Why Everyone Is So Broke

[@ghostnotes5667]

Don’t buy a new car or home right now. Stay away from overpriced restaurants. Stay out of Casinos because they aren’t paying anything right now. Plan your weekly meals and don’t buy goods from companies who price gouge. You got this!

[@aerial558]

You so right 👍

[@Dobiegal]

Don't EVER buy a new car.... There's nothing wrong with a 4 or 5 year old car...

[@artoriasoftheabyss1575]

​@Dobiegal my car is turning 20 in a few years and don't plan on buying another until this one craps out. It's insane how many people making less money than me that I know are driving around with new cars. I don't get it.

[@Dobiegal]

@artoriasoftheabyss1575 me either. At a Bible study I go to, there a gal in her early 40's. 6 children from 6-17.. only 4 have the same father. Drives a forklift making 19 an hour. Rent 2300. Drives a 2018 Toyota SUV.. payments are 748 a month.. Why didn't you buy a used car? I don't know. I needed a bigger vehicle with 6 kids. You didn't consider a used SUV? I was scared it'd break down a lot. Why are your payments so high on a 7 year note? I have bad credit. Interest rate is high. Couldn't get anyone to co sign. . . . I had some fairly light fence repair work I needed done. I told her I'd pay her 200 for 5 hours work, the kids could all come. Wow ok! Thanks! Do you think she showed up? No. When our next class came around, I asked her why she didn't call or text to come out? I was really tired that day. Can we do it this or the next Saturday? 🙄 No.. you didn't call, so a friend came and helped me.. Some people are poor because they CHOOSE to be.

[@museonfilm8919]

@@Dobiegal Once new cars, or household goods are purchased, they lose most of their value quickly. Even if they are high end items. I agree, used cars (with a decent service history) are a good way to go. Oh, and forget EV's - they are a big con aimed mostly at the middle class.

[@nicolasbenson009]

High prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[@TinaJames222]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.

[@tatianastarcic]

People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $275k to around $750k.

[@Vincent-j8u]

That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@tatianastarcic]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Sophia Maurine Lanting for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@sharonwinson-m8g]

Thank you for this tip. It was easy to find your coach on web. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

[@kpk33x]

Lack of financial knowledge. As a senior director, I am the one with the 8 year old car (my loan was 0% interest when I had it). I pack a lunch. Some of my work clothes are 15 years old. My #1 hobby is running so I spend less than $250 on it a year. But the entry level folks come with nice cars, nearly always leased, having usually hit the Starbucks drive-thru. At lunch, they pass by my office on their way out to eat. On weekends they go and drink, go to concerts, spend money on new tats or the newest in style clothes. Almost all of their purchases are on credit cards, for which they pay the minimum on each month. I use credit cards for everything too but I think it was 2003 or 2004 the last time I didn't pay the monthly statement in full? It isn't just the entry level folks. People my age have luxury cars or giant houses (6 bedrooms for a family of 3 and you never have guests) and travel on cruises. Flashing money is not the same as having money.

[@joelparish3851]

It’s expensive to look rich!

[@InfinitePlain]

Boomers had a far easier time in getting well paid work and affordable housing. Young people today know there’s no pint saving money as inflation eats it up. Spend it now before it loses value is a rational decision.

[@darren2351]

Preach!! 🙌🙏

[@richardlo4867]

I'm good with Starbucks if you enjoy if you enjoy it, but agree with everything else. Spending big money on something you can't yet afford like an overpriced new car...it's like people can't think beyond next month.

[@kloatlanta]

You sound like my twin.

[@danielgant2214]

You can’t borrow your way into prosperity. Stay out of debt as much as possible.

[@TS-bn7zt]

👏

[@MB-xe8bb]

Except for mortgages. That you can afford.

[@danielgant2214]

@@MB-xe8bb that’s right, very few people could buy a house, first time house, with cash. Another rule I have for money, spend as little as you can on depreciating assets and as much as you can on appreciating assets.

[@leicestersq1]

Actually you can. But you have to borrow to invest in order to have a chance, and that investment has to outperform the rate of interest that you are paying. Many do this, that is what business loans are all about.

[@Opethfeldt]

You can borrow your way into the appearance of prosperity, though 😉

[@jeffreylance6372]

Another wealth killer, especially for men, is divorce. I'm single and do not feel the need to get married unless the woman has the same risk exposure as me and brings relatively the same amount of financial worth to the table.

[@laundrygoddess4]

I've always taken the hit. Research shows women take the bigger hit financially by divorcing. Men just don't want to believe it.

[@ScubaPhil1]

Always marry your equal or better!

[@prairiemark4084]

@@kwilliams1958 So true. Many times a woman can be paid a million dollars to leave you....that makes it tempting for many. She can take the wealth that 3 generations of your family earned. And sometimes it happens late in a mans working career when he doesn't have time to recover before he is old and retired.

[@alphaomega1351]

Don't do it! No woman who truly loves ❤️ you need to be married. 😳

[@EatDrinkBeMerry]

What about a sugar momma?

[@scottpulver]

Inflation did go down but the prices don't as he said. The damage is done.

[@toddjohnson271]

You mean inflation rate? Inflation is tied to the cost of goods

[@DanLetts97]

As somebody that works in the restaurant industry, let me share something with you. Not only do people eat out a lot, but they rarely finish their plate either. This blows my mind, never throw away food, you should eat every last morsel. If you spend $20 on a meal, and you only eat 75% of it, you’re throwing a quarter of it away. That’s money straight into the garbage.

