This Is Why America Is Living Paycheck To Paycheck

7/10 Americans are living paycheck to paycheck and the problem is cultural.
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Chapters
00:00 Start Here
01:47 We’re A Culture Without A Historical Identity
03:23 We’re A Culture Composed of Individuals
04:45 We're A Culture With A Broken Family Structure
06:57 We're A Culture Funded By Debt
08:00 We're A Culture That Has No Free Time
09:23 We're A Culture That Is Soft
10:43 We're A Culture That Is Never Satisfied
The United States is often refereed to around the world as the "Land of Opportunity." Despite that, some studies estimate that over 78% of Americans are living paycheck to paycheck. The problem for this might be rooted in American culture and our way of life. In this video, I examine American culture and talk about 7 components of American culture that are making so many people live paycheck to paycheck.
1. We’re A Culture Without A Historical Identity
One problem many Americans face is not having a long standing culture that gives them identity. Since our culture does not have hundreds of years of traditions and beliefs, consumerism has taken over our culture for the sake of corporate profit. Many Americans are living paycheck to paycheck because our culture is overrun by consumerism.
2. We’re A Culture Composed of Individuals
When a culture has a long standing set of traditions and values, it normally creates a communal society where people derive their identity from the community. In the US, however, our culture is centered around consumerism and so people derive their identity from what they own and buy. American culture is very individual focused where a lot of our rights and values are centered around the individual. This causes people to spend a lot of money on material possessions as people are trying to create an identity.
3. We're A Culture With A Broken Family Structure
One economic powerhouse that people underestimate is the value of a strong family structure. There are so many benefits to having a strong family structure like economic support, childcare support, elderly support, and emotional support. In the US, family structures are generally weak, which puts a lot of financial stress on individuals to the point where they can't afford to pay for everything.
4. We're A Culture Funded By Debt
In the US, we have a very comfortable relationship with debt where people will fund their entire lives with debt. This comfortable relationship creates a lot of financial strain on people, which causes them to live paycheck to paycheck.
5. We're A Culture That Has No Free Time
American life is very busy and fast paced where nobody has any free time. The lack of free time makes people spend more money on things like convenience, impulse buying, and justification spending. The increase of spending due to our busy lives causes people to live paycheck to paycheck.
6. We're A Culture That Is Soft
We live very comfortable, luxurious lives in the US, which has created an extremely high cost of living. Despite this increased cost of living, we continue to maintain our standard of living because we don't think we can live without these luxuries, which has caused many people to create lifestyles they can't afford and live paycheck to paycheck.
7. We're A Culture That Is Never Satisfied
In the United States, we are always wanting the next thing whether that's a larger house, a nicer car, or more money. We are never satisfied and we continue to spend all of our money thinking it will make us more content, which causes people to live paycheck to paycheck.
**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **

[@chrissmurrayy]

Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!

[@maddysys]

My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.

[@AUstinnesc]

Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks..

[@sheltonPston]

How? What does one do if they have a 100k$?

[@McElvinn]

I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.

[@AUstinnesc]

AMBER KAY WRIGHT has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.

[@terrisewell4729]

Great video but if you wanna be successful, you most take responsibility of action and your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life, Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life 🙏🙏🙏

[@perefeghaandrew8076]

You're absolutely right you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.

[@johnalex4006]

I agree with you had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment

[@Jameshenry-gu1fi]

that's why I always urge everyone to start investing somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.

[@philippine6168]

Starting early is the best way of getting ahead to build wealth, investing remains a priority. I learnt from my last year's experience, i am able to build a suitable life because I invested early ahead this time

[@Soboj-oy8me]

yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too

[@RaymondKeen.]

We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

[@berniceburgos-]

Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.

[@hersdera]

You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst

[@SandraDave.]

Could you possibly recommend a CFA you've consulted with?

[@hersdera]

My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@HectorWhitney]

Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.

[@sarajaved5552]

Land of opportunity home of the broke.

[@UTP504]

😂, I couldn’t have said it any better.

[@gheryl7711]

the best comment ever!😂

[@dahbajanman7044]

Well, if i didn't have all this debt i wouldn't be broke

[@sarajaved5552]

@@UTP504 learned the hard way😲😲

[@sarajaved5552]

@@UTP504 I am humbled

[@RickTheClipper]

You work 60 hours a week to afford Your house in the suburbs, made of timber and drywalls, miles away from shops or whatever, a pool you never use because you are too tired. Your wife and children see You as an ATM, if You socialize it is on the surface small talk, where You are desperate to avoid all interesting topics to be politically correct. Fear of job loss, fear of taking your holidays if You have some, fear of getting sick, fear of your neighbor, shootings.......... This is close to my definition of hell

[@fafa1648]

AKA - The American Dream

[@M_O_P.Limited]

This is not hell. Please read Mary K Baxter book to know what hell is like.

[@solskengroupllp2758]

SPIRITUAL BANKRUPTCY.

[@RickTheClipper]

@@M_O_P.Limited I said: CLOSE to hell

[@suzannederringer1607]

​@fafa1648 the American Nightmare!

[@mattwilder4764]

I am a single guy in NJ and my bills are $3800 a month. It kind of sounds crazy it costs that much for one man to survive.

