One Life-Changing Class You Never Took: Alexa von Tobel at TEDxWallStreet

[@maudecoulombe1640]

Very good conference but I doubt many people will follow those rules and thinking. Having the money we need to live is freedom. Having debts is working for others. Having a credit card is like walking on the edge of a cliff. The more you ow money, the more you have chance to fall from the cliff. Lack of discipline and the appel of consumerism. I hope she rang the bell for many individuals in the conference room. Thank you Ms Vin Tobel.

[@austinsears7879]

Im a 19 year old college student and i loved this video so much. so much great info and i feel ahead of the game. THANK YOU!!!!

[@claudiaramirez2427]

"Killing me softly with [her] words, killng me softly, with [her] words, telling my whole life, with [her] words, killng me softly, with [her] wooooooooords. Strumming my pain!" By the grace of God I picked a lucrative career, paid my student debt off, albeit 20 years post graduation, mortgaged a home (don't recommed it) and managed to keep my credit score in the high 700s (never a late or minimum payment-early and extra is the motto). Learning late but learning to dig myself out of the pit created by what she just described.

[@calimmoore]

i watched this in my financial literacy class today - makes me grateful to have the opportunity to take this class in high school !

[@ianbateman8329]

There's a reason they call it the American dream: "you have to be asleep to believe it" - G. Carlin

[@НургульАбилова-н1ф]

Й

[@MsRustyfun]

I love this for my high school Seniors who just told me they would like to know how to manage money before they move out!

[@LMCEK]

*I suggest that every parent watching takes 11 minutes to show this to their children and every teacher does the same. Be the change you wish to see* ❤️

[@mr.henriques2041]

This video from Alexa Von Tobel is the cornerstone of the Personal FInancial Literacy Class at North Plainfield High School in NJ. I use it to kick of the course and then use it as a tool to drive the course forward, emphasizing the 5 principles of money management, 1. Budget 2. Debt Free 3. Emergencey Fund, 4. Negotiate your Salary (Say Advocate for your Slary), and Safe for Retirement in your 20"s (Time is on your side). We have 7 Real units built around this video that is timely and as basic as you can! ALexa where ever you are thankyou for the 1000's of students that have sat in my classroom over the last 8 years. Let's be the Rewound Jessic not Jessic the Norm!

[@ancientar]

In Scandinavia, we actually do have shows about personal finance like the ones she talked about.

[@carolineross8888]

Luksusfælden!!! xD

[@mogbaba]

And they don't change anything, just shows.

[@lyle_marie_ceniza]

I am watching it just now for my college academic skills in English course in college. What she said is so true. It is so important that we are taught earlier on about budgeting and financial literacy because as of now my family is experiencing the paycheck to paycheck thing. I really got a lot of important things so thank you.

[@WorldAreAll1]

Thanks for the Upload. Personal finance should be a prerequisite for everyone's education.

[@stephanazor8898]

I have had the idea that if I were to have a child, the moment that child can count to 10 I will begin teaching him/her principles of money and how it all works before they start taking on real responsibilities so they know how the game is played.

[@Ainfinance]

+Stephan Azor Yup. I agree with you. I think that's really the point of this video. We have to teach our kids before they get into this mess so we can break our famiy debt cycle - Alexa's domino effect of our debts causing the next generations to be in debt.

[@stephanazor8898]

Yes because people in my family seem to reward themselves for all of their hard work by heaping more debt onto themselves.

[@sunnypoonia5230]

the information shared by this young lady is very helpful...n what she talks about personal finance is extremely most important coz what she is saying is same being said in the book RICH DAD POOR DAD by Robert T. Kiyosaki

[@alejandroruiz2439]

I wouldn't recommend that book. even though is practical is not realistic

[@ethelbertt]

A really good video, these show why personal finance is very important. Saving is just a tool it don't get you wealthy, you need to invest savings into cash generating portfolio that will work towards wealth creation. Like owning a well diversified portfolio which includes stocks, forex and crypto mining.

[@jacobaltman9923]

I totally agree✓✓✓

[@markcyrus7898]

I agree to these because my money just sits in banks and don't grow as I want it to, so how do one own and manage a portfolio such as these.

