8798]

This is exactly why they don't teach it. They want you in debt.

[@alphaomega1351]

Sure, the schools do. It's basic math. Not to mention, plenty of things are taught and not remembered or followed. How many remember algebra, trigonometry, and calculus? What about health class? How many eat right and exercise on a regular basis? Get the point? Most decisions come down to discipline, which many humans struggle with. 😳

[@Joesire]

What they should teach is discipline and character. that's what it all comes down too.

[@cropduster8798]

@@Joesire isn't that the job of the parents ?

[@yes_JD]

When I was a teacher the head of year announced a "bank visit" to a crowd of 11 year olds. A bank rep got them up on stage and gave each one a $20 credit card. As with most drug dealers the first one is always free. I was appalled, especially as I like many other consumers had in previous years dug my way out from under a rigged card. I taught simple compound interest to my tutor group and was threatened by the school. At the end of the year, I resigned and left them to it. It's taught in schools alright - badly.

[@raiden031]

Only 47% of CC holders are carrying a balance from month to month, the rest are benefiting with the convenience of CC swiping and rewards. You say there is no emotional response to swiping a CC, but as someone who pays off the CC each month, i can say i feel the emotions of upcoming expenses like all the food costs on an upcoming trip before even arriving. I think some people are impulsive and some are not, and some are in between. The CC is a tool that is bad for the impulsive but perfectly useful for those who are planners.

[@humbllbug]

the 4% fee they charge merchants is passed to the swipper, either directly or as an increase in the price of the merchandise.

[@John-du2mq]

Your rewards come from those who pay late fees and interest on their cc. If you can morally live with that, you are correct.

[@christiancox8837]

You would not have rewards if not for the people getting completely screwed by those cards.

[@raiden031]

@@John-du2mq as long as CC fees and interest are transparent to every card holder, which they seem to be, I'm fine with it

[@maxe.1204]

Im in the same camp as you, but around every 10 years (like the stock market) things get hairy where by u lose your job, someone has a health issues, many things at once. And since u have great credit, you tap the 0 apr offers and you have every intention to pay off before maturity, and many times you can get away with transferring to another Cc before expiration also for 0 apr. but there is always a fee 3-5% on 30-50k etc is far from free. You just look the other same and write it off as who else can u borrow at 0% apr from for as low as 3-5% one time fee. But in a bad case you run out of offers to keep moving it around, things dont pick up for you in time, and you get slap with prior years taxes due, now your borrowing more on CC at zero percent, but you need to pay that fee and now your juggling to large amounts of borrowed credit. It happens to the best. It is a predatory system. They get paid in every direction imaginable.

[@shauneilscott]

You had my attention from the start because I BELIEVE that is exactly why people end up in massive troubles other than scammers or an unexpected health crises. I am sharing this for sure today! Thank you!

[@jasonyitzie]

This show never misses and this guy is on point. I watched the ENTIRE episode… as always incredibly insightful

[@PowerfulMoneyHabits]

I froze my credit after identity theft 2 years ago. It helps keep me responsible and keeps the thieves out!

[@brookiegremlin6660]

I keep mine frozen. It's to prevent theft. A little over a year ago there was a whole thing where a band of identity thieves were stealing the garbage of my apartment complex. I'm not even making that up. I've always shredded important stuff, but I decided to go ahead and freeze my credit anyway. It's a secure feeling.

[@hassanonyt]

Yep, love that feature. #Scammers

[@nicolebelanger5063]

How can someone freeze their credit?

[@williammason352]

Same.

[@VBoo459]

You need to individually contact the credit bureaus and request this. There’s I believe 4 of them.

[@TheGayStoic]

It's very empowering to listen to Jewish wisdom about money. Thank you for letting us in. Godspeed!

[@keith62970]

I thank G-d I no longer have car, student loan or credit card debt. It's been really difficult to get there. You have to look at it like a predator that wants to devour you and treat it accordingly.

[@thenourway]

“Gazelle Intense” - Dave Ramsey (He meant it like the debt is the Lion and you have to run like a Gazelle running for it’s life)

[@jooberly2611]

Funny when you get debt free you realize you didn't need a lot of the things you were buying in the first place.

