The 5 Worst Financial Decisions You Can Make

[@RedStickLouisiana]

I am sixty-nine years old, and my best financial advice to young people is to begin preparing for old age while they are young. Being old is difficult, but being old and poor is miserable. It is never too early to start saving!

[@bobbybobberton6373]

Thanks boomie 😎

[@marylambros2149]

The years pass too quickly and retirement is coming sooner than we think..🤔

[@RedStickLouisiana]

@@marylambros2149 The days are long and the years are short. I love the saying: I thought getting old would take longer. It's so true.

[@PJBHolden]

@@RedStickLouisiana good advice, unfortunately, too many young kids don’t look beyond the next seven days in their future

[@markbernier8434]

Absolutely right. If you are old enough for a driver's license you are old enough for financial planning.

[@tcmo6]

1. marrying the wrong person 2. pursuing a useless degree (or not finishing your degree) 3. becoming too comfortable in a low paying job 4. not making an effort to learn about money 5. financing a car

[@brandywell44]

Thankyou

[@Silverdragon517]

Very True

[@TomTucker726]

Thank you! You the goat 🙌

[@scottjackson163]

I made mistake # 1 and I’m still living with the consequences. I overcame # 2 by later getting a more valuable degree.

[@answerman9933]

@@scottjackson163 Sunk cost?

[@ChrisJohnston-z7u]

One of the biggest financial mistakes anyone can make is not taking care of their health, especially if you live in the US. (because of our insurance system). As a retired nurse, I can say that most of my patients had either completely preventable health issues or issues that could have been mitigated by simply eating unprocessed whole foods, regularly exercising, not smoking or drinking, getting enough sleep, and adopting other healthy lifestyle habits. The cost of treating the effects of being overweight and not doing the things I mentioned above are astronomical, yet many refuse to do them. I can't tell you how many people I talked to who were in denial about the toll bad health habits was taking on them. You may have good vital signs, labs results, ect for awhile if you are not taking care of yourself, but I guarantee it will catch up to you and nothing will drain your bank account like medical bills. I understand that not everything is in our control and some illness is not preventable, but so much is in your control and is your responsibility to take care of. Please, if you want to be financially secure, TAKE CARE OF YOUR HEALTH.

[@2ChukBuk]

^^^^ This! Nailed it Chris. ^^^^

[@JayJr.]

Absolutely!

[@esterdrass4964]

Omg Thank you! You hit the friggen nail on the head!! I try so hard to tell people this, proactive healthcare. Take care of yourself. Exercise your mind body and soul, go for walks, eat healthy. Yes, cheat foods are ok but not to live off of. I see this firsthand. I work with all ages and those that are in their later 80s all the way up to over a hundred (I had a client who was 103). The one thing they have in common is what you said. They keep busy, they eat good and walk. A 98-year-old woman, she still works!! Twice a week she goes to her job down the street, she still drives a little and she said the key to her physical health of her body and her mind is keeping busy and her staircase. She has to go up and down stairs quite a bit every day. Another woman, 89, she went on an African safari! She stayed in a glamp tent. She wanted to hang with the Gorillas but the organization, not her doctor, but the people that put it together thought she was too old. Her own doctor wrote them a letter saying that she would never write a letter suggesting a near 90 year was well enough to do this trip, but in this case, the doctor wrote a letter to suggest she be allowed. The organization just said no. Meanwhile, I have a friend in another state and just trying to get her to get out of the house and walk is an ongoing challenge I want to give up on. She has every single excuse in the world, and she is in her 50s. We cannot control lots of things and especially what goes on in our bodies, but we can control some. Doctors pass out pills because that's what people want...something to make the pain go away but never really trying to figure out where its coming from. I am all for pills to help but not when it becomes a dependency to a point of suffering the side effects that can actually make you feel worse. I wish people would understand the power they have with this.

[@randaray24]

For sure. Just diagnosed with diabetes due to poor diet choices and absolutely need to get things under control since I’m 55 and not ready to check out anytime soon.

[@UTP504]

Facts💯.

[@KACn5582]

I am glad you mentioned marriage. My mom always talked about how she got lucky in her marriage choice. And to not rely on luck!!

[@mbank3832]

if marrying the wrong person is my downfall, which I have witnessed, I rather stay single

[@mavman0131]

Let me tell you something, live with someone. I am a big believer in NO MARRIAGE. Besides marriage is a construct of man, not religion. The regions jumped on that bandwagon later on cause they realized they could make money off it.

[@bigd3104]

​@@mavman0131I hear you! I've been thru 2 marriages. I'm done! LoL. At least on the second one I was smart enough to not have anything in joint accounts and not lose half my sh*t when it ended, like I did after the first one! Even just living together has its own inherent risks, which I've done a few times over the years. So at 67 now, I've decided it's best to just have "acquaintances", at the most. I like being able to do what I want, when I want, for as long as I want, or do nothing at all if I want, and not have to worry about what someone else thinks. So I plan on running my clock out by myself. Just the way I look at it. But to each his own.

