Popular Personal Finance Advice I Don't Follow
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- čas přidán 1. 06. 2024
- Welcome Back! In this video, I discuss popular personal finance advice I don't take. If you are interested in Public investing platform: public.com/bukola
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► Timestamps
0:00 - Intro
0:46 - Money Advice 1
3:24 - Money Advice 2
5:43 - Sponsorship
6:18 - Money Advice 3
8:00 - Money Advice 4
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Welcome Back! Hope you enjoyed this video :) let me know what you agreed with and which takes deserve tomatoes 😂
First
While watching, I was like: "Tell them, Bukola!!" 😂😂
Well said Bukola. Loved the last one. I hear “do what you love or follow your passion and the money will come” lie too often. As you said we live in a capitalist society with actual markets.
The thumbnail 😂 I had to pop my head down and zoom in well just to be sure you’re really not crying
I used to think having multiple sources of income was the way to go, but at this point in my life I just want one job that can pay me enough to live comfortably, buy what I want, while only working 40hrs a week.
Truth
Agreed!
Make yourself valuable, improve your career and invest in index funds
You can't live your dream working just 40 hours a week
@Dion Brooks how do you know what their dream is?
My daughters (ages 12 & 13) watch every one of her videos. That's the difference you have made down here in New Orleans - they want to be software engineers. Your parents raised a beautiful child ❤️
That is so beautiful ❤️
🥰
Tell me you're a child of immigrant parents without telling me you're a child of immigrant parents.... consider not following your passion 😄!!!! I completely agree and am happy that now we're starting to have conversations about reconsidering your passion as being separate from your job / career
If you are an immigrant I will highly discourage the so called “not so good majors” especially if you go to a regular college (non ivy or top 50). if you really look at those who often major in those, they come from money, are not aware or just don’t care much about earning a certain amount of money. As for immigrants we have no time to waste nor do we have that luxury. And the argument that “oh, you can major in anything and work in tech/ high paying job” may be true but it will be extremely hard to pivot, you will waste so much time trying to break in, if you even make it. Save yourself time and tears and major in something that can earn you big money, You will thank me later! Besos ❤️
Best comment!
where are yo from ? @Paty
@@NWAYSOS6904 I come from Paty land… joking 😂 but all jokes aside, please major in something that makes sense!
@@destinyadam1868 no one wants to tell people that we live on earth and life is getting more difficult by the day. We should strive to make our life more comfortable and enjoyable and that’s really hard, damn near impossible with empty pockets. Ask anyone that’s struggling financially and they will tell you.
@@helloworlddie you are speaking nothing but FACTS. This generation is just sugar coating everything and makes it seem like money doesn’t matter, just follow your passion and you’ll be fine. Unfortunately this isn’t the case for many. Especially immigrants kids that come with a whole lot of pressure and battles to fight.
My boyfriend and I were literally discussing this earlier today. I'm Afro-Caribbean and when I was a teenager discussing my passions with my parents, the first thing out of their mouths was, "But that doesn't make any money." My siblings and I were constantly reminded that we needed to focus on getting the 💰.
We all had the same childhood 😂😂 immigrant parents applying pressure from birth 😂
@@demikpre ah you know the struggle 😅😅
as it should be. what the point of pursuing a career that hardly pays?
@@freshswagga100 To not spend half your life doing something you hate?
@@kevinsouza7744 just because your not working your passion doesn't mean you hate your job. That's the opposite extreme
I tried to follow my passion for years and now I’m back at school 😂. Mark Cuban said it best: follow your efforts not your passion
You nailed it Bukola..."Do one thing and do it well" that's my mantra. Most of the people promoting multi streams of income may be doing so because their main career is not bringing in enough money.
The renting vs owning is a no brainer. The money you pay for rent, you are NEVER seeing again. NEVER. At least with owning, you see most of that money again and even potentially MORE money than you spent.
Yea, I can’t agree with point #1. But if you’re young I don’t think there is a rush. Personally, I would be strategic when it comes to renting in expensive cities
This depends on the state you're in. In NYC, this is not a no brainer. A mortgage will cost way more than renting. Houses without renovation do not necessarily appreciate either. Property taxes also do not go away just because you own.
