Youtube comments of (@TwoCentsPBS).

  1. CLARIFICATIONS AND CORRECTIONS: - We only ended up spending a little less than $100 on a car-seat. The line a 3:06 is a bit confusing, and sounds like we planned on $800 for a car seat. The animation makes it look like $800 for a car-seat but, Philip actually read "$800 for a car seat, room decor, and anything else we don't get from our registry. - In hindsight we now know we were naive to assume breastmilk is "essentially free". Between pumps, consultants, increased appetite, etc., it most certainly is NOT free. Our apologies to the mamas out there that know better! -- TC Team
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  2. Lots of Dave Ramsey fans here, so wanted to address a common refrain re: Dave's stance on mortgages. Many have pointed out that Dave teaches it's okay to get a mortgage if it's a 15-year fixed with 20% down. We knew this going into writing this episode, and wanted to provide some context. On Daveramsey.com, it reads, "If you’ve been following Dave for long, you know his favorite way to buy a home is the 100%-down plan—paying cash up front, no mortgage needed." We took this at face value, and that Dave's best and preferred way to buy a home is without debt -- hence why his critics take issue with it. https://www.daveramsey.com/blog/3-steps-to-pay-cash-for-home While it's true that Dave repeatedly advises people that can't pay cash for a home (virtually everyone) to get a mortgage, this is contradictory to his overall message of living 100% debt free. It comes across to many as confusing, essentially "You should buy a house with cash, all debt is bad. But if you HAVE to use a mortgage, then get a 15-year fixed with 20% down, and do it with the one debt company that advertises on our show".  Critics of Dave have pointed out that paying for a house in cash is unrealistic for most. What we didn't have time to point out in the video is that feeling shame or guilt about compromising in getting a mortgage also isn't helpful. And for many people in most cities, 20% down on a 15-year mortgage (while keeping housing costs under 25% of your income) really isn't within reach either. Our point was simply to present popular critiques of Dave's anti-debt stance As always, thanks for your Two Cents, guys!
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  3. Corrections on this video:  1) At 2:21 we said "Federal Reserve Banking", while the practice is actually called "Fractional Reserve Banking" 2) At 5:28 the on-screen text says that BNDX had a 4-5% Int/year. That should actually 4-5% Total Return/yr. Meaning the dividends + growth totaled 4-5%, not just the interest alone. Thanks as always for your eagle-eyes -- you all help make the show better!
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  4. We think so too!
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  5. ...and the rains came and the storms raged, and lo, they still had equity.
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  6. Corrections & Clarifications: We filmed this episode in 2018, back when GE was still in the DOW. In 2019, there are zero original companies remaining in the DOW!
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  7. Clarifications & Revisions: The on-screen graphic at 1:10 reads "$163,000,000" but should actually read "$163,000,000,000".
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  8. No, we're not back in the studio yet! This is an episode we shot before the pandemic and put on the back burner to address more imminent topics... still relevant, though!
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  9. That's understandable to feel that way TG. But every generation has their unique financial challenges. I hope your takeaway from this episode and our channel is that it's still just as possible to thrive, grow your wealth, and do it in a sustainable way. But we just need to change our tactics to do so -- our parents' strategies don't work anymore.
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  10. Good luck Caleb. You can invite that special someone to watch Two Cents episodes with you! How romantic!
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  11. Financial Literacy isn't a pit. Financial literacy is a ladder... 👨🏻
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  12. Pro move.
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  13. "Recruiter dollars" -- Love it!
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  14. What can we say? We're gluttons for punishment.
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  15. We need your HELP, Two Cents Fans! We are thrilled to announce that we've been nominated for a "Webby Award"! If you love Philip, Julia, and the Two Cents team, can you take 30 seconds to vote for us? We'd be so grateful! https://vote.webbyawards.com/PublicVoting#/2019/social/social-content-series-campaigns/how-to-diy Much love, Two Cents
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  16. Want to help out your local food service-businesses but not sure how? 1) Get food delivered. 2) Give a fat tip. 3) Buy a gift card. 4) Pre-order services for the future. 5) Skip the refund. 6) Give some love online (Yelp Review, Google rating, etc.) Thank you so much to Evann at Fresh N' Local Foods + Michael at Olamie for sharing their experience with us!
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  17. 😏
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  18. Might be a good topic for y'all to communicate. A shared vision of "needs vs wants" is critical for any long-term relationship!
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  19. Yep! That's true. It's their job to tell you how much you CAN get from them. But its your job to make sure how much you SHOULD. ; )
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  20. Thanks to everyone who joined us for the live chat and especially The Plain Bagel! : )
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  21. LOLOL
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  22. Pocahontas, Ravenclaw, INFJ, Enneagram 1 :)
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  23. Exactly the same as me! Go team CC! -- 👨🏻
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  24. Been there. - Julia
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  25. Lolz. We're taken. But we're happy to be honorary auntie & uncle!
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  26. CORRECTIONS & UPDATES: As several sharp-eyed viewers noticed, the animation on P/E around the 5:08 mark is showing a different formula from what Julia's saying. Julia is correct that you should divide the EPS into the Stock Price (Stock Price/EPS), but the animation shows dividing the EPS BY the Stock Price (EPS/Price). The corrected animation should've shown the formula to be Stock Price / EPS - thanks for bringing this to our attention!
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  27. Thanks so much Nelson! Being married IRL helps with the chemistry part haha! New episodes every Wed, be sure to subscribe! - Philip 👨🏻
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  28. Haha! Maybe. Or maybe it's February 13th and something's in the air...
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  29. Tell us about it.
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  30. As one of our lovely Patreon supporters who got to see the episode early pointed out, there is a typo at 1:52. It's actually 56% of people who do not have a will. Sorry for the error!
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  31. CLARIFICATIONS & CORRECTIONS! - Some viewers took issue with the statement at 3:55 "...Bitcoin has no intrinsic value". We didn't mean to imply that BTC has no value - rather, no "intrinsic value". Bitcoin's value is almost entirely "extrinsic", meaning it derives its value from another source - i.e. the good or service you trade it for. Just like a $100, the asset is valuable, but not intrinsically so. We explain this distinction further in our video "Money Is Imaginary, Should You Trust It? https://youtu.be/S1Om2rSQcDE. And here's a nifty Wired Article explaining that "value" and "intrinsic value" in BTC are different: https://www.wired.com/story/bitcoin-has-no-intrinsic-value-neither-does-a-dollar1-bill/ - At 2:45 we mentioned a U of Sydney study finding 44% of BTC transactions were for illegal activities. But other studies find that 25% of users are associated with illegal activity. https://bitcoinmagazine.com/articles/study-suggests-25-percent-bitcoin-users-are-associated-illegal-activity1/ These studies are not necessarily contradictory, since one sites transactions and one sites users. It's reasonable to imagine that the users cited perform a higher volume of transactions. -
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  32. Perfect, at least those cents will get a little more interest!
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  33. Lots of you have asked "Can I fund a 401k AND an IRA?" Yes, you certainly can, and many people do. By potentially maxing out an IRA and/or a 401(k) (or any other work-sponsored retirement plan) you can sock even more money away for retirement. Roth IRA's are subject to an income-limit phase out and Traditional IRA's can lose their deduction if you have a 401(k) and earn over a certain amount. But the short answer is -- if you CAN fund a Roth IRA and a 401k, go for it, you awesome save, you! Want to check out your status and see if you can fund an IRA, 401k, or both? Here's a great resource from the IRS: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
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  34. I just tell Julia "Give me the Gosling". She hooks me up. Points for having a pair of clippers at home and a wife with a steady hand :)
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  35. We're focusing on the thousands that DID! While it's true that our advice of "prepare for a months-long emergency" didn't resonate with everyone, many folks wrote us to tell us that they're glad they did.
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  36.  @alharethhassan2079  This is super interesting. Thank you so much for sharing all of this.
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  37. LOL! Well, I guess we're in good company. We get the "PBS propaganda machine", on the regular. Always gonna be critics, I guess!
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  38. Lol. We've seen a counselor for 10 years of our 13 year marriage. So don't get it twisted! ; ) We work so well because we do the WERK!
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  39.  @pepebeezon772  You'd be surprised.
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  40. Lolz. We got your back!
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  41. Maybe we can add it as a perk to our upcoming Patreon membership.... 🤣
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  42. Thanks J-Man. I'm surprised you don't have a bicycle, though. Better for the environment, your body, and it's fun too! -- Philip 👨🏻
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  43. Believe me...it felt like 4000 months.
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  44. Hmmm, that's a great idea! Adding it to the list!
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  45. Hey, we never learned this stuff as kids, so we figure other folks out there might be in the dark too!
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  46. Our brains are amazing! But humans become tired, distracted, unlucky, and discouraged. Emotions are the driving part of personal financial success. We can pretend otherwise and it will just end up in working against your own hardware!
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  47. DUH
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  48. TRUE THAT FRIEND
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  49. Heyoooo!!! Thanks for the vote of confidence. ; )
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  50. In the meme-era of 2021, it'll be forgotten by the time the episode goes to air! But it might be a fun lesson in the perils of short-selling, and how internet memes and trends can be weaponized -- even against Wall Street!
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  51. Make sure you subscribe... it's on the way!
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  52. It's coming, Justin. And a breakdown of IRA's too.
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  53. Ugh. That's a horrible and all too common experience. Glad you knew what was up!
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  54. Thank you Kris! That's the amazing work of the amazing Andrew Matthews, who oversees and leads most of our animation at Two Cents.
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  55. That's COLD! 🍦
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  56. Mission accomplished.
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  57. Thank you for your work, George. It's a tough topic because there are no easy or simple solutions. But it's too important to ignore and we wanted to try to bring more attention to the problem.
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  58. Lolz. Yep. It's real. I've actually been pregnant in every single video, we just thought it was time to finally fess up! - Julia
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  59. The hard part about that is that (as we found out in 2018) lawmakers CHANGE IT !! Hahaha. It's hard to make a video that's got some long-term life to it. But we'll add it to our list!
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  60. Haha, that would be awesome. Thanks Tony! - Philip 👨🏻
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  61. WOW WOW WOW. We're so happy to have you here. Thank you so much for sharing your unique first-hand experience with us. That's so interesting about your medical field. Funnily enough, I was just watching an old No Reservations episode about Haiti. The fact that the help is hurting so much makes a tragic amount of sense. Are there locally-run organizations that are Haitian-led that you like?
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  62. Ya'll. The pressure is so high. - J
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  63. Wow! Thanks for joining us!
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  64.  @TheBoxingNinja  I support this statement.
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  65. You're right, if you're talking about the "real return" (aka, return after inflation). But we were talking about making more money, not necessarily higher purchasing power. Thanks for the clarification!
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  66. Thanks so much! Help us spread the word and maybe we'll get there one day!
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  67. WOOF. YES. TO. THIS.
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  68. I tried, but our wise directors had to say "enough's enough". -- Philip
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  69. This is a great question to explore! We plan to explore this in a future episode!
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  70. The legends are true... 👨🏻
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  71.  @garydrago  Ding ding ding!!
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  72. For sure! -- Whenever we “run the numbers” we are forced to make some assumptions. We base those assumptions on industry-standard practices. In this case, our 7% choice was based on the long-term historical returns of bond and stock markets. For example, VBMFX ( Vanguard total bond market fund) and VTSMX (Vanguard total stock market index fund). Since the bond fund’s inception in 1986 it’s averaged a 5.82% annual return. Since the stock fund’s inception in 1992, it’s averaged 9.44%. -- Two Cents viewers are primarily age 20-30. And we think it’s appropriate to assume that if millennials invest for the long-term, they can expect a long-term return somewhere in the middle! Hence the 7% number. -- We also think it’s important to point out that our "Dining Out" video isn’t about investing. Even if you NEVER invested a penny of the money you saved from dining out less, you’re STILL ahead! The point wasn’t that you have to invest that money. It’s about the power that can come with relatively small changes in behavior that compound over time. The societal pull to eat out all the time is really powerful, but we’ve found it can be easier to fight when you’re focused on a specific outcome that you’re trying to get as a result of pursuing behavior change.
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  73. So encouraging, thanks for sharing Marquis!
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  74. Fun fact: trillions are made up of billions. We said "billions" because a strong case could be made that all of the recent Federal relief isn't exactly "going into the economy", but certainly a lot of it is.
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  75. Fair point - this video wasn't aimed to be a deep-dive into the gold standard. But we touched on gold because, just like any fiat currency, even gold is mostly valuable because of trust components. It has some practical use (electronics, jewelry, etc.), but much of its value is due to it being used as a currency and hedge-investment. Only about 4% of the US' currency is currently backed by gold today!
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  76. Yep, we sure are!
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  77. Haha, thanks guys! I'm blushing! -- Philip :)
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  78. Haha, nope. We have full plans to keep little one in our current house as long as possible!
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  79. @ThePingPanther - better to think about this stuff years in advance than have years of headache for never considering it!
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  80. Proud of you for this Chelsea! Great video.
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  81.  @fixafix69  Noted guys! We'll think about this as a topic!
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  82. How mature of you!!
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  83. Best. Request. Ever.
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  84. @Dougie the "real" return is actually closer to 2% on your premium, as we stated. But can we agree that neither a 2% long-term investment NOR a 20% credit card are good ideas and we should look for something better? Thanks for watching! -- P
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  85. BAHAHAHA! Don't tempt him. - Julia
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  86. 😂
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  87. Well thank you! We'll add it to the list!
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  88. If I lose the mustache, it will be too hard for the public for distinguish me from Mr. Gosling. I keep it as a public service. -- Philip 👨🏻
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  89. Love, it awesome idea Soy Saucey!
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  90. Not in the next episode, but it's coming! - Philip 👨🏻
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  91. 100%
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  92. Sadly no! At least in the United States, it's normal for people of middle and even lower incomes to buy new cars because the financing is so easy and the monthly payments are "affordable". -- Philip :)
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  93. It's in the works, Carter! - Philip
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  94. Yay, so glad you checked out our channel @Brian! We actually have about half of these topics you suggested filmed already and they'll be rolling out this fall -- stay tuned and subscribe!
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  95. Yup, we're both Longhorns ourselves, Marco! Met at UT, actually.
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  96. A really terrific new podcast I've been listening to about the history of MLM's (and the crazy story as to why they're not a pyramid scheme according to the government) is called "The Dream". I found it fascinating! https://www.stitcher.com/podcast/stitcher/the-dream -- Philip 👨🏻
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  97. We get it. There's important and hard things to talk about. Thanks for engaging with it and hanging in there with us!
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  98. 13 years strong dude.
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  99. way to go! : )
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  100. That might be a sign that getting creative for additional income is your next step. Second jobs are a great boost to help you start saving (I've had 3 and even 4 jobs when I was trying to pay off debt and save)! -- Philip
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  101. Wow, that's such an amazing change. The more you chime in, the more you're learn, and so and and so on!
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  102. Lol.
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  103. BOOOOOMMM...i see what you did there.
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  104. Fair point...
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  105. I don't mind Julia's cent taking spotlight sometimes! -- P
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  106. Haha, true. "Sesame Street for Adults" someone once said!
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  107. YAY! I'm so glad to have the support of a professional! ; )
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  108. Oh, I was a pun master all along. Becoming a dad just took it to the next level. -- P
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  109. Same here, in our first year of our small business! -- Philip :)
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  110. Yuup
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  111. What happened to your wedding, Barris?
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  112. Houseplant might be the cheapest option...
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  113. Guilty as charrrrrrrrrged. ; )
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  114. Aww thank you! In our experience giving and growing really do go hand in hand. It's a sign to your brain that you in fact have enough to go around. This can help with the "scarcity" mentality which I think can really damage folks in the long-run.
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  115. Growing quickly. We're excited! - Philip 👨🏻
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  116. Thank you to Policygenius for Supporting PBS. To learn more, check out Policygenius: https://policygenius.com/twocents
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  117. YOU ARE NOT ALONE IN YOUR WONDERING!
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  118. 100% Iffy50! We've discussed this multiple times, but it can't be said too much -- a safe emergency cushion and eliminating high interest debt is always a wise move before investing in anything risky!
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  119. Haha, I'll take it!
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  120. Thank you SO MUCH Paige! We really try hard to keep this material accessible and interesting. It doesn't have to be boring!
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  121. Haha, love it!
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  122. We hear you and thanks for taking the time for thoughtful feedback. We're obviously heavily limited in the amount of info we can cram into under 10 minutes. Mentioning this was in the first few drafts but got cut just due to time. Governments have and probably always will use it as a tool for their own diversification.
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  123. Our dream is to have ALL the suns some day! 🌞🌞🌞🌞
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  124. Encourage her to watch a few more of our episodes so she's less of an ostrich!
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  125. 100% yes
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  126. True. But there are plenty of them that make membership available based on where you live. So it's getting easier!
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  127. Lolzzzz. Glad you liked that one. : )
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  128. WE"VE BEEN THERE
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  129. That's our personal approach as well, which we've mentioned in other videos. But so many people are interested in this side of the game that we wanted to aknowledge the tools that are out there to assist.
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  130. Exactly right!
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  131. Lolz. Welcome.
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  132. Clarifications and Corrections While this was in not a video exploring the gender-pay-gap (real or mythical), our citation of this statistic has attracted so much attention we felt compelled to address it. A Payscale.com study surveying 1.8 million people over 2 years found that women, on average, earn 79% of what men do when not controlling for any factors. https://www.payscale.com/data/gender-pay-gap. The study also found that even when every factor was controlled (industry, age, experience, education, etc.), women still earned 98% of what men did for identical roles and backgrounds. Payscale: "Why is the uncontrolled wage gap so large? It’s because women are less likely to hold higher-level, high-paying jobs compared to men. Women also tend to move up the career ladder at a slower pace than men. We call this phenomenon the opportunity gap." In our video we don't attempt to explore WHY the wage-gap exists (spoiler alert: it's complicated), but rather to highlight that women earn significantly less over a lifetime and that has big ramifications. They pay less into social security, and have less to invest, for example. It may also be related to why women demonstrate lower confidence about finances than men, but we don't know that for certain. We genuinely hope our message didn't come across as "down-on-men" or that sexism is the sole cause of challenges women face. Again, it's complicated. Instead, we wanted to address societal challenges women face when it comes to personal finance (e.g. making less money on average), and celebrate the amazing hidden-super-powers that women bring to the table that can help them win with money. Thanks for joining us and for all the support! -- Two Cents Creative Team
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  133. That's wonderful!
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  134. Reminds me of a great Reply All episode where the host trolls a scammer in India so hard that he travels to India to find the guy. Kinda wild! - P 👨🏻
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  135. Haha, this episode was shot QUITE a while ago, before the baby bump. We were waiting til Valentine's to air it on YouTube!
