BUYING A HOUSE IS KEEPING YOU POOR

Added: 2026-05-07

[00:00:00]Renting versus owning a home is the biggest financial decision most people make in their life. So, we're going to talk about all of the unreoverable costs of owning a home, including property taxes, maintenance costs, which is the one that I think people underestimate the most. And then there's also emergency costs. I've got a whole stack of them, as well as a 5% rule to figure out if renting is a better financial decision. We'll go through that. What else have we got?

[00:00:19]>> So, this is something that people just don't think enough about, which is the top 10 financial mistakes that I think people make. For example, tax planning opportunities. Like there are simple things that people can do to minimize the amount of tax they're paying. We'll go through those.

[00:00:31]>> Ben Felix's firm manages the money of more than 3,000 people, ranging from people with huge amounts of money and not so much money. His whole thesis is giving people money advice that is based on academic research.

[00:00:44]>> Our brains, our psychology absolutely gets in the way of making good long-term financial decisions.

[00:00:49]>> And today we're going to answer the big money questions like what should I invest in? A lot of people believe they need to have a lot of background information before they can start investing, but I would argue that people who know just a little bit, they will be better long-term investors. There's a ton of evidence supporting that this will outperform most other investment strategies.

[00:01:07]>> And also, what is the mentality, the mindset of people that end up making money over the long term?

[00:01:13]>> Psychology is important for determining what your financial goals are. So, this is a framework that we developed to elicit higher quality goals.

[00:01:20]>> What would you say to young people that are thinking about their financial strategy? A lot of young people feel a lot of pressure to save, but there is research suggesting that it's probably suboptimal for young people to save, which we'll talk more about later.

[00:01:31]>> And then in a world of AI where everything is changing so quickly, what should I be doing with my money right now? Ben Felix has the