[@elimass5362]

Empowering. If you can use credit cards responsibly, they are great. If not, stick with cash.

[@joebenarroch384]

Igor is one of the Best Guys to interview for this bilateral intergreted topic of finance and matramonial - he has seen and heard it All from all sides of the table. I myself brought Igor a few cases way back when and he was so caring, patient, understanding and professional all while not even knowing if would make any money from this client he still showed true kindness care and concern. A man of True Chessed First!

[@pch5938]

Part of the healing journey, I love it. Speaks to me , after 7 years of working at the hospital I am ready to start growing my own food and giving it away. Quiting the hospital. Everything is paid for with no debt, very feasible in my mind❤

[@LivingLchaim]

You got this! You. Got. This.

[@mmp495]

Hello from Phx AZ 🌞. I personally do not use credit cards due to the industry being so disgusting and how their system works. It's been great for me not to follow the crowd. Excellent discussion and very insightful . Please bring Igor back.👏

[@1maybeline]

I charge everything, even a pack of gum and I receive a cash rebate of around $1,500./year. I pay the credit card in full each month and therefore I don't get charged any interest.

[@someonethatwatchesyoutube2953]

I’ve been saying for decades “ I work nearly half the year as a SLAVE for the “government.” I don’t want to work for a bank too.”

[@roseyachnes353]

Very inspiring!!!! Everything he said is the stress I'm living all day. I listen to Dave. I feel like I'm in the ER and needed to hear all this.

[@bonesb7686]

I was one of those people. Thank God I woke up abt 15 years ago and 5 years later graduated to as you would say the one income world. Thanks for reminding me of what I escaped from.

[@charmainekirk1512]

What I learned from home mortgage / car loan. Never amortize over 20 years. Amortize less than 20 if possible. Look for terms that allow you to pay a high percentage off every year. You will pay your mortgage off much faster. If you get a raise or extra income, slap it on the mortgage. We paid ours off in record time. Also, if you have to borrow money for a car, take the loan over no more than 2 years. If you can't manage that payment, then the car is too expensive.

[@cedricmfuranzima8005]

Empowering. From Tucson AZ love. Thank you Living Lchaim and Kosher Money. Your channel looks great and I have learned a lot from you. Regards.

[@fre7717]

another predatory practice i see is car dealerships. you go into a dealership and say i will buy the car (no lease or loan), and they try to deflect and push car with loan for 7 yrs. when i asked them they called and said we got new stock arrived and how i would like to pay, i said by cash - full amount. then, there was a delay and he said, sorry, he called wrong customer, there was one ordered ahead of me. i settled for 2nd hand on loan for 7yrs, but i will pay off in 1 yr. they have some deal with the financing bank, and this is totally unethical behavior in my books. i wanted a specific hybrid, so i wasn't interested in a different car.

[@MirjanaPucarevic]

Vau i thought cash is always better

[@fre7717]

@@MirjanaPucarevic yes, it is better, but they playing games and prefer clients that willing to go into lease or loan.

[@AlexPerazaTV]

Just pay it off the next month. Don’t even do the first year

[@Winter_Of_Civilisation]

@@MirjanaPucarevicthey sell your debt and bundle it to banks and use it as an Income security

[@stoundingresults]

If the vehicle you were after isn't available then leave. A co-worker got the switcheroo with a semi truck and it had a dropped valve

[@sebastianw891]

The information and wisdom that is delivered by this channel is second to none. If only people have ears to hear...

[@Being_Joe]

Credit cards are a great tool if you can internalize what they are and how they work. I learned the hard way when I was younger but glad I did not get into too much debt (just enough to learn my lesson).

[@CollectorChronicles]

Very professional and engaging interview. Once I started watching I wasn’t intending to view the entire video at the moment but couldn’t stop. Every second is useful insight. I’m 44 and although I love buying things (as my channel name implies), I’ve never had a credit card. Now I can see why so many people appear to have something weighing heavily on them.