[@shirleybraxten8169]

@@markcyrus7898 same here.

[@lorienwhite1087]

I have heard so much about the stock market and how profitable it can be, I also heard it's prices are unstable which can virtually lead to loss in Investment.

[@ethelbertt]

@@lorienwhite1087 handling a stock trading portfolio or a portfolio of these magnitude I mentioned is not easy and making those trades can be risky for new traders that why to be safe I invest with a pro brokerage firm, where my trades are been managed by a pro market analyst and strategist Eric Grinwis.

[@348449sierra]

They taught financial literacy at my high school, thank god

[@robroy25]

Good talk.....having more money allows you to have more choices in life. Less money...fewer choices, therefore less freedom.

[@Icalldibsinthis]

OK on the ground of common sense, one who can negotiate their salary will not have a education loan because they study well. It is the average student, who has loan and an if an average graduate starts negotiating, s/he ends up with no job.

[@DavidJohnson-ww3ko]

live beneath your means.....how about, give us more means. If I was to live beneath my means, I'd be effecting my health in so many other ways. The main issue with finance is the lack of money being circulated through the entire economy, but rather, the money is circulated through businesses and the 1%. We are no more than serfs with internet and electricity, and they tell us it's freedom.

[@romyjugroo4542]

My grandma used to say:don't spend the money you don't have.My running shoes are for free.I make my own.Yes,I live below my means.Good advice,Thanks.

[@Ainfinance]

What a great video. I love it. It encapsulates the importance of why everybody needs to learn about personal finance. It really hit me with your point about the inter-generational domino effect of those who go down a bad financial path. I'm trying to teach my kids about personal finance and money now, so any time there is something involving money (on the radio, at a store, etc.), we talk about it. I think it's just so important just to talk to your kids about every day money issues so they have some grounded sense of how to spend, how to save, and just how to know what a dollar actually is worth. Like you mentioned, I don't want them to find out by trial and error. So I want to pass on some knowledge so they have a leg up when they are adults.

[@akrooma]

I love the way she says "right now"

[@devil33332]

You are great, Alexa! Greetings from Holland

[@dearheart2]

I find the presentation lacking on how to change it. My wife and I have never had the issues that "Jessica" have. What I see is a whole generation that is taught from producers to 'spend, spend, spend' and every website, every tv program, every mailbox is chocking on adds for spending. As long as people around the world are told this is the way to live you life, people will not plan for anything else. It is not just in US. Where I live now, lots of people I know have no real savings, and no matter what income they have, all go to life-style and not for the future.

[@kybar8354]

The solution or how to change it was to take a class on personal finance, and do the 5 points listed.

[@kybar8354]

***** I don't know about that. I really can't speak much on what the issues are, but I think generations have always been hooked onto consumerism. It's literally people's job to get others to by stuff from them. Now, I think it's just a bigger issue due to being able to buy stuff not just on credit, but even with terrible credit. It gets people into a visous debt cycle. Once upon a time, people actually had to have the money to buy things, then it was you can buy it on good credit, but now sometimes it's not even that. It's built to trap people into debt.

[@dearheart2]

***** I guess you are right. I cannot identify myself with any shopping trend. I never buy stuff due to add, or to "keep up with the Johnson's". If anything, I find consumerism is the root to many problems and wish it would be stopped.

[@adriansosa1430]

+Bent Mathieson don’t be a hypocrite!

[@elumiomerk4013]

sam raven It sounds like you live in Dubai bro

[@alst5]

Once in a while, you find a TEDxTalk that REALLY gives you an "idea worth spreading". This is that kind of talk.

[@michael_am]

Anyone else watching this for financial literacy and have to sift through the whole thing to answer this question?

[@Sjarlie]

It's not only true in America, I guess it's everywhere. I live in the Netherlands, and I had to learn about organisations, shops and how they work. I had to learn how to look at their bills, and make a debit-credit chart etc. But I never learned what I need now as a 22 y/o. I don't know how much things cost, how to look at insurances, how to make proper decisions. I am doing my very best, and I try to make the right choices, but I'm just not sure and I'll have to find out later on... maybe when it's to late...