On number 3, I remember being told at one point that soon we will come into a time where having a side hustle isn't a luxury but a necessity. I'm only high school but, I feel that popularizing this idea of having a side hustle or doing all these things to make money is more sad than motivating. Because what it truly means is that the average job does not allow one to live comfortably, and that's more of a failure on our world's end.
I totally agree that lifestyle inflation can be a great thing. I now pay a much higher amount for rent but I moved into a neighborhood that has the #1 public school in the city. So I do not have to pay for my daughter to go to private school. We have a roomier place. We’re also in a lively and enjoyable location. It’s one of the best decisions.
As a liberal arts grad, I'd add an addendum to that last point.
I'd say follow your passion but follow it smartly. When I was in university I was so focused on academia, I wasn't thinking about my long-term career goals.
I'd say do internships, see what your passion is actually like. Maybe you think you know what it would be like, but you don't actually know.
Ask people who have your dream job what other sources of support they have.
When I was in grad school, the people who usually did the best were people who had spouses they could rely on for income. That's not something you'd find in a college brochure.
Follow your passion, but make sure you have support cause it will be difficult. To my peers who got into lucrative fields to make money, most had at least one nervous breakdown or transitioned to a different field entirely.
I like mentioning how it's not good to have too many side hustles because of divided attention. Try to narrow it all down.
I think the issue is multiple streams of income when all your income stream are not passive
Yep exactly!
I agree so much with the argument that not all lifestyle inflation is bad!! I’ve been taking the bus everywhere for both years i’ve been in college so far and I’ve recently purchased a car and from the few days i’ve traveled to work by the car, the much higher cost of transport was sooo worth it to me. I can absolutely justify spending more money on transport if it means I save an hour of my time every day, don’t have to carry my heavy laptop the whole time and the part i’m looking forward to the most - i won’t have to wait for the bus in winter and freeze my bum off anymore. That was just to add to your already solid point🥳 i’m always supportive of spending more if it means something positive for your mental or physical wellbeing
I agree with not following your passion.
When I was 14 my boyfriend at the time would tell me his dreams of being a famous drummer one day. I remember telling him "yeah, but that career choice is impractical. There's only a small chance that you'll make money from it." Eventually we broke up. I grew up and forgot the logic I once had. I graduated high school with the intent to become a famous singer. It's been 7 years since then and I've released some songs/music videos, but made no money from them. Finally this year I realized I didn't follow my younger self's advice and I'm halfway through my twenties, broke af. I'm going back to school now for neuroscience. Having a path to a future that I know makes money has me feeling much more secure than when I was trying to make it as a singer. Now I just do singing as a hobby.
But studying only neuroscience is not that marketable as a career unless you're in the pre-med route, no?
Good Luck! Education is often a way up and/or out of bad decisions or situations. It was fortunate and smart that you had self-reflection and change your situations. You will succeed because you practice critical thinking. Bravo!
Honestly, I don’t agree with the advice, as a musician, there are a lot of spots right now for talented drummers, well musicians overall. The issue was the notion of being famous. Becoming a session musician is valid since they make a lot of money, the travel, but aren’t really famous. Don’t focus on the fame aspect focus on building a career and networking would have been better advice for him.
I soo agree with you. My rule of thumb is mental health always comes first. Then find a job enough to pay your bills. Then start a side project something you are very passionate about. Then make sure you can relax, entertain yourself, enjoy life, Moderation is key.
I totally agree about not having too many side hustles/projects at the same time! It really isn’t worth it
I’m happy that I purchased my home. I’m not really afraid of getting things fixed if need be because I have warranties. Plus I don’t want to wait on landlords or apartment maintenance. I love the freedom of doing what I want to my home as far as changes but I say do what makes more sense for you and makes you happy. Good video.
Getting into Real Estate is trash in NY so I can see what you’re saying. But for my southern folk, get into it if you can. Great points in this video🔥🔥🔥
I don’t agree with point #1. I still think that real estate is a great investment. But it should be a very thoughtful decision that includes lifestyle. Run the numbers to get an affordable mortgage (ask your agent for help, don’t use all of the money the bank approves you for).
I also waited until I wanted to sit still for a little to buy (as I have no desire to be a landlord at this time). I live in a condo. Not my forever home, but I’m building equity. Value has already gone up in two years.