[@toluca56]

I love Igor Meystelman's philosophy. Smart. It does take resolute emotional discipline to use credit responsibly, and avoid paying interest. And he is right - usually insufficient emotional self-control is what kills people financially.

[@mish8978]

Wisdom has entered the chat. Loved every min of this interview such wise counsel and insights words to live by and reminders to stay on the straight and narrow road. I’m 48 and heard Dave Ramsey when I was I’m my twenties…He said “honest debts must be paid” and this simple words helped me keep debt to a min. Also as scripture states…”the borrower is slave to the lender” This is why G-d tells/ instructions …When we entangle ourselves with such high amounts of debt AND keep kicking the can down the road…we enslave ourselves.

[@derrick8224]

I’m a longtime subscriber. Great interviews. Thank you and hello from Canada

[@klaraschumann4164]

I can't believe they did an hour long piece that comes down to "Don't buy stuff you can't afford".

[@gobot4455]

There's a multi trillion dollar industry predicated on people who don't understand that principle.

[@joyndem6574]

This was so good 👏🏾👏🏾👏🏾. The guest put so many things into perspective and a reminder not to spend more than we have. So good I learned a lot. Thank you for sharing.

[@teeare]

You ask the right questions!

[@nasdpmlima6248]

My grandfather told me never buy anything you cant pay for up front

[@cassiotrader-crs]

Tuo nonno era intelligente!

[@MadameQween]

Haha. I heard “you can’t afford it if you can’t buy it twice” meaning that you have that amount in savings after a purchase. Consumerism is (a form of) slavery

[@becksstuff9451]

Wise man

[@albertorosas3694]

Your grand pappy didn't have to go through this much corporate greed 🇺🇲🤑

[@kinganino1520]

How is anybody ever supposed to buy a house 🤔

[@JonnyBGood-mb5mg]

I was told years ago that auto dealerships are just advocates for depreciating assets and banks are the real owners. The car is just collateral to get the loan signed for and then it’s a matter of paying interest to the bank for the privilege of owning a depreciating liability.

[@mjwmontgomery]

3% interest per month plus fees on transactions plus late fees. Fees are higher on certain products / services than others.

[@alizasiegel2705]

I commend this lawyer/therapist. Truly amazing what he has done with his life and his family’s and his impacts on others! This was an empowering episode!

[@1illone]

When it comes to dealerships...Play their game.... tell them what they wanna hear.. tell them you'll finance the car, however tell them u need that warranty , ask for wiggle room to get the warranty.. 500 to 1k off Guaranteed. Once u get in the finance office with the agreed price... switch it up... put 10k down, tell them u dont want the warranty... then pay the car off in 3 months. This is exactly how I paid for my wife car in 2020... 2018 rx 350 lexus $34,500.00. 21k miles on it. All cars depreciate. However, lexus does a good job holding it's value longer then most companies

[@sn455]

If you use CC for all purchases with the following rules 1) not buy anything you do not need - purchase you would have made anyway 2) pay the full balance using autopay. The amount of rebates of 2 to 5% and promos are substantial and yours to keep. If you cannot adhere to those 2 rules CC's are not for you, you are best off using a Debit card.

[@murep]

My wife had all the same debts that frum kids have today. Never ever had debt my whole life. I was very good at saying no, yet we were never depriving, more living in our means. Never did restaurants beyond pizza/fries, always took trips - cheap ones to Florida for five days , lots of parlay, coupons, local camps. Now we’re on a very good position. Basically young people are not responsible and are very spoiled by all the expensive toys out there - us- Lakewood. Just say no. I always liked another dividend compared to a newer car.

[@Gannicus-USA]

And the balls gonna drop when grandma goes! Supporting generations in Kollel isn’t sustainable. Real estate income can only go last for so long! And if tenants don’t pay…It’s a mageifa. Must have latest kitchens and new construction!

