Can We Afford For Everybody To Be Financially Responsible?

[@HowMoneyWorks]

Get a FREE bag of coffee with a new Trade subscription: drinktrade.com/howmoneyworks

[@C05597641]

The Americans on 4chan say they have no savings because they invest all their spare cash and that savings accounts are for idiots.

[@Metal0sopher]

One thing missed at that end is that most of that useless junk we buy and throw away, and then buy more, is made in other countries with cheaper labor, and it creates a FAKE exaggerated value to US GDP, since most of those companies are American, but only the top brass income comes back to the US, the vast majority of the company's running expenses, land, rent, labor, local management, shipping, is spent-aka invested, outside of the US, so we lose on that revenue being invested here. While the money we spent here, most of it we sent it there. Yet the GDP numbers don't account for that, and pretend that the entire value of those companies are here in our economy, but they are not. That's why stocks are so high, but we are all so poor.

[@stevechance150]

What happens if there are less people? Gen Z is the smallest generation EVER, and they aren't planning on having kids. Kids are EXPENSIVE. What happens to our economy over the next 15 years as the boomers die off (not that old boomers do a lot of consuming, most of them are concerned about outliving their money).

[@paulhorbenko9560]

I like how this has 5 likes almost 24 hours after

[@hydraulichydra8363]

@@paulhorbenko9560 people are waking up to the evils of coffee!

[@edeasley144]

Being financially responsible is actually my anarchic middle finger to the system.

[@thewhitefalcon8539]

You either F the system in one of two ways: You be financially responsible or you be so financially irresponsible that you never pay off your debt. Either way the big banks loss. They win when you're irresponsible but not so much that you can't pay the interest.

[@Leftists_are_Losers]

@@thewhitefalcon8539that’s when they get to take large chunks of your paycheck just to keep you in debt, month after month.

[@vladimirofsvalbard9477]

@@thewhitefalcon8539 Big banks don't lose when you become delinquent; they get bailed out lol That's why they give out such risky loans.

[@AnomalyBelleza]

@@thewhitefalcon8539😂 very true. Great comment lol.

[@Ned-bw5tt]

It would be amazing to exit the system, and pay for everything in cash ( or Bitcoin)

[@DevoutSkeptic]

I need people to be financially irresponsible so the housing market can crash and I can finally afford a house.

[@emm753]

Well, it only got the way it has because of people being financially irresponsible so yeah I guess it all works out.

[@DevoutSkeptic]

@@emm753 Financial Karma is a bitch.

[@theultimatereductionist7592]

On it!

[@wilberwhateley7569]

And yet it wouldn’t be the way it is if the corporate class was responsible in the first place…

[@MrMarinus18]

Also "financial responsibility" is really just a deflecting tool so that companies won't be blamed for paying too low wages.

[@SquishyProductions]

I watched my parents fall into that trap where they built up so much debt they were barely able to pay off the interest and never had enough to pay down any of the actual debt. I swore I'd never go into debt no matter how bad things got. Even the times where I was on the brink of homelessness.

[@bigboymamba]

does not mean that they were irresponsible. maybe the could not raise you without the initial advantage they got out of it. it provided liquidity in the beginning.

[@muradshawar]

@@bigboymamba debt is bad watch dave ramsey

[@OmegaVideoGameGod]

There’s always a way to make money but it’s nuts to think we also have to depend on others to pay us.

[@djm2189]

Yup! I just turned 29. Earn $120k, no debt, 110k net worth so far. Unfortunately I can't get a home yet, way too expensive in my region and not a real bargain everywhere else. Past that, live fairly simply. Eat out 2 times/week, paid off 2016 Altima, work from home, enjoy free outdoor activities over shopping. Already bought my 30th bday trip. Got a great deal half off 8 days Bahamas, but I had to pay it cash today even though it's a year out. Really does cost a lot to be poor vs having the means. I grew up poor AF, first gen American. Never wanted that to happen again.

[@pedalesmexicali]

And what trap is the one you’re talking about?

[@AlZ-oy4si]

Love the idea of becoming financially independent and moving out of my parents' place by 50.

[@chimagamer4157]

by then they give you their home, through a mechanism called inheritance, so you never have to move

[@firefly9838]

@@chimagamer4157 wow that's a great idea actually

[@landlockedcroat1554]

​@@chimagamer4157 blobfish

[@AlmaVasquezjr]

At 50, you should stay to help your parents in old age. And your kids should be having kids by then. All four generations in the same homestead.

[@sebas8225]

Nice dream.

[@FloridaTVDX]

Gotta admire Adobe's hustle, because nearly everyone on KZbin is still paying them that regular fee for Photoshop and Premiere in spite of free and non-subscription alternatives that are just as good. Meanwhile I'm still using the 2014 edition of Vegas I only had to pay once for.

[@SherrifOfNottingham]

anybody using premiere is an idiot The standard of hollywood was Final Cut, and now it's Vegas. Even if they're doing the same thing, using the third rate choice while also paying the scamscription for it is a special kind of stupid.