[@cm-nj]

Agreed! People also waste food (money) at home, too. I know so many people who refuse to eat leftovers! I cannot imagine throwing away perfectly good food rather than have it for another meal. Or make it over into something new (Monday's meatloaf becomes Wednesday's chili). I look at leftovers as a treat - a meal I don't have to cook.

[@Robin-xt7yo]

I always doggy bag my meals and get 2 meals out of one.

[@BunnyRabit-yo3lx]

​@@Robin-xt7yo me too 👍

[@shome9790]

that why they have take away bags also called doggy bag back in the day

[@nikij.6058]

Glad to have no car payments!

[@ayintovah3132]

The best of the best, I actually don't own a car since 5 years ago.

[@bookmagicroe9553]

My daughter was given a credit card in her first month in college. She was approached by someone who signed her up on campus. She put $400 on that credit card in one week! By week two, that card was cancelled!

[@mocheen4837]

Both my son and daughter have credit cards in college. They know how important a good credit score is so they pay them off on time every month. The each hold balances of over $20,000 in their checking accounts from working through high school. They both have Roth IRA accounts. We cover all of their living expenses and college tuition. We pay for their cell phones, cars, maintenance, insurance etc. They focus on getting good grades so they can graduate and start their careers in STEM.

[@411sponge72]

Talk about taking advantage and predatory lending tactics. 😠 I'm glad she was able to close that account in a month. 😊

[@JosephChandler-vd1cs]

Hahaha

[@ayeflippum]

Who canceled it?

[@kloatlanta]

I remember the people on campus trying to sign all the broke students up for credit cards…circa 1991…is this when it started? I knew not to get one for my no money ass.

[@markthomas2436]

Great video, and thank you. Four minutes in, one small correction. Inflation has come down from what the GOVERNMENT said was 10%, down to mid 3s. The government is telling us that inflation is Mid 3s. That does not mean it actually IS Mid 3s.

[@Catmire47]

All lies and fraud

[@maryrudelich9000]

It’s tremendous pressure on the working class. It shouldn’t be that way. More work, less reward and less time spent with loved ones. I can tell you, first hand that my husband and I broke our backs to cross the finish line to retirement.

[@prairiemark4084]

Congrats on hanging in there and succeeding, even in an unfair system.

[@glennet9613]

You’re not supposed to be able to buy everything that catches your eye. People waste their money on flash gas guzzlers, fancy holidays and eating out, all on credit, and then complain they can’t afford groceries.

[@johnclifford544]

Not just eating out, but having it delivered.

[@Jj-zh6xp]

Says who though ?

[@ayintovah3132]

​@@johnclifford544facts 😢

[@Overtaxed3580]

Liberals main goal is to punish anything they don't like ,until they need it then your to look the other way

[@jodycanfield6684]

$500K+ homes $1000 monthly utilities $50K+ vehicles $1K cellphones $100 cellphone bills $500 health insurance $400 groceries $100+ TV cable/satellite $100+ credit card payments $50+ meals out Etcetera, Etcetera

[@SoleilRoiLe]

"It's cheaper to be rich" -- my wife said this about 15 years ago.

[@Ascendify5]

What a wife u have❤

[@zhifengcai5477]

She is a keeper

[@KJFC388]

Over the last 100 years , house size has increased 74% FYI

[@maryrudelich9000]

Amen to that! What does a childless couple or a retired couple need with a 2800 sq. ft. House?! My husband and I live quite comfortably in a 1400 sq. ft. Cottage.

[@maryrudelich9000]

@@angelacarlson8274 truth be told, we own a smaller cottage that is 1400 sq. ft. In a very nice neighborhood, (better homes and gardens) among mostly retirees and no hoa or city sidewalks. It’s a literal park that overlooks a 100 acre lake. Surrounded by a dozen different lakes within an hour’s drive from the house. It doesn’t get much better than that.

[@Valmontst]

You hit the nail on the head! I have a 39-year-old nephew who makes $85,000 a year, in his first full time job. He just bought a $330,000 house. Now that was down south, where money goes a lot further than other areas. But still, he is a young, single guy, and yet he just bought a house with four bedrooms and three baths as his first home! He also bought an expensive truck, although it was a few years old, and a bass boat. He always has the most recent iPhone and iWatch. I’m sure he will soon be in debt himself. Hi, on the other hand retired a few years ago at age 57. I have substantial net worth and could buy pretty much anything that I wanted. Despite that fact, I live in a very modest home, drive a 2017 Ford Explorer, and still look for bargains whenever I shop, or travel. Growing one’s wealth is a mindset.

[@stevenphillips3466]

so has the average American waistline FYI

[@gmanblue2026]

I used to live in one of those 100 year old houses. 1000 sf including a basement is tight, especially with a kid.

[@DistractedDaisy]

I’m always acting broke! But I am ready to retire at 59 1/2. Thankfully I have a paid off home and zero car debt!

[@411sponge72]

Same as me! I'm 52 and I agree with you. I'm totally debt free with no mortgage. Haven't decided when to pull the trigger and retire but I could if I wanted to right now.

[@Dptl]

😊

[@mattvj5]

All great points. It used to be “in” to be financially responsible and now it’s the opposite. Saving and investing is boring. Paying bills and figuring out your wants and needs and acting accordingly is frowned upon. The only answer is to not give a crap what anyone is doing or thinks and instead do what you know to be the right thing. Usually that is the opposite of what most ppl are doing.

[@Wes_Stacks.]

