Finfluencers! How Good is Popular Personal Financial Advice?

[@PBoyle]

Get a 14-day free trial with my sponsor aura.com/Patrick and see where your personal information is being sold online.

[@TheseNuts2]

Hello Mr. Patrick Boyle, great video, a little complicated to follow with all the different terms and criteria. I like this part where you say that interest % should be your problem, kzbin.infoUgkxDilcJOR8i45u7Ae3ccyts0VN-jPvkgVD and would like to use it for a future educational clip. Let me know if there is an issue, please. Have a nice day!

[@dsff6288]

you work it respected you have great material and economic history analysis the videos' and insightful and thought provoking sometimes and you stop when stuffy become more subjective and muddy the short 30 mintes 15 mintes are well packaged

[@misterbeach8826]

Patrick, thank you for this video. I've made a vast fortune in investments, but also as a founder. I never understood financial advisor books, and I am glad that I am not alone in that. I spoke recently with my wife about such books, who became interested in trading recently. I admitted that I tried to read a few but did not reach the second page. I do not want to mock advisor books since most seem odd, but ... the level of incompetence, poor advice, and stupid phrases such as "buy low, sell high", gave me headaches. It reminds me of Ali Wong's sketch in which she makes fun of women in their mid-30s who all of a sudden read life-advice books and who listen to esoteric podcasts as if they are tried to "turn the shit around", as she calls it. I would be not surprised if men in particular prefer such financial advisor books at a certain age, as a form of general life advice, after being unhappy with their own life and being jealous of other life stories -- without causing any change in their life.

[@mycolebrown4719]

You're my favorite Finfluencer.

[@sedthh]

there is an error in the english subtitles at 5:05 (and academics)

[@mqb3gofjzkko7nzx38]

This is the closest that Patrick Boyle can come to giving financial advice without giving financial advice.

[@kushroo]

So if you read between the lines , what does Patrick recomend ? There is paying high interest debt first , but for the all the others , I am still baffled ... how much to save or how long to keep mortgage ect ...

[@litdav]

@@kushroo well it depends on you situation, thats why giving advice to a wide audience will never be perfect except for the first tip you mentioned of course

[@trotskiftw]

@@kushroo ​ This is not financial advice, but a well quoted rule of thumb is 50/30/20. 50% of your income goes on needs (housing, food, minimum for transport for work e.g just fuel or a train ticket, not financing a $60k car), 30% goes on wants - your fun money, eating out, going places, having a nice car etc. 20% goes on savings, either your emergency fund or retirement. If you don't have an emergency fund that's where all of the 20% goes until you do (and some/all of your fun money depending on who you ask - some people say not having an emergency fund counts as an emergency) - your emergency fund should be able to cover at LEAST 6 months of your "needs" category but ideally 12. After you've hit that, start maxing out any subsidised retirement accounts, and once they're maxed out any left over goes in high yield savings not to be touched till retirement.

[@Bati3301]

@@trotskiftw patrick explained that economic science does not promote fixxed savings rates. so your 50/30/20 rule is probably not a good idea

[@trotskiftw]

@@Bati3301 Definitely, it's obviously better to tailor everything to your own personal needs and life goals (probably first starting by defining those goals), however for someone commenting such a broad question it's a great place to start from. It's certainly not "my" 50/30/20 rule.

[@माधवीरामदीन]

Patrick never misses an opportunity for a dig at Kevin O’Leary 😂

[@davisutton1]

But is he wrong?

[@rykehuss3435]

@@davisutton1 Kind of wrong, kind of right. Kevin O Leary is like the Neil deGrasse of financial community. Used to be successful in his field, is nowadays something else entirely and still riding that fame. Personally I cant stand Neil, he is obnoxious and more often than not tweets and shares his views on things he has no idea about including many scientific fields. The guy hasnt published anything in decades and acts like he still knows it all.

[@_FightForYourFreedom_]

I'm not aware that Neil deGrasse Tyson has published any papers generally deemed significant - are you aware of any? Just genuinely curious.

[@rodolfoptx]

​@@rykehuss3435, good to know someone else finds Neil obnoxious and overrated. Can't stand the guy, and all people who extrapolate having some knowledge over specific topics to knowing it all about everything.

[@foraustralia2558]

Its an old Irish feud the Boyles and the O’Leary..... goes back to the all Ireland rebellion of 1791 The O’Learys left the the gates open for the English

[@thycaltrist]

I use the motto: "If it's advertised by an influencer or a celebrity, I'm not buying it". Doing your own research is gold, the rest is entertainment

[@porkypine602]

Totally agree I do the same thing with KZbin sponsorships. If a company has enough money to spend on that many celebrities either the margins on product are insane or they are burning through money and not sustainable.

[@me0101001000]

The only exception for me is if said influencer or celebrity is an officially certified expert on a certain matter. At that point, I might consider it, but not without doing my own due diligence, of course.

[@cherubin7th]

Same when advised by banks. Don't buy it.

[@catriona_drummond]

"doing your own research" only works if you actually know how to do research. Otherwise we would have no antivaxxers, bitcoin bros, flat earthers and other people who did their own research.

[@pedrolmlkzk]

I use the motto "if i don't really need it, i don't buy it" has saved me a lot of money

[@Paratet]

A lesser creator would've just made a 13 minute video calling these guys charlatans, but of course Patrick makes a 30 minute video breaking down what their advice generally is and how it does and doesn't work.

[@Fs3i]

@Evan Shlom …that’s not what this video is about

[@WidarsHall]

"A lesser creator" sounds like a term for a lower-tier deity in an RPG's pantheon.

[@maxresdefault8235]

"Dolling out stock tips that she derived from star charts." So basically technical analysis.

[@Foolish188]

More accurate than Cramer!

[@bami2]

Sounds like due diligence to me

[@patricklapointe4979]

@@Foolish188 Cramer is 100% accurate if you do exactly the opposite of what he says. He is like a reverse compass.

[@pencilcase8068]

​@patricklapointe4979😂😂time to start a Cramer fund where I do the opposite of Jim Cramer

[@luciaconn6788]

1/20 pluto & sun are moving together into Aquarius. Expect Tech todo well especially security/surveillance. .

[@jsnow6925]

The issue with finance influencers is they do no make their money from the craft they claim expertise in but from monetizing their audience.

[@missinglinq]

Bingo!

[@ieatgarbage8771]

That’s what academics do too

[@augustuscaeser5895]

Nobody should “make their money” from personal finance. It’s about effective allocation of the money you do make. Making your money from finance is like making your money from the lottery.

[@jsnow6925]

@@augustuscaeser5895 They don't do that well either for the most part. They have zero track record or experience in what they claim to be experts in. They just monetize content creation, not the people you should look to for financial advice or guidance.

