The Wealthy Idiots Show

Investing during a recession is scary! But the simple trick of dollar cost averaging makes investing REALLY simple and will help you weather this recession. AJ explains how his own dollar cost averaging looks over the last 12 months and it's easier than you think!

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00:00 Introduction

00:53 Way too many people are buying high and selling low

01:39 Hey Dave Ramsey...Should I YOLO everything into Crypto?

02:06 What is Dollar Cost Averaging

02:55 AJ shows his dollar cost averaging on one of his Investments

06:24 What would dollar cost averaging look like over the last decade?

08:42 Conclusion

Wealthy Idiots Reacts to Dave Ramsey answering the question about when using leveraging has gone horribly wrong. Leveraging debt can be a good tool for building wealth. But what happens when you YOLO credit card debt into the stock market?

Dave Ramsey Highlights

Original Video: https://youtu.be/nkAEXNWy-sc

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00:00 Introduction

00:44 Introducing video: "I Borrowed $20,000 On Credit Cards To Invest, Now I'm Broke!"

01:31 Start of Dave Ramsey Clip

03:50 What does the caller do if he used credit cards to buy investments?

04:26 AJ thinks we aren't at the bottom of the recession

07:35 You can't outsmart the system

10:13 AJ's plan to help the caller

10:54 Credit Cards have the worst interest rates

12:19 Investing probabilities always gets better with time

14:01 Never pay leverage back with the investment appreciation

16:02 Your average gain has to be higher than the interest rate on the loan

17:13 Conclusion

The courts have blocked President Joe Biden's Student Loan Forgiveness plan and it just so happens that the 2022 midterm elections are coming up. Student Loan Forgiveness was already a controversial move, but this might end up helping Joe Biden and democrats by unifying voters. Was this the plan all along?

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Social Media:

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00:00 Introduction

00:35 History of Student Loan Debt Forgiveness

01:04 Not everyone agrees on how to forgive student loans

02:47 White house quietly limited qualifications for forgiveness

03:05 Does the president have the authority to forgive student loans?

04:27 How did the white house pass student loan forgiveness when they don't have the authority?

05:15 Federal Appeals Court put a hold on student loan forgiveness

06:44 The polls show the Democrats will lose the house in the midterm elections

07:59 What does AJ think is actually happening?

09:18 President Joe Biden explains what's happening with loan forgiveness

10:08 Was this the plan all along?

11:23 Conclusion

Most of us won't ever become rich quickly. However, there are tricks to becoming rich that work for everyone! At some point, if you want to become rich, you will have to know everything in this video. AJ breaks down the 4 things you HAVE to know to become rich and how to best apply these tricks to your life.

The Wealthy Idiots Website:

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00:00 Introduction

01:15 Identifying our Motivation

01:35 Motivation: Peace of mind/Financial Security

02:04 Motivation: Financial Freedom and Financial Independence

02:27 Motivation: Giving/Charity/Helping Others

02:52 Motivation: Retirement

03:21 Motivation: Comfort

03:47 Motivation: Buying cool stuff

05:30 Believe It's Possible to Become Wealthy

05:47 Believe: 80% of millionaires are self made

06:43 Believe: Wealth Takes Time

07:21 Believe: 401ks Work Really Well!

07:57 Believe: Understanding Compound Interest

10:30 Spend Less Than You Make

10:44 Spend Less: Analyze your money

11:01 Spend Less: Cut Back Spending

11:17 Spend Less: Emergency Fund

11:42 Spend Less: Avoid Consumer Debt

11:52 Invest The Difference

12:58 The World is Going Crazy

14:18 Conclusion

Are credit cards a tool for the wealthy, or a way for you to get tricked out of your money? Dave Ramsey seems to think credit cards are inherently bad. AJ argues that the issue isn't credit cards at all, but something totally different!

Original Video:

 @The Ramsey Show - Highlights 

https://youtu.be/7sNJqwEFXP8

The Wealthy Idiots Website:

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00:00 Introduction

00:35 Introducing Dave Ramsey Episode About Credit Card Debt

01:02 Firing John For the Worst Joke Ever

02:00 Tik Tok About Getting a Credit Card and the Benefits

03:01 Initial Take Away: She Ain't Wrong

03:42 Everyone who gets a Credit Card Thinks they will use is Responsibly

05:24 People will inevitably be Caught by Credit Cards

05:58 If you have a Credit Card, you will magically take out more debt in case of Emergencies

07:09 With a Credit Card, you run up debt in emergencies...Without a CC you do...what?

07:46 Credit Card debt is high in the US

08:29 Balances were carried on 52% of cards

09:33 What are points even worth?

10:43 Emergency Funds and Savings are the real issue

11:09 You don't make any points on Credit Cards

11:35 When you get cash back, it's on the backs of the poor.

12:23 Final Thoughts

Are landlords really that bad? This video makes that claim landlording in itself is parasitic so it must mean that all landlords are bad. AJ responds by explaining the simple economics of meeting a need isn't inherently good or bad and the original poster might be simply looking for someone to blame for his frustration.