[@user-pv8ij6id5n]

Bc you live in NJ. I’m born and raised in NJ. LOVE NJ but got to expensive 😢

[@azrinsani]

Average income is $5K - 7K per month

[@vincentharris7909]

Single guy in SC > 950USD monthly. Come to SC brother.

[@mattwilder4764]

Wow Vincent. That’s all bills!?

[@beth3535]

That’s more than my SS and extra income. I save $1500/month on average. My largest bill/sinking fund is insurances (home/auto) and taxes. Annual expenses vary driven largely by energy costs and planned things (travel, house repairs/necessary upgrades, tires, glasses). But I fundamentally changed my budgeting strategy about 7 years ago. And I keep doing so to keep the impacts of inflation, aging, etc. manageable. Lifestyle choices, broadly defined (and unexamined) can be leveraged through awareness, planning, and discipline.

[@fafa1648]

I always vomit a little in my mouth when I see an advertisement of what is generally a sentimental human "moment" between family and friends, and that moment is commercialized to sell something (soft music, smiling compassionate eyes in the actors, etc etc). Nothing is off limits when it comes to consumerism. It's so gross.

[@frankcorrea8691]

Sldo a bucket is born every minute ,hallmark sappy sales, father abandons kids for his mistress and then they forgive the guy skank after mom dies from working so hard@!

[@Izzy_Gtz]

I'm off the consumerism train 😌with no debt, a 1,300 sq/ft paid off home, and an 18 year old paid off car all I really need to consume is food and to be honest to stay healthy you don't even want to consume that much of it either.

[@one100billneoone4]

Our situations are about 95% identical. We must be related or living in our own parallel universe. Ha ha. Congratulations!! It’s an awesome feeling and accomplishment.

[@Izzy_Gtz]

​@@one100billneoone4 I think is the latter 😄Thank you and congratulations to you as well.

[@maddscientist3170]

Ditto....but you never really own your home...because of taxes

[@one100billneoone4]

@@maddscientist3170 And you’ll always pay taxes…your point? You sound like a salty jelly sandwich.

[@MrTwade2006]

I thought about taxes the other day because we are totally debt free too. We pay taxes on EVERYTHING. Property taxes, sales taxes, there’s taxes on utilities, gas, phones, income taxes, etc. I think if we spend a dollar on any purchases almost 10% is taxed (at least in my state, and I am very frugal on my spending even before prices got absorbent). I wondered if I calculated all the taxes I pay out monthly how much would we really be paying in taxes. Some of these taxes we don’t even recognize because they aren’t clearly visible if we aren’t looking at everything carefully (which I do) but I haven’t taken the time to calculate how much I spend in taxes. I think I’m going to do it for one month and see how much I’m actually spending in taxes. I may not pay interest on anything I purchase/own, but taxes will never go away, and in some senses may be just as much as some ppl pay in interest payments. But I do recognize that we are still blessed to be able to live better than some ppl in other countries. We donate monthly to an organization called Voices of the Martyrs and when I read some of their stories, I have to repent of any complaints I’ve made.

[@NRob0]

My car is almost 20 years old. I currently owe $45,000 on my mortgage. I stack for retirement and sit still. I work too hard for my money to give it away!

[@turtleanton6539]

You are gicin it away on interest

[@NRob0]

@@turtleanton6539 My home will be paid off 11 years ahead of schedule. The car was paid off in 2.5 years. I’ll be fine.

[@matthewmccarthy2406]

My car is 40 years old, I bought my house for 45K. I try to grow as much food as I can and I stack gold. They key to my prosperity is that I left the USA. Everything there is high cost and low quality

[@MB-xv7er]

You don’t work hard you just got lucky lol

[@DeanBKK]

@MB-xv7er don't go around calling people "lucky" just to make yourself feel better. If you don't know them personally and/or their situation, just be quiet.

[@simplifiedpinoy1474]

Felt so much better after doing this several years ago. MONEY= MORE IN , LESS OUT CALORIES= MORE OUT, LESS IN

[@Imran-Lalani]

It’s because they are spending too much. They need a budget. Learn to below your means regardless of your income.

[@GlenisRetiredNZ]

Years ago, my husband and I decided that we weren't that interested in 'stuff'. We didn't care what others had or if they had a better car. We didn't buy excessive amounts of clothes and didn't care about name brands etc. We didn't eat out much and we didn't especially like takeout. Our mortgage was small, we had no debt. We decided we could work less if we were sensible. So we sold the 2nd car and managed with 1, I went on the hunt for the best deals on Internet, insurance, mobile plans, electricity etc - surprising how small savings added up. We got back some free time and TBH, the economies we made didn't lessen the quality of life.

[@jefferystrong6852]

The ironic thing is if Americans start living within their means, it would crash the economy. Here in the Philippines it's still a cash economy and the family culture is still strong. I love my adopted home and hope it never becomes the United States.

[@bodhixxx1]

I hope for you that Philippines does not turn into a moral/financially bankrupt hell scape known as USA. most jobs pay garbage in USA the life they advertise to the rest of the world is for the .000000000001% of the population.

[@dolly4446]

Exactly if we stop spending the world goes broke 😂

[@user-zm3ny8tw4x]

The standard of living in the US is high - people want big houses, each wants a big car, and many people buy lots of nonsense because they can.

[@autobotdiva9268]

on credit

[@ironuckles]

Restaurant spending is a big one too. Most people around the world rarely eat food not prepared by themselves or their friends or family.