Real cost have stayed well above 3%. Income will not ever possibly catch up to home prices or rent.

[@exhausted.dad.here-]

Great video. Restaurants and fancy cars have become middle class wealth killers for sure.

[@fredblake6135]

It seems to always be a case by case basis on why people are broke. A major health issue can quickly drain one's savings and earning potential.

[@whatsitlike6392]

I don't know any broke people just folks who over extended themselves.

[@magicsheepmom7790]

Totally agree!

[@problematicpolarbear6065]

How dare you tell the truth !

[@milwaukeekid7340]

If you shop at Aldi, you can get your box of raisin bran for two dollars… and it will taste exactly the same as your six dollar box of raisin bran. I honestly don’t understand why everybody doesn’t shop at Aldi.

[@Chris-yk1mm]

or Woodman's for off brands

[@wynea7911]

Because there isn't one my neighbor hood

[@smokescreenFromThe6ix]

It's not just the US, we're broke here in Canada too. 😂 Thanks Justin. 🙄

[@scottgebow6539]

If Harris wins we will become like Canada under Trudeau.

[@briancrn113]

These seem like people problems. We can buy smaller houses, purchase cars with cash, not use credit cards, not subscribe to everything that comes down the road. Inflation...yes in some ways. However, this may be offset by some other cheaper ways we live. Lots of stuff, without much value. Marketing works, most everyone believes we have to live this way. We don't.

[@happylistener4628]

True. Well said. I appreciate you.😊 Happiness is innate. I have never cared what people think about me. I’m happy to share. God 1st, always. A retired single woman here. Child free. Debt free. No regrets. Not broke. Never lonely. Thank God I have never been materialistic and always a saver. I live frugally and am a minimalist. Consumer marketing ploys won’t work on me. I don’t need their crap💩. No cosmetics. No purses👜. No fancy wallet: I’m happy with my RFID Flipside wallet protecting my ID, Debit, Credit, Insurance Cards and Cash. No costly clothes: I’m happy in my comfortable Hawaiian shirts, t-shirts, multi-pocket cargo pants👖and shorts🩳, which I stuff everything I need into. No expensive watches: I’m happy with my Water💦 Resistant G-Shock Casio solar watch. Had it for years; it takes a beating and keeps on going. Our family of retirees is gratefully blessed, thriving and enjoying a well earned comfortable retirement. God is providing. So no worries or fears here. Freedom and Peace of mind. This is true wealth. Enjoy the journey everyone. God bless.😊

[@nikij.6058]

So true. I’ve lived in the same house for over 25 years. It’s modest in size, payments, and utilities. I do not need the latest white everything in my house, my cars are paid off, I pay off my credit card every month. I do not have cable or more than two subscriptions. I have cash flow and don’t worry if I need to pay to fix something. My earnings say I could have a lot more, but why? I’m happy. 😊

[@prairiemark4084]

If you own a house or a car for many years, they become a kind of protection against inflation. Charlie Munger (Warren Buffets business partner for 50 years)...he used to say that increases in the price of expensive sports cars did not affect him because he was never going to buy one.

[@Valmontst]

@@nikij.6058 you and I have a lot in common, and we think the same way. I was able to retire a few years ago at age 57, and I’m considered a high net worth individual. Despite that fact, I live a very modest lifestyle, and very few people know my net worth.

[@EatDrinkBeMerry]

Resisting the power of advertising/consumerism takes discipline.

[@johnny_blades]

Thirteen years ago, the wife and I quit smoking, quit drinking Starbucks and bought a house. A few years ago we paid off the note and now I own my house. Debt free! Priorities and living within your means will take you a long way. 😉

[@lucken13]

Exactly!!!!! And f-k “keeping up with the Jones”!!!!

[@robertpsotka3525]

Absolutely, paid off my house at 41 years old

[@tranger4579]

Congratulations! Same here. I don’t smoke and drink on special occasions. I don’t have an Amazon account either. Paid off home and no consumer debt.

[@nette4307]

Congratulations. To be able to buy a home in the first place, though - that's where the rubber meets the road. Paying off the house is the icing on the cake, and that advice isn't going to help those who cannot ever purchase a home.

[@anatolyparker7497]

Not if a full time job cannot pay rent depsite living within your means. 20/hour is no longer a living wage. I make 20/hr and cant afford to live literally anywhere but the getto on the north side on my own no family no friends. Living in my car seems to be the next logicalbstep to save money.

[@z352kdaf8324]

I love pretending to be broke. Helps me fit in.

[@ohenenana4392]

🤦‍♀️😂😂😂😂

[@lukegoatley8501]

Sameee

[@mariaapolo2602]

Lmfao same , if I look rich people ask me for money if I look broke no one asks me for money

[@melissasmess2773]

Becoming wealthy never made me buy a new car or home, I'm happy living low.😙

[@Rockthroingmonk]

there is safety when you blend in , act poor and you will be ignored

[@AmyRussell-h1t]

I can’t leave the house without spending $100. I swear $100 is the new $20. I went out today to pick up a few groceries (not a large shop, just a few items like butter and eggs) then I had to swing by a pet store and pick up more kitty litter and cat food. After that I filled up my gas tank since I had under 1/4 tank. After all that I had spent $148! I make more than 3x my rent so I’m not considered cost burdened with housing, yet I’m not saving anything month to month because prices are so high now. It’s wild. I felt like I had more buying power back when I was only making $50k a year

[@Dobiegal]

If you buy cat food and litter at a pet store this is one expense you can save almost 25% on by going to high volume selling Walmart for that, not a specialty store.