[@Uruz2012]

​@@augustuscaeser5895So Warren Buffett is just some business manager? Elon Musk doesn't make any money by purchasing companies and IP, he's just putting his manager salary into a retirement account labeled "massive companies that I own"

[@solokalnesaltam3015]

I guess personalities matter. Though you're right about Dave Ramsey's focus on balance, I needed the smaller wins to become debt-free. Over a decade later, I still remember the excitement and sheer drive I felt with each consecutive loan paid off

[@Giraffe27]

100% I remember crying of joy when I paid off $570. Even though I still owed 28.6k, that small amount was incredibly motivating.

[@dameazize]

While I am definitely not really interested in celebrity financial influencers, I don't think you should discount the psychology and anxiety that goes into money decisions. One reason I think financial academics have such a hard time connecting with the public is because they can't get out of talking about what would be the optimized way of doing something and have zero interest in "home economics", while these people (for better, worse and sometimes manipulative) take into account the fact that people have weird psychological hang-ups and are way more concerned about the day-to-day of their lives

[@Thuxo]

This is exactly it

[@timop6340]

Economists have lot of good models for explaining complex systems. Only problem is that people are irrational in nature and will not abide the rules built into the models 😁

[@vancan242]

It's not just hang-ups or irrationality. The only person that can say "the interest rate should be what bothers you the most" is someone who has never borrowed money from family or friends. There are all sorts of reasonable legitimate social factors that can get wound up in debt. I've thankfully never borrowed serious money from a friend, but if I did, I would pay it off before my credit cards ESPECIALLY if the friend was charging me 0%.

[@ricebeansrockroll882]

​@@vancan242 this exactly. They don't account for intangible assets, and if you are poor those might be your entire social security net.

[@Rechtauch]

There is also the role of the press, that translate academic theories of optimisation into compulsory rules for everyone, creating unbearable pressure, because by definition most people so not reach, cannot reach optimal situation.

[@kgsphinx]

My parents got crushed by an adjustable rate mortgage in the late 80’s and were paying 11% at one point before they sold and literally moved back into the woods.

[@robertagren9360]

The trick is not to buy the home but to make the bank to buy the home. Same things with cars, the trick is not ro buy the car but to make the bank buy the car. The car is owned by the company which makes it the bank's problem. As long you can make your private economy separated from the company the company can take the house and the car but yiu won't take the debt because the company is bankrupt and not yourself. There was a policewoman who done everything right in life only to be ruined when she pulled out of a construction contract and filed personal bankruptcy. As a police in my country you can't be financially irresponsible that she lost her job as well. That's why financial investments example homes is made at retirement. It's the bank's problem when the owner of debt dies. Financial trouble damages job relations.

[@anglaismoyen]

What did they do for work after that?

[@elliotoliver8679]

@@robertagren9360Rubbish

[@Uruz2012]

​@@robertagren9360Lmao! Secured debts like a mortgage or car loan don't work the way you think they do. If the bank repossessed you car, the auto loan is wiped out by the repossession. Same with a home loan. That's why banks give 30 year mortgages. If you pay for 20 years and they get to repossess the home, they gain massive value. It's better for them if you can't pay the whole loan off.

[@alansnyder8448]

I would like to say that the best financial advice I go was not from a traditional "finfluencer", but from NPR's "Car Talk". They gave great advice I how to buy a good 3-year-old used car and maintain it so that the extra cash flow could be put into savings. They were truly positive in my financial journey when I was young, by avoiding an expensive new car when I was just out of college and able to pay down my college debt immediately. I had enough saved for a down payment on a house by the time I was 25 years old, and that small house snowballed into a bigger home, which then did it again. Some luck is involved of course, but if you don't have the capital to start LUCK will never be in your favor.

[@adamzaczek6342]

You and Coffezilla protected counteless people from losing their life savings. I sometimes wonder how many people have been positively affected by your work.

[@t.m.2415]

Patrick introduced me to trading 😔

[@steviesevieria1868]

@@loupasternak exactly, if you believe these flimflam influencers, you probably also buy stuff from door-to-door sales people.

[@_Itchy_Bones_]

@@loupasternak same with coffeezilla "Guys I have evidence that this multi-level marketing company may be a pyramid scheme"

[@MelbourneMeMe]

Patrick makes me laugh... Sometimes... On the inside, but not out loud... Positive impact!

[@D0OMZDAYZ]

Coffezilla barely protects anyone because he almost always reports on scams after their implosion.

[@jpsmith9452]

Other than housing I don’t carry any debt. I use credit cards for the points. But I pay the balances weekly. Though this wasn’t always the case. About twenty years ago I had horrendous credit card debt. Then one day I got really angry with myself. I thought why am I still making payments on things I no longer own? My plan was to pay off the smallest balance cards with the smallest minimum payment first to free up cash flow. Once paid off that free cash flow went towards the next one and it snowballed from there. I also locked down my discretionary spending. For a couple of years I didn’t go to the movies or eat out. I shopped at thrift stores, which I still do. In general it completely changed my thinking on buying things. Socks, underwear, and shoes I buy new. Nearly everything I buy at a thrift store. It’s really satisfying buying a vehicle with cash. Which I buy used too.

[@robertagren9360]

Things become permanent. You buy, it's now your burden. Higher cost the higher burden.

[@wyw201]

@@robertagren9360 Sounds like life is the ultimate burden

[@streettrialsandstuff]

Paying out the smallest loan doesn't increase cash flow generated from savings that appeared by not having to pay that loan, it's mental accounting. Sure, once you paid out a smaller loan you have a smaller total minimum monthly obligatory payment body, but you never planned on paying the minimum amount anyway if your goal is to pay out the total debt as soon as possible. And if that's your goal, the fastest way to reach it is to pay out the highest interest loan first.

[@jpsmith9452]

@@streettrialsandstuff I was pretty much only paying the minimums for all the credit cards. When I cut discretionary spending to the bone it allowed me to start tackling the credit cards. I went with the smallest first because, one it did free up more cash to tackle the next one. And two, it was a great psychological boost to see me making progress. I didn’t sit down and run the numbers to see which card made sense to tackle first. Going with the lowest hanging fruit made sense at the time. Since then, except for mortgages and vehicles loans, I’ve never had a debt balance. And i haven’t carried a vehicle loan on my last four vehicles.

[@viennois0123]

I'd never buy a new car. It loses 50% of value the moment you drive it off the dealers yard.

[@LandonWalsh]

Dave’s “debt snowball” makes sense because it’s psychological for the average person who doesn’t have as good impulse control on their finances.

[@TheWolfXCIX]

Agreed. It's like asking AA to plan a Saturday night out. Sure, probably wouldn't be ideal for 90% of people but nobody is in danger and for those 10% it would make all the difference.

[@DsVs]

I think it also doesnt have to be all or nothing. There is no reason starting with a snowball cant change to avalanche once you gain confidence or vice versa.

[@brenna963]

I recently snowballed down one of my debts. Having the extra income to put toward my one remaining debt and also only having to worry about one has made it seem so much more manageable and I’m more motivated to get it done.