[@bodhixxx1]

I agree people in USA consumed way too much who needs a 4,000 sq ft house USA threw away family in exchange for $$$ take my toxic family they literally died with the first dollar they ever made family never made the list of things that matter, it is disgusting that some old boomer is worth millions when they die when that $$ could of been used to keep the family going reproducing to replace the deceased ones and have your little legacy a multi generation home would work perfect if it was not for the sociopath boomer generation.

[@randymillhouse791]

@@ironuckles There are no good restaurants in the USA. NOT ONE! Try my homecooked Yankee Pot Roast. Totally awesome for $25.00 and we eat dinner for two for two nights.

[@Name..........]

Its not a standard to have a large house. Its a standard to have a stable life, your own house place your own car, kids a family. I wont even be given the opportunity throughout my life to own a tralier....I dont have a stable car...or anything. This is what happens when your born in poverty

[@brianjohnson7137]

I think your analysis in this video is SPOT ON! The biggest thing that has helped me (although I’m not perfect) has been severely limiting my social media use. It’s much easier to forget about keeping up with the Jones’ when I don’t see them everyday. You’ve earned a new subscriber!

[@ElAgustin]

Thanks!

[@Revert2017]

I spent 10 years in Central Asia…trying to explain how I can buy a house, pay on it for years and the bank has the ability to take it back if I miss 3 months payment blew their minds…they had NO understanding.

[@edwinf4524]

I can’t agree more to anything you said. Greetings from Germany. Americans (and we all) should take a look outside our country and culture and question anything told.

[@gloofisearch]

Yep, that is the most important thing, ever. The problem is that Americans are taught from Kindergarten that America is the best in everything, so it does not come up in their minds to look somewhere else as it can only be worse in other countries since we are the best.

[@lintzejian]

​@@gloofisearchI totally agree. I was born and raised in America and didn't realize this irony until I started looking at other countries and learning other languages.

[@ericp1625]

We work to consume and then have to work to pay for all that we have consumed and consume more to numb the stress because we have consumed beyond our means. I jumped of that hamster wheel about 8 years ago.

[@yellowbird5411]

Isn't it funny that if we see someone with an old car, we get the impression they have no money. If we see someone with a new, expensive car, we assume they are pretty well off. Actually, the reverse is true. The old car owner is not paying a lot in car payments and insurance. So he/she has more money to keep and invest. The expensive car owner is saddled with huge car payments and horrific insurance, often paying over $1,200 a month for both, which kills his/her extra money that could be earning more money for them in investments. Cars are a depreciating "asset," but they aren't an asset at all. They are a liability and an anchor around your ankle. That money, whether in payments or all cash purchase could have gone to work for you in making even more money. A new car doesn't tell anyone who you are, it tells them you spend too much on things that don't matter.

[@dianabehr3169]

Many rich people are frugal, drive old cars and wear cheap clothes = that's how they got rich

[@plappin]

There is truth to what you say here, Austin, but there's more going on than just individual spending habits. Inflation is extremely high and wages are not keeping up. The cost of housing (first and foremost: we all need to live somewhere), transportation, healthcare, and higher education are rising rapidly. The "overclass" (the super-rich) are squeezing the population: they're the ones calling the tune and our government, dependent on donors, listens only to them -- indeed does their bidding. It is they, the super-rich, who are making sure costs stay high to ensure high returns on their investments in pharmaceuticals, oil, REITS (real estate investment trusts), insurance companies, and of course, the military. Their ability to control government policy means we will never have single-payer healthcare, first-world transportation infrastructure, or publicly funded higher education (which we used to have). We're not the only consumerist country out there but our population is in worse shape because our social safety net has been eroded for fifty years. This is why so many Americans are suffering, and it's only going to get worse as the dollar gets weaker in the years ahead. The rich will always seek higher returns on their investments and it will be at the expense of everybody else.

[@leedezern6862]

But that’s when spending habits are even more important. I say this because it’s happened to me. I know available funds are lower but I didnt lower my spending accordingly. Some spending is unavoidable. We have to pay bills but there’s areas in which we can exercise better control

[@kemi1486]

Plus regular working Americans are taxed into oblivion! Our incomes are taxed and EVERYTHING we consume (food) and use (trash bill) is taxed. Each American pay at-least 50% in taxes monthly.

[@hologramhouse729]

Well said!

[@joannacurran8475]

So what are the other 35p million doing to stop all of these 'wrongs'? No-one forces you to finance a new car...buy less and the government receives less taxes, stop shopping at stores/ using services owned by the bad guys....

[@JChavez0305]

The whole video went over your head.

[@Kenya1984]

While that is true about family structure in Ecuador preventing homelessness, here in Finland there’s no homelessness and it’s the most individualistic society. However, the government does ensure everyone gets a home and their def of homeless is even different. If one needs to stay in a shelter that is homeless. People also live in smaller homes, but if quality like sauna in each own apartment, triple glazed windows, and heating is free included with water bill which is 12euro-19 euro per person. Housing is super affordable here and people don’t take out much student loans as universities are free. America is expensive, while slightly higher salaries but the cost of everything is insanely high, I.e. housing, healthcare, insurance, universities, car as the main mode of transportation, foods, eating out, etc.

[@Name..........]