[@lisaorth3255]

I've been saying for a while, the best way to reduce spending, is don't leave the house! A day spent at home is a day I don't spend any money. Easier said, than done! My husband will joke when I say I have a 50% coupon at JCPenney, and say, "how about save 100% by not going in the store"! And now there's Amazon and other online shopping for that thing you can't find in the stores.

[@darrenleejones3516]

A pet is a luxury not a necessity

[@Dobiegal]

@darrenleejones3516 Not really. Ever see a homeless person with a dog? Yeah.. that dog is their only source of comfort. They manage. I GUARANTEE you if they held up a sign saying "need dog food" they'd have it in 5 minutes

[@darrenleejones3516]

@@Dobiegal she’s not homeless, she lives in a house which she states in the first sentence

[@trevor5526]

The problem is that every generation has greater expectations. This generation wants everything now, and they don't know what the words 'budget and sacrifice' mean. Houses and cars have always been expensive in relation to salaries.

[@toddjohnson271]

No they have not.....a father on average wage could afford house children on a single income a generation ago. With a vacation house pension and health benes

[@trevor5526]

@toddjohnson271 The only people who could survive on one salary would have to be high earners. My salary only covered the mortgage, car, and utilities. My wife's salary put the food on the table. Holidays only came later. Paid for with OT.

[@uwerathsack]

Increasing tax rates are the reason I rolled over my 401k to a Roth. I don't want to be 59 paying taxes on current income on withdrawals made from my retirement account. I'm now seeking best possible areas or ways to gain wealth in today's economy.

[@CristhianPalomo-r6j]

Private investing is the best way to go about the market right now, especially for near retirees. I've been in touch with a portfolio manager, who netted $370,000 the last downturn and made it clear there's more to the markets than we average Joes know.

[@CristhianPalomo-r6j]

Caroline Suzan Olson is the licensed advisor I use. Just google the name, and you'll find the necessary details. To be honest, I almost didn't buy the idea of letting someone handle growing my finances, but so glad I did.

[@redrocklead]

​@@CristhianPalomo-r6j and her fraud conviction cases

[@dr.michaellittle5611]

Another way to avoid paying taxes (legally) is to finance your life expenses in the same way Musk financed the twitter acquisition : through loan-based proceeds. There are 2 major ones to consider. One is a reverse mortgage, which is to take equity from your home as monthly cash payments to you over time. You can remain in the home as long as you live and when you pass or sell, the loan is paid off. With the run up in home prices, this might be a good option. Note that the monthly cash paid to you is considered a loan and is tax exempt. The other option is an annuity. When you use a cash bolus to buy an annuity, you are essentially buying yourself a defined benefit retirement plan but with 1 major difference. That different is that the payments to you are tax free, up to the full amount of the annuity. Once your payouts exceed the amount you invested in the annuity, the income is not considered tax-free.

[@veritasfiles]

I would be putting some money into Gold. The longer you hold it, the more wealth you will have preserved, but keep in mind that it is for preservation, not gaining. Gold is not the #1 way to get wealthy, but it is the #1 way that you stay wealthy or keep your wealth over the long-term.

[@rkw2917]

1. It is considered normal to buy the most expensive car for which one can get a loan 2. Anything you want can be had with your credit card Welcome to a life of indebted servitude

[@kokopete58]

Yes indeed the freedoms are the best gift for your future self. Free from debt. Anxiety. Stress.

[@jamessteele7102]

I must be living in a different reality. When I look around, I see people spending money like drunken sailors. Restaurants are full, stores are busy, homes are being renovated like there’s no tomorrow, etc. People are not cutting back because they don’t feel any financial pressure to do so. I think we in are in, and have been in, an extended boom period, at least in terms of people’s discretionary income. Massive amounts of money were poured into the economy in 2020 and 2021, and that money is still floating around out there. And salaries have increased substantially over the last few years.

[@orthopraxis235]

If the major markets capitulate (crash) you will see all of this stop on a dime. People are spending into credit thinking in their minds, as a backup, their 401k or those etrade moves they made a few years ago will save them. I was alive long enough to see it in 2007 2008. Most of you were too. And, most people are w2 employees and wage slaves. Their best financial planning is some contribution to a retirement account and a paycheck every two weeks or every month, meaning they do not really understand how to handle fluctuations. The best thing is to be an excellent income allocater and income free of working a w2 job. That teaches you how to properly handle money.

[@Healthycow]

@@orthopraxis235 I agree with this take. From the lowest point of covid til now, my net worth is triple what it was before. That's the only reason people are telling you that the "Economy is fine" and a "Soft landing" is ahead. When the major markets crash under the burden of government debt, it'll be a blast and a wake up call to those currently comfortable.

[@karenandrews4224]

People are actually doing well overall- the MSM owners want Trump back in so they can get a tax cut. The MSM has focused only on a small inflation rate while ignoring the more important economic indicators.

[@karenandrews4224]

@@orthopraxis235

[@viajandomundo421]

Hi, Respectfully.... MOVE!! Unless you have a NEED to live in a major city, move to a Midwest cheaper city where you can find find good 😮homes under $150K. Don't live beyond your means.

[@Consultant22]

Not many homes under $150K left, no matter where you move.

[@alanc7983]

In 13 minutes you failed to mention why everyone I so broke, this nation is struggling. Our federal government, its procedures and policies are crippling the average American family. You need a wake up call to stop ignoring the elephant in the room. Very disappointed in this video, please do better.