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  136. You read our minds, Tim! The most common critique we received when this originally aired was the "un-factored cost of maintenance" on used vehicles. Research done by Edmund's showed the average maintenance cost on many commuter cars was a relatively tiny factor from years 3-10 of the car's life. Thanks for jumping in on this one early! -- Philip :)
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  137. Absolutely, we see this too. It's exciting to focus on revenues, but real profit numbers are more important (if less impressive)
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  138. LOLLLZZZZ
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  139. Several of us on the Two Cents creation team love games, so we end up gamifying a lot of our concepts!
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  140. Awww thank you!
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  141. Speaking of cheeeezzzzzeee...
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  142. Glad to have her back!
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  143. Nice! Good timing on their part. You just have to do it with strategy!
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  144. This is pretty on the nose!
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  145. They can really be an effective and easy way to invest for the long term -- so glad you chose to join us Chris! -- P
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  146. I imagine impersonation is a pretty big problem for you, J-Man.
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  147. Thanks very much! It's very rewarding and challenging to take complex financial subjects and boil them down to 6 minute entertaining videos. So glad you hopped over from "It's Okay". We love those guys (and film in the same studio in Austin)! -- Philip 👨🏻
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  148.  @Dmal2301  We've listened to hundreds of hours of Dave's radio show, read his book, even taught FPU a few times. I (Philip) was a Ramsey Endorsed Local Provider for 4 years as a financial advisor. I'm well acquainted. Dave teaches fully debt free is best. He makes an exception for a mortgage, but treats it as sub-ideal and should be eliminated quickly. I think this is because A) 100% debt is unfeasible for 99% of people and B) a mortgage company underwrites his program. This is a very common critique of Ramsey's debt stance, and so we presented it as a common critique, not simply as "right" or "wrong".
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  149. Aww thanks! I knew it was right when it popped into my mind! (Julia)
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  150. A very good, new option for sure. My parents love to do that! I'm wondering what ways they'll start to influence that buying process as it becomes more popular... -- Philip :)
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  151. We'd love your help! If you can email us a copy of the transcript, we can add it to this episode and any episode you would like to add CC for! You can send it to "twocentspbs@gmail.com". Thanks! -- Philip :)
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  152. Bahahahaha! Oh...that one's comin. ; )
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  153. Why thank you :)
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  154.  @MetallicReg  You might be surprised! We have our savings in a high-yield savings paying 2.0%!
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  155. Love it! Thank you!
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  156. You are wise indeed, friend. -- Philip 👨🏻
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  157. It's definitely frustrating!
    53
  158. Ooooh that's a great line!
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  159.  @goldwolf0606  ​ this episode originally aired on PBS.org and Facebook Watch. It's an older episode not on YouTube yet. Our production team is amazing and quite fast!
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  160. That's so kind Serene! Thanks for the encouraging words, we plan to keep them coming for a while!
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  161. Personally, I'd learn another instrument, go to cooking school, spend a ton of time in nature and on my bike!
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  162. Lol...we got as close as we could!
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  163. We're way ahead of ya, friend (would you expect anything else of Lord Baelish?)! We've already shot episodes on "What is a mutual fund?", "Should I invest in Bitcoin?" and "What is the DOW?". Be sure to subscribe and they'll be rolling out soon! -- Philip 👨🏻
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  164. True story: we definitely cracked up a LOT on some of those lines and re-shot them. Especially "REE-fer" was so hard to say straight! 😂 - Philip
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  165. Good for y'all!! Sounds like you've got a similar system to us. : )
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  166. Haha -- just a lil humble brag there :)
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  167. Wow, can't believe we missed this!
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  168. I know. It stinks but it's the truth we have to contend with over here. : (
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  169. HEYOOOO!! Get it!
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  170.  @gustavoonthetelephone2103  Yep! It's one of the perks of the job... love interacting with our viewers!
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  171. Ooooooh boy YES. THANK YOU FOR SHARING THIS!!! So important.
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  172. Thanks! We'll make sure she's paying for herself by age 2. They can have a paper-route by then, right? - 👨🏻
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  173. Very true.
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  174. @Justin LOLZ! This is the one!
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  175. Nice! How'd you do??
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  176. That's always our hope Ruby - that you can learn about a thing you didn't even know to ask about! When I was your age, I had a Wells Fargo account my parents opened for me. I kept it for 17 years til an uncle told me about CU's and I never looked back. Also, we subscribed to your channel. Keep up the good work!
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  177. Thanks for the wonderful comment JoshieBoi. That's always our goal - to empower you to make more informed decisions. Finance is never a simple "yes" or "no", but rather a "it depends..." I'm glad that's coming through and we're so lucky to have you as a viewer. Thanks for watching! -- Philip
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  178. What amazing feedback. Thank you so much for those shares. And I can totally relate with the enthusiasm turning to cynicism. I've worked a bit with some vulnerable communities and that's so accurate. I think compassion is the only real antidote. And compassion sometimes takes work. Thank you for what you do!!
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  179. Awesome! WE're definitely introducing more "money history" episodes because people seem to be enjoying them!
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  180. We sure are. Married in 2007 😁
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  181. Thanks so much for fleshing this concept out for everyone ashley! You're quite right on all points!
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  182. Thanks Jesse! We love us some shelter-pets (fostered or adopted 9 shelter dogs in recent years), but they sure ain't free! We would love more people to consider adopting or fostering, but they'll be less stressed if they consider the costs in advance. Thanks for joining us! -- Philip 👨🏻
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  183. Good question Equix. Our mission with Two Cents was to present topics for a 20-30 year old audience. Since many people feel confused or intimidated by even entry-level personal finance discussions, we try to "assume nothing". The style of the show and the language used are designed to be accessible for someone at any age or knowledge level. - Philip 👨🏻🤓
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  184. Me too.
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  185. Anything for our fans! 😂
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  186. Wow. Thank you for sharing your personal story here. That's a lot to go through. I'm curious. Have you replaced them with paying renters?
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  187. I'm a little confused by your comment +divyanthj. Money (like all currencies) has no intrinsic value. In our "Money = Trust Video" we reached the same conclusion. Money doesn't produce income, or have a future "cashflow projection", which is a traditional understanding of intrinsic value (i.e. a stock or bond has projected future cashflows). Was there something I missed? - Philip
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  188. Totally agree.
    41
  189. This is a good idea for sure!
    40
  190. Clutch, that's a fair critique. We did omit the factor of maintenance in our example scenario. However, we also omitted the factor of insurance (much higher with a new vehicle). When both of these add'l factors are added into the mix, we found that the argument against new cars becomes even stronger. Frankly, the main reason we didn't include every relevant variable is because we aimed to keep the episode under 5 minutes. We'd love to explore the variables you mentioned... plus Electric Vehicles, selling a used car, different makers and their maintenance costs... etc. Alas, maybe on another episode! -- Philip :)
    40
  191. Hmm. That's very unusual Norma. Yep, definitely the most common cause of fights, stress, and divorce in a relationship! Out of curiosity, do you both work or does one of you have a high-paying job? - P
    40
  192. Glad you joined the conversation Scott! I agree with many of your observations here. I agree that debt is a tool to be used or misused. I also agree that this video is not a high level analysis but rather an introduction to depreciation and financial literacy. However, we definitely considered each of your 3 points in making this short video and didn't omit them by oversight. Here's my brief response to your main points: 1. You're describing leverage here. 1.9% interest on a speculative 7% short term gain in the stock market. This past month (Oct 2018) has shown you that a rapid negative return is just as possible, and then you'd be negative with your ROI by an additional 1.9%, not ahead. Further, research strongly suggests that we tend to spend more on purchases if we can finance them over time. As one Carnegie Melon researcher said "Your brain is anesthetized against the pain of spending" (episode coming on this shortly!). So for many folks, that means a bigger car purchase. I've seen this play out with hundreds of my clients over the years. They buy too much car because the monthly payment and interest seems harmless. 2. A home will increase in value given enough time. A car will decrease in value. Very different. 3. I largely agree with you here. Monthly payments are not the biggest factor, for sure -- I feel the actual full purchase price of the car is. However, in our "run the numbers" segment we used monthly payments as a metric because it was easier to compare the monthly savings. As we said, we feel saving up in advance is preferable to financing, so our ideal would be no payment at all. Instead save up a monthly "payment" each month to purchase your next car in cash. When you get a 1-2% savings return on a cash account (or more on a CD/bond investment), you're better off than financing, with no real investment risk! Thanks for your thoughtful analysis and joining the conversation. Hope to see you for future episodes! -- Philip 👨🏻
    40
  193. We briefly touched on it for this episode. But it's such a popular sub-set of mutual funds, we very likely may create an episode scrictly about Index Funds. Thanks for the request!
    39
  194. Glad you're getting an early head-start Curious Cactus! - Philip
    39
  195. Hey Jane! We're quite familiar with this nuance -- I (Philip) used to be an endorsed Financial Advisor for Dave's company (ELP) and knowing every in and out of his teaching was essential. I'd push back a little bit, but your point is well taken. I've heard Dave say on numerous occasions that "the best way to buy a home is with cash" -- aka, a mortgage is not best. But I think he's softened that stance more and more because of the Churchill advertising dollars (they're the only debt-company that advertises with him), and because it's such a wildly unpopular and unfeasible stance to be 100% anti-mortgage in all situations. Even this compromise is pretty unrealistic, though. To follow Dave's guidance would mean a 15-year, fixed mortgage with 20% down and a housing cost of no more than 25% of your income. That's a VERY tall order, and unattainable for most people in most cities. I theorize that this is a compromise between being sponsored by Churchill and generally trying to urge people away from debt as much as possible, but it comes across as confusing and conflicted (to me at least).
    38
  196. Lots of fresh air, sunshine, and plenty of fiber.
    38
  197. oooooohhhh nice one
    37
  198. Lolz. Right?
    36
  199. It's so true. I've taken public transit as my main method for several periods of my life. It absolutely DEVOURS your free time, making it hard to get ahead, build a "side-hustle", go back to school, etc.
    36
  200.  @SwagnemiteXD  Cuz he's a Patron! : ) He gets access to the vid the day before.
    35
  201.  @sylvainduret9880  Yes and yes :)
    35
  202. Great point Matthew. Our CU requires the memberships to live in Austin or have been an Alum of UT. But the good news is that there's a CU for almost everybody (often multiple options)! - Philip
    35
  203.  @EmperorZelos  Excellent advice -- your students are lucky!
    35
  204. Oh man. We love gardening.
    35
  205. Better late than never Andrew!
    34
  206. Hey Theo! While the severity does depend a lot on the make/model, in general you're completely right. A 5 year old car will consistently cost more to repair than a 1-2 year old car. We don't disagree with you there! However, when looked at holistically, a newer car is far more expensive for two reasons. One - newer cars rapidly lose value (as we explained). And newer cars cost more to insure. So when you consider a few hundred dollars a month in depreciation and a hundred or more in higher insurance, the costs add up. Especially when you realize that most commuter vehicle brands don't get that much more expensive to repair over time. In the study below, you can see that the annual cost of repairs for many cars at 3 years vs 7 years is only about $400/mo or less. That's about $32/mo. Not nearly enough to counteract the depreciation and the insurance cost. Thanks for your two cents! - Philip 👨🏻 https://www.consumerreports.org/car-maintenance/the-cost-of-car-ownership/
    34
  207. "And the video was coming from.... INSIDE THE HOUSE!!!"
    34
  208. Oh that's interesting. Thanks for sharing about what it's like in the neighborhood up north!
    34
  209. If you scroll through the comments, you might see that it isn't! - P 👨🏻
    33
  210. I love establishments that are "tip free". Feels so much better!
    33
  211. It's most probable that you'll end up paying less interest because statistically you'll become debt free sooner. The science has been unanimous on this finding over the time it's been studied. We're also financial planners and have found that anecdotally, quick-wins correlate with higher success rates than focusing on interest exclusively. -- P
    33
  212. Haha, we like Dave in general, but our philosophies diverge in several areas. He and his "Ramsey Personalities" have one strong thread among them: consistency of position. I regret we're probably not aligned enough and we'd eventually descend into a shouting match. And as Anthony correctly points out, we're too nice and he'd bull right over us :)
    33
  213. WE ARE CLAPPING FOR YOU!!
    32
  214. So glad! it IS weird and disturbing. We've personally come a long way in untraining ourselves but there's no questions we've got a ways to go.
    32
  215. Hey Mansa Musa. We explored retirement and compound interest in more detail in this episode. Check it out! https://www.youtube.com/watch?v=KA66Wcp1QEc&t=6s
    32
  216. Thanks!! : )
    32
  217. Thanks so much!
    32
  218. Love this question, Rachel! We've always taught that the paycheck you bring home is not reflective of your value in the relationship. For example, would a stay-at-home parent be less valuable or deserve less splurge money than the working spouse? Keeping the personal money equal underscores the fact that this is a mutual, democratic partnership... not a dictatorship We've seen over and over that splitting personal-money based on income inevitably leads to resentment and a "parent/child" dynamic for the couple around finances which can quickly get toxic. Just our two cents, and thanks for the fantastic question!
    32
  219. We try our best. We do have opinions, and don't hide that, but it's still important to educate on the popular sides of a debate.
    32
  220. Love this!!!
    32
  221. Puns are the gateway drug to financial literacy.
    30
  222. Booooom!!
    30
  223. An "index fund" is a type of "mutual fund", as we explained in the video: https://www.investopedia.com/terms/i/indexfund.asp
    29
  224. Awww congrats!
    28
  225. Whoops! Good catch. Our animator pretty much crushed this episode though, so we'll let this slide. 😉
    28
  226. So are we...😅
    28
  227. This is awesome!! Thanks so much for sharing all those real numbers with us!!
    28
  228. @Bryeana Rhodes Sure, it would be NICE. But as the OP said, you don't "need" it. More of an optional gift, because you're feeling generous. If you do have dependents, you really do "need" life insurance to provide for them if you were to suddenly die.
    28
  229. Interesting!! Thanks for adding that perspective!
    28
  230. You've got a point - We originally wrote and aired this episode in mid-2018 (so prices were current up to that point). With bitcoin's volatility, the number will probably be outdated soon, regardless of the date we chose though! Our claim of "nearly half" of bitcoin transactions doesn't seem to have been replaced with better info. Here's a study less than a year old saying 44% of TRANSACTIONS are for illegal activities. But only 25% of BC USERS are involved in criminal activity (subtle but important difference). https://bitcoinmagazine.com/articles/study-suggests-25-percent-bitcoin-users-are-associated-illegal-activity1/ https://thenextweb.com/cryptocurrency/2018/02/07/study-44-of-bitcoin-transactions-are-for-illegal-activities/ Thanks for checking out the video and joining the discussion! - Philip
    27
  231. Thanks Ruby! Always so great to have your positive energy early on in the YT comments 😂! I love the work you're doing with you channel BTW (I'm a big MTB rider and love national/state parks)! - Philip
    27
  232. Thanks so much for the kind word king A! - Philip
    27
  233. Haha, glad you caught that one :)
    27
  234. Oh yes.
    27
  235. True. Cultural change is far harder than policy change.
    27
  236. Woah that's awesome!
    27
  237. ​ David  this episode originally aired on PBS.org and Facebook Watch in 2018. It's an older episode not on YouTube yet.
    26
  238. That is EXACTLY the focus of our next episode. Make sure to hit the bell!
    26
  239. I literally can't take free samples myself anymore, since I feel so guilty! - Philip 👨🏻
    26
  240. There are definitely non-financial perks to consider as well! : )
    25
  241. Yuuuupppp.
    25
  242. Thanks 天吉Mark! Yes, indeed, our little channel launched in October 2018, so we just passed the 6 month point. We're incredibly humbled and grateful for all the support and love you guys have shown us over such a short time! - P
    25
  243. Thanks as always, Ruby! That was a fun intro to film - our directors Katie and Andrew asked me to ham it up as much as possible.
    25
  244. Haha, mission .... accomplished?
    25
  245. 100%
    24
  246. Hmm.. We haven't seen that in our area. I wonder why they're doing that!
    24
  247. Ba DUM pshhh.
    24
  248. Aww... that's awful. What a terrible thing to have happen to you.
    24
  249.  @SavageBunny1  I trim it with clippers about every 2 weeks or so ;)
    23
  250. Good for you for making your own decisions that fit you!
    23
  251. That's amazing, congratulations! What a huge milestone :)
    23
  252. They're confusing to be sure. I can see us making an episode about employer stock plans in the near future. Make sure you subscribe!
    23
  253. Same!
    23
  254. Such a good question! As a matter of fact, what we have observed is that the "Game" continues, except you're putting the money into investments or savings instead. Getting "hooked" on the positive reinforcement of eliminating debt ends up becoming a super-powerful savings tool that can last a lifetime. -- Philip 👨🏻
    23
  255. Thanks Samuel! Only been on Youtube 3 days... but would LOVE your help spreading the word!
    23
  256. We're not really an Econ show, Malki (though personal finance touches Econ all the time). But take a look at many of our old episodes, especially "5 Ways People Are Dumb With Money" for some economic insights!
    22
  257. Aww, that's so awesome. Thanks!
    22
  258. Thanks for the kind words - so happy you found our channel! - Philip 👨🏻
    22
  259. Fun AND learning at the same time?! Get outa here...
    22
  260. Might need to get a restraining order then. They need to learn some boundaries...
    22
  261. DO IIIITTT
    22
  262. This is such a wonderful insight. Thank you so much for being vulnerable enough to share it with us! I'll definitely check out that book recc and wish you well! I know it's probably an isolating time but it won't be like this forever! ::hugs:: and yes...i AM that short.
    21
  263. Then my work here is done. - Philip 👨🏻🤓
    21
  264. Amazing :)
    21
  265. Good ol' "Deadweight loss" at work there, Chris!
    21
  266. Thanks Prasadee! We shoot them in our studio in Austin, then an amazing team of animators edit, draw, and sound-mix to make it look snappy! The process takes about a full week per episode.
    21
  267. Totally want to do that someday. Oh and eat ALLTHESUSHI.
    21
  268. Lollzzzzzz
    21
  269. I'm so glad! We chose to have them for a reason!
    21
  270. Hmm. Interesting point! It's true, college already is subsidized a bit (in the form of reduced interest rates and better loan terms), but not all the way. Many countries do this, and tax the population higher. It's funny, in America we'd rather have our taxes indirect and larger (i.e. ballooning student loans on our youth)... -- Philip 👨🏻
    21
  271. Aww, thank you Joseph!
    21
  272. Economics sick buuuuurn. Real talk though, I used to believe the US was a pure capitalist country. But we've got lots of socialist programs that are extremely popular -- fire department, police, social security, medicare. We've really got more of a hybrid model, and painting our options as "either/or" seems too simple. Just my two cents though!