A friend of mine is a CPA and he says this all time. Focus is your greatest asset. I've been considering moving to Software to increase my income to the $200K+ range (Around $100K right now from Small Business) When you have one focus, you can optimize your time way better. You become wealthy with Focus.
The multiple side hustle myth comes from the internet course industrial complex.
YESSS I used to be PLAGUED by the "follow your passion" work narrative. At some point in my 20s, I realized this wasn't an attainable strategy if I wanted any sort of quality of life, and am so glad I let myself pursue something I wasn't "passionate" about but that was way more financially secure. It's definitely a privilege to be able to seek that out in your work life, and we don't all have that luxury. Also, really appreciate you being real about the realities of pursuing side hustles/multiple "passive" income streams. If it's not truly passive, I'm not interested LOL
I followed #4 and did the sensible thing, got a good job (in tech) and made good money... and was completely miserable. The money was not worth it to me. To be fair, your passion does not have to equal your job. But if you ignore it you quality of life, and quality of spirit will suffer (similar to what you said about having too many side hustle). I'm in a different phase of my life, though, so my perspective is heavy on the hindsight 😊
If you don’t mind me asking, do you identify as a man or woman? And what do you dislike about tech so much?
1:57 What the heck. You own equity in your house if you have a mortgage. All that money is regained if you decide to sell and/or you can rent it out immediately and get your equity back from others. Always buy if you can afford the down payment and can rent it out. Outside NYC it's a lot easier because the down payments are far less.
I agree with all of your assessments Bukola, no tomatoes over here.
Focusing on doing one tech job well and investing in the stock market is more effective than having several side hustles, in my experience, and gives more time to actually enjoy your life. And I agree with your comments about following your passion: if you like art and creativity, do it as your hobby to unwind, and do something adjacent like UX design to pay the bills and save for early retirement. Lots more time to follow your passion if you're already financial independent.
Good advice, thanks for sharing your content with the world.
Generational wealth and realestate is not focused on owning a personal home. It is more focused on owning buildings like complexes or multiple rental properties. Things that bring you money.
Interesting points. But on real estate, your mortgage and interest rate does not increase. Your rent tho, can increase exponentially!
well with a mortgage if you have variable interest rate your payments increase based on that . And if you have fixed interest when you renew your interest if the rate goes up at renewal your payments increase and the value you have paid in 25 years does fluctuate with the change in interest rates .What you borrow stays the same what you pay in interest may change
You can move with renting.
I have been thinking about how multiple side hustles are exhausting and you just confirmed my thoughts. It takes times to manage so many different projects. I am deffo planning to keep it at under 2.
This way I can still live a slower paced life and enjoy the present moments more, than working none stop. ✨
I agree, all of those cult like side hustles really do cost time and energy.
I wanted to major in CT scan but I realized I would have to work in x ray first with little money. So I switched my major to health informatics.
I really appreciate your takes! One size doesn't fit all and it's *been* time we start picking apart these popular views
We love love personal finance! Please keep on making personal finance videos.
I disagree with the real estate point. I understand this video is from your perspective living in a city so it makes sense why you may think this way, but that is not indicative of real estate as a class of investments which is what you're implying in this video. It is a great investment, even in those high cost living areas because unlike renting when you pay down your mortgage you gain equity in the asset that is the property, no amount of paying rent will gain you equity so your apartment comparison in New Jersey is a moot point because you did not factor in any equity that you get. Owning will always be cheaper than renting in the long term because of the fact that you gain equity and real estate appreciates in value. Mortgages should be looked at as a " savings account" that you can live in because short of something bad happening the value of the land you own appreciates overtime and by extension the real estate on top of that land. There are tax advantages to real estate as well to include the 1031 exchange allowing you to sell an appreciated house without triggering a tax event. Not to mention that the property in itself can generate income by renting it out and having tenets pay for mortgage and associated fees. Doing that is literally making other people pay off an asset that you own
I think she has a narrow understanding of real estate investment
Thank you for this comment.
I agree, but I think she was trying to make the point that was echoed in points 2, 3, and 4 about enjoying your quality of life. Owning is more expensive than renting currently so if people buy a house, they'll be house poor and won't live the lifestyle the my want to for 5+ years. Yes, it will have *a lot* more equity than renting in the end, but it's not as viable as it was 20+ years ago (or even 3 years ago).
But I agree that "isn't a good investment" wasn't the right choice of words there.
