Didn't even notice the flair up. That lip color is phenomenal on you!
@kathyfelton7602
6 ай бұрын
I know what you mean; my neck and cheeks get so red
@chevyfinn
6 ай бұрын
I totally agree with you about the renting is not a waste. We live in council housing in Scotland. The rent costs about £371 a month ($470 per month) and that is for a 2 bedroom house. To rent from a private landlord costs twice that for the same size house. And to buy, a home this size, mortgage repayments cost three times as much as that. I am happy paying the council every month for a stable home
@BrookeM-ig4vu
6 ай бұрын
Today, we paid off our last debt as a family of 7!!!! I'm an sahm, homeschooling mom so being debt free gives me such peace. Also, we rent. We are a military family that moves often. We bought the first time and selling it and moving and all that was a hot mess. My husband is also gone a lot with training so being able to call our property manager when something breaks is such a blessing! My kids are 3-13 so it gives me peace to know when the heater just stops working (happened this winter) I don't have to deal with it. My property manager is amazing so that helps too. We do plan to start saving for an amazing down payment in the future now that we are debt free though, for the future.
@emilydearmond5575
6 ай бұрын
Congratulations! That’s amazing and I’m sure it’s such a relief!
@TheRealLydiaSenn
6 ай бұрын
AMAZING!!! I'm so proud of you.
@MarieEnglish
6 ай бұрын
Thank you ❤
@SherryEllesson
6 ай бұрын
Thank you for your service.
@tracywaring3769
6 ай бұрын
Well xx
@TheMlenae
6 ай бұрын
Thank you for your statement on renting. It feels like in our society if you don’t own a home it’s frowned upon. I just refuse to be peer pressured. I would rather invest my money elsewhere and buy when the time is right!
@lillynevers7305
6 ай бұрын
Totally agree! I rented for 3 years living in the lowest cost but still safe neighborhood paying off my student loans and saving a down payment for a house. My peers were buying houses and nicer cars. But 10 years later they are still working on their student loans, upgrading cars, and have huge credit card debt that weighs down their mental health.
@Loretta_C
6 ай бұрын
totally agree.
@carin4244
6 ай бұрын
I come from a family of 7 kids and my Mom and Dad. We lived in a 3 bedroom, one bathroom home. We made it and none of us are scarred from that experience. My parents are still there today.
@margaret1336
6 ай бұрын
We are all in the same boat really. You either borrow a house from a landlord or you borrow the money to buy a house.
@TheRealLydiaSenn
6 ай бұрын
Period.
@wiccanloverkris
2 ай бұрын
Kind of. At the end of borrowing money from the bank though you own the home and its an investment. Renting from someone your paying their mortgage/bills and at pretty much any moment they can give you notice to kick you out and at the end of it, you have nothing for it. A roof over your head is very important but in my brain one is a better long term pay off than the other.
@breezybre2670
Ай бұрын
Couldn't be more different. The bank doesn't tell you whether or not you can screw things in the wall .The bank doesn't control your repair schedule of your home and the bank can't ask you move unless you don't pay while the landlord can; yes even with the tenants rights.
@sarahcook908
6 ай бұрын
Thank you for this! I'm 40 and don't have kids (by choice-also controversial to some people for some reason) and renting works for me. I don't want the hassle of maintaining a house. I live in a studio apartment rental in Boston and love it!
@TheRealLydiaSenn
6 ай бұрын
I've never understood how someone saying they're childless by choice is controversial either.
@NDtee
6 ай бұрын
I’m 44 and also don’t have kids. I agree with you, it is controversial to people and I don’t understand why. Having kids that you can’t take care of is perfectly fine but someone actually critically thinking about what goes into parenthood and opting out (better for would-be parents and potential kids) is somehow selfish. Haven’t quite figured that one out yet 😆
@LeeLeesBanter
6 ай бұрын
I Love this lady!❤😊
@TheRealLydiaSenn
6 ай бұрын
Thank you❤
@maczoo4584
6 ай бұрын
I'm getting closer to retirement age. I own my own home which has quadrupled in equity . It has been extremely difficult to keep up with repairs and such. I just want to rent and have them fix my shiz when it breaks down. People argue with me that it's dumb. I disagree because it's my health and life situation not theirs. They don't know my needs.
@Be4Him
6 ай бұрын
I thought the same….landlord didn’t care or fix anything!! I bought another house.
@janefromthecountry1820
6 ай бұрын
Our home we bought for $80k. Today its valued at $220,000. Wisconsin. But I agree a house one cannot afford, is so much trouble. My sister rents a condo and lives in SC, and enjoys renting. She is much more mobile. Btw, our $220k home is a starter home only $1150 sq ft. The median price of a home is $425,000.