[@harism2001]

The most corrupt govt in the world. There you go..

[@GregTally]

He talks about a change in income to debt ratio the entire video. Wages have not kept up with the rising costs due to inflation and the ability to aquire more debt than ever and he's using most people's biggest monthly expenditure as the first example to illustrate this. He then talks about how easy it is to get high dollar student loans and credit cards. That's not ignoring the elephant in the room, that's parading the elephant around the room. He's hit the nail directly on the head. You're talking about the cause and he's explaining the why.

[@timsmith3991]

Go to a restaurant, check out hotel parking lots, go to an airport...... there's ALOT OF PEOPLE WITH ALOT OF MONEY

[@raiden031]

I have a theory that the upper middle class has grown in size enough that they are able to keep demand high for everything so those in the middle and lower classes are always priced out.

[@lucken13]

Credit cards!!!!!

[@BrianTaylor1645]

​@@lucken13How do you know that?

[@FirstHillSeattle]

Millionaires drive Toyotas and Hondas. Posers trying to look like they have money always have a new BMW or other type of car. Not always, but more often than you think. So when you look at that parking lot, you are seeing a lot of people in a a lot of debt.

[@gormanthomas8135]

@@raiden031 I subscribe to the same theory.

[@calvincoolidge5545]

The most costly part of a house is the land it’s sitting on. The size of a house doesn’t have as much of an impact on the cost as the land. The problem is there is a finite amount of land and the population keeps growing, which drives up prices due to scarcity.

[@museonfilm8919]

Population explosion is not a fashionable thing to talk about. Essentially, we should be saying "stop f***ing without protection." ( because most people still do!! )

[@gormanthomas8135]

Homeowners with a 401k/stock portfolio have seen an explosive increase in net worth over the last 5 years. Those who didn't own assets really missed out. Its a terrible time to be a 20-something trying to get started in life by buying a home, etc.

[@davidwolfe7777]

I dont have a single monthly subscription. If i can't get it on utube I dont watch or listen 👍

[@lucken13]

Don’t use credit cards! Retired 2 yrs ago at 59 and moved back out into the country! Brought a run down house and remodeled myself!!!! Refuse to replace my 18 yr old Chevy Silverado Z71, lot cheaper to fix! Did buy a SUV, got a 2023 Hyundai Kona for 28000 last year and put 5000 down!!!! We hardly eat out, waste of money anymore!!!! And we live comfortably off 80000 a year, even spend a lot of money on family n still hide money away!!!

[@IrisP989]

Why can't I use it if I have the money to pay it off every month and I never go into credit card debt?.... Also, I need a credit card for certain things (can't pay with cash online when I purchase plane tickets, could not pay cash online when my cruise was booked, etc.).

[@lucken13]

@@IrisP989 why I have a debit card for my main checking account! Track it on my bank app!!!!!

[@peterburke8650]

Your purchase power is inflated away.your house isn't increasing in value Your dollar buys less.

[@peterwilliams2889]

The inflation rate in the United States DOES NOT INCLUDE fuel or food prices.

[@toddjohnson271]

And they lie about the numbers anyway

[@BMW-tr3nf]

Some people just don't really have self control when it comes to saving money. Lack of education in this area can and will lead to financial suicide in a lot of cases. Using credit cards for daily purchases and buying new cars on finance is a quick way to remain living on struggle street. Main rule don't spend more than you earn period.

[@Laz_RS]

Retirement is a fallacy. There is no way I, or anyone I know will live to 65. And if I do, I'm going to be so beat up that I will wish I hadn't.

[@goldstandardaviation1667]

Lifestyle creep is the usual suspect

[@molassescricket6663]

Greedy corporations and corrupt government officials ARE the usual suspects!

[@prairiemark4084]

I am having "life style creep" now in retirement. I drove by the Nissan dealer and saw a row of new cars I liked. My 2004 Chrysler was still a good car, but I sold it for $1,600 and bought a new one I didn't really need. Bought a new Toyota for my wife too. All because I worked hard and saved and now I have more than I need.

[@Simplelifeusapinay]

Price of everything has gone up. From groceries to homes.

[@stephfoxwell4620]

25% in three years.

[@museonfilm8919]

True. I don't have the answer to expensive homes (apart from living in a van!) but food, yeah, you can shop smarter - you just have to make the effort.

[@darryltognarelli6769]

I’m almost 65 I’m retired. I own my own place. I own just bought everything I need to satisfy my needs. I’m very blessed since I had been divorced since 2011 or I learned how to manage my monies to be able to buy a truck within six months Back in 2019 I’m not poor by all means, but I am not very very very rich. I’m very comfortable for where I’m at because I learned how to sacrifice after the divorce. I’m not saying it was easy, but I will never get back with another woman again , or I do not need anybody to blow my dough and as it stands right now, I can travel the world if I want to

[@tomTom-lb5cu]

I’m old too and when I was young I was told by I’d say bad investment family members help to get a credit card and start using it to establish credit. It wasn’t easy to get one at the time. It was harder to get yourself buried deep in debt as a kid who knew nothing but just gets bad advice.

[@CYBERTECHY1]

The information you provide is exceptional!👏👏👏

[@MusicAutomation]

The biggest cost and cause of lifestyle creep is having kids. Daycare alone is 2x our mortgage.

[@tracymorgan5386]

You should be careful with those comments you will surprised how children pick up the mood of their parents and how they feel about them. You don’t want to be those senior people I read making comments that their adult children barely call & visit or their adult children has ghosted them and they don’t know why & they never see their grandchildren.

