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Female Financial Advisor Goes 60k In Debt For A BMW · THINK BEFORE YOU SLEEP

• 0:01
  Speaker 1: I don't see a lot of women on YouTube talking
• 0:03
  Speaker 1: about investing. A lot of them are focusing on budgeting
• 0:06
  Speaker 1: and saving, which is amazing, but I think we need
• 0:08
  Speaker 1: more women talking about the power of investing. My name
• 0:20
  Speaker 1: is Wendy Gonzalez. I am 24 years old. I live
• 0:24
  Speaker 1: in LA and I make $ 80, 000 a year. I currently
• 0:28
  Speaker 1: work for a Bay Area auto tech company and I
• 0:31
  Speaker 1: am a logistics supervisor.
• 0:33
  Speaker 2: This video is going to be very much in the
• 0:35
  Speaker 2: same light as my last video on fitness teachers who
• 0:38
  Speaker 2: are obese. The basic theme being don't take advice from
• 0:41
  Speaker 2: people who are not qualified to give you advice. And
• 0:44
  Speaker 2: I'll get into why as the video goes on and
• 0:46
  Speaker 2: how to find people who will give you good advice.
• 0:48
  Speaker 2: But let's first talk about CNBC's Millennial Money. Millennial Money
• 0:52
  Speaker 2: is a series that goes over how the millennial generation
• 0:55
  Speaker 2: budgets their money. In this episode, we have Wendy Gonzalez,
• 0:58
  Speaker 2: a 24-year-old logistics supervisor at Tesla. And if you have
• 1:02
  Speaker 2: no idea what the hell a logistics supervisor is like
• 1:05
  Speaker 2: any regular person, apparently, it's a warehouse manager. Gotta have
• 1:09
  Speaker 2: those confusing job titles to make you look more important. Anyway,
• 1:13
  Speaker 2: Wendy is a warehouse manager for Tesla who makes $ 80, 000
• 1:16
  Speaker 2: a year and has a dream to become a full-time
• 1:19
  Speaker 2: financial advisor on YouTube. A financial advisor who gives great
• 1:23
  Speaker 2: advice about money, such as.
• 1:25
  Speaker 3: Live for the moment. Don't be stingy. Don't be cheap.
• 1:29
  Speaker 3: You only live like you should only live for the
• 1:32
  Speaker 3: moment because nothing is guaranteed tomorrow. And when you pass away,
• 1:36
  Speaker 3: you're not taking anything with you. So stop, you know,
• 1:40
  Speaker 3: selling yourself short. Really?
• 1:43
  Speaker 2: You should only live in the moment. Are you sure
• 1:45
  Speaker 2: that as a financial advisor, you should be telling people
• 1:48
  Speaker 2: to be impulsive by living in the moment? Isn't making
• 1:51
  Speaker 2: money and keeping it about delaying gratification? Now, my fantasy
• 1:54
  Speaker 2: for this situation is that some naysayer is going to
• 1:57
  Speaker 2: come along and say, look at her finances. Wow, she
• 2:00
  Speaker 2: makes $ 80, 000 per year and has $ 140, 000 in investments. She's
• 2:05
  Speaker 2: great with money. Fine, I'll be transparent about that. Wendy
• 2:09
  Speaker 2: is very good at producing money, but that's not the problem.
• 2:12
  Speaker 2: That's never been the problem with money, no matter how
• 2:15
  Speaker 2: much money you have, whether you're rich or poor, because
• 2:17
  Speaker 2: there are a lot of rich people out there who
• 2:19
  Speaker 2: make stupid choices with money.
• 2:21
  Speaker 4: The most money I ever did making stand-up Most money
• 2:24
  Speaker 4: I made, it was actually at Mandalay Bay, Super Bowl
• 2:27
  Speaker 4: Eve 2007. This is an example of my life. And
• 2:30
  Speaker 4: one night I made $ 140, 000 doing stand-up. Okay, I got $ 70, 000
• 2:34
  Speaker 4: for two shows. I did two shows. I'm on the
• 2:37
  Speaker 4: plane flying back from Vegas. I'm doing the math. Between
• 2:40
  Speaker 4: the gambling, the drugs, and the hookers, I lost $ 145, 000.