[@laceystanleyable]

So true.... i was able to have my parents backing in finance, so I've done well working with a budget. I am no exception I lived well within my means to accomplish a goal this year. And I made a sacrifice to be poor, to become a real estate agent. I make my own schedule and I feel for free than I ever have. it really is a mindset... plus numbers lol! the numbers don't lie

[@billsf94131]

The most important thing I've learned in life is that people who live below their means almost never have money problems and people who live above thier means almost always have money problems.

[@altaccountforthings9885]

just love learning about economics...

[@rohan6]

I have to watch this for my personal finance class

[@htwootwo]

good one, I'll watch this every time I am about to impulsively hit 'proceed to checkout & place orders'

[@PeggyStinson]

Alexa von Tofel's TEDx talk hits the nail right on the head. If you are just starting out and think you don't have a chance because you've already gotten into debt, there are plenty of other people who have made the choice to come away from that debt - one step at a time. There is still plenty of hope, even if you've started on the wrong foot. Take a look at her public website: learnvest com

[@harshagargWG]

Thanks ALexa for this piece. Truly appreciate your pasion.

[@robjohnson6578]

Alexa does a good job here. She has a lot of good material on the web.

[@AjayKumar-ds7zb]

A must watch for everyone

[@Consultant714]

I had an almost identical financial situation to Jessica after college. However, I was intelligent enough to make a budget. 36k = $2200/mo after taxes. -$750 rent, -$200 student loans, -$50Utilities, -$300 gas, -$550 food, -$100 insurance, -$25 gym, -$25 drycleaning, -$50 toward Credit Card for PC for work, -$50 to put into retirement plan. Oh wait my car just broke -$1500 in repairs on C.C., debt increases, cycle continues. You need to negotiate better pay, get a 2nd job, or live with parents.

[@arlinegeorge6967]

Informative talk . Thank you, bless you, All your dreams come true.

[@muhammadamin-gp4py]

Good calculations & analysis.......particularly spendings and Savings.....M Amin Gill..

[@ecogenal7191]

I find it amazing that this is all Jessica´s fault, rather than the corrupt financial system´s.

[@iwnunn7999]

and the education system.......

[@iwnunn7999]

IW Nunn and perhaps poor parenting

[@moviesandwich]

I don't disagree with you, HOWEVER; Despite being vulnerable to the corrupt system, Jessica can still take the steps to educate and empower herself so she is not victimized by it. Until someone steps up and changes something in the financial system, this is the game we're playing and these are the rules. She must adapt or fail. In 15 years, Jessica's financial position will be the sum of her decisions up until that point.

[@robw1031]

Learn to use a spreadsheet and keep your personal overhead as low as you can and you will come out ahead, it's that simple. As for credit, I am 52 and have never once applied for credit. I am what the credit companies call a ghost. It has its ups and downs.

[@meredithjaroneski5484]

every student in our county has to take econ and personal finance to graduate high school now. I hated the work, but I'm glad I know what to do as I start planning my future.

[@fabinfrancis007]

Beauty with brains. I'm not talking about Jessica.

[@PolarJoMcKay]

The life change we all need, is the one where we become more sustainable and responsible in our own families (extended family or friend family too) by learning how to be more secure (off grid with alternative power and heat, because power outages are more frequent and lasting longer); develop always needed skills: low cost home building, art of cob or straw bale, or solar, geo thermal, etc. Live where we can grow our own food, have access to clean water, maybe to fishing & hunting too, or get control of 'local' urban governments and demand sustainable and green development now. Those I think are our choices. During the last financial crisis the biggest 401K in my country lost more then 60% and many pensioners tried to go back to work, while even more lost homes and jobs. I think learning real life and survival skills (including technologies) like building homes and relationships and gardens and community will last and provide dividends long after the financial industries fail again (next crisis due within a few years-why- because nothing significant in the world of high finance has changed). Join a Credit Union and Coops. Start now. Peace

[@peterhughes2812]

great insight, I wish I would have heard this when I was 20.

[@mercyo3675]

I would totally take that class!!!!