@gusmonster59
6 ай бұрын
Actually, renting can be a very good way to go. Renting is not throwing away money, but trying to keep up a house can be. Owning a home is far more expensive than renting for most people. You just need to find a good landlord or move into a living situation for seniors. (do not mean assisted living or high end retirement communities)
@terrissehovis7539
6 ай бұрын
Once you become a renter and are on a fixed income it's only a matter of time before you become homeless You won't be able to keep up with the annual year hikes on a fixed income
@Minney-Me
6 ай бұрын
Renters can be displaced at any time whether they pay rent or not... Homeowners can be displaced if they don't pay property taxes. Atp, pick your poison 😅
@lindseyrybicki2438
6 ай бұрын
This video reminds me of something you said in a past video about it how we need to forgive our past selves for what we didn’t know. That has stuck with me!
@TheRealLydiaSenn
6 ай бұрын
It can be hard to do.
@maryd7896
3 ай бұрын
Renting is so not a waste. We rented a 1 bedroom 1 bath apartment for $425 a month for about 4 years to save up a large enough down payment to where our mortgage now is $487 a month for a 3 bedroom 2 bathroom house on about a half acre of property and we pay extra on it every single month. Those apartments now have increased to $700 a month and mortgage rates are so much higher. We bought our home in 2017 so we lucked out, perfect timing for all of it. Without that affordable rental we wouldn't be where we are now.
@georgettedashiell7682
6 ай бұрын
Good point about renting. I agree with you, and I'm a Realtor. Selling homes is my business, and yet I have clients where renting is truly the best choice for them as lack of affordability is very real. Not everyone can buy. And as you note, home maintenance is costly especially if the homebuyer delays maintenance. There are very real reasons homebuying is important for building generational wealth, but it's also ok to take time til affordability is comfortable. I tell my buyers this all the time that It's OK to rent til you're truly ready to buy with all that entails because it entails a lot of financial flexibility
@TheRealLydiaSenn
6 ай бұрын
I've had so many conversations with young couples and families about this. We have two generations priced out of the market, or stuck in a "starter home" (I hate that term) that no longer works for them.
@jackiemadegwa5906
5 ай бұрын
I like what you say.... affordability is comfortable
@eastcoastrabbit4474
6 ай бұрын
I have this conversation about renting with people all the time. In a couple of years we plan to see our paid off house, invest it & rent for quite a while, maybe forever. No property tax (I realize the landlord is burying his property tax in our rent), way cheaper tenant insurance, and no maintenance bills. These things if you add them up (and you really must include maintenance costs on things like lawn mowers, snow blowers, yardwork and all the little things you have to buy for your house like furnace filters, etc) come to quite a bit of money over the year. The income off of the invested money we make on our home, and possibly maybe even dipping into the capital, will pay for the rent for a long time. I don't think renting is a waste of money at all. Being trapped in a home you really can't afford, or afford to maintain is exhausting.
@vikkienos6807
6 ай бұрын
Totally agree with you on cash envelopes and sinking funds. I am about a money plan that works and is simple.
@TheRealLydiaSenn
6 ай бұрын
Keep it simple!
@elainerealized
6 ай бұрын
I totally get the cash thing. I the same disconnect to money. I lose cash too. Once I pull it out of the bank, it is already spent in my mind. The money I have is what is left is in my budget. I do all the spending I possibly can on credit cards for cash back rewards and pay them off every month. You also absolutely need a credit score in todays day and age for all the reasons you mentioned. And, a billionaires opinions on that shouldn't matter to anyone who isn't a billionaire themselves. They have enough assets to get away with not having one. Great topic! Thank you for sharing 💙
@lindamcteer
6 ай бұрын
At first I thought this was going to be a KZitem live. I was so glad it wasn't because I hate those! Great video, as usual.
@TheRealLydiaSenn
6 ай бұрын
Me too.
@Jenny-dg4sb
6 ай бұрын
I grew up in a 1,000 square foot house with 3 bedrooms and 1 1/2 bath rooms. There were six kids and two parents. Only the toilet worked in the half bath, not the sink. It was extremely tight, but we survived.
@lisadearing5960
6 ай бұрын
I work in accounting so I’m fine with doing cash sinking funds! My car tags are due in April. It’s easier for me to put $40.00 a month in an envelope instead of trying to come up with $480.00 at one time. Plus, I like counting the cash each month! 😁 My mom did cash envelopes back in the 60’s. I’ve been around it my whole life so I’m used to it. I use my credit card for everything! If my card gets hacked, it’s the bank’s money, not mine! I now have over $1000.00 is rewards from using my credit card. It’s a built in emergency fund if we ever need it.
@ronaliveshere7422
6 ай бұрын
I’ve tried all the things you mentioned then I realized I don’t have all day I simplified everything. I take 20% off the top of everything that comes in it goes in long term emergency savings. I use that savings for whatever comes up. Everything else goes in checking and short term savings.i know my inflow and outflow and my bills and now my financial life is simple.
@TheRealLydiaSenn
6 ай бұрын
Keep it simple!