[@TheReaper569]

Or learn to control impulses....

[@xaviermarican4557]

I don’t think “make financial decisions that will end you up with less money because it makes you feel good” is financial advice. It seems like the opposite of that actually

[@trepan4944]

Listening to Patrick clowning on Kevin Oleary will never get old.

[@willdehne1]

My wife and I were raised during/after WW 2 in Germany. Both families never used debt. We immigrated to the USA 1963 and continued the practice of saving before we buy anything. We are now retired and observing people around us struggling with debt. Someone said: It is better to be lucky than accomplished. Lucky being born to such parents.

[@doujinflip]

Also lucky to grow up in the Cold War West, where barriers to obtaining housing and decent entry-level jobs was considerably lower. Automation and globalization has made these economic fundamentals way harder to reach, splitting modern societies into basically tech-related haves vs non-tech have-nots.

[@ang5035]

US feels like an outlier in terms of debt accumulation.

[@Tony_Goat]

​@@doujinflipNot to mention people with lots of pennies in their bank account use houses as gambling tokens to get more pennies rather than as shelter and homes for people to live in.

[@Rechtauch]

But no one can buy a house without debt nowadays. Excessive debt is crashing. No debt is wasting money too.

[@willdehne1]

@@Rechtauch Depends where you choose to live. We retired in Florida. Nice 3 BR house in central FL can be had for $250K. Same house in Sarasota $500K. Same in Naples $1,000K. This applies to retired only. If you want a high paying job you need to pay the rate at that place. I would rent in that case. But no debt.

[@thefinalkayakboss]

As much as i agree with your argument about non mortgage debt management, i do understand where ramsey is coming from with the debt snowball approach. These people's problem isnt the debt, their problem is that they have too much going on and the math has become too disorganized to effectively keep track of without disproportionate effort, and they end up in levels of debt they would have never deliberately borrowed to.

[@CupcakeSmasher]

I think the academics discount psychology too much when forming their advice. Often times the financial advice book can cut through that effectively enough where someone is much better off following it as their alternative is doing nothing.

[@Md-ht3cg]

I fully agree with this. Psychology is an extremely important aspect of taking any course of action with self improvement. Yes, the optimal course of action is probably not the popular financial authors' preferred course...but on the other hand a "good" plan executed today is infinitely better than a "perfect" plan never executed at all. With apologies to General Patton for the paraphrase. Most people do not suffer financial ruin because their plan isn't "optimal". Most people suffer it because of horrible choices and no plan at all. (Yes of course there are some absolutely awful frauds out there, but I'm talking about well meaning authors).

[@Uruz2012]

That's because economics is a social science subset of psychology, not a hard science like physics. But, Keynes wanted to act like economics is definitely a hard science where definite conclusions can be drawn based on past data as that would get him a prominent position with the government.

[@jimandlucy8800]

i love the flattering pictures pat uses.

[@MariusLefter-l5c]

I do agree with the 50% savings based on what you have quote. The situation when you are stuck at a bad woking place in a toxic labour market. ( bad boss, bad coworkers, cheating with the salary agreement, etc) Its a MUST on a toxic labour market!

[@ultimaIXultima]

Good lord, this was a 300 level college class lecture. Patrick, I cannot praise you enough for your videos. They are superb!

[@StefanMedici]

Unfortunately it was. This however should be highschool level economics.

[@ianlittle1653]

​@@StefanMedici honestly may as well make it elementary school. get them while they are young

[@LuckyJordan45]

Before Dave Ramsey, I had a lot of debt, no savings and not much hope. After Dave Ramsey’s plan (and several years of diligence) I have paid off our home, built a solid retirement fund, and found your channel while looking for investment ideas.

[@taterkaze9428]

If Dave Ramsey is a real guru he can explain how to avoid huge medical bills.

[@LuckyJordan45]

@@taterkaze9428 He does, he recommended health insurance, But I found that CHM Christian health ministries was a better deal than regular health insurance, by a lot.

[@willdiaz943]

​@@LuckyJordan45 John Oliver recently did coverage of CHMs. There are a lot of hidden risks due to them not having the same regulation. If it works for you great but be careful.

[@Glitter_H_Hoof]

​@@LuckyJordan45 Dave Ramsey killed my dog

[@tHebUm18]

@@taterkaze9428 Move to a country that doesn't have terrible people like Dave Ramsey that prevent the US from having a sensible healthcare system like literally 100% of the other developed countries in the world--so we stop paying more than any other country for not getting any healthcare. US health insurance is a totally pointless Rube Goldberg machine/jobs program--complicated so every single employer in America needs a ton of staff to manage it, complicated so every single hospital system needs a ton of staff to manage it, and wedged between the two the health insurers that skim a steady 20%+ profit margin while conjuring artificial complexity in the form of 100,000 different health plans to justify their existence. All told, a million+ high paying white collar jobs that have no reason to exist.

[@Ramschat]

When anxiety and hopelessness are the cause of your debt rather than interest, the snowball method you described makes perfect sense to me. Humans need motivation to make sacrifices

[@dennisvazquez2140]

FTX employees reportedly complained that the offer to Taylor Swift's camp was way too expensive (I think it was around $110 million). The person who said that Taylor Swift asked if FTX was a registered security was one of Taylor Swift's attorneys (Moscovitz I think was his name). Taylor Swift suffers the same kind of problems as other highly loved and very wealthy stars - like Lady Gaga and Brittany Spears - in that they are surrounded by people who seem to and insist that they are acting in the best interests of the stars when in fact they are trying to figure out the optimal time where the stars stop producing quality songs/intellectual property and the stars can now only collect the "residuals" on their catalog of music. This is what happened to both musicians Prince and Michael Jackson.

[@frankzeppelin]

26:10 I get Patrick's point here and he is, of course, right that prioritizing the debt with the highest interest rate is mathematically the best solution. With that said, I think for many people with various sizes of debts, it may make a lot of sense to follow Dave Ramsey's advice of paying off the smallest debt or the one that "bothers you the most" to maintain motivation. That's nonsense advice if you're looking a balance sheet and framing this is terms of your comfort in retirement age. However, it makes sense if you're coming to terms with the hard reality of a lot of bad financial decisions but you're determined to turn things around. We all need a "win" at times, especially when facing something on the scale of years. It's like weight loss: sure there's a better diet and exercise plan out there you could be doing, but you go with a plan that works for you. Don't give up.

[@sonicboom970]

Perhaps ironically, I think the economists are the ones failing to do full risk accounting in that case. They’re forgetting to account for the risk, and associated cost, of failing to stick to the plan and keeping (or even growing) the debt. That risk could have been reduced by paying a bit more upfront to ‘buy’ motivation. People with good motivation should be less willing to pay that cost as the failure risk is low, so they should stick to paying debt by interest rate. People with weaker discipline should pay a bit more upfront to reduce the risk of failure by doing the debt snowball.

