Living on $280K a Year- Millennial Money.
- Thread starter Mai72
- Start date
Personally, I fucking love stupid millennial morons that spend countless amounts of money.... It's what makes the world go around, it's what makes our economy run....
Me saving boatloads in my 401k certainly isn't doing as much as this spending moron is.
$700 /month on "Life + Disability Insurance" Yeap, this guy is a complete moron folks....
I can only presume whole life insurance? Only the biggest of dumbest idiots buy that shit. Like I said though, he contributes to TONS of paychecks and buys tons of consumables. He is dumb as a brick, but I won't complain, he is what makes the money circulate, which is what makes us all wealthy. Keep on being stupid.
I can only presume whole life insurance? Only the biggest of dumbest idiots buy that shit. Like I said though, he contributes to TONS of paychecks and buys tons of consumables. He is dumb as a brick, but I won't complain, he is what makes the money circulate, which is what makes us all wealthy. Keep on being stupid.
- Sep 12, 2012
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Zeze
Lifer
- Mar 4, 2011
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Idiots are present in all generations, take your tired millenial blaiming else where.
-gen x
ultimatebob
Lifer
- Jul 1, 2001
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Hey... he's still somehow saving more for retirement every month than I am, so I guess he's not that stupid.
I think that I'm only putting about $1,200 a month in my 401k after my match.
Not really, putting money towards a whole life insurance fund is pure stupidity. Anyone with half a brain will tell you they are scams -It's literally a sticky thread at Bogleheads.
So he can max out a ROTH IRA @ $6k, so what? at your rate of $1,200/month for a 401k, you're still look at $14,400 in tax deferred savings, moreso than the OP video IMO. Even his amount in after-tax brokerage is overall stupid over putting that towards a 401k/401a. Tax advantage > *
For you It may not be the max of $19k - but you're still hitting a big chunk of it.
Precisely what I mean - If you're spending that much on life insurance, then it's whole life (not term life). He's an idiot.
ultimatebob
Lifer
- Jul 1, 2001
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- 2,450
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On the flip side, it looked like he had about $50K worth of Hermes Birkin bags in his closet. Those things are actually appreciating in value faster than most mutual funds.
Perhaps my investment portfolio needs to be a bit more fab-u-lous as well!
VirtualLarry
No Lifer
- Aug 25, 2001
- 56,570
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I thought that "whole life" insurance was better than "term life" insurance, because it becomes an investment, that you can cash out later in life, whereas, with term, you don't get really anything of value in the end. (Unless you die before they cut you off the policy, then your designated beneficiary (next-of-kin, generally) can collect.
I will try to simplify this as best as I can: Others that are more qualified - feel free to chime in please.
The #1 Rule - First and foremost - Is the purpose of life insurance. The purpose of life insurance is to pay for things that other people are dependent upon you. What does this mean? That means, if you're 22 years old with a wife and 1 kid, you need a decent sack of change. IF YOU DIE that means your wife can no longer depend upon your income. You will be dead, no longer working, etc... thus, lack of income.
So that means, when you're in that healthy stage of 20-40 years old - you're probably somewhere in the parenthood cycle of supporting children or supporting a wife. So the purpose of life insurance is on the LOW CHANCE that you die, that the people that depend upon you will be able to survive in life and live on (instead of barely scraping by and having to work extra hard).
Now here is the alternative - Life insurance that is "An investment" - First and foremost, is bullshit. If you want an investment - get an investment. There are plenty of means of getting an investment - being a tax advantage account (401k, 401a, IRA, Roth IRA, Indv IRA, etc..)... There are also investment accounts, brokerages, etc...
The problem with whole life accounts (again - to my understanding) is the fee structure. Their fees are insane. On top of this, it is entirely out of the scope of life insurance. If you're 50, 60, 70, 80 years old - your kids should be off on their way at this point. They should be 20+ years old and able to survive on their own. That is what life insurance is for - getting people on their feet... Not supplementing your will with money when you die. I just hear horror stories of how the fees eat all the money that they supposedly invest. If you want to leave your dependents with money - then just invest your money.
The price of whole life is just insane - the price of term life is within reason - because it is what you expect.... Term life is what says "For (5,10,20 years) you can pay $xx/month and you will be guaranteed a payout of "$yyyy" if you were to pass away during that time"
Few Videos I guess if it helps - But again, someone that actually has experience or first hand knowledge here would be appreciated.