[@younghem]

Companies are paying their top 1% a fortune and they are raising the prices on goods and paying 99% of their employees less.

[@ILOVESTEAK10]

How are people broke? Look at concerts, sports games, pubs, restaurants ALL PACKED. It costs $ 500 to go to a NFL game. Sold out all games this season. People have money.

[@jaratoll8739]

Credit card lol

[@brucef357]

I agree. Hard to get down with the "everyone is broke and miserable" concept when people are dropping piles of cash to sell out every Taylor Swift concert, comic convention, sporting event, etc.

[@jasoncatron1039]

Exactly. I travel quite a bit and airports are packed, restaurants. I try to book massages and it's difficult to get one the same day I call. I don't doubt there are plenty who are struggling but I don't buy this whole narrative that everyone is broke. I'm not. I just broke people feel better thinking most people are like them.

[@robertmeyers3640]

Everybody’s not broke. They spend a lot on restaurants and bling. I’ve seen it all my life. I bought my 1st condo at 27 when nobody in my office and age could. They asked me how and I told them my wife and I always packed a lunch. Over a year and a half we had a 6 % down payment while my coworkers ate out every lunch. I’ve been retired since 53 and working on my 3rd million. Nobody in my office is worth anything like that. It’s common sense and discipline plus because I had good discipline I moved up the ladder farther than they did

[@molassescricket6663]

If that’s what you see then you’re living in a prosperous area of the country. The truth is MOST PEOPLE ARE BROKE!

[@joeblow9186]

For the ones who are “broke”, check what phone they have and how they are spending their money. I see it every day … staff members who drop $20-25 on lunch every day and buy 2-4 Starbucks pink drinks, venti lattes, etc. $40 day x 5 days x 4 weeks ….

[@robertmeyers3640]

@@molassescricket6663 Mosy people have always been broke. Nothing new here

[@FIRED13]

How many of the cars are leased?

[@robertlewis3116]

Look at all those expensive pick-up trucks going down the road these days. Some cost 100k.

[@casienwhey]

Zul, a lot of us are doing great, bank accounts full, brokerage accounts are up, got a new car and enjoying vacations. Life is good.

[@thorstenroberts4726]

I suspect the connection between debt and creation of money is not made in most people's mind. Debt =money in a fiat currency system. If I borrow $100, that means the bank created $100 out of thin air that is going to someone else, and I promised to generate that wealth over time most likely through my labor. That money goes to someone else today for my work tomorrow.

[@emphyrio]

Correct!!

[@RichardBrasch]

Seems like most of the issues mentioned are choices that people make - new vs used cars, bigger vs smaller houses, the number of subscription services one signs up for, etc. There is a price to be paid for making choices that one cannot afford . . .

[@jasonbroom7147]

The income disparity is a huge concern, because "everyone" is not broke, but far too many people these days aren't earning a large enough share of the pie. Also, far too many people have bought into the "FICO lie", believing that the only way to live is to finance all the things! Debt and lifestyle creep are two ways that people are putting themselves on the wrong side of the growing wealth gap in America.

[@joyofnft8084]

Not broke! I just met with my financial advisor to go over retirement planning and he confirmed it. My spouse and I went to a nice happy hour afterwards. Disciplined planning made it happen. Starting in your 20s is key.

[@user-lu6yg3vk9z]

Key is not buying expensive house. Not having a bunch of kids you can’t afford. Staying clear of drugs. Making sure you stay away from losers. Making sure you don’t have multiple divorces.

[@davegayaldo]

i’m in the top 10 of income and 1 percent of my occupation!! not wealthy at all, drive kia , no bills , just got divorced and it’s amazing how much it cost to be married, it was very expensive… now i’m older and reevaluate my needs and who i’m impressing ? divorce is the most devastating emotional and financial outcome your going to experience…! fact … break it off fast and clean … you’ll recover not to what you would have HAD , but what you need and less but more

[@kellywysknowski5355]

Why bis everyone so broke. Simple. Everything is SO DAM EXSPENSIVE.

[@Haffschlappe]

Trump soon will Change. Thst

[@Haffschlappe]

One Coke in a Bar in NYC 30 Dollars!

[@museonfilm8919]

@@Haffschlappe I guess Pepsi is marginally cheaper.

[@mrsog7468]

lol, my parents are boomers. They had a nicer house than me when they were in their 20's back in the 70's. I still haven't caught up. They also did it on a single factory worker's salary.

[@churchofpos2279]

I am not broke. it all has to do with making retirement plans and delaying instant gratification. i am mortgage and debt free. i live actually on a pretty low income, but am comfortable and don't feel deprived. i belong to the 'make do with what you got'. You have to also be willing to be flexible and adjust your budget to the higher prices. Looking for lower prices and /or lower price alternatives need to be done. It may also mean taking a 2nd job.

[@jermainerobinson7098]

I live in the uk but totally agree with everything he’s saying and for that reason l am going to subscribe keep the videos coming as this is very educational and hopefully it will help the next generation one man one video can make a difference Mike night did lol

[@harrylessinger5769]

Are there any KZbinrs who don't have a guitar as a backdrop on the wall? Just wondering.😯

[@davidbrooks8809]

😂

[@3namechangezalowdevry90day7]

I don't think Centsible Living With Money Mom has one🤔

[@prancer4743]

Not everyone if you do your research you will find 30% are doing very well 70% are in different situations which I don’t get payed to tell you in details 😀👍😉

[@jimdandy8996]

Because everyone has to be a poser.

