9 Signs EVERYONE IS GOING BROKE RIGHT NOW!

People are truly struggling right now to keep up with the cost of living due to increases across the board, inflation, rising debt and delinquencies. These are 9 signs the that the U.S. consumer is about to break financially.
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[@MichaelBordenaro]

Housing Market is GETTING SO DESPERATE THAT… kzbin.info/www/bejne/b165onyQn5ubjMU

[@dustinmiller2775]

Michael those Maui fires were set on 8/08 Apparently that isn't meant to be noticed for like 353 more days 🤨

[@gayboi6182]

America needs a French Style Revolution I'll be taking wood shop this fall! To hell with the parasitic greedy bankers and "investors

[@AFuller2020]

They can choke on their decisions now.

[@7JohnWick7]

I mean, they all talking about cashless society next ten years? RIGHT NOW, My village is somewhat of a cashless society, because you can’t even get 10 dollars from someone borrowed, because things are so tight with everyone. I see it, I know it. Making scene now; The rich would get richer and live in abundance right, and the poor will stay poor and live in a cashless society.

[@mnn1265]

I dunno, I could sell my house now for more than I bought it for 3 years ago... and probably within a day or two. There are simply more buyers than sellers (in places people actually want to live) and I don't see any desperation other than people trying to find a place to live and can't find an affordable house. I agree, there is a huge affordability crisis in housing, but it's because there simply isn't' enough construction of affordable housing. Around where I live you can't buy a new house for less than $450k and that's just not within reach for most families. The problem is the greed in the building industry - they wont' build houses they don't make 50% profits on. It's basic economics, supply and demand, and right now the demand for housing is far higher than supply.

[@micheal_mills]

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

[@robert-1miller]

If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.

[@donna_martins]

you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited $560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.

[@ilyaveysman.]

That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?

[@donna_martins]

The decision on when to pick an advisor is a very personal one. I take guidance from ‘ Natalie Noel burns ‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.

[@ilyaveysman.]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@RaymondKeen.]

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

[@DorathyJoy]

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.

[@DorathyJoy]

The adviser I'm in touch with is 'Margaret Johnson Arndt' she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. she provides entry and exit point for the securities I focus on.

[@tonypittsburgh9]

The same people going broke on credit cards are the same ones door dashing their lunches

[@Ms.MD7]

This! I have coworkers who's always door dashing even their damn drinks like coffee.

[@Richardcarlett]

The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies

[@berkrix4312]

The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

[@jeffery_Automotive]

Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again

[@DavidRiggs-dc7jk]

That's impressive! I could really use the expertise of your advisor. Could you recommend who you work with, please?

[@jeffery_Automotive]

The adviser I'm in touch with is 'Julie Anne Hoover' She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.

[@DavidRiggs-dc7jk]

Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

[@rogermoore8977]

I think we are headed for a soft landing, like a wheels down landing into an active volcano.

[@manuelmach86]

😂

[@LeeVerrill-ym2pt]

Very true...I had to laugh but it's not funny

[@birdley9577]

Lava is warm and soft....

[@jimshoe402]

Yes as long as u can walk away Joe says U B Fine.

[@sfrealestatedealmaker6001]

🤣🤣

[@susie2366]

The shock of being in debt when the 2008 Great Recession hit changed me. I paid off my credit cards slowly and now pay off the one credit card I use twice weekly. That way I’m fully aware how much I have to spend each month. I grew up poor and had to learn about the pitfalls of exceeding my income the hard way.

[@truth-will-out8306]

I haven't had access to credit since 2010. It's been like a nightmare.

[@Resmith18SR]

All of us old fogies who grew up and worked at jobs when the minimum wage was between $1.60 in 1968 and $2.75 an hour in 1985 still believe $100,000 or a million dollars is a huge amount of money.

[@VgVi13]

Yep, we do.

[@michaelearlgrey]

My grandparents just can't wrap their minds around the fact that they own a $350k home.

[@tomcripps7229]

I'm not that old, but I hear you. And it still is a lot of money. Especially when you have none.

[@Resmith18SR]

My mother bought her brand new home in Miramar FL back in 1969 and paid about $20,000 for it. She bought a brand new Mercedes 220 Diesel in 1969 and the total price on the invoice was $2,500.

[@Resmith18SR]

Also what is totally unjust is the fact that what you earned back then when minimum wage was that low is the number that Social Security uses to calculate your monthly check when you retire 30 or 40 or more years later. So the inflation rate between then and now isn't taken into account. I believe they count your 3 or 4 highest years of income and the wages back then were miniscule compared to today.

[@Slatersloth]

In 2008 I had just graduated highschool and was living at home. I was completely oblivious to the economic situation going on at the time. My parents didn’t tell me anything going on if they were struggling. Unfortunately, my economics teacher was an alcoholic so he didn’t teach me much anyway lol. I had destroyed my credit (and my credibility) with credit cards by the time I was 21. I was definitely one of those people going out and buying experiences regardless of any thought of how I would pay them off. I paid for the consequences of that irresponsibility until I was 28. I paid everything back and paid everything off. Now that I’m seeing how our economy is going, I’m glad to have learned that hard lesson before this crisis. This time I have a family to support. This time I won’t be going down with the ship because I don’t charge anything that I can’t pay right off. I cannot imagine how badly my household would be suffering if I was charging up everything and also fighting price increases. Our household bills increased by $650 PER MONTH from last year. 😳 This is crazy.

