7 Frugal Living Lessons From The Great Depression Era

[@ElAgustin]

What's one lesson you learned in the 2008 recession?

[@NJGuy1973]

I learned that the US of 2009 could not face tough times the way the US of 1933 did. Can you imagine if Obama tried implementing a WPA? Edit: then again, the US of 1999 repealed Glass-Steagall, so that tells you how much people cared about learning lessons.

[@blackgrandpa7652]

I have always lived below my means and saved and invested and i can honestly say i have never been affected by any financial crises

[@carnivorecaveman]

That I have to go to USA from my home country, I have to learn English at least on some minimal level, and I have to adapt to the general lifestile of USA... or, better don't, because I knew in advance I'll have not at all that much money, so I have to live a frugal lifestyle there... :) And I did.

[@Michelle_Emm]

The 2008 GFC didn't really affect me much. I think Australia was spared from the worst of it. I lost a little bit of my superannuation balance but was already debt and mortgage free and our business didn't suffer at all.

[@jordanvlife]

Don't panic sell investments when they drop

[@Raymondjohn2]

I used to think everybody went broke during the Great Depression and other major crashes but they didn’t… Some made millions, I also thought everybody went out of business during these times but they didn’t, some went into business, there's always depression/recession for some people and there's always a good time for others, it's all about perspective.

[@maga_zineng7810]

most of these strategies and loopholes are better managed by experts and pros in the market, the average Investor on the other hand are left to suffer during a crash.

[@usieey]

The issue is people always have the “I’ll have to do it myself mentality” Unapologetically, that’s why the get heavily affected during a crash and coupled with the fact we’ve had the longest bullrun ever in the American history, most folks aren’t equipped to manaqe this crash and it’s impending opportunltles well enough, so it only makes sense to seek proper guidance during these times, that’s what lnvestment-advlsers are for, been using one ever since the pandemc 2020 and I’ve been barely affected by crash, I have $850k in profit sitting in my portfolio and I’m unbothered about the market outcomes.

[@Mohaimam316]

Well if isn’t that the hard truth…this investment-adviser that guides you must really on to something…who is he?

[@usieey]

It’s a She actually ,Natalie Lynn Fisk, I initially came across her on a CNBC news report then on smartadvisors and I decided to hit her up. Best decision I made to stay afloat 2020.

[@Mohaimam316]

She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

[@ellisfrazier3640]

What a history lesson! Things haven’t changed that much, and we can still learn today from the past! Thank you for the reminders!🎉

[@tahirisaid2693]

You have done great for yourself. I’m trying to get onto the housing ladder at 40. I wish at 55 I will be testifying to similar success!!

[@khadijasajid457]

"It's quite a surprise that you're acquainted with her as well. I've had the privilege of gaining significant profits while learning and investing under her guidance for the past few months. JENNY PAMOGAS CANAYA truly stands out as one of the most exceptional mentors and traders I've had the pleasure of collaborating with in recent years. Her expertise in navigating various market situations is truly remarkable."

[@kathiravand9588]

I was searching for meaning of life .. I got the answer from your videos . Thanks Austin Williams . Now I can enjoy the world without worries about making enough money .. enough money to keep me secure was the answer to my peaceful enjoying life ..u changed my belief ... Now I don't care about anyone advice .. living my life for the first time ..I think the best way to survive for future is have enough money , do agriculture for our own food and live a frugal life ....

[@ElAgustin]

Awesome!!!!!

[@bcusaaus4749]

I’m allergic to debt! Don’t want anyone making interest off me anymore. It’s time to bloody pay me interest off my savings/investments.

[@patrosselli5610]

I thought my dad just liked to lecture, but all his advice was on the money. GET RID OF THOSE CREDIT CARDS!!!!

[@rnt45t1]

I have my lifestyle down to under $18,000 annually. That's everything, food, insurance, bills, gas, housing, everything. I haven't had any debt for two years now, and my house is paid for in cash. I am very proud of this. This year I'll clear well over $120,000 and have put every extra dime either towards taxes, in the bank, or into working on my house.