We have lower salaries here actually, most average Americans are getting paid 10-12 while the rising inflation level is 400% above our income

[@garybulwinkle82]

Homelessness in America is a lie for the most part! These people living in tents on the streets are drug addicts! They don't want to change because they like living on the streets where they can remain "high"!!

[@dadbod591]

The family structure is such a HUGE point. It's the main reason my wife and I are moving from the US to Peru to be with her strong family. My family gets together a couple times each year, her family gets together almost every single day.

[@_gypsysoul]

The problem is us. If we didn't consume at the levels we do and keep taking on more debt to keep it going it would clear the system. All of life comes down to one basic economic process, supply and demand. No spending like we do? There would be no Amazon, Apple, Tesla etc. Governments would not have all the tax money to wage wars around the world in order to give more and more money to the military industrial complex. If you want to make a difference lead a simple life, get out of debt, stop wasting money buying crap.

[@powerwisdom1111]

Stop spending is the first step right on! People need to treat money for what it is. Can you tell a time when money or a number referring to a cost wasn't brought up in a conversation? The centralization of money is the very reason for why inflation is skyrocketing. It's not a big deal!

[@brianbeecher3084]

And if you are single with no children or pets, live in a rented room somewhere. And bringing back traditional rooming houses could begin to make a dent in our huge homeless problem.

[@MarkXHolland]

Agree, but the UK has a far older history than the US, and we have similar problems. We do share the same western consumer culture, however.

[@ElAgustin]

I met this one English person who told me that the US is like the UK's young nephew that's trying to take over the world and UK's like, "We tried that a while back...you don't want to go down that road."

[@westfield90]

As a middle class citizen in what seems to becoming a growing cesspool mired in divisive politics, a growing generation of young people brainwashed by activism, fentanyl, pot and depression. A growing list of staggering issues such as open borders, homeless, funding overseas conflicts, weaponization of our judicial system for political purposes, hyper partisanship, runway crime and the inability to lock anyone up all will lead to a unrecognizable society that I just don’t know how we avoid a massive reckoning of the likes of which we’ve never seen before.

[@TylerG7777]

Well said. Totally agree.

[@MasterTSayge]

20 years ago i was an avid planner for the future. Now i live for today. F*** the future

[@kaceykelly7222]

YES! We are so spoiled and just expect everything! We do not understand the importance of self-denial & discipline. Worst of all, most Americans are poorly educated in healthy & frugal money management.

[@KristinPMosher]

America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..

[@Grace.milburn]

Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned 480k savings to turn to dust

[@mikegarvey17]

This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.

[@mariaguerrero08]

@@mikegarvey17Mind if I ask you to recommend this particular coach you using their service?

[@mikegarvey17]

*Gertrude Margaret Quinto* maintains an online presence. Just make a simple search for her name online.

[@91ScottieP]

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

[@stevenwalter1255]

There is a lot of truth in this video. I'm 60 y o and can tell you 1st hand there is no sense of community in my area. Surrounded by thousands of people but all alone. No one flibs a guck about their neighbor

[@Veronica-vl2ht]

I totally agree with you. Not only do most Americans live paycheck to paycheck in perpetual debt which leads to stress, and illness but is a vicious cycle that never ends. We in America need to slow down and find contentment bin the simple things and not be propelled into the whirlwind created by consumerism and we'll enjoy life more, and have time to spend with family eliminating a great deal of the problems we experience. You are very astute. I hope they're listening.

[@theoriginalDAL357]

Americans without a long-term cultural identity are easily manipulated and fleeced by Americans with a long-term cultural identity, or so it seems.

[@luciamassaro6203]

I agree with all you say… but, I can say (from Italy) that it’s not only in America. I think that this situazion is common in most of the industrializzed Countries

[@Mpm.611]

Same in France

[@rachelarmstrong807]

I would add that we, as a general population, are UNEDUCATED in finance and economics as well as skills, trades, and even social skills that could help us become wealthy.

[@Kerplunk990]

This is done on purpose, the world cannot afford for everyone to be financially literate untortunately.

[@zeekay9941]

We also live in a society that prioritizes a “treat yourself” mentality where we are justifying self indulgent spending due to an arbitrary amount we crossed over prioritizing our values.

[@user-bd1un7th2h]

I am from England and its the same here. Me and my wife bought a modest semi detached house and a car that we paid off years ago that keeps on going. Because of this when we had kids one of us could afford to stay at home. We are not into going out drinking or buying lots of stuff from amazon we are happy with little (and good holidays each year). I do feel looked down on by people with a bigger house/ car etc that they spend all their time paying for, kids in nursery and no holidays abroad each year, but they dont see it! I do realise some are stuck in a bad situation though. Great videos!

[@jacqueslee2592]

You do not know what really goes on inside these homes or behind the facade. It is all vanity but not real. What they are really telling you is that they need to have validation to live their life. I did not know that British did these to other British. In the US, it is basically people putting in to your face because they want you to look at them. The Armenians in Los Angeles do this a lot and the vain upper middle or wealthy classes.

[@yellowbird5411]

@@jacqueslee2592 See my stuff? I'm part of all of it, and therefore I am worthwhile, because my stuff is worthwhile. The more expensive my stuff, the more valuable I am. So sad.