• 2:41
  Speaker 2: Outside of Artie Lang, how many NFL players are out
• 2:46
  Speaker 2: there making millions of dollars only to be flat broke
• 2:49
  Speaker 2: a few years after retirement? Financial security is not about
• 2:52
  Speaker 2: the money. It's about your psychological health. Desire is infinite.
• 2:56
  Speaker 2: Money is finite. People who can't put a hold on
• 2:59
  Speaker 2: their desire will always end up broke. And that's the
• 3:02
  Speaker 2: path our financial advisor, Wendy, is on. I'll give you
• 3:05
  Speaker 2: an example. During her segment on millennial money, CNBC makes
• 3:09
  Speaker 2: her look like the god of hustling to graduate debt-free.
• 3:12
  Speaker 2: She applied to scholarships, did research, and did work trade.
• 3:16
  Speaker 2: But then it just slides in there and says that
• 3:18
  Speaker 2: FAFSA paid for the majority of her college expenses.
• 3:29
  Speaker 1: So every year I would apply to different opportunities to
• 3:32
  Speaker 1: do research for UCLA. I did work study. So I
• 3:34
  Speaker 1: worked at the library and I think I earned like $ 12.
• 3:37
  Speaker 2: 50.
• 3:38
  Speaker 1: And that just helped for like meals and expenses that
• 3:41
  Speaker 1: I have to cover on my own.
• 3:48
  Speaker 2: For those of you who aren't American, FAFSA is the
• 3:50
  Speaker 2: program you apply to if you want free money from
• 3:52
  Speaker 2: the government. Apparently, you can call yourself a financial wizard
• 3:56
  Speaker 2: as long as you can fill out a welfare application
• 3:58
  Speaker 2: to pay for the majority of your college expenses. But
• 4:01
  Speaker 2: receiving a free ride on the taxpayer's dime is not
• 4:03
  Speaker 2: the most offensive thing she did. She and CNBC talk
• 4:07
  Speaker 2: about how great she was to graduate college debt-free, but
• 4:10
  Speaker 2: then she immediately goes out and purchases a brand new
• 4:13
  Speaker 2: BMW as a graduation present to herself.
• 4:16
  Speaker 1: Graduating debt-free felt amazing. I did not have anything to
• 4:21
  Speaker 1: worry about. I was able to just, you know, jumpstart
• 4:23
  Speaker 1: my career. I drive a BMW, and I love my car,
• 4:38
  Speaker 1: but I hate the monthly payment. I'm currently paying $ 720,
• 4:42
  Speaker 1: which is almost as much as I pay for rent.
• 4:51
  Speaker 2: You didn't graduate college debt-free. You graduated college, and then
• 4:55
  Speaker 2: you immediately went into debt like a teenager who got
• 4:57
  Speaker 2: her first credit card. Now here's why I take more
• 4:59
  Speaker 2: time with my content instead of doing daily videos. Because
• 5:02
  Speaker 2: if I did daily videos, I would have zero time
• 5:04
  Speaker 2: to do research. And research allows me to answer questions
• 5:07
  Speaker 2: like this. Because the whole time I was watching this
• 5:10
  Speaker 2: little interview, I kept wondering. CNBC says she pays $ 720
• 5:15
  Speaker 2: a month for a car payment and currently has $ 33, 000
• 5:18
  Speaker 2: left on the loan. But that's after owning it for
• 5:21
  Speaker 2: a few years. How much did the car originally cost?
• 5:25
  Speaker 3: Yes, it's definitely an expensive purchase. I think the car
• 5:28
  Speaker 3: was like 60K-ish, close to 60K, after.