I'd say she is right. She did say unpopular opinion so no surprise not all agree. Measure real estate "adjusted for inflation" historically it is not as high as you think. It may hold value well and be a good hedge against inflation longterm, yes. A professional investor may achieve serious economies of scale from running a large portfolio but for the regular investor with 1-5 properties (which is what we are talking about here) an investment in S&P 500 probably returns better on average historically with less stress but of course some ego loss from not "owning" something physical. Standard Rule of thumb if you live in a place for less than 5 years you should probably rent it.
yup!!!!!
Good points and I agree with thinking my passion would bring money when I was younger especially growing up in a low-income area. Thankfully, I was able to pivot into front end development a few years ago and the benefits were so worth it for my life and family.
Such a great video, Bukola! I very much agree with most of your perspectives, especially the ones about side hustles and passions. I am Jamaican American and my parents talked me out of every creative career LOL (I wanted to be a dancer). I went to school and got a more practical degree, did internships, and now I make almost $70k. That doesn’t put me in the super duper high-earner category BUT I help my family and have almost $30k in retirement, about $21k in high-yield savings / personal investments, HEALTH INSURANCE 🤧🤧🤧, and I can afford to *consistently* take dance classes and pay team dues. But more importantly, I don’t feel like I’m digging myself out of a hole every month. I wouldn’t change a single thing! I hope all our black sisters and brothers realize that following your passion without any regard for practicality is not something WE can do unless we are the few of us who have generational wealth (aka a paid-off house to inherit and live in if ish hits the fan). Congratulations on everything you’ve accomplished, Bukola!! So happy to see it!! 🥰🥰🥰
Love your content! Your content really helped me find myself as a new Tech CZcamsr that switched careers to the tech industry recently. I'll keep watching your future videos!
“Before you throw your tomatoes!” 😂 was sold on this video after hearing you say that
I totally agree with you on the multiple streams of income. It can get distracting
Everything you say makes sense and I fully agree with all of the above. Thank you so much for sharing your thoughts on making money because many people are still misinformed about how money actually works. But things get more complicated when we talk about family people with children. The constant change of residence and school can be very stressful for them, and we have to be realistic about this. For those who never plan to have a family, well, this is just a dream life, but life definitely changes after having children, and owning a home becomes more of a necessity rather than a luxury. In general, I think that modern capitalism is definitely a great environment for single people and not very family friendly.
I for sure agree that lifestyle inflation is not always a bad thing, especially when, for many people who grow up low-income or poor, "inflating" your lifestyle means beginning to access things like healthcare, travel, and non-monetized hobbies. Speaking from personal experience.
Great video as always, Bukola! 👍
Thank you for another amazing video! couldn't agree more, specially with the side hustles, it can be very demanding and not really worth it.
Everything you said really makes sense- thanks for this!
I like your philosophy. I just want to relax, be productive and live well.
My dad had a home he rented out and had nothing but problems with the people who rented it. He sold the home and said never again. Not to mention nowadays housing is so tight that this constant investment view towards housing is adding to the affordability crisis and increasing homelessness. There is a home next door that is owned by a company and it has never had its roof changed in 30 years and they would just paint the roof every time it would leak. Finally the city forced the company to install a new roof this year and these dummies didn’t even both to paint the parts of the wood that are exposed to the weather elements so I expect that to start leaking in the next year or two.
The real estate/renting one is tricky because you could get a family from hell or you could get wonderful people.
My parents rent out our 1st/childhood home, but they searched high and low for a family that could afford the rent and were decent people looking to rent somewhere longterm.
My Godmother has rented the bottom half of her duplex house in NY to the same couple for the last 30 years. The only time she ever had issues collecting rent was during 9/11 and a few times in 2008 when everyone was struggling. (She worked with them and they made a payment arrangement.) They are a respectful amazing couple and she loves them.
Great video! This is the most honest and realistic personal finance video I've EVER seen on youtube.
All are really good points, #1 for me. I try to tell people you can just jump
Into real estate you have to plan and see if it’s right for you. A lot of people get approved for these loans and are now house poor lol. It’s ok not to use the full amount your approved for or even rent If it fits your life better!
I agree on lifestyle inflation. I save and invest, but I cap it at a certain dollar amount because I like being able to enjoy some of it and to be there for my family. If I saved everything and spent nothing I don't think I could face being in this same profession for 20+ more years.