[@TylerG7777]

Such a good video. So much truth. Thank god I discovered minimalism about 5 years ago. I’m not a true minimalist, but I’ve incorporated so much of that concept into my life. Paid off all debt except for the mortgage. No credit card debt or car loans. I still work hard, but I have a decent amount of free time and lots of retirement savings. American culture is broken. I watch all these people around me spending everything on “stuff” and desperately trying so hard to show everyone else how successful they are, and I just shake my head. They’ve got it all wrong.

[@BigPhilly15]

Broken Family Structure. Amen. Divorce killed me financially. Every day is a massive challenge.

[@melli-yelli]

💯 agree, i’m also divorced. So there are things you can split in half so each takes a share like a stack towels but you can’t cut a toaster or microwave oven in half and it still works You might think those are petty but multiplied by 100 of small things it’s a lot Sure you can buy a smaller place after dividing money in half but you still need a whole kitchen, bathroom etc. Divorce is a wealth killer

[@one100billneoone4]

3 years divorced and I cannot believe how much $$ I have been able to save and invest. I cannot thank my ex-wife enough for filing for divorce. Sorry to hear it didn’t work out for you but it will in the long run if you play your cards right.

[@frankcorrea8691]

Did you get caught cheating?

[@BigPhilly15]

@@frankcorrea8691 No

[@BigPhilly15]

@@one100billneoone4 Any kids? Child support has been the real killer.

[@yellowbird5411]

Americans, since after WW2, have been groomed by corporations, companies and businesses to believe we cannot live without "stuff." Anyone who is interested, look at some of the ads from the 50's and 60's. Even today we are still being sold a bill of goods with "You deserve it." "You worked for it." "The best (whatever), and the pictures show us in amazing romances if we just buy this car, a great marriage/family if we just buy this huge home, and excitement, if we just book these cruises. Advertising appeals to our pleasure centers, our emotions and our greed. We are brainwashed. I cannot tell you how often I hear, "I HAVE TO HAVE...." It's ridiculous. Whether we HAVE to have our Coke, our expensive car, our air conditioning set on 70, or our Starbucks, we are convinced we would JUST DIE without it. We have become spoiled children, and that was the corporate goal for grooming us. It worked.

[@brianbeecher3084]

At least most of us woke up regarding the dangers of smoking. But I doubt that the consumer treadmill can keep going nonstop forever.

[@GigaChad_169]

I think you’re completely right. Especially the lack of strong family structures. People are so divided when it would be in peoples best interest to pool resources and talents to accomplish collective goals in life. It’s a shame.

[@katrinapeacock8317]

Unfortunately this applies to a huge portion of the population in Australia too. Here we're also a culture that believes that home ownership is vastly superior to renting. Except that it leads to enormous debt that people can barely afford and then you basically lose all of your freedom. This is a big reason why Aussies live payday to payday. I'm not sure that renting is an amazing deal either, but I prefer to have no debt and quite a lot of financial freedom.

[@ElAgustin]

Hola!

[@bcusaaus4749]

I’m Aussie as well and finally stopped the insanity with consumerism! Debt free now but, I see lots of mates still struggling being house poor and living paycheck to Monday ( paid Friday , pay bills, broke on Monday) then scrap the next 20 something days 😢

[@Demonfireangel]

Regardless of where in the world you're in, home ownership is usually vastly superior to renting. Would you rather pay someone else's mortgage (renting) or pay your own mortgage (owning)?

[@katrinapeacock8317]

@@ElAgustin 😊👋

[@gavinlocke5980]

Lived in Australia for 8 years New Zealand is the same the belief to live on credit, buy now pay later is why people live week to week. The basic save up until you can afford is mostly gone.

[@robertschaefer3223]

I lived in a small apartment in a 1960's era high rise for 20 years, about 10 blocks from work and walked most days. I can't tell you how many people said I should buy a house. By not buying a house (and all it's related expenses in addition to the mortgage) I was able to retire at 62. Actually could have gone at 61.

[@transitengineer]

Thank you, for sharing your insightful comments. As an African American male in his early 60's, not sure that, I agree with your comments about culture. However, I do see many Americans buying things they either do not need, or cannot afford. In my 20's, I had to learn ... who am, I really trying to impress: if my automobile is paid for but outdated so what, if my apartment rent is low but, it does not have air conditioning so what, if I still own an old VCR and a DVD recorder so what ... etc. Now retired, I have a fully paid-off home, no automobile loans, no college student loans, no credit card debit, a net worth of $1.4 million (with half in the value of my home and the other half in retirement accounts and personal savings). However, none of these funds are needed to pay my monthly bills because, I receive a monthly pension, annuity, and social security (smile...smile).

[@beth3535]

Excellent! It came through discipline and responsibility. Good for you!

[@SouthAfricaMintcompany]

From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.

[@CryptoOption-dn4qk]

Wow

[@CryptoOption-dn4qk]

But I still love my mentor Sophia

[@OnunuEmekaGodbless]

Sophia my life savior

[@OnunuEmekaGodbless]

All thanks to Sophia my life savior

[@LucyAndrew-ct7iu]

Though I started with as low as $15,000 AUD actually because it was my first time and it was successful, She's is a great personality in Australia

[@Glenningway]

We became a nation where we compare ourselves to the betters, and look down on those who don't have those luxuries. My teens and 20s was spent being laughed at mopping floors and cleaning bathrooms in a nursing home while paying for college since my folks were NOT smart with money or kept a job. It honestly made me bitter for the decade that follows as I watched those same people skirt by in life, start families. take over a relative's business, and buy houses and cars while I'm just now catching up to them 10 years ago.

