Most People Have Less Than $1,000 Saved, Anton Daniels Argues You Don't Need a Savings Account Today

Comments · 345

• MI

  @MillionaireMorningShow · 3 years ago · pinned

  Join the Bag Chasers on Patreon | <a href="https://www.patreon.com/AntonDaniels">https://www.patreon.com/AntonDaniels</a>

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• EI

  @Eightpspi · 3 years ago

  Normal people yall need emergency funds. Everything else 💯

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• EJ

  @ejtullis · 3 years ago

  I&apos;m 58yo and I&apos;ve heard every financial advice. I was fortunate to work with a real estate developer and seen million dollar deals. Well in 2008 the market crashed and all the high paid financial gurus I knew were bankrupt. This taught me something ... money has to move from one perception to another. &nbsp;The minute money stops moving the system will collapse. In other words, &nbsp;by design the system is structured for the majority of the &quot;hard working poor &quot; to be teetering on financial hardship. &nbsp;If every single person became a financial wizard, money will stop moving. Just remember your expenses is someone income and your income is someone expenses. Imagine if you both stop and reduce your expenses.

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• OT

  @OTSDPRODUCTIONS · 3 years ago (edited)

  This video misses the mark in so many ways. Let’s talk about it;<br><br>1. The average person needs a savings account in the event of an emergency. On average, It takes 6 months to get a new job! EVERYONE IS NOT A BUSINESS OWNER! As stated by Anton, why do I need more than $5k in cash? What happens if I am laid off and cannot find a job for 4 months? What happens if there is a medical emergency? Getting a loan is not always feasible and not everyone has investments that can liquidate. And just because you can liquidate doesn’t mean it’s the right time.<br>According to his advice I’ll be screwed!<br>2. There is an assumption that everyone gets 1099s. Not every company is prepared to offer you a 1099. Some companies want employees who are dedicated to their cause. Everyone is not working in industries or have a skill that is high enough to negotiate a 1099. It’s is unrealistic to assume so.<br>3. Following on from this, taking advantage of tax benefits are more difficult if you are a W2 worker.<br>4. It’s not always a good time to liquidate your assets. I touched on it earlier but Anton stated I have things I can liquidate to get money. If you own a rolex presidential ( Day-Day 40) it’s retails for 45k and on the secondary market hit highs of $78k depending on the model. However if you tried to sell it today, you will get less than retail. The market is not ripe to sell! The same can be set for houses, stocks, precious metals etc. things are down right now. Just become you can doesn’t mean you should. The point of investments is to hold and sell at the right time to maximize gains. If you sell out of desperation you are ruining the equity you amassed in your assets.<br><br>I could go on. The recommendation here isn’t bad, but you have to aware of the huge pitfalls being presented! Most financial experts recommend at least 6 months of savings and then aggressive investing

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• SI

  @SigmaGentPodcast · 3 years ago

  I was the person who sparked this debate in the comments. I keep $30k in an Amex high yield savings account as an emergency fund, and for other purposes. The APY is 3.75%, which is lower than the rate of inflation, so technically I&apos;m losing money. However, I have over 10x that in a brokerage account, so that&apos;s not an issue. Having that level of cash on hand makes a lot of things easier. I had to replace the AC system in one of my properties. It would have cost me $6500 to finance, but they offered to do it for $5000 cash. When I make an offer on a property, I usually include a $10k-20k earnest cash offer. It&apos;s easier to do these things with available funds.

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• LO

  @los1214 · 3 years ago (edited)

  I think he has good intentions, but he’s clearly out of touch with everyday people and common experience, so the advice, recommendations, and criticism he offers don’t resonate

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• FR

  @frankglover4560 · 2 years ago

  I had a home where the pipes busted underneath and it cost me $9,000 to have a plumber fix the problem. That’s why it’s good to have an emergency fund.

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• PA

  @PapaAnt84 · 3 years ago

  I don&apos;t understand how y&apos;all would pay for someone’s Patreon to stunt on you. Invest in Mutual Funds/ETFs and have a High Yield savings account.

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• PA

  @patrickboyd3364 · 3 years ago

  I have over $11,000 sitting in my savings account just in case of an emergency it just gives me a peace of mind.

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• BL

  @BlackWhite-ru8gm · 3 years ago

  It seems like this guy is all about bragging on himself than helping others.

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• PE

  @peterlewis2881 · 3 years ago

  The only way that anyone should believe Anton&apos;s Financials would be to see an audited &nbsp;and certified Statement from a Certified Professional Accountant and either know how to interpret what they are seeing or have it explained to them.

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• TH

  @Thechosen1-r3p · 1 year ago

  I don’t care what anyone says. I will always keep a savings account. I listen to YouTube for entertainment purposes only

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