We're not getting this time back, and some things are better to invest in before your 40s and 50s, like your health and relationships.
Bukola, thanks for sharing this honest video.
I totally enjoyed how real you were and the raw truth you spoke in this video. The truth hurts but must be told in plain simple language nonetheless.
Can't agree more to every of these. Time, happiness, flexibility and predictable income are so much undervalued. Funny that here in NYC lots of musicians I previously knew were very actively performing at events, and *barely* making a living teaching kids instruments on the side, are now real estate agents 😆
Excellent video! All your points are great although it does surprise me that renting is more cost effective than homeowning given the equity you build owning your own home. I'd also expect a landlord to charge the full mortgage cost plus extra to a tenant negating any difference between the tenant renting or owning the same property.
Hi Bukola, this was a great video! The point that I agreed with the most was # 4. I think sometimes when we’re young, we’re made believe that if we just do what we love, money will come and unfortunately that is not always the case. Thank you for talking about this :)
The fourth advice is good. Sometimes I struggle between passion (which I don’t even know or haven’t explored) or staying ur co-worker at Google for the stable paychecks. But there really shouldn’t be any struggle for me as I do need the money to support my parents and my siblings and having the “following ur passion” idea in my head just made me feel guilty as it seems that I’m not living my one and only life as I should. Let’s admit it, most of the people don’t have the privilege to pursue ur passion in this capitalism game.
What about my advice
It also depends on the market you are buying in. I airbnd a property I purchased after I purchased a bigger one that generates me income as well as covers the mortgage on that property. I can see how it would be more difficult in NYC- I actually lived there for many years and had bought and sold a home there.
Hi i really like your personal finance content!!!! Love the channel keep it up
I can totally relate and agree with all of these points. Thanks for speaking up publicly
Enjoyed this video, and definitely agreed with all points - especially the last one. :)
You are absolutely right but I’d say it’s also all dependent on where you’re looking. But I’ll say owning a home it’s definitely not a walk in the park
Appreciate your videos! ❤
This was real, practical money talk, y’all. Word to the wise
such great points! i have internalized a lot of these as well
Thank you great insight! Great info...
Thank you for your great content!
💯💯💯 I resonated with everything you said
Deserved a like, I agree with your money philosophy completely
Good advice. My passion was playing football. The only problem was that I was a borderline athlete that needed extra time to get to the next level. Instead of sacrificing CS degree, I decided of be a full time student. I always have the what if’s when facing challenges in tech. My nephew in college now has decided to go all in on football and getting a Business Administration degree instead of STEM.
Giving such amazing advice thank you for this video 👍🏾👏🏾🤗
I really loved this video Bukola 😁😁😁
Great video, I appreciate the advice 🙂.
These are so true! Agree with them all.
Very interesting video- respect for talking about controversial money tips so openly.
A guy told me about an apartment he used to rent for 4k in 2003 that is now going for 26k in this same periods interest rates have fluctuated between 5% and 8%, buying is definitely not an investment I agree but over time you will get priced out of good neighborhoods if you continue renting.
You are wise. Loved this perspective
Omg! You' re so right! I quit computer engineering (cuz wasn t my 'pasion'), but I think I will return.
I totally agree with everything you said!
I appreciate the honestly with not following your passion! You have to be the top 5% of so many artistic passions to make them work, sometimes there's compromise or other routes that involve both money and passion 🧡
lol as I wrote this you mention UX UI which is exactly what I did instead of art 🤣
I agree with everything with the exception of real estate. Most investors are not buying 1 mil+ homes unless they're commercial properties.
My parents both grew up very poor, but were able to build wealth through real estate. With that being said, they ultimately did this in military cities that aren’t nearly as expensive as big cities. The market in those cities was also way different in the 80s than right now
Growing up in the suburbs, it’s not cool unless you love home improvement projects and mowing the lawn and raking leaves. I hated mowing and raking.
This is such solid advice!! I agree with all your points in this video. I fell victim to the “follow you passion at all costs” thing and it took me 10 years to wise up because of my stubborn nature. I did end up with success in my passion in the end, but as soon as it happened I said to myself “finally, I can let it go now”. I decided to teach myself to code and now I’m a software engineer and I would never go back. I don’t regret my initial choices because I learned a lot, but if and when I ever have kids, they will not hear the “follow your passion at all costs” for me! Thanks Bukola, I’m glad someone finally said it!