@donnaleeclubb119
6 ай бұрын
I have just resigned myself that I will always have one car note. One of us drives a used, paid off car and one of us drives a newer car. That is just the way it will always be for us. My used car is 13 years old. I use it only for work. I live 20 minutes away from my job. My husband drives a 2 year old car and drives 45 minutes to work. This is just a part of our life.
@hometowngirl8062
6 ай бұрын
I have the opposite effect with cash. I have a problem with letting go of it. I have an easier time using my debit card.
@rachellawyer3421
6 ай бұрын
I agree with you on sinking funds 😂I cannot and don’t want to keep track of all of them. One savings account for us!
@TheRealLydiaSenn
6 ай бұрын
It's too much.
@thestorykeeper6818
6 ай бұрын
Amen on renting is not waste of money!! I love the flexibility of renting. I do not want to commit to living in one place for several years. I'd much rather pay rent then for a new furnace! My controversial money opinion is that "the daily Starbucks" is inherently a waste of money. If you do it mindfully and it brings you a little bit of peace and joy, then it is not a waste of money. It's only a waste if it's just a mindless habit that doesn't actually do anything for you.
@karensw5625
6 ай бұрын
Lydia, I have to believe that not everyone should own a house, some people don't want the responsibility of repairs or do the landscape, the could have disabilities or be our elders it's just more convenient to be in a rental.
@TheRealLydiaSenn
6 ай бұрын
Not wanting to is a valid reason not to take on mortgage debt.
@carmarasmussen8118
6 ай бұрын
You're so right about the credit score. Unless you're a gajillionaire, the average person needs a credit score even to get better insurance rates. Also having a credit card in an emergency, especially when traveling, is vital. None of that is controversial it's just smart living. 😉
@secretheader
6 ай бұрын
Thank you, Thank you, Thank you, Thank you, Thank you!!!!! I can ever say that enough to you!!! You always put things into perspective for me and I can never thank you enough!!! When my husband lost his job two and a half years ago, we moved and at that time the home prices were OUTRAGEOUS!!! There was no way we were going to pay $60,000 or even $70,000 over asking price for a home. We rented and are only now being able to afford to buy a home. Renting was not a waste for us at all!!!!! Again, thank you for not making us feel bad for renting and doing what we needed to for our family. ❤
@katieg.2768
6 ай бұрын
Great video! You pretty much said everything that I believe.
@TheRealLydiaSenn
6 ай бұрын
Glad you think so!
@michellechannell1219
6 ай бұрын
I'm the same way with cash in my wallet. We also have a savings account without sinking funds. They make my brain hurt. :)
@tiffanysheler142
6 ай бұрын
I agree with these so much! The way i do sinking funds is that i have 1 checking account and different "tabs" within in. Literally an index tab with notebook paper for each category. I have learned how to put these into a spreadsheet, but still keep my papers. Works for my brain. Thanks for all you do!
@TheRealLydiaSenn
6 ай бұрын
Love that!
@tiddlywinks456
6 ай бұрын
Two opinions I have is that 1. Renting is another form of a subscription service, I don’t live in the US but here in Ireland a landlord can just sell up leaving families scrambling to find a place to live in the midst of a housing crisis, some have to go into emergency accommodation which is becoming harder to source. Renting a 1000sq ft home (average family home size here in Dublin) would set you back $3,000 dollars a month approx., what happens when you get old and can’t afford that anymore you lose your beloved community around you too? Renting is fine for young transitory people and families but for roots and genuine stability and non transient community, buying is much more secure, at least where I live. 2. American homes are massive, I live in a 1200sq ft house with 6 people including 3 teenagers comfortably, the only difference is possessions and stuff, we don’t have much storage space for stuff so we need to run a tight ship and only have what is needed and most important to us. It keeps us closer too because we eat together and communicate more than if we were all spread out in different “wings” of our property. We have a wonderful community around us and really feel blessed. When I die, my children will have this home to inherit too.
@melissarodriguez4531
6 ай бұрын
Always love your videos 👏🏼💕
@TheRealLydiaSenn
6 ай бұрын
You're the best!
@victoriachristian4379
Ай бұрын
My husband and I followed the getting out of debt steps of a well known dude. We are now consumer debt free. And we have 2 credit cards that if we use, we pay off within a week. (Literally.) BUT…it took us several times of making mistakes before we got this disciplined. (Like the analogy you used about your son’s cartwheels.) Today it is second nature to not go into debt - only because we practiced! ❤
@Loretta_C
6 ай бұрын
I had to pause just minutes in to agree with the "renting is not a waste of money" point. I never understood why people would say this and yes, I understand that a home is an asset but for some people getting that down payment can be very challenging and even impossible. Also, renting used to be the cheaper option (used to be) plus all the other expenses that come with owning a home! Thank you for saying this.
@mksugerman1500
6 ай бұрын
We have 2 credit cards. One we use only for vacations (which then get paid off before we go) and one with an occasional balance for a month or 2. Dave Ramsey wants you to have a credit score of “zero “ which ridiculous. We bought and sold many houses over the years and the only one we made a profit on we rolled over into the next house. We then lost our shirts in 2009 and had to move and start back from scratch. You do you and be proud!