• 5:34
  Speaker 2: Taxes and everything. $ 60, 000 for a brand new car right
• 5:39
  Speaker 2: after she graduated. $ 60, 000. The estimated cost for a four-year
• 5:44
  Speaker 2: degree at UCLA is $ 54, 000. She's all proud about how
• 5:48
  Speaker 2: she graduated debt-free, but then buys a car with a
• 5:52
  Speaker 2: six-year car loan that costs more than her degree. she
• 5:55
  Speaker 2: spends almost a year's salary on a depreciating asset and
• 5:59
  Speaker 2: said it was no big deal.
• 6:00
  Speaker 3: I already know the career path that I want to
• 6:03
  Speaker 3: follow in like the tech world. And that's why for
• 6:07
  Speaker 3: me personally, getting an MBA makes sense. And for me
• 6:10
  Speaker 3: having this car right now, I only own $ 30, 000. It's
• 6:13
  Speaker 3: really not a big deal.
• 6:15
  Speaker 2: Would you consider someone an investment wizard or a financial
• 6:18
  Speaker 2: guru if you found out that she spent almost a
• 6:20
  Speaker 2: year's salary in debt on a brand new luxury car
• 6:24
  Speaker 2: to make herself look good when she could have bought
• 6:26
  Speaker 2: a very nice used car of that style for $ 10, 000
• 6:29
  Speaker 2: to $ 15, 000. Based on how much she makes, she probably
• 6:32
  Speaker 2: could have paid off a used car in cash, or
• 6:34
  Speaker 2: at the very least, knocked that debt out in a
• 6:36
  Speaker 2: few months, instead of only being halfway through a $ 60, 000
• 6:39
  Speaker 2: car loan after three years of paying $ 720 a month.
• 6:44
  Speaker 2: Keep in mind that we the taxpayers paid more than $ 25, 000
• 6:47
  Speaker 2: for her education so that she could graduate debt-free today.
• 6:52
  Speaker 2: and then make a completely stupid purchase because she has
• 6:55
  Speaker 2: no debt. This is why you don't give strangers free
• 6:57
  Speaker 2: money without accountability. She wasn't even mature about it when
• 7:01
  Speaker 2: people criticized her. She said the same things anyone who
• 7:04
  Speaker 2: is bad with money says. It's no big deal. I
• 7:07
  Speaker 2: work hard. I should treat myself. I deserve it.
• 7:10
  Speaker 1: Because I did graduate debt-free, I felt like I deserved
• 7:14
  Speaker 1: a nice car, and I didn't have my parents pay
• 7:17
  Speaker 1: for it.
• 7:17
  Speaker 2: No, you don't deserve it. You deserve a $ 60, 000 car
• 7:22
  Speaker 2: when you can pay for that car in cash. Otherwise,
• 7:24
  Speaker 2: you are irresponsible and should not be advising people professionally
• 7:28
  Speaker 2: on how to spend their money. Despite her ability to
• 7:31
  Speaker 2: get a decent job and make some okay investments, she
• 7:34
  Speaker 2: really doesn't seem to get how money works. Now, I'm
• 7:37
  Speaker 2: no financial expert, but I do know how to identify
• 7:40
  Speaker 2: a stupid purchase, and I can do math. You should
• 7:44
  Speaker 2: never purchase something with debt based on what you think
• 7:46
  Speaker 2: you're going to make. That's what broke people do.
• 7:50
  Speaker 3: My income is only going to continue going up from here,
• 7:53
  Speaker 3: especially if I get into one of the M7 schools,
• 7:56
  Speaker 3: which is like Harvard Business School, Columbia, Chicago Booth, Wharton, MIT.
• 8:02
  Speaker 3: Like these are like big, like the Ivy Leagues of
• 8:05
  Speaker 3: business school. And if I get into one of those,
• 8:09
  Speaker 3: like my ROI is just.
• 8:10
  Speaker 2: Like out the roof. Oh, I can buy this really
• 8:14
  Speaker 2: expensive car because in four years, I'm going to be
• 8:17
  Speaker 2: a millionaire. I'll just pay for it then. Yeah, but
• 8:21
  Speaker 2: what if you don't get into a big school with
• 8:22
  Speaker 2: a high return on investment? Also, you just got diagnosed
• 8:26
  Speaker 2: with thyroid cancer six months ago. What if you have
• 8:29
  Speaker 2: other expensive health problems or residual health problems from the
• 8:32
  Speaker 2: thyroid cancer and can't afford them because you pay $ 720
• 8:36
  Speaker 2: a month just so you could flex in front of
• 8:38
  Speaker 2: your friends? That's why you don't purchase things with debt.