    21
  273. It's true. -- Philip
    21
  274. We count ourselves lucky to have you -- thanks so much Jenn!
    21
  275. Haha... sure... we meant to do that...
    20
  276. Thanks for the thoughtful reply. We agree -- if you are feeling "addicted", don't be hard on yourself!
    20
  277. Thanks for the love! We're really glad she's back too!
    20
  278. LOL -- tipped our hand a little there :)
    20
  279. Great suggestion - we'll add it to our future episodes list!
    20
  280. That beautiful financial firecracker to my right :)
    20
  281. The US Census Bureau reported that number a few years back (median earnings for workers with only a high school diploma). It's currently closer to $35k now. Check it ou -- https://smartasset.com/retirement/the-average-salary-by-education-level
    20
  282. That's horrible. I'm so sorry.
    20
  283. I've heard about this book as well. Also intreagued.
    20
  284. Yikes! That's crazy!
    19
  285. Awwww bless you guys! Thanks so so much. That means so much to us!
    19
  286. Thanks Divyansh! We have made an episode of the history and risks of the stock market. In case you missed it, you can see it here: https://youtu.be/249Gc7FDWRI - Philip
    19
  287.  @NoorAnomaly  Facinating. Thank you for sharing that!
    19
  288. Shhh... don't tell anyone!
    19
  289. Awww wow! That's incredibly kind. Thanks so much! And best of luck to you!!
    19
  290. Keep watching Ranger Ruby! You'll be ahead of the curve! -- Philip
    19
  291. That's so sweet, thanks Ben!
    19
  292. Same.
    18
  293. Same here. Love the game of it!
    18
  294. Amen. We've got a video getting into this silliness. It's super frustrating the amount of time-waste it involves.
    18
  295.  @frieza1484  this
    18
  296. Glad you think so. Thanks for watching!
    18
  297. BAHAHA!
    18
  298. They're doing a re-vamp with new episodes and a partnership with PBSDS! Check 'em out!
    18
  299. Awesome, Mr. Beat! I'm excited to hear back from you on how they responded. Thanks so much for watching! - Philip 👨🏻
    18
  300. Great question Persons and Pen! When I was studying for the CFP exam, we were taught that after about 12 different-style mutual funds, you can have "total" diversification, so anything beyond that is redundant. Another way to say that is around 10-12 different style funds, you start to experience dramatic "diminishing returns" on your diversification. But being "overly diversified" doesn't hurt you, as I understand it. - Philip
    18
  301. Hahaha. Doooon't worry. Wait...is that JTT?!
    18
  302. Yeah, haven't done that section in a while. We have some more down the line, promise!
    17
  303. Hahahaha. I guess that's a good thing!
    17
  304. Yes, Kevin is right! We were ball-parking a low estimate for an S&P Index Fund over 30 years. In hindsight, calling 7% a "reasonable assumed rate of return" would have been better than "a very conservative 7% rate of return" . In financial-advisor language, "conservative" usually refers to a fixed-income based portfolio, which would likely average lower than 7%. Sorry for any confusion and we'll strive to keep improving! -- Philip :)
    17
  305. It's an episode we've thought about tackling a few times on this channel. Besides lawyer fees and court filings, what sort of costs are you thinking of? The potential costs of custody battles, losing half of "your" money in the split? Something else?
    16
  306. I've been telling "Dad Jokes" long before I was a dad! -- P
    16
  307. DANG! That's awesome! Be proud of those letters!!!
    16
  308. Great to see you in here early (as always) This is Barris! Yes, it's true, there are unique challenges for us in the U.S. right now. We felt it's better to be honest about them so millennials can wisely plan for the future. But even with that said, millennials have many enormous economic advantages over their predecessors. The labor market has changed so much in the past few generations (women in the work force, ability to work remotely, gig economy etc.), leading to new and greater opportunities to thrive. We've all got to adapt! - Philip 👨🏻🤓
    16
  309. Awesome! It as because of you (and those like you) that Two Cents exists. So glad you voted! Be sure to subscribe, we have about 30 more episodes already finished that will be rolling out each week! - Philip 👨🏻
    16
  310. I see what you did there.
    16
  311. We totally agree. Thank you!
    16
  312. Amen! I feel the same.
    16
  313.  @coniccinoc  Wow. Thank you!
    16
  314. Hahaha, thanks so much! And GOOD FOR YOU for being honest about your lessons! We've all been there!
    16
  315. Thanks! I take my earring game seriously. And you're correct. Your family can do whatever they want with your estate. But life insurance can basically tide you over until the time comes where your built-up wealth means you're self-insured and your dependents will be fine. We're personally not there yet because we're young, and so since we have a kid, we have term life for the next 30 years, by which time we probably won't need life insurance anymore.
    16
  316.  @TheScords  What a great idea! Love back to Deutschland!
    15
  317. Love this so much. We opperate similarly! We've got some organizations that we do on a monthly basis and I love having extra to throw at things that come across my path.
    15
  318. Now go brush your teeth and don't forget your lunchbox!
    15
  319. Thanks Ruby! Especially younger folks, it feels totally unnecessary. We just wanted to cover all the angles.
    15
  320. I still crack up when I watch Julia play that character! -- P
    15
  321. Woof. It's ok! Lot's of people have been there! : )
    14
  322. We get this question so much, we made a video about it: https://youtu.be/sHSaUqoKjkA
    14
  323. Hahahaha. Much love!
    14
  324. Yikes, that sounds freaky Joe! Nobody ever wants to hear about a potential hit on them... scam or otherwise! - P 👨🏻
    14
  325. We didn't really think about this stuff until years AFTER we got married, Ruby. And that caused lots of strife and tension for us. Glad you're thinking of these things beforehand... hopefully you can avoid some of the mistakes we did by avoiding the topic of money!
    14
  326. Mmmmm, I can definitely feel those good-sounds vibe.
    14
  327. We love you too. Now go eat your veggies, drink your water, and brush your teeth. ::yells out the window:: MAKE GOOD CHOICES!!!
    14
  328. That's high praise!!
    14
  329. For context, the average annualized total return for the S&P 500 index over the past 90 years is 9.8 percent, so we're paring that back.
    14
  330.  @mattcrouch9348  Awww thanks! ; )
    14
  331. It's a family show. No guns!
    14
  332. Most people die before retirement?! Where did you read that?
    14
  333. That's the plan!
    14
  334.  @MoneyGist  GOT IT! THANK YOU!
    13
  335. Couldn't agree more!
    13
  336. Every Wednesday morning! Thanks for subscribing! 👨🏻
    13
  337. SAME - Julia
    13
  338. Yay! What a perfect age to discover personal financial literacy! Hope you subscribe... we've got a ton more episodes coming out this year. And share with all your 18 year old friends - they'll thank you some day! -- Philip 👨🏻
    13
  339. Dang!
    13
  340. Love that. We do the same.
    13
  341. Mission Mind-Read: Success!
    13
  342. We're only 4 weeks old! - Philip 👨🏻
    12
  343. Sheesh. Must be nice!
    12
  344. Thanks for hanging with us through it!
    12
  345. Hahahaha. Andrew is amazing!
    12
  346. Aww thank you so much!
    12
  347. Oh stop, you're too kind. But no really... you were saying?
    12
  348. She had it coming A.C.
    12
  349. It's the year of the mustache Faozi Djf! - Philip
    12
  350. Great point Barris. The price doesn't "Drive Demand" for luxury products. Instead, it's more of an indicator that the luxury "experience" has been created, as you say!
    12
  351. "Quick Intro Course" - that's exactly what we're aiming for! In my work as a financial planner, the number of times I hear fully grown adults say "nobody ever taught me about this" is stunning. We felt the need to offer "quick intro courses" to all kinds of topics, and we hope that people find them helpful. - Philip 👨🏻🤓
    12
  352. Interesting! That's the minimum?
    12
  353. If your true goal is "best value", then essentially yes. I read a study that measured the year at which the cost of repairing a car is greater than the payments on an equivalent new replacement car. The answer: Year 24! Now, there is also comfort and convenience to consider. I am driving a 16 year old Honda Civic and it's a champ! At some point I plan to replace it (currently saving each month) just for nicer features, comfort & convenience etc. But that's more of a lifestyle upgrade than a financially "best" decision. -- Philip 👨🏻
    11
  354. Hahaha, we do too!
    11
  355. Who is Caitlin!?! That just never crossed our minds for some reason!
    11
  356. There's no question it's a sticky subject!
    11
  357. In the pipeline, Adam! -- Philip
    11
  358. It may be a problem you or I never truly experience Ruby, but understanding the real struggle of millions of Americans can help us become more aware and more passionate about advocating for change. Great to see in you in the comments like always!
    11
  359. Thank you so much!! We intend to!
    11
  360. Thanks so much Keisha!
    11
  361. Thanks so much Laizra. Glad you found us! - Philip 👨🏻
    11
  362. Wow, that's a great question. It goes to your beneficiary! So, if you're married, that's an easy thing, but if you're not, I'd get a will in place! It doesn't have to be fancy. : )
    11
  363. Nice Monty! Great to get confirmation of good habits! Glad you joined our channel, and hopefully watching our videos can give you additional language and perspective to help others along on their journey! -- Philip :)
    11
  364.  @joshw7974  The IRS uses the sum of premiums to calculate basis for WL. Your investment basis = the amount of premium you've paid. WL dividends are not 6.5% on the premium (or basis). They are 6.5% (or 5% or 4%) paid on your "cash value" amount. When you apply the 5% WL dividend to the whole premium paid (as the IRS defines your investment basis), it becomes a 2% return on average. I don't know what "average" you're referring to (we used that number several times). Perhaps you meant the "cost of insurance", which uses up lots of your premiums, and DOES increase significantly over the years? We never mentioned final expenses (agreed, these are generally $10k-$30k, as we discussed in another episode).
    10
  365. Yes, so do we Aaron. It's good to have it as a structured thing (in our experience) instead of a "when I feel like I have enough" thing. -- P
    10
  366. Yup. That's the truth.
    10
  367. That's right!
    10
  368. Thank you Yash! It was a challenge, not gonna lie! - P
    10
  369.  @DjUnrivalleD  I have to say this is an amazing reply.
    10
  370. Oh, such a fantastic topic! I'm adding it to our Topics List to cover in the future, Diethoc! - Philip
    10
  371. Right?!?!
    10
  372. Hmmm... interesting question! I'm not sure, but I'd love to read/see something on it if you find anything.
    10
  373.  @MicahPotts  UGGGHHHH. We see them. Trying to report them at every turn. : /
    10
  374. Thanks so much for adding these to the convo! : )
    10
  375.  @boneappletee6416  Lol. We might be down for that.
    10
  376. Definitely a Pen & Paper style, more than a video game style. But thanks!
    10
  377. Haha, sure -- any study or statistic may be skewed. But the trend of the research tends to lean toward one conclusion. If you have evidence (or studies) to the contrary, please share them!
    10
  378. Daaang!! Way to go!
    10
  379. The mustache is working just fine for me, thank you very much!
    10
  380. Wow, high praise from a CFA candidate? I know that one ain't easy!!
    10
  381.  @TitusRex  Couldn't have said it better!! ; )
    10
  382. He may need to make another appearance soon... - Philip
    10
  383. That's amazing Ted. Hard work, but so worth it in the long run. Keep it up! -- Philip
    10
  384. Neighborhood potholes are likely covered by your city, state or county, not the Federal Government.
    10
  385. Absolutely! Thank you so much for sharing that with us!! : )
    10
  386. Oh wow! How wonderful! It seems like such an incredible and unique place. So glad you're here! Stay safe this season!
    10
  387. Awesome!! See you there!!
    10
  388. Fun fact... Julia actually ate barley for that shot. She said it was like eating rocks. I guess you're supposed to cook it...? 🤔
    10
  389. Hahaha. Well thanks! We can't be in agreement all the time. ; )
    9
  390. This is true. You may withdraw your "basis" of your roth tax and penalty free at any age.
    9
  391. Great question! So yes, you can withdraw the amount that you PERSONALLY have contributed to the principal without penalty.
    9
  392. The simple answer is: adjust your lifestyle so you spend less than you make (whenever possible). The complicated answer is that this is abnormal and sometimes seems impossible/unreasonable (vehicle financing, student loans, mortgages, etc.). We've got many more videos coming to YouTube that will help give you ammunition to avoid the D-Word in the future! -- Philip :)
    9
  393. Glad you caught that one!
    9
  394. Thank you Shai. SO lucky to have YOU!
    9
  395. Hahaha. Good plan.
    9
  396. Thanks so much! Yes, that's something we've been kicking around!
    9
  397. YOU WIN!!!
    9
  398.  @tim8602  Fair point. But I mean, he is Lord of Coin...
    9
  399.  @ClickLikeAndSubscribe  Ugh, that's such a bummer! I remember I almost missed my scheduled CFP exam (scheduling mishap) and was sick to my stomach when I first realized it. Having to wait a year or more = my nightmare. You're right, the muscle-memory thing is totally true, and it weakens if you just wait around. Also, it's a true TC fan that gives pickling tips. Bless you. I never buy olives (even though I love them) because Julia doesn't care for them. I adore the Spanish Queen brine too, simply fantastic tip. Thank you friend, and keep making the world a better place!
    9
  400. Thanks so much Richard!
    9
  401. Right?! SAME!!
    9
  402. Thanks Shahrooz! A self-sustaining acreage sounds amazing - don't let go of that dream! And yes, "early retirement" is most definitely a topic we plan to tackle in the future.
    9
  403. This is amazing. Thank you SO much for sharing this! We certainly are!
    9
  404. Lolz!! We've thought about it. ; )
    9
  405. Hahahaha, it's a fine line to trod! : )
    9
  406. Siiiiighhhh
    9
  407. 😂 For real though, we're business owners who've been practicing this for a decade. We "give away" two cents because we feel financial education is too important to be ignored and our whole world benefits from increased financial know-how!
    8
  408. Haha, ironically we wrote this episode IN a WeWork!
    8
  409. Pretty bleak, huh? 😭
    8
  410. That's true, unfortunately. The Lobby-firms for tax-softwares have a vested interested in keeping it complicated :(
    8
  411. Agreed! Sheesh. Even though we're planners too it's STILL so hard to have those convos. With ya sister.
    8
  412. Awwww thanks! That's a huge compliment.
    8
  413. Riiiiight?! You KNOW ATT is gonna hear from us this month.
    8
  414. Lolz. Love it.
    8
  415.  @PracticalPersonalFinance  thanks for the shout out. Yes, I'm a CFP, and our little firm in Austin offers financial and investment advice, been doing it about 10 years.
    8
  416. Lolzzz. Been there.
    8
  417. Obviously, that is preferable, but most people do not have that option available to them.
    8
  418. Hahahaha. Oh man, that's a true statement.
    8
  419. So glad! We will!!
    8
  420. Thanks so much!!!
    8
  421. Thank you so much. This is so kind :)
    8
  422. Aww, thanks Namrata!
    8
  423. Agreed! We originally planned to mention them, but they didn't make it into the final script. They are non-profit health cooperative plans that generally have to have some religious mission or affiliation to qualify. Programs like Medishare is a common example, and they work like High Deductible plans, but cost less and don't have the absolute "guarantee of payment" like insurance does. -- Philip
    8
  424. You faaancy! ; )
    8
  425. Lolz. Thanks!
    8
  426. You bet!
    8
  427. !!!! WE'RE HONORED SIR!!
    8
  428. What's on the menu...?
    8
  429. We try, thank you. Black & white advice has more broad appeal, but we are trying to teach the fact that so much of this depends on YOU!
    8
  430. We didn't claim companies "automatically" pay less. It's the result of averages, and the average is lower. It's due to a mix of factors -- time away from work to have/raise children stunting career development, inherent biases in certain industries, etc.
    8
  431. We've got an episode all about Index Funds coming soon, Bryce.
    7
  432. Julia is actually Swiss-born, and this is very interesting to us!
    7
  433. Good point! My great grandmother did that as well!
    7
  434. Thanks so much! And we have a video coming soon all about the financial education crisis and what can be done about it! -- Philip
    7
  435. Thank you so much!!
    7
  436. Wow, that's a lot Ruby! Any other tips you'd share with our fans from all your experience? - Philip
    7
  437. Marko - WhiteBoard Finance lolllzzzz
    7
  438. How so? Our goal with this episode was to encourage young women to be more confident and take ownership of their financial destiny. Does this video miss on this point?
    7
  439. Hahahaha! What a flattering way to put it!
    7
  440. Awww thanks Ariana! That means a lot to us!
    7
  441. Pretty nifty little calculation, right? Where do you live??
    7
  442. Why thank you! Butterflies match my complexion... 🦋
    7
  443. And now you'll be able to tell adults what it actually means, Ruby!
    7
  444. And the earlier you begin, the better off you'll be in the long run, Ruby!
    7
  445. Thanks so much, glad it's helpful!
    7
  446. We're working on it! : )
    7
  447. ::hugs:: it definitely is.
    7
  448. We're shooting an episode about all kinds of IRA's this weekend Joel!
    7
  449. Thanks Cam! We've got episodes coming on Health Insurance and Life Insurance. Stay tuned and thanks for joining us!
    7
  450. Thanks so much Jane, we're honored you joined us! -- Philip
    7
  451. Yay, so glad you found us!
    7
  452. I think that's a great thing to add to the conversation!
    7
  453. This is wonderful. Thank you Ferrosa! You're why we do what we do!
    7
  454. Thanks Dimensions -- you're one of the few insurance agents that wasn't peeved by this one! I also sold insurance for years, and I know ALL the arguments of why WL "isn't a scam". Our job is to educate, and offer as unbiased a view as possible. Glad we didn't get the facts wrong, thanks for watching!
    7
  455. This is a personal dream of mine (Julia). However, I'm going to do it with someone other than Philip! Hahaha, we don't need another huge project to share and he's in full support! : )
    6
  456. Thanks Patrick! Prior to Thaler's work and the development of "behavioral economics", it was a core assumption of economists that humans by-and-large behave rationally. They have self control and will make the best decision when presented with the facts. Maybe not "100%" as in our example of Penny, but definitely closer to that than not. Thaler's work, development of "Nudge Theory" and other findings we mention in the video, demonstrated that humans are actually mostly IRRATIONAL in our financial actions. It's really a difference of "mostly rational and self-benefiting" to being "mostly irrational and self-hindering". The 100% thing was mostly to make the point more stark! Further reading: https://hackernoon.com/3-ideas-of-richard-thaler-that-changed-the-way-we-think-3e13d0bc3cc0 -- Philip :)
    6
  457. Thanks!
    6
  458. Ugh. I can't imagine. Thank you for doing this work though! I'm sure it often feels like you're just swimmig against the current.
    6
  459. That's amazing! We felt the same way - photos wasn't worth scrimping on for us either. Sadly, we had things go sideways with the photographer afterward and only got tiny prints and none we could frame! Gah!
    6
  460. Good question! Philip technically IS! He's a CFP. That's a Certified Financial Planner. Even though we've run a financial planning firm together as a couple for the last 4 years, I'm planning on getting my AFC (accredited financial counselor) certification in the fall. : )
    6
  461. Fabulous question. To be covered in the next episode on the topic!
    6
  462. Makes sense you'd assume that, since it's usually mentioned in the same sentence with the NASDAQ!
    6
  463. I'd be interested to see what kind of research or data you have to support that claim. In our research of this topic, it seemed pretty clear across dozens of studies that across the world (and the U.S.) women are consistently paid lower for equivalent work.