@dawn_k
6 ай бұрын
Yes, I totally agree about the home repairs. My husband and I bought our first house two years ago and home repairs are expensive. Our bathroom needed all new plumbing and our vent stack literally crumbled apart from old age. We needed a roof repair and were told by the roofer that our roof is at the end of its life. We get water in our basement during storms. We got an estimate on getting our basement waterproofed and holy cow -- if I had that kind of money I would pay off half of my mortgage.
@TheRealLydiaSenn
6 ай бұрын
So true!
@SherryEllesson
6 ай бұрын
Lydia, I agree with you on a number of points. For as many people who first learned some introductory financial responsibility from Uncle Dave, there are many who came with a different kind of programming who should NOT be shamed by Dave's acquired arrogance. We all have to view money through the lens of what is possible for our circumstances, and from there, how much discipline we feel capable of exercising for our own personal goals. One size does not fit all.
@sharonlugone5955
4 ай бұрын
Thank you! I agree with everything you say. When I use my debit card, my bank does the math for me. I do use a budget app religiously so I know how much money I've spent and how much I have left. Your compassion is inspiring.
@erinsymone1645
6 ай бұрын
Omg I am the same way with cash lol! For some reason I don’t think I’m spending money when I pay cash. I think it’s because once it’s out of my bank account, I already consider it “gone”. Idk it’s weird 🤷♀️
@Hendricana
6 ай бұрын
Great points. My house increased in value 400% since I bought it. Where I want to live went up more like 600%
@granitemoss1451
6 ай бұрын
I agree about cash envelopes. They're not for me! I spend WAY to freely with cash and respect digital boundaries much better. But on the flip side, I am all about the various sinking funds and find having a bunch actually keeps me well organized.
@TheRealLydiaSenn
6 ай бұрын
A no for me.
@kristabecker4491
6 ай бұрын
Good morning!!
@TheRealLydiaSenn
6 ай бұрын
❤Good morning
@NomadJane
6 ай бұрын
You are great and thanks for putting yourself out there and sharing ideas. For those that think you are controversial or strongly disagree, they can share constructively or they can just stop the video and keep quiet. This will show how old I am, but if you can't say anything nice don't say anything at all.
@piabailey1715
6 ай бұрын
Fantastic video as always!
@TheRealLydiaSenn
6 ай бұрын
Glad you enjoyed it!
@brischmick
6 ай бұрын
I know I don’t have to agree with you, but I 100% do love your real takes on these financial aspects
@TheRealLydiaSenn
6 ай бұрын
Thank you ❤️
@lisagardner9798
6 ай бұрын
Hi Lydia. Love your videos. We also have one savings account but we do keep one cash envelope for our hay that we purchase every year for our horses. It’s just easy to know I have it and the guy likes cash!
@TheRealLydiaSenn
6 ай бұрын
That's a great idea!
@tracidevault3976
6 ай бұрын
I feel like I have what some consider a controversial opinion about because I think "you do you". We have a not so great house but no mortgage payment. A choice we made a long time ago because we saw people buying homes they couldn't afford. We have "newer" vehicles with a payment because our old vehicles were totaled by trees in a bad storm. Several lessons learned throughout that process that we can use to make better decisions going forward. Everyone and every situation is different. I love your thoughts and ideas about money, investing and debt. ❤
@joycegonzales4994
6 ай бұрын
I’m 76, I just wouldn’t be able to afford to rent, because my house is paid for.
@TheRealLydiaSenn
6 ай бұрын
Of course. But I was more thinking of fellow millennials who are priced out of the market.
@donnaleeclubb119
6 ай бұрын
I know an elderly person that could not afford to keep her adult home because she could not afford the taxes and upkeep. She sold the house and moved into elderly rent controlled apartment near her hometown.
@kaylanicole3962
3 ай бұрын
the renting one really got me cause i struggled with this so much when my baby’s dad and i broke up while i was pregnant and i was looking for a two bedroom to move my baby who was on the way and i into before she arrived. i had found some places for $1200 that seemed nice & had in unit laundry. some friends encouraged me to move into one of them, even though it was a little more than i could afford by about $300. i didn’t though i was too afraid of banking on a promotion or raise to afford it. i kept looking and found a secure building apartment two bedroom for $915. now i can cover my bills but barely. but the key is i can cover my bills and i don’t have to worry about being hundreds short because i did not get a raise or promotion in the end . i’m so glad i followed my gut and kept looking for something i could afford even if it has less amenities that would be nice
@vickieclark5931
4 ай бұрын
I completely agree. I have been a homeowner for over 20 years and no, it is NOT an investment. For one thing, you are paying for things that have to be done like a new roof, hot water heater, A/C, plus any unexpected repairs like a plumbing or electric. Not to mention any remodeling that you do to the house. Also, unless you pay CASH for the house and you don't take out a loan, all of that interest that you are paying is just most cost to your home. And on the back end, you paid twice or three times what you home is worth. So, when the equity does go up, you are just getting what you paid into the house and putting that money on another house of equal value. Which means that you never make money on the home. It goes up like everyone else's homes do. I enjoy owning a home and with the way rent has been in the past couple of years, I thank God that I own a home. I wouldn't want to have to move constantly like renters do. So, I'm all for people buying a home and having place that they can call theirs. BUT it's your home, NOT an investment. It's a place to raise your family and a place that you go where you feel content and at peace. That's all a home is for, it is a place for tranquility and comfort. It is not a business transaction.
