Why 2.5 billion heartbeats might change the way you think about money: Preet Banerjee at TEDxUTSC

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Preet Banerjee was originally trained as a neuroscientist, and after a brief stint as an aspiring race car driver, ultimately landed in the world of personal finance. Formerly a stockbroker, then an index fund wholesaler, he is now the new host of the television series ‘Million Dollar Neighborhood’ on The Oprah Winfrey Network, a personal finance columnist with The Globe and Mail, and author of three personal finance books. He is also a founding investor in Tunezy.com, a social e-commerce platform for music.

In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. The TED Conference provides general guidance for the TEDx program, but individual TEDx events are self-organized.* (*Subject to certain rules and regulations)

Comments

todd dyer says:

Not sure his exertion that student debt is not investing in a depreciating product is true.

Davy Ker says:

No way an 18 year old had a starting salary of $80k when they started working in 1967. Average household income was ~$8k at the point…

Bridget Casey says:

Love this! Great talk, Preet. Those numbers are terrifying.

Syl Polak says:

Buying on credit that car would give a blond Jenna the job that she needed to pay that debt off later out of the income she earned thanks to that earlier loan. Peoples need to be earning much higher wages to save up for the expenditures that need to live in 21 century economy. Amish that sow up their own shoes and weave their skirts out of natural linen threads in their barns may not require credit card but we, high healed well dressed power corporate women do.Live is very expensive and quality education too without which we can't progress. So please, understand that your are narrow minded and short sided plus annoying. Your definitely must sharpen your image and wit while entertaining Europeans.Cheers

pitapitkensington says:

Preet, you're like a wise daddy to the people out there – you just don't look like it! Young, smart, good looking fellow 😛
Seriously, the information you share is what fathers (parents in general) out there should be "lecturing", or better yet, educating their children about the pitfalls of (or hating) debt, using money smartly, making budgets/ saving wisely. There is so much mass marketing and appeal or low or no interest on new cars, no payment for 18 months on furniture, 5 year of 7 year car loans, first 3 payments are `free'.  This is capitalism working at its finest, but people need to know what they can manage and need to learn how to plan to buy smart i.e. without going into significant debt.
Your knowledge and the way you present it is done well, and I hope your message comes accross to those who need it. Keep doing it – a pleasure to watch you and the group on CBC!

trumpet t140v says:

you either save up to a goal, or you borrow to have it sooner. buy a cheaper car, buy a cheaper house. crawl before you walk, walk before you run. dont buy shit you dont need, simple rules to live by

Philippe di Pizzo says:

I am a BMW guy but I don't carry any consumer debt, because BMW for me means Bike Metro Walk, which is much more enjoyable than sitting in downtown traffic at the wheel of a BMW bought on credit.

clray123 says:

Actually there are two kinds of debt – entrepreneurial leverage and consumer debt, the first taken to buy productive assets, the other to consume. The trouble is that it's hard to tell the difference. To make matters worse, sellers of debt are out to convince you that by taking on debt you're making an "investment" rather than just overspending. So the rule should be: only take on debt if you can positively prove that the lender is (much) more stupid than yourself (and just to be sure, do it via a limited liability company).

Richard Person says:

Nine cars?  I bought my first car in 1983, paid it off in 2 years, kept it for 20 years, but a new car in 2003, paid it off in two years again, been driving it for 13 years.  If/when I buy my third car, it will be my last one.  Nine cars?  Is this guy for real?

collision934 says:

Interest is evil.

Crupe says:

Ah, well then public transit expenses must not be a huge issue for you!

wiseoracle says:

Well I do have a bike and I do use it often.

Crupe says:

Sounds like you need to get a bike. 🙂

wiseoracle says:

Depends on where. Some places you often pay a lot in transit and especially more if you rent.

Samuel Paiva says:

Credit is future work. If you have debt it means you have to work, which makes you a slave of the system. Hate debt, because debt is what ultimately controls your life. And it has always been like this, borrowing was seen as wrong. Jews were hated throughout the middle ages because they lent money to people (but not to other Jews). Only in capitalism has credit/debt been seen as positive, but that's because we live in a twisted world.

Hate debt, break the banks, break free from the chains.

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