[@emzywillrich7243]

The Americans who were denied the American Dream for years definitely have a sense of culture and identity because our fellow Americans don't want us to feel like Americans. However, we have no plans to leave and will stay and pursue our dreams like everyone else and see you in a courtroom if you try to stop us.

[@mendipfox1650]

Wonderful video. Myself after 25 years of consumerism have finally seen the light. I live in a wonderful, beautiful village in Somerset UK (think Hobbiton) and most of the folk around here lease big £150k Range Rovers, and I drive a little 1 litre Mazda 2. I drive it out of choice, because having zero car finance & nearly being mortgage free makes me happy. I find your videos so helpful at staving off the consumption itches. 😊

[@sgray4995]

Living frugally but good here in St. Pete, Florida.

[@marylhere]

In the US abandon warehouses and factories are unsafe for homeless squatters to live but perfectly fine for luxury apartments. Affordable apartment buildings are removed for that coveted corner lot for Walgreens.

[@autobotdiva9268]

ive minimalised a lot of stuff. even the kids summer wardrobe is 12 items of everything except shoes. 2 pair shoes, gymshoes and 1 croc. not doing all this laundry

[@user-wv9zk2ni6i]

I’ve never felt like I belonged here for the reasons you are giving. I never really thought about it. I grew up in a multi-generational home. I’m still living in it. I’m still using the things my grandparents bought decades ago. My family only ate out once or maybe twice a week when I was growing up. I still do the same thing as a treat. I drive a car that is older than me and I also ride a small motorcycle for most of my commuting. I have gotten so much flack for all of it and pressure to buy new things from friends and coworkers. However, I have no debt.

[@JoshAmes1980]

I rarely use my air conditioner and people think I’m insane…

[@thekid1597]

Try that in Texas during the summer, which is about 6 months outta the year 😳

[@willchristie2650]

Good luck with that in Phoenix. Even with air conditioning, in the peak at 115 F. degrees in the summer, you need not only air conditioning but all the thick plantation window shutters closed. Maybe this is a crazy site for the 5th largest metro area in the USA, and the fastest growing.

[@JoshAmes1980]

Yes, I live in Michigan. I would never do this in Arizona or Texas. But people still think I’m crazy even here.

[@robertwalker5521]

Am I witnessing someone auditioning for a part in a seventh grade play ? 'far too much vocal changing and hand waving

[@TheDoomWizard]

Yeah we're in decline. This is the last stable decade of our lives.

[@davidvernaza7]

Great video Austin. Greetings from Ecuador!

[@conybrown991]

78% americans living paycheck to paycheck, but record high real state market, air travellers, holiday sales, strong demand in merchandise, etc. I wonder whos spending or if the data is fake.

[@lakaumbucha]

I checked out bought a bicycle and now just bum around town looking for sodie pop cans. Everything will work itself out.

[@rachelsparks1458]

That's the ticket. Every purchase should be something to use to make additional money or the energy get you through to better job opportunities.

[@emzywillrich7243]

Luckily, I am from the generation that had a great family structure - Mom, Dad, Siblings, Aunts, Uncles, Cousins, Friends - the one parent household was the exception when I grew up. It was very rarely seen.

[@Vic-nr2jz]

Amen. We are soft and never satisfied!

[@xxatatskixx]

It's amazing that with all these financial advice videos over the last two decades, Americans are still living paycheck to paycheck. We need more of these videos and some expensive online training education about finance to spend our paychecks wisely.

[@lateshachurney5965]

My wake up is 4 am for in person work days. All the rest of that schedule is about the same.

[@pneumaticman5927]

VERY insightful. Been part of the rat race (trial lawyer) for 35 years, but have lots of international travel. I’ve argued (and been the self-imposed victim of) these things the entire time. Finally trying to make changes.

[@JoJo-vz5uy]

I moved to the US 20 years ago from Europe and I cannot wait to move back home. lol

[@frankcorrea8691]

So long, by by!😮

[@overk1llz]

The US is like a casino, you leave when ur chips are up. You don't move into the casino. That's how you lose.

[@Michelle_Emm]

You should get a medal for lasting 20 years. 🏅

[@PineappleOnPizza69]

@@overk1llz US is also a corporation designed to enslave you

[@stevenbrady440]

Drug addicted and the mentally people living on the streets have smart phones. Your point about a cultural breakdown is right on. Even in this country… When is the last time anyone has seen someone living on the street who is Hispanic? An Asian? Rarely or never. And the question needs to be… Why is that? It’s not because of a lack of homes.

[@elizamartin4263]

Almost at 100k! Your content is so on point 👍🏻

[@philipdefrancisco7540]

I will give up a lot of stuff before I give up air conditioning!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@sct4040]

Heat and AC are essentials.

[@STScott-qo4pw]

Depending on age, health a/c is not a luxury.

[@SouLoveReal]

I live in San Francisco. NEVER too hot - NEVER too cold. However, the ¢O$T of LIVING is OUT-EFF'ING-RAGEOUS. I feel for people who are "forced" (if you will) to make a lot of money because their jobs are HERE, and they cannot work from home, let-alone from another city or state.

[@briankay3146]

America has always lived paycheck to paycheck. The only difference now is that unaffordability of housing is now a nationwide situation. There needs to be much more construction of low cost housing to make at least the minimal living condition affordable to someone that makes minimum wage.