[@mavman0131]

@@bigd3104 cool!!!

[@MrDuncl]

I think that could be down to a lack of financial education. How many films and TV shows suggest that true love overcomes all obstacles like a partner being an drunk who can never hold down a job ?

[@linkkitten]

Nicole I really like your videos, you provide so much needed information. I am 60 years old and still benefit from what you teach. But I definitely recommended your channel to my adult children

[@bcusaaus4749]

You have a lot of wisdom for such a young person!! I learn good tips from you in my 60’s

[@airreaper1]

The first one is so true. My coworker and his wife are complete opposites when it comes to finances. They are struggling

[@Ramoslima89]

The worst decision is perhaps a no decision. Being stuck in the same environment for decades can easily kill any chance of success.

[@jadedelarge]

Another great video, Nicole. I remember in 1995 I bought my first brand new car. A red Hyundai at 18% interest (yes, 18%) with all the whistles. Never had credit before and I didn't know anything about finances. My payments were $300 a month for five years and I kept up with all the maintenances as required. At least that beautiful little car last me 12 years, never broke down and I ended up driving it to the Kidney Foundation in Toronto. I would never go into debt again for a car. I don't own a house either. Buying that new car was and still is the only time I've been in debt. I never had a high paying job. I am doing ok as a senior on a low income because I earn some extra income from stocks dividends. Not much, but the secret to a peaceful life to me is living between my means and never have debt. Happy New Year and it won't take you long to reach 100K subscribers!! You're a smart cookie.

[@seltzermint5]

I also did the "one time new car purchase" and do not regret it. A brand new Kia in 2006. My down payment was pretty good and my payments were like $230. The car lasted 14 yrs past the 5 yrs it took to pay it off, and it's still running...in fact it just changed hands at the dealership I sold it to. Now I have a newer Mazda, and paid cash.

[@jarmago7750]

I agree with you! I will learn more from Nicole for sure. This is literally a life-saving hack!

[@LKtravels]

In general, your observations are spot-on. That said, I have a little push-back on the quitting college sub-point, though. I think it very much depends on two questions: (1) how far along are you already, and (2) do you have application for the degree you're pursuing. One should avoid falling victim to the "sunk cost fallacy", or as it's sometimes phrased "throwing good money after bad." In the USA, undergraduate hours generally don't "expire," so a person could quit college at 20 to be gainfully employed and then pick it right back up 10 or 20 years later when they know what they want to do with that education. On the flip side, if they're near finished but stalled, they should usually grit their teeth and sprint to the finish so they can get on with life. I've coached several folks through both paths over the years.

[@paul_domici]

Great video Nicole!!! Yes, who you marry is the most important decision of your life! Even if you get along financially you have to make sure you have many things in common and can see yourself being with that person for the rest of your life! Nothing worst than when your spouse becomes a stranger in your house!

[@Mekias]

I've stayed at my current job for 22 years now. I probably should have left early on when I wasn't making much money. I didn't consider myself a valuable worker and had a bit of imposter syndrome so I couldn't imagine someone offering me a better job. Fortunately I'm making good money now and my job has a secure pension so it hasn't hurt me too much.

[@MrDuncl]

I'm surprised Nicole didn't mention -pensions. I was looking at some old wage slips and was surprised to see that not that long ago I was paying 6.5% of salary to get a 1/50ths accrual final salary pension. How much would that be worth today ? Even recently, when looking around at higher paying jobs it was rubbish pension schemes that put me off. p.s. I am in the U.K. different countries might have different arrangements.

[@Wendy-il3lu]

Having kids with the wrong person, let alone having them in the first place, is one for me. 😂

[@seltzermint5]

definitely. Also I feel like a lot of times it does make sense for moms of young kids to stay at home for several years but I think financially a lot of them make the mistake of not returning to work even when the kids are 18. As a childfree woman in my late 40s I see a lot of my peers struggling both psychologically and economically due to this, even those who are still married. I think a lot of people but especially (because of our society) women fall into this.

[@CARLiCON]

"When Poverty Comes in at the Door, Love Flies out of the Window"

[@dabeage]

That's why you lock the windows.

[@tylerfoss3346]

Another outstanding video, Nicole. You are wise beyond your years and sharing your wisdom with others is a wonderful thing. Bravo!!!

[@richardbuki658]

Approaching to 100k subscribers!😊😊 I remember when the algorithm suggested your video you had less than 5k subscribers. What an increase! Keep up the good work!😊😊

[@mattw8332]

I must confess to being one of those employees in a lower wage job but have been to college. I had hoped to rise up the corporate ladder with a view of earning a good salary. However, I prefer to not have the stress and colleague conflicts that comes with that territory. Just want to do my job to the best of my ability, go home and tune out.

[@seltzermint5]

Don't be ashamed of having that degree. It's still an accomplishment. Also, you never know when you may rise up the ranks after all. I also have a degree and was underemployed til late 30s, work life balance is important to me too.