[@rnt45t1]

@@RickMartinKZbin I spent 12 years drinking to blackout every night. I think I had my fun....

[@ElAgustin]

Right on!

[@celiahernandez3713]

Q? What part of the world do you live in ??? Def can live on that$ in California 😮

[@trishalou592]

Excellent video. This is what I try to tell people. In the good times you need to prepare for the bad times. The bad times will surely come at some point.

[@rencechannel2240]

I am living more in FRUGAL.

[@sarahuber8567]

It’s not what you make, it’s what you keep. So true!

[@wynanddutoit2299]

Once I am out of debt I am never making it again. Not even good debt.

[@danicegewiss862]

Debt free is the way to be. Most people are buried in debt. They are the ones who boast about their income. I'm tired of people who function like this. We live under our means, so I invest regularly. In Costco I go to the cash window to buy my food. Others are confused what I'm doing. I explain to them that I don't use credit cards, and it's like I'm speaking a foreign language. The hot dog and drink are $1.50. That's how we eat out.

[@michaelmalzahn-tx2zi]

why wouldn't you want to use credit cards and get the rewards? just be disciplined in your spending. never carry a balance. plus on big purchases, you can get a 60 day float and leave your money in the bank earning interest.

[@orangesun3030]

@@michaelmalzahn-tx2ziI used my credit card for my business purchases. However, sometimes merchants sell for less when it’s cash.

[@jordanbatka033]

Bad financial decision if you ask me. Credit cards offer a reward percentage and hot dogs are some of the most heavily processed foods

[@michaelmalzahn-tx2zi]

@@jordanbatka033 yeah credit cards are awesome. let me know if you are incorperated, i can send you a referral to a card giving a $900 bouns, but you do have to spend $6k in 3 months. anyway, not sure if it is still on, but wells fargo was doing a $200 bonus and you only had to spend $500 in 3 months. plus 2% cash back.

[@ItsABOUTflamTIME]

I basically get a free $20 a month for using a credit card. As long as you pay off the statement balance before it's due every month, credit cards can be free money.

[@Revert2017]

“Focus on spending not earning”…if only I had known….

[@valindawalsh2805]

Excellent video. You really knocked this one out of the park. My husband watched it and we will have our teenager watch it as well. Keep up the great work!

[@ElAgustin]

Thanks! I was really happy of how this one turned out! I learned a lot while making it!

[@richardackley1823]

Austin really good video. Now I’m scared because I’m not being frugal enough. I need to cut expenses even more now and I’m not sure how far I can go. Your videos help a lot, and I’d better adapt faster before the next collapse…which is coming soon. Thank you.

[@ElAgustin]

Thanks! I'm glad!

[@KINGTHEYORKIE]

This was great I was listening to to it while driving home from work and didn’t spend money on dinner I cooked a delicious meal 🥘

[@justnoticing]

Hi Austin, your video is a great reminder that things can change quickly and we need to have flexibility and skills to adapt if things turn bad really quickly. I have friends with family in Lebanon. The economy there collapsed a few years ago and now people's money is not worth anything. My friends used to send goods from Australia to support their relatives but now things are so bad that they are sending money. The cost of living has made it hard for them here, too, especially as the husband has been unable to work due to his health. You never know what life has in store and making hay while the sun shines can leave you in dire straights.

[@mcdianer]

I have been binge watching you. Your content is clear and concise. I am learning a lot. I especially like your massage on flexible. I recently purchased an expensive home but I rarely eat out

[@ElAgustin]

Right on! I'm glad my videos are providing you value!

[@Ixoracraft]

Great lesson. Thank you so much

[@thefinefrugalline3232]

Do a series on the Great Depression :-)

[@ElAgustin]

I was thinking about doing more on moments in history. They are really fun to make because I get to learn so much!!