[@darkmatter5424]

Excellent analysis and insight, especially the first point about US culture (or lack thereof).

[@ryancagerbaker]

It’s always been odd to me that generational wealth was not the standard in a capitalist country. People move here from other countries just to build generational wealth. Even a family side hustle could grow.

[@beth3535]

It’s totally a lost opportunity.

[@flohough1870]

This is excellent, something I've not thought about, but you make a lot of really good points. Our sense of family and self is seriously broken so we look to stuff and things to fulfill our emotional needs. We are on a roller coaster and all of us need to get off. Definitely a lot of people stuck in a vicious circle. And yes, our comfortable way of life has made us slaves because we don't want to do without anything. Throw in current inflation rates and it's definitely a recipe for disaster for many.

[@ElAgustin]

It's interesting!

[@Wewereneveryoung]

The idea of "family" never really included a father back then. He was just a sperm donor. Women in the family and brothers/uncles are what comprised a family. We're a world consumed with sex. This has a bitter and brutal end

[@seattlegrrlie]

No, it's not on us spending too much. Rent plus transportation for most people is about 60% of their budget leaving very little for food and nothing for emergencies. As soon as one emergency hits, we have to go into debt and slowly catch back up.

[@katherinepace7369]

Astute observations as always, Austin. I always look forward to your new videos!

[@ElAgustin]

Thanks for watching!

[@jolenetwomey8280]

Five years ago, I moved to the small college town where I got my undergrad because I knew I could find a cheap apartment. My car was paid off two years ago. I took early social security. All these moves and more make me one of the 22 percent!

[@user-fv7nw7pl3b]

I work my ass off at a auto repair shop, I've been trying to save up to get a ring for a gf (her parents said yes) it really sucks that between basic bills I can barely save anything. It's crazy.

[@chrissharkey9644]

That was an amazing video! A lot of thought put in to that piece!

[@amy2284]

Hi Austin - thank you for video content. You brought up many true things about other counties vs. our culture here in America. My family came from the Philippines and we have many similar traditions as South America and Mexico. I do want to say though that living here is such a blessing. My extended family and I have been able to build a comfortable living here that could not have happened in the Philippines. If you are frugal and work hard staying out of debt - you can live a comfortable life here. Many Filipinos would love the opportunity to come to this country. Living in both countries - I am so thankful to be here. It’s choices and hard work- everything Dave Ramsey talks about that changed our economic condition that would not have been possible in a 3rd world country.

[@user-yd3jd2em8e]

I’d add that American culture frowns on frugality. ❤

[@turtleanton6539]

Indeed

[@beth3535]

That’s changing in a lot of ways and places. In my area, a recent indicator is lowering of prices (not just sales) among retailers (grocery, etc). A massive shift in consumer spending is underway.

[@dana7340]

I agree with every point except the “no free time” point. Several hours laying on the couch counts as free time, it’s not an obligation. People statistically watch tv or doom scroll for 3 hours a day. That is a choice being made. If instead, they went for a walk or spent time gardening or etc, their perceived quality of life would be greatly improved. Personally I also attribute a ton of discontent to social media.

[@aprilm2664]

You got that right we don't have a strong family structure so people end up on their own with no family support very sad

[@yrankin1]

Spot on. I am not in this consumerism game anymore. I live well below my means now. It is still very expensive (I have to eat!), but I do everything I can to be happy with less.

[@dip.2271]

Even the most popular sport is commercialized with ads every 5mins. And then everyone talk about which company made the best commercial. ugh.

[@snuffbox2006]

You highlight all the benefits of extended family, but none of the problems. When your older brother sponges off of mom but will not drive her to the doctor. And cousin came up short again this month, but seemed to find time to get drunk a few times. The warring factions where you are pressured to take sides on who should be invited to Sunday get together or who is responsible for cleaning the common area. No surprise that as soon as people are financially able, they get out.

[@docgoldwaser]

Mexico 🇲🇽 = very intact family structure, perhaps more than any other. Everyone lives in debt. Lots of homeless people. Paycheck to paycheck living. Tons of suffering. Austin’s hypothesis is loosely pieced together by generalities and limited observations. Ironically, I agree with all the points individually, but not enough to generate a working hypothesis as to why this is occurring.

[@Wewereneveryoung]

Agreed. Nice idea though!!

[@danoalex2977]

Blanket statements are bs, so is generalization

[@Me97202]

I’ve never understood or bought into Americas consumerism. The only true freedom, is having money in the bank.

[@williamrice4608]

Much of the problem is poor money skills. Money is a subject sadly lacking in our public schools. You either learn them on your own or from friends or family. The information is out there all you have to do is let it in.

[@beth3535]

Absolutely. It’s been game-changing for me.

[@kimallnaturelle]

As an American who lives within her means, I'm seen as a failure for not "thriving". Even though I want a home, I'm weary of entering into debt for a poorly constructed domain. I believe in multigenerational homes, communities of mutual aid, and natural living. I grew up in multigenerational homes and have seen the importance of gardening to supply for your household and others. My parents were Haitian immigrants turned citizens and I've seen how collectivist values improve quality of life. Living in a 500 sqft, non upgraded apartment to reduce my student debts as much as possible. I work in government and am paid well and am working to reduce conveniences. It's exhausting but needed to even start a family. Trying to return to how I was raised.