[@instereovideos]

"Hi, I'm like, here to tell you about my favorite reality TV show!" Thanks, you've saved me time wondering if I should listen any further.

[@iwnunn7999]

This DEFINATELY should be part of the high school curriculum. If I had known better, I would have done better.

[@askarrazik9508]

she soo true. money causes all the problems. money can buy happiness. money is everything. im sorry but this the world we live.

[@johnbutler2231]

Money is not everything, though stewardship will make a child's life much better.

[@mugglesandmadness]

At 5:38, after the employer 41k match program, what does she mention? (I can't understand what she's saying.)

[@tiffanyfarfan394]

I did have a personal finance class in high school and it's offered in college. Honestly, though it just didn't really stick with me. I loved learning about it but I wish it would have been more extensive other then learning the basics and had been more interactive.

[@chesterregis9623]

Right after highschool ( 18 yrs old ) i gave myself a choice. Either to go to college get a student loan or find a job doesnt matter if it pays well or not (at that time) .. I ended up going with the second option however i promised myself to be really keen with handling my income properly like tracking where my income would go, things i would buy etc ... but i'd save most of my income id say 80% or more... I lived with my parents coz i know it would save me alot and avoided literally going out.. i was just focusing on the numbers... and at the same time i was putting money on mutual fund, GIC, TFSA ( i live in Canada ) etcc. i also wasnt screwing with any ladies at the time because didnt want to be distracted lol. Fast forward 2 years later... had 35gs in my bank account all diversified.. and i thought to myself hmmm ok life is getting boring... sooo got myself a girlfriend... couple months later we had a baby.. soo instead of renting i decided to put down some money towards a townhouse.. Me and my wife also saved up money for our baby on the way to help us out.... too makee a long storrry short if i would've went to college..i wouldve aquire student loan.. maybe drop out of college, have huge personal debt because college is stressfull and every student needs to party and let all go.. I'm 23 now already paying mortgage, not in debt except mortgage.. have a decent investment although it still neeeds to grow and i have a 1 year old.. and thinking about putting him to private school :)... nothing against college or education but you also got to take care of your personal finances coz the numbers are really going to define what life are you going to be able to afford down the road.... and yea they never teach that in highschool.. maybe they did.. but never paid attention..... thank god jst clicked in my head

[@Marcocappp]

Wow ! This is so crazy, your story relates to mine in a sense im graduating this year and really want to avoid the normal debt.

[@1crida1]

Good for you. I am in my last year of college and have a large amount of debt to pay off. Thankfully, I am going into a field that pays well

[@chesterregis9623]

yes make sure you get that job.. and pay that debt!!... im on a different path now.. just recently open a webbroker account investing stocks etc.. goodluck to all of you!!

[@Marcocappp]

Goodluck guys dont let debt define you!!! Invest Invest.

[@chesterregis9623]

Oh for sure... dont get stuck on that debt hamster wheel, you keep running but aint getting no where.. i agree invest whenever possible, live a frugal life style and you're set.. :)

[@hayleasturdivant6829]

Ik this was 5 years ago, but I'm a senior, and since I've been a freshman personal finance has been a required class. We also have to keep up on a stock

[@MaraHoover]

Every college student should watch this.

[@KewhoMin]

I think this was a fantastic presentation. Great job!

[@Mihir_Dwi]

very good and nice talk

[@gbbbys]

the core Message is sound surrendering our will to the creator thus achieving the maximum service to mankind ,got it...

[@billsf94131]

What you say is true to a degree, but you know the saying, "if you can't beat them, join them". Open an online brokerage account and learn how to invest. Start a 401k and put as much money as you can into it. If you have an extra room, rent it out. If you have a car, carpool, ride a bike, take the bus. Most of all, watch your spending. If you budget $10 a day for food and bev instead of $30, you'll have saved $7300.00 after just one year.

[@kittimcconnell2633]

Very few people I know are willing to apply the discipline they need to make good money choices. Same is true with diet, very few people are willing to eat healthy food in order to enjoy good health.

[@CornerBoothGames]

This might be the first Ted talk I've ever had to skip before the end. She gives good advice, but it just isn't going to apply to most of the middle class. Money doesn't fall out of trees for most of us.