[@emzywillrich7243]

You're still young. File bankruptcy and get rid of the credit card debt and go and sin no more.

[@toddthomas6593]

They are pricing out the middle class. We can't afford it and they're strangling us purposefully to be low income class.

[@zyvezet]

Don't blame yourself this much, spending on experiences is normal when you are young.

[@paulasatturo9626]

We are all in the same boat. Biden is a total disgrace. FJB!!!

[@robertlarge9884]

Scary times we are living in right now..... mind blowing how fast and how much literally everything has gone up over just the past year or two. Even 2 full time incomes are no longer enough :(

[@LiquiProductions]

Maybe.. just maybe.. this is all intentional

[@sailingaeolus]

Ok friend, a sincere question: why are you "mind blown" over price rises? What was the first thing Joe did in office? He shut down pipelines and went after the energy industry with a vengeance out of the Old Testament. Do you realize oil (fuel) moves everything - tractors, trucks, etc? The police have been thoroughly demonized by some privately owned thing known as "the media". Did you think crime would go down??? I can go on and on but why are you "mind blown"? Can you add and subtract? Do a little extrapolation? Thought it was just a vague "them" that should give you $1 a gallon gas while the party in power goes after oil producers?

[@keslergarcia113]

@robertlarge9884 Get into welding ! Plenty of overtime !

[@tomswierszczyk1162]

" Well, I've been selling my soul working all day overtime hours for bullshit pay so I can sit out here and waste my life away, drag back home and drown my troubles away...." - Oliver Anthony

[@AmericanConstellation]

I really think desperate people are using their credit cards knowing that they don't plan on paying it back.

[@MereAYT]

Kind of like the federal government is doing with the national debt.

[@readalittle764]

​@@MereAYTTrickle down economics

[@lilithlives]

No worries. The gov will bail out the banks, again. And the CEOs will get their bonuses. Don’t you lose any sleep now.

[@k8aik8ai]

God said "Thou shalt not steal"

[@lilithlives]

@@k8aik8ai then he should put the banks asunder and into hell to burn to ashes for they steal from the mouths of babes of American tax payers.

[@chefgromano5025]

I own 2 restaurants and it’s been so crazy busy. It’s kind of scary. Sales are 95% credit cards.

[@LeeVerrill-ym2pt]

Be very careful

[@comanchecounty4149]

People don't carry cash they carry their phones.

[@chefgromano5025]

@@comanchecounty4149 the worrisome part is I been in biz 21 years and the ramp up in sales since COVID is nuts.

[@elizabethblane201]

I heard today that Outback is laying off 10,000 employees, and closing some stores.

[@mmmd3429]

Plenty of people use their credit cards as debit cards. The cash back and protection are worth it. The key point is paying them off in full each cycle.

[@1985Jesg]

I'm a realtor and live in southern California. I bought my home in 2014. Rate of 2.75, 30 year fixed. My mortgage payment is $1,860. If I were to buy my home right now with an FHA loan, I would be paying around 6k a month. When people ask me if it’s a good time to buy or sell, I tell them I don’t know. I’m here to help them do whatever they want to do. They should buy when they can afford it. No one knows the future, don’t listen to anyone who pretends to know.

[@marcopolo3109]

That's high payment. For how long will you be able to finish paying off the mortgage?

[@AFuller2020]

Your industry, along with gov backed loans and flippers, have caused this problem…enjoy the show

[@lindacerulli797]

That's insane

[@1985Jesg]

@@marcopolo3109 I own this home. My interest rate is 2.75 my payment is $1,860. It’s 4 bed 2.5 bath 2100qft with a pool. If I sell my home to a new buyer using an FHA loan they would be paying almost 6k a month. Buy if you absolutely have to and intend to hold for a very long time. Truth is no one knows what the future holds.

[@riledmouse4677]

😳🥺

[@zafirospeed]

I'm a professional in the IT industry, I was laid off around mid-June. I am still interviewing and talking to recruiters. No solid work leads yet, after upto 2 interviews for over 6 opportunities. I have already exhausted my three months of reserves and hanging on by a thread. I spoke to many recruiters and every one of them see up to 50% less IT technology opportunities today than they did last year. Some shit is about to hit the fan globally. Hang on for the coming economic fiasco. Some investors may be taking money out of their 401ks and other investment accounts because the stock market has been on a downward trend the past couple weeks. Watch out here comes the dark clouds.

[@trentblume5998]

Good luck to you. I hope you get something soon

[@elizabethblane201]

Thanks for your input; it's nice to hear it directly from someone in the industry. Are you in CA?