[@Nemo-yn1sp]

I immediately said bad marriage. It knocked me to the ground and took me YEARS to recover financially. Never recovered my career, still working at getting set up for old age and at 68, feel as though I need to hurry, just in case. The idea of minimum wage workers having control over my aging body in an overcrowded, understaffed nursing home doesn't work for me.

[@kwaichangcaine8234]

I hear you ! I'm 64 divorced 16 years and still trying to catch up to where I was pre divorce 😮

[@Nemo-yn1sp]

@@kwaichangcaine8234 Yep, it's been 16 years since the divorce was official, but only 10 since it was settled. The divorce crap took longer than the marriage because my doctor ex grew legs. He had an attorney, I had nothing but threats from bill collectors and lost my home.

[@StephanieG1]

I am 60 and one of the benefits of being old is being able to lecture young people on how things used to be in the past. I went to school from 1969 until 1982. Pupils(students) were divided unofficially into three groups. Those who were above average in test scores. Those who were average and those who were below average. The above average were destined for office work. A previous few might make it and become bank managers or accountants but most would spend their working lives in rather lowly clerical positions. The average group would end up in retail/warehouse/delivery work. Which was more respectable and less dead-end than today. The below average were destined for factories, the military and heavy manual labour positions. Very few people went to university, less than 10%. There were no internships or zero-hour contracts.

[@suzywernet5312]

Thank you. The money thing for who you marry or live with is so very important!!

[@NicoleButler-r9s]

You are spot on with college. Way too many people are majoring in subjects that could not possibly be worth the cost of the degree, and way too many kids are wasting someone's money by failing courses repeatedly. I have several friends and family members who are professors... It's ridiculous that college is as expensive as it is, and that there are few guardrails in place to keep people from ruining their lives with student debt.

[@RedStickLouisiana]

I agree. This started when the U.S. Federal government got involved in the student loan program.

[@paulbrungardt9823]

Marrying the Wrong Person will set you back a decade financially. I worked in a large California medical center for 1 years. The biggest income surgeons often had the lowest net worth. 1 thoracic surgeon filed for bankruptcy after filing for his third divorce. Slow and Stead is the best strategy for increasing net worth. Your family unit is not a disposable commodity; it is an investment both financially & spiritually.

[@paulbrungardt9823]

Typo Worked ... 15 years , not 1 year.

[@zapit001]

Your videos are great!!! Finance is something that should be covered way more by schools and parents. I wish I would have been taught more at an earlier age. Your videos are great and I look forward to seeing them. Thank you for the great content!!! Have a great New Years Nicole!!!

[@MrDuncl]

Things are getting more complicated and the numbers bigger. Luckily I learnt the car finance one 33 years ago with a £3000 car loan where it took 26 months to pay off the principal and another 10 top pay off the interest. I then kept that car for another eight years.

[@masqueradinglampshade4369]

I believe the reason school curriculums don't teach personal finance is rooted in corporate greed and maintaining power structures. If far more people were taught to be better with money, banks would see their profits from interest on loans and associated fees decrease significantly. The automotive industry would be hit hard by declines in sales because less people would be buying cars with horrendously unfavorable financing terms. The less money the masses have, the easier it is to control them. I don't consider myself much of a conspiracy theorist, but I do believe this.

[@stevenplaysbone8791]

One of the reasons so many servers have a college degree is a lot of them used to be teachers, and found out they make more money serving and bartending than teaching. I know A LOT of people this is the case for.

[@GregMacDougall-m3n]

''The percentage you're paying is to high priced, while you're living beyond all your means and the man in the new suit has just bought a new car with the profit he's made on your dreams''. Said by musician Steve Winwood. From the 1971 song (High heeled boys.)

[@readyornot316]

Excellent info in the video and the comments! Marrying the wrong person has lifelong implications, impacting not just finances but mental health as well. Your counsel about higher education is true to an extent. I didn’t learn anything in high school and needed the additional education, which helped me grow up and achieve more than I would have otherwise. A lot of people who have a degree sell themselves short and settle for less, which is a personal decision.

[@linkkitten]

Nicole I love watching your videos, sometimes you say things others won't, like it's a financial mistake to marry the wrong person! I have said something similar to friends over the years and they give me a shocked look and say they are marrying for love not money! Lol I wonder how loving they will feel when they are bankrupt. 🙄 Thank you for all the good information

[@itsnotme07]

She's so young....but so spot on in her video here (and the other 3 I've watched)! Nicely done Nicole....just added me as a Subscriber.

[@mikehogan1827]

This is an excellent video, Nicole. Well done! Your point, about the need to take personal responsibility for our own financial literacy, is especially important. I wonder if you might add to your value proposition by occasionally posting a video where you interview older folks about their financial failures. And perhaps their financial successes too. Please consider this.

[@slax4884]

The continuous grey sweaters were hilarious haha I love your videos :)

[@FreshWaterWindsurfer]

Love this video! Thanks for talking about this subject it's so true!

[@jarmago7750]

Damn! These things hit hard! I'm glad that the algorithm brought me here! Thank you for this video, Nicole! Happy New Year!