[@BitestheStuff]

Most stuff I regularly did in Photoshop, I find I can do in GIMP or even Photopea. Worst yet, Adobe won't even let you pay for individual programs. Like, all I wanted was Photoshop and After Effects. Been learning Davinci Resolve bit by bit, and while it's a bit of learning curve for me, and it isn't quite as intuitive as After Effects, it's also not a huge resource hog and doesn't slow down on me to a crawl about twenty minutes into working on something.

[@JodyBruchon]

*I pirate everything.*

[@2000daboss]

Fuck that, I just pirate that shit. My dad needed to edit some pdfs, adobe pro it is for him.

[@Ben-rz9cf]

They're doing aggressively targeted ads on the trailer for procreate dreams. They're panicking because their scam is up 😂

[@joepiekl]

It seems similar to the "just start your own company" advice. If everyone did it, then no-one would be able to do it, because there would be no-one to work for any of them. It relies on the fact that most people are never going to do it. As for the house price argument, it reminds me of comedian Henning Wehn's definition of a mortgage: "A mortgage is something that allows people who can't afford a house to push up prices to a level, where people who could otherwise afford a house, can't either."

[@izaiahshorten7609]

This is simply not true. 100 years ago 95% of businesses were family owned vs 5% today.

[@joepiekl]

@@izaiahshorten7609 I don't see how that's relevant. '95% of businesses are family owned' is very different from '95% of people own their own business.' 100 years ago, I'm willing to bet that the vast majority of people still worked for someone else.

[@murdurer333]

​@@joepiekl you forget one critical thing about starting your own business: you are the first employee. If there's no one to hire, at least you can work for the company. It still works.

[@joepiekl]

​@@murdurer333 Technically yes. But that's just being self-employed. Not the sort of thing people are typically thinking of when they come out with advice about starting a business. It's possible to make a decent living being self-employed, but in plenty of other ways, it's just a job with none of the benefits. Very few people are going to get rich without employing other people.

[@murdurer333]

Everyone can't be rich, that's a given. Because someone wouldn't consider themselves rich if everyone else had the same amount of wealth. But I don't think that's the point, if everyone could just earn enough, it would be a good situation. And that would be possible (with exceptions) if everyone was self-employed, if everyone was running a company of one employee. I don't even buy the argument about investing and stocks becoming more expensive. The market would stabilize in a new normal where business loans are easier to get, businesses could use that funding to innovate more, and the total market would grow to allow everyone to get richer more quickly. The stock market is not a zero-sum game.

[@TheEmolano]

We really should strive to make every consumable fridge-like: you pay a lot for one but it's going to last a decade. This culture of disposable stuff that can barelly last 1 year is really hurting everybody, specially the poorest.

[@baronvonjo1929]

I don't understand why companies don't do this. I had a Apple phone and it just stopped working. Apple lost me as a costumer. Ford, GM, and Chrysler kept making terrible unreliable products for decades to the point they are not jokes in the automotive industry, pulling out of nations world wide and have had decline market share in their home turf. Toyota is now the biggest automaker in the world because they are famous for reliability and quality. They aren't perfect of course but their ideals have gotten them this far. I don't understand the company that produces a crappy refrigerator that breaks and expects a costumer to think about buying another one from the company again.

[@Ben-ee2xy]

The nature of life on earth is to consume as much resource as possible

[@answerman9933]

@@baronvonjo1929 I am not an advocate for Apple phones but which phones do you use now?

[@bluebay0]

A decade? How about a century?

[@cfri9332]

@@baronvonjo1929 Companies don't want people to be happy, they want to make money. So if they keep people buying again and again and again, then they make more money. If they get every other player in the game to do the same thing, then they make even more money.

[@OperationDarkside]

I'm financially responsible. I watch KZbin all day. Can't spent money. Must watch.

[@HowMoneyWorks]

Well you keep me in the job so thanks!

[@emanym]

That’s addiction 😮 I’m a KZbin addict too. Don’t be forget to take a walk. Go to a friends house if they are close 😊

[@kylekimminau9476]

what's a friend?@@emanym

[@rsantana389]

Some addictions make you lose money and others make you save/earn money. Think about it

[@OperationDarkside]

@@emanym I got into woodworking and gardening. Feeling and sleeping much better since I started. Got some muscles too.

[@dewaard3301]

Well, to some extent, it doesn't matter where the money goes. It doesn't disappear. But what does matter in the bigger picture is the question whether the stress from being poor hurts people's productivity for the economy. And it absolutely does. People stay stuck in jobs, kids don't get the right upbringing, crime destroys a lot of wealth, etc..

[@taodude]

I'm with you. I have to say though that it does matter where the money goes, because a lot of the money that's created or goes through the economy normally gets siphoned off the top and planted in the pockets of the wealthiest few. There it sits, doing almost nothing for the other 99% of humanity and allowing the wealthy to buy anything they want. They use their wealth to buy social and economic policies that benefit them, and the propaganda to support it all, fed to us as "news" and taught in schools as "common sense" although the talking points and curriculum are bought and paid for and sound just like what will benefit the owning class more than anyone else.