• 8:42
  Speaker 2: Any friend or coworker who would be impressed by her
• 8:44
  Speaker 2: purchasing a $ 60, 000 car with debt is a loser. And
• 8:49
  Speaker 2: it's not like she doesn't have enough money for this.
• 8:51
  Speaker 2: She could pay that car off today.
• 8:53
  Speaker 3: So let's go over my investment portfolio and like the
• 8:58
  Speaker 3: amount and how much I have saved and how much
• 9:00
  Speaker 3: I have in my Roth IRA. And we're going to
• 9:02
  Speaker 3: add everything up so you see that it's possible to
• 9:04
  Speaker 3: have a nice car and still reach a decent goal.
• 9:09
  Speaker 3: So in my high interest savings account, I currently have $ 24, 000.
• 9:17
  Speaker 3: $ 253 with 86 cents. In one of my investment portfolios,
• 9:24
  Speaker 3: I have the one I share publicly with you guys,
• 9:27
  Speaker 3: I have $ 33, 209 with 60 cents. The private account that
• 9:29
  Speaker 3: I don't talk about and mention is worth $ 67, 896 with
• 9:31
  Speaker 3: 50 cents. And then my Roth IRA, there's $ 17, 531 with
• 9:45
  Speaker 3: 4 cents. Currently, I still need $ 3, 000 for this year
• 9:49
  Speaker 3: to max out my 2020 Roth IRA contribution. So that
• 9:53
  Speaker 3: number should go up. So in total, in terms of
• 9:56
  Speaker 3: savings and the stock market, I have $ 140. and the
• 10:01
  Speaker 3: stock market, I.
• 10:02
  Speaker 2: Have $ 142, 891. Again, I know two things. I know how
• 10:06
  Speaker 2: to identify stupid purchases, and I know how to do math.
• 10:10
  Speaker 2: She has $ 25, 000 in a high-interest savings account. Her account
• 10:14
  Speaker 2: grows 1.78% yearly. The average car loan is 4-5% or
• 10:16
  Speaker 2: more depending on your credit score. Now, I'm no genius,
• 10:23
  Speaker 2: but I'm pretty sure that 45% is more than 1.78%.
• 10:27
  Speaker 2: She also has some investments she can use to tank
• 10:30
  Speaker 2: the rest of that loan and still have more than $ 10, 000 left.
• 10:34
  Speaker 2: This is the bad psychology I'm talking about. Oh, I'll
• 10:38
  Speaker 2: just pay it with my future money. If I invest,
• 10:41
  Speaker 2: I can make 7% interest, whereas my car is only
• 10:44
  Speaker 2: 5% interest. I am losing money by not investing. Yeah.
• 10:49
  Speaker 2: except you understand that you're gambling, right? That loan servicer
• 10:52
  Speaker 2: is guaranteed to get 5% out of you for the BMW,
• 10:55
  Speaker 2: whereas you might. You might get 7% on your investments,
• 11:00
  Speaker 2: or your investments could tank and you lose all your money.
• 11:03
  Speaker 2: But yeah, go ahead and just make expensive purchases with
• 11:06
  Speaker 2: debt based on money you might have. She seems to
• 11:10
  Speaker 2: have a concept of how to invest, but not much
• 11:12
  Speaker 2: of a concept on how money works. Wendy is like
• 11:15
  Speaker 2: a guy who can put together an electrical outlet but
• 11:17
  Speaker 2: doesn't understand how electricity works. Sure, installing an outlet is simple,
• 11:22
  Speaker 2: and you might get away with that for a while. However,
• 11:25
  Speaker 2: if anything goes wrong and you don't understand electricity, then
• 11:28
  Speaker 2: you will have no idea how to fix the problem.
