"Do NOT Buy A Home!" Money Expert Reveals What To Do INSTEAD!

The Iced Coffee Hour

Graham Stephan/Jack Selby

Entrepreneurship, Business

4.6 • 679 Ratings

🗓️ 23 September 2024

⏱️ 96 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Indeed: Get a $75 Sponsored Job Credit at https://indeed.com/ich Hillsdale College: Go to https://hillsdale.edu/ICH for FREE, easy to get started classes! Shopify: Sign up for a $1 per month trial period at https://shopify.com/ich Subscribe to @GeorgeKamel Here - Thanks To Ramsey Solutions for helping us film this episode! Add us on Instagram: https://www.instagram.com/jlsselby https://www.instagram.com/gpstephan Official Clips Channel: https://www.youtube.com/channel/UCeBQ24VfikOriqSdKtomh0w For sponsorships or business inquiries reach out to: [email protected] For Podcast Inquiries, please DM @icedcoffeehour on Instagram! Timestamps : 00:00:00 - Intro 00:03:11 - Is a house a good investment? 00:05:44 - Cash-only investment property? 00:08:41 - Renting vs living in a duplex 00:11:56 - Risk tolerance when investing 00:12:38 - Thoughts on Bitcoin 00:18:38 - House values haven’t increased 00:20:16 - Is more income the solution? 00:24:30 - Smart budgeting choices 00:26:13 - Renting rooms for extra cash 00:28:28 - Age limit to live at home? 00:32:03 - The $5 coffee debate 00:35:13 - Improve your finances today 00:36:29 - Elon Musk, national debt, and government efficiency 00:45:28 - Making $1 million effectively 00:57:11 - Biggest wealth killers 01:02:08 - Balancing tough love with callers 01:04:49 - Callers who actually change 01:06:10 - Renting vs buying 01:07:13 - Election impact on finances 01:08:29 - Government responsibilities 01:10:54 - Should there be a minimum wage? 01:14:27 - Flat tax rate debate 01:20:19 - Least compelling financial takes 01:25:26 - Credit vs debit spending 01:30:15 - Non-financial advice for life improvement *Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	The reason America's broke is not because of inflation.
0:02.6	It's not because they're not living on less than they make.
0:05.5	A recent survey by Credit Karma found 40% of millennials have spent money they didn't have and gone into debt to keep up with their peers.
0:13.7	Yolo, I deserve a sweet treat.
0:15.6	Life's hard.
0:16.6	Mental health day.
0:17.8	And they just go spending like crazy.
0:19.8	And roughly one in three doubt they'll be able to keep up this lifestyle without incurring debt.
0:25.5	Everyone wants to point at inflation and the White House and the economy and all of these things that
0:29.7	we don't have full control over. What we can control is how much debt we have, what our income is,
0:35.5	and what our daily spending habits are. You have to have the I've had it moment. That's what Dave calls it, where you drew a line in the sand and you said,
0:41.6	I know my life is worth more than living in debt for another 20 years.
0:46.0	Think about what a $5 sacrifice could do for your future.
0:49.1	Look at that exponentially across all of your expenses.
0:52.0	Most people are unwilling to sacrifice for two years, and yet they're willing to live in
0:55.6	mediocrity for the next 20.
1:02.4	George, thanks so much for coming on at the iced coffee hour.
1:05.0	We really appreciate it.
1:06.0	It's an honor.
1:06.6	Is this a three-peat?
1:07.7	This is.
1:08.2	You are so special that we had to have you on again
	...

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