[@k.h.6991]

Yeah, Dave Ramsey's approach is, for most people, psychologically realistic. Given that even mathematicians usually can't make financial decisions based on calculations, this makes a load of sense. Dave Ramsey's approach is also better at downside protection than what economists apparently advise. What do I care about whether I become a millionaire. I care that I don't end up with unmanageable debt, even if disaster strikes. It is way more important for people to avoid financial disaster, than it is to optimize returns. We can't control whether we're run over by a car tomorrow. We can (to an extent) control how badly off we'll be if that happens.

[@sh7de553]

I personally would pay off ones with the greater monthly obligations (which I can afford to pay off early) to free up cashflow, which may not be the highest interest rates but perhaps a shorter payment schedule. Though I imagine that requires a bit more savvy and financial judgement that some may lack, hence "keep it simple, find what works and stick with it" seems to be the rule of thumb.

[@James_36]

@@k.h.6991 except it actually isn't - it is only motivational if you are lets face it, extremely thick and do not understand the money lost in ignoring the interest rate. It should de-motivate you if anything. How can one not be motivated by understanding how much money are they are losing for nothing via interest if it is put into number format and not just looking at the interest rate in of itself. you work out how much you lose leaving that debt at that interest rate for longer, then you work out how much you should save by paying it off first and foremost and work out how much money you have saved yourself in doing so. DR just loses his following tons of money

[@samuelstrachan2726]

Academics may give advice that is on paper the best but neglects the human element. Effective personal finance advice needs to be not only good mathematically, but also be something people will genuinely do and stay encouraged by.

[@duncanhw]

14:42 argues the opposite. They *do* take the human factor into account. The whole point of such academic advice is pointing out how to controlling irrational 'human factors'.

[@NGE0001]

He is not really an academic just a sale guy

[@duncanhw]

@@JS-oh2dp That's what I said?

[@Florkl]

The study of behavioral economics (what humans do as opposed to what theoretical perfectly rational beings do) is a concerningly recent field.

[@Jose04537]

That science is called behavioral economics.

[@dominiquetheeasyminimalist]

Sometimes, the KZbin algorithm brings us beautiful, intelligent, interesting, dry funny and value added content. This is how I discovered your channel, and I couldn’t be more pleased. I’m now highly educated on wood nymphs 😁 Merci for sharing your insights and knowledge, cheers from Montreal!

[@HoneyBadger80886]

Merci!

[@guydreamr]

And Elon's greatest inventions and business deals.

[@edsteadham4085]

Dave Ramsey if I'm not mistaken acknowledges that the snowball method is mathematically not the best way to pay off debt. But his point is the snowball method pays homage to nearly unbreakable human psychology. And it will work if implemented. The key to paying down debt is paying down debt and not theorizing about how to play down debt

[@johnpoole3871]

But surely the key to paying down debt is not to increase the amount you have to pay to pay down your debt...paying more because it psychologically feels better seems like a strange idea. Also having taken Dave's class way back in the day at no point did he acknowledge this.

[@johnwesely]

@@johnpoole3871 trying to min max your finances is a might work best on paper but ignores the human factor. Somebody who needs Dave Ramsey’s advice just needs to be pointed in the right direction. That is going to be infinitely more helpful than being pointed in potentially faster but more difficult to follow route.

[@TheWolfXCIX]

@@johnpoole3871 You pay 0 debt if you never see any results and give up. For a lot of people, the win of having one less debt collector to deal with can be a huge win and psycological boost. Also, by the time you get to the largest debt you can attack it faster due to your lack of other debt (hence "snowball") which makes the task far less daunting.

[@James_36]

@@TheWolfXCIX how is giving up even a thing? you cannot "give up" on having debt. DR method just simply means it costs you a fortune to get out of debt, if he actually explained how his followers could work out each monetary saving by overpaying the higher interest, this gives you the motivation and the method in one. The mental hit of paying something off is irrelevant because you get that satisfaction knowing you are saving a fortune in interest with each payment made

[@cawheeler27]

⁠@@James_36LOL, of course you can, I know lots of people who are drowning in debt they aren’t bothering to pay on or are only paying the bare minimum. I think you are struggling, as Patrick does, to understand that there are people in the world who don’t think like you. If you’re the kind of person who organizes their debts by interest levels, you’re not the kind of person who needs someone like Dave Ramsey to help them..

[@DrSamIAm]

Having helped with free personal budgeting courses I would definitely agree with Dave Ramsey's strategy of paying small debts off first. What academics don't realise is the horrendous stress that comes from each of these debts. Often people are getting multiple phone calls a week, with threats of repossession, ruined credit scores, threats to go after family for money etc. You will find people with debt often don't answer the phone if it is an unknown number, this is because debt collectors ring and start shouting at them, making them feel awful. Paying off the smallest debt first may not be the most mathematically optimal strategy, but for someone who has got themselves into that situation, it is likely the best path to escape.

[@fahadalghamdi9316]

It really boils down to personalities for the most part. For some people's preference over agency. Unfortunately, a lot of people don't like to think in optimal outcome as much as they like to believe the what they're doing is sound. That is the main difference.

[@wesleychaffin4029]

I’m pretty shocked that no books mentioned that dividends are less tax efficient than equity appreciation, I figured that was common knowledge. I guess this shows the level of discourse around these topics 😅

[@AnOriginalYouTuber]

I've followed Dave Ramsey's directions and, while feeling average, I'm much better off than most people my age. Its simple and peaceful. I've traded individual stocks and ETFs with decent returns over the SP500 but the stress will wear you down. Not the life I want. Should still be a multimillionaire at retirement if the market averages 11% in the next 30 years.

[@timmywashere1164]

I could have gone my whole life having never known what Elon Musk looked like without a shirt on....But after this video I no longer have that options. Though I did learn a new word so still a good video.

[@baarbacoa]

In defense of Dave Ramsey, he's helping impulsive irrational folks right their financial ships. Maybe it's not the optimal system. But these folks lack the personal discipline to do follow the most rational path.

[@stingray6399]

I think it would’ve been interesting for that study to look at personal finance/investing books by target audience. I’d assume, for example, that books targeting people with higher financial literacy would be closer to the “optimal” advice.

[@TheRMD2]

People can change

[@DarkshadeMusic]

​@@TheRMD2 that is a chapter off Morgan Housel's book - Psychology of Money. And you're right, people can change.

[@baarbacoa]

@@stingray6399 It also takes money to make the rational decisions proposed by economists. Once you're in the hole, options are limited until you recover your financial capabilities.

[@BangBangBang.]

I watch Dave on KZbin and he's made me aware of my spending habits

[@STELLASCUTENESS]

The Kevin O’Leary comment was GOLD!!!!!