    6
  464. It is so much worse. For his commissions. In fact, if you cancel a WL a year after purchasing, the agent gets all of their commission "clawed back"! Yikes! No wonder they fight tooth and nail to keep you in!
    6
  465. My two cents on that question Mr Rishi is that a threat of quitting will usually hurt you more than help you. Getting a raise through an implied threat might help you in the short run. But it will establish that you are actively looking at other offers which could undermine your manager's confidence in you long-term. - Philip
    6
  466. Worse, actually. "Millionaire by Thirty"
    6
  467. Not at the moment! But that's a great suggestion!
    6
  468. You're very welcome Esau! Thanks for watching! - Philip
    6
  469. Ah, microLOANS! A fascinating topic and we would love to tackle it in the future :)
    6
  470.  @alexismisselyn3916  The income gap is 20%. And that is highly significant. The contributing factors (motherhood, fewer opportunities for advancement) were not our focus. The focus was on women earning less over a lifetime, and the financial difficulties that causes.
    6
  471. None taken. ; )
    6
  472. Nice goal! We're foodies ourselves so if we go out...it BETTER be for something we can't make well ourselves. Hence we never go out for Italian! ; )
    6
  473. To live off your investments for 30+ years aint' cheap!
    6
  474. I'm actually dying to make a video on Tai and his associates. Thanks for requesting it!
    6
  475. Wise words!!
    6
  476. I mean, buying a house with a mortgage is margin investing, at least in essence.
    6
  477. That's awesome! You go girl! I probably wouldn't have made such a good choice even if it had been offered to me. ; )
    6
  478. DEFINITELY! Very good point, it's something that's overlooked all the time, Biren. -- P
    6
  479. That's awesome!!!!
    6
  480. There's actually a lot of evidence to suggest that won't actually happen and we're considering doing a video on it!
    5
  481. Hahaha. We've done the same for years. And no, we're not mormon either. ; )
    5
  482. We've covered robo-advisors in some past episodes, but we find that they're a pretty great option for loads of people!
    5
  483. Thanks so much!
    5
  484. Yay! We just did this past weekend -- thrilled!
    5
  485. Good stuff! Agreed!
    5
  486. Oh wow, thanks SO much for the shout-out! We absolutely agree with you!
    5
  487. BAHAHA! Awww Uncle Jim.
    5
  488. oof I'm so sorry ::hugs::
    5
  489. D'aaw, thanks Michael. 11 years of marriage, and we met back-stage at a college play! - P 👨🏻
    5
  490. That's a great way to learn a lesson and a perfect way to dip your toe into something safely!
    5
  491. YES
    5
  492. Bahahaha! You're so welcome!
    5
  493.  @Watch-0w1  Got one in the works!! ; )
    5
  494. Maybe you still should! Just keep yourself accountable!! : )
    5
  495. Thank you so much!
    5
  496. Brent Sievers we certainly won’t! ;)
    5
  497. @Müller Andy HAHAHA! ; )
    5
  498. Good for you!
    5
  499. Love it!
    5
  500. We hope you watched til the end of the video! We never suggested living without a car. Instead, we recommended opting for a reliable, used vehicle and keeping your payment low (or zero).
    5
  501. Just translated it into Hindi for you :)
    5
  502. I am CRAZY about plastic bag reuse lol. I wash all my ziplocks until they're falling apart.
    5
  503. NOPE. That is not money that can be accessed without a penalty. So no, emergency funds are always cash-based
    5
  504. Mrshootinputin aww thanks so much!
    5
  505. Google is really handy for these kinds of things. The U.S women's soccer team earned roughly a quarter of what their male counterparts did in 2015. Even though they generated more in revenue than the men’s team. Oh, and they also won the 2015 World Cup.
    5
  506. Julia got the all-clear yesterday! She's not 100% yet, but she'll be in the next one!
    5
  507. Fabulous advice, Amanda, we agree!
    5
  508. Agreed!
    5
  509.  @ninjaguysith  WHAT YOU SAID
    5
  510. I think the culprit is the "life insurance" part of your story. Hybrid products, like variable-life insurance (the product you're describing) tend to perform much much lower than a regular mutual fund. That's because of large commissions, high fees, and the fact that you're paying for life insurance out of your investment returns. It's not unusual for us to see a negative or 0% return on these products for 10 years or more. Don't confuse mutual funds with these life-insurance products -- they're not the same!
    5
  511. TOTALLY
    5
  512. What kind of topics do you have in mind? We've touched on university selection, buying a house, a car, starting a small business. Something you'd like to see in a future episode we haven't covered yet? - Philip
    5
  513. Crazy how that works, right?!
    5
  514. Thanks so much!
    5
  515. Fascinating Barris! Hadn't looked at the angle of trade, but in our trade-war environment these days, I probably should!
    5
  516. BAHAHAHA. We're 12 years strong at this point. ; )
    5
  517. You bet! ; )
    5
  518. You could always share it :)
    5
  519. Fair enough, Eve -- one does need to consider the true "utility" value of a meal or medicine, no? Our point was more about finishing something for pleasure (i.e. a movie or a fancy meal) even when it provides no pleasure. But it's a great perspective! -- Philip 👨🏻
    5
  520. Thanks so much Thulasi. So glad you found our little channel! - Philip
    5
  521. Can you expand on that, Joe? What do you mean by "value there" in regards to holidays? You obviously can pay for services or products that provide an enjoyable experience (totally optional of course). But what above and beyond that?
    5
  522. That's totally what I'd do if I retired today Ranger Ruby!
    5
  523. Dang! I gotta use my dual Swiss citizenship for more! - Julia
    5
  524. You are not alone!
    5
  525. Thanks for adding that suggestion!
    5
  526. Thank you Michal!
    5
  527. Well... she is ALSO a good actress... 😁
    5
  528. Picnics! Parks! Office Potlucks! Group Walks!
    5
  529. You'll never convince an insurance agent to stop selling cash-value life insurance. It's like convincing a realtor that it's better to rent or a BBQ postmaster to go vegan. They don't just lose the argument, they lose their livelihood.
    4
  530. Great channel, but we don't have any connection with their team. Feel free to float the idea of a collab to GT though 😁
    4
  531. Aww that's so awesome to hear! Good for you for taking those classes!!
    4
  532. Thank you! That's what we were going for :)
    4
  533. Thank you so much for sharing your real-life "run the numbers" with us!! : )
    4
  534. DITTO
    4
  535. Thanks so much Saachi! Philip👨🏻
    4
  536.  @approachingpassive  7% is before taxes, granted. And any net profit you make in a WL is also before taxes (no, gains in WL are not tax free, despite the industry's attempts to paint it otherwise).
    4
  537. Thanks!
    4
  538. awwww thanks so much!!
    4
  539.  @jennrodriguezdaluz  Yep. Very true!
    4
  540. Thanks so much!
    4
  541. Thanks. That was a Julia special.
    4
  542. Thank you for your trust Laizra!
    4
  543. Fair point, the cost of the city you live in is definitely an important factor that can't be ignored!
    4
  544. TOLDJA!!
    4
  545. Awesome!!
    4
  546. Awesome! Glad to hear it!
    4
  547. Oh really?! That's awesome. So glad you're getting value out of it!
    4
  548. They're coming - be sure to subscribe to catch them! 👨🏻
    4
  549. It's a "sometimes" segment -- hoping to not wear it out. It'll come back many times, promise!
    4
  550. Congrats!! Hope your launch goes well!!
    4
  551. this is a great question. ill set is aside for our next reaction vid. : )
    4
  552. Totally real, baby. - 👨🏻
    4
  553. Yep, the comments above are correct! There is technically an income phase-out for Roth IRA, but a very popular work-around is used called the "backdoor Roth" that is perfeclty legal and compliant with IRS standards. So no excuse not to have one!
    4
  554.  @999bmxbandit  Thanks for this. TBH the "wage-gap-myth" wasn't even in the top 5 things we thought we'd get flak for on this episode (an earlier draft had a numerical error which we rushed to fix before publishing). In a topic like this, emotions are likely to run high, regardless.
    4
  555. Hey Jessie! Mutual funds are NOT only for retirement, although many people use them for retirement. You can use them to save/invest for any goal. Their returns and risks vary a lot. A stock-based fund might have an average return of 5-10%, while a bond-based fund might be closer to 1-5%. There are thousands of different funds, and they all work slightly differently. And they can have a NEGATIVE return some years, so be aware of that! For a short primer on mutual fund basics check out https://www.investopedia.com/university/mutualfunds/ Good luck and thanks for checking out Two Cents! - Philip
    4
  556. I don't think it's pump & dump. It's just a speculative investment craze. Fortunately (by and large) owners of bitcoin aren't cold-calling strangers to get them to buy it and drive up the price. cryptocurrencies (usually) are too big to affect w/ a scam like that. Works best for small investments.
    4
  557. So happy ya'll are in a more solid place now!
    4
  558. Thanks Gustavo. I (Philip) am also a Financial planner. Boiling down complicated concepts into analogies and visuals like this is a fun and exciting challenge. Thanks for the support!
    4
  559. So glad you're getting value!!!!
    4
  560. Thank you! They sure do!
    4
  561. US too, thanks!
    4
  562. Thank so much Akeiva! It's really fascinating once you start to learn how mutual funds really work. This is just a very-basic introduction, but they're really pretty complex! - Philip
    4
  563. Exactly right!
    4
  564. Awwww thanks!!
    4
  565. Thanks so much Kim!
    4
  566. Yes, better be careful. Our nerdiness is notoriously infectious...
    4
  567. Literallyyyyyyy. ; )
    4
  568. Oh my GOSH I cannot even imagine. I'd say start small. They're going to have to start from scratch with income and savings. So focus on small wins, a part time job here, a few dollars saved there...getting overwhelmed by the big picture will just shut them and you down. Be patient and focus focus focus on that budget!
    4
  569. I'm so curious now! Since you work in the industry...what is one thing you wish everyone knew about insurance?
    4
  570. You're welcome, thanks for watching!
    4
  571. Haha, awesome! Every now and then we'll throw a curveball in there. Glad you learned something! -- P
    4
  572. Sharleen, we're big fans of YNAB!
    4
  573. Yay! And yes, take Retirement SERIOUSLY NOW WHILE YOU CAN!!! It is a real thing. One day you won't want to earn that paycheck no mo!
    4
  574. Is it about finance?
    4
  575. Awesome. That was our intention.
    4
  576. I know, crazy right! We're incredibly blessed to have amazing support from PBSDS getting the word out early on and from awesome viewers like you. Thanks for the kind words, Juan. -- Philip 👨🏻
    4
  577. For sure! We also enjoy walking our dog....but mowing the lawn or dusting? Not so much. Good to be aware that these are luxuries to be sure! -- Philip 👨🏻
    4
  578. Haha, if you listen closely we said "$800 for carseats and anything else we forgot about..."
    4
  579. You're so welcome!
    4
  580. Yep, we're married!
    4
  581. SAME
    4
  582. Thank you Suman!
    4
  583. Those are other (newer) "Indices", serving a similar function. S&P 500 is the 500 largest US companies. NASDAQ is both an exchange and an index (NASDAC Composite Index), and it measures the 3,000 + stocks traded on the exchange (primarily tech and internet-companies). -- P
    4
  584. Awesome, thank you so much! -- P
    4
  585. Hope it lived up to your hopes! -- Philip
    3
  586. AMAZING!!! Way to goooo!!!
    3
  587. Thank you so much Guilherme!
    3
  588. Hahaha. Glad to hear it's encouraged you!
    3
  589. @forbiddenwar45 It can be hard, can't it!? We made a video giving some ground-rules for hiring good financial experts, which I'll share, but we didn't go into a ton of depth on the financial advisor aspect. "Fiduciary" is definitely a great word to know. Sometimes an advisor's website will state their fiduciary status. And if you ask, they'll answer you honestly. Other good language to look for is "Fee-Only" and "CFP". Fee-Only means they won't receive commissions from selling you products or investments. CFP means they've passed one of the highest knowledge-bars in the industry and have at least 3 years of experience. Keep in mind that many "fee-only" CFP's have a minimum investment-amount that you place with them ($500k - $1M is pretty common). So if that isn't your situation, you're likely looking for "hourly help" or a "single project-fee" if they offer it. For tax expertise, you're best to go with a CPA. They usually will answer tax questions if you hire them to prepare your tax return. You can also usually hire them for hourly work. If I was helping a loved-one search for a Financial Expert, I'd be sure to interview at least 3 local people, and ask each one "How much will this cost, and exactly what will I get?" I'd also ask "What is your specialty and what clients do you love to work with the most?" If they say something like "We work well with everyone!" I'd keep looking. Site for thousands of fee-only planners across the country: https://www.feeonlynetwork.com/ Site for thousands of fee-only "Hourly" planners: https://garrettplanningnetwork.com/ Site for fee-only advisors who specialize in needs of Gen X & Gen Y: https://www.xyplanningnetwork.com/ Two Cents Episode on Financial Experts: https://youtu.be/GcnCuzSzEWM Good luck! -- Philip
    3
  590. Of course!
    3
  591. You'd have lost that bet.
    3
  592. Another viewer commented they were outside in the yard when they heard it and thought a bee was attacking them! 😂
    3
  593. Thank you so much Yoan!
    3
  594. Oh dear! I don't know whether to be happy or sad about that. Lolz.
    3
  595. Hey Oren! Yes -- we JUST shot a video on progressive taxation and explanation of brackets. We're excited for it!
    3
  596. "Elderly Purge"? Sounds like a fairly slow-paced horror movie...
    3
  597. Now go brush your teeth.
    3
  598. LOL! NIIIICE.
    3
  599. There are a lot of theories out there about that! It's called Universal Basic Income.
    3
  600. Awww yay! We're big fans of both of them. ; )
    3
  601. So the "return" is just basically an overpayment you made into the tax system. You pay your taxes that get taken out of your paycheck that basically gets made as a credit to you. It's a flat amount that's basically an estimate of what you think it should be. Then at tax time you REALLY crunch the real numbers based on how it all shook out (maybe you had a baby or maybe you started a business on the side) and at the end of it all, you get the REAL amount that you should have paid the government. If that number is LESS than what you actually paid in, the difference comes back to you in the form of a "return". It's basically just your money coming back to you...interest free. Boo.
    3
  602. Haha! I only had 3 T-shirts for the 10 days we were away from the house. Happened to wear my bear shirt and only saw the coincidence later!
    3
  603. Do you have a study or research that suggests that fact, Daisy? I'd be interested to look at it. Also, the generosity of different political groups wasn't the focus of this video at all, and we try to avoid saying one political persuasion is better than another!
    3
  604. Awww thanks!
    3
  605. Aw thank you so much!
    3
  606. Tell your students hi!!
    3
  607.  @kyliejohnson9890  Oh yes we did.
    3
  608. YUM! Love me some club sodaaaaa!
    3
  609. Hahaha, ours too!!
    3
  610. They are taxable, but only on a Federal level. The state can't tax Federal bonds (and vice-versa); fun fact! CD's are taxable on both fronts...
    3
  611. Although a house you live in does have maintenance costs you describe, it still appreciates over time. That's true of practically any "investment asset". Assets don't necessarily produce income. -- Philip 👨🏻
    3
  612. You're right on sir!!!
    3
  613. Thanks Ranger Ruby. As you can tell from some commenters, our goal with this episode was less to give specific market-timing advice, and more about learning what BTC is, how it works, and the nature of crypto-investing. So glad you learned something! - Philip
    3
  614. When you're a hammer, everything looks like a nail...
    3
  615. Niiiiice 😎
    3
  616. SAME
    3
  617. I hope someone misses me one day as much as our followers miss the 'stache.
    3
  618. Hey Dallas! A recent study showed that health insurance for unsubsidized private payers 25-34 has an average premium of $314. Since this is largely indicative of traditional health insurance, it's a safe assumption that a HDHP would be less. By quotes we ran for this episode (and Maria's hypothetical), we found that savings was 25-30% on average compared to a traditional Silver Plan. Since "Maria" was in her 30's, $200 doesn't seem outside the scope of reality. Obviously your situation is probably different from Maria's, and we're not stating that a HDHP "costs exactly X". Instead, we wanted to show that there is significant savings if you take these routes, though the dollar amount may vary. Thanks for joining the conversation! -- P
    3
  619. We were expecting it, but still...
    3
  620. Thank YOU that's a huge compliment. We take our work really seriously and it's so nice to know that it resonates and actually helps people.
    3
  621. Soon you'll have enough to buy a candy bar!
    3
  622. Haha, so do I -- and I'm glad I do! but I work in Finance now so.... -- Philip 👨🏻
    3
  623. We really appreciate it Andrew!
    3
  624. We'll keep 'em coming bud!
    3
  625. Don't be sorry! Thank you so much for sharing all this with us! : )
    3
  626. Hmmm, I get where you're coming from! But honestly, those would be bad investments because they depreciate in value and the whole idea is that you get to dodge the taxes on the growth. And those things wouldn't grow in value over time!! : ) But those would definitely be business expenses that you could write off under that business wing. : )
    3
  627. 100% agree. Thank you SO much. We learned a lot ourselves making the video.
    3
  628. Hmm.. Neither of the folks we profiled in the video were gaming youtubers...
    3
  629. We love YNAB too!! : ) We're long-time users ourselves.
    3
  630. Who will be paying those student loans after you're done...?
    3
  631. Thanks so much!
    3
  632. TThank you!!
    3
  633. We think people should have a car! Just hopefully not a new one so they can put more money into savings and investing! -- Philip 👨🏻
    3
  634. Awesome, thanks Dan!
    3
  635. Well hello Moscow!
    3
  636. Lolz. Nope. We did our bit-coin episode and we'll leave it at that! ; )
    3
  637.  @gustavoonthetelephone2103 Agreed! It's always a bit of a dilemma deciding how deep to go into a topic. It inevitably invites lots of "You didn't mention X" comments. But as you indicated, the purpose of the channel is introduction and familiarity with financial concepts, not graduate-level dissection of topics. It does get me thinking that a whole episode on the mechanics, potential, and risks of leveraging in general would be a fun topic. Thanks for joining the conversation Gustavo!