[@ianollmann9393]

Excess private debt also just isn’t good for the economy. If things go wrong for you, you could overhand cut your expenses to the bone and ride it out, except there is a debt payment waiting to kick you while you are down that won’t be cut. It’s the sword of Damocles that you rig up for yourself. If you run out of cash, you are looking at bankruptcy. Excess debt is also just a tax on income. Those interest payments are doing anyone any good. They certainly aren’t useful value entering the market. It is just a tax on your future success. Just say no.

[@thewhitefalcon8539]

There's a shortage of productive jobs anyway. The economy doesn't care if the bottom 50% are less productive because they aren't productive anyway. They're just filler.

[@effexon]

also 2008 crash brought down responsible people with bad luck timing their house purchase, so there are often collateral casualties from big crash. (eg buy house, 3months later markets crash and bank demands more collateral for house which you dont have -> loose house, debt is still your burden)

[@griffinoleary1694]

but money does disappear because money is only people's time.

[@randomaccount53793]

One of the most tragic things is getting too caught up in that mindset that after a decade of saving/investing that you forget how to spend money for enjoyment. Fully understanding the time value of money is an absolute buzzkill. I am too afraid to spend money on anything that isn't immediately necessary for fear of the opportunity cost of it not being investing. Financial responsibility needs to be sustained and balanced with enjoyment, because too much of it can make everything seem a bit pointless.

[@yepyep6916]

Agreed…I believe in a balanced approach …save and spend in moderation.

[@SeattlePioneer]

Bull. This morning I went out and dug up blackberry roots on some public right of way so that next years blackberries wont overgrow the sidewalk --- hard physical labor. This afternoon, and visited my rental house where I mowed the lawn, a service I provide for my tenants. I have LOTS of projects which I enjoy doing and which either cost nothing or save me money. I avoid paying money to have someone entertain me. Enjoyment is only incidentally related to spending money, in my experience.

[@xensan76]

I think we forget that money is wholly a social construct. An important and useful one, yes, but the important thing is what we get for it.

[@reahreic7698]

Yup, spend a decade throwing massive amounts as student loans. Now it's hard to spend on stuff as I'm too used to researching the hell out of each purchase and just not spending.

[@potatojoe1070]

It is just damn difficult this day and age to be financially responsible. My friend's dad who at the time was in his 70s would ask my friend: "where is is all of your money going?" Mind you, when this man was young, you could make 8 bucks an hour, for 40 or 50 hours a week at most yet you could afford a nice house in a fancy area, 2 cars, and sustain 4 children, and still have spare to pamper themselves. His wife didn't even need to work. Now you make 25 an hour, work two full times, and still struggle in a big city paying for a car and insurance, an apartment in any big city, and sustain one child. The American Dream is dead imo.

[@avinashtyagi2]

If everyone was financially stable It would likely prevent as much economic instability, and lead to longer expansions and shorter and shallower recessions

[@funkerdoo]

causing recessions are how the Feds have decided they should fight inflation, has less to do with the economic stability of individuals (unless you mean those at the top)

[@Megaawesomeguy]

@@funkerdoo The Feds aren't responsible, it's the lack of Congressional action to prevent catastrophes that leads to these situations. Congress and the Supreme Court by extension lead to the new housing crisis with terrible zoning, terrible transportation and lack of overall care for important decisions. Take the leadup to the 2016 election? Was Nuclear discussed? Was better Rail and zoning discussed? Was domestic semi-conductor production discussed? Was a competent healthcare system even discussed no. The Fed can only raise and lower rates, and they're doing their dam nest, while the rest of this country is still voting in people based on constituency. I'm almost done with democracy

[@funkerdoo]

@@Megaawesomeguy I agree with you about most things, I just think it's terrible how the Feds tie inflation to unemployment. The only way they know how to curb inflation is to raise unemployment, which is unacceptable to me. How can we in good faith claim that anyone can claw their way out of poverty when the system literally relies on some of the population being unemployed? If more people are employed, it's less profitable for those at the top. So what do they do? They ruin lives for the sake of that profit margin. The system is beyond broken, though i suppose for the wealthy it's working as intended.

[@harristengku7153]

Yes but.... Capitalism

[@wellmansrants4282]

its gods money not capitalism is the problem commy @@harristengku7153

[@Rochelletrem]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@Jaffcardwell]

Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.

[@Jessicahensley.]

@@Jaffcardwell I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.

[@Jessicahensley.]

@@Jaffcardwell Thanks, I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.

[@pr0blem96]

lmao stupid bots

[@marcellopagway8926]

You furgot the reptilians...

[@MTBNeuro]

This is the real reason why high school kids aren't taught personal finance.

[@reclassified_]

There is irony in the generation with the easiest access to information complaining about how they are not taught something. If you spend more than 10 hrs a week scrolling through the internet and you can only learn useless information, don't blame the system that hosts the same education on the same platform.

[@TheNapkuchen]

​@@reclassified_ some people learn by themselves and some don't. There's nothing wrong in demanding that the instance that is build to prepare children for the adult life, actually prepares them for the adult life.

[@reclassified_]

@@TheNapkuchen Those same kids also self-teach various other topics not in the curriculum, including using the current internet, so that excuse doesn't work either. Unless you want to claim that there are individuals that learn nothing outside of school?

