Money Guy Show Financial Advisors React to Money YouTubers (Part 3)
Jul 14, 2025
Discover the biggest money mistakes people make, like lending to family and splurging on flashy cars. Learn whether buying a home is truly a wise investment and the balance between debt and cash. Uncover how a simple financial system can transform your approach to wealth building. The discussion emphasizes discipline, aligning financial strategies with personal values, and making informed decisions about renting versus owning a home. Dive into practical advice on managing debt while protecting your assets!
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Avoid Depreciating Purchases
- Avoid spending on rapidly depreciating assets like new cars that lose 20% value immediately.
- Consider buying used cars or items you truly love and can afford.
Choose High Yield Savings
- Avoid saving money in big banks with low or zero interest rates.
- Choose high yield accounts paying 3.6% to 4% or more to make your money work for you.
Avoid Lending to Loved Ones
- Never lend money to friends or family; it often ends in awkwardness and drama.
- Instead, gift a small amount you can afford to lose to avoid future tensions.