    3
  638. Haha, glad you caught that. Not an accident, just a little optical joke :)
    3
  639. Why yes! We actually have already made one! https://www.youtube.com/watch?v=n1b7piSmmME Let us know if there are other "microeconomics" topics you'd enjoy learning about! -- Philip 👨🏻
    3
  640. Oh wow! Thanks so much! Stay safe over there!
    3
  641. True, Desiree. We opted to keep the interest the same to keep the comparison as simple and comparable as possible. In reality, the interest on a new car would be lower, but the insurance would be quite a bit higher too. So if we added both of those factors in, the case would probably be even more compelling about the higher cost of a new car. -- Philip 👨🏻
    3
  642. Thank you Victor -- we'll keep makin' 'em if you keep watchin'!
    3
  643. Aleks, I have just translated it to Serbian (auto-translate). Take a look and if it's no good, I can send you a transcript for you to translate :) - Philip
    3
  644. Yep, check it out! https://www.youtube.com/watch?v=8si7cqw9wm0
    3
  645. Thanks so much Francois!
    3
  646. 🤘🏼
    3
  647. Wow. Thank you SO much for sharing your story. I am sure it was an incredibly difficult time and I'm glad you're stronger out the other side!
    3
  648. That really is the key isn't it? Finding something you actually enjoy, so it's not a struggle each time...
    3
  649. It depends! But we made a short video to help you think through the cost/benefit analysis. "Do I Have To Buy A House?" https://www.youtube.com/watch?v=ChSpkZ0jVxc
    3
  650. It's true! They are!
    3
  651. The 401k, Roth IRA that Betty uses have an average compound return. As long as you don't take money out, the growth creates more growth creates more growth etc. If you do a quick google search on compound interest and it may make more sense!
    3
  652. Well, yes indeed. In fact, we already made one! -- https://youtu.be/qFxCgQiHuDg
    3
  653. Lol. It's these lights!!!
    3
  654. It's an honor, thank you Gabriel!
    3
  655.  @makermeliss  Same. I gotta take it up the YT chain. Thanks for trying!!
    3
  656. Thank you for the kind words and the support Alaa!
    3
  657. It doesn't make a lot of sense, tbh Nathaniel. The DOW is older, and news outlets have never let go of it as the ultimate economic measuring stick!
    3
  658. Thanks so much!
    3
  659. GURL. YAS!!! You should be thanking yourself and your hard work!!! : )
    3
  660. Exactly!
    3
  661. And now you know what to do to improve!
    3
  662. SAME
    3
  663. Ciao!
    3
  664. The Federal Reserve literally creates it out of nothing. Very bizarre how central banking systems work. If you're interested, this helped me understand how they do it (and the possible risks) -- https://www.npr.org/2020/03/26/821787090/episode-985-where-do-we-get-2-000-000-000-000
    3
  665. Thanks so much! Very glad to have you! - Philip 👨🏻🤓
    3
  666. Woah! Weird...but cool too!!! ; ) Glad we're covering something that's top of mind for you.
    3
  667. Thanks so much! We have an awesome team and an amazing community of fans. We're very blessed!
    3
  668. Glad to bring it up!
    3
  669. My mother had a saying of the same theme "Life's too short to read a bad book"! I've taken that to heart... usually. I will confess I grumbled so much through the final game of thrones book that Julia reminded me of the saying and I put it down halfway through. No regrets! -- Philip :)
    3
  670. Laizra, since you're obviously following our channel closely right now, there will be a new episode TWICE PER WEEK all fall! Woo-hoo! -- Philip :)
    3
  671. Interesting point Dosadoodle, and I agree. The fact that the DOW isn't adjusted for relatively market size is a major weakness in it!
    3
  672. @pawala, we already dedicated to a whole episode to Bitcoin! https://youtu.be/ggvlgNMr_NE
    3
  673. That's a stout goal!
    3
  674. I do now! 😏👨🏻
    3
  675. Happy New year -- so good to see you again in the fresh new year!
    3
  676. Absolutely!!! You can use this approach to really go after a goal as wel!
    3
  677. Awwww, thanks!
    3
  678. Oh geez!
    3
  679. We JUST started doing this ourselves!
    3
  680. Wow. this is incredible. So glad you were able to get through all of that!!
    3
  681. Thank you so much Victor!
    3
  682. We already made an episode dedicated entirely to Bitcoin Duchi! https://youtu.be/ggvlgNMr_NE
    3
  683. Yes sir! It's coming soon 😁 - Philip
    3
  684. True that!
    3
  685. Haha! It's a "Sometimes" segment!
    3
  686. Haha, definitely not! It's our second-highest viewership outside US!
    3
  687. Wonderful suggestion, Aman! We actually have plans to create an episode all about graduate degrees and professional designations! -- Philip :)
    3
  688. The most loving form of torture :)
    3
  689. Proof that there's someone for all of us out there...
    3
  690. Lol. Maybe those theater degrees helped.
    3
  691. Agreed with The Blue Quasar. I had one, and canceled it years ago. Hurts, but better than putting it off any longer.
    3
  692. Actually, the opposite. She is renting, and invest the money she might've paid for a higher mortgage.
    3
  693. Awww sorry about your grandpa. Glad to hear you've got a lovely plan in place.
    3
  694. Yes you do!!
    3
  695. Thank Anton, for the respectful critique! In our research (and we hope this was clear in the video), we read that this long-held assumption seems to be wrong, and the 90% ratio theory didn't hold up to to reality.
    3
  696. no. rude.😂
    3
  697. Glad to hear that, thank you for letting us know!
    3
  698. Lolz. Lame jokes are always welcome. - Julia
    3
  699. An interesting question, and one posed (or justified) by insurance salesmen everywhere. Short answer: No. It takes the same amount of "discipline" to set up an auto-draft into a mutual fund as going through Whole Life underwriting -- less, really. And while you can cancel a mutual fund draft any time, you can cancel Whole Life any time too. Main difference being if you cancel Whole Life 3 years in, you get zilch back. If you cancel your mutual fund draft, you still have all the money. -- P
    3
  700. Thank you, so glad you found us Edwin :)
    3
  701. Aww, thanks so much Sourav!
    3
  702. Thanks so much!! This is great feedback. : ) We do have an episode on emergency funds in the works.
    3
  703. Thanks so much Fauziah!
    3
  704. Restaurants are notoriously bad at tracking real P&L numbers...
    3
  705.  @ClaudiaDavZam  THIS! : )
    3
  706. Guilty.
    3
  707. Thanks Hamid!
    3
  708. Hahaha. Awww thanks! We try!
    3
  709. Haha, thanks! We love doing the skits (and embrace our inner cheesiness!)
    3
  710. Hey Tom! I would check on those EE bonds -- they can dramatically reduce after a certain point. Might be measly .35% you mentioned. Just typed in the identification code on the bond online and you can get the current interest. Cheers!
    3
  711. Hahaha... awww. The YOLT was the only joke that made me LOL when I watched it after!
    3
  712. 401(k) plans virtually always have a financial advisor(s) responsible for guiding participants on the plan. Part of your annual investment fees will be going toward the advisor on the account, you can't remove them, so you may as well use their advice!
    3
  713. LOLLZ!
    3
  714. Awww thanks!
    3
  715. We've been thinking about it for years, and this one definitely touches on the topic. Maybe next holiday season!
    3
  716. Great catch on the graphic -- correction posted in the comments!
    3
  717. Thanks so much! You're the second deity we've already seen in the comments :)
    2
  718. Thank you so much Michael!
    2
  719. LOL!!! Nope. That's a family crest ring. Although I wish I could say I was that fancy.
    2
  720. Haha, we agree! If you listen close, we said "*800 for a car seat, decorations and anything we may need".
    2
  721. Definitely. Having separate bank accounts can be great or you can use a tool we love called YNAB (You need a budget) it does all that organization work for you without all the extra accounts. : )
    2
  722. I hope it's helpful next time you discuss it! Thanks for checking out our channel!
    2
  723. I remember my parents reading that to us for many years, the illustrations still burned into my memory. I always wondered what . "Sugarplum" was, but it sounded great!
    2
  724. Good rhymes.
    2
  725. Well thanks! Good to know it passes the test!
    2
  726. By the time Tamera dies, her investment will be worth remarkably more than that $500k. And she has access to it BEFORE she dies. Win-win.
    2
  727. It actually is. We have two! The pittie mix is too nervous for the camera. ; )
    2
  728. Yes, a terrific plan!
    2
  729. Woof. I can only imagine!!
    2
  730. WOAH! For real?! So interesting.
    2
  731. We did cover it in the video, but to review; the fees are typically a percentage of how much you invest. For example, if you invest $1000, and the fund has a 1% expense ratio, the fee will be $10 per year.
    2
  732. Sadly, probably not. The Senate committee that punishes unethical or illegal behavior really resists punishing their colleagues.
    2
  733.  @ksmoothy28  "real return" can mean net inflation, in certain contexts. But that's not what we meant. By "real return" we meant using your premium as your "cost-basis", the exact calculation the IRS uses. If you use your cost-basis as your premium (and not the amount the credit a dividend to), the return clocks in around 2%.
    2
  734. Thanks so much!
    2
  735. Glad to hear you're enjoying the "Two Cents Delivery"! Truth be told, if you want to save at your current income level, something's going to have to shift. Yes, more frugal living might work, but at $12/hr ($24,000/yr), cutting enough will probably land you in "Spartan/mountain man" area. It might be a better ROI on working toward a raise or job change, push toward an income raise and keeping your discretionary expenses relatively static. We'll definitely add this to a topic list to tackle down the road!
    2
  736. Hang in there!!
    2
  737. Whoa - at 25?! That's intense!
    2
  738. Haha, I'll bet it sounds pretty crazy!
    2
  739. You're welcome!
    2
  740. Well that's helpful!
    2
  741. Wow! Thanks so much!
    2
  742. We have actually!!! It's coming out soon!! : )
    2
  743. Thank you so so much!
    2
  744. We didn't say fixed -- but 7% in a simple stock-index fund is a pretty realistic average return!
    2
  745. Lol. We did! : )
    2
  746. Wow... what a world that would be...
    2
  747. Awww thanks so much! Hahah, that would be ALOT of videos. ; )
    2
  748. You can watch it again 😂
    2
  749. Hahaha. Good approach. ; )
    2
  750. Thanks a lot! We'll take your suggestion about the thumbnails to heart. Glad to have you check out join our channel! -- P 👨🏻
    2
  751. I'll take this as a compliment! Adam is awesome!
    2
  752. Thanks for the comment, and fair point!
    2
  753. Very true. But the rate-hike we were considering was well above the inflation rate. ; )
    2
  754. We need to discuss it more!
    2
  755. Aww... thank you James. This means a lot!
    2
  756. Great catch on the graphic -- correction posted in the comments!
    2
  757. We're happy you're here! : )
    2
  758. Interesting! We're actually coming out with a video about how being richer doesn't mean you're more likely to give!
    2
  759. Hahaha. We try.
    2
  760. Thank you so much -- that means a lot to us!
    2
  761. Julia cut it :)
    2
  762. Thanks Alberto!
    2
  763. Well, seeing as the average SS payment is around $1600, you could rely on just that, but do you really want an annual income of $20k for life? SS is designed to be 30% or less of your retirement income needs, so saving can help make up the gap! -- P
    2
  764. Start the conversations early, to avoid habits building up over time between you two. Those little things like protein powder have a way of becoming BIG things and BIG fights if you leave them unaddressed. So glad you're enjoying our channel :)
    2
  765. Thanks Sreeja! They're really fun to make and I'm glad you find them entertaining. If you are interested in a deeper look into behavioral economics, I'd suggest the works of economist. Richard Thaler. We covered his book "Misbhaving" in a recent video, and I also really enjoyed "Nudge", the book that came before. Let us know if you check them out! -- Philip 👨🏻
    2
  766. For real... the Amazon Prime creep is very hard to combat! Great job knocking out that mortgage quickly -- inspiring!
    2
  767. Should this be our new slogan?
    2
  768. I agree with you both 🤓. Of course there's bull and bear markets and we don't think a home will always appreciate (nor is guaranteed). Investments are almost never guaranteed or have "perpetual growth". Rather, the point we tried to make is this. Vehicles will - on average over time - lose value. A house will - on average over time - gain value. The US real-estate grows on average 4-5% per year over long time periods (crashes included). Cars don't gain value, unless it's some kind of collectible. Thanks for your two cents! - Philip 👨🏻
    2
  769. Yes!
    2
  770. Yes, it's collateral. And yes, you pay interest to the insurance policy.
    2
  771. Right?!?! Lolz. ; )
    2
  772. Awesome! So glad! I'm actually going to be seeing her again soon for a potential collab! Anything you'd like us to dig into together?
    2
  773. Awesome! Glad to bring in a new concept!
    2
  774. This is a great question! -- Whenever we “run the numbers” we are forced to make some assumptions. We base those assumptions on industry-standard practices. In this case, our 7% choice was based on the long-term historical returns of bond and stock markets. For example, VBMFX ( Vanguard total bond market fund) and VTSMX (Vanguard total stock market index fund). Since the bond fund’s inception in 1986 it’s averaged a 5.82% annual return. Since the stock fund’s inception in 1992, it’s averaged 9.44%. -- Two Cents viewers are primarily age 20-30. And we think it’s appropriate to assume that if millennials invest for the long-term, they can expect a long-term return somewhere in the middle! Hence the 7% number. -- We also think it’s important to point out that our "Dining Out" video isn’t about investing. Even if you NEVER invested a penny of the money you saved from dining out less, you’re STILL ahead! The point wasn’t that you have to invest that money. It’s about the power that can come with relatively small changes in behavior that compound over time. The societal pull to eat out all the time is really powerful, but we’ve found it can be easier to fight when you’re focused on a specific outcome that you’re trying to get as a result of pursuing behavior change. : )
    2
  775. Yes, it's a challenging cultural shift in the US that adult children aren't expected to support their parents.
    2
  776. We are a production of PBS Digital Studios. Sorry if you missed that! - Philip 👨🏻
    2
  777. We love pasta
    2
  778. That's kind of the idea -- "financial independence" to choose to work or not. If you had that passive income and continued to stay at your 9-5, I won't judge you!
    2
  779. thank youuuuuuuuu
    2
  780. Lolz. Thanks for the stache support ; )
    2
  781. That's so awesome! Our show got a great kick-start from shout-outs like that, so I'm grateful when we get to help other new PBSDS channels!
    2
  782. Good advice - we'll keep smiling, Jatin! - Philip 👨🏻
    2
  783. I think a lot of people think they "hate" cooking when really they're just intimidated and can't get themselves past the point where they're no good at it yet! ; ) We've actually been thinking about shooting a basic video about cooking! Would that be something that you'd be interested in?
    2
  784. Aww, thanks so much!
    2
  785. Depends on how "Short" you're thinking. But Accredited Financial Counselor is good intro-certification for personal finance. Good luck!
    2
  786. RIIIGHT???! I love it.
    2
  787. Hahaha, I love that!
    2
  788. Well thanks!
    2
  789. We'll miss you Nicholas! Hope to see you at the next one!
    2
  790. RIGHT?!? I loved it so much.
    2
  791. Hey there! Yes! We've got a beginners investment video in the works right now! : )
    2
  792. I am that guy, and I thought it was cute :) In each episode either I or Julia play the "dumb one" and it goes back and forth. It allows us to pose a question with an answer in an interesting way! -- Philip 👨🏻
    2
  793. Thank you so much, this means a lot to us!
    2
  794. Wow, an actuary watches our channel!? I'm flattered -- what an appropriate video this week!
    2
  795. Thanks so much for the recc!!!
    2
  796. Yep - 403b accounts always contains mutual fund options. It's a tax-sheltered way to own mutual funds through your not-for-profit employer. Cheers! -- Philip
    2
  797. Thank you so much! Love to Bucharest!
    2
  798. I TAKE MY EARRING GAME V SERIOUS ; )
    2
  799. Glad we can still surprise!
    2
  800. Fantastic suggestion, yes -- we will!
    2
  801. Not sure I get this or if I should be offended :)
    2
  802. We do listen!
    2
  803. Thank you for the kind words and the support Eric! -- Philip
    2
  804. Low earners in the US qualify for subsidies that reduce the cost of insurance, possibly even to $0.
    2
  805.  @ClickLikeAndSubscribe  I've got family members in PG county - who happen to be Black! - Julia ; )
    2
  806. So glad.
    2
  807. 😂 - Philip's super allergic so that'd be a hard pass.
    2
  808. Fair point Chris - Gold definitely isn't "useless" as a commodity! The uses you cited are correct and fascinating (especially the amazing malleability)! The point we were trying to make is that getting PAID in gold as a practical commodity isn't very useful for 99% of us. Sure, it can be practical for a jeweler, or electronics manufacturer... but there aren't a lot of those in society. For the average person, an ounce of gold has no real use except for trading it away for something more useful. So from a barter standpoint, or even an everyday-use commodity, it's pretty useless. Interestingly, the "commodity" value of gold is estimated to be somewhere in the $200- $400 range, when the monetary element is removed. So it has tradeable value, just not much practical use for most folks. https://www.quora.com/What-is-the-practical-value-of-gold-as-a-commodity I hope that makes sense, and thanks for tuning in! - Philip
    2
  809. I totally hear you on this. But decent therapy does NOT have to be expensive. Thankfully there are SO many ways to access good mental health care these days. And in my experience, spending money on therapy is the BEST investment because it helps you understand why we do the things we do. Understanding that is going to have a larger financial return than any stock.
    2
  810. Haha, great to be back!
    2
  811. Totally real. And real awesome...
    2
  812. Interesting take on it. It's definitely a valid point that the stock market is not the same as the economy (GDP and employment rates are probably better indicators of that). But I wouldn't say it's a "ponzi scheme", since that implies you're not buying anything of any real value, but just stealing from one investor to pay another with no real asset. Owning part of a company or a bond has real value, and has future cash-flows (dividends, interest, etc.), and those numbers drive the values. Bitcoin was a short-term investor bubble, driven by speculative purchasing of a currency, not a purchase of a profit-producing company. Thanks for your two cents! -- Philip
    2
  813. Thanks James! Feel free to share with any teachers you may know! -- Philip 👨🏻
    2
  814. We're adding it to the list!
    2
  815. 😂😏
    2
  816. Hello Mexico! Thank you for the feedback!
    2
  817. Thank you Julian! We're so glad you found our channel!
    2
  818. Thanks for the hug, and for the kind words! We're so glad to have you join us!
    2
  819. We went for it and it was like a NON EVENT! For real. So glad we did it despite our nerves.
    2
  820. Right?!
    2
  821. Sshhhh... it's a secret! (jk)
    2
  822. Hey Gustavo! Great point, the leveraging element is a consideration we didn't focus on for this video. The ability to leverage a real estate investment through a mortgage could potentially give you a higher return than if you invested that money in the market un-leveraged. Worth noting, though, is that leveraging can also turn on you during a down market. I'm thinking of people with little equity when the housing bubble burst in 2008. In this case you can lose MORE than you even started with, something that can't happen with an index fund. So if we were to delve into the up-side of leveraging, it would be important to highlight the additional risks involved.