[@desimo147]

I believe that car payments are the single biggest indicator of financial problems in a person's life. While the guy or gal who pays cash may spend $25,000 (per the example in this video), the individual who finances will spend $50,000, plus taxes, plus interest. Also, the cash buyer will keep their vehicle for 12 to 20 years. The financed vehicle will be traded in after 3 to 8 years, the dealer will rip them off on the trade in, and then they will spend $70,000 for the next "step up" vehicle in their life. To them, this is what moving up in life means (getting more debt).

[@thomasmarek7310]

To me debt greater than assets means negative net worth. I may not be a millionaire but just by not being in debt $50k my net worth is $50k more than someone who is. A lot of people will rack up the debt buying things that will not actually generate more value than it costs them to buy it. You can have all the fanciest things on credit but it might mean either spending all your time working to pay for them and never having time to use them or eventually having those things repossessed and you lose those things, plus whatever money you sunk into the monthly payments.

[@Audifan8595]

Man am I an outlier then? I bought a used car for $16k ($5k down) and have been driving it for 6 years now and have no plans of ever trading it in. My intention is to drive it til it dies.

[@969thewhip]

I fully paid off my mortgage during the pandemic. Been driving older beaters the whole time because I refuse to have a car payment. I've been saving the extra money while still driving my old vehicle so I can finally buy a nicer vehicle in cash later.

[@DrBilly90210]

Regarding your first point (marrying the wrong person). As you mention, oftentimes it's not only the financial chaos of BEING married to the wrong person that can wreck your finances, it's the truly astronomical cost of UNDOING the mistake that can be crushing. In my younger days, my understanding of marriage was something like a 'contract' between two people. Of all the things I misunderstood about marriage, perhaps the most egregious is that marriage is an arrangement between two people AND THE STATE. While the people involved may not take marriage vows seriously (exhibit 1: high divorce rates in most Western countries), the state takes those vows very, VERY seriously. So in addition to the very high costs of the divorce itself, most family courts will impose ongoing obligations (e.g. spousal maintenance & child support) that go on for years, even decades. Add in the emotional, mental, and psychological trauma from divorce and it easily can ruin the lives of those involved. Choose your spouse wisely. The other financial mistakes enumerated in the video pale in comparison to a bad marriage and divorce.

[@bigd3104]

Preaching to the choir!! LoL. 67, single, debt free, NO payments (other than monthly utilities), plan on staying that way the rest of my life! But to each his own.

[@ninefablesfox4872]

I understand your point about divorce being expensive but I don’t think a high divorce rate is a reason to say people don’t take marriage seriously. There are a lot of reasons to celebrate high divorce rates, it means women are empowered to earn their own income and women in societies with high divorce rates are generally safer. Most divorces are amongst the older cohort, after children have left the home. Younger people also aren’t getting married at the same rates as previous generations…mostly because they can’t afford to.

[@DrBilly90210]

@ninefablesfox4872 Most divorces happen in the 25-39 y/o cohort. Your opinion that younger people can't afford to get married makes no sense. One can go to the county clerk's office and get married for a nominal fee. Shared expenses and favorable tax treatment of married vs. single makes cohabitation financially attractive. Perhaps a reason young men are eschewing marriage is because of the grim divorce statistics. Also, a lot of young men have been raised by "proud single moms" and have seen firsthand their fathers zeroed out in a divorce. As has been said in a different context, "An interesting game. The only rational choice is not to play." The assertion that high divorce rates is something to "celebrate" completely ignores the personal, social, and cultural devastation inimical to divorce.

[@j.m.b5441]

First one is the most important, in my opinion.

[@cycoyote2082]

A life of easy job but low pay is what I call "fluffy handcuffs".

[@pixie3013]

#2 and #3 are spot on. It took a long time for me to finish my degree, but it was in "useless" degree, and the cost was not worth it. I am in debt and have worked low wage jobs. While I will not list it here, there are only 3 or 4 Bachelor degrees that are worth it. Please pick something with high ROI and have a real wage... and really think if that debt is worth it. Yes! Do not stay at low wage jobs, keep asking for your worth and if you are not getting raises and promotions after a few years... run. As far as financing a car, most of us do not make enough to save for a used car outright and despite what everyone thinks not all cities have accessible or any public transportation. I know a small town that just decided to stop bus service. While I understand the sentiment, a used car out of pocket isn't viable for most people.

[@paulo5861]

Not making an effort to learn how to stay Healthy could be a number 6 reason. In reality a failure in just one area will drag down all the other areas. Great video. You look like you have found ways to stay healthy. Healthy mind healthy body should go hand in hand.

[@quizmaster10]

"Something that's expected to increase in value ... is called an asset. But something that's expected to decrease in value is called a liability". I get what you're getting at, and everything you said after that is perfectly valid, and helpful, and expressed in an understandable way. But that's not what a liability is. Like if I buy a house, and take out a mortgage, if the value of the house goes up (or down, or is constant), the mortgage itself is a liability regardless. But the point you're making is correct. If you purchase the car outright, you get an asset. If you finance it, you're creating a liability for yourself. And if you're not careful, that liability can turn out to be far greater than the value of the vehicle, to an irresponsible degree. I'm a fan, not a hater, you just said something that made my accountant brain itch. Keep up the quality content.