[@zeenkosis]

The psychology of money is an awesome read. And it explains how most people don’t care about optimising they want to be safe. Unless you’re an investor if a rule of thumb works, optimising might not be priority for most people. Please review that book 📕

[@aletheia6672]

Great analysis Patrick! "You're either renting the home, or renting the money you used to buy the home." That is such a great quote. 😊👍

[@HS-kx1ho]

Yet another information-rich video. The dilemma on debt prioritization is very interesting. I myself completely agree with your approach and is also the one I would have followed which makes much more mathematical and financial sense but I also kind of understand the concept of confidence boosting of decreasing the debt number put forward by Dave Ramsay. We are emotional and non rational creatures.

[@robertagren9360]

Begone Bot. We don't need your generic produced creepy paste.

[@mysideacc2770]

Sometimes I think the stuff like "kids don't know what a radio is anymore" sounds too meanspirited, but today I realized you're just saying facts. I haven't been in a car with an radio in it since I was 19 and the only place I see actual radios (not just speakers that look like radios) are hardware stores with old stock. I feel old. Anyway thanks for the entertaining and informative video as usual.

[@alisav8394]

Interesting. I live in Europe and all brand new cars have a radio. It's a must have feature.

[@xarustunustukanucka]

He’s just being cheeky

[@adamantiiispencespence4012]

I've not seen a car that doesn't have a radio.

[@blankblankpog]

Benjamin is the only finfluencer that i fully trusts, heck i lost 99% of my parent's retirements on his advice

[@KaysnThomas]

Anyone listening to people on the internet for any advice on finance deserves everything that comes with it.

[@badluck5647]

"Rich Dad, Poor Dad" is a great book for people who have very little financial literacy. You can't imagine how disappointed I was when I found the rest of Kiyosaki's books are worth less than the paper they were printed on.

[@bennynguyen176]

I'm only familiar with "Rich Dad Poor Dad" book. How bad are the others? What about the "Rich Dad Advisors" books, written by Kiyosaki's associates?

[@amir5176]

I've read "Rich Dad's CashFlow Cuadrant". It was very good. I fully recommend it.

[@julius5256]

I felt the same. Especially when I saw that he made a Board Game and sells that for 80 dollars (I think it was significantly more expensive back in the day)

[@divyanshuprety]

He just says he’ll tell you the trick but he never does. All his books are useless

[@yulusleonard985]

lol after 2008 its practically useless but before that its not, in fact you can argue his book cause 2008 disaster.

[@Marshal_Dunnik]

Financial literacy needs to be added as a full-credit high school course across the world. If it was, maybe people wouldn't so easily fall for some bro pushing a get rich quick scheme while flexing in front of a rented Lambo

[@weird-guy]

You really they will pay attention, if even old people can get roped into scams there’s no hope for fulls

[@reginwill]

Took an Economics and financial literacy class in HS, tbh I learned more from YT and my Civics/History/English class(es)

[@Supremechairuser]

They do teach it but nobody pays attention. It’s seen as dumb people math class.

[@crescentprincekronos2518]

I generally agree but like the other commenters said, they won't pay attention. It needs to be at least reinforced by parents/family if not completely taught by parents.

[@Marshal_Dunnik]

One could say the above about any course. So why teach kids anything at all then? Just tell them how to tie their shoes and wipe their bottoms and send them out into the world.

[@eypandabear7483]

I suppose in some respects, personal finance is like diet. Different strategies may differ in their merits, but most of them still beat having no plan at all. So even suboptimal advice may lead to improved outcomes.

[@cleanpowerelectric]

Thanks Patrick. I came here for the financial talk, but left with the knowledge you are perhaps a “swifty”

[@brosephus_rex1374]

The portions of the video discussing ARM vs FRM and the differences in rationale for bond/equity allocation over lifecycle were VERY interesting, and I wish those were more commonly discussed in conventional personal finance.

[@RushingRussianify]

I’d recommend checking out a podcast called rational reminder. They did an episode on mortgages a while back that covered the risks and comparisons of mortgage parameters beyond the sticker rate - ep243

[@michaelnelson123123]

Economics: the only _social_ science conceited enough to give _behavioral_ advice without even bothering to test whether those behaviors actually work out better in practice.

[@krystal7958]

What are you talking about?

[@realpropertymangement7640]

I often drink from the YT firehouse, while doing my best to deflect confirmation basis and retaining critical thinking. I value your analysis and enjoy your oh so dry wit! 😊

[@SEAZNDragon]

I’m not surprised at the Taylor Swift story. Both of her parents worked in investment firms and likely taught her a thing or two.

[@jamesodell3064]

I respect that she did not throw her fans under the bus for the $100 million she was offered. Had she recommended FTX a lot of fans would have lost a lot of money. To many "influencers" just did not care and just took the money. I have always hated the term "influencer" and you have given me a new word to hate "finfluencer"

[@SEAZNDragon]

@@jamesodell3064 Considering her main demographic of teenage girls doing such a sponsorship maybe asking too much of her fans too.

[@rosesacks7430]

Having knowledgeable parents didn't stop scam bankrupt fraud from forming FTX in the first place.

[@Axel...]

She has been fucked over so hard by her label that she never agrees to anything anymore without proper advice and a team of lawyers reading the contract over, I think

[@jdrancho1864]

@@rosesacks7430 OK, if you are trying to be derisive, it works better like this: Scam Bankrupt-Fraud. You're welcome.

[@mrmarecki1]

I'm very much influenced by Cathie Wood. Whatever she says or does, I immediately at least consider doing the exact opposite. It's been yielding pretty good results so far.

[@mikafizz1022]

Who?

[@tHebUm18]

Sounds like a strategy that would've gone very poorly prior to 2022 when growth stocks (all her funds invest in due to that being their point of future-looking) started getting hammered due to COVID bubble in the markets + recessionary fears.

[@lakorai2]

Yeah ARK has done horribly the past 2 years

[@EK-gr9gd]

Keep in mind she takes 0.0075% of every dollar in ARK Innovation at current NAV: $58.4m.

[@matthewludivico1714]

LOL

[@johnaldersley3328]

The traditional asset allocation model for individuals assumes that the stockmarket is expensive to transact (both commissions and tax effects) and this is simply not correct for retired investors with their savings in tax free super managed through a managed account that can sell small parcels of each security, as exists in Australia. Actuaries have an appalling record of advising insurance companies on risk management via asset allocation. Since volatility (ie the odd market decline) works against the retired investor who is regularly drawing down on investments, and favours the younger accumulator, the trick for retirees is to prioritise equities, but have another pool that can be drawn on if markets have declined. Generally bear markets only take a couple of years to reach bottom. And despite academics (and professionals) arguing that market tops and bottoms are not predictable, the reality is these periods of greatest market risk, typically periods of rising rates like now, are pretty identifiable. So sitting through bear markets with higher cash weightings, is a profitable strategy, if you stay the course and recognise the lows, but of course takes nerve if markets continue to overshoot to the upside (like now). Paid professionals can't normally do that because of what Keynes identified as the institutional imperative - its safer to be wrong with everyone else, than being wrong by sticking your neck out.