[@futureofmoney3527]

AI is going to take away a LOT of desk jobs. I feel for the younger generations. What’s left? Trades jobs? If everyone piles into those jobs, the wages in that sector will tank. We are all being squeezed.

[@nole8923]

This may be true for front end I.T. jobs in certain parts of the country. But I can tell you there are lots of jobs out there for back end developers such as oracle. It probably depends on what your skill set is.

[@nole8923]

@@futureofmoney3527AI is overrated. It can do certain things but cannot replace most I.T. developer jobs, especially back end.

[@boondoggle4820]

Not only do car repairs cost more, but it takes a lot longer to get parts.

[@jw6661]

You are exactly right! I notice getting parts is very difficult on many cars now. My advice to people looking for a used car is to buy one that is plentiful in wrecking yards because something is changing in the parts market...

[@obomasinladen]

yup. blew the engine in one of my project cars. Pre covid I could find long blocks left and right for 1-2k. Now that same engine is 3k minimum. Likely 4-5. I fucking cant. We are being crushed.

[@jimshoe402]

I got an 8year watt from FORD $1400 zero cost after.Some what Safe I HOPE !!

[@wango556]

And the worksmanship is horrible

[@jimshoe402]

@@wango556 Took mine back 4x Hood-Fender total BS 😝😝😝😝😝

[@HeyMsVal]

If people are going broke, many don't know it. I was at the casino Friday night.... It was packed!!!

[@jamesbass9797]

$10 to $15 dollars an hour is 1980's wages. I was in the Military back then and I made more money than that. Given today's inflation rate and cost of living increases for the past 35 years $10 to $15 dollars an hour is a freaking joke. It is poverty level wages at best.

[@debbiec6216]

Thank you for your service !!!

[@jamesbass9797]

@@debbiec6216 -- Pleasure was all mine. I wouldn't change a thing with my military service.

[@MOstix13]

No one I knew made $10-15/hr in the 80’s unless they we a doctor or such. My first job as a Respiratory Therapist I started at $5.25/hr. We also lived through 18% interest. People lost their homes in the blink of an eye if they had adjustable rate home loan.

[@jamesbass9797]

@@MOstix13 -- Guess you lived in a remote area of the country then because $10 to $15 dollars an hour was common in North Georgia those days.

[@mnn1265]

Even high school students make $18-$20/hour where I live and they still they can't fill a lot of the open jobs. As throughout history, you have to get jobs where they are available. If you love capitalism then you have to live by the rules of a capitalistic economy - you're a commodity to a Capitalist and it's your responsibility to make your labor of value to an employer. If you don't like Capitalism then vote for change.

[@robertmanley2687]

The grass always look greener on the other side of the hill.

[@qbanb8582]

I've brought down my credit card balances by quite a bit recently because I feel a crash of some kind is coming. I close on the sale of my rental property soon and its going to nearly wipe out all my debt minus my personal residence. I wasn't in a good financial position when 2008 happened and so I don't want to be in that position again.

[@frankcorrea8691]

Freind wanted to go out of town with buddy, big college games coming up, he is always in debt, was treating his pals, gsme tickets , food ,drinks, car rentals, well several thousand dollars in the hole again, now needs a part time job to pay for 48 hours of trying to impress so called girlfreinds, well, we stayed home, ,made hot dialogs, homemade pizza and had a great time 48 hours, never touched a credit card, mmonday my freind didn't have lunch money, treated him to leftover pizza, guy is living in dreamland, will feed him, that is it, his credit cRds are all maxed out! His side chick deserted him, sorry@😮

[@seekingserenity1902]

Smart.

[@Brooklyn-rj3np]

Smart

[@wango556]

Yep cause it’s coming. 08 is coming again.

[@markadler8968]

In the past it was very easy to finance your lifestyle due to money that cost next to nothing for over a prolonged period of time. People simply got used to this and thought the rates would stay low forever. The sad part is that you could easily see this coming years in advance and most just kept on spending.

[@velocita6907]

100%

[@nicholasmcvety9644]

oh please still is rich man. Guess never heard of budgeting or downsize? Live in your means. Youll be fine

[@andreaberryman5354]

It's not that. People HAVE to. For over a decade, everything we buy is hot garbage. A $40 sprinkler is garbage a month later. Jeans garbage 10 washes later. Sheets shredded after 8 changes. Shoes broken same year.

[@markadler8968]

@@andreaberryman5354 You would be amazed at what you don't have to buy. If I do have to buy something I focus on getting deals on decent quality essential items. I find great deals all the time and buy multiples of non perishable things I will need in the future if I can get them for the right price. I used to have over 200k in CC/other debt as well massive payments on multiple vehicles. I owned things that made no sense financially. I got rid of everything except what I required and changed to a more minimalist lifestyle. Now my credit is in the 850s and the only debt I have is my mortgage. Once you escape the trap of materialism/debt and live well within your means life becomes easy.

[@jet4415]

⁠@@andreaberryman5354. Planned poor quality from China. I’ve noticed that the Chinese steel screws I buy at Home Depot are of such poor quality that you can’t even screw them in without breaking them in two. It is pathetic.