[@lukeedwards7677]

​@@reclassified_the issue is less education itself, but rather certification behind which the jobs that have a better chance of providing any real form of financial independence have essentially been paywalled

[@TheNapkuchen]

@@StillWaryofExtremes Touch some grass bro^^

[@debbygradley25]

At this moment, things appear to be odd. Inflation is reducing the value of the US dollar, but it is strengthening in comparison to other currencies and commodities like real estate and gold. People are switching to the dollar because they believe it is safer. I worry that the rising cost of living may cause the value of my retirement savings to decline.

[@JenniferDavis7630]

Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

[@Angelinacortez495]

Several individuals minimize the importance of counsel until their own feelings become overwhelming. A few summers ago, following a protracted divorce, I needed a significant push to keep my firm afloat. I looked for licensed advisors and found someone with the highest qualifications. She has contributed to my reserve increasing from $275k to $850k despite inflation.

[@danieltaylor--65]

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

[@Angelinacortez495]

'Laurelyn Gross Pohlmeier' a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@DavidLucas-so8rr]

I appreciate the lead. I did some research on her and emailed her. I'm hoping she responds to me quickly.

[@benzpinto]

this simply demonstrates that the commerce system driven by consumerism is broken

[@OroborusFMA]

Capitalism is a failure economically, politically, and most of all morally.

[@antiquesewist423]

I've been saying this. The system is designed to only work with 1) a constant poverty working class, and 2) a constant consumer class. If everyone actually became all responsible and frugal, this circus would come crashing down. Almost all of make our livings through consumerism. Our paychecks depend on people buying crap they don't need

[@donaldlyons17]

Yep and KZbinrs are a great example. The richest ones IMO are all in entertainment!!!

[@Makalon102]

"people earning $250k live paycheck to paycheck" such a concept is just unthinkable to people like us who are financially responsible, it boggles the mind

[@BostonCycling_]

When your hosing and car payment is $8000 a month combined that only leaves like a couple thousand left after their other excessive spending. Combine that with student loans and $10k vacations and you’re broke. $250k gross = $12.7k per month take home in a state like CA Note: this is *not* me. Just describing a situation I’m sure exists out there all over the place.

[@andresg4690]

​@@BostonCycling_ If you are financially responsible your fixed debt should be around 6k on a 250k salary. You have ample room to save and invest.

[@mennymoto]

@@BostonCycling_ you either are broke or have $10k vacations

[@BostonCycling_]

Well, that’s how they end up being broke lol!

[@BostonCycling_]

@@andresg4690 the financially responsible ones are not the ones living paycheck to paycheck

[@elmateo77]

"If people stopped buying stuff they don't need the economy would crash" is a more complex example of the broken window fallacy. Sure some companies would go out of business and some people would lose their jobs for a while, but over time those people would find new jobs making things that are actually needed and a decade from now we'd live in a less wasteful and more productive society with a higher average standard of living for everyone.

[@shanonsnyder9450]

We have no guarantee that people in consumer industries would simply find work elsewhere with in-demand industries. If money isn’t moving in the economy, there is no capital to hire new employees. This is a problem in developing countries that have extremely limited consumer markets. Artificial constraints like immigration prevent people from moving to more lucrative employment markets, since industries are not neatly distributed within a given locality.

[@thewhitefalcon8539]

No it's not an example of the fallacy. It's actually true.

[@frafraplanner9277]

It's an example of why it's a fallacy

[@Wary_Of_Extremes]

There are some countries that don't have 'yard sales' like Americans and Canadians do. They have what they need, generally, and don't clutter their homes with junk that they'll later want to sell en masse. They still have economies with businesses and employees.

[@IM-qy7mf]

"but over time those people would find new jobs making things that are actually needed" This amount of willful ignorance is why I automatically tune out anyone who over-peddles navel-gazing frugality crap. Things that "are actually needed" comprise a finite set, so you'd have a bunch of people without a job, and without a prospect of ever being able to sustain themselves either.

[@MechAdv]

I saved up 80 grand by the time I was 30 with the intention of buying a house, only for the price of housing to basically double in my area over the course of three years. I just ended up, taking that money and putting it in high yield ETFs, and I’m getting about 1% per month return on investment. Pretty disillusioned about the housing market and mortgage rates, and no amount of being financially responsible is going to fix the market.

[@saagisharon8595]

you kind of described how I did things

[@robwithrbk]

I'm a multifamily broker and investor in San Diego, as a hedge against rising housing costs, etc. play the game, become a landlord. Buy a 3-4 unit property...house in the front, units in the back, or just a boring apartment building. Live in the house or one of the units until the rents rise over time. If you did this in 2019/2020, with rent growth, you'd easily be living in that property for free. Sure the market has surged, but so have rents. Let other people pay down or pay off your mortgage. Play the game.

[@lyndas.8765]

Wow, this is exactly what happened to me as well. Saved $70k and housing went nuts in 2020. People are not financially irresponsible for carrying debt and not all expenses are frivolous. “Avocado toast” videos like this have the nerve to blame us for a housing crisis, stagnant wages, and crippling student loan debts.

