A short YouTube video clip (uploaded July 26, 2023 by Dylan Vanas) showing a conversation in which Kevin Hart advises people to immediately split earned money in half and place half in a ‘tax account’ so they won’t spend it. A second speaker challenges this advice, arguing that payroll withholdings already allocate taxes and that Hart’s suggestion could harm people relying on net pay (example: a single mother).
Chapters
No matter what. When you make money, split it in half. Split it in half right away. Don't put the money in your bank account and look at it as you got all that money, because you don't. Half of that money is not yours. So right away, put it over here, create a account, call it the tax account, put half of that there. So as you make money, you always put this money in the tax account. I never got to worry of giving the government their money, because that money's over there, and I don't look at that like it's my money. I'm never going to touch that money.
Kevin, this is terrible advice. If I'm going to get a paycheck for $3,000, the government already took their half from that. My employer put the money away already. So some single mom now somewhere, taking her $3,000 check and going, oh, Kevin told me to put half over here. And now she's trying to live off $1,500, and that's not even realistic at all. So, Kevin, I'm sorry, you know, love you, but this is bad advice.