[@FC-wt2xy]

I think the behavioural component and quick wins to repaying debts should not be underestimated for people who are not financially savy

[@aslandus]

To be fair for the debt snowball idea, the idea is probably more to reduce the number of debts you need to worry about as quickly as possible, thereby simplifying your accounting and making it easier to prioritize future payments. Yes, for a professional finance person, the most sensible route is to pay off the most expensive debts before anything else as that reduces the overall cost, but for a casual, middle class person who's working another job outside of managing their finances and doesn't want to devote more than an hour or two to checking their spreadsheets every week, being able to knock a few of their debts down to zero as fast as possible could have some real appeal.

[@danthemango]

When I heard this advice my first thought was that it was a way for people to reduce the stress of dealing with too many accounts at once. Maybe people also owe money to friends and family, and paying that back may be more important than money in terms of salvaging the relationship.

[@tHebUm18]

You don't need to be a professional finance person to have basic financial literacy of: higher rate debt = bad. Also, every finance tool in the world allows for automatic payments these days--shouldn't take any mental capacity to have necessary minimums automated as long as your finances are not in such disarray as to be unable to make minimums and then be able to do a one-time payment on your highest rate debt after all other payments have processed. Also: consolidation loans are a thing. If you have too many varied debts to keep track of, most banks/credit unions offer loans to pay off all of them in favor of a single generally lower rate one.

[@EK-gr9gd]

@@tHebUm18 All rubbish except the last paragraph ! Daily life isn't a math exercise and in reality you are paying more interest for smaller amounts of than for a long-term higher.

[@tHebUm18]

​@@EK-gr9gd "in reality you are paying more interest for smaller amounts of than for a long-term higher." This is just unequivocally false. That's not how numbers work. It's not a math exercise to look at the interest rates and pay against the highest rate first, the principle is irrelevant--the highest interest rate debt will grow the fastest relative to what you owe 100% of the time whether it's the largest, smallest, or somewhere in the middle. It's literally advice that makes people not good with money have a harder time getting out of debt because it costs them more total money to do it. Now that's what I call rubbish!

[@EK-gr9gd]

@@tHebUm18 That's not my point! The main goal in reducing your total debt is not to ad more by fees etc. This danger is greater by smaller debts, you forget to pay than by by an annuity loan for which a fixed sum is withdrawn from your account every period. My argument is that the interest/fee payments several smaller debts can accumulate to a considerable large amount of money, which are not reducing the debt itself. Getting rid of such small and short-terms debts is not a bad idea. how you do it is up to you. If you are able to achieve it by consolidating several loans, go for it. If the option of consolidations (Christian Rother Rothschild Loan, look it up!) isn't available a wise way forward would be something some like this: - Make an inventory of all your debts, income, expenditures and savings. - Are rent/ mortgage utilities, insurance are covered? - Are there any bills to be paid urgently (overdue what ever)? - Are you using your overdraft? If yes try to reduce, as much as possible. - Check your expenditure what items can be reduced or cut entirely for their are obsolete (Old subscriptions, cell phone contract, with better rates. etc. - Pay off the debts you can get rid fast, and without extra fees. - Use part of the saved money to build several emergency budgets (which will reduce the dependency on overdraft) - The rest of saved money should be allocated to paying off mid- and long-term debts faster. As long as long-term debts are covered by an annuity it's fine. Your main concern should be "consumer credits" for goods like furniture, "consumer electronics", cars, cell phones. Get rid of those first, beside overdraft. Simple example: Mortgage 500,000 5 % effectiv. interest. rate annually Annuity: ~ 4,000 p.m. Take care you cover the 4,000 p. m. there is no need to increase the rate, if there are other debts to be pay. If enough free cash is available do it. But take care of the items with a higher deprecation first.

[@leswilkins7757]

Thanks Patrick, really enjoy your financial analysis. Some circumstances are different here in Australia related to taxes etc. but your advice it still very valuable. Thanks again and keep up your good work.

[@xhesitase9729]

The kevin o'leary joke was spot on. 😂

[@jamesclapper5274]

Straight up murdered him and got away with it

[@chrisbrian433]

Honestly, anybody that takes advice from the "finfluencers" does so at their peril. Most things they say are geared at influencing the market, which translates to personal gain. Before going into any financial dealing, it's always better to make more thorough inquiries or better still, get the services of an expert (that way, you give little room for error and get tailored investments). Made my first million earlier this year this way after losing a lot to KZbin inspired Trials and Errors. Good luck!

[@dr.karidouglas1312]

...Very sound and realistic. I have been into all of these for sometime now and though I won't say I have lost a fortune, I have squandered quite a lot... You mentioned using pros, if its not a problem. do you mind telling if you used one and maybe recommending a good one? I could definitely use the help of one right now... I look forward to you replying...

[@charlesharrison3207]

it's common knowledge to do the opposite of what those guys say lol

[@chrisbrian433]

@@dr.karidouglas1312 I can honestly relate and make no mistakes, it's not as easy as it may sound. Yes, I used one, hard to keep up with every development if that's not your primary job. I don't know if I am permitted to go into details here, but mine is "Abraham Adam Keith" and you could look him up. I'm not so sure he takes on new people right now, but you could try.

[@tomthetalker4442]

@@chrisbrian433 wow I know this hilarious man. Once attended a fundraiser he was also in attendance here in Vancouver,, Great speaker with a funny accent,, He's in the States though, I doubt he works with non residents,,,

[@dr.karidouglas1312]

@@chrisbrian433 ...thanks

[@CTOOFBOOGLE]

O’leary hate will never get old

[@Sabodable]

He stinks.

[@johnthicks8568]

Save as much as you can. If you can do 50%+ do it. Put it in things that ACTUALLY earn money over time that you understand.

[@djack915]

I got mine in gold and land and a few paper assets ie bonds stocks t bills etcetera

[@Triple_J.1]

The largest return on investment comes from saving 25-50% of your income when young. (E.g. finance an economy car new, under warranty, at $300/mo.) Share a two bd apt and solit the rent or rent a room in a house, caps basic expenses around $1,000/mo then plan on another $1,000-1,500/mo for insurance, gas, food, entertainment. Expense $24-$30k per year. Now earn 48-60k plus, which is not too hard these days. Max out your 22.5k/yr 401k contribution. Then max out a Roth IRA 6.5k. Maximize tax rebates. Save a little cash including most of your tax returns. Maybe take a vacation with it if you met your goals. You then have the most amount of money invested as humanly possible at your age. And you give it the longest possible time to grow before retirement. Therefore your investment portfolio will be the largest possible with the least contribution.