[@MechAdv]

@@lyndas.8765 Lol avocado toast. Such opulence. Definitely the wealth killer of our generation, not the fact that housing is multiplicatively more costly because their generation decided that the housing market was an excellent mechanism for accumulating generational wealth and retirement income. No regulation in sight either. Maybe if we tripled the property tax on homes vacant for short term rentals, we could get some inventory for actual people to live in instead of an appreciating asset for some billionaires kid’s trust fund.

[@MechAdv]

@@robwithrbk You gonna loan me 2 million dollars to buy a multi family unit in San Diego? I make $90k and couldn’t qualify for a 500k mortgage even if I wanted one at 8.1%.

[@tonysilke]

Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.

[@Dannyholt33]

Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?

[@PhilipDunk]

Absolutely not, as I've closely tracked my portfolio's performance, witnessing a staggering $482k growth in just the last two quarters. This experience has taught me the secrets behind experienced traders' substantial gains in what might appear as unpredictable markets. Undoubtedly, it's been a bold and rewarding choice I made fairly recently

[@mikeroper353]

@@PhilipDunk Could you kindly elaborate on the advisor's background and qualifications?

[@mikeroper353]

@@PhilipDunk I am going to look her up, I have about $81k i want to start with, might be small but it's better than nothing though. Since the 08 crash is playing out again.

[@createone100]

⁠​⁠@@mikeroper353Be careful. This guy is feeding you B.S. Scammers haunt the comments on these videos, in hopes of finding a gullible victim. Scam alert. @PhilipDunk is a scammer. Of course it’s quite possible you are playing the straight guy in a tag-team.

[@jessicayates87]

This has been my assumption for a long while. Imagine if everyone quit buying the new smartphone when their old one still works just fine. If everyone quit excessively purchasing new furniture, clothes, tech, cars, etc then that would have a huge impact on businesses, jobs, and the stock market. My wife and I used to be incredibly strict on the budget to meet certain financial goals and we still are to a degree, but loosened up a good bit in the past year. This relaxation only came AFTER we felt secure in our jobs with a 3+ month emergency fund. It was not easy for us, we sacrificed with a very strict budget for about 4 years to be able to afford a house (I know a lot of people have it much harder, homes here are around 300k for a decent 3 bedroom). That was bargain shopping at Aldi's, eating out very rarely, sharing an old paid off car between the 2 of us, wearing old clothes as long as possible and saving everything we could spare. We avoided paying rent for 6 months before moving into the house by living in a shed on a family member's property which we turned into a living space. And by that I mean we cleaned it up, put a bed and a window AC unit in there and used the showers and bathroom in the house which was just 200ft away so that wasn't too bad. That 6 months was huge since rent was our biggest expense. If we had not done this I think it would have taken us another 2 years at least. We are both 30 now and we have been in our home for about 2 years. For context, during those years we made on average about 65k a year combined which I think is pretty close to the median household income, but we don't have children which would have likely made it impossible. Knowing how hard it was for us to get where we are now makes me feel bad for the generation behind us. It seems to only be getting harder and harder for everyone. But don't give up if you are reading this, I beleive you can do it! The system is rigged so you may have to go crazy like we did, but with a bit of luck it can be done.

[@Greg-ii6nq]

Holy hell, I managed it, but not with the level of sacrifices you made. I made sacrifices, just not the living in a shed...

[@jessicayates87]

@@Greg-ii6nq idk if shed is the right word but it was small maybe 10x10 or slightly bigger and they used it as a storage space for tools and stuff. Had 1 window and was a metal building. I didn't know what else to call it besides a shed but it really wasn't so horrible. I've known people who lived in their car before and it was easily better than that.

[@ccrider8483]

Obliously you did the right thing and hopefully are now on the path of life long success. By right thing I mean postponing your home purchase until you had a firm financial footing. It seems so many people rely upon the mortgage lenders to tell them how much house they can buy. It is not the lender who is paying the morgage!!

[@SoulDevoured]

​@@jessicayates87yeah that is how you describe a shed. It's not a small attached shed but it's not an especially big shed either. Literally just a shed. Many if not most are aluminum these days. But also sheds are just small houses designed for storage. It's not especially hard to convert them into decent living spaces. They're just cramped.

[@catherinesanchez1185]

Wages haven’t kept up with every Thing else . The Average American is more productive than decades ago but makes less $$$ in real value . That combined with CEOs receiving excessive salaries even when they run companies into the ground …imo … is the problem in a nutshell

[@Vanessa56787]

First Republic Bank was the 14th largest bank in the US, and it wasn't subject to the most strict controls. How many banks actually are subject to those controls, besides the big four? Any bank could suffer a run and fail, and if that happens to a community level or even state level bank it probably won't upset the national economy or ecosystem of banks, but any multi-state bank should be more closely watched, I cannot let my $680k savings vanish after putting in so much effort to accumulate them.

[@Hazel5063]

In my opinion, some of these banks was attempting to restructure their bond portfolio, which involved selling their low-yielding bonds despite the potential loss, and compensating for it by buying higher-interest-rate bonds on the open market.