    2
  823. Wow, that's excellent! 3.09% is sweet.
    2
  824. I believe you would benefit from a little research on this topic.
    2
  825. Thanks so much! You go girl!!!
    2
  826. Thanks so much Sunheng! - P 👨🏻
    2
  827. There's a notification squad?! - Philip
    2
  828. Hahahaha. I'm glad. We've got lots of content that can be used in a more general sense. Thanks for hanging with us!
    2
  829. Then keep watching and sharing our videos! : )
    2
  830. We publish corrections and clarifications pretty regularly. But questioning numbers from any Youtube channel is generally a good idea 😄
    2
  831. That's our favorite! : )
    2
  832. Family tradition is a very strong force - it's understandable why he feels that way! But after 12 years of marriage, I can attest that you will barely remember it... so keep that in mind before betting the farm on a single day's party!
    2
  833. We used to teach some FPU classes back in the day! There's a lot of good stuff in there for sure.
    2
  834. Ugh. I'm so sorry to hear that. I can only imagine how stressful this must be for y'all.
    2
  835. A familiar story -- I had a Variable Universal Life myself (cousin of Whole Life). Ultimately canceled it 3 years in, once I realized what a bum product it was. Got $0 back (surrender charges). Talk about sunk cost!
    2
  836. Thank you so much!
    2
  837. A lot of people are! Glad it resonated with you!
    2
  838. While a great topic, it probably wouldn't be applicable to the vast majority of our viewers, sadly...
    2
  839. Very interesting! Thanks for sharing that!!
    2
  840. that's horrible!
    2
  841. We've got one coming out later this year!!! Already made. ; )
    2
  842. Julia here...I'm legit glad you shared your views on this with us. We absolutely can do better. I just became a mother myself so I get it.
    2
  843. yeah they are!
    2
  844. Pizza is Julia's love language.
    2
  845. Thanks for the kind words Rafael. We're so glad you found our channel! - Philip 👨🏻
    2
  846. Thanks Guarav! We don't have our baby in videos (except one) -- her financial chops are not quite high enough to be a "Cent" yet! Born in 2018!
    2
  847. Thank you Gilberth! - P 👨🏻
    2
  848. I totally love Freakonomics too. What high praise! - Philip 👨🏻
    2
  849. Burn.
    2
  850. Woah! That's really interesting!!!
    2
  851. Awww thanks so much! We don't have one up now but might in the future!
    2
  852. COME ON!! YOU CAN DOOO IIITTT!
    2
  853. To investors and governments around the world. If you own a 401k or IRA with a bond fund, odds are solid that some of that debt is owed to YOU! Default has never happened in the US, and we'd have to be in a very, very, very bad position for that to be on the table. If the US started defaulted on debt payments, it would be the end of the country as we know it.
    2
  854. Thanks so much!
    2
  855. Wow, inspiring! Good luck and stay strong!
    2
  856. They do it all the time -- that's bold!
    2
  857. Thanks twiceshy! We figured we'd open up a Pandora's Box by discussing the lack of confidence and hidden powers women bring to money. Just didn't predict that the fans would lose their minds over a mention of the "wage-gap"! -- Philip
    2
  858. First in our hearts tho
    2
  859. Absolutely!
    2
  860. Hahaha. I have to say I have NEVER heard that metaphor before. And while I have known plenty of wonderful super wealthy people...this still makes me laugh!
    2
  861. Thanks so much Luciana!
    2
  862. Hahah, thanks. It was my first time in 17 years to dust off that accent, can't say I expected to sound genuine :)
    2
  863. WOOHOOOOO!!! Therapy is THE. BEST.
    2
  864. Thanks so much Vendran! Some teachers are already using these lessons in their curriculum since our channel launched this year! -- Philip 👨🏻
    2
  865. I think I know what you're referring to Ryan, but could you be a little more specific?
    2
  866. NO. SIR. Just one thank you very much!
    2
  867. Good idea! We'll add that to the list. A lot of people don't understand how a standard deduction works or why it's there.
    2
  868. Ugh. I'm so sorry. It's hard for a lot of people. Hang in there!
    2
  869. You may have seen it on Facebook prior. ; )
    2
  870. Awesome, thanks so much!
    2
  871. We sure hope so!
    2
  872. Fascinating! Thanks so much for chiming in!
    2
  873. Aww, thank you Chaffe!
    2
  874. Absolutely! Feel free to steal any piece of this video or the language that might be helpful when informing people!
    2
  875. That's $795 per YEAR.
    2
  876. Et tu cook -e? 🍪
    2
  877. We're considering an IPO. We'll let you know.
    2
  878. Bahahaha!
    2
  879. Yeah, you're rocking it! Keep up the good work, you'll be way ahead at 25! -- Philip 👨🏻
    2
  880. Nordstrom Rack!!
    2
  881. Of course, thank you for watching!
    2
  882. Thanks so much! - P 👨🏻
    2
  883. Agreed!!
    2
  884. Thanks Constantine!
    2
  885. How interesting. Is there any way to learn about one-another's financial habits/history without being disrespectful?
    2
  886. Thank you for taking the time to watch it. It was an interesting one to make!
    2
  887. Lolz.
    2
  888. I know, crazy right?!
    2
  889. Yeah...
    2
  890. Mooooorrrning!! Get on up now! Go make those coins!
    2
  891. It's crazy because that was true when we shot the video last year but it's no longer true! GE was dropped recently so there's no more left! : )
    2
  892. Thank you Plato!
    2
  893. Fixed 'em! Thanks!
    2
  894. OOOHHHH! BAM!
    2
  895. Yep. It's a certification thing here!
    2
  896. LOL. Don't be. ; ) I'll hold your hand.
    2
  897. Not right now -- keep your 2 Cents and invest it!
    2
  898. Awww, that's high praise! Thanks!
    2
  899. Absolutely! Glad it did.
    2
  900. We adore you!
    2
  901. Thank you Diego!
    2
  902. Amen. Glad we're helping in some small way!
    2
  903. Wow, hadn't heard of that. I'll take a second look next time I'm at a coffee house! -- Philip
    2
  904. Ugh. Sorry Ruby. There's a dang imposter here.
    2
  905. Awww thanks!
    2
  906. Thank you sou much! So glad to have you :) -- Philip
    2
  907. We're thrilled you found us Sarah! -- Philip 👨🏻❤️
    2
  908. Awww thanks Liz!!
    2
  909. Help us spread the good word Roy! -- Philip 👨🏻
    2
  910. Awww hey Temple!!!
    2
  911. Awesome, so glad to hear it's working for you!
    2
  912. Well we love you too!
    2
  913. Awesome Tommy! Please feel free to share on Reddit if you find any others especially interesting! -- Philip 👨🏻
    2
  914. Well, we're not really intentionally advocating for Keynesian economics. Rather, our show is designed to educate and these big bailouts are Keynesian in nature. We aim to explain what is happening with these bailouts, though an exploration of competing schools of thoughts would be fun (to us at least)!
    2
  915. Only $3,000/yr.
    2
  916. So glad it resonated with you!
    2
  917. Anyone can buy mutual funds. You don't have to live in a country to invest in a mutual fund offered through that company. Look into a mutual-fund company or brokerage company in your area!
    2
  918. Thanks Serena! We appreciate you watching :)
    2
  919. So glad! I didn't know either until I heard a financial therapist being interviewed on the radio one day and I immediately had the vision for this episode. Happy it's finally out!
    2
  920. Well thank YOU!
    2
  921. Julia suggested shaving my mustache after this season. Imagine the scandal!
    2
  922. 100%. It's a real thing that needs to change.
    2
  923. So glad it resonated with you!
    2
  924. Well thanks! We love you too!
    2
  925. True story -- we'd never been! But we will now once they're open again (with any luck).
    2
  926. Awesome! Glad nothing needed to be changed, but so much better safe than sorry!
    2
  927. BLESS YOU! I take my earring game very very seriously. ; )
    2
  928. Hey Barris! Yes, most of the budgeting apps automatically update with your bank activity -- it's kind of like having a lot of mini-checking accounts!
    2
  929. A coincidence, I swear! I only had 3 shirts when I left the house!
    2
  930. Yep! good point to add!
    2
  931. Can you expand on that Ahmed? Are you looking to start a business yourself? - Philip 👨🏻🤓
    2
  932. 😅
    2
  933. of COURSE not ; )
    2
  934. Lolz. I'm here till Friday.
    2
  935. Ooof. I would honestly reach out to real-life sonographers in your area. Don't rely too much on forums! Think about it...only people who are super dissatisfied are venting on places like that. So, get out there in the real world and see what you can find out! : )
    2
  936. Lol. The wife likes it better this way too.
    2
  937. They're coming! Got a great one in the works about being your own boss. Thanks for watching, Tomika! -- P
    2
  938. Haha, thank you!
    2
  939. Awesome, so excited that you subscribed Girl on Moon! We'll be rolling out two episodes a week for the rest of the year!
    2
  940. Yes, indeed we did. Filmed this back in February, I think, and after the session with Michelle finally did it. Just wished we'd done it sooner!
    2
  941. Thank YOU!
    2
  942. 😂 - No one can judge you.
    2
  943. ooooohhh thanks!
    2
  944. Well thank you for watching!!
    2
  945. Oh wow thank you!!!
    2
  946. Thanks so much!
    2
  947. We already made one! Did you see "5 Ways People are Dumb With Money?" It's specifically about behavioral economics. https://www.youtube.com/watch?v=n1b7piSmmME
    2
  948. Thank you very much! - 👨🏻
    2
  949. Thanks so much Mr. Sharp! We try to stay unbiased, but I'll confess we lean a little toward the critical end on this one. What other videos have you watched that you found informative?
    2
  950. Hmmm. Fees that aren't openly disclosed up front get the SIDE EYE from me....
    2
  951. Great catch on the graphic -- correction posted in the comments!
    2
  952. Lolz. We might!
    2
  953. Good to hear!
    2
  954.  @scrappymark  THIS
    2
  955. As creators of the show -- yes. All the time. I'm mostly grimacing as I watch.
    2
  956. Love it!! We're HUGE fans of counseling. Glad to hear it's been so effective for you.
    2
  957. That's a first, haha! You don't live in the US if I recall, so it's completely understandable! Here in the states they say it every single day on the news without exception!
    2
  958. That is a totally valid way to feel!
    2
  959. Not exactly, but they're very similar. ETF's are like MF's, except they are bought and sold on the market like a stock. Kind of like the more liquid, more modern version of a mutual fund. But the concept of diversification, pooling assets, and fees all apply the same way.
    2
  960. Thank YOU! We're hangin in there. ; )
    2
  961. Fair enough, Vickie. Our channel and advice is generally aimed a younger audience, so that's a good perspective. - P 👨🏻
    2
  962. Thanks a lot Varant!
    2
  963. That's why we're here, Julie!
    2
  964. :(
    2
  965. Haha! Actually, we already made one! https://youtu.be/72mPrnnsQ3s
    2
  966. Fair assessment.
    2
  967. 🤩🙌
    2
  968. OOOOOHHHHHH!!! DAAANG!!
    2
  969. Achievement unlocked!
    2
  970. Best of luck to Michaella! West African Cuisine... that sounds amazing! If you keep a close eye on your costs and profitability, you'll be way ahead of the curve compared to most food-entrepreneurs! - P
    2
  971. Investment companies are required to state "past results are not indicative of future results", yes. But economists definitely look to the past for forecasting future trends -- it's the only tool they've got!
    2
  972. Two Cents is like a fine cheese. Takes time, and care to make. Delicious. Stinky in a good way.
    2
  973. Hmm. Interesting thought. Are you thinking millenials spend more on restaurants compared to older generations? -- Philip :)
    2
  974. Awww thank you!
    2
  975. Same.
    2
  976. Lolz. Oh that one is coming.
    2
  977. Well thats a high compliment! Not sure if we could really compete with cat/cucumber videos.
    2
  978. Literally just noticed that 2 weeks ago when watching it with our toddler. It's scary.
    2
  979. We do.
    2
  980. Hmm. What is "self-made", and what have you read that shows this? And if it's true, why might that be?
    2
  981. Yay! I'm glad! : )
    2
  982. Wow. Thankful you were able to leave that lifestyle behind. I'm sure it wasn't easy.
    2
  983. Well YOU make US happy! : )
    2
  984. YAAAAAYYY!! So glad it was helpful to you!!
    2
  985. Hahaha...we've considered it. But between a business, this show and a baby...our plates are a bit full! But we'd love to one day. : )
    2
  986. Sweet! It would look great next to our Emmy! 😁
    2
  987. Woohoo! New Episode every Wednesday. So glad you joined us! -- Philip 👨🏻
    2
  988. Thank you so much Charity!
    2
  989. We've definitely been guilty of them too, and the shift away from the "norm" of using CC has been slow and awkward for us!
    2
  990. Just keeping it casual over here at Two Cents...
    2
  991. What you paying? Can payments be in BBQ or baked goods?
    2
  992. Bahahaha. I love how much people love this. It was just a random idea we had when we first started the series. I feel like we need run the numbers merch one day.
    2
  993. Fascinating. So so sad. But glad you were able to gather those stories!
    2
  994. Thanks Tom! Just trying it out...
    2
  995. Awwww well thanks!!! Happy to have you here!
    2
  996. So true, Daniel!
    2
  997. Excellent, glad you checked us out! - P 👨🏻
    2
  998. I think the answer was baked into the video. Getting started can be quite intimidating, and the best way to start is to aim for the smallest, easiest debt. If you have a $500 or $1000 debt, that's a great target to start aiming your "gap" at each month. If you don't have any gap, you will be forced to look at your lifestyle expenses and seek out places to trim a little. Thanks for joining the conversation! -- Philip 👨🏻
    2
  999. Oh wow thank you SO SO much for that feedback. I'm so curious, since you're in the industry, what is one thing you wish people knew about insurance?
    1
  1000. Basically.
    1
  1001. Nobody knows for sure, but historically it's between 6 months and 3 years.
    1
  1002. True true.
    1
  1003. Oh my gosh thank you so much! We're glad to have you here!
    1
  1004. As someone with an acting background myself, I can dig it!
    1
  1005. Thank you @abi!
    1
  1006. A few people have mentioned this! Thanks!
    1
  1007. Thank you so much for those kind words! We really try our best!
    1
  1008. My response is: at age 70, how many more years of earnings do you really have to insure, if any? By that point, anybody with the option will probably be retired or working very little.
    1
  1009. Great perspective, msfsaint. We also run a small business in the US. And we agree - an employee asking for more may not always get it -- but it makes me more aware of their investment and eagerness to grow with the firm. Thanks for sharing! - Philip
    1
  1010. Hello! Our show is produced by PBS Digital Studios. So it is underwritten by PBS and distributed on YouTube, Facebook, and PBS.org!
    1
  1011. Slayage commencing
    1
  1012. Love it, terrific suggestion!
    1
  1013. Thanks so much!
    1
  1014. That's so interesting!! Thank you for sharing that!
    1
  1015. Good-heads? That's a new one. And hey, we have a video all about gold as an investment/currency in a week!
    1
  1016. Thanks so much!
    1
  1017. Awww thanks!
    1
  1018. Of course! And thank YOU for sharing your super valuable personal experience with us!!
    1
  1019. Thanks so much for the kind words Noora! We're so happy you found us!
    1
  1020. We launched on "Facebook Watch" earlier this year, and just ported to YouTube 3 weeks ago. Thanks for Subscribing!
    1
  1021. You can get savings bonds through treasurydirect.gov. You can buy individual bonds and bond funds through any major broker (Fidelity, eTrade, Schwab, TD Ameritrade).
    1
  1022. Thanks Julian! and yeah, pushing hard on passive income streams (like property) accomplishes a similar result to a big nest egg of index funds. Thanks for sharing!
    1
  1023. Haha, thanks Cam!
    1
  1024. In the show description!
    1
  1025. This is an incredible story. Thank you so much for sharing it. Your mother must be an incredible human. As are you. : )
    1
  1026. Thanks Sage. We literally just shot an episodes all about marginal brackets & progressive taxation last weekend. Excited to see what you think! -- P
    1
  1027. Hahaha, thank you!
    1
  1028. YAAAYYY!!!
    1
  1029. Hahahaha NICE!
    1
  1030. You go girl!
    1
  1031. Thanks Ram. Feels more important to be timely than polished right now.
    1
  1032. Investing early is always good! If you have money you're saving already, investing in mutual funds may be a good option for you. I remember I invested some of my savings in some mutual funds back in my 20's, and when they grew, I used that money as a down payment on our home. I happened to have lucky timing (invested right after the 2008 crash), but investing early (and with small amounts) when you're young will be something you'll be glad you did! -- Philip
    1
  1033. Oh interesting!
    1
  1034. Thanks so much Demola!
    1
  1035. Thanks Michael. We really do try to keep the politics out of it as much as possible.
    1
  1036. So true!
    1
  1037. Just doing my best here. Was going for this: https://www.youtube.com/watch?v=jjb77v3LX_s
    1
  1038. Aww... Thanks Andrew! - P 👨🏻
    1
  1039. Ok! We hear that!
    1
  1040. Lolz! Thanks for the heads up. We think it was actually a glitch on YT's end but it looks like they fixed it.
    1
  1041. Thanks a bunch Jordyn!
    1
  1042. I waffle between my jewelry-crazy self and my creeped-out self. ; )
    1
  1043. Thanks Ruby! Hope you're staying sane with school out! Any new videos from your home with the quarantine?
    1
  1044. Thanks for your input on this! We're going to explain why we choose the 7% number in a post today. : )
    1
  1045. Pretty much, haha! - P
    1
  1046. Hey Brandon -- few folks ever acknowledge my CFP, so it's nice to hear from a fellow card-holder! Frankly, healthcare in FIRE-country isn't brought up much. I can only guess it's because younger folks tend to be advocates, and they have lower healthcare costs. E.g., our group-health cooperative (legal alternative to insurance and works like a high-deductible plan) costs less than $400/mo out of pocket for our whole family. I would suppose that if you have a large family, or expensive health care needs, you'd need to factor that into your "cost of living" number before you apply the 4% rule. Great question though! What's your thought on it? -- P
    1
  1047. Thank you!
    1
  1048. It's not even 5 minutes long! 😂
    1
  1049. We always try to! Check out 1:40 :)
    1
  1050. So are we! Been a very warm reception so far on Youtube -- very glad to be here! -- Philip 👨🏻
    1
  1051. I love that one.
    1
  1052. I'm so sorry you're having to struggle with these things. The challenges are definitely real!
    1
  1053. Hahaha. Always!
    1
  1054. Awwww yay! Thanks guys. Love y'all!
    1
  1055. YUP
    1
  1056. Agreed! Term Life is essential for stay-at-hom-parent! Mary Poppins won't hire herself!
    1
  1057. Hahaha, glad you noticed! We just think they look cool and have their artwork around our office (aka the T.C. Quarantine Studio)!
    1
  1058. Probably "Engineer" -- finding it like a "game", or a puzzle to be cherished.
    1
  1059. It's a natural screen against germs and contagion. If everybody had a 'stache like mine, maybe we wouldn't be in this mess....