@rachelr9272
6 ай бұрын
Great video as always☺️. I’m glad you mentioned the idea that debt has no moral value. I felt so bad having to put our crazy plumbing catastrophe on our home equity line of credit, but you have to do what you have to do. I’m now keeping my head focused on paying it off. Not my controversial view, but that of my parents. They believe that my husband and I are “silly” for putting money away in 401K for retirement. Their view is that you can’t take your money with you and that you should be enjoying life and spending everything you earn. Needless to say, my parents were not the best example of financial responsibility.
@TheRealLydiaSenn
6 ай бұрын
You did what you needed to do to make your home safe and livable.
@laurahomer3342
6 ай бұрын
Omg lydia, i feel exactly the same with cash. If i have cash in my purse i will spend it like its going out of fashion because to me it doesnt matter that transaction wont be on my bank statement so i havent really spent it 😂 but if i swipe my card im more inclined to say no because i will see that transction on my banking app xx
@TheRealLydiaSenn
6 ай бұрын
It's not real. 😂
@clittle1807
6 ай бұрын
We raised 5 kids in a 1545 sq ft home.. we had to downsize from 2800 sq ft. Best move ever. We got closer as a family my kids were always close, but the larger home was just too big for us we had rooms that were underused.
@thebestwillow
6 ай бұрын
Potentially controversial logic opinion: credit cards aren't sentient, as such they can't be evil. Some people are able to use them in a beneficial way, other people aren't, and that's not being mean, it's just the truth. My opinion is that it's good and healthy to acknowledge our own limitations, and unhealthy to be in denial about them by attaching morality onto inanimate objects.
@virginiasummer2619
6 ай бұрын
I agree, I am a renter. Our home was provided as part of my husband’s pay. I want to be free - I do want to own eventually but now is not the time. I’m widowed and our three children live far away- all of them. By renting, I can live close to one or another at different times.
@SmilingBeaver-ou7nc
6 ай бұрын
We use cash just for food, but no envelope. We spilt the money into four weeks and clip them individually for the four weeks. I carry it in my safety pack back pocketbook where the only zipper is against my back. As far as bills, they are paid on-line. Thanks for your excellent information. I really enjoyed your video. Have A Beautiful Weekend ❤
@TheLongRunwithJoelandChristy
5 ай бұрын
Great topic, Lydia. We decided to share our money opinions on our podcast episode for this Wednesday. We gave your video a little shout out. 🥰
@JacobH-xo1nk
6 ай бұрын
i love this and you radiate a truly positive light. thank you.
@TheRealLydiaSenn
6 ай бұрын
Oh my goodness. Thank you
@Jgirasole315
2 ай бұрын
I just started watching this older video, as I just found this channel and subscribed. I have a similar weird reaction to cash. While I do use the envelope system for our household expenses, I modified it so that the money is in our household checking account and our "envelopes" are lines on a household account document I keep on my phone. I don't think the things I get with cash are free, but I do think all cash is my spending money. If it's physical cash or it's in my cashapp account, in my mind, it's my personal spending money. I tuck ten bucks next to our laundry key card each month because that's all the machine takes. Other than that, I make sure nothing is in cash or on my cashapp unless it's money we can afford to have me spend freely.
@user-bk7ve6uo3n
6 ай бұрын
Good morning. Thanks for the video i needed to hear it. I appreciate you❤
@TheRealLydiaSenn
6 ай бұрын
Good morning! I appreciate YOU!
@charlenefriess2128
17 күн бұрын
This is so much common sense in one video. 😊
@kateglastic9826
4 ай бұрын
People talk about it as if renting a house and saving/investing can't happen...they can..they are not mutually exclusive. You can rent and invest/save money in other ways. You are also very tied down when you own and live in your own home. If a horrible neighbour moves in next door you can't just up and move so easily!
@marissaj9798
6 ай бұрын
I agree with all of these and it was so nice to hear someone say them out loud. I so feel the cash-is-free mindset, I'm 1000% that way. It also just doesn't feel safe carrying around a ton of cash.
@alyssa.herrin
6 ай бұрын
I felt the cash comment. Since I track my bank account, I’d already “spent” the cash when I pulled it out. Sooo now it’s like a gift card I guess. Free money.