[@murep]

So my oldest is 28 with two kids. He left BMG for Denver. His wife just a a ST degree and has a good job plus he gets paid from Kollel plus free house for three years. We stopped giving regular money but give gifts here and there. They got the message that life isn’t a free ride. They’re doing great and saving money. So it can work for awhile but there’s definitely a kaitz cause who can afford it? I feel bad as today’s numbers don’t work today. It’s definitely harder today. Garbage gig jobs and no security like years ago. Even professions are worse as most doctors work for hospitals with a ceiling on income and that will worsen. Kollel has a place but it takes a team to make it work for longer term .

[@Gannicus-USA]

@@murep to be honest, I’m pretty opposed to the idea of Kollel. Rashi owned a vineyard, Don Yitzchak Abarbanel was the finance minister for Ferdinand and Isabella and they still had time to master Torah and write their commentaries. Rabbi Abadi who was the rabbi of Safra in NY went to medical school. My point is, these kids need to realize that even if they have a PHD (papa has dough), it’s not their money. Home prices in Denver in the Frum area are in the $1mm range now. Parents can only do so much until the spigot runs dry. You have to worry about out rising medical costs and senior care. Parents need to put their own oxygen masks on. It’s nice to help if you can, but some kids just expect it. That’s where the problem is.

[@brettheyer2421]

​@@murep Denver is extremely tough market for any 20-30 year old not making 100k+. Really, need 200k+ annual to be in a nice neighborhood and be comfortable.

[@YoniBaruch-y3m]

Credit cards have never trapped me, for one simple reason: I can do math, and consider a spent dollar to be a spent dollar. Grandparents who survived the Great Depression by not having taken bank loans, raised me like that. But there’s no escaping the conundrum of rents that inflate themselves until they exceed net income. I hate to call the USA a failed state, but this corporate predation and dumbing down the public is clearly a situation incompatible with democracy.

[@antilogism]

Yep. I see paying 2% a month to rent quick cash can be a great deal for many special situations. I've done it when I was just starting out in life. Same as a renting a u-haul, mixer, cherry picker or whatever. My bank cards have always followed our contract and in a few cases exceeded it! In two cases, while I was responsible for $25 of losses due to theft, but they covered me so I was out nothing. In another I was late and they charged me a fee but I called them and they were happy to reverse it---above and beyond!

[@Moonless6491]

My generation is really struggling, and I think many of them have just given up, thinking they can just keep using the cards and just file bankruptcy later. Honestly, I would call the US a failed state. I see commercials where you can donate to feed a child in some other country for a dollar a day, yet we can't even come close to that here. The dollar is worthless in our own country, but valuable somewhere else.........

[@jarvisaddison8560]

Fun fact the US is not a failed state. It's a failed corporation

[@ludo3314]

I love this channel! From South Africa 🇿🇦

[@abhsss]

I was in my early 30's when I relocated to USA from India. I never had a credit card in India and got my first credit card after living there for 6 months. Here is what I observed as a change in my spend pattern. Earlier I carried cash and at a subconscious level would keep adding the amount because I carried only limited amount of cash. With credit card I stopped tracking. Later after around 3-4 months I realised that I was spending more than what I was before. Another thing is when you pay with cash, it's a painful experience to part ways with your hard earned money. While using the card you don't feel the pain and hence the extra spend..

[@OldsmobileCutlassSupremeConver]

The look on the Attorneys eyes when I asked if I could pay with a CC😅. It was priceless! I said, "I'm just F-ing with you"😊

[@psikeyhackr6914]

Adam Smith wrote "read, write and account" multiple times in Wealth of Nations. But why hasn't accounting/finance been mandatory in high schools for Gen-Z? Why not for their parents? Why not for their grandparents? Instead we have had 70 years of television brainwashed consumerism. Did John Maynard Keynes ever see a television commercial for automobiles? Try finding an economist who talks about the depreciation of durable consumer goods. But Karl Marx used the word 'depreciation' 35 times in the first two volumes of his major work. Planned obsolescence consumerism is a high technology form of slavery.

[@cropduster8798]

and Marxism is slavery.