[@rebeccacarter1914]

I'm worried about how lot of people are going to handle this. They just may come unhinged. Many have never navigated truly Troubled Waters.

[@Hi-qh8zt]

I'm interested in seeing how people are going to inherit their student loan payments into their budgets when most student loan payments or at least $350 minimum monthly foremost.

[@robertwalker5521]

They'll build a bridge over those Troubled Waters

[@benhagstrom2185]

I agree, Im not happy people are struggling but it is a little vindicating. I've been calling this out since '08 but everyone wrote it off like everything was fine. The only silver lining is that those of us who've been struggling for a decade, are used to it. We'll get through because we've been figting this silent battle longer than anyone else.

[@azmike3572]

Some credit card debt is due to "Keeping Up With the Joneses"--by the time I caught up to the Joneses, they'd already moved to a ritzier neighborhood! 🙂

[@joey2729]

🤣

[@andreaberryman5354]

Sad example, Michael: paid cash so no mortgage, no rent. I'm not making it. I'm going hungry. I was FINE two years ago. Thank you so much for letting us all know we are not alone. ❤

[@user-os3qm3nb2k]

Did the same thing.should have enough money since no mortgage but still have insurance, food, gas, trying to feed 6 big dogs😢

[@keswick35]

I'm sorry but how TF did you have enough money to pay CASH for a property but are now going hungry? Not trying to make light of your situation but you were able to minimum come up with lets just call it 100k for housing but now can't afford to eat?

[@mnn1265]

Sell the house you own outright and you can buy lots of groceries, seems like a fish story.

[@alisatjaden3906]

Please utilize the MANY low cost You Tube budget meal making videos. They are helping me a LOT. Sending love 💖

[@kimpritchard4322]

Actually people, if you focused on paying off your previous house without contributing to a 401k to have an income supplementing your social security, this could happen. If you were a SAHM with a hubby who was the supporter of the family, you would only get half of his SS if he died. If you never worked but inherited a family property that you could sell to pay cash for a home, you might not have SS at all. That's why planning is so important.

[@sunnygirl9691]

Not where I live. The upper middle class and wealthy folks are spending like crazy and seem to be flourishing.

[@tamjeanell]

They have the money!

[@sunnygirl9691]

@@tamjeanell Yes whatever is happening in the economy is not affecting them at all.

[@annthomson5648]

I have noticed that too.

[@matthewsmith2362]

I’m in the Tampa area and it’s like that here too Middle upper class just spending like they getting it for free. I often think do all these people have drug money or trust funds ? What is going on

[@isevans44]

​@@matthewsmith2362All those people have fraudulently obtained ppp loans and got free money from the gov. Especially in FL. Also FL had a massive influx of suddenly remote NYC and Cali workers keeping their same 200k plus paychecks (adjusted for their original locality) and moving to a state with no state tax. It is impossible to compete unless FL businesses start paying more to lifetime residents.

[@SilverStacker56]

I’m prepared, not scared. Bring it on!

[@Joseph52093]

I've been broke since I was born so nothing new here.

[@pamcornelius9122]

My groceries are double what they were a year ago.

[@hannw7]

Right? And teenagers eat so much food!!!

[@JohnSmith-ij4xe]

Sometimes it’s cheaper to rent then just keep saving until you can afford to buy and sometimes it’s never worth buying where you want to live.

[@rayb1613]

Why am I addicted to Michael’s videos??

[@danielkurek7009]

Truth is addicting?

[@Daniinthecity_]

Same haha

[@conosurmusic1143]

He’s a real ninja

[@Bobthebuilder42069]

Cause he’s a stud

[@Serendipity_Glows]

😂 IKR

[@trentblume5998]

'Protest broke out at a 55+ Florida community over skyrocketing home insurance premiums: ‘We have no choice, we have to sell’ -- Fortune article that's new. Very interesting.

[@xyz987123abc]

Just wait. . I joke around that Florida will soon return to the Seminole days - a Florida with no old folks. It will be so nice. Insurance premiums jumping and hoa s will be required to have enough $ to actually do repairs, no more deferred maintenance and pray. No more special assessments. Cash upfront every month.

[@delaville680]

​@@xyz987123abcSo you aren't going to grow old? Lol

[@nadjadavidson411]

@@xyz987123abc It’s the old folks who still have the money to keep going, in general. They’re the boomers. Wait till they’re gone and you’re dealing with GenX and younger. None of them have two Pennie’s to rub together. I’m in Florida, as well. Insurance is out of control, I have to say. At least we have the option to self insure in a pinch.

[@consumer8651]

​@@xyz987123abcgood they can all go back to NY

[@jc1979af]

Everyone came to FL with tons of money. Insurance companies saw that money and wanted a piece of the pie.

[@MgtowRubicon]

"This time it's different." Yes, it's worse.

[@Jfhelwig]

Never made more than mid 70s and then only at the end. Retired at 56, debt free. 60 now and really haven't felt inflation much since house and cars paid off before retiring. No debt. That's the key for me. Earn interest, don't pay it.