Original Video:

@Second Thought

https://www.youtube.com/watch?v=m1m7WmKJZyQ

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

https://www.facebook.com/wealthyidiots​

https://twitter.com/WealthyIdiots​

https://instagram.com/thewealthyidiots

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00:00 Introduction

00:25 Just buy your own home

01:03 Where do people live if they can't afford a home?

01:55 Bank deny people mortgages who can afford rent payments of the same amount

04:19 Renters pay the mortgage but are left with nothing

05:10 Renters can't save enough to buy if they are renting

05:54 People don't have enough money management skills to buy

08:07 Homelessness is the only option if you can't buy or afford to rent

10:09 Evictions are violent

11:55 Every lease you've had has been signed under duress

12:57 Landlords create artificial scarcity

13:27 A lot of the housing supply is held by Wall Street

16:00 Free housing is the norm in other places in the world

18:29 Government could do it better

18:49 Conclusion

Are landlords really that bad? This video makes that claim landlording in itself is parasitic so it must mean that all landlords are bad. AJ responds by explaining the simple economics of meeting a need isn't inherently good or bad and the original poster might be simply looking for someone to blame for his frustration.

Original Video:

 @Second Thought 

https://www.youtube.com/watch?v=m1m7WmKJZyQ

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

https://www.facebook.com/wealthyidiots​

https://twitter.com/WealthyIdiots​

https://instagram.com/thewealthyidiots

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00:00 Introduction

00:40 Introducing Landlords are evil video

00:57 Start of reaction video

01:34 Supply and demand are responsible for rent prices

01:58 The landlord people aren't evil...just the concept...but also the people

03:53 Rent Seeking Behavior is Inherently Bad

06:41 Lending the use of something is passive and requires no effort

09:26 Landlords provide no value to society

11:22 Landlords claim the "are providing housing"

12:16 Houses already exist. So we don't need landlords to "provide houses"

13:34 Landlords make 2x the amount of the average renter

14:43 Poor people can't afford to rent

17:11 Landlords buy all the supply

The Federal Reserve just released the September inflation report and it looks like we may see a Real Estate Crash! "Experts" are beginning to panic and this may mean our economy is in worse shape than we thought. Are we heading into a real recession? Is the Real Estate Crash finally here? AJ reacts to a video with Real Estate expert Jason Walter. He breaks down the data and the impact of the CPI on real estate and AJ explains what we can do to weather the storm!

 @Jason Walter 

Original Video - https://www.youtube.com/watch?v=2cFugE3CgBY

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

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00:00 Introduction

00:42 Federal Reserve Released September Inflation (CPI) Report

01:09 Introducing the reaction video by Jason Walter

01:42 Start of react video

02:08 Mortgage Rates at 22 Year High

03:02 How does Federal Interest Rates Affect Inflation?

05:48 Treasure Yields Increasing Mortgage Rates

06:27 1% Rule: 1% in mortgage equals 10% in home purchasing power

08:14 Impact of Mortgage Rates

10:00 Home Market Data; Listings, Demand, Etc

11:43 Demand is so low. It's dropped below new supply.

14:11 Home Price Drops are Increasing

15:09 What is going to happen? Is the Crash Really Here?

17:59 What can we do about the looming Housing Crash?

19:58 The Federal Reserve is trying to force a larger recession.

21:46 Conclusion

You won't want to miss this big Investing Tax Trick! There are only two things we know certain in this world...Death and Taxes. We all know that we have to pay capital gains tax when we sell an asset. However, this one trick may save you from paying any taxes at all when investing! And it has never been more applicable to investors than in todays economy!

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

https://www.facebook.com/wealthyidiots​

https://twitter.com/WealthyIdiots​

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00:00 Introduction

00:48 Economy isn't super healthy

01:39 Avoid paying taxes

02:49 Tax Loss Harvesting

05:07 You can use Tax Loss Harvesting with your W-2 Income

05:34 Example of tax loss harvesting

07:58 Things to watch out for when Tax Loss Harvesting

09:15 Conclusion

Dave Ramsey's Baby Steps have been designed to help people "get by." But what if there are more powerful baby steps that can help you get rich? AJ rewrites Dave Ramsey's baby steps to show you how to long term wealth safely and successfully so that you can enjoy your future!

The Wealthy Idiots Website:

https://www.wealthyidiots.com​

Social Media:

https://www.facebook.com/wealthyidiots​

https://twitter.com/WealthyIdiots​

https://instagram.com/thewealthyidiots

Original Video - https://www.youtube.com/watch?v=LjhcB92R7M0 - @Dave Ramsey

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00:00 Introduction

00:41 Explaining why I want to breakdown the Ramsey's Baby Steps

01:17 Breaking Down Dave Ramsey's Baby Steps

06:25 You can strive to be better than OK

08:07 1. Understanding Networth

09:44 2. Find a balanced lifestyle

11:36 3. Build an emergency fund

13:43 4. Invest in retirement (401k) (Roth IRA)

15:12 5. Pay off debt with an interest of 5% and above

16:37 6. Save for college if you feel this is necessary

18:07 7. Invest the difference saved from paid off debt

19:06 8. Invest even more!

22:08 Conclusion