[@Hollowptgenius]

If you have zero credit cards you have a bad credit score and cannot live a functioning adult life. That's the thing that no one talks about. In order to have a credit score to buy things like a house or a car you must have a credit card and not use labor income. The whole system is a racket

[@nottwo6492]

US is funny in terms of credit. Lived there three times for up to 4 years at a time. Remember walking to Macy's and they would literally ALWAYS ask if I had a Macy's credit card yet. I said no. Then they'd ask if I wanted one, how much I was making etc. When they heard the number, they got into filling the application. Me, well, I got like 40% off my purchase for filing the application. Next it got declined. Why? Cause I had a trash credit score. Why? Cause I had tons of money and no debt. No US credit cards either, only debit cards. Had some issues buying two expensive cards at the same time with cash. In the end, it worked out ok. Saving thousands in Macy's discounts. Got a pre approved credit card in the mail literally every month. Never used one of them. My credit score still sucks in the US, cause I had money and never any debt 🤯🤣🙃

[@lockerroomtalk2292]

My first time watching this podcast and it’s very enlightening and helping me prioritize my financial journey

[@deborahmcgowen1549]

Igor, I'm calling you !! Lol. I love this guy Enlightening on helping relationship portion of debt God Bless

[@Roberto-s3h]

Thanks a lot. Even in Italy, Italians have started to go into debt to go on holiday. This didn't happen until a few years ago. This is a very dangerous trend

[@wallye8713]

Incredible video. As a non Jew I am truly grateful and saddened I didn’t find this channel sooner… I’m subscribed.

[@LivingLchaim]

Welcome aboard! So many great videos to catch up on. Enjoy! 👋🏻

[@chucklangworthy4118]

He is so correct. My parents grew up in the depression, the lessons they taught me are invaluable. Greater than gold, is knowledge and self control. I could buy a brand new car and I would like one. However having to pay the state 6% sales tax is sickening to me! More sickening than the temporary lust satisfaction of a new car. God bless you.

[@Bran08Eman]

Wonderful message, the ones that mostly need to hear it are not here. I been blessed with a, dare I say, "Jewish Wife". Her clarity 38 years ago has led us to "Financial Success". Fair to say, I now live off the fruits of those difficult decisions. I am forever grateful. Poison wrapped in honey has taken many to a very bad place.

[@murep]

My wife had all the same debts that frum kids have today. Never ever had debt my whole life. I was very good at saying no, yet we were never depriving, more living in our means. Never did restaurants beyond pizza/fries, always took trips - cheap ones to Florida for five days , lots of parlay, coupons, local camps. Now we’re on a very good position. Basically young people are not responsible and are very spoiled by all the expensive toys out there - us- Lakewood. Just say no. I always liked another dividend compared to a newer car. I love this show but nothing new here that anyone can’t get themselves .

[@lisabrightly]

The people I know with massive CC debt got that way out of desperation, not frivolously. They lost their jobs and used the CC to survive. I got into debt because of repair emergencies on my home. Eleven thousand dollars. The worst feeling in the world. Never again.

[@Jackman66666666]

Great interview! Most of your guests seem to be low talkers/soft spoken. I wash the microphone was a little closer to the guests face. Very useful information, Thx!

[@alecstahl2387]

I am an atheist but I really enjoyed your show. I have zero debts and I am very healthy financially and spiritually. I respect your religion and I thank you for the interview.

[@ardentenquirer8573]

In today's Western democracy, Shakespeare might have to rethink his portrayal of "Shylock" as two Jewish figures battle the "moneylenders" on a KZbin channel. Your insight that car debt, credit card debt, credit history, and government student loans are "poison wrapped in honey" is spot on. It underscores how these financial instruments, while seemingly beneficial, can become problematic if mishandled or underestimated. It is good to know that someone is writing a textbook and hoping to teach debt in high school. Cheers keep the information flowing

[@elenamauro8254]

Great episode, informative or, how some say, insightful. Very nice for this gentleman that reflected on his career and realized he wanted to help couples ahead of find themsleves in financial problems. Very inspiring! Thank you all.❤

[@MonoDde]

I appreciate Igor taking the time to explain this. That being said, I feel this is salient advice for folks who lack self-control or simply don't understand how to use debt. Without debt I wouldn't have a mortgage where the price for my home is pretty much static; I'd still be renting and be at the whim of the rental market and whatever my landlord thought would be acceptable to pay for housing. Without debt I wouldn't have been able to fix issues in my house - my house has already appreciated more than the debt I took out to fix it (and the fully amortized cost), and the interest rate/monthly cost is very low. Debt is useful, if you know how to use it and are careful.