[@odoylerules4503]

must be nice to be born in the good times. How much was your first house bought for, $500?

[@Jfhelwig]

@@odoylerules4503 I lived and worked through recessions just like this one. I had a college degree and the first three years made less than the factory janitor. First house was junk, put 18k and three years of hard work fixing it up, sold it for twice what I bought it for. Took that profit and bought a bigger house, paid off in 12 years. My kids were all raised in the 90s and 2000s, on one income, 4 kids. I've never owned a new car. I can buy anything I want, and don't

[@andrewmackenzie325]

Well done

[@JMyoutube1]

Its almost as if what's happening now was all setup internally.

[@Hi-qh8zt]

I wouldn't say that, but did you really think all of that PPP and stimulus money was going to be handed out for free? The government is broke they didn't have the money to hand out to begin with . Fokes need to learn to live off of their income and stop spending more than they make the whole country wouldn't be so stressed out during these times.

[@hartsickdisciple]

I don't understand how people are buying $300k+ homes with 7-8% interest rates. I also don't understand how so many people are driving around in $60k+ vehicles. I make $93k/year and have outstanding credit, and I wouldn't buy these things. Are all these people making $120k+/year, or are they house/car poor? If people in the top 12-13% of earners in the US can't comfortably afford to buy the average home, something is seriously wrong.

[@seekingserenity1902]

I don't get it either unless they are overextended and it is a matter of time before they miss a payment or of course it is a 2 income family and they are just getting by.

[@seekingserenity1902]

Of course many are supposedly behind 2-3 payments on cars and rent. And, it leaves nothing left over for savings and/or retirement.

[@user-qh3kd5pw3m]

And the elderly are getting screwed too.

[@EvelinHolmes]

Big time😢

[@OldFortBragg]

Imagine the Maui home insurance costs after the fire. Thanks Governor and mayors.

[@ponygirl1624]

As a Floridian of over 40 years I am living this nightmare I can assure you. Terrible times

[@essentialadvantages6790]

I heard the insurance companies have been denying the Maui homeowners now

[@JNoMooreNumbers]

Government plans on stealing the land basically and left people with a lousy 700 dollars. Blocked an exit out. Sent contaminated water. Supplies and help are pretty much regular people as usual. Possible 15 minute city plans. No one wants an open air prison. There are in other countries. Need permission to leave. Unless people stand up and volunteer rebuilding then they're out of luck. A lot of fishy things with that fire.

[@jackwilson8051]

@@essentialadvantages6790 There is nothing on the news about insurance companies not paying homeowners.

[@MR..181]

And owning in Associatives that take your rights to say no..values? Not owning..?

[@thomasallen6980]

Everyone had several years of zero interest rates and smooth sailing and they did not take the opportunity to put the interest savings towards the principle. They just used the money for down payments on other stuff. You just dont need so much of the stuff you buy.

[@AFuller2020]

Yep, the gov backed the loans, just like college, and caused the bubbles. They can all choke it down now.

[@Craigslist420]

Hyperinflation

[@thomaschew2191]

I'm not an expert on the economy but in my view the run-up in credit card debt is actually helping to hide the awful shape the economy is in. Some are no doubt stashing cash to cover car and mortgage payments and are willing to take the heat from credit card banks to keep their homes and cars. It is hard to explain the current economic situation, we all know it's not well, but it hasn't crashed. I think we are going to see widespread suffering. I just don't know when. The average Joe is in debt up to his eyeballs and sooner or later comes the crash.

[@zuzanazuscinova5209]

Exactly. There would be no consumer spending without the CCs.

[@jackwilson8051]

I must be in the minority, no house or car payment. I pay my credit card bill every month. I am also retired. I live in Iowa & most of the people that I know are doing great.

[@iworkout6912]

Pretty much the same here..Most if not all my relatives are doing well. A nephew and his wife are both executives for a large company. One works in the woods cutting logs and makes good money, some are retired. But of course a few layoffs and things would change for some of them. I live in a cheaper housing area that is still nice, a million dollar house around here is unheard of. No beach front, southern Cal weather, but I'm okay with that. Lived in Florida for 5 years and glad to be out of there (right on the gulf)

[@MsArtistwannabe]

Same. Retired with zero debt including my home. I have. Simple life. I love it.

[@Liolia22]

Respectfully, if you’re retired, you got to skip dealing with the horror show that is the rapidly declining economy, which only barely bounced back since the recession, and it’s been in rapid decline. Covid made it all escalate/accelerate. You got to pay significantly less, and therefore pay off, all your bills with far more ease. Please consider how much easier your path was, the same effort had WAY bigger payoff. that’s the only difference between your generation and those that have followed (in the context of the workforce). Living in the Midwest is also significantly more affordable than coastal cities, where much of the population resides.

[@obomasinladen]

you're not in the minority you're just a boomer who benefited from the last 25 years of American policy, Literally the most growth/expansion ever (thanks to advances in production, not bc you worked harder than anyone else) . I pinky promise if you were 25 right now youre life would look a LOT different than it did when you were 25 in the 70's/80.