[@MistressMorrigan]

eh, I was lucky enough to attend the richest high school in America back in the late 90's though my dad worked three jobs and I worked two. They had a mandatory evening class called "Life skills." In it, you were taught how to make a budget, how to calculate expenses, what you should save for emergencies, and also how to grocery shop, do laundry, do basic cooking, and schedule time. It was there because most students had trust funds, servants, drivers, so literally never had to think about these things. And though I'd done most, that class was awesome. Thanks to it, I got 3 college and graduate degrees with 0 debt, I've owned two homes, and had a pretty stable life. The key was growing up poor and taking that class I knew credit cards are the single stupidest, dumbest thing you can ever do. So, yes, this class should be taught, but how? Back in the 90's life was different, now kids are taught from birth spend, spend, spend. I wish she would have spoken more about how to fit this into modern life.

[@missbehelpful]

+Mistress Morrigan Wow, how did you build good credit to own homes etc. if you avoided credit cards?!

[@MistressMorrigan]

MissBeHelpful Well, I'm lucky enough to be old enough that my credit history predates the concept of FICO, in essence, when i started no credit was considered good credit

[@UltimateC2020]

I bet you $1,000,000 you're white. =P

[@deshipe]

What an interesting post. It really evoked an odd set of emotions from me. The richest high school in America has a class called life skills "because most students had trust funds, servants, drivers, so literally never had to think about these things." One, it's good to know there's financial literacy taught somewhere. Two, but depressing that it's taught to those that probably have no concept of finance, money or reality (and if were 16 with a trust fund, I would be just the same). Three, they had to be taught grocery shopping and laundry? I can't say anyone taught me these skills, I suppose it was learn as you go. Four, I think credit cards are great, but just treat them like cash and pay the balance every month (I suppose I'm so crazy cheap that I have no problem mentally treating card purchases as cash transactions).

[@legreenschubert1862]

I thought the example of Jessica getting ther own apartment right out of college was a great point. She did not realize the long term impact- and coud have rented a room for the first year, using the difference to pay off credit card debt and keep up with bills.

[@legreenschubert1862]

To clarify, "room", not apartment. Here, an apartment is maybe $1200 for 700 sq ft. a room can be found for much less. Staying home with Mom & Dad is not at all unususal, if the school is close enough, so I assumed she was going to school beyond commute distance.

[@missbehelpful]

+Le Green Schubert True, or do what I did - get roommates!

[@carolfranklin5130]

Le Green Schubert

[@buddhikajayarathna5824]

Great Talk with Good Fact & Figures ,

[@AlexiaDark]

Yes, every worker DOES invest time - they work! Often just as long, if not longer, as the company owners, and for less pay. The money they invest in the company is the productivity above and beyond their compensation. If the company fails, they lose their job. If it succeeds, they gain nothing. This "risk" you refer to is only possible with money, and workers have nowhere to get it.

[@kokkkish]

great!!!! the braves put it in practice

[@acajudi100]

Excellent! Judi Grace StoryCorps

[@glasizbunara]

And here I was, thinking I should spend more than I earn if I want to have more money. Turns out it's completely the other way around. Eye opener.

[@JuliusFawcett]

Real wealth is letting go of your fear of the future and enjoying this moment.

[@souljaboyisbad]

You're talking about mindfulness. I disagree though. I apply mindfulness to my life, but I do plan my future. I just try not to get too caught up in the future. A balance.

[@JuliusFawcett]

souljaboyisbad Happiness is following your intuition in the moment, accepting everything, counting one's blessings, being open to all the love the world has to offer, forgiving all past hurts, creating a compelling future and being flexible, going with the flow

[@frogsoda]

By "Everywhere" I meant everywhere OUTSIDE the banks. I figured that was easily understood. You seem to have Scrooge McDuck idea of wealthy people. That they just sit around in top hats and count their money all day and never lift a finger to work. You should read "The Millionaire Next Door" Or better yet, go out and meet some wealthy people. They like to have their money working for them, and one of the ways that happens is by investing it in people that show potential and have good ideas.