[@LivingLchaim]

Right on. We were primarily discussing bad debt (vs. the good debt you reference).

[@DR-nn3jg]

This video was so insightful. Really great video Igor!

[@Parnosah]

What percentage of debt and bankruptcies are due to medical expenses?

[@ksto1427]

I really enjoy your insightful program-I’ve been praying about understanding how money works and how to be a good steward of all I have. Thank you!

[@TFHDC]

Thank you for sharing this insightful interview! Great interview with Igor! This was my first watch of your channel and definitely liked and subscribed.

[@thadeouszeus]

I had a credit card in my 20s and ran up 3K. It was so stressful I never used a credit card to carry debt again.

[@mariapalumbo6630]

Very very enlightening!!! Thank you Kosher money!!!! I have learned so much from your podcast. Truly your podcast is life changing.

[@xlerb2286]

"Poison wrapped in honey"... That's a mighty good way to put it. I'm so glad my wife and I avoided the debt trap. We did the normal home mortgage / car loan thing. But a modest house and car. But we largely avoided any other debt and we've been debt free other than the mortgage for about 15 years and totally debt free for 10 years. It's not that we were that smart, but we have lived frugally and understood that every dollar can only be spent once and a dollar put on the card is going to cost more than a dollar to pay off. Last car we bought was 10 years ago now and we paid cash. Hopefully we never need to borrow again.

[@Dancing_Alone_wRentals]

( KZbin has not been sending Living Lchaim suggestions to me. This means I need to keep on my toes and search for your videos. .........participate....or get left behind. tHanks for the videos )

[@michaelkoester2333]

It means the algo is suppressing it...

[@Dancing_Alone_wRentals]

@@michaelkoester2333 ...they have 1.3 million followers....they barely had any when I started listening. Naaa, KZbin is just feeding me more useless mind videos and not feeding me my own subscriptions. My job is to keep up with Living, can't leave that to others. Have a great week ahead.

[@73musicmatch]

Im so glad I did things MY WY. Bought my first house free and clear in Detroit. 5 years later bought a free and clear rental. Didn’t finance my dream car until 25 but it was totaled out thank god at some point. Now I’m 34 with 2 houses free and clear and they pay the mortgage. Equity going up on all my homes. Oh also no children and only 2 credit cards. I’m not drowning in debt and i paid my student loans off. I want more rental properties to free me from my corporate job

[@JeffSayYes]

Im so happy to see you're still doing the show. Great stuff

[@0ziris88]

This sould be tought in schools up to university. Thank you!

[@yoshiperspectives4880]

When he said 6,000 became 7,500 i immediately did the math and new that means i have 1,500 to spend. Other people aren't doing that? Things like this that hint to ne that most people aren't even living basic conscious lives but rather in auto living emotional lives like animals

[@JulieN-v4r]

Absolutely Excellent guest, please need a second program with him and your UNCLE ❤🙏🏽

[@lucienfuertes2969]

So insightful. Thank you so much for such a great episode.

[@grit1679]

I've had credit cards for 12 years--I've never paid a cent in interest, I make about $800 a year from them.

[@sunnindawg]

True. Same here. I pay as many bills as possible on the card and pay it off before the due date. $99 annual card fee pays cash back of more than $500 annually.

[@waltmiller]

Real problem number 1 is that everything is put on mass production. By everything, I mean not just cars and goods but education, healthcare, construction materials, house flipping, etc. So, because of that, the quality of everything is low. And because of that, there's plenty of unhealthy foods with sodium nitrite, sugar, aspartame, xylitol, etc. Because of that, the government allows those unhealthy manufacturing practices to keep the mass production of healthcare going and to keep bad quality of vehicles and roads built. That's why you're driving basic trim model cars, and that's why you live low quality life. Because your entire life has been put on mass production.