    1
  1060. Liked your comment before we read it.
    1
  1061. 360?! Wow...
    1
  1062. Thank you Aaron, so glad you find it helpful! -- Philip 👨🏻
    1
  1063. Thank you James!
    1
  1064. Honestly, this is a REALLY big topic because there are a lot of factors to consider. Cost, approachability, locale...but it makes me think a video on how to compare different brokerages might be a good subject for a video! Thanks!
    1
  1065. Thanks! We had an issue with the proper thumbnail appearing. Should be all right now!
    1
  1066. oh that's so interesting! I didn't know that!
    1
  1067. LOLLLLLLZZZZZ. We still love you.
    1
  1068. Don't beat yourself up too bad. ; ) We all make mistakes!
    1
  1069. Not stupid! It really depends. It can effect your score sometimes, but a lot of lenders will treat it differently and not use it in something called a debt-ratio.
    1
  1070. Just like this guy: https://www.youtube.com/watch?v=jjb77v3LX_s
    1
  1071. Hahaha. I'll have to try that.
    1
  1072. Great suggestion -- yes! I'm adding it to "future episodes list" right now. :)
    1
  1073. Thanks so much Elias!
    1
  1074. Thanks a lot Vitaliy!
    1
  1075. Lolz. Keep it for now and invest it! ; )
    1
  1076. We have always personally followed a flexible percentage-based system.
    1
  1077. Hahaha. I've only got a bit of German! ; )
    1
  1078. Hahaha. Just you wait!
    1
  1079. Excellent - great to learn some of this stuff earlier than later!
    1
  1080. Then set up an auto-draft into a mutual fund. It's just as easy to cancel, and easier to set up.
    1
  1081. Absolutely. Poor financial education is definitely somewhat to blame. We're trying to do our part to stem the continuous downward cycle!
    1
  1082. That's awesome! You go Katy!
    1
  1083. Haha. I mean, I'd love to think that but it's gonna take more than us!
    1
  1084. Thanks!
    1
  1085. Hey Joe! Ok...so, what we mean is that there's overall broad economic inflation and then there's inflation that occurs within certain sectors. They may or may not be connected to each other. And you're exactly right that currently, the education inflation is out-pacing the broader economic inflation rate.
    1
  1086. Thanks Benji -- and congrats on the new addition!
    1
  1087. Lolz. Same.
    1
  1088. Super smart move!
    1
  1089. Lolz. So, she's actually almost a YEAR old. Most of the videos that have come out on Youtube were shot a long time ago and we actually premiered them out of the order they were shot in lolz. ; )
    1
  1090. Thanks so much! Glad you found us!
    1
  1091. Ugh. SAME.
    1
  1092. Nope. We (the hosts of Two Cents) don't use CC. But certainly the majority do...
    1
  1093. Well thank you so much! We hope to see you there!
    1
  1094. But show me a manager than manages to do that. You can avoid missing the ten best without predicting the future. You can't avoid the ten worst without a crystal ball or a four leaf clover.
    1
  1095. For most of the US, there is a Credit Union where "membership" is simply living in a certain area or attending a specific school. Almost anyone can join a CU if they look hard enough. Even your parents can make you eligible (where they went to school, worked, etc.)
    1
  1096. I don't believe we ever stated directly that there is a causal relationship. But rather that there's a very well documented corollary effect (as you duly noted, Jason). The "cause" or the "why" could be a large number of things, and though we explore a few possibilities, this videos was about the correlation, not the root "cause". Thanks for your thoughts! -- P
    1
  1097. Awww thanks! Indeed the traffic is nuts. Maybe we'll organize a meetup later on! ; )
    1
  1098. Hahaha. WE FEEL THE PAIN TOO! Thanks!
    1
  1099. Unemployment is not one-time, Gilberto. As we mentioned, it can last up to 39 weeks. One-time is additional. You can apply through your state's unemployment office :)
    1
  1100. Great question -- we made a video answering it! https://youtu.be/sHSaUqoKjkA
    1
  1101. Awwww : )
    1
  1102. Thanks so much!!
    1
  1103. Sure do -- check it out! https://youtu.be/ChSpkZ0jVxc
    1
  1104. David, I honestly wasn't aware of it til you mentioned it! Based off what I've read, it doesn't appear to be a pyramid or ponzi scheme -- since you don't have to hand any money over. Seems like an inventive way to acquire email addresses and digital information. What's your take? - P
    1
  1105. Yep, most definitely! https://www.investopedia.com/ask/answers/12/what-is-an-asset.asp
    1
  1106. Haha, what... was it obvious or something?!
    1
  1107. We love YNAB!
    1
  1108. Awwwwm thank you! She sure is! : )
    1
  1109. Lol! Love it.
    1
  1110. AMAZING!!! Way to goooo!!!!
    1
  1111. Hahaha. Burnt! But you can counter to your wife that it's a "inexpensive luxury that will provide disproportionate enjoyment". Not everything is an investment! - P
    1
  1112. Couldn't agree more Nikhil. But you can get a safe, comfortable, warm car you have a bond with... that's 5 years old and not financed. Don't you think? We have a car that's 5 years old and another that's 16 years old. Reliable, safe, and comfortable :) -- P 👨🏻
    1
  1113. Help us get the word out Omer! -- Philip 👨🏻
    1
  1114. There's no "right" amount to start with! Assuming you're out of debt and have a full emergency fund, you might consider opening up an IRA with your current bank or online robo-advisor then selecting a mutual fund to go inside it. BTW you don't "Start" a mutual fund, you buy a share of one that already exists. ; )
    1
  1115. Thanks! No, we are not FIREd, but we have a wonderful business we own and work on our own terms. We live way under our income, give & save a lot, and have a rich wonderful life. I wish the same for everyone, FIREd or not! -- P
    1
  1116. Thank you.
    1
  1117. Ultimately, life insurance is built to ensure your income. Once there are other people relying on your income, then you should consider it. It's not really related to age. : ) - Julia
    1
  1118. Thanks so much Akash!
    1
  1119. Big hugs back!!!
    1
  1120. We're trying to change that, Kayhan!
    1
  1121. Thanks so much!
    1
  1122. Awwwww thanks!!
    1
  1123. Whoo - harsh. Actually, I did just get a new wardrobe upgrade, thanks to Julia's fashionista sense.
    1
  1124. Thanks for adding that to the discussion!
    1
  1125. I didn't really understand SS until my late 20's, ruby!
    1
  1126. So glad!
    1
  1127. I ask myself that every day <3 Julia
    1
  1128. Interesting you say that. We're actually making a video about bankruptcy soon!
    1
  1129. Thanks so much!!
    1
  1130. We're workin on it! Thanks so much for being part of the fam!!
    1
  1131. "Poor" is definitely relative (and even many of the poorest in the U.S. are wealthier than many folks in the rest of the world).
    1
  1132. Interesting, Harold! Lots of people report issues with international travel when they use a CU, so it's great things went so smoothly. What CU do you use?
    1
  1133. Haha, thanks? I used to be one, for years actually. Not proud of it.
    1
  1134. 99%? What study is that from? And tax benefits...on an investment that performs at or below inflation? I think I'd rather pay the tax and actually out-perform cost-of living.
    1
  1135. The one on my right is my Whoop fitness tracker :)
    1
  1136. 100%%%%%%%%%%
    1
  1137.  @leeklinglesmith3427  YEP. So true.
    1
  1138. Hahaha. Very true! But it IS the world's largest supplier. ; )
    1
  1139. Good idea!!
    1
  1140. Hey Randy! We use a lot of averages generalizations on the show, since we're teaching a concept rather than specific advice for a specific situation. The census bureau reports the median per capita income is $48,000, so that seemed like a reasonable example number. But since we discuss percentages for savings numbers, you should be able to apply this lesson of savings to any level of income. https://www.thebalance.com/what-is-average-income-in-usa-family-household-history-3306189
    1
  1141. We're considering it!
    1
  1142. Hope it delivered Vignesh!
    1
  1143. Awww thank you so much!!
    1
  1144. TLDR: Different details, same result.
    1
  1145. For the next one!
    1
  1146. Great suggestion for a topic, Jose!
    1
  1147. Read our minds Erikas! We've got an episode coming up soon about best budgeting tactics and we're excited to see what you think! - Philip 👨🏻
    1
  1148. Not likely. But some big financial influencers do/have (check out Mr. Money Mustache).
    1
  1149. Interesting Eduardo. This is a requirement in Spain?
    1
  1150. Thanks so much Marc! -- Philip 👨🏻
    1
  1151. You bet!
    1
  1152. Awesome! Good for you to for checking out Thalers book! He's a genius. : )
    1
  1153. Assuming you get your used car inspected, it's very unlikely the repairs will get even close to the cost of a new car payment. $200-$400/mo is a reasonable estimate for a commuter car payment (new). Compare that with the average cost to repair a use car tends to run less than $400 per YEAR. Check it out: https://www.consumerreports.org/car-maintenance/the-cost-of-car-ownership/
    1
  1154. Good for you Madeline! It's hard taking your head out the sand but it's SO game-changing.
    1
  1155. So welcome!
    1
  1156. Awww thanks!
    1
  1157. Nemitri, you can definitely have BOTH! The money is 100% inheritable to your beneficiary if you die with a Roth IRA.
    1
  1158. Look at you!!! Way to go!
    1
  1159. This is a GREAT question! Lol. I'll see if we can work it in our next call. But basically...I'd say the thing that surprised me most was the costs associated with breastfeeding. You'd like it's free right? NOPEEEEE. As someone who struggled, I paid probably 1000 bucks on lactation consultants, fancy pumps, all sorts of stuff. It was totally shocking but something I was willing to do to try and get my milk to my little one.
    1
  1160. Yup.
    1
  1161. Agreed, same here Matt!
    1
  1162. Thank you!
    1
  1163. We're flattered! ; )
    1
  1164. Haha, good observation! The trend of using "American" as a selling point definitely went the way of the locomotive...
    1
  1165. Bahahaha. At the time we shot this, she was still in there! ; ) - Julia
    1
  1166. But that "single room" would probably cost a fortune to buy. The point wasn't "you get a whole house for $600k", but rather that the cost to buy any space would be around 50X the annual rent.
    1
  1167. In a way, yes. You pool your money with other investors, and the mutual fund companies buys the core investment (stocks, bonds, etc.)
    1
  1168. I've kept the mustache for 3 years just IN CASE something like this happened. Vindicated??
    1
  1169. Thanks so much!
    1
  1170. Awww so glad! Hello Czech Republic! I'm always astounded at the global audience we have! The internet is crazy!
    1
  1171. Lolz. Jealous.
    1
  1172. We list all of our sources for every episode. This is an episode we shot almost a year ago, and don't have on-screen citations, but we've started adding them for current episodes.
    1
  1173. Welcome to the big kids club.
    1
  1174. Haha! It's like we're your hype man/woman... for saving!
    1
  1175. We've got an "Investing for Noobies" episode coming out in the next couple weeks. Be sure to subscribe and you'll get it. Plus -- it's pirate themed! ARRrrgh!
    1
  1176. Sweet, thanks Riyad!
    1
  1177. If you know Uncle Sam, please feel free to put in a good word for us! -- Philip 👨🏻
    1
  1178. Thank you so much!
    1
  1179. You're welcome!
    1
  1180. Awwww thank you SO much!! You're awesome!
    1
  1181. Awesome, glad you found it useful :)
    1
  1182. Absoutely! Go ahead and share the video! : )
    1
  1183. Well THANK YOU! : )
    1
  1184. Definitely a lot cheaper...
    1
  1185. Not a bad idea!
    1
  1186. Bahahaha! That's amazing!
    1
  1187. Hopefully low. They should be SIPC insure, so you keep your shares or holdings even if the custodian fails. Be sure to check for that!
    1
  1188. Very similar, but not identical.
    1
  1189. Thank you so much Francisco!
    1
  1190. It's true... the area of the country (or world) you choose to buy makes an enormous difference. - Philip 👨🏻🤓
    1
  1191. Many Wall Street managers focus on short-term results, and try to time the market. This shouldn't be scary for folks in it for the long term, but for the short term it can be terrifying.
    1
  1192. Little one is happy and thriving, thanks for asking. Currently obsessed with picking/eating/saying "tomatoes"!
    1
  1193. Took the words out of my mouth. Thanks for your two cents, Dab0331! - P
    1
  1194. Calling the previous 84 years "cherrypicking" is a strange perspective. I agree that you can slice and dice timelines to tell different stories. Like picking 1852 - 1932 so you capture the Civil War and the Great Depression -- that seems like you're intentionally choosing the worst possible data set to make a point. We didn't say "stocks always return higher than previous level", because they don't. We also didn't say "just buy an index fund, lol". Maybe you're thinking of another video?
    1
  1195. I remember first hearing that quote in high school, Ruby, and it's always stuck in my head. Money and power tend to be highly interrelated, so there's definitely some overlap (more money usually means more power). And as we discussed in the video, wealth often leads to more time spent around other wealthy people, which might decrease concern for the less fortunate. -- P
    1
  1196. Awww thank you! That's high praise!
    1
  1197. Thanks! Hope you'll join us there!
    1
  1198. Sadly, not all FA's are required to be fiduciaries. Generally a CFP or "Investment Advisor Representative" will be forced by their firm to sign a fiduciary oath. But many brokers and insurance agents hold themselves out at Financial Advisors without becoming fiduciaries.
    1
  1199. Yep, most (maybe all?) retail credit unions are Federal Credit Unions.
    1
  1200. Thanks so much Kim!
    1
  1201.  @joshschilmeister1934  Right you are, thanks for catching that!
    1
  1202. Great catch on the graphic -- correction posted in the comments!
    1
  1203. Preeeeety much.
    1
  1204. I TOTALLY LEARNED THIS THE HARD WAY!! : )
    1
  1205. Nailed it Steve.
    1
  1206. Lolz. Happy for the distinction! ; )
    1
  1207. Thanks so much Ramon!
    1
  1208. Great job storing up this knowledge ahead of time. You'll have a big head start on life!
    1
  1209. Love it! So glad you found us! -- P 👨🏻
    1
  1210. Lisa, just pinned a clarification of the wage-gap thing. Thanks for being here!
    1
  1211. Longhorns both!
    1
  1212. Ha! That's funny. I didn't know that.
    1
  1213. Thanks so much! We've got one coming... make sure you subscribe!
    1
  1214. In our experience, finding flights that make good use of your points is a tough needle to thread. Points have a fluid value, being worth more or less depending on the flight you choose (and you have to adjust your travel dates accordingly). In a society where our most scarce resource is time, lots of people just never get around to it, though it might seem a minor hassle. Thanks for your comment! - P
    1
  1215. Not at the moment! That would take a TON of work to put together but maybe someday!! ; ) Thanks for the vote of confidence!
    1
  1216. At least we have a Space Force??
    1
  1217. See...I'll admit that's what I thought was the case before I made this video. But the studies and research I did reveal something different. Do you have anything supporting that idea to share with us?
    1
  1218. Thank YOU for watching them! You're why we do this!
    1
  1219. What does the index fund have to do with anything, Duncan? And why does you having a "large one" relate to this?
    1
  1220. Aww, that's so great. I truly hope with every video a few "dots connect" for our viewers, and I love to know you made some connections with this one. Thank you so much for watching! -- P
    1
  1221. She's definitely worth lots of likes!!
    1
  1222. Our channel in a nut-shell.
    1
  1223. Because an index fund won't be enough to cover your defendants if you die in the near future. That's what the Term does. And if you have no dependents, then go for it!!
    1
  1224. Interesting idea! What makes you think the quality of the insurance is different if you have a private plan vs. through an employer?
    1
  1225. Thank YOU for sayingso!
    1
  1226. Please do!
    1
  1227. Feel free to share if you find them helpful! :)
    1
  1228. Nope! Anyone can invest in mutual funds if you have access to a brokerage or fund company in your area!
    1
  1229. Hahaha. That's a good question. So, we find that trying to "time" the market is truly a losing game. So, yes. If you're not already investing, don't let the fears of a market downturn keep you from making a move for too long.
    1
  1230. Thanks Ruby! Do you keep a budget yet?
    1
  1231. Thank you so much!
    1
  1232. Never went off it bro.
    1
  1233. Inclusivity is a high value to us as we get to use the wonderful platform of Two Cents!
    1
  1234. Bahaha. This is amazing.
    1
  1235. Love us some Adam.
    1
  1236. Thank you, and congrats Edwin!
    1
  1237. Hahaha. Good idea!
    1
  1238. Apply for unemployment insurance through your state's unemployment office!
    1
  1239. Haha, can't tell if you're being sarcastic or not! 😂 But the S&P 500 has averaged around 9-10% for the last 75 years, so we feel it's not wildly unrealistic to imaging 7% for the future. - Philip 👨🏻
    1
  1240. Lolz. we tried!
    1
  1241. We agree that the US debt is not like a household budget. It's not -- we create our own currency, for one, a household can't do that. If you listened closely, we asked "How can we ever make the debt go away?" and we answered "Much like a household budget, increase income or reduce spending". We were only comparing that one aspect of the debt, but I can see how you could interpret that to think we meant the entire budget is comparable.
    1
  1242. Haha, we already had our daughter (this is an episode filmed last year). And 100% true -- our sleep patterns did a great impression of the DOW! 😅
    1
  1243. Thanks! Big props to our incredible animator and co-creator Andrew Matthews for the art & direction on that one!
    1
  1244. 👨🏻😅
    1
  1245. AWWW thank you!!
    1
  1246. Amazing!! I WANNA GO TO A COOKOUT SO BAD! - Julia ; )
    1
  1247. Glad to hear it!! : )
    1
  1248. Lolz. Thanks!!
    1
  1249. It's true, there is no "always" in personal finance Sam. But the odds are in favor of you making more at age 50 than at age 30. The evidence points toward your highest earning years being 40 - 50. Of course there are exceptions, and age discrimination is a real challenge at some point. But since our example worker, Betty, was 30, this seemed a reasonable and evidence-backed assumption to make. Thanks for joining the conversation! https://www.cnbc.com/2018/11/02/the-age-at-which-youll-earn-the-most-money-in-your-career.html
    1
  1250. We're glad you subscribed too John. Good luck on those "discussions"!
    1
  1251. Aww. Thanks so much, we're glad you came across our channel!
    1
  1252. Awesome feedback and awesome dad! Both Julia & I (as well as our co-creators Andrew & Katie) have lots of experience as entrepreneurs and approach this having learned many of the lessons the hard way! -- P
    1
  1253. Haha, thanks for the love Ben! Email us when you're in Austin! Our daughter is an absolutely firecracker. No facial hair cream -- that glossy stache is natch. Julia dreams of minimalism... not there yet. We love gluten.