[@pieniadzeniesmierdzapl]

I would like to recommend The Financial Hero of New Era from Paul Mica. Inspiring book about complex personal finance and great lie of today's money.

[@robalston314]

I really wanted to like this book. Truly. But if you're writing a book in your second language, PLEASE hire an editor!

[@martinbeco]

Great talk. In some weird way, our larger society thrives on our impulses, and that is why we spend so much money on .... you name it. Just as the little ant carries six times its weight, we can get easily get indebted beyond our capability to pay. Forcing ourselves not to buy the latest fad but to save that money for the future would be a good decision today.

[@missbehelpful]

+martinbeco True. Think about what would happen if people in masses chose not to even care about fads or trends in the media. We would create our own fads based on what we experience to be important. I think it wouldn't feel like we are forcing ourselves to save money, instead it would feel like we are taking good care of our future selves.

[@Brick42]

I Look forward to a world with no money. this is possible with the tools we have. yet we are short on unity consciousness and transformative narratives

[@thatKylerguy]

+Erik Rothenberg Functioning Communism (never truly been achieved - no I'm not a communist) is what you are looking for my friend. Unfortunately, human beings are not made that way, our world is on a self defining moral system (individual morality) where your morals are not necessarily wrong. A small country may be able to successfully operate this way with the willing public, Sweden and Norway are fine examples, but in the grand scheme of things that is not how the larger countries will ever be able to operate.

[@andrianagawin6322]

Amazing video! *thumbs up*

[@ThisDudeBakes]

Thanks for sharing this video.

[@Bobsgate]

Great lecture well done.

[@saucyjenny6042]

anyone else have to watch this for school

[@varshaakavoor730]

oml yesss! I have this summer course and it's SO annoying! Loll 😭

[@laurachen479]

@@varshaakavoor730 hiiii! (idk if you still remember me but)

[@sjkgldrfjsrhbsj2622]

@@laurachen479 oml! Lol don't worry, I remember you! We were in the same 5th grade class right? Edit:This is my home account lol

[@laurachen479]

@@sjkgldrfjsrhbsj2622 4th grade but yeahhhh! someone told me you started private school in 6th grade lolol. how r u doing? (lol the name gave me a panic attack for a split sec)

[@sjkgldrfjsrhbsj2622]

@@laurachen479 lolll srry abt that 😅 actually how abt I give u my ig acct and u can dm me later if u want 😊 it's @varshmallow_101

[@WowMiniNinja]

Thanks, that cleared some confusion up.

[@penningtoncaptial8826]

Great video!

[@sophiameron9075]

Great advice .

[@Koushi82]

important things about finance: -spend below your means.- cut your smartphone bills, yes 100+ dollars if you cant afford it dont use it- dont buy a new iphone every single time a new one comes out or new laptops/gadgets etc, or cars. dont buy that 500 dollar handbag or jeans, in general stop competing with the Jones. -establish good credit history early on- you can have as many cc as you want just done use it up. meaning pay it off if they will ever charge you interest on it. -buy a home if not moving for many years 5-10 or rent extremely cheaply if moving a lot. buying homes is an expense not an investment unless you rent it out for higher than expenses. -also try and learn new skills to reduce expenses fix your own stuff at home become your own handy man and cook. -don't keep going to the bar to pick up chicks and drink 20-100 dollars per bar night? -do not buy a car unless you need it for work take public transportation to save money bad for picking up chicks but saves on gas, tickets registration and insurance. if you must get a car get a cheap used car- for less than 3000 if you can find one and get the minimal insurance for collision only. avoid everything else and let it get stolen or otherwise. if you can survive for 1-2 years without it getting hit/needing repairs/stolen you win. oil will still cost you. but beats insuring an expensive car especially if you rented a bad neighborhood. coming out of college you wont have any rent money to get a decent place or buy any decent homes. only buy expensive cars if you can defend them otherwise you are wasting your money as high insurance + very likely to be stolen/hit by someone else. -you don't need to win the lotto but you do need to learn how to manage your own money. you don't need a personal banker to tell you this. -so moral of the story be a responsible person

[@punstress]

Apparently Miss Von Tobel has never seen the many reality shows where experts open up a family's finances and help them reduce debt.

