Comments by "SmallSpoonBrigade" (@SmallSpoonBrigade) on "6 People Who Have Ruined Our Relationship With Money" video.

The main issue I have with him is that he glosses over how he got to get those deals that wound up bankrupting him in the first place and how he climbed out of debt. You don't get banks to write those sorts of loans without money and connections. Also, his advice doesn't really work if you're already that far behind. You need to have more than enough money to cover the bare necessities, and set aside some in order to have any hope of making use of it. Personally, it's working for me, but probably only because I didn't have a massive amount of debt and am fortunate enough to be renting my place from a relative at a steep discount. That being said, I'm going to be a millionaire eventually, just because I'm not going out and buying cars and I'm saving a ton to invest in a combination of stocks, bonds and a real estate trust. If you're not already being crushed with debt and non-reduceable expenses, it can be done with a relatively small amount of money out of each paycheck.
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@johnny2003 It's bad advice. You should go for the 30 year mortgage in most cases. If you want to pay it off in 15 years, that's great, but with the longer term, you have smaller payments, which means that if you lose your job, you're in a much better position to keep the house than you would with a 15 year loan. There's nothing to stop you from taking the difference in payments and setting it aside to pay off early, or making additional payments (Depending on the terms of the loan)
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@RedRoseWhite I put most of my tuition on credit cards because the interest rates were lower and they could be discharged in bankruptcy court if something happened that preventing me from working for a prolonged period of time. That's beyond messed up.
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@heythere2174 Yep, you have to be making more than the cost of the bare essentials in order to have any hope of making use of his advice. He's got some good ideas like not borrowing money to spend on cars until you're a millionaire, but most of the rest of it isn't workable unless you've got a substantial income.
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TBH, I'd automate as much of it as possible. I get as much of my investments deducted from my paycheck and sent directly to my investment accounts as possible. I then use a robo advisor to make sure that the allocation is maintained. The more of the mandatory expenses that can be automatically siphoned off and put into a separate account as possible the easier managing your money is. Good luck.The Automatic Millionaire is one of the most sensible reads on the subject I've seen. It doesn't really oversell things and if you follow the advice, you'll at least spend less time messing around with money.
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Precisely, I'm basically out of debt and saving money every paycheck in investment accounts. But, I was in a fairly good position to begin with due to my relatives and avoiding taking on much debt in the first place. The only debt I have right now is my student loan and I'm holding on to that until they start making me pay interest on it. I've got the funds to pay in full right now, but there's little risk in waiting until the end of the summer to see if they cancel any of them. But, if I pay now, I know I won't get any of that money back.
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I think part of the reason for blaming women has to do with the way that women have benefitted from a rigged educational system that places female achievement ahead of male achievement. Afterall 2/3 of college students and graduates are women these days and there hasn't been a single year where more men graduated from college than women since 1981. And despite that, there's an excessive focus on how 60% of the student loan debt is owed by women, which is obviously absurd that the gender that's getting 2/3 of the degrees would have roughly the same amount of the debt. It is definitely overstated, but the resentment is also justified. The educational system is rigged in favor of women, whether it's intentional or not is going to depend on your political beliefs, but with virtually no men in primary or secondary education, it's pretty much inevitable for the schooling to favor girls at the expense of boys unless specific measures are taken to prevent that outcome..
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To be fair, that was before people had any reason to believe that the Republicans were the ones that couldn't figure out how to balance a budget if their lives depended on it.
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