[@bigd3104]

A home (primary residence) does in fact have the dual distinction of being both an asset and also a liability, I agree. However, having been a renter for most of my life, and currently being a homeowner, I personally prefer being a homeowner even with all the downfalls associated with it. However, we never actually "own" our home. Try not paying your property taxes for a few years, then see who actually OWNS it. And with property taxes increasing yearly, at least in my area, this in my opinion is a subject that seriously needs to be addressed. Rant over. LoL. Have a great day and a happy new year!

[@sultanofcardio]

@@bigd3104 why do you prefer being a homeowner?

[@bigd3104]

@@sultanofcardio No one living below, beside or above you! LoL. But aside from that, I know that I own something that will (hopefully) be worth quite a bit if needed in the future should I decide to retire and move somewhere else. Even with all of the maintenance required that goes along with it and yard work I think it's worth it. At least as long as I'm able to still do those things on my own, anyway. Renting just always felt like throwing money down the crapper every month. But, that's just my opinion. To each his own.

[@charlotteboy6783]

Yeah, as an accountant myself, glad someone caught this. The car that depreciates is still an asset, only assets can depreciate. The reason it *feels* like a liability is because if it's financed it will cost much more in the long run than it was ever worth, since it's continuously decreasing in value.

[@michaelboom7704]

Bought a new car once and said never again! Have a Happy New Year!

[@gregtomamichel973]

Only a little correction... a car is a depreciating asset, whilst a house is an appreciating asset. But your point remains valid, spend the minimum on cars and don't use debt. Great video, thanks.

[@tavo_gus10]

You hit the nail (again). What a great video!

[@lamusica1592]

1 marrying the wrong person 2 Pursuing a useless degree 3 Becoming too comfortable with low paying job 4 Financial illiteracy 5 Car finance

[@RustyDice]

On a date: "Do you make 6 figures?" "Why? Do you have any debt?" "Yeah this isn't gonna work" "Yup."

[@seltzermint5]

lol kind of sounds like 2 neurodivergent people on a date, me and my husband were basically like Do you not smoke or use substances? Do you have debt? Do you never want kids? Ok let's make out. bahaha

[@RustyDice]

@seltzermint5 hahaha, I'm glad you found each other! I can think of more - "What's your credit score?" "What's your body count?" It's tough out there!

[@IzzyOnTheMove]

Ps congrats on the Invisalign! My BFF is almost done with it and she's so happy she wore it for 2 years!

[@PeterVanDeMotter]

#3: I've seen people stay in jobs just for the security. If their employer does not lay them off, it's amazing what some will put up with.

[@awakenotwoke1973]

People delude themselves that a new car is going to save them more on repairs than the cost of the credit just so they can turn a want into a financially justifiable expense while ignoring the fact they're realising the depreciation and margins every time they change vehicle.

[@mht5875]

Even worse, I personally know people who buy a new car as soon as the one they already have is paid off and traded in. But, gotta keep up with those Joneses dontcha know.

[@scotland9922]

yeah, people change wants in too needs to much

[@Georgggg]

And guess what: repair shops charge more for more expensive cars, because parts more expensive and risks of breaking something cost more. Not only that, but insurance costs more, because repair of whatever havoc more expensive car whreaks costs always mooooore.

[@boohoo4962]

​@@GeorggggAnd the garage thinks you're loaded. That's why looking poor is important.

[@amyjones8613]

I have chosen poorly. Now I'm sad.

[@Vickie...]

Me too, 2025 is the year of change! 🤗

[@esterdrass4964]

You learn from mistakes. It's the only way to 'get it' is by experiencing it, whatever it is. Even if you made the same mistake again and again, when you reach that NO MORE point, you change and that's good.

[@bigd3104]

It took me 55+ years of making "mistakes" to finally halfway figure it out. Wisdom comes with age. Or it should at least. Don't take as long as it took me to get my head on straight. Most people have time to at least partially, if not totally, recover from past mistakes. Life can be not only an extremely expensive but also emotional learning lesson. Look forward, not back. We can overcome almost anything in time. At 67 now I like to believe I've at least figured out how to not repeat past mistakes and at least be comfortable with my life now. Best of luck to you!

[@Silverdragon517]

Me Too

[@amyjones8613]

I have done all of these mistakes except number 4. If I knew, then what I know now. Man oh man

[@doobiedoo5450]

Actually some good advice in this video.

[@Noksus]

1. My parents never had money 2. They never taught me about money 3. I didn't know what I didn't know 4. Ended up in massive debt 5. Trying to get out of it now

[@peterottes6900]

For me, I bought one new vehicle in my life. A Toyota pickup. I talked the guy way down and had the truck 5 years longer than the payments. 250,000 miles when I got rid of it. But I will never buy a new car again. That was 40 years ago. All my cars, vehicles are used and serve me fine. Do your research and you'll be surprised by what you can get and the reliability. My 2 cents.