    1
  1254. Such good advice. Community College is such an amazing un-tapped resource! -- P 👨🏻
    1
  1255. It's true. If only more employers were conscientious!
    1
  1256. Excellent point Jaymz - knowledge is so critical to avoid repeating past mistakes!
    1
  1257. Amen
    1
  1258. Of course, bonds can go in a Roth IRA.
    1
  1259. THIS
    1
  1260. We do have a video coming out with a bit about the Fed and why it does what it's doing! : )
    1
  1261. For REAL!
    1
  1262. It's the real deal.
    1
  1263. Alex Shuysky woah! That’s totally fascinating!!
    1
  1264. So glad you stumbled upon our little channel! -- P 👨🏻
    1
  1265. Keep it weird yo.
    1
  1266. Try Betterment or Wealthfront!
    1
  1267. Siiiigh.
    1
  1268. Agreed,
    1
  1269. Hahahaha. Thanks. ; )
    1
  1270. LOLZ! Workin on it.
    1
  1271. If by "Tax Return" you mean "Tax Refund", then I see your point. But it's not an advance so much as an increase. If you were expecting a $1,000 refund, you won't lose that. You'll get the refund, plus $1,200.
    1
  1272. Sigh. Alas, your southern neighbors can't seem to get our act together.
    1
  1273. So glad!
    1
  1274. I would agree. Yes and.. : ) Both are needed.
    1
  1275. Excellent idea, Nicholas! Shoot us an email (in the show description) with your ideas. I'd love to pick your brain on this one...
    1
  1276. Awesome!! Hang in there! You got this!!!
    1
  1277. You're so welcome. Thanks for watching!
    1
  1278. LOLZ. I love this so much.
    1
  1279. He's a smart dude no question! ; )
    1
  1280. You got it!
    1
  1281. Serhiku oh cool!! Whatcha making??
    1
  1282. Thanks so much!
    1
  1283. Yep.
    1
  1284. TRUTH
    1
  1285. Awwwww, well we love you to!
    1
  1286. Awww thanks
    1
  1287. I legit laughed at this. <3 J
    1
  1288. Lolz. NO SHADE to good old SA. ; )
    1
  1289. That's great feedback! We will definitely try and do better at that!
    1
  1290. Aw thanks Ruby!
    1
  1291. interesting. I'll look into it.
    1
  1292. That sounds intense! What was it like watching us yabber at 2X speed?
    1
  1293. That's so awesome! Yes please do!!
    1
  1294. Our original script went into more detail on Vicki and Joe. But since it's a 6 minute video, we streamlined it for time. Vicki is widely regarded as the primary writer and main advocate of YMOYL, so we went that direction.
    1
  1295. Hahaha. NO SHADE SA! We love you!
    1
  1296. VERY good question. There are obviously a lot of feelings on this. Hahaha. I think I'll add it to our list of potential topics.
    1
  1297. It's true JupiMeow. Sunk Cost is certainly felt, especially if we had parents/grandparents who grew up in a time of financial lack (Great Depression, etc.). I am a big fan of using up everything in my fridge before grocery store runs, but I am not miserable doing it! I hate wasting food, but I won't eat a meal I despise (or book, movie, etc.) on principle. It ends up with us giving food/books etc. away all the time to people who'll enjoy them more. -- Philip👨🏻
    1
  1298. We've made a couple! Stay tuned, they'll be coming out soon. - P 👨🏻
    1
  1299. Perfectly said. Convenience is never free!
    1
  1300. Wow, thanks so much Eli.
    1
  1301. Bahahaha!
    1
  1302. 🤘🏼😎
    1
  1303. Julia does a plethora of amazing British accents. Does that count?
    1
  1304. Thanks Christopher! Have you been following us before the YouTube launch? -- Philip 👨🏻
    1
  1305. Sweet!
    1
  1306. We're blushing! If you know one of those dang millenials, be sure to share it with them. 😊
    1
  1307. Awesome! We're grateful to have you!
    1
  1308. Yes it is! Get on him!!
    1
  1309. thank you!
    1
  1310. There's vids for that. ; )
    1
  1311. that's awesome! You were lucky!
    1
  1312. Love to hear that Michal!
    1
  1313. As in, Disability Insurance? We're big believers in it, and think almost anyone earning a paycheck should have some.
    1
  1314. We've gotten a lot of questions about this so we're going to put up a post about it today! : )
    1
  1315. Awesome, glad to have you!
    1
  1316. THANK YOU!
    1
  1317. In this scenario, what is the topic we're covering...?
    1
  1318. We hear nothing but good things about USAA.
    1
  1319. Lolz. It's tempting!!
    1
  1320. Glad you found something that works for you!
    1
  1321. Way to go!
    1
  1322. You have to contact the major credit reporting agencies and request it (usually done through an online form). The three big agencies we mentioned in the video will be the best starting place! - Philip
    1
  1323. Thanks so much!
    1
  1324. You're welcome.
    1
  1325. Lolz. Short peeps unite!!!
    1
  1326. Thanks Ruby -- we had viewers like you in mind when we made this episode! Young women need to know that they're not "naturally" worse than men at finance, and they even bring some unique strengths to the table!
    1
  1327. Thanks so much!
    1
  1328. The single trading day(s) with the greatest growth. E.g. the DOW was up 11% yesterday -- that would be one of them for this bear market.
    1
  1329. Awww YAY! Welcome!!!!
    1
  1330. So glad you enjoy the series Angelo! Mutual funds can (generally) be sold whenever you want. If they are in a special retirement account (such as an IRA in the U.S.), they can have additional restrictions.
    1
  1331. "Most people don't"? Do you have any research to show that Samantha? I'd be very interested if so! Whole Life isn't any more locked down than an auto-draft into a mutual fund. You can cancel at any time. In fact, so many of my clients have over the years, getting little or nothing back (surrender charges), the most frequent result I've seen is -100% return on years' of WL payments.
    1
  1332. That's so kind. Thanks! ❤️
    1
  1333. Wooooow. Oh my gosh, I can't even imagine. Thank you so much for sharing that horrible story about the bank though. It's not something I would have thought about. Thank you for sharing and I'm so sorry for your loss.
    1
  1334. Lolz. Right?! UNFAIR!!!
    1
  1335. Ain't. Gonna. Happen. You can keep your $$ and he'll keep his sweet, sweet stache. 😂
    1
  1336. SAME
    1
  1337. True that! That's called a "fee-only" CFP.
    1
  1338. Totally.
    1
  1339. Aww, thanks so much!
    1
  1340. ::hugs:: You don't have to wade through this alone! We ALL make mistakes. It's ok. Just take it one step at a time.
    1
  1341. $2400 if you file jointly :)
    1
  1342. That's fair. We'll work on making our points a little more clearly highlighted. Thanks for your two cents! - Philip 👨🏻
    1
  1343. Oh we're so glad!
    1
  1344. Great question! We actually use an app that makes splitting up purchases like that really easy. It's called YNAB. And we update it every few days and tell it what every transaction is for so we know where we are on all our categories of spending pretty much at any time!
    1
  1345. Fair point Rodolfo. But consider this... The difference in cost to repair most commuter brands that are 3 years vs 7 years is less than $30/mo on average (study below from consumer reports). https://www.consumerreports.org/car-maintenance/the-cost-of-car-ownership/ The difference to insure a 3 yr vs 7 yr old car is probably more than that difference. So I'd argue one cancels out the other, and if anything, makes our case stronger. But we tried to keep the video short so we didn't go into these details (focus was depreciation). Thanks for your two cents! - P
    1
  1346. Master of coin? Fitting... - P
    1
  1347. Got one coming soon, Marvin, shot it a few weeks ago. Hit that bell so you don't miss it!
    1
  1348. The US stock market - measured by the S&P 500 - has averaged a little over 9% for the last century. Bond indeces in the US average around 4-5%. So It shouldn't be that hard, if you're patient, diversified, and have time to ride out any dips! https://www.thebalance.com/stocks-vs-bonds-the-long-term-performance-data-416861
    1
  1349. We love her too!
    1
  1350. Love to you in Scotland!
    1
  1351. As the writer of this episode, a CFP, and someone with Life & Health Insurance licenses for 7 years, I've definitely done the research on this topic. We make mistakes in creating this show sometimes, but we certainly did the research. But to address your objection -- WL and UL both have cash value, so there is that similarity. But WL pays dividends determined by the insurer (as we said), UL has a market-pegged interest rate (or minimum). We never mentioned market-based interest rates. Further, UL, normally has LOW premiums, unlike WL (we showed a high WL premium based on national averages, per Consumer Reports). Take a look and see if this really sounds like what we discussed in this episode: https://www.investopedia.com/terms/u/universallife.asp
    1
  1352. Way to go!! It's all about intentionality. And yes indeed it was an Emmy. ; )
    1
  1353. When we (at two cents) refer to cash, we're often using it interchangeably with debit. Yes, some studies monitor real, physical paper currency. But the importance of have plenty of "cash" and "paying cash" is generally a proxy for using a debit card.
    1
  1354. Thank you.
    1
  1355. We did! At the very top of "works cited" 😁
    1
  1356. Thanks so much Ronin!
    1
  1357. Thank you so much Tariq. We're so glad to have you!
    1
  1358. So glad!
    1
  1359. Curious what our propaganda is promoting? Left-leaning public television? Right-leaning White House pushing policies that mirror those taken in response to the Great Depression? Keynesian economic policies that dominated the 30's and are being employed now?
    1
  1360. Not if you checked in with FINRA or the SEC. He wasn't a registered advisor or money manager... which is why it took so long to catch him. - P 👨🏻
    1
  1361. Why thank you.
    1
  1362. SAME! We adore her.
    1
  1363. We did! Go check it out!
    1
  1364. Haha, thanks!
    1
  1365. Lolz. Don't feel bad! : )
    1
  1366. Good question! This article does a good job explaining the rationale for 7% as a long-term expectation with stock-ETF investing. The S&P 500 (which you can easily mimic with an index fund) has averaged around 7% when you take out inflation and dividends (it's closer to 10% before that). And Warrenn Buffett has long recommended a 6-7% annual return long-term with stock investing. https://www.thesimpledollar.com/where-does-7-come-from-when-it-comes-to-long-term-stock-returns/
    1
  1367. Bahaha. It's an art.
    1
  1368. Hmm. Have you seen our video on the costs of college Georgy? - P 👨🏻 https://www.youtube.com/watch?v=MA0vDPrRhJc
    1
  1369. I have TOTALLY been wanting to do a cooking video sometime! We both love to do it. Is that something you'd like to see?
    1
  1370. We're so grateful you joined us! -- P 👨🏻
    1
  1371. PREACH!! We're trying to make people aware! : )
    1
  1372. Thanks so much!
    1
  1373. Me too - transaction utility eats my lunch! -- P 👨🏻
    1
  1374. Sounds good in theory. In practice, the majority of folks don't treat their CC like a debit card. "Behavior" is a pretty big part of "behavioral finance", and that was the focus of this video. Thanks for watching! -- P
    1
  1375. Awww so glad! We'll see you there!
    1
  1376. Of course. But that is a fascinating experience isn't it??
    1
  1377. Amazing! Thanks for sharing that!
    1
  1378. Little YouTuber inside-baseball here David. We changed it from "which" to "What" because it was a much more highly-searched phrase. Meet folks where they are...
    1
  1379. LOL!
    1
  1380. Yikes!
    1
  1381. It (kinda) is, actually. The Spanish Flu didn't originate in Spain, nor was it worse there. It's just the first country that openly reported the spread, and they got slapped with some unfortunate branding...
    1
  1382. Haha, they'e coming Tamara!
    1
  1383. It's scary, but remarkably common. In our view, the culture of easy-credit and pervasiveness of credit card use has only exaggerated this problem!
    1
  1384. YAAASSS
    1
  1385. Awesome!
    1
  1386. IT IS NOT POINTLESS! You hang in there mama! You're doing fantastic. <3 Julia
    1
  1387. Fabulous! Love it - taking that action!
    1
  1388. Thank you Clair! We're actually Texans, but we spent an amazing summer last year in Portland! Love it there (in the summer...)!
    1
  1389. Were there specific points you would've like to see or that we missed the mark? In writing this episode we ran the script past several highly experienced crypto-subject-matter-experts to fact check. They commented that while the analysis was simplified, it wasn't inaccurate, and was a truthful basic-level understanding of crypto. - Philip
    1
  1390. By the time you're 60-70, you're no longer working (hopefully). You no longer have an income. You no longer have an income to replace if you die. Now it's just investment-gift planning. And if that's the goal, we're having a different conversation!
    1
  1391. Interesting! I'm not sure! I don't think I've heard of anything like that.
    1
  1392. AMEN BROTHER!
    1
  1393. No, it's cuz of this guy: https://www.youtube.com/watch?v=jjb77v3LX_s
    1
  1394. So glad you're here! - P 👨🏻
    1
  1395. 😎
    1
  1396. Educational inflation (college etc) is quite a bit higher. Averaged around 4% for the last 10 years.
    1
  1397. 😂
    1
  1398. 😂😅💪🏼
    1
  1399. You think that less people would watch it if we called it the DOW JONES?
    1
  1400. Many Psych majors plan to transition to a Graduate program of some kind, and that can have great ROI. So graduating with a Psych degree but NOT going into a graduate program can be a dicey move, Christian. -Philip
    1
  1401. Good suggestion Mhandisi. We wanted to focus on the actual "Cost", but did a short stop on financing options.
    1
  1402.  @mistergolfer7  the focus of the video was on the natural strengths women can bring to money. Even if you take issue with the wage-gap statistic (that we cited a credible source for), it was not the focus of our episode. We hope you and other viewers can focus on the message of increasing confidence and highlighting financial abilities that women aren't told by society that they have. -- Philip
    1
  1403. It is an American index. But since the U.S. economy is the biggest in the world, what's happening in U.S. stock markets affects everyone to some degree.
    1
  1404. Thank you! Our amazing director & animator, Andrew Matthews wrote this one :)
    1
  1405. Merry Christmas, and thank you!
    1
  1406. Right?! It's totally awesome. Why aren't we taught this earlier?
    1
  1407. That's amazing Clyde!
    1
  1408. Too true.
    1
  1409. Lolz. Kids...mom and dad say don't do this. ; )
    1
  1410. Investments are assets.
    1
  1411.  @luisuribe5457  Never said all assets are investments. WL is marketed and pitched to millions of families as both insurance AND an investment. I've seen scores, maybe hundreds of Financial Advisors over the past 10 years do this, and I was trained to do the same when I began in the industry. We make mistakes just like anyone. But I do understand this topic, have many years of first-hand knowledge. No reason to get rude.
    1
  1412. Yep, most of my life. It's better over here.
    1
  1413. We have! Make sure you subscribe, and you'll see it soon :)
    1
  1414. We've got one coming in the next few weeks -- we break down all the things your taxes actually get spent on! - P
    1
  1415. Thank you so much. That means a lot.
    1
  1416. Aww, thanks A2! We only grow by our fans sharing our content, so don't be shy!
    1
  1417. yes, mission accomplished! Thanks for watching! - P
    1
  1418. Hey Brigham -- thanks for the respectful approach and your thoughts. As a CFP myself (not bothering with the trademark, lol), I don't think you're right about that. Assuming you have ANY gains in your WL above basis, the gains are taxed in both. Worth noting, a DB would be tax-free with the WL, but then your cash value vanishes -- poof! A huge problem w/ WL as an investment we didn't even touch on. 7% is a pretty safe long-term growth assumption for someone in their 30's investing for decades down the road, don't you agree? See you in the comments soon! -- P
    1
  1419. Fair point TheNovelNovelist. We, also, don't almost ever use physical cash. But using debit instead of credit has had a similar effect for us personally. The immediate "pain" of my account shrinking with a purchase carries more punch than the delay of paying off a CC 30-60 days later. The result is we ended up spending less on little purchases & upgrades over the years. Thanks for the thoughtful comment! -- P
    1
  1420. Most people won't have paper checks.
    1
  1421. Awww thank you!!
    1
  1422. YNAB!
    1
  1423. We'll try! Thanks Priyash! - Philip 👨🏻🤓
    1
  1424. That's right! You keep working on him! ; )
    1
  1425. OMG! You DID! Hahaha. ALWAYS say hey to us! Philip was there with his financial planning mastermind group for an in-person retreat. ; ) Next time!
    1
  1426. Awww thank you so much!
    1
  1427. Haha, no offense taken!
    1
  1428. Another nail in the coffin for WL, just didn't have time to delve into that.
    1
  1429. Interesting! Thank you so much for sharing your personal experience with this!!
    1
  1430. Love back to Toronto!!
    1
  1431. We're tryin!!! : )
    1
  1432. What would you prefer? 14 million views and 316k subs in less than 18 months means somebody seems to enjoy them.
    1
  1433. Thanks so much Rob!
    1
  1434. They made me cry when I saw that...
    1
  1435. Great catch on the graphic -- correction posted in the comments!
    1
  1436. Thanks so much!
    1
  1437. Awesome! Go mama!!!
    1
  1438. Thank you!
    1
  1439. Totally agree with this approach. We give and safe FIRST then spend the rest without worry or guilt! : )
    1
  1440. Awwww thanks!!
    1
  1441. Thanks so much!
    1
  1442. Thanks a lot Mitchell - that means a lot!
    1
  1443. It's a tough subject and hard for all of us Barris. Great to see you in 2019, Barris!
    1
  1444. Ha! It hurts so good...
    1
  1445. Oh Yeah?! What would you like us to talk about together??
    1
  1446. LOL!!
    1
  1447.  @what2look4  DOW is actually 30 companies!
    1
  1448. We've definitely been guilty of them too, and the shift away from the "norm" of using CC has been slow and awkward for us!
    1
  1449. Thanks so much! : )
    1
  1450. CFP are, by default, Fiduciaries. But it is possible to be a fiduciary without having your CFP license.
    1
  1451. Bahaha. I believe those are "sweetbreads".
    1
  1452. Oh, awesome Laizra! We're so glad you subscribed! We'll be rolling out two episodes a week for the rest of the year!
    1
  1453. It can be a part of a retirement plan - along with real estate, bonds, pensions, and Social Security.
    1
  1454. Totally, I experience the same thing. When you crunched the time drain for the rewards, the ROI was really, really bad...
    1
  1455. You might be missing the point. The appreciation in value is secondary. It's highlighting that the kid WOULDN'T sell the card (values it more than $3000 cash) but also WOULDN'T buy the card (not worth the cash). This is a basic fallacy that has been reproduced in study after study. We humans value things greater if we own them. Check it out! https://www.economist.com/science-and-technology/2008/06/19/its-mine-i-tell-you Thanks for sharing your two cents! - Philip 👨🏻
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  1456. Hahaha. Right?!
    1
  1457. HAHAHA. I like that!
    1
  1458. Thanks so much Elias!
    1
  1459. THANK YOU!
    1
  1460. Yay! So glad you like it Laizra!
    1
  1461. We're definitely mostly talking about new cars, yes. a 2000 corolla is definitely in line with our advice, haha!
    1
  1462. You're welcome. Thanks for joining us!
    1
  1463. Stay tuned, much more to come!
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