[@Scarlett34568]

During market downturns, investors should remain committed to reputable companies by maintaining or growing their investments, as well-managed businesses eventually regain their former strength. To find the best entry and exit points for long-term gains from stock appreciation, get advice from a financial expert. Gains from working with an investing advisor can be substantial, as was demonstrated during the pandemic when a gain of $530k in just 8 months was realized.

[@Hudson367]

It's a good time to buy and basically I've just got cash sitting duck in the bank and I'd really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up

[@Scarlett34568]

Absolutely, I agree, and the markets are currently in a frenzy. The greatest time to observe them, learn more about them, and take advantage of opportunities to strike is now. My advisor, CATHERINE MORRISON EVANS told me this. She has witnessed a number of market cycles over the years and has some insight into how, why, and what will happen next.

[@Hudson367]

I must admit, CATHERINE seems to be pretty knowledgeable, so thank you for the suggestion. I completely read through her resume, educational history, and qualifications after finding her online, and I must admit, they were extremely remarkable. and it's a bit of a challenge.

[@Constantin_91]

Tbh, I feel if everyone was as financially responsible as humanly possible, a lot of people would end up loosing their jobs since people would no longer be influenced by pressures from peers, society, and advertisers, but rather only by shrewd and pragmatic management of their finances. A lot of people in Advertising, HR, Sales, and Services (to name a few) would actually end up loosing their jobs, and that's not to mention the countless blue collar workers producing electronic goods and automobiles every year. It would have a cascading effect on the rest of the global economy as well due to reduced energy consumption as well. That would just be a tip of the iceberg. My take would sound a bit cynical but the way I see it as is that the modern economy revolves around gaslighting people into believing that every new iteration of the latest and greatest smartphone is a leap in technological progress in order to convince them into buying them and something which they should buy if they are not to be looked down upon by their peers or want their products to be serviceable. That's just one example, but it would be applicable for many other products as well.

[@taylorbug9]

Being responsible with your money does not mean only buying the bare necessities. So that's not exactly true. If everyone was responsible with their money, the only companies that would suffer are ones that rely on predatory business practices and companies that sell junk.

[@MrMarinus18]

But I also think we should acknowledge that humans aren't computers. We need to be influenced by peers, society, culture, advertisements, religion and so on to live a happy life.

[@sourdoughsavant22]

Id probably loose my job though, since we give money to kids to go college 😂 but that's ok with me I guess

[@kenyonbissett3512]

It would be a different society, yes. But there are still some who would be poor even if only for a season or a few years. Death of child, parent. Illness or accident. Theft by others. Divorce. Catastrophes. But it wouldn’t have to be forever. When people say life isn’t fair, I’m reminded of “life isn’t fair but creates opportunity, if it were fair we would all be exactly the same in the same exact situation.”

[@aenorist2431]

That would be good. Those are the Bullshit Jobs, fulfilling Bullshit Needs. Their only justification is the religion of "number go up" and "full employment at 40h/week", neither of which have any foundational justification. The moment we kill our (artificially created) need for their products, we also kill the need for anyone to work those jobs. Its a net-zero change to the economy, everything actually relevant can proceed as it does.

[@christinewatson1989]

I had to laugh at the part where he said "being more environmentally friendly will make taxes go down." Government is a business. Taxes, once put in place, are designed to continually increase- NEVER go down.

[@HomersIlliad]

We've had a decent streak of tax cuts in the past few decades though.

[@enterprisestobart]

Ecotaxes only increase to either kickstart action or to mitigate the risk of the Jevons Paradox - thus financial responsibility would prevent such. Also responsibility would probably reduce the amount of activity the government would need to subsidise in the long term (although short term increases may be required - see "the day the world stops shopping" by JB McKinnon)

[@sleepysteev2735]

Accepting the lie that government is a business only cripples you in the fight to prevent it from becoming one.

[@Andres_853]

It is much more challenging to create a strong financial portfolio therefore it would be wise to get much needed assistance from a real finance professional. You can-then reveive strategies that are specifically that are specifically suited to your long term objective and financial goal.

[@Muriel-1112]

Insightful. I need some advice on how to rebuild my portfolio and develop successful market tactics. Where can I find this professional portfolio manager?

[@Jonesmatsunaga]

This is useful information; I copied her full name and pasted it into my browser; her website popped up immediately and her qualifications are excellent; thanks for sharing.

[@Jonesmatsunaga]

Hopefully, I can get a better insight into my portfolio

[@holeeshi9959]

what we should strive for is: everyone should be financially responsible ENOUGH to cover their basics, then they can buy all the goods with what's left.

[@doujinflip]

Problem is we're not paid enough to have a savings cushion to liquidate for sudden shocks like medical bills, legal fees, unplanned babies, etc which only seem to get more expensive to resolve on top of it.

[@holeeshi9959]

@@doujinflip that's what insurances are for

[@kenyonbissett3512]

Used to be credit standards were strict, very strict. But they have loosen into lunacy.

[@drillerdev4624]

Covering the basics is not just a matter of being responsible, but also of costs and wages. Having to dedicate too much of your salary on surviving (housing, basic amenities and groceries) is irresponsible on itself, and usually inevitable.

