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8 Personal Finance Memes That Are Actually Terrible financial diet

In this episode, Chelsea walks us through several common pieces of personal finance advice that are total BS. One size never fits all, and we shouldn’t treat our money that way! Click here for the financial realities that are making Americans’ lives terrible:

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8 Personal Finance Memes That Are Actually Terrible

8 Personal Finance Memes That Are Actually Terrible

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8 Personal Finance Memes That Are Actually Terrible
financial diet
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28 thoughts on “8 Personal Finance Memes That Are Actually Terrible financial diet”

  1. I was told by an old man that the saying "pull yourself up by your boots straps," is actually a misunderstanding and misquoting of an older saying more akin to "you can't pull yourself up by your bootstraps." Because it's impossible to pull yourself up with/from nothing…

  2. "One, what the fuck are bootstraps?" A deliberate misunderstanding of the original aphorism which was coined to express how they physically, and metaphorically, COULD NOT DO THAT BECAUSE THEY WOULD FALL HARDER FOR EVEN TRYING.

  3. I love that the "pull yourself up by your bootstraps" phrase was actually a 19th century idiom meant to be used as an example of an impossible task. Bootstraps were on the back of your boots to pull them on (think Doc Martens), but it's impossible to pull yourself off of the ground from the back of your heels. That was the point.

  4. 22:30 Okay, as someone who got diagnosed with a terminal illness (Cystic Fibrosis) at 8… well, that comment is fucked up, but not. The literal foundation of every cell in my body is constructed incorrectly every time my cells renew themselves. The building blocks of my actual genes are conspiring to make me ill, debilitatingly so at times, and it's been out of my control from the second I was conceived. What reaction could I even have to that? Well, honestly I think sometimes it coms down to what you do with that. I cannot change my illness, I can't get around it, I can't ignore it. My choices are to deal with it, or be dead. Honestly I've gone through both impulses many times, but sometimes it really is how you react to it, especially when you have no choice as to what's happening to your or any way to fix it. My condition will not go away, there is no cure, and I can either let that destroy me or I can try to live my life around my disease. I'm never 100% strong, it's never not on my mind, it's given me crippling mental conditions as well, but the choice can and does sometimes come down to HOW I react to this unchangeable fact. So like, it's not a great quote, but I also see what it's talking about. Since-since I was kinda asked 🙂

  5. We need to stop pointing out all of the millionaires who started off poor, and instead look at how many poor people actually ever become millionaires. I hate when people point out exceptional cases in order to demonize a whole group of people who are struggling. It's so obvious that it's just an excuse to not feel socially obligated to help people.

  6. I always found that english language idiom "pull oneself by the bootstrap" as quite funny and unsensical, by the meaning "pull yourself out your trouble or work hard". Granted, english is my 5th language, but arent idiom should be equivalent with the meaning? Do these english people ever owned or using a boot? You'd fall if you "pull yourself by the bootstrap". There's a reason you sit down or squated when tighten your bootstrap, not pull yourself with it!. At least that was what i contested to many english instructor i've met, and none of them can explained it. Now i get it from the comment below, that the meaning is ironically "doing the impossible". Damn, even mistake when done continously, do become the "truth", huh?

  7. Very insightful – and refreshing! American growing inequality has created a whole toxic culture to justify it and keep people striving for what, to most people, is not realistically attainable.

  8. The power of left-wing economic brainwashing is remarkable. Chelsea begins the video by declaring that "pulling yourself up by your bootstraps" is impossible. Except that is precisely what she teaches on her channel: you have the power to improve your own financial situation. Then she goes on to say that the way she improved her own financial situation was by having a husband with a good income and health insurance. So, uh, should I ignore your financial advice and just find a rich husband?

    So, how did her husband get that good income? Was it by working hard in his training and studies, then working hard to get that job, then working hard to keep that job, then getting raises and promotions because of his dedication and hard work?

    And clearly Chelsea has a very successful YouTube channel, and spends a lot of time thinking about how to improve her own financial situation. When it comes to her household, they believe in the value of hard work and discipline. So…Mr. and Mrs. seem to be doing a lot with their own bootstraps, to me.

    But the narrative demands that she contradict herself and tell her audience that helping yourself is a silly idea. So that's what she does.

  9. My journey into becoming personal finance you tuber has educated me about personal finance and has shown me that there is a lot of knowledge not being taught

  10. I think the "how you react to it" means more that we may have no influence on what happens, but we have an influence on how we deal with it. Obviously, that's very difficult and vastly advantages people who are already privileged, but I understand this phrase more like "make the best of whatever situation you happen to be in"

  11. That rant about "pulling yourself up by your bootstraps" sounds like it's a direct reply to Dave Ramsey's often touted advice of "just work harder. Work double shifts. Rice and beans and beans and rice". All of those sentiments "sound" good on paper but largely ignore systemic problems. Ramsey himself will cover this by saying he's not talking about systemic oppression, but that line between financial illiteracy, systemic economic injustice, and individualist cultures where responsibility is on the individual are very blurry and often aren't distinguishable.

  12. Wonderful to find an intelligent leftist personal finance channel!
    I'm from an older generation, and so my take is a little different. When I grew up, the economic divide was not as extreme as it is now, and the talking points that Chelsea demolishes had more truth to them. Housing, healthcare and college education were much more affordable then than they are now.
    It's absolutely true that we're impacted by external conditions. Yet for me it seems healthy to concentrate on those things over which we have control. The key factor is whether we get sucked into consumerism. It's not about wearing a hairshirt, but whether we resist the propaganda that $ = happiness. Past the basic point of having food, a safe shelter, etc., more money does not help us grow or find happiness. Yes, an occasional fling is healthy as Chelsea says, but we don't have to go to restaurants regularly, nor do we have to go on expensive trips.
    Consumerism does seem to be important for social status, and my sense is that there is more pressure on people to conform to fashion than previously. That makes it tough.
    It was worthwhile for me to find partners and friends who shared my values, so I didn't have to buy into cnsumerism and debt.

  13. OMG, I just discovered your channel yesterday, and I'm already hooked! Amazing content — things I've known for years but could never put as eloquently as you do! P.S. I know your channel is aimed at younger people, but this Gen Xer agrees with everything you're talking about. Also, born deaf/hearing impaired. Guarantee my life has more to do with how people react TO me than how I react to life… like low-key ableism keeping me from getting a job, despite excellent qualifications and experience.

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