[@TheCMnews]

Amazing talk. Wow!

[@LunHaolai]

Well done

[@oumarkoulibaly4801]

Great video

[@state304]

good message

[@TheCultivatedMind]

Most of these are tips for the old economy anyway. And that's only if it's your goal in life to work most of your life just to make someone else rich so you can hopefully retire or start your own business by the time you're 70... I figured out in high school that for most it's a huge mistake to engorge yourself with debt by going to college. Most end up using those pieces of paper they call degrees to end up making someone else rich anyway. What's the point of choosing to be a debt slave?

[@Professorsavingsposts]

I think finance needs to be required to be taught in all schools. we use money everyday but very few of use understand it.

[@Bobsgate]

Could you give a Talk, on Aims and Objectives relating to 'Jessica' please.. Regards

[@gg_rider]

It's important to understand that in the MACRO view, if EVERYONE lived within their means and attempted to save massively for retirement, saving = not spending and not spending kills capitalism. Not spending = falling sales and falling profits. Shortfall of sales caused by shrunken aggregate demand = layoffs and no hiring. Joblessness = poverty and no savings. Fallacy of Thrift. Credit -- and debt -- on the other hand, costs money and enriches the bank, but also drives capitalism and commerce just like additional well-targeted Govt Deficit Spending does --- if we were willing to have the Govt do that. Alexa's plan works inside our kind of Market economy ONLY if a FEW people are able and willing to follow it and the vast majority do not, or else if there's massive subsidies of Govt spending like World War One where the Govt encouraged not-spending aka savings by issuing War Bonds to reduce consumption and reduce competition for the REAL resources that Govt wanted to deploy for the war.

[@jroig824]

The problem right now is that almost everyone is doing exactly the opposite than saving money. Almost everyone has debts instead of assets. If only half of the population followed her advice we would live in a more equal world.

[@legreenschubert1862]

dilbertgeg note: There is a piece of the budget pie called "lifestyle". that is because a susatinable budget allows you to spend some money on what you want and not just bare necessities. It is just that the the cost of the want needs to be examined so the "wants" are managed to allow for necessities to be paid.

[@thatKylerguy]

+dilbertgeg Not spending now and putting more to invest doesn't mean spending less during your lifetime, most millionares at retirement will make up for their lack of spending quickly. To say getting our nation out of debt by not spending now would be bad for our nations economy is a short-sited argument. However, if more people invest then investment strategies would as well, that point is solid.

[@gg_rider]

***** "Investment strategies" does not produce customers. Investors invest in expansion when there's customers. Customers create jobs. Everyone knows, sales is the most important staff in a company. What you call "debt" by which you mean govt debt is LITERALLY the savings of Americans and others in the bank. Like old people who are out of the stock market, have 401k and IRA and pension funds. That money is largely not invested in equities, too much risk in the stock market. Those are invested in savings and CDs. By system design, that money is stored by banks in accounts provided by Congress via the Treasury. That's the national debt, OUR net savings. When a bank holds savings in accounts, it OWES that to customers. When the govt holds savings in accounts, it OWES that sum. That's what a "bank deposit statement" means, how much the bank owes the customer. So shrinking our net savings should be a goal? Literally, if national debt is so bad, if everyone rich and poor withdrew their cash savings and burned it in fires, so it could never go back into the banking system, that would reduce the national debt. Sound like a smart idea? People don't understand Fiscal and Monetary system. They think it's like a private business that uses and circulates US Dollars. They think it's the same thing for the Govt that creates US Dollars. Capitalism runs in Drive. It does not work in Reverse. Capitalism works when its growing. If Capitalism is shrinking, that is failure mode. I don't mean just "production" of stuff growing. More food, more fancy stuff, more services, that's vital stuff, real stuff. But commerce happens with MONEY, not barter of stuff and services. I mean financial profits and wealth MUST grow. Zero of that financial wealth comes from taxpayers or China, because nobody creates US Dollars but Uncle Sam. It's so simple, but there's so much cognitive dissonance about that. People think WE create dollars just from working hard or maybe inventing shit or maybe Dollars grow on trees. It should be obvious what the sole SOURCE is for US currency that we use for savings, commerce, and for keeping records of how successful we have been in commerce.