[@kenyonbissett3512]

@@doujinflippeople do very little planning. In many cases if you live on low wages, healthcare and having a baby is free. Many people in legal trouble have made poor choices in activities or the company they keep. Medical bills, at least in my state can be handled with very low monthly payments. I do agree that it can get overwhelming and cause bankruptcy. I watched a single mom, dad walked out one day and only took under the table jobs and gave no financial support, no be able to get her child back into school after suspension because she had to choose between losing her job and coming into the school for a reentry conference and child was out of school for 10 days instead of 2. The school finally gave her a conference after school hrs at 4:30. Mind you VP and Principal were there every day until 5pm regardless that school closed at 3:45pm. Some institutions have no flexibility or refuse to be flexible. No, that parent was not me, I worked to the school.

[@thatElene]

I miss my teenage years when I thought by the age of 30 I would have a house/flat and a stable job 😂😢

[@danielgareth4205]

We have been all served lies by our environment. While predominant ideology is mertitocracy in capitalist societies ("you will get what you deserve based on your performancne") - the bitter reality is that family's wealth, background and your socio-economic status have a far higher impact on your life chances than your merit.

[@vylbird8014]

Did you get the "When I was your age..." speech from your parents yet?

[@gregtaylor9806]

I remember thinking that would be the bare minimum. How wrong so was lol.

[@jarenong]

@@gregtaylor9806 How so wrong was I. Your english is extremely bad.

[@planescaped]

Lol, seriously... At this stage my retirement plans are pretty much to be not alive anymore. The Logan's Run plan.

[@aegisofhonor]

years ago I remember a social studies teacher saying "getting rich by saving money only works if you're the only one doing it". Meaning for one person to get wealthy by saving and investing, a whole lot of other people have to not be doing that. if EVERYONE "save and invested" all their extra money, then no one would be buying new cloths every week, no one would be buying the latest GTA or Legend of Zelda game, no one would be going to entertainment conventions or theme parks, concerts, and all those things that waste our money, the economy would collapse. The world works on consumerism and a dollar spent on one good is money in the pocket for someone else, every dollar spent gets split up to various people for them to spend and money gets moved around. Savings and investments don't get moved around nearly as much as lets say that same amount being spent on almost any sort of impulse good.

[@ronjr831]

I think that most (75%) will not be financially responsible. Forever. Credit is easy. Buy now pay later. And most don’t make an effort to become financially responsible. It takes time and effort to study finance. Thanks for the video.

[@bmanpura]

Not everyone can afford the education nowadays.

[@rgn87654]

It's also hard to live poor. I do my absolute best to spend as little money as possible, but bills never get lower, prices rarely go down, and my pay just stays the same. Most people are eyeballs deep in debt.

[@I_Was_Chrispy_Kreme]

I know Americans don't understand Irony, but a video that talks about reducing consumerism and then proceeds to get you to sign up to a coffee subscription at 4:40. You made my day.

[@Checkerchamp]

Gotta get the bag somehow

[@kesayo]

I’ve always felt that if everyone were as frugal as me, we would all be in trouble. I make over 300k a year, don’t own a car and my only liability is a $1000 per month mortgage. I spend less than $100 per month eating out and less than $1000 per year on vacation. I shop at discount stores for my wardrobe which I only update every 3 years. If everyone spent as little as me, our GDP would tank. I thank God for all the irresponsible spenders of the world, while they can rightfully call me a selfish A hole.

[@7F0X7]

How do you make over 300k a year?

[@vylbird8014]

@@7F0X7There are plenty of such high-paying jobs, they are just really hard to get. They need some combination of family wealth for education, determination, natural talent, social capital, and sheer luck. Usually high-risk career paths, where there's not much of a fallback plan if you don't make it to the top.

[@cpK054L]

​@@7F0X7only fans and sending buttpics.

[@thefire-nanceguy4440]

@@7F0X7 obviously study hard, get a good job that pays well. Think like an asian parent when choosing your degrees.

[@7F0X7]

@@thefire-nanceguy4440 It's an extremely rare thing, even for lawyers and doctors, to make that much money. So I want an answer directly from OP, thanks.

[@jaaa4590]

That's what happens when every aspect of life is commodified. Our personal value shouldn't be intertwined with material wants.

[@Wary_Of_Extremes]

That's as old as philosophy. 'If only we could be divine beings that didn't have to toil, hunt/gather, farm', etc. etc. We're animals. It takes work to get us the necessities of life. Get used to it.

[@jaaa4590]

@@Wary_Of_Extremes no one said anything about not working skippy. Nothing wrong with working to live. The problem is with capital class and people like you who think the only reason we exist is to WORK.

[@tonycrabtree3416]

The PPP “loans” simply helped big corporations more.

[@FamousWolfe]

Just as it was intended, government and our politicians knew exactly what they were doing. They gave us all $1400 checks to just shut our mouths while they gave themselves and their rich buddies a massive transfer of wealth. And like dumb ignorant sheep, we all went along with it, totally oblivious to what was coming.

[@m136dalie]

It was a very good point at the end. I think we really need to rethink what the purpose of our economy is. Reckless spending on short term consumables might make the economy look good on paper, but in reality it's better to have lower spending but on long term goods that provide more value to the people in the economy.