[@vjnvisakh]

100% on the partner thing. It was a pain trying to explain finance to my ex.

[@earlgreco8636]

Another factor in financing a car; the bank will further screw you by forcing you to take out expensive insurance just to protect their car. Thank You for sharing your valuable knowledge.

[@frankwilson2607]

Love your content and subbed long ago :-) - but you really do need to add #6 as Maintain heathy habits because even if you do, illnesses still crop up that can ruin you in the U.S. (because billionaires here think that's fine). AND 6(b) pay attention to your TEETH! My spouse and I are among the few in our age bracket who still have all our real teeth... and oral health is soooo closely linked to overall health. Happy New Year!

[@beetlebuilder5882]

A person that I work with bought a brand new Chevy truck. Last month the transmission went in it. The warranty just expired on it and he is still paying for the truck. The truck is so new that the local transmission shop can't get parts yet for that transmission so he has to buy a transmission from the dealer. That is going to cost $7000. Meanwhile I am driving my super reliable 2002 Toyota 4Runner that I paid $3800 cash for it. If the transmission would go out in it, I can get one at a local junk yard for around $500 and have it back on the road in a day. Meanwhile my coworker is going on 3 weeks without his truck and driving a rental car that is costing him $400 a week. Also I only pay $70 every six months to insure my 4Runner. I don't know what he pays but I am sure that it is a LOT more than that.

[@censoredeveryday3320]

Those old 4Runners gets stolen all the time. Take precautions.

[@MrDuncl]

In the U.K. Golden Handcuffs usually applied to very good company pension and company share schemes rather than particularly high salaries.

[@WilliamWhite-d4t]

I have to say this lady has her head in the right place.pity there aren’t a lot more like her

[@peterb1277]

Happy New Year, Nicole. Looking forward to seeing more videos in the future.

[@findcalmwithclaudia]

I don‘t know why ppl finance a car.. My father used to say “My car runs on tires, and yours on credit.” 🙃

[@colleenmarin8907]

Should I walk 12 miles to work every day and then another 12 miles back home, or does it make more sense to finance a car so I have the time to function as a normal person? I currently own a 20 year old car that was bought used from some guy in Tennessee, but it won't last forever and I will need a reliable replacement car

[@findcalmwithclaudia]

@@colleenmarin8907 Not need to walk that distance (I just have about 5, 6 km to work and go by bike). My car is 20 years old, too, but I think what ppl get wrong is buying an older car they actually can afford/pay for in cash OR getting a new one they often can't really afford and that will keep them trapped in a high payment each month over years.

[@andoverwarren6392]

@@colleenmarin8907 I had lost my license and faced the same thing. I moved. Being a few blocks from work was actually awesome. If you can avoid financing a car…. Avoid it. You are very smart holding onto that car!!!! Stay smart.

[@seltzermint5]

I think some people truly just don't have the 6-10k for a reliable older used car. And others do it because they love the idea of a "fancy" or impressive vehicle that is high end and/or brand new. I try not to judge either way. I just know buying a newish used Mazda (with cash) to replace my Kia I'd driven since 2006 was a fun experience for me this holiday season.

[@PJBHolden]

You don’t know why?? 😳

[@magicllama9614]

Nicole is the best!! What an angelic gem. South Park, Simpsons, Bob's Burgers.... What an excellent sense of humor

[@ramyhuber8392]

Am 72, female, single. I've managed to make only small financial mistakes in my life, and now am fine financially, now working very part time with good investments and passive income in place. One thing I would add is getting pregnant by "accident" For both young women and young men, this can be disastrous financially. With the overturn of Roe v Wade, even more of a disaster emotionally and financially. More for women than men, unfortunately.

[@vikkienos6807]

I find your videos both interesting and useful… thanks.

[@arlenefauchon3279]

Fantastic Nicole! Love your house. Happy New Year!

[@rickschlosser6793]

Instead of going to college or university, consider a trade. Now, in some places you are expected to go to school before you get the trade. But if you do things right that doesn’t happen. I got a job with an industrial service provider and worked there long enough to demonstrate my ability then told them I wanted an apprenticeship. After a year, I went to school for 8 weeks. I only got EI while at school, there was no free lunch. But every time I got back from school with a passing grade I got a beefy raise. A few years later I got that paper with the famous ‘Red Seal’ that got me the big bucks. Classic ‘Learn while you Earn’. When you have an in demand skill your biggest problem is finding enough time off to spend your money. 20 years later I retired, and my income didn’t fall. Good stuff Nicole. I also grew up in home where the biggest money problem was we didn’t have any. The school of hard knocks is an awesome teacher.

[@markbernier8434]

Happy New Year. A very good video. 1) Marriage is always a huge risk, especially for a man. 2) You are right today. It wasn't true years ago. 3) True, but often the hidden cause is (1) 4) OMG my favourite rant. 5) Vehicles are a more complex situation than you describe. All transportation has a cost, even walking. You have to do enough of (4) to see what you are actually buying (or renting or leasing) and to really understand what you need vs what you (or your business) want.