You are not mentioning the most important factor between owning and buying a property. The Psychological factor. When you own the house, it is yours. No one can evict you, what ever your future financial situation. You will always have that piece of mind that the house is yours till death.
Real estate is still a good investment depending on where you live. The idea is going into it for profit not for loss...
Completely agree with all of these points!
A great and informative video!
I really enjoyed this video, I wish I would have saw this video in my 20's. I believe my age group was the follow your passion age group
( graduated college in 2010). I actually lived in New York and pursued dance as a career. While I had some interesting experiences, I kind of wish I would have just went to law school lol, but I'm currently pursuing a career so I guess better late than never :)
Yea I'm one of those went to school for graphic design and now do UX lol. Which I have no regrets on thankfully. I think for me, I knew that just going to art school was not going to be the highest paying career but I was strongly interested in pursuing it anyway. I guess that's that pAsSioN folks be talking about. But I was mad strategic about finding the job I wanted first and then lining up my studies to match; end up adding marketing as a minor...and then later web development as a second major 🥲it all worked out though but man it's kinda hard to have TOO many interests you want to pursue too.
I actually didn't disagree with any of your takes tbh though, you gotta play the game to win. The game is capitalism.
Everyone should def follow the money. You can do your passion on the side.
I completely agree with every point!
Bukola, you're wise beyond your age (like I know how old you are 😀). But seriously, all of your advise are spot on, especially the last one on following your passion - strategically if you must. Too many "gurus" led people down that path for their own quick gains in the capitalism system as you mentioned. Following one's passion sustainably takes time, effort and yes, money. So one needs some source of income to even support their passion.
I just subscribed, you're really good 👍🏿
Always looking forward to your vids Bukola°•♡ Was just about to go take out the trash but that could wait 10 minutes ^_^ ♡• lmao
#1. yup. you want job flexibility, hard to have if you own a home. When you're young you want to be geographically mobile. Maintenance, taxes, insurance are real and you have to account for that. You're not throwing money away on rent. That apartment brings utility.
Everyone talking about owning property…. how many of us have money to own in NYC and carry on the lifestyle we want? Renting and focusing on other investments may be the right strategy rather than getting hung up on buying an 800k-1.4 mil condo 1 bedroom in NYC. Or being severely limited in what you can buy and the neighborhood you can buy it in.
I think what’s important is to know who you are, your goals, values, and priorities. And make the investment decisions that are correct for you and your lifestyle.
I agree with all of your points. One that really hits hard for me is not following your passion. I really wanted to become an airline pilot when I was a teenager and even attended an aeronautical college for a couple of semesters after graduating high school. After realizing how much debt I'd be buried in, I decided to switch to mechanical engineering. After a long, winding road, I'm now enrolled in an SDE training program and about 3 months away from OJT. Looking back, it wouldn't have been smart to take on all of that debt, especially considering the current state of the airline industry, where a lot of pilots are overworked and underpaid. With an SDE salary, I'll probably be able to at least get my private pilot's license and fly in my free time.
About Renting is always cheaper than Buying. I don't agree 100%, it will cost more to acquire of course, but you can sell it after some years eventually for more than you bought (even if we take inflation into account) it can feel like you were renting for free during all those years, but when you renting, you pay that rent that money is gone forever.
New subbie :) i have to agree with the multiple streams of income. side hustles take away so much time from building your life, sleep, your health and rest. It's always best to find ways to maximize the income you can get from your main job.
I only came to this channel for "How I Became a Software Engineer Without a Computer Science Degree" video... but I had to click on this video just to comment I love your thumbnail!!!!
I agree with not expecting to just study in your passion but to follow the money. There was a man in my city who was passionate about insects and collected them and he could have become a professor or scientist in that field but he knew early on that doing such a career would limit his passion. He instead became a notary as it permitted him to make a lot of money and be able to close shop and travel at his leisure as he was his own boss. He traveled all over the world and collected specimens in the 500 thousand. He was instrumental in the creation of the Insectarium in Montreal even though he had no degree in the field and even to the objection of those who had degrees in that field. He could not have accomplished such a thing if he had just followed his passion.
Solid advice 👍