Reacting to the ‘Worst Financial Advice’ On Reddit!
In this video we are reacting to the worst financial advice people ever received on reddit! I had a lto of fun making this. Should I make another? 👀
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WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
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⏱️ Timestamps:
0:00 – Start Here
0:18 – 1st Comment
1:21 – 2nd Comment
3:18 – 3rd Comment
4:51 – 4th Comment
6:20 – 5th Comment
7:07 – 6th Comment
7:58 – 7th Comment
9:41 – 8th Comment
12:54 – 9th Comment
13:45 – 10th Comment
14:30 – 11th Comment
Gotta give it up for amount of videos you uploading recently. God speed ✌️
Reddit and advice is a combination of words that never works out. lol
Depends on the sub tbh personalfinance subs and wsb have very different groups of people.
This video had more value than any whole life policy lol.
People on Reddit are completely nuts. Especially the ones on r/Politics, but there is definitely some bad financial advice on Reddit too.
I was very active on that Reddit sub a lot and have been following Dave Ramsey baby step still to date although now we are in mostly the step 7 and have since not very relevant for us.
I saw a tweet yesterday saying that investing in your 401k is “dorky” because it’s just you 25 year old self giving it to your 65 year old self. I also saw one awhile back where the person “accidentally” paid off her credit card balance in full. Expected her to get roasted in the comments, or at least “that’s a good thing”… but instead people were trying to help her get the payment returned.
Using a Tokyo Drift clip is the cherry on top of the video.
My grandma is very financially astute. Redditors not so much.
Loved this video! The part on whole vs term was very helpful 🔥
This is actually decent advice though, I was hoping for reddit users unironically giving horrible financial advice. That’s a video I’d like to see.
Great video!
Ramsey advocates that there are lenders who will give you a loan without a credit score… idk the nuts and bolts of this, and would imagine there are limited opportunities, but thats the idea… so not buying in cash
The process that Dave recommends is called manual underwriting, where a human being reviews supporting documentation and the loan application before making a decision on a home loan. Manual underwriting is fairly common for people with low/poor/no credit history, bankruptcy or credit disputes, or folks with non-traditional incomes (self-employed, irregular income, etc.). If you follow the Ramsey Baby Steps to-the-letter, you would have a 20% down payment saved up, the monthly payment you’re aiming for wouldn’t exceed 25% of your take-home income, the mortgage itself would be a 15-year-term+fixed rate, and you would be debt-free with an emergency fund prior to buying a house. So, while it’s not paying for a home outright, there are conservative guidelines that Dave recommends to keep people from being “house poor,” because at that point in the Baby Steps, you’re also saving for retirement and funding college tuition for kids (so they don’t go into debt).
@@PreppyAnglican Thank you for explaining – I appreciate it.
You do good work Humphrey… If you ever make it out to Colorado area let me know, I’ll take you golfing…
Taking a loan to start a business is riskier now compared 10 years ago.
What would you guys do if this happened to you
Wife and I both have whole life coverage and I don’t regret it. We both have health issues that prevent us from getting other full or even term life benefits. her whole life is through her union and costs us like $30 a month and its enough to pay off our house and have some left over. my benefit is $17 a month and is more than enough to pay off the house. so if one of us dies the other has a paid off house and can move forward without issue. Whole life makes sense if you can get a good amount for coverage for a low amount per month and wouldn’t be able to get coverage otherwise.
At what age did you get it?
My portfolio is 100% crypto. I even pulled my 401k. Get rich first worry about rebalancing later
Bro wtf was that?
13:53
“WOOF WOOF WOOF WOOF.”
Couldn’t have said it better myself.
You as a Bitcoin holder should know telling people to limit their crypto portfolio 3 to 5 percent is awful advice.