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Babies Don't Have Debt

Name: Babies Don't Have Debt
Uploaded: 2024-12-02T15:50:00+00:00
Duration: 28 s
Channel: Shanli Liu, CPA, CTP
Description: In this brief monologue, the speaker argues that babies are effectively richer than adults because they carry no debt. The speaker cites that about 35%…

2 Dec 2024 · 0 min

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In this brief monologue, the speaker argues that babies are effectively richer than adults because they carry no debt. The speaker cites that about 35% of U.S. paychecks go toward debt and points out that many people fail to recognize mortgages, car loans, and credit‑card balances as debt. The speaker criticizes the practice of seeking high stock‑market returns while simultaneously carrying high‑interest credit‑card debt (e.g., 24% APR), describing it as a guaranteed loss of wealth. The core recommendation is to eliminate high‑interest debt to improve financial health.

Babies are richer than people who are not babies because babies haven't gone into debt. In the US, 35% of every paycheck goes towards debt. There's a reason that banks are 100+ years old. That's because people don't think about their mortgage as debt. They don't think about their car payment as debt. They don't think about their credit cards as debt. So many people are trying to get 10%, 9% returns in the stock market with their credit cards 24% against them. It's amazing. They're guaranteed returns against you being wealthy. So get rid of those.