[@mountainman6549]

@@obomasinladenive heard that boomers had it easyer bs before. I worked every day two jobs for 15 years on the roof. No silver spoon here and i see the spoiled entitlement mentality of the younger people who never experienced hardship

[@timr31908]

We have been kicking the can down the road for quite some time and it looks to me like we now have no can to kick down the road

[@johnwong5521]

I have noticed a lot more mail left uncollected in the mail room of my 400 unit apartment complex. I always check this mail to confirm none of it could be mine. I have noticed most of the mail are letters from credit card companies or bills from one of the nearby hospitals, but I have noticed lately that more are from personal loan companies like OppLoans. My guess is most of these letters did not follow the tenant to their new address as they likely did not leave a forwarding address and they are attempting to escape their debt...

[@jasonweishaupt1828]

Debt is like the Borg. You can’t escape. Resistance is futile.

[@obomasinladen]

Pretty sure anyone over the age of 18 understands you can't just "escape" your debt. Also fyi, I get 2-6 spam letters every week from banks/credit unions I'm my mailbox, doesn't mean everyone's being margin called and or sent to collections..

[@octagon_009]

I used to get sheriff's banging on my apartment looking for a certain individual to serve on unpaid debt lawsuit. Finally stopped this past year..

[@cer2299]

Realtors and lenders are lying so hard right now. In addition to the car repair situation, is there is a supply issue. Getting quality parts is getting harder and harder.

[@tecate9408]

Always have been

[@cer2299]

​@@tecate9408true, actually. Just right now they actually expect you cant see any of this and should just beleive math does not line up with reality.

[@gregh7457]

stop going to autozone. crap quality. napa auto parts and the dealer has the good stuff

[@tamjeanell]

People try to wash commercial windows! My business is doing well..cannot keep up. Supplies are less than $500 to get started. Hardest part is getting the customer...but once you have them you get more because people see you and want their business windows washed....No one person can do all the windows...there are too many..

[@astralpx]

True, youll be broken in 8 years, need to sub-contract to have longevity.

[@MusicLover-ui9sm]

I used a credit card today to buy food again

[@Matt_from_Florida]

Thanks for keeping us up to date. You've become my trusted source for items relating to the state of the economy.

[@benallen7105]

It's happening as we speak. The next 12 months are going to be a fucking disaster. I went through 2008 as a guy in his mid 20's. Now I have a wife, child and mortgage. I've done everything by the book.....our only debt is the home we bought 6 years ago and one car that is 10 months from being paid. And am honestly considering retreating to my retired parent's basement with my family.

[@oscalsochirino8706]

Went to a bar when you see guys wanting to get into houses to flip at this market. The minute these int rates go to 9 and the economy doesn’t stop is when folks are gonna freak out first being the stock market this is just unsustainable period a refi costs 10 k easy now maybe more. What’s sad is you now need a partner to make these house payments

[@Juliet875]

Families are feeling the squeeze the most. Yes, CC debt is crazy. Heard about the 401k's. Things aren't great as they would want you to believe. Another Great Video, thank you. Hope you and Lizzy are enjoying.

[@Lisithedogwalker]

Thank you dear Juliet!!!❤️🙏🫶

[@mmmd3429]

Many families are not on a budget and self inflicting the hurt on themselves.

[@lisahertel2415]

It’s a lifestyle choice. Single people who didn’t choose that lifestyle are hurting, too

[@peterhumphrys]

higher end grocery products are sitting for longer on the shevles, getting too close to their best before dates, or at least I am seeing this in the grocery stores where I shop, so yes I am pretty sure that the economy is contracting right now.

[@TheInterwebzMan]

Interesting observation!

[@MurakamiTenshi]

I can only buy groceries for a reasonable cost through discounts and coupons. It's crazy nowadays.

[@LastoftheMohicans116]

I noticed there are clearance shelves in grocery stores now too!

[@michaelearlgrey]

I noticed that a while back, my hippie-dippy, free range, triple organic foods were marked down first and cheaper than the cheap foods. That was cool but now I think they figured it out and there's been hardly any discounts for months. I was doing great for a long time (thank God!) but am finally affected just like everyone else and cutting back.

[@mmmd3429]

This is location dependent. Not happening in my area. Grocery stores are packed with people buying up everything.

[@jcf8201]

Car repairs - I had to replace the battery on my Jeep for $250. It takes me entire day to make that money. Ugh.

[@llew-AZ]

Micheal stop worrying, we are going to have a soft landing on our face! 😊

[@carmenmonroe7]

You are right on point; especially with the Escrow and Insurance issues. These are the areas that are out of control and not fair for Homeowners. You're speaking the Truth!

[@kiprice8327]

Michael, you are doing a great job with your videos. Watch you alot. Your opinion is appreciated.

[@williamchampagne2684]

Truth!!! You warned us of this chaos!

[@louiefee4912]

You Are Right on the Money Thanks for reading

[@pulpdoc02]

Thanks Michael for a great video. We are in a “musical chairs” economy .This is an election year coming up, and the administration is trying to sell everyone that things are “fabulous” and their plan is working. They need to keep the BS going.