[@sparkyblazeup1]

Skip university - go to a trade school and get a real job afterwards.

[@Jaji813]

Those are 2 different tools. If you're hands-on, go to a trade school, but I wouldn't want my doctor, engineer, scientist, or even tech person to go to a trade school. Also, Universities teach many valuable lessons not taught in trade school (depending on your major, of course), like economics, critical thinking, basic accounting, etc.

[@KellyFrisby]

The ball and chain of apathy. That's a pretty good way of summing it up! I do get paid well, though, so i guess i avoided this pitfall. Thanks for the sage advice.

[@vito345678]

I got DANGEROUSLY CLOSE to the second mistake. I'm 26, went to school for a bachelor in Media Arts and i did a Master in Avertising, and now i'm back to school for an online bachelor in Computer Science. Luckily my Bachelor in Media gave me skills like digital marketing and videomaking, and I was extra lucky to start working in marketing and advertising while still studying, so I could pay in full both my Bachelor in Media and my Master. I have to specify that I live in Italy, where the university is very cheap, and although my master in Advertising costed around 10k euros I paid it in full thanks to the fact I was already working and the master landed me a decent paying job. At 26 I'm debt free, decently employable, saved a good amount of money and started investing my savings, but I could have VERY EASILY studied political science or law at a private university in Italy and be stuck with AT LEAST 60.000 EUROS IN STUDENT LOANS while being unemployable or stuck at minimum wage. I'm so glad i avoided that bullet

[@Bitbit3427]

Happy New Year !!❤❤❤❤❤🫶🏻🎉🎊🥂

[@wendybauman4074]

Happy New Year, Nicole!🎉❤ Look at you, almost at 100K subscribers! 🙌 You are about to have another one, as I ask my 17yo son to start working his way through your video history. Sooooo much solid life advice - financial and otherwise - Thank you, thank you, thank you for all of your videos, and I look forward to your videos of 2025! (Hugs to Levi!)

[@Ticklicious]

This is why I’m in the middle of doing an IT course that will take me a few months to do. After I’ll be able to easily start making 4k+ a month remotely instead of working a “normal job” making 2k a month. Will also have huge growth potential in making more within a short time frame. Sadly, I grew up right out of high school in 2009 financing my first car. That’s what I was taught by my parents. No wonder why they are always struggling when they finance everything, boat, trailers, car, etc. They have no savings and will be working till their late 70s because they never learned how to invest or make more money. I’m just now learning all this in my 30s. If only I learned this sooner, but it’s better than never I guess. 😂

[@censoredeveryday3320]

don't be so sure. IT job market is saturated.

[@Jaji813]

#4 can be very dangerous. There are a lot of scammers! And a lot of bad advice, get-rich-quick schemes, people pushing their products, etc. I made a lot of mistakes before I started listening to the right people (real financial advisers, accountants, reputable people and websites, etc.). Just be careful guys!

[@beltken]

Granny spitting her teeth...that's me in a few years. 🤣

[@kathrinkaefer]

Ouch, ouch, ouch. I have done almost all of these, but the worst of them is surely marrying the wrong person. I love my husband as a person but he is bad with money and I have lost thousands and thousands paying for his mistakes. But I grew up being taught to follow my heart and that love is all you need.

[@beltken]

Nicole is the best...I send to my kids & grandkids!

[@MasterDebator-l7u]

I’m a big saver now but learned the hard way. I love cars but love feeling financially secure MUCH more. My wife and I own two cars, one has 194000 miles and still going strong (with proper maintenance), the other almost 300000 miles. Both paid off. If one of them breaks I’ll go out and purchase another car. I ALWAYS purchase privately and purchase used and pay in full! This can scare some and while that makes sense there’s plenty of companies out there who you can pay a couple hundred dollars to and they’ll do a 100 point inspection on the vehicle prior to purchase. Or like me I bring my own OBD2 Scanner and can run through any and all faults the car has ever had. Dealers are a sham and a scam, and we saw this play out in 2021-current where they weren’t even trying to conceal their obscene greed.

[@johnepperson8867]

HAPPY NEW YEAR to you too, Nicole !!!!! Thank you for all the great videos, and for the HNY wish 😊.

[@charlotteboy6783]

2:02 this reminds me of when someone asked me how i would feel if a guy used a coupon to pay for a forst date. (I usually pay for my own food/admission on first dates anyway) So i said it would be a plus, because it would show he is a saver.

[@JohnAndries-lt2jd]

I was never good at math, so it's wonderful for me that she explains it in a manner easy to understand.