• 11:31
  Speaker 2: That and some electrical projects can kill you if you
• 11:33
  Speaker 2: don't know what you're doing. That also applies. But I'm
• 11:36
  Speaker 2: bringing this up because she says things like this.
• 11:39
  Speaker 1: I haven't had a chance to travel, so my goal
• 11:41
  Speaker 1: is to definitely travel more, but to do it for free.
• 11:52
  Speaker 1: We would love to go to Europe together next year
• 11:55
  Speaker 1: in the summer. So hopefully we get to do that
• 11:57
  Speaker 1: for free or if not, at least for like half
• 12:00
  Speaker 1: the cost with some points.
• 12:02
  Speaker 2: I love all my people who think they can outsmart
• 12:04
  Speaker 2: credit card companies. All of you just know that credit
• 12:08
  Speaker 2: card companies are like casinos. The house always wins. You
• 12:12
  Speaker 2: will always spend more money by using a credit card.
• 12:14
  Speaker 2: And the only way to win the game is to
• 12:16
  Speaker 2: not play. Credit card companies have tons of money to
• 12:20
  Speaker 2: do all kinds of research geared towards figuring out how
• 12:23
  Speaker 2: to trick you into spending money. One of the big
• 12:25
  Speaker 2: ways they do this is to use gamification strategies like
• 12:29
  Speaker 2: credit card points. No matter what you do, credit card
• 12:32
  Speaker 2: companies always make money when you use a credit card
• 12:35
  Speaker 2: to earn points. They either make it by tricking you
• 12:37
  Speaker 2: into paying 15% interest by giving you 1% in return,
• 12:41
  Speaker 2: or they get it in credit card fees. Every time
• 12:44
  Speaker 2: you use your credit card, Credit card companies charge the
• 12:47
  Speaker 2: business 2-3% of the purchase plus a swipe fee. They
• 12:50
  Speaker 2: give you 1% cash back, but then charge the businesses 2-3%.
• 12:54
  Speaker 2: The businesses just pass that fee right on to you
• 12:58
  Speaker 2: by increasing their prices. And all of that works out
• 13:01
  Speaker 2: whether you pay your balance off monthly or not. You
• 13:04
  Speaker 2: pay more in increased prices for goods you normally buy,
• 13:07
  Speaker 2: or it will cause you to buy things you don't
• 13:09
  Speaker 2: need just so you can get the points. In Wendy's case,
• 13:12
  Speaker 2: they charge her annual fees just for the privilege to
• 13:15
  Speaker 2: spend money. And even so, she has the audacity to
• 13:18
  Speaker 2: proclaim that she's going to fly for free by using
• 13:21
  Speaker 2: her credit card points when she pays $ 550 per year
• 13:25
  Speaker 2: just to use her American Express Platinum card. So she
• 13:28
  Speaker 2: spends the money to earn the points and then pays
• 13:30
  Speaker 2: the fee. The credit card companies win twice. Now, with
• 13:35
  Speaker 2: all that said, how do you find good mentors considering
• 13:38
  Speaker 2: that so many people who look qualified will teach you
• 13:40
  Speaker 2: nonsense that will get you into trouble. Certainly what you
• 13:43
  Speaker 2: don't want to do when you're looking for a good
• 13:45
  Speaker 2: mentor in any skill is have to wait until you're
• 13:48
  Speaker 2: good at that skill to tell if they know what
• 13:50
  Speaker 2: they're talking about. You don't have to do that. There
• 13:52
  Speaker 2: are good philosophical principles that lead to high levels of
• 13:55
  Speaker 2: skill in any skill. Let's go over three. The first
• 13:59
  Speaker 2: thing that good mentors do is take responsibility for their
• 14:02
  Speaker 2: mistakes instead of blaming others. I've made references to this
• 14:05
  Speaker 2: next point a lot in other videos, but I think
• 14:07
  Speaker 2: it's a good metaphor, so I'm going to repeat it again.