[@NJGuy1973]

​​@@ElAgustinRead "Freedom From Fear" by David M. Kennedy.

[@thefinefrugalline3232]

@@ElAgustinYes,I definitely think you should do more history stuff. There are so many people in your generation (and mine, actually, I’m 60) that don’t even know what the Great Depression was/is. So therefore people can’t relate to it. And they didn’t learn it from their parents either as they also were born a long time after . The way you simply and clearly explain the important points of the Great Depression is enlightening and very relatable to our way of life today as a society. You could also move on to World War 2 if you are so inclined. The years of rationing that followed are worth exploring. People managed! It’s amazing what you can do without! Thanks again for the videos, they are fun and educational :-))

[@EmKayB]

Conspicuous consumption is rampant, everyone's buying cars and investing in unregulated things. Sounds like pre-depression 20's. There's a great PBS documentary about the Great Depression on KZbin from the 90's. Highly recommend

[@saravioletavalenciaquinter2105]

Off topic but you are very handsome 😍

[@suzannederringer1607]

Im 76 and have never had a credit card. I also have no debts. I grew up poor and have always lived frugally -of necessity. Unfortunately I've never invested - this wasn't taught to young women when i was growing up. My husband spent his income - and mine. Now im living on Social Security. It's a bit late to amass a Fortune now. But given the uncertainties regarding currencies and especially the US $, I don't think it will matter.

[@loope9421]

@@RickMartinKZbinI’m assuming her family did all that stuff for her. My mother is in her 70s she never had a bank account or credit card. She grew up in a small ranch in Mexico, stuff like that isn’t ever mentioned.

[@Michelle_Emm]

​@@RickMartinKZbin you don't need a credit card to travel or book tickets. I don't have a credit card and I travel internationally.😊

[@suzannederringer1607]

@RickMartinKZbin Debit card works for airplanes etc! Until about 1990 it was difficult for a woman to get a credit card. Originally they wanted a husband or father to co-sign!

[@suzannederringer1607]

@@loope9421 NO, I did it myself. You can buy plane tickets etc. with a debit card.

[@s.siddiqui9545]

I read the transcript btw! But I did skip a few bits as I’m quite frugal. Also as a practising Muslim we learn these tips from a young age.

[@thefinefrugalline3232]

You’re getting better all the time!

[@ElAgustin]

I'm trying very hard!

[@plappin]

What's unfortunate is that today the fixed costs of living are higher for most people than they were in the Great Depression leaving us MUCH more vulnerable to the vagaries of financial markets. We are more dependent on cars (if you live in suburbia), health insurance, supermarkets, and we need internet service to communicate with the rest of the world. In the 1930's most people lived in cities, where their transportation needs were provided for, or in rural areas, where people were largely self-sufficient or could rely on their community. Most people didn't even have their own telephones let alone all the other consumer goods we take for granted today. In short, we've largely lost the ability to take care of ourselves. It would be helpful to try to restore some of that knowledge/independence just in case! Excellent video as always, Austin.

[@rencechannel2240]

Exactly

[@lilylo7786]

We never learn that's why I listen to your videos everyday likes they are my bible. Your videos remind me everyday to stop spending ❤

[@Truthtoat]

"Expect Good Times to Eventually End" Brilliant

[@commonsenseisntcommon1776]

I'm thinking it wasn't that Great.

[@turtleanton6539]

Lolz 😊

[@danicegewiss862]

It was huge. Everyone who wasn't super rich felt it.

[@ElAgustin]

I think you might be right!

[@suefleming]

Thank you so much Austin for all of your great advice !!! ❤❤❤

[@Fillemexicaine36]

Are we in a relationship? lol yes, we are, I am your pupil, Agustin! a hard-headed pupil!

[@vmobile890]

1. haven’t yet 2 no more history lesson can live off $0 a month if need . Know several that can work for shelter and food with back pack .

[@deniseevans8624]

Some good points but the constant moving of the hands is very distracting. Just say what you need to say.

