Financially Stupid People Are Everywhere w/ Author Jason Kelly

[cdw100]

2 words- Milton Friedman

[MsRonpaul2012]

@cdw100  2 words- Noam Chomsky

[Liberty654]

This is the least informative video on the issue of our financial situation. This guy has no clue what the root of these issues are. Basically what he said was I wanted to write something that didn't just say, you're responsible for your own dumb choices, you're a victim of the machine. I live in the same country you all do, my life is what it is because of the choices I made.

[baigandine]

Hopefully you love your job. Then you can "pursue what you really wanna do" just by going in to work every morning.

[VoidOnTuesday]

I don't understand credit cards then. If you have a card that you're just paying off every month, why don't you just spend a month living frugally on cash and then get RID of the card and just spend what you have.

[toophatpoyo]

Financially stupid people ARE everywhere. Nearest examples are the ones who host this show!

[eightbitgnosis]

@toophatpoyo You mean the company with a market capitalization of $189 Billion dollars known as Google?

[pretorious700]

Plenty of financially stupid people on this show.

[Righty736]

This is student loans. Getting young people entrapped in debt before they even start life. Exact reason why I regret going to college ... I'm already working for banks.

[wealthworm]

Yeah, the idea of building a credit score so you can borrow money is silly. It is like you are earning the right to pay the banks interest!

[5lkk]

@wealthworm Like it or not one's credit score determines if one can rent or even get utilities. In some cases it will determine what you pay for car insurance. Not saying that's right, but it's the reality

[wealthworm]

@5lkk Yeah, that is becoming more true now. I think people should have good credit scores, I just don't like the idea that people feel privileged to be able to go into debt.

[kgonepostl]

Financially stupid people are everywhere

That's why I have money stacked like it was nazi gold and living the life by understanding the meaning of a dollar

[EziekielNightwind]

Never ever EVER pay more then 250,000 for a house ANYWHERE.

[5lkk]

@EziekielNightwind That's pretty broad brush to use. In the event a decent home where you work goes for $250K, there's no really anyway of avoiding that fact.

[maxx7755]

Ben I love you man but you have to interview this cat again, and let him explain himself more ok. Its people like this that can really educate your listeners. So let him speak without cuttimg off so much. TYT bring him back again ok. Peace!

[ppsychol]

WHAT THE F$%$

how can someone borrow thousands for a car and not know how long the payments are for, then he says he is usually frugal and does an inverview like this

well, at least he admitted it was foolish

[INatalkaI]

I moved to Europe from the States and had to adjust to pretty much no credit and no debt and paying for everything with real money (not necessarily cash, but money I actually have). And it is SUCH a load off my shoulders and off my mind. I sleep better now for sure. Sure, I may not be able to get everything I want the day it comes out but peace of mind is well worth it.

[saintmarys68]

great concept, but will take generations to implement since we are so materialistic and are to damn impatient to wait to buy something......it's a WE NEED TO HAVE IT NOW mindset

[aaronsande]

There is no one right way to manage your finances. We do just fine, and don't follow all or much of his advice. The key point is, you have to be smart. So, sorry, stupid folks ;D

[ncurran1987]

$31,000 car? Jesus how much money does he make. Thats loads of money

[SFCloudy]

wtf 13 credit cards in an average american family. Live it large everyone.

[OcularPolitics]

@SFCloudy yeah lmao that's insane, and whenever i hear that number it makes me think, so some families must have 20, 30 or 40 to balance that out?

O.o

[dangerouslytalented]

During the last decade, the only profitable part of Ford was Ford Credit. Ford made all its money not on selling cars, but selling car loans.

[crowman1979]

CNBC is rife with for financially stupid people!

[jackhartcup]

31 thousand dollars...how much do americans on welfare get? How many people are on welfare?

[fret2424]

@jackhartcup Who's talking about welfare? This video nothing to do with welfare. It's about the credit industry.

And they like to refer to us as "Stupid Americans"?

[5lkk]

@jackhartcup Where did you get the impression that people on welfare buy $31K cars. I couldn't aford the insurance a a

[fret2424]

Best way to fix your financial situation is to lose your credit cards......ALL OF THEM (not your check card).

It's a complete myth that you need to use credit cards to build your credit.

As far as buying a car, go to a credit union and get pre-approved for a GOOD loan BEFORE stepping on a lot. Avoid the "how much do you want to pay per month" BS from the salesman.

You can get a preowned loaded, top of the line Honda Accord 30k miles for about $20k.

[dangerouslytalented]

@fret2424 ... but don't tell the salesman you have a preapproved loan, because the salesman will be a little less eager to close the deal. They make a lot of commission off selling you the loan.

[fret2424]

@dangerouslytalented I so know what you are talking about, but it's sometimes hard to avoid.

Q "How much can you let this car go for"?

A "Can you do $400 a month"?

Q "I didn't ask about the payments, HOW MUCH FOR THIS CAR"?