@thebestwillow
6 ай бұрын
I don't lose money, as such, but today in my travel stuff box, I found easily $300 in bills I forgot I had from when I was last in the US!
@angelaholland1236
6 ай бұрын
I really appreciated a couple of points. My niece just decided to rent for another year. She's in grad school and just needs the time to graduate and settle into adulting. Many have made unnecessary comments. It's none of their business😊. My sister loved to judge everything I do. I love your philosophy of you do you and it's not their business. I have to disagree on one point ,I am the total opposite on the thoughts of cash or credit card. 😮. Great video.
@TheRealLydiaSenn
6 ай бұрын
Thank you.
@patrycjas.9725
6 ай бұрын
Lydia, I want to thank you from the bottom of my heart. You, Kate Kaden and Hope and Larry (from Under The Median) are teaching me what no one has ever taught me: how not to be afraid of money, to manage it, to save it. And above all: to believe that I can do it. I still have a long way to go to achieve financial stability and security. But I am trying. Thank you for being a great teacher and a sweet, beautiful and kind person. Hugs from Poland. ❤
@TheRealLydiaSenn
6 ай бұрын
Wow, thank you!
@dancingwithyoureyes
6 ай бұрын
Great video!! I don’t have any controversial money opinions but I do agree with your opinions. Have a great day!!
@TheRealLydiaSenn
6 ай бұрын
You too!
@jredpichay
3 ай бұрын
I totally feel the same way about using cash and credit cards. I tried it but it was too overwhelming and I would forget what I spent on. I now use one debit card for my daily/weekly expenses. I sometimes use my credit card but I make sure I pay it off right away. I tried using credit card for all my expenses to accrue points but I spent so much more using it than using my debit card. Now I can save more money. When I used my credit card, I would end up using my savings to pay it off.
@christybaldwin8666
6 ай бұрын
I’m the same way… if I have cash and I spent it it doesn’t even count in my head 🤣🤦🏻♀️ I do love sinking funds but only because I use YNAB and it makes it easy to organize it for me.
@brittneyjones3037
6 ай бұрын
I’m a new subbie and literally binge watching your videos! So realistic and informative ❤
@TheRealLydiaSenn
6 ай бұрын
Thank you ❤️
@amydecker6207
6 ай бұрын
Your house is an investment only if you sell your house for a profit that surpasses the interest, repairs, upgrades, mortgage, etc that you have put into it;most homes are a liability, not an asset.
@TheRealLydiaSenn
6 ай бұрын
And then where do you go???
@laurieb2296
6 ай бұрын
Good Morning 😃
@TheRealLydiaSenn
6 ай бұрын
Good morning. ❤❤
@Positioned2win
6 ай бұрын
Oh another good one. All of this was gold. We have been renting a house for going on 7 years now . We were aiming to buy a house this year. But I think I’d rather have a full year of being ahead and able to do what we need.
@barbaracarr17
5 ай бұрын
Money Mom sent me your way. I enjoy your point of view and totally agree with you
@TheRealLydiaSenn
5 ай бұрын
Hi. Thank you
@RececcaClaire
6 ай бұрын
Omg you’re so right I don’t feel the spending with cash. It’s gone to me before it’s gone.
@plantlady1227
6 ай бұрын
I understand the idea that renting is not necessarily a bad thing - and I'm with you. What makes me nervous is that no matter how long you have rented in a place or how good a tenant you have been that property is not yours. At any time the owner can decide to raise your rent, or sell the unit and you may or may not have much time to find another place to live that you can afford. As we get older this scenario is more and more of a worry, and it's happening all around the country already.
@TheRealLydiaSenn
6 ай бұрын
Absolutely.
@abbygator411
6 ай бұрын
I view cash the same way. It's free money.
@TheRealLydiaSenn
6 ай бұрын
We don't make the rules. It just is.
@kateglastic9826
4 ай бұрын
Couldn't agree more!!
@samanthag9044
6 ай бұрын
Not having a sinking fund is like having cash to me. If I don't allocate that money for the specific sinking funds...I'll find a reason to use it. I know my pay a few days before it's deposited, I figured out my budget and whatever is going to those sinking funds gets deposited before it can hit my checking account. I'm a BIG fan is spreadsheets though so this makes sense to me and I can see how it doesn't to others.
@TheRealLydiaSenn
6 ай бұрын
I can see that- If it's all in one bucket it might feel like fair gain.
@flygirl2447
6 ай бұрын
Agree with you on renting! I’m a single person with no kids and I travel a lot for work. I’m not interested in taking on the added cost of property taxes and required maintenance of home ownership by myself. Maybe later. But right now this works for me. Even Dave Ramsey says home ownership can be a blessing or a burden. Sometimes renting is buying time until you’re ready for ownership to be a blessing. I do think differently than you regarding cash. When I have to pay with cash in my hand, that’s all I have. Can’t overspend. When it’s plastic, I get the stuff and the plastic back. There’s no pain associated with that. Cash also stops impulse buying. If I’m buying online, I put the stuff in the cart. I take the cash, drive to the bank and deposit it. When I get home, I’ve had the chance to think over my purchase. I hit buy if I still want/ need it.