[@f0rth3l0v30fchr15t]

I mean, I technically didn't finish my degree, because I got *long term* sick at the end of my 3rd year (it took me about 13 years and a kidney transplant to get me to a point where I wasn't kinda disappointed to wake up, and spent the rest of the day waiting to die), so I graduated with the 3 year degree before the credits I had accumulated were due to expire. On the up side, I live in the UK, and because I'm well into my 40s now, I didn't pay tuition or accrue medical debt. EDIT: I don't know how things are done elsewhere, but my school did a lot of stuff - mainly in maths, so I guess a lot of people just zoned out and ignored it - about stuff like credit card debt, compound interest, hire purchase agreements and stuff. As far as investment goes, the advice I got from my parents was essentially "the value of an investment can go down as well as up; don't put all your eggs in one basket; and looking at quick gains is a good way to make a small fortune out of a large one".

[@peterwilder752]

my partner and i started talking money during date number 2. Been together for almost two years now, living together for the last 5 months. Its been fantastic knowing we're on the same page in terms of what we want in the future and how to get there

[@MarcoEmeryLinden]

Dropping some wisdom. Thanks.

[@CharlotteLehman]

Learning is valuable for learning’s sake, and exercising and developing critical thinking skills is a worthwhile way to spend your time. I understand why higher education isn’t always a good financial decision, but there’s more reasons to pursue education than just finances. I know this is a finance focused channel, but I do wish you acknowledged the qualitative benefits of college and university, not just the quantitative negative effects. The decision whether to pursue higher education is not a simple one and depends on the person’s priorities and values.

[@EvanYeahMe]

Thanks as always for explains these topics in an understandable way.

[@H2R5GSXR]

You start the year off with great advice for the new guys. Always spend less than you bring home and you will always be wealthy. I got lucky and a woman married me when I was 23 and we did the work thing until we retired at age 51. Now still no debt and 4 old paid cash for cars, and our home that I paid cash for in 1995. Life has been good so far. I tell every young worker I meet to start a ROTH IRA, they came in handy on our way to age 65.

[@marclapensee3864]

Nice to hear someone point out this horrible thing in relationships when it comes to one saving vrs. the other living pay check to pay check... You did a good job! I seem to be horrible when it comes to communicating on that subject...😢

[@amberp5207]

Great info! Happy New Year!

[@elaynebeaumont1272]

I think low pay chill jobs should be called fuzzy handcuffs. You feel cozy while getting screwed.

[@nauscakes1868]

One of the hidden fees associated with 5 dollar coffee is a lot of coffee drinkers are on credit card debt. So then you gotta compare what that 5 dollars is costing you in interest. Additionally, the cost of losing positive interest from having that money invested. So it's like 5 dollars +1.5 dollars from 30% interest. And also losing you about 7%~ on that which is like 35 cents. It's not a lot. But the thing with interest is that shit scales wildly over time. Little things become big things. And that's why a lot of people bleed out. Because of little things. IF you have ANY credit card, every little purchase you make while bleeding interest is like 20-30% more expensive than you think.

[@nauscakes1868]

So the follow-up since she did a great job explaining the car thing. The idea isn't that "quitting coffee will change your life," but it's a snowball effect. If quitting coffee for a short time allows you to buy a car in full, then you save money on that interest. The idea is that you save where you can in small areas so that you enable yourself the ability to save in medium areas (like a car), and then you end up with lots of money to save in big areas or even invest. A fantastic example is, you save small, save medium, and then you're sitting on a healthy nest-egg of invested money. What if the market crashes a bit and a bunch of really great houses enter the market. Well, your saving allowed you to be in the PRIME position to take advantage of a fantastic deal. And the follow-up, the end-game of all of this is to create generational wealth and pass this snowball to your kids. Just keep rolling it around until you've become one of the elites. People will bawk and bitch that "oh, it's just coffee, how big of a deal is it?" It's a domino. Every bit matters. Especially at the beginning. Start somewhere.

[@curtispavlovec]

It’s a good point. $1 per day is $365 a year. Recently I saw a survey which said most Americans could not handle a $500 unexpected expense (without using credit or borrowing to cover it). Small things really do add up…

[@maryt9375]

Have only owned 3 cars in my life - paid for all with cash. Now I am retired, live downtown (all amenities are within walking distance) in a city with OK transit - so gave up driving. Amazing how much more disposable money / savings I have

[@joeteejoetee]

If yourYT channel had 2,000 more subscribers, then half of them would soon make better life decisions from then onward. You provide SO MUCH information and logic in every episode. Thanks!

[@eileenpretto1021]

everything you said makes total sense.

[@southbound1969]

The car example is worse than that. The numbers you used are AFTER TAX numbers.

[@firelitparlormusic]

Best of luck with your Invisaligns! I used them from 2019-2021, and my teeth are in much better shape. The insurance plan was fair- half of the cost was out of pocket. My employer’s dental plan paid for the rest. 0:42

[@Silverdragon517]

Great Video, Nicole

[@tlawrence116]

You are so wise and your video's are awesome. I'm so happy that you will soon have 100k subscribers. Happy New Years to you and Levi!🎉🐕❤

[@katresealexander1311]

You are so telling the truth about car payments.

[@konstantinasnikonorycevas7615]

That was a good video.🎉 And no, no, don't start to drink 😂