[@Valmontst]

🎯🎯🎯

[@museonfilm8919]

Most people (I know) who got into the fashion of buying an EV on finance are now regretting it. Those things lose their value quickly, and if you have a minor prang, then be prepared to pay what it would cost for a decent used ICE vehicle!

[@diegodastolfo7684]

Save first, spend later. Buy it only if you have the money.

[@patriotone755]

If you can’t pay cash for it, YOU CAN NOT AFFORD IT period. Car payments/loans are meant to keep middle class middle class. Agreed if you use a CC pay it off right away. People are not buying new cars or buying new or used homes. Solid wisdom given right here by Azul.

[@floydestelle6242]

Right now, if you said that on November 1, 2024 that no credit card will be honor! You would see 60% of people bankrupt in 3 months. I had a 5% fix credit card, UNTIL the government fixed the credit cards. Went from 5% fix to 12.99 overnight. Not base on anything, but non payers

[@MrZola1234]

Supply-side economics has intentionally destroyed the middle class. It’s not real complicated.

[@Chet_24]

Wrong!

[@MrZola1234]

@@Chet_24 factually, it’s 100% correct.

[@mikedavison4313]

What are you talking about. Nobody is broke. The economy is swimming along well. Thats what the government is saying and i trust them explicitly.😅😅😅😅

[@untouchable360x]

Cocaine use? Cocaine is a hell of a drug.

[@blableebleebla]

Ricky ? Is that you ??

[@stevenphillips3466]

That's So 80's though

[@untouchable360x]

@@stevenphillips3466 The hot thing is fentanyl now. right?

[@himedia5165]

All regulated by……..they are filling their pockets

[@j887276]

People want debt. I argue with people all the time I worked full time in college at a job that paid my tuition so I graduated debt free as a full time student and full time worker. Everyone has excuses why they "need" to take a loan 😩

[@saeed7099]

Layman opinion

[@jennifer3551]

Agree. I worked full-time and went to college part-time because I didn't want any loan debt. It doesn't take a math major to figure out how much that interest is going to cost

[@j887276]

@@jennifer3551 Exactly!

[@JonathanRootD]

Less money for the masses with wealth hording at the top. Distorting prices and Momentum of money is getting worse.

[@BladeObssession]

The truth is that Corporate greed and profit margins are all that businesses care about, not the poor customers. Period. This means that nothing will get better ever again. Sorry but the truth is very painful.

[@Thhhgg838]

The key is setting up your lifestyle to be a fit for your income, think are you in or the intent you have.Heve you put yourself in a position to thrive

[@vinnieorlando1656]

Thank you for the fundamental truth about coffee not breaking the bank. It's the other things you mentioned. Connect with people, get ahead.

[@Northland11899]

I can't say why "everyone" is so broke but I can say this. In the 90's I said, "If I can afford daycare for my two kids, I can afford college for two kids." And I could. But all the while the Feds were saying inflation was 2%, higher education increased 8% annually to the point of absurdity. I can't afford to send myself to school. The quality of education hasn't improved proportionately over that time. Some people cluck about big business price gouging. They even run campaigns on the topic. Look at higher education for culprits.

[@diane.moore-]

The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.

[@91ScottieP]

A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich

[@ThomasChai05]

True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.

[@mariaguerrero08]

@@ThomasChai05this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation

[@ThomasChai05]

Finding financial advisors like *Izella Annette Anderson* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@mikegarvey17]

Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.

[@cueoneful]

Well.....I'm Not One Of Them....!! I'm Ready To Start Spending & Enjoying The Times....!!

[@mikewarby9795]

How could that possibly be??? 😊😂 Too many people have no will power to hold off a bit until they can save the $ or afford it as a small % of their income. Congrats and will be in your same position very soon

[@davidbrooks8809]

Invest 😊

[@KH-vw9yl]

Thank you for bringing light to debt, the real wealth killer. Along with wealth debt brings so many other life issues. The traditional values of us older folks of living within your means, paying for cash, and never borrowing for anything other than a home are gone. Now instead of working that summer job for an old beater car, or getting a car that needed work and learning to fix it yourself, vs it is OK just borrow for it. Why work when going to college two jobs to pay for that education, when you can borrow for it. Or even better just hope for student debt forgiveness.Emergency fund of 3-6 months, eh, just go to pay day loans, or put in on a credit card seems to be the normal these days. We should be teaching to borrow as little as possible and live within our means, and encouraging that in government spending. Imagine how powerful and effective our government would be if we did not have a national debt.

[@Valmontst]

Well stated!!!

[@DavidDarakjy]

No one wants to address the underlying cause of housing prices. The geographic distribution of Our nation population has continued to shrink. Entire regions of America have been abandoned. Places like upstate New York and the Ohio Valley. Half our population is now living in less than 300 counties in the country.

[@marklynch8781]

My answer to the question is one word tax, property tax. I was suprised to read a newspaper from South Carolina that listed the salary of all city and county employees that made over 50k. I was amazed that dept heads made 250k., and the list of people way over 100k was long to say the least. A senior nation government official in a major western European country makes less than 250k. Somehow these pay rates are going to have to be cut by 50% sooner or later. Oh the crying when it happens.

[@bills1995vette]

Government pay is outa control.

[@joshgullicksrud3444]

If you look at someone’s bank statements you will not feel sorry for them. I’ve never seen a time where people spend so frivolously. I.e eating out…lots! Crazy.