@pamelaeberling1519
6 ай бұрын
Hi Lydia , I Love that one about the rent/owning a house ! Pros and cons about each of them. It does not matter as long you are safe and warm and have a roof over your head.
@TheRealLydiaSenn
6 ай бұрын
I think so too!
@kylieschamens3825
6 ай бұрын
I was the exact same way with cash when I did the cash envelope system. I was way more likely to turn to a credit card but now that I use my debit card I track it much better and don't turn to the credit card.
@piapedersen
6 ай бұрын
I use the envelope system but digitally. I can't deal with cash for the reasons you say. Glad I'm not the only one!
@AlicePhillips-jc7hr
6 ай бұрын
Kudos for sharing your thoughtful, common-sense approach to money management with us. As you so succinctly said, it's no one's business but your own how you handle your money. We're all here trying to learn. I follow several channels dealing with frugality and money management and I see everything from nearly a cult or gestapo mentality about the subject to a few common sense ones, like yours. I usually pick up and idea or two from each one, whether I agree with them or not. Keep up the good work!
@Mah_fb
6 ай бұрын
I don't think any of your opinions are controversial...you're just reminding ALL OF US that everything is life DEPENDS. It depends on the situation, needs, the person, phase of life. Great video🎉
@jennyn3446
4 ай бұрын
I truly wonder how the cash envelopes work between partners. If I have the grocery cash with me but my husband decides to stop for essentials after work on the way home he can’t. Same with for example the gas envelope for the cars. How do people make it work between partners. This is the reason it has never work for us. I have never seen anyone who promotes this system speak about the hassle it is that one partner can’t use the cash envelope if the other one has it.
@alishajennings2013
6 ай бұрын
We are a family of 9 (2 adults and 7 kids ages 10 down to 2) in a 1,464 sqft home. We will pay off our mortgage March 12th with my husband's bonus. We will build on in a few years when we have teenagers. We currently have 4 bedrooms 2 bathrooms. I'd like to add on 2 bedrooms and a bathroom
@lindahayes2215
6 ай бұрын
You are correct, Lydia Senn!! 😊
@TheRealLydiaSenn
6 ай бұрын
😀
@ApoplecticDialectics
6 ай бұрын
Housing: the biggest advantage I can see of taking out a FIXED RATE (important) mortgage over renting, is stabilization of monthly living expenses. I bought my home in 2004 -- 20 years later, I am paying the same amount (and if you adjust for inflation, less) than I paid 20 years ago to keep a roof over my head. The news is currently filled with stories about rents skyrocketing, mortgage rates skyrocketing, and home prices skyrocketing. None of this affects me, at least not in any direct way. When you stabilize your monthly expenses over years, you can budget better, and possibly (in my case this is true) save and invest more. And at the end of it, yeah, you might not have made a profit on your home (do the math sometime about how much in interest you'll pay especially over a 30 year mortgage -- pro-tip: If you can afford it, first time home buyers, do a 15 year mortgage) -- but you will have equity. Even taking into account repair and maintenance costs, in the end, owning is a better deal, with one huge caveat: it ties you down and makes you less mobile. Young workers in particular who enjoy the idea of moving around from city to city as job opportunities become available, may not want to own for this reason. Broadly I agree, though: the "old person thing" about the house itself being a kind of investment with a big payoff are kind of wrong about that. However, if you buy smart, all of the real estate turmoil will only impact you in a minor sense of your property taxes possibly going up because the value of your house goes up. It is an amazing stabilizer. It is not an investment with a huge payoff and thinking of it as an investment in the same sense you think of index funds as investments, is probably the wrong way of looking at it.
@aleshiawheeler9590
6 ай бұрын
Repairs !!!! We’ve had 3 washer machines in 10 years !! We have horrible water & some kind of iron in the ground even though we have a reverse osmosis system 🙄
@TheRealLydiaSenn
6 ай бұрын
oh no!
@xlerb2286
5 ай бұрын
There's a lot to be said for the KISS principle. I don't overthink the financial management either. If you've got a system that works for you and is reasonably efficient that's pretty good in my book. (I don't do a sinking fund either, but I do keep a beefy emergency fund (that is important) and if I know I've got an expense coming up I'll build up the emergency fund. So much of it comes down to not being how you keep track of the money, but that you do keep track of the money so that you know what you can and can't afford.