[@WatermanViolinStudio]

Also, you do make a good influencer, but attract a different profile of people who consume your videos! I like complicated and more correct ideas, and trying to understand why something would be the case. I think as far as things like the 'when to refinance' question, it is difficult to optimize something which is unknowable precisely, and I think that's why a rough rule of thumb is good. I think most people would intuitively not want to refinance if they were planning to move in a year for instance. However, perhaps as a thinker myself, and knowing my tendency to do so, I am possibly giving the general person too much credit. Thank you for your awesome content!

[@montgomeryfitzpatrick473]

"Where will gen z find financial advice if tik tok is banned?" -Forbes 2023

[@jakemf1]

Lol

[@appalachiabrauchfrau]

the next short form video app to surface, like vine or musically, but this time the USA will be selling the data! Take that, China, or whatever. I can't wait for the sequel to the Patriot Act: Online Edition, them using tiktok as a cover to fool scared tech illiterates into being all for it was ingenious.

[@paulmaartin]

KZbin shorts obviously

[@george6977]

KZbin.

[@randomtinypotatocried]

I guarantee another platform will take its place

[@timothythibodaux4909]

That quick shirtless Elon Flash at around the 18:11 was top tier Patrick

[@darrenjamrock2677]

Wondered what that subliminal messaging was haha!

[@willonek]

It must be in reference to the 1969 paper he’s talking about😂. Makes me wonder how many have come before in previous videos…🧐

[@darrenjamrock2677]

Haha, ya there probably scattered all over his past vids!

[@nunyabidness117]

You pointed out 2 of the things I do not understand about Dave Ramsey's methods, paying off the lowest balance first and having a large pool of savings while you are paying huge interest rates. I have never in my life had 3 months of expenses just sitting in a savings account and suspect this would be a huge temptation to someone with spending issues. Have minimal savings until you are out of high-interest debt, put that money towards the highest interest balance, and have a plan as to how to acquire emergency money in the unlikely event it is desperately needed. Dave does good but he is remedial finance and I would still be poor if I followed his advice. Instead I borrowed heavily during the once-in-a-lifetime 2009 real estate crash and invested in rental property. If people are mindlessly panic-selling it is a very good time to be cautiously buying.

[@Sentinel95629]

I think it does make sense that if you're a person who perceives money in a more emotional way, to take advice from people like Ramsay on things like the snowball method.

[@kingbonezai4925]

Seems to me, if I may summarize, is that the main difference between academia and popular financial advise is that acidemia assumes the rational self interested person, whilst the personal finance gurus know that humans often do not do things in the technical way but are complicated emotional beings as well as possesing the ability to reason. As Aristotle points out, all humans have the nature of rationality, but most give in to their passions. Though I will note that the advise to save more during peak earing years seems odd, as the younger years allow one to benefit the most from the effects of compound interest. An extra 10-20 years of compounding does amazing things. Obviously it is good to save more when you have more, but I would want to emphasize saving when young due to the exponential effect that it has one one's future. Some of the reasons behind things like longer horizons having stocks is more of a case of what theories one works towards, rather than a serious difference in working methods. I think a large reason dividends are preferred by many, is that they will continue to provide cash even during downturns, without one having to reduce a portfolio by selling low. Since dividends rarely loose nominal value, especially those chosen in dividend ETFs, this means that there is always some cash gained to be reinvested while the market is low. Furthermore, it allows one to get cash needed for purchases during a down market without selling low and reducing the nest egg.

[@JeffBourke]

“Fortune Favors the Brave” playing in my head all morning 😂😂😂

[@badluck5647]

“My dad said he listened to Matt Damon and lost all his money.” - Craig from South Park

[@theultimatereductionist7592]

@@badluck5647 But at least he was brave doing it!

[@ologhai8559]

"Matt Damon is in, are U rine."

[@Schlumbucketreturns]

Everything in life is a trade-off. Just be aware of what you are trading for what.

[@dcarter001]

I read about Miss Swifts question, I was impressed and amused. She may sign pop breakup songs but we like laughing on our way to the bank what ever our labor may be.

[@grnttplmr]

John Malkovich would be impressed with how good this John Malkovich is doing for himself. He'll probably nominate this John Malkovich for the John G. Malkovich award for Outstanding Malkoviching at the next Vichcon Love these videos I'm watching them all! 😊😊

[@mindcache5650]

Most of the books ignore the fact that : 1. Student debt loans rise exponentially far more than stocks 2, Medical expenses rise exponentially far more than stocks and the associated premiums in the USA 3. Car loans and leases rise far more than stocks 4. After paying for mortgages, tell me how 30-year-olds can pay for pensions to the amounts recommended? 5. When you reach retirement age, medical expenses are not covered adequately by Medicare. Those costs completely pixelate any savings you have 6. State pensions are the most illiquid. Die and they cannot be inherited. in full. The American male life expectancy is 76.

[@harryaurelian]

A really informative video patrick, informative and helpful, only issue is the people who need to watch this video will never likely watch it.

[@petiteange08]

It is fine to prioritize reducing the number of loans vs. paying off the one with the highest interest if the motivation factor is the most important one for an individual, even if it's not the least costly way of doing things. However, I believe that it should be disclosed so people can make this choice deliberately, fully aware of the pros and cons of their choices.

[@jsnow6925]

What worked for me is I started a business at 30 with a shoestring budget and minimal monthly expenses. Took me around 5yrs to get all my debt paid off and to a high income. The next 5yrs I did minimal lifestyle upgrades and saved over 50% and aggressively invested. I didn't start spending more money until I reached a 7 figure net worth in liquid assets outside of my business. Now at 43, I have a lower mid 7 figure net worth

[@hz1056]

what business did you go into ?

[@jsnow6925]

@@hz1056 In home senior care. We are basically a staffing agency and send nurses into seniors homes and also do some facility staffing. I had around 70k to my name to make it all work, cover living expenses and get started. Was a lot of work the first 5yrs until I could hire more office staff to do scheduling, book keeping, HR sales etc. If your funds are limited a service based business is a good way to get started, just have to accept you will have a lot hats to wear until you get rolling. First 3yrs all I did was work and go to the gym. Was essentially always on call 24hrs a day. I had one office employee to start. You have to get really comfortable doing sales as well.

[@hz1056]

@@jsnow6925 Nice! Appreciate the insight and information. Sounds interesting, it would be cool to learn about how you did it. Consider going on podcast I would definitely tune in to hear about your experience. Personally working on software applications because of my education/current work and soon real estate.

[@whatacruelchoice]

This is why you are my favourite finfluencer Patrick

[@enemyofYTemployees]

Patrick, you’re my financial self-help Gru.

[@locopoco24]

Isn't he technically also a fininfluencer as well?

[@pouya5625]

​@@locopoco24 a boring one perhaps, he reminds us free money doesn't exists

[@barrellcooper6490]

Patrick, great content! Thanks. That said, Ramsey is right. It's about behavior not math. Paying off small loans feels like you get something done. These people got into debt because of bad behavior not math.

[@ethanblocher-smith6961]

Always hard to see those “financial experts” failures… and Kevin O’Leary

[@doyouwanttogivemelekiss3097]

How the h... Is O'Leary not in prison after the ftx story?