[@warcam2592]

Like most other capitlist arguments, the label of "financially irresponsibility" is used to excuse the abject poverty necessitated by the system

[@roscojenkins7451]

Ew, that sounds like *looks around cautiously before whispering*..... Communism

[@happyislandman]

How can poverty be a necessity in a system that is proven to make people more wealthy and better off than any other system? Poverty is the default, wealth the exception. That's why people were destitute even before capitalism.

[@roscojenkins7451]

@@happyislandman there are issues with that argument. I personally think of capitalism as a stepping stone after feudalism and mercantilism. It's not the end all be all

[@michalhashtag1627]

​@@happyislandman Poverty is necessary in a capitalist economy because it's a means of control. A person working an awful job can't quit because there is someone even more desperate than themselves lined up to take their place. If there wasn't that reserve of unemployed people ready to take over low level jobs then companies would actually have to treat their workers well to keep them from quitting. It's one thing to fire someone when you know you can replace them in less than a week, it's another when you aren't sure you can replace them at all.

[@happyislandman]

@michalhashtag1627 people had shitty jobs before capitalism and also in centrally planned economies as well so how do you square that circle?

[@dimitristripakis7364]

We were a poor family, growing up I did ok, but at 50 years old of age I can easily see that if I had a fraction of the financial mindset I have now, I would be much much better. So I am sure my children will have a good chance to do well and a relatively easy life, unless they don't listen to me or I die prematurely. I am 100% certain that my "poor mindset" was because of my poor family roots. We were dreaming to "buy stuff" and "have stuff", instead of investing.That was dumb and I told dad that it was your mistake for not explaining some things. Oh well, he was a very good dad and mom as well, I am grateful to them for so many things. But financially ? We were a quite dumb family, despite our degrees and professions.

[@tranger4579]

Same here.

[@pedi-kun3978]

interesting

[@MTNGear]

Great comment and insight. This is probably what we all suffer from to some extent but for a large portion its crippling.

[@SeattlePioneer]

My father operated a butcher shop, where we children worked after school and on weekends. When my father came home he read the Wall Street Journal, Forbes, Fortune and reviewed his stock market investments. I recall reading the stock market charts of companies that were sent out by brokerage houses. Most companies stock market prices seemed to be broadly the same. For Years they bumped along with relatively little change, but if you started observing twenty years or so earlier, stock market prices mushroomed over time. So I concluded that stocking PICKING wasn't as important as stock market PARTICIPATION. I started investing in the stock market in the 1970s, when the Dow Jones Average was bouncing around between 700 and 1000. These days it's around 35,000, and that doesn't include the impact of dividends. My investments have left me with a net worth of several million dollars these days. That's a lot of what I learned from Dad.

[@EMan-cu5zo]

Be thankful you had parents that loved you. So many people have or had parents that where irresponsible with money. It’s just the world we live in. Everyone judging from what they see and not what they know. Even if they were teaching you how to save doesn’t mean you or anyone else would listen to what their parents tried to instill in them.

[@Fred-rv2tu]

Here I am making six figures, paying double my monthly mortgage payment, with a cash bought car, a paid off credit card, a one month emergency fund and a retirement account that’s only a little behind where it should be and feeling like I’m struggling. Pro tip. Paying a lot extra on your mortgage makes you feel broke and not spend as much while paying much less interest on your mortgage.

[@vylbird8014]

I'm in the same position. And in... seven to ten years (depending on interest rate changes) am going to throw a big party to celebrate and invite /both/ of my friends over.

[@victoriaman117]

Fellow Canadian because you are describing my life buddy lol

[@oglocbaby520]

Depends on your interest rate of your home. You most likely could be better off investing left over cash instead of paying the house off earlier.

[@Fred-rv2tu]

@@oglocbaby520 in absolute terms terms yes, but with my concerns political/economic/world unrest I’d rather own the house outright as soon as possible or at least have considerable equity so if there’s a financial disaster foreclosure is just one less thing for me worry about it. Reasonable? Probably not. But worth it for the peace of mind to me.

[@Fred-rv2tu]

@@victoriaman117 Nope! But I wouldn’t mind a cabin in the middle of nowhere up there. If only I weren’t a gun nut lol.

[@davidknightx]

Personal financial budgeting expert here. If even half of you were on my level, the country would already be in a civil war.

[@neandrewthal]

I have thought about this before in the sense that if everyone consumed exactly like me then many entire industries could not exist. But on the other hand that technically goes for everyone too. It takes all sorts.

[@Comm0ut]

The OP is a ChatGPT bot post setting up later posts naming a scammy fake "advisor". Learn to recognize then ignore these threads. Reported!

[@djwikkid]

This is less of a problem with people being financially irresponsible and more of a problem with employers hoarding money.

[@danhule]

agreed

[@Triquetra15]

Where do you think this money is? You know it just gets returned to shareholders which are regular people right?

[@notanomad9320]

So just become an “employer” and hoard all that money for yourself. There fixed it for you😂😂😂

[@SF-eo6xf]

The stupidity in