Making financial mistakes happens to all of us, but hopefully we learn from our money mistakes. And credit card debt affects a lot of people and I was no different. There was a time in my life when I was young and stupid with my money and it could have cost me a lot more if I hadn’t decided to make some changes.
00:00 – Start
00:36 – Backstory
1:16 – Getting 1st Credit Card
1:58 – Buying New Car
2:19 – Trouble Starts
3:26 – Reaching Crossroads
4:16 – Finding A Solution
6:09 – Did It Work?
6:56 – How It Changed Me
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17 comments
Get rid of credit card debt? But Dustin, how am I supposed to finance my next Gucci purchase?!?! Looking rich > being rich
Unfortunately most people are underwater on their car even after making payments for several years.
good story !! how many years did the Honda last
I'm really enjoying your recent financial literacy videos, you're doing a great job. Thanks!
Personal stories really drive the point home. good stuff!
Good video as usual. Love your quirky hairstyle in the thumbnail lmao.
Haha, the commissary on base here has baggers who only work for tips. They HAVE to make way more than minimum wage, but I'm sure the self-service check out kiosks have cut in to that industry's profit margin.
Checking in from my lunch break!
Biggest financial mistake was making pretty good money during college through internships and not saving a dime 😂 some expenses were necessary like tuition and groceries but the rest was spent on dumb stuff. Could’ve opened a Roth IRA and at least put away like $100 month or gotten started on my (relatively small) student loan balance
Thats an amazing story, Dustin! We've all made financial mistakes in our young lives, and the best part about was we learned from it and never made the same mistake again.
I also had a 2006 Honda Civic EX as my first car (but I bought it out right used in 2010), and that was amazing on gas and was so reliable.
But back then, I made minimum payments on my school loans so I can see my savings grow (as well as spent some of it eating out and going to Rangers/Yankees/Giants/ games). Then came 2012 when I realized how stupid I was for paying interest on a school loan just to see my savings grow when I could've just knocked it out once and for all. I ended up paying it off on Jan 2013 (2.5 years after graduation), and it was an amazing feeling to be debt free.
In the process, I made a mistake once by maxing out my Venture card 1 month by paying my school loans with it, thinking I can earn 2x on it and just pay one half then the 2nd half the next month. Thankfully that was the only time I paid interest on my card, and didn't realize that credit card interest was higher than student loans interest until after the fact.
Bottom line, we learned from our mistakes and never made them again. More importantly, you are using your own experience to teach people how to manage their finances, which is amazing. Really proud and admire your work, dude! Keep it up!
That's awesome that you moved on from that stuff and improved your situation. I made the mistake several years ago of buying a gaming pc over spending money on a lisense and as a result for a few years not only did I hate life because I couldn't drive and I hated the job I used to work at but also if I was able to drive for Jimmy John's at 18 instead of like 21 I after taxes with the amount more I earn now after taxes could have saved another like $43600 more than I do now. But I'm 21 and for like half a year I have been working for Jimmy John's and have. a net worth of about 42k and I make around 35k at Jimmy John's and before then for a hear and a half I made a lot less and before that I made way less so I improved on my situation a bit but could have had a lot more if I didn't get the gaming pc. If it was me personal with credit card debt I would probably have a card or 2 open after paying it off and not use it even though if I was in your situation I would be able to use it right like you do now but I would only put a purchase on them once in a while to keep it open but I would use debit cards because it would remind me of the mistake if I did that but that's good that you moved on from that though. I do use credit cards for everything though myself and pay them off.
You are wise beyond your years!
Non metal credit card? Minimum payments only? Debt? WHO IS THIS GUY?!?!?!
Edit: AND IT WASNT EVEN CASH BACK!!?!?!?! 🤯
Thanks for sharing your financial backstory man – a lot of great learnings from this! 😃 The “automobile balance transfer” was a unique approach 💯
Your story shows just how important proper financial education is for kids about to graduate from high school.
student loans and a new car are my biggest mistakes. 🙄 live and learn.
Believe it or not, I've filed for bankruptcy in the past. I had credit card debt and hospital bills that I could not pay back. I even had my car repossessed. The bankruptcy will fall off in June of 2023. I'm sitting right around 700 fico. What do you think it will go up to after it falls off? Thanks for the financial story Dustin and opening up. Take care and keep moving forward!