[@badluck5647]

​@@doyouwanttogivemelekiss3097 What crime did he commit?

[@tigerhawk667]

@@badluck5647 He promoted FTX on his TV show...and it blew up in his face (costing him roughly US$10 million).

[@flossimoth]

@@badluck5647 being Kevin O'Leary

[@badluck5647]

@@tigerhawk667 Being a bad investor isn't criminal

[@kzsposeidon3121]

For the first 2 years after finishing my studies I worked my ass off, earned some nice money and saved around 50% of it (cheap housing, holidays nearby etc). Now I get by saving 10% or even 0% in some months if I now want to travel overseas. But the savings from earlier work and give me some nice income on the side

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Paul Rohrbaugh, Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Pavle Obradovic, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, P H, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, HalfwitHam, Mark Brophy, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. 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[@ember2658]

Ok then smart guy, how do I get rich quick then?

[@alltheusernameswastaken8936]

@@ember2658 you sell both your kidneys.

[@Drachwill]

Personal Finance and Mathematics for the Household - Patrick Boyle // Comming to a bookstore near you soon (TM)

[@alanluo1678]

This is a great video and very relevant to people trying to put into context all the different financial advice you hear among discussions with friends. It was dense and hard to follow even for someone with a 1st year university economics subjects under belt, got it eventually after a few replays but would have loved seeing a deeper dive into the 10 or so different subjects covered, also a summary of academia vs influencer would be good. Also recession and falling interest rate environment seems quite irrelevant currently, what would each recommend in the current environment. Hopefully others think the same and a deeper dive part 2 will come through.

[@rosesacks7430]

I think you need to join the patrons group. This discussion is entertainment for me and is great.

[@kylemann2426]

To see the subliminal image flash @ 18:12 pause the video at 18:11 and advanced 1 frame at a time into 18:12 by quickly cycling play/pause while the video is paused. It’s wild to see the moment Elon shapeshifts into his original walrus form

[@huwzebediahthomas9193]

I haven't got anything 'herbal' here to see it, sorry.

[@Croz89]

For many who are really struggling with finances, the stark solution is to earn more money, period. No amount of investments, debt strategies or spending cuts are going to get them out of the hole, they need to find a better job that pays more ASAP. That's of course a lot easier said than done, especially if they have little education. But if they're accumulating debt on the bare minimum of consumption, even bankruptcy isn't going to fix the problem.

[@eljanrimsa5843]

if they don't learn know how to limit their spending to their income, making more money is not going to solve the problem

[@Croz89]

@@eljanrimsa5843 There's always some floor where any further spending limitations are not reasonably possible. A family of four isn't going to live out of their car or give up their children for adoption to make ends meet. Even asking a single person to become homeless to save money is generally considered unreasonable. So there aren't really any other options.

[@MrDubyadee1]

I guess I’ve known who Jim Cramer is for decades, but his admission to Jon Stewart that he manipulated Apples’s stock price by talking it up or down depending on what benefitted him personally caught my attention. I noticed that in early 2007 when there were rumbling of concerns about credit default swaps and the real estate market, Cramer was bullish on stocks. Stocks hit their peak - something over 12000 as I recall. Stocks started to decline as more evidence of financial shenanigans and a possible crises emerged. It continued to decline but Cramer kept talking it up and telling everyone to buy. Finally at around 8000 he starts screaming that the market was tanking and would go below 7000 and everyone needed to sell, sell, sell. So he had been telling everyone to buy high and sell low. Smart advice. Since I knew he was a crook and like many of the various experts financial channels trotted out, I generally did the opposite of what he advised. It has worked out well for me. If someone on television or social media tells you to buy or sell something and you aren’t paying them a fee, hold on to your wallet and walk away.

[@Bob-ke9in]

What an informative video! It brings back memories of my youth when I was dealing with these financial planning issues. What's comforting is that these popular personal financial planning books do not appear to be doing much if any financial damage to their readers.

[@bitlong4669]

Regarding paying off debt priority, besides interest rate one should also evaluate if the account is locked or revolving. If you are really strapped for cash, paying off revolving account makes more sense as it gives you access to funds in case of emergency. Mind you it also opens the door to potential set back if you do access it.

[@themoonman-4]

Actually gonna save this and listen again whilst taking notes. Very informative, Thank You! Patrick!

[@alk672]

Great video. At the end of the day, these people's audience are so much out of control with their finances - I think Dave is what they need.

[@brianmcginity]

Lots of interesting info. I read Dave Ramsey's book. It was a bright light as I learned how to manage my personal finances. The debt snowball does change behavior. I've been completely debt free for years. I highly recommend his program.

[@ex7843]

I think the thing going for finfluencers (or at least the better quality ones) is the low barrier to entry for accessing their advice, for instance I was able to find and listen to the full audiobook for 'rich dad poor dad' for free on KZbin a few years ago. Whilst not perfect, books like that are a good starting point for people trying to seek greater financial literacy and I think there are some good points (understanding the difference between assets and liabilities, compound interest etc.) that everyone could benefit from understanding and should help people make better, all be it not optimal, financial decisions going forward. Great video as usual Patrick and look forward to the next one 👍

[@haplomage]

I find the international stocks part interesting. I'm in New Zealand we have to pay FIF tax on foreign investment over 50k so as someone with a smaller portfolio I'm incentivised to limit my exposure to us stocks

[@mansasouley3891]

Man, I really love your sense of humor, "a radio is old school podcast", spot on😂😂😂

[@jergervasi3331]

That O'Leary slam is PRICELESS!

[@namewastaken360]

You're my favourite finfluencer, Patrick.

[@junglecodetube]

Every now and then you come across a video that increases your personal wealth just by learning what it teaches. This one's very high-leverage, worth 2.37X of your current net worth. I've done the math for you. You're welcome...buy my book.

[@EK-gr9gd]

Ramsay is right there Getting rid of the smaller debts makes more sense, in people's day to day life. The reasons for that approach are not mathematical but applicability in average people's life. Many small debts are more difficult to handle then few larger loans. You have to keep track of everything, be careful not to miss a deadline etc.. So reducing the number of loans credits etc. makes sense. Esp, when considered that the risk of extra fees for late payment etc. is reduced.

[@ByronWWW]

If there aren't huge differences in the interest rates and it is many small debts that makes sense.

[@phillipphil1615]

I came for the financial content, and stayed for the humour ... But retained nonetheless the financial info 😊

[@dansplain2393]

I wish my lecturers trolled as hard as Patrick

[@andriusandrau]

Also low key insult about the radio. Subtle touch.

[@arronwilkins]

18:11 that flash frame of elon ahaha

[@Zorn101]

Patrick Boyle is my favorite Finfluencer !!!!

[@letsRegulateSociopaths]

love the factual and historical perspective, pretty hard to get. Patrick rocks and is damn funny.