[@tamihill4229]

Love all your video. I have learned so much.

[@AlphaMatt1000]

The FTX scandal.. people should know better to "never leave their Crypto on an exchange"

[@rarescraciunas2845]

What you say appears to make a lot of sense - Save money, don't get into debt ! But will you tell someone who took out a mortgage at 3 % and bought a house that is now maybe 30-50% more expensive that they made a bad decision. Have you ever considered that in a word of money printing and low interest rates it actually could make more sense to get into debt ?

[@MarkMark-ji6ts]

What if we have another housing crash like in 2008 and you get laid off? There is always risk with debt. I have taken small loans for housing but am debt free with a multi decade savings buffer in gold, property, equities, cash, crypto and silver. I had close friends wiped out in 2008 due to margin lending. Debt is the biggest curse that afflicts society. If you get into debt have a plan to get out asap. You don't need huge homes just buy something modest, you don't need a fancy expensive new car get something modest.

[@dpayne1943]

I would call that lucky, same as gambling. If the value decreases and even goes below what you paid for it, as long as you can pay the mortgage, needed repairs and taxes, your doing fine. But if you can’t pay for it , lose your job, your wages decrease or inflation gets worse and the value did not hold, you are screwed.

[@wallihaley5194]

I think as long as you can afford the mortgage you’re okay. Close friend of mine bought a house that she really couldn’t afford it in 2006. Two years later that house lost $50,000 of value due to the mortgage crash. But she had a steady job as a teacher and she was able to continue with the house payment. Today, her house is worth close to double what she paid for it and she can comfortably afford it in retirement as she has no other debt.

[@nurseallie]

My lesson was not too have too much debt, it can be a killer! We’re not going down that road again, 15 years later we’re debt free, house and all! What a great feeling it is not to owe anyone anything!

[@Mr-S.C.]

Another excellent video 👍

[@ElAgustin]

I appreciate it!

[@CrossFitterinRealtime2359]

hahha I love my relationship with El Agustin

[@robynwilliams7337]

Learned a lot in this one! Thanks! 😊

[@Clarkfamilyorchards]

Sought Augustin, not seeked.

[@juliebransfield529]

I was going to say that😊

[@necromancer-x]

My (28/f) husband (30/m) and i are buying our first house together, so excited! Weve been together for a decade now and have always dreamed of this, though we're only sble to afford it with the great rates on his VA loan. Fortunately, we have no outstanding debt: no car payment, school loans, credit card debt, etc. We also dont think having children is for us, so we feel an immense amount of relief at the hyge financial bullet we're dodging there (grocery shopping for 2 people is already stressful enough!) I just feel bad because i know we would have a lot more money to our name if i got better at not spending and saving money. I kinda got into a bad habit of buying things that i could technically afford, but our savings growth came to a standstill... im trying to develop a frugal, financial-growth mindset. Debt really causes the most anxiety in life, and so does not seeing your wealth grow. It really makes you feel like youre stuck.

[@turtleanton6539]

Very cool 😊

[@NJGuy1973]

What are non-veterans supposed to do to afford a house?

[@necromancer-x]

@@NJGuy1973 That is the question. If we didn't have access to a VA loan, we would probably have to wait many more years to have enough for a down payment, plus extra money for cushion (moving, closing, repair costs, savings security fund, etc. etc. etc.). Even if we had all of the above, the general national interest rates we have currently are way too much at this time.

[@realalaskaliving]

Great video, new Subscriber here. In your opinion, do you see some banks closing in the near future? I used to work at a bank and a credit union, and was always trained “loans are our bread and butter.” In Alaska, Denali Credit Union merged with Nuvision CU and Alaska USA Federal CU merged with Global Credit Union. They are not as busy in the past year or two due to high interest rates, inflation, people spending less, etc. My friend who does mortgage loans said some colleagues of his won’t last in the industry because they aren’t giving out home loans much, due to low inventory. I’d love to hear others’ opinions on whether they see this trend elsewhere or if they think some banks & CU’s will close.

