- This is Wise Up, where we ask comedians
who know almost nothing about finance,
to watch social media inspired clips,
and tell us whether the information is true or false.
- Pressure's on.
- Whoa, let's go.
- Let's roll that first clip.
- Are you feeling a little confused
about where to invest your money?
- Yep. - I mean, some say stocks,
and others say learn a new skill.
Invest in yourself.
All right, here's what I think you should do.
I think you should do both.
I mean, you could even learn to invest your money.
Believe me, it is good to diversify.
- I feel like I was watching Future Me
and I look great, so-
- Yeah, I'm not sure if I trust future or present her.
(Katherine laughs)
- And you are correct.
(Nathan laughs)
Trust your gut though, Nate Dog.
- Is it true or false that you should
invest in the stock market and have a side hustle?
- The name of the game these days is side hustles.
And skills pay bills.
So I'm going true.
- Yes. Invest in yourself, for sure.
- Okay, so it is true.
Investing in the stock market and having a side gig
is a great way to diversify your income.
Of course, if you have a side hustle,
you have to take some actionable steps
in order to make that happen.
And it's always on a person to person basis
whether you wanna do both.
- Millennials love a side hustle.
- We do.
- I was a side hustle in my last relationship.
(Gabrielle laughs)
(Katherine laughs)
- Let's take a moment to meet our guests today
Catherine Blanford and Nathan Ing.
Hello, hello.
So tell me, what's the worst financial decision
you've ever made?
- Thank you for asking, Gabby.
That would be dating a 24-year old with no car
and who lives with his mother.
- Why'd you point at me?
(Gabrielle laughs)
- Um, cryptocurrency.
- Oh, okay. Which one?
- Ether- Et- Eternum. What's that one?
- Huh?
- The what?
- Ethereum? The other-
- Oh, the Ethereum, yeah.
- [Nathan] Yeah.
- You should believe in yourself more, Nathan.
- I'm getting there.
- Hey friends, I just wanted to drop this video
to remind you that it's always advantageous
to lower your taxable income.
When you're looking at deductions and write-offs,
make sure you add as many as possible.
There are no long-term repercussions.
Save money now and thank me later.
- Oh, I think that's presumptuous.
She would assume I have any deductions.
- I think it's presumptuous
that she assumed I had any friends.
- Aw.
- She would definitely put you in the friend zone, Nathan.
- Yeah. (Katherine laughs)
- Okay, so then true or false?
It is always financially beneficial
to minimize your taxable income?
- I never know what I can claim,
so I'm gonna take any advice and say that's true.
- See, studying economics and finance in college,
I could tell you comfortably that I have no idea.
So, true. Yeah.
- Okay. It is false.
(beep)
- We lost! Right!
- So here's the thing.
The point of taking deductions
is to take legal deductions that lower your taxable income,
but that can have some negative impacts.
So if you're ever looking to get a loan, get a mortgage,
you've lowered what the bank is actually going to look at.
So it may make it more difficult for you to get a loan.
- Tricky. I love someone who's complicated.
- Hi, I'm complicated.
(Katherine laughs)
- Hey, what's up everybody?
It's Dane here with your latest financial advice.
So let's say you have some student loans, a mortgage,
and credit cards, and you feel like you're drowning.
Take a deep breath.
Rather than spreading your money or your energy
across all of them,
tackle the debt with the highest interest rate first.
It'll save you more in the long run, I promise you.
- So I feel like this guy's older me.
- [Katherine] Yeah, me too (laughs).
- (laughs) and I trust him, so ...
- You should be looking into buying a new shirt.
I have some Kohl's cash for you if you need it.
Yeah, as a woman, we love nothing more
than to be told to take a deep breath and calm down.
Thanks Dan. - Yeah, all right, calm down.
(All laugh)
- Okay. So do you think that it's true or false though,
that you should pay off your debt
with the highest interest rate first?
- Yeah, I mean if it's the highest interest,
then you should be interested in paying that,
so, I trust him.
- I love how you answered with a nursery rhyme.
(Nathan laughs)
I'm gonna go no.
I feel like if there's one that is quick to pay off,
you should get it out of the way first.
Put off the hard things.
(Gabrielle laughs)
- Okay, so the answer here is that it is true.
They call this the Avalanche Method.
Paying off your debt with the highest interest rate first
which will save you money in the long run.
And of course you still need to make minimum payments
on your other loans.
However, if you wanna bring human emotion into it,
it can give you a sense of accomplishment
if you pay off some smaller loans first,
which they call kind of the Snowball Method.
- And speaking of avalanches,
I think I peaked over there.
- Nathan, this looks good.
Looks like you still have hair.
- Yeah, but I live in a college dorm room,
so like, at what cost?
- That's all we have time for today.
Thanks for watching and we'll see you next time on Wise Up.
And don't believe everything you see on social media.
- I've been Wised Up.
- Finally, I learned something about finance.
(Nathan laughs)