[@michaeloconnor6683]

You got that right -- I always use the airport for my stupidity gauge on people --- 40 people standing in line for a 12 dollar bagel, another 30 people standing in line to get a 9 dollar coffee, idiots sitting at the bar at 2pm drinking a 15 dollar beer, etc etc

[@jimdandy8996]

Especially Millennials

[@Consultant22]

Consumerism is the backbone of the American economy

[@heiner71]

@@michaeloconnor6683 , they may expense it back to their companies. I bet a lot of them are business travelers.

[@Valmontst]

Not to mention large homes, expensive vehicles, expensive vacations, and all the latest high-tech gadgets.

[@Kalarandir]

I'm about the same age as you, but I don't remember a time when people did not complain about being broke. Additionally, older people are always telling youngsters just how poor they were when they were kids. IMHO, people complain and will find something to complain about.

[@happyyoggi3894]

Buy what you need not what you want. I am a land lord but my tenants bought too much junks (mostly made in China) and end up in garage sale. I am vegan so I cook for myself and it is super cheap and healthy.

[@iddddaduncan]

Inflation is killing the economy

[@brentmcwilliams4332]

The average health care for a retired couple in America is $330k per year. The cost of housing exceeds the average annual income by increasing amounts. Household size increase is a reflection of this. Last month I found a fantastic abandoned puppy on the highway in New Mexico. Everyone loves the dog. Nobody can take the dog. I have been stood up and ghosted at least four times this month and the shelter won't even take in animals. As a result, I am living in my car in subfreezing temperatures. It's a sign of the times. I reflect on a song from my childhood - "Me and you and a dog named Boo" - traveling and living off the land. My how things have changed and not for the better.

[@youngandfree93]

If you western people think you're broke try growing up in Philippines 😂

[@Haffschlappe]

Soon Philipines will own the USA

[@jasoncatron1039]

My wife grew up poor in the Philippines. I have spent some time there and have seen it myself. We have a house being built there now in the Bacolod City area.

[@chucalissa9231]

With these hurricanes hitting us here in the Carolinas we are all done ! ALSO SIR The pay average 8$ and hr to 15 $ .and rent over 1,000 is not helping things

[@cedarcanoe]

The reality is 1) people are into quick & easy money (drugs, trading, youtube, gambling, loaning, debt, begging) and don’t want to work hard & long days no more 2) there is an attitude of blaming others for the (financial or other) problems they are having. There has never been a better age to live in than now.

[@jerryrichardson2799]

I'm not _broke,_ I simply refuse to pay what most companies are charging for rent, food, clothing, meals out, entertainment, cars, etc. Guess what? I still buy those things, but I spend about what I spent before prices went through the roof at Amazon, Aldi, Costco, and online. The only reason I have debt right now is because I bought a car. I'm a lower middle class guy in Houston, Texas. By the way, I can still cut a bunch of spending out if I have to. A lot of people are buried in debt. Come on Azul, say it with me "debt-deflation".

[@molassescricket6663]

No such thing as corporate greed?

[@brucef357]

Supposedly everyone broke, prices are sky high, credit cards maxed out, savings are low, commercial real estate in tailspin, lots of vacant retail space, tons of layoffs, etc. And yet, people have no trouble finding money to go see Taylor Swift. Every concert, event, pop culture convention, cruise, etc. are all sold out all the time. So, clearly people have plenty of money to spend on what they want to spend it on.

[@jaykay5142]

I think it's called disaster spending. When you've lost hope to ever get ahead, you go into big credit card debt knowing you'll never pay it off and just live for the moment until they finally cut you off.

[@shawnpatton3795]

Our household net worth has had record highs for the last three quarters.

[@sw7366]

Mine has too. However, the price of everything has gone to the moon. Fortunately, I don't need anything right now, but as soon as I do, I'll be broke. The more expensive things get, the faster you run out of money.

[@shawnpatton3795]

@@sw7366 what could you need that would break you?

[@Valmontst]

@@shawnpatton3795 having been in medicine for 40 years, I have seen serious illnesses completely wipe out a family’s savings. Chronic illnesses, and serious conditions, such as cancer, can be devastating financially.

[@darksoul479]

"It's not what you make it's what you save." Loren Lenz. "Blue Diamond"

[@dan19752008]

Here in the UK, it's a combination of failed Government's, no financial education & the majority happy to go through the motions with no ambition or direction their whole lives.

[@djcoolrule]

Not everybody!

[@gracechen513]

Not me

[@henrythegreatamerican8136]

"In this economic slowdown" Slowdown? Asset prices are at all time highs. Unemployment remains historically low. Inflation is higher than it was a few years ago, but nowhere near as high as it was in the 80's for example. Please go into detail on what you mean by slowdown. I'm obviously missing something.

[@orthopraxis235]

Asset prices are high because the dollar value is low. Yeah, you are missing education.

[@henrythegreatamerican8136]

@@orthopraxis235 Go buy assets instead of "toys" you want but don't need.

[@sallyclay1974]

Now that I'm living on a fixed income, and retired, in Danbury, CT, and my stock money is gone, I fully understand, how tough life is ,now

[@smitty923]

Please do a video on your interpretation of current economics in US. All data shows people are struggling yet EVERY place i go is packed! Hotels, restaurants, flights etc. Seems to be a huge disconnect that is going to end badly.

[@jocelynpouget6133]

you don't need a big house at least not right away. start with buying a small apartment then you can sell it and use the money to buy a house and unless you have 2 kids or more you'll be fine with a small house too for a while.