[@ishmamrahman877]

Using things as status symbols like cars , houses and luxury clothes is what's ruining society.. most of the expensive stuff requires more money and time to maintain... Everyone knows this but truly understands it after wasting a lot of money, going through financial stress and finding out consumerism is directly causing stress and depression

[@wallihaley5194]

It’s my understanding that another tina contributed to the stock market crash Is that many people bought stock on the margin: basically borrowed money to buy stocks.

[@alyciasmith1964]

In regards to historythis is a quote I think of "Those who don't understand history are doomed to repeat it"

[@urbanfacts3406]

Your videos are great! Thank you! Pleasent voice and understendable content!

[@nicolletelangdon2694]

Great video. Keep the facts coming.

[@ElAgustin]

I'm trying!

[@leeallsopp5152]

What a great video ElAgustin!, Adaptability is key

[@Chinchillin-bro]

Awesome! :)

[@Jacquie_Kirk_111]

Another amazing video. Thank you!

[@anastasiashabatura2156]

Really liked the video 🙋‍♀️

[@ElAgustin]

Thanks!

[@lucianaloureiro487]

👏🏻👏🏻👏🏻👏🏻👏🏻

[@TPayne-fm8ie]

Good Video, Austin.

[@ElAgustin]

Thanks!

[@juliem.3936]

WOW! Great video, Austin! How was it possible that the stock market lost 90% of its value? I assume there have been some safeguards put in place since the Great Depression to keep that from happening again.

[@ElAgustin]

Thanks!

[@dpayne1943]

Nope, not really.

[@suzannederringer1607]

There were no 'safeguards' back then.

[@Mr-S.C.]

No safeguards. Human nature never changes I'm afraid and stock markets are driven by human emotions( fear and greed) which hasn't changed in 100 years.

[@mykidsaresupercute]

The banks do. That was a major part of the equation. And now we have bailouts for certain companies so they don’t go under. Which I think is wrong IMO.

[@notrub225]

10:46 Seeked is incorrect 🤓 but loved the video.

[@hollybick4183]

Yes, I read it. I remember better when I read.

[@joycegonzales4994]

I need to research that, I had always thought that credit really got going into the

[@jrb1737]

❤

[@tiashadae1143]

Thank you as always!

[@kimzeck9827]

❤❤❤

[@fernandaglavan]

😮

[@TylerG7777]

What is a great book to read about the Great Depression that really brings it to life?

[@Michelle_Emm]

The Grapes of Wrath by John Steinbeck. An American classic.

[@TylerG7777]

@@Michelle_Emm Thank you Michelle. I have certainly heard of that famous book, but never read it or knew what it was about. Or will check it out. Appreciated. 😃

[@EmKayB]

There is an amazing 5 part PBS documentary on KZbin called The Great Depression. The image is a little low quality since it was filmed in the early 90s but it's one of the best things I've ever seen. So thorough and insightful. Many first-hand accounts interviewed. Cannot recommend it enough

[@NJGuy1973]

​@@TylerG7777Freedom From Fear by David M. Kennedy

[@TylerG7777]

@@EmKayB Thanks Rusty. I will look for it. Sounds great. Appreciate the recommendation.

[@yelenawhitmer1329]

❤❤❤❤❤

[@marthahubbard9463]

Just get to the point and stop the dramatics

[@danisheffield1204]

Love your content❤

[@NJGuy1973]

Debt is not necessarily bad. Debt is necessary to increase living standards. A person forsees that an amount borrowed today will be used to produce something which will create enough wealth to pay back the loan plus interest. Interest rates are supposed to reflect the risk-reward calculation.

[@BrankoSimic696]

Great content but something I must say, and it's just my opinion.. I think that you have to much of the (near)light in your videos, you can see the reflection of the lightbulb in your eyes and it's really distracting and unnatural.. also because of that the brightness of the space is too high. That's just my opinion.