A "Well, the sticker is $22k but we can work out a deal for $375 if you sign now"?

Q "HOW MUCH FOR THIS STUPID CAR"?

A "What kind of payment were you looking for"?

Q "Screw the payments, I have a blank check in my pocket"!

I've walked off more car lots then I can count.

[dangerouslytalented]

@fret2424 What you should do is take a tape recorder and record that conversation.

It would be hilarious. And then you can put calculations on the screen showing how much $375 a month will cost long term..

[Righty736]

@fret2424 Yes! I walked off of a car lot last month. I was there, check in hand, and was going to buy the car ... with a check. The dealer was insisting that I finance. Okay, they can keep their car another 5 months.

[jedfa987]

@Righty736 They makemore commission on the loan than on the car, so it's hardly surprising.

[Mattinmotion]

@fret2424 Forgive my ignorance, I've never bought anything on credit, but what does "building your credit" mean?

[fret2424]

@Mattinmotion Establishing a high credit rating or "credit score".

[asarhan04]

@Mattinmotion buying on credit is basically borrowing money to buy stuff for which you don't necessarily have the cash for at the time of purchase. building your credit score in a general sense means being punctual with your loan/credit card payments; the higher your credit score, the more trustworthy you are. with this trust, banks will be willing to lend you more money and at lower interest rates.

[TajiTJ]

@Mattinmotion It means people actually go get loans in order to pay them off to prove their "credit worthiness" It is generally so people can have a good enough history with banks in order to buy a home or large purchase with a loan. The better your history of paying back loans, the better interest rate people get on the loans.

[Mattinmotion]

@TajiTJ Thanks for the explanation, I wasn't aware that people systematically took unecessary loans to "build credit" like that.

[nuumskee]

@fret2424 I got a 2008 Mazda 5 with 30K plus miles on it for 12 K. I say to everyone have at least 3-7 thousand on hand in addition to a pre approved credit union loan. USAA is also decent.

[Sperminator10000]

@fret2424 why would I want to get rid of my mastercard? I pay it off in full monthly every month, never paid a cent of interest to them. For a $19 a year service fee. I get airline points from them, and each year get enough for a free transatlantic flight. 

[fret2424]

@Sperminator10000 If you pay it off every month, the Credit Card companies consider you a "Free Loader", and are looking for ways to make money off of you. Recently Credit Card companies have been canceling "freeloader's" accounts.

If you can keep up with your contract, avoid hidden charges, and fee increases, pay your bill every month, then more power to you. You are an exception, and manager you credit card accounts unlike 99.99% of those with credit cards.

[OccamsView]

Worst host ever.

[Andorage]

i zoned out and imagined a society where goverment worked like the good parts of open source creating a socialist utopia...

guess i cant blame ben for being boring

[ResidentNinja]

amrika needs more debit cards

[5lkk]

@ResidentNinja If you have a debit card don't forget to "opt out". Opt out of your bank NOT rejecting your card use if you don't have enough money in the bank. They want you to opt in so they can charge you a fee every time they honor it when you don't have enough money in the account. By the time you discover the problem fees alone could deplete your account. Purchase a repaid visa to cover an emergency rejection of your debit card but don't forget to use the prepaid card before it expires.

[ResidentNinja]

@5lkk You murrickans have a messed up system.

Here in Canada milk comes in bags, the banks aren't allowed to let you spend money you don't have in your chequing or savings. Bank accounts automatically come with a spending limit, regardless of how much you have in your account but you can adjust that limit to your choosing with a simple phone call. Prepaid credit card balances don't actually have an expiry date. You can keep the money on there, just with a small monthly fee tacked on.

[wifferste]

@ResidentNinja - Personally I'd avoid paying the banks ANY fees whenever possible. It's your money after all and it's an insult to have to pay "fees" to store your own money.

[boiiinng]

This guy is forgetting about maintenance of a used car that has no warranty. Who has to pay for the inevitable breaks...you do.

[Frostlander]

@boiiinng Still cheaper than paying 300 a month for a new car. Even if you don't make your own repairs.

[dangerouslytalented]

@boiiinng You can get warranty coverage for used cars.Even on my 30 year old Datsun I was able to buy warranty coverage on the drivetrain...

And spare parts are not all that expensive, if you know where to look. Not NEARLY as expensive as getting an 8 year car loan.

[RamboWoof]

@dangerouslytalented Jason Kelly decided to post!

[dangerouslytalented]

@RamboWoof who is jason kelly?

[RamboWoof]

@dangerouslytalented See video above. ^

[Phloid82]

Great interview. Cenk, you need to get this guy back on the show when you are hosting.

[jo05dk]

You can't argue with that guy. Love the title, love the message, hope people think about what they're doing. Ameri is already living of loanes to pay for the, so they say, important wars. Don't be as stupid as your country.

[MrFagNigger]

i suppose every body got bored straight away, i'm still here at 1.08... 

[kazooga1234]

1st ha bisky