[@dogsarefun2]

Wouldn't be getting away with it if not for the corrupt media...

[@IlluminationPortal]

And every administration before this one did the same thing especially the last one. Both sides play us.

[@barnabusdoyle4930]

Wait, are you saying the Biden administration has had a plan for our economy? I could point to 5 policies from the White House that has given us nearly all of the inflation we have seen recently.

[@mnn1265]

Or maybe you're just hoping for an economic catastrophe because you think it would help Trump? The evidence would suggest that's more accurate.

[@andrewdonohue1853]

@@mnn1265 i want biden gone, trump has buisness sense...... so yes im voting trump. no more democrats

[@flamingofan5411]

Hurricanes following you from Florida to California! Praying it’s a big dud!

[@AzUniverzumUraesParancsoloja]

It’s so good to listen to you! You are just like a good and smart buddy to me!

[@rillesttalk]

Thank you and your wife very much for doing this road-trip!

[@Lisithedogwalker]

Thank you for supporting his channel!!!🙏❤️🙏

[@mikemorgan8646]

Michael: "Marry the price, date the rate", is the grifter tactic I've heard.

[@FloridaGirl-]

I’m starting to notice houses going up for sale here in Sarasota county. And not selling quickly. Some couple months. House behind me went up for sale. No takers. Then they put it up for rent. Still sitting there. Lot next door which sold about 1.5 yr ago, is now up for sale couple months now. I believe an investment co bought it & now tring to sell it. Noticed a beautiful model home that sold about a year ago. Seen a moving truck there the other day packing up. Interesting. Just got my tax assessment today. My taxes went up $600 from last yr. Next month I’ll see what the renewal on house insurance is. Great vid Michael 👍

[@lindajohnson.]

What a beautiful place, so peaceful and those lovely fountains.❤

[@arizonaridersclub]

We're riding with ya.

[@timothy8142]

I go to a sports bar sometimes. A couple months ago, was fairly busy. All seats taken, we got the last table. I went again on Saturday. Crickets. Open tables everywhere, tons of open seats at the bar. Band setting up outside on the patio. Outdoor seating empty, outdoor bar just as empty. It's only pre-season, but the local NFL team had a game on. Could have been just a slow night. But it's really odd for a Saturday night. Especially end of summer when people are gearing up to head to school or to get that last drink, meal, and bit of fun in before summer ends.

[@sheisLD]

MB, you give the truth in the most logical and grounding fashion. In this day of upside down-ness, it is much appreciated 🙏🏽

[@AlexaMGilbert]

Michael, you are doing exceptional work. Thank you for pronouncing your name for us. I am glad you and Lizzie are looking at your options.

[@elizabethbordeaux2741]

Always a wealth of information, Michael. Thank you from Oregon.

[@almdrs]

Here's my plan: rice and beans, pasta, powdered milk, canned tuna, peanut butter and other products that can be stored for a long period of time. That can save a lot of money.

[@jreifsnyder2225]

I had a tooth pulled 5 years ago - $250 - just had another one pulled this spring $500 - goods are twice as much across the board

[@vgwinva5669]

Thank you for telling the truth

[@johnnysunrocket8618]

I've never been there but California does look beautiful where you're walking looks serene and a great place for a hike😊😊

[@richardtidd2738]

Excellent content. Retired, with no debt, we only buy gas and food. NO car payments. The crash is coming , too many people paying crazy rents. Eliminate debt, shop at Saver`s.

[@sjgee4309]

Lol! Savers is (more often than not) more expensive than Wal-Mart, H&M, etc.

[@teresaalbin-davis4529]

Not even any gas for me, have an electric vehicle, plug it in during the cheap night hours

[@carspottereast]

Canada is more screwed then the USA. If you think this economy is not going through a recession i feel sorry for you and may god bless you.

[@Theguys1]

I beg to differ.

[@debrah8110]

Recession would be nice, Canada just entered a depression.

[@carspottereast]

@@debrah8110 FACTS!

[@francismarion6400]

100% inflation is real

[@IDNeon357]

We will have deflation soon

[@dandahl5964]

Where? Venezuela?

[@francismarion6400]

@@dandahl5964 Here in America.

[@BeyondTheRink]

I’m experiencing everything you’re talking about

[@carolgeyser5415]

Excellent video,. Mike. Thank you.

[@noglenogle]

You're a pleasure to watch and listen to. Thank you for no background music and very good grammar. Most are unbearable to listen to anymore with all the incessant overuse of the word "like". And you didn't say , "at the end of the day" even once unless I somehow missed it. Tremendous!

[@jackiesmith1325]

Not the people with money. News Flash: There are actually poor people who have lost their jobs, or can’t work for health reasons.

[@pmscalisi]

More are becoming relatively poor every day.

[@MurakamiTenshi]

The middle class is rapidly disappearing because of this pressure from all sides

[@larkatmic]

@@MurakamiTenshiThere is no middle class in LA anymore. NAFTA and factory robotics took their jobs, so they moved away. Wait till AI takes white color and creatives jobs like writers, actors, and designers away. Karma will have the last laugh here.