[@travishylton6976]

Just don't ruin your life by becoming a single mom

[@YorBarkin]

On Point, and the same goes for Canada. Salud from Vancouver BC.

[@jennifersjunkmail5935]

You continue to offer us fresh, thought-provoking ideas. Thank you!

[@user-lc1nh1dd9z]

You are so correct in this video. I lived in Spain for a number of years. The economic opportunities are not great there, but I didn't see too many homeless people. Americans live to work, Spaniards work to live.

[@rebeccacoffman3497]

You are too kind in your assessment. We are a spoiled rotten culture. Families don't stay together hense children running amuck. Our prisons are full because most are men and most all have no fathers, or good male role models. People are selfish, greedy, and no one seems to be thankful for the many many riches and blessings that they do have. It is staggering and almost unbelievable how ridiculous we must look to other nations. America needs God. They said Rome would never fall, well America, the land of opportunity may see its fall very very soon.

[@frankcorrea8691]

And one marriage partner is always saying , gimme, gimme, gimmie or I want I want, I want, same scenario@😅

[@chaoticneutralsheep]

To my knowledge America's prisons are full by an intentional design because it still uses slave labour, only it's been rebranded. It's easy to get sentenced for some marijuana in a car, taken into custody for possibly speeding then get incarcerated, and they can never get out of jail because they can't financially support themselves. Nearly all of them become antisocial after being in a hostile environment where violence was a necessity and they'll have missed essential development milestones. It'll be down on the records making it more difficult to generate a sustainable income and many end up in a jail again for minor offences. Something is fundamentally broken when America has a larger distributed population of prisoners than China who have confirmed sources say they use Uyghurs in detention camps for labour because they're mimicking what the US has done. The system is made more obvious because the electoral college that heavily favoured slaves states now favour high prison populations and all those prisoners convicted of felonies lose the right to vote. Ultimately Greed is but one component, the real issue is often not caring for people which is what allows the selfish behaviour to persist. In America there's a push from government and journalism to have a lot of apathy or even elation at someone else's suffering, people go along with it for a sense of belonging, and to feel strong and superior. Best answer is to have communities working together and to stop seeing everyone as a constant competition because resource guarding wealth results in no one having anything by the end.

[@InsideLookingOut99]

Individualism sparks ideas which sparks innovation. We create new things not copy other people ideas. Willing to take a chance makes America great.

[@kellybarrington9057]

You make several good points in this video. Including our family structure and debt.

[@Davidstowe872]

For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.

[@Elkemartin213]

Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.

[@Greghilton3]

Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.

[@CindyValenti]

How can i reach this adviser?

[@Greghilton3]

Amber Dawn Brummit is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@CindyValenti]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@simonefeaster5131]

Very insightful, Austin! Thank you 😊

[@johnhsmitty9605]

Ecuador's poverty rate is something like 35%. US poverty rate is about 13%. To say the average person in Ecuador lives better then in the US is a bit of a stretch. No question there are US folks living in bad situations. The Ecuador comparison is very poor. However, there might be something to the culture idea. Living paycheck to paycheck because people try to "Keep up with the Jones'" is a real thing. In case you been living under a rock for that last 10 years, multi-generational households are becoming increasingly common in the US.

[@MIKEZG]

v true, this video helps anaylze ourselves

[@Evilhunknextdoor]

"Culture funded by debt" like a 30 yr mortgage

[@MrCarguy427]

You forgot two huge components. Americans are very over taxed! And the rising cost of living. There are many minimalist non consumer focused people that are still having a hard time.

[@brandonpolley]

Very well said

[@BarbieLoveUkraine]

I’m from Ukraine 🇺🇦 moved on my own to USA 🇺🇸 at 18 yo… totally agree… love USA but we need to be more connected with family and church ⛪️ and others- people are matter the most !

[@michaelcasalta7679]

Well Said!!! I Totally Agree!!!

[@vsFY2023]

Most people that live paycheck to paycheck are spending what they don’t have. Period. People now cannot control their own financial situation

[@Scarletcroft]

Hehe, yeah talking about culture. I'm Dutch I was tought to be frugal. Frugality is ingrained and encouraged in my culture and we take pride in our Frugality and directness of communication. A dutch person will brag about getting something as cheap as possible to friends and family. (don't deny it fellow dutchies, we've all done it.) The word Debt itself just makes me have chills. We talk about which supermarket chain is cheapest or even........that some things are cheaper in Germany and that it might worth it to buy certain items across the border. Like you said it's deeply ingrained from our time as a world superpower in trading. we have quite a few sayings/proverbs/idioms around money/trading and sailing. For example: (englified of course) -(only)The Sun rises for free. -Throwing money over the railing. (waisting money) -Choosing eggs for money. (Settling for less) -Money doesnt grow on my back. -Even if you pay me! (I would never do that) -To ask is free/ Asking something costs no money

[@beth3535]

German side of this. Ostentation is also frowned upon by grounded people.

[@juliemarkham4332]

American cultural identity comes from our European ancestry: English, German, or Dutch, but isn't really replicated in American culture except in emigrated pockets of small cities (in Michigan that would be Frankenmuth or Holland) or in immigrated communities (again, in Michigan that would be Dearborn). The reason Americans live paycheck to paycheck is a direct result of living in a capitalistic society with competitive roots and the effects of a culture of debt.