• 14:10
  Speaker 2: If I release a video on YouTube and it does poorly,
• 14:13
  Speaker 2: would I be a better YouTuber if I blamed the
• 14:15
  Speaker 2: algorithm for my mistakes, or would I be a better
• 14:18
  Speaker 2: YouTuber if I took responsibility and spent time trying to
• 14:21
  Speaker 2: figure out what the failure of my character was that
• 14:24
  Speaker 2: led to the video performing terribly in the first place?
• 14:26
  Speaker 2: These two options are the difference between me spending time
• 14:29
  Speaker 2: working on the skill versus me blaming someone else and
• 14:32
  Speaker 2: doing nothing. Second, good mentors can admit to mistakes. In
• 14:37
  Speaker 2: Wendy's case, she knows deep down that it was a
• 14:39
  Speaker 2: stupid idea to go into five to six years of
• 14:41
  Speaker 2: debt for buying a car that makes her look good
• 14:44
  Speaker 2: in front of her friends. She even admitted it.
• 14:47
  Speaker 1: I regret buying the BMW because it is a nice car,
• 14:50
  Speaker 1: it drives amazing, it looks great, but I don't really
• 14:53
  Speaker 1: need that type of car in my life. I think
• 14:56
  Speaker 1: it was an ego thing.
• 14:57
  Speaker 2: But after she said that, she backpedals in her response
• 15:00
  Speaker 2: video to Graham Stevens' reaction to her purchasing the car,
• 15:03
  Speaker 2: says it was a good idea, and gives terrible financial
• 15:06
  Speaker 2: advice by saying you should live in the moment to
• 15:08
  Speaker 2: justify her bad decision. People who live in the moment
• 15:12
  Speaker 2: and don't think about the future don't become financially free.
• 15:15
  Speaker 2: People who deny and rationalize their mistakes are just saying
• 15:19
  Speaker 2: they're going to repeat them. Last, and most importantly, people
• 15:23
  Speaker 2: who are highly skilled and good mentors are capable of
• 15:26
  Speaker 2: taking criticism. Now, that doesn't mean they just supplicate to
• 15:29
  Speaker 2: every demand any criticizer makes, but it does mean that
• 15:32
  Speaker 2: if a lot of people are saying the same thing,
• 15:34
  Speaker 2: or if someone makes a well-thought-out argument, they pay attention.
• 15:39
  Speaker 2: On this channel, most of my growth has been a
• 15:41
  Speaker 2: cheat because I listened to all you assholes who pointed
• 15:44
  Speaker 2: out my flaws. And yeah, some of the people who
• 15:47
  Speaker 2: criticized me didn't say it nicely, but in their defense,
• 15:50
  Speaker 2: they have a right to be pissed off assholes if
• 15:52
  Speaker 2: they think I just wasted 15 minutes of their time
• 15:55
  Speaker 2: with terrible content. If I didn't take the time to
• 15:58
  Speaker 2: consider what those people were saying... then I would still
• 16:00
  Speaker 2: be struggling to get 500 views on a video and
• 16:02
  Speaker 2: blaming the algorithm for my failures. Highly skilled people will
• 16:06
  Speaker 2: make changes when better information comes along instead of resisting
• 16:10
  Speaker 2: it because it hurts their ego for a while. Believe
• 16:13
  Speaker 2: it or not, other people around you do have intelligent
• 16:15
  Speaker 2: things to say. Avoiding those criticisms will make you weak.
• 16:19
  Speaker 2: But I think that will be enough for this video.
• 16:21
  Speaker 2: If you liked it, hit the like button, subscribe if
• 16:24
  Speaker 2: you're new, comment and share. If you would like to
• 16:27
  Speaker 2: support this channel, then you can do so through PayPal, Patreon,
• 16:30
  Speaker 2: or Subscribestar. All of those links are in the description
• 16:34
  Speaker 2: or on my channel page. Last, if you haven't checked
• 16:36
  Speaker 2: out my BitChute channel yet, that link is also in
• 16:39
  Speaker 2: the description or on my channel page. Otherwise, see you
• 16:42
  Speaker 2: in the next video. Thanks for watching.