[@nicholasmcvety9644]

Sure there are those who never had a chance. Butall those rich people who say cant afford yet lets say 70,000 plus earnings per year. oh boo cry about being rich. ill take even 60,000. ill be rich because of money management

[@jimshoe402]

@@larkatmic That's the way it was in 1982 GM canned the BC but kept the WC F Them !!!😁😁😁

[@tomswierszczyk1162]

Congrats on 98K, Michael !

[@KristopherStidd]

Thank you for the video Michael.

[@operasinger2126]

Thanks, Michael!

[@SKZ1360]

much love for telling the truth brother

[@helena3631]

Home repair costs are double it’s insane now what used to cost 100-200 is closer to 500

[@jmcampbell05]

Excellent presentation!!

[@CatsAreNiceMeow]

I love your channel and the Economic Ninja’s channel.

[@jasonweishaupt1828]

My wife just purchased another 30k in 4 week Treasuries. Mom is in the process of purchasing 156k worth. I’ve got over 200k in short term. We don’t have $ in my family.

[@waynecmontgomery]

Great show Mike as usual !!!

[@johnnymidas5879]

THANKS MICHAEL ❤

[@johnlibonati7807]

Michael, I think people are used to the higher prices and have accepted that this is the way things are now. It’s short sighted, because we know a crash is coming, but that is how people think. Toss in some hope and they’ll spend everything they have trying to maintain their lifestyle hoping next year will be better.

[@larkatmic]

That’s exactly how people are living here in LA. It’s crazy and beyond sad. They haven’t any concept of what life is like to live below your means. Just spend spend spend. Especially under 40s.

[@iworkout6912]

I amazed at some of the cars people are buying right now. In my area, I see a lot of Range Rovers, and other expensive cars. Just up the street their is a corner that is in a business area and there are 6 banks and down on the other corner are 3 banks, all different. Chase, Bank of America (brand new building) etc, etc. So I guess there is either a lot of money around here, or those banks are making a lot of money collecting interest. I am poor as the church mouse, but have very little debt.

[@larkatmic]

@@iworkout6912 I see that too. And the average car cost 40k now! My neighbor just bought a Kia EV for 48k and he’s an Apple IT guy. I have no idea how much his monthly payment is. But it ain’t cheap. I don’t get it. People are just living too large thinking it’s going to go on forever.

[@lisahertel2415]

They aren’t thinking at all. They are oblivious and indoctrinated.

[@lien-chinwei4815]

I think that the crash will come because the current environment is just not sustainable to normal people. The only question is that how soon the crash will come? Also, due to this un-certainty and growing nature disaster, buying a house looks just too risky regardless of how big the crash will be. My wife and I already gave up the idea of buying a second house, and focus on living a good life without exhausting ourselves for housing any more.

[@philmarsh7723]

Not everyone is broke. The smart people who saved and invested for years might have an opportunity appear.

[@stephanieb5]

Yup that is me!

[@philmarsh7723]

@@stephanieb5Congratulations!

[@lindacerulli797]

I don't see this in nj everyone bussiness as usual they are buying more cars more vacations etc 🙄

[@paulpeele8387]

Thanks very much! Lots of very useful info! Keep up the good work!

[@owenkwong3358]

Liked 👍 Thanks For telling the truth giving everyone a heads up economic danger

[@gdfhnt]

Wages increased but you end up paying more in federal, state income tax, property tax, sales tax on top of everything else going up in price.

[@newyork8415]

The big problem is expectations. People have huuuuuge expectations. Living in a dreamland.

[@Hi-qh8zt]

Yes, you are correct too many folks. Have a beer budget but want that fine wine lifestyle.

[@krapekk]

I'll be curious to find out how many took out money from their 401Ks to put the extra 50-100k down over asking just to pet themselves on the back for being able to outbid others.

[@taffyalusa4642]

Just read an article about cashing out 401s at a record high, and national savings down by 50%.

[@krapekk]

@@njerseydavid your source?

[@elizabethblane201]

Does anyone remember the dread and fear that pervaded the years 2008-2011? We are no where near that yet right now; it's like the storm is almost upon us and no one is noticing.

[@jimshoe402]

@@trainshot17 Kids in 1975 I got my first carpenter job by union.I was the FIRST they hired in Two Years their Lost.😁😁😁

[@andreaberryman5354]

It's WORSE than then. 😢 We have no police. We are going hungry. The homeless are excessive. Crime is rampant. Home prices and rents are unlivable.

[@andreaberryman5354]

​@@trainshot17I'm so, so sorry. 😢

[@jimshoe402]

@@andreaberryman5354 Who did u Vote for Simple ? 🤑🤑🤑🤑

[@elizabethblane201]

@@andreaberryman5354 I agree with you; societal structure is much worse and people can't even live month to month because of inflation. But most people seem unconcerned, unprepared, and oblivious.

[@ms.ashley7643]

I think too many people want to buy big homes instead of townhomes that are much smaller like 1400 ft.²