@The0Patt
6 ай бұрын
1. Rent. Totally agree with you. We live in a place where houses are arguably one of the highest in Canada! 2. Credit Cards. They can be evil, but if handled well they can be great! We use our points all the time for travel. 3. Cash envelops is so so fussy and anoying to use! Here in Canada the smallest bill is a $5 so we end up with tonnes of change! We uses a digital verson of cash envelopes: YNAB. 4. Debt can be a mistake or a needed thing. 6. auto loans? Hmmm never had one - so not familure with what you are talking about. We do always cash flow cars. So, I guess I agree with you. LOL
@workinprogresssince1974
6 ай бұрын
I don't think of these as controversial. They sound like sensible balanced approaches. I rent. I have two credit cards I pay off every month. I don't use cash generally. I use spreadsheets. I own a car I bought new 12 yrs ago and won't replace it until I have to. I also have no debt but I used to and it taught me some good lessons. Thank you for your thoughts. I like your rationale.
@evelynbarry5046
6 ай бұрын
I have been a homeowner, landlord and tenant. Now I am just a tenant and live stressfree and it happens to be the cheaper and more financially sound option.. for me. People that buy homes thinking it is an investment, it is the only investment where we are PAYING interest? It is not an investment.
@junglesuperstar9270
6 ай бұрын
I hope you have a plan for when you are 60,70,80. And this plan is not social housing
@evelynbarry5046
6 ай бұрын
@junglesuperstar9270 don't worry, I retired and living off the interest already. Was living of rental income but it's not always stable. Sold it and living off interest now. Not living in US though
@MichelleL22
6 ай бұрын
I agree on all points. I have owned 3 homes. Due to circumstances, I moved out of the first two within 6 years, made some profit. I now have been in this house for 17 years and the upkeep is getting crazy expensive. I really don’t see renting as a bad thing at all! Right now where I am, it would foolish for me just because my mortgage is half of what the rents are. But overall, in many cases it is more frugal. I use my credit card monthly and pay it off every month, I get cash back and never have missed a payment in 31 years. Cash is good for some things but it still gets spent! And don’t start me on these crazy have 8 bank accounts for every single savings, 16 buckets for expenses and sinking funds. I think simple is wayyyy more effective for most people! I won’t approach the whole you have failed if you are out but have debt.. yelling at people to shame them about mistakes or choices is just wrong. Kinda easy for some people to do when they make millions and didn’t invent the wheel when it comes to finances… ahem…😂 love this! You aren’t alone! ps, haul videos are pointless, only shows overconsumption and even the frugal ones aren’t applicable to anyone who doesn’t live where the haul is purchased!
@amberhill2588
6 ай бұрын
This was a great video! Living expenses I use cash because that is what working in my brain. I do use "sinking funds" for yearly expenses, birthdays,plates,taxes,etc. Everything else is in saving. I did open a other savings account for a down payment for a "new to us" vehicle. I do use a credit card, but pay it off monthly. First time home buyer.(if I could still rent I would be) 10,000 spent in home things in 2023. That was I wake up call.
@TheRealLydiaSenn
6 ай бұрын
Thanks for sharing!!
@donnaleeclubb119
6 ай бұрын
I totally agree about the renting. You never really own your home. You have to pay property taxes on that home continually. Those Property taxes can go up and usually do go up. There are pros to owning a home. Not only does it build value and equity, but if you have a family with children, it gives you "roots" in the community. There are big pluses to renting also. The biggest plus for me is the ability to leave at a moments notice. If I begin to feel unsafe in the neighborhood or a sudden job change, I can move in less than a month. There will be no additional mortgage while trying to find a place to live and pay that also. That is freedom. I think renting is perfect for the childless or people who want to move around some. If you're childless, like my husband and I are, when looking for a rental school district, it is not even a factor. We now live in a small, country town with a terrible school system. Our rent is super cheap because of that. Low crime, quiet town.
@TheRealLydiaSenn
6 ай бұрын
Where I live you stop paying state property tax after age 65.
@denisearone2616
6 ай бұрын
I hear you with buying a house. My husband and I were just talking about this. We bought a house 20 years ago and still have a mortgage. The bank got rich. Don’t get me wrong, our home provided stability and roots for my family and we do have equity but owning a home costs a ton of money so if people want to rent….i get it.
@TheRealLydiaSenn
6 ай бұрын
Exactly.
@teamajaniemi6506
6 ай бұрын
I have the same thing with cash - if I want to be on top of my situation, I need to count the money all the time and who has time for that? On the other hand, in my country (Finland) cash is nowadays rare and mainly old people use it. I have some "fun money" saved in cash and I've found it's actually a good way to keep it, simply because I'm too ashamed to use cash. I'm dreading the bemused look I'll get from the cashier. :D
@Paleface324
6 ай бұрын
We have never had a written budget. We just spent as little as we could and it turned out ok. We always bought new cars and drove them along time. Both things are contrary to what the money gurus preach.
@daniellecomeau2996
6 ай бұрын
Cash....I couldnt do the envelopes. I take some cash from the ATM from time to time and that lasts until it lasts but 99% of my spending is on a card. Trackable and convenient. I buy and drive cars forever so I did buy a new car over 5 years ago with a 0% interest loan and I do not regret it one bit.
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