See this one of a giant insurance broker douche-bag getting pwned
- Sep 12, 2012
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I don't think he's that stupid. He was able to start a business that generates over $250k a year. He has a hair care line which generates passive income. He teaches which will always be needed. Hairstylist are always needed, and people will always want to get their haircut/styled even if the economy dips. He generates $50k in tips. How much of that is he not paying taxes on? He's well diversified! He has multiple streams of income. And, he did all of this in a few years. HE'S ONLY 25! So no, he's not an idiot or a dumb guy. My family members are all small business owners. It takes a lot of hustle to be successful. It looks like he loves what he does which is important. We only get one life. You wouldn't want to stay at a job for 40 years like most people hating what you did to only pass away miserable. The problem this guy has is a money issue. He found success at a very young age. That is his weakness. He's getting boatloads of cash and he is spending it like a 25 year old.
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- Sep 12, 2012
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Anywasy, this video is another example why we most desperatley need financial education. Saving, investing. Learing things like compound interest. Encouraging our kids to read financial books, so they can make the correct decisions when it comes to what to do with their money. Do you buy that big flat screen TV, or do you invest that money? How to develop multiple streams of income. Passive income. Wealthy self made people should be mentors. Kids should learn that a new car is a HUGE waste of money. Save. Invest. Retire at 40 if that suits you.
But nope. We will have a generation of kids that are going to be financially illerate adults. Broke, buying crap they can't afford. Paying 24% on 5 credit cards. Nothing saved. Spend spend spend. Saving and investing nothing in one of the wealthiest countries EVER in the history of mankind. Yet, over 70% of Americans have squat. What I find funny is that it's taboo to talk about money. Stupid. It's probably why most people are broke. They don't talk about money, which in turn most people have a negative view on money. I believe that you get what you focus on. If your focus isn't on money you will always be broke. Mad at all of those greeeeeeedy rich people. Those rich people are so greeeeeeedy.
But nope. We will have a generation of kids that are going to be financially illerate adults. Broke, buying crap they can't afford. Paying 24% on 5 credit cards. Nothing saved. Spend spend spend. Saving and investing nothing in one of the wealthiest countries EVER in the history of mankind. Yet, over 70% of Americans have squat. What I find funny is that it's taboo to talk about money. Stupid. It's probably why most people are broke. They don't talk about money, which in turn most people have a negative view on money. I believe that you get what you focus on. If your focus isn't on money you will always be broke. Mad at all of those greeeeeeedy rich people. Those rich people are so greeeeeeedy.
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ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
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He's financing a Mercedes G Wagon at over $2K a month, and then has an Electric BMW to go with that.
That will do it.
The funny thing is that this is almost like a marketing expense for him. If he's trying to project himself has the most Fabulous stylist in the Detroit area, he kinda needs to protect that image by showing off some nice fashion stuff. Sure, he's overdoing it, but I'm not sure how much.
That will do it.
The funny thing is that this is almost like a marketing expense for him. If he's trying to project himself has the most Fabulous stylist in the Detroit area, he kinda needs to protect that image by showing off some nice fashion stuff. Sure, he's overdoing it, but I'm not sure how much.
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pete6032
Diamond Member
- Dec 3, 2010
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pauldun170
Diamond Member
- Sep 26, 2011
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What would be hilarious is that the video is not telling the actual story and the uploader was smart enough to know that in order to create content that generates views, you got ta toss in stuff that is going to piss off people with nothing better to do than watch "lifestyle" videos on youtube.
In the old days, you had write this crap down and get it published.
Now you just use the same youtube content tactics to end up in folks feeds.
This video is not an indication that a generation is messed up or that we need financial indication.
It's an indication that people need to chill out with youtube and go out side and talk to real human beings instead of letting googles algorithms and the people who have learned how to make a buck off of youtube waste you time. Your need to feel better about yourself by finding people whose behavior you disagree with is a commodity that people have been profiting on for ages.
The ratio of "financial idiots" to those following best practices have been fairly consistent for decades.
In the old days, you had write this crap down and get it published.
Now you just use the same youtube content tactics to end up in folks feeds.
This video is not an indication that a generation is messed up or that we need financial indication.
It's an indication that people need to chill out with youtube and go out side and talk to real human beings instead of letting googles algorithms and the people who have learned how to make a buck off of youtube waste you time. Your need to feel better about yourself by finding people whose behavior you disagree with is a commodity that people have been profiting on for ages.
The ratio of "financial idiots" to those following best practices have been fairly consistent for decades.
snoopy7548
Diamond Member
- Jan 1, 2005
- 8,222
- 5,289
- 146
Why not cut out the middle-man and simply open an investment account at Vanguard? You'll get a higher return with fewer expenses. Whole life is really dumb.
JEDI
Lifer
- Sep 25, 2001
- 29,391
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