[@elCoronelCC]

+dilbertgeg so in short what you are saying is: we have a system that makes no sense, so we have to fuel it although there is no point to it because we defined it to be that way. And we just accept that it is terrible for the 60 something percent she mentioned (worldwide it is terrible for a LOT of people) in her talk but really good for the few who actually profit from it. That makes no sense. It is our system. We can change the parameters, we set them up to begin with. And savings do not mean the money is taken out of the system. It means the savings can go to meaningful projects (as the savings can be accumulated and lend out again; you don't need to keep printing money you can use the one in the system). You sound like it is only important to pump money around but, sorry to say, it is not. That is a result of how we set it up. But we are actually intelligent and can evaluate results. Lots of meaningless money pumping for consumable goods to feel good in the short term (just to satisfy base, instinctive urges or fashion trends or what have you) could also be transformed into significant production of goods that are useful. Or quality. Sales is the least important part of a business. Sales is, if you will, a meta or communication device to connect reality with the financial system. Reality is still the most important part... won't proof read this, so a summary instead: your viewpoint is very system centric. Most people live in the real world, though. And a common system should support that, not be a hindrance. It is the job of banks, economists, sales people ... to solve the problems on that domain. Not con everybody. I have no way to asses if what you were writing there even makes sense (although I am pretty sure the national dept is not only to citizens but also to other entities). You need to realize, we can't put the burden of getting all the intricacies of the financial system on every person on the planet. Do you know how your smartphone works? Could you build it? Should you have to learn how to? No. She is giving advice for individuals. If the system does not allow simple sensible interaction by common people, it is broken.

[@altheationgco7782]

hi sa mga taga FEU :>

[@SkintMillennial]

6 years on from this video and the situation is the same if not worse. What fascinates me is how and why Jessica has 4k in consumer debt? Can't understand it.

[@timothymarino69]

You are so right Alexa! Our fellow Americans, myself included, have gotten away from saving 20% or more. Our poor habits are reinforced because everyone else is spending and even our governement does not have a balanced budget! Starting in 2014 my wife and I agreed that there will be a spending freeze on all nonessential items!

[@robertbutcher222]

I disagree with one thing, the credit score. The truth is, you never need a credit score. Debt is always bad. Pay off all debt, call and cancel your card(s) then cut them up. Pay cash, don’t have enough, save for it and get it later. Live like no one else, so later you can live like no one else.

[@aprilmcclellan5403]

Sounds like we have a Dave Ramsey fan here

[@Terryminion]

Bravo!

[@_Wai_Wai_]

Being Frugal is not being Cheap. Being Frugal can be viewed as being as efficient with your resources as possible. You can' waste your hard earned dollars on Booze and hookers, or save it for down payment on a home, or for an experience that will improve your life. You can choose to use money for a home gym that and healthy foods that will make you live healthier and longer, or you can waste it on gadgets and fancy cars.

[@clintprint1980]

Jessica needed to hear about Dave Ramsey in high school.

[@shayliensarereal3282]

Only here for an economics assignment. I've fallen asleep three times trying to listen to this.

[@naplaca9090]

Lol

[@frogsoda]

Truth is objective. It doesn't show preference to a party. A party shows preference to truth. (or does not.) You say, "Every worker owns a share in their company's profits..." OK. Does every worker also invest time and money into that company? and share in it's losses too? Because that is part of creating and running a business. the owner takes the risks and so is entitled to the rewards. Most Employees don't take risks. That's why they are employees.

[@kimaza6363]

Perfect!

[@willywahyudi]

This is good... but I wonder if such thought is something that really has to be taught, because in here in Asia, everybody does what she's saying... people save money, invests, don't rely on credit cards, pay the mortgage on time, etc, etc... Another thing, we don't have the best education system in here... maybe that's why we don't have student loan at the first place... we have a cheap and lower quality

[@realtywithseankemp9704]

where can I buy this class

[@Marcocappp]

Google the classes near you