[@krayc88]

I am an African-American that has a large family and has found this insightful and empowering, given how poor most people (including myself) are in financial literacy. Another topic to look at is teaching people on how to pass on generational wealth.

[@promagnuman]

Credit card companies make so much more than they loose they will never quit. Example they make 50 billion on interest on debt and only loose 250 million on people who cannot pay.

[@private464]

GREAT interview. Of course, this guy is VERY skewed against using credit cards. But, used responsibly, credit cards are very helpful. Using cash for many things is just not feasible. And using a debit card doesn't have the protection against fraud, or the extra time to pay a month later in full with no interest, or the 1.5% or more cash back. IF someone can't do it responsibly, they definitely shouldn't...but if someone CAN use it responsibly, always being able to pay the full amount a month later when the bill is due, then they probably should. I would like a Dave Ramsey book; he is very insightful.

[@hugopepin-quesada]

Beyond insightful and I am inspired to work on my family’s debt and finances. Thanks for the details proved.

[@carlosmurgelcddr.1418]

Great video! Hard to think that people don't listen to his advices. Cheers from Brasil

[@erica5098]

Thank you for this interview, he is amazing for his financial wisdom

[@albaragone2632]

Enlightening financial message! Thank you very much. Kind regards. Mrs Ragone

[@mrbill2600]

I have credit cards that go back to 1972 and a credit score of over 800. The thing is, I pay my bills in entirety every month. I have always wondered why banks allowed me to continue to do this, not remembering they took 3% of my every purchase. It seems to me banks have it both ways as they give you nothing in interest on a savings account and charge exorbitant interest on credit card debt. So to get decent interest on my "emergency fund" I moved my savings to an online savings account. My one big financial break came when I married a resourceful and frugal woman. God bless her... she made our financial life a breeze.

[@idid1866]

A lawyer once told me that once an average person reaches $1k on a credit card...they know they have you!

[@lorrainemclean3914]

Watching from Ireland….this was so insightful and fascinating!!! Really enjoyed this video and learnt so much. Thank you 👍

[@burirose]

So insightful! I wait with bated breath for the next episode on this channel!

[@stevenw3988]

Conversation was very insightful. Not too many other personal financial channels dive into bankruptcy.

[@estherfayla]

this was very insightful, I have so much work to do, but this conversation was very hopeful and empowering. would love a book ;)

[@RobertojavierSilvaharth-ub3pz]

I don't have a credit score, never had a credit card, never had a mortgage, the word roots mort combined with gauge, scare the heck out of me, and I don't drive. I don't even have a bank account... But I have all my time to my self!!

[@bestthingsinceslicedrice]

The way I see this issue is that its not the banks and credit card companies nor the stores job to teach you how to be financially responsible. That responsibility falls on you. You can cheat yourself but you cant cheat what you cant afford

[@HebrewStrategist1]

This is important topic so thank you for sharing this discussion!

[@raizyfried9014]

This is so informative. Thank you. You always get the best guest on!!

[@NorthbrookFinancial]

Great interview! Credits card leading to cognitive dissonance - what an incredible insight!

[@michelles.901]

Super insightful! Wow so informative. I wish he spoke more about student loans I am 26 graduated in 23 with a doctorate and 170k in student debt…. Not sure The degree was worth it

[@alexi2460]

No kid should be able to graduate high school until they pass an exam on life style spending and survival finances. We need to empower our population with the psychology of spending

[@mrsc1742]

The educational system was created to create workers. Teaching financial responsibility is the job of the parents not the government.

[@chatisawasteoftime]

Be prepared for kids to stay in school until age eighty.

[@mikolowiskamikolowiska4993]

They can drop out. You cannot legislate wisdom. Tán your damn kids insured if hoping others do it for you

[@Dimantledpenguin99]

Had to subscribe 👍🏼👍🏼 we need more speakers on finance and taking accountability

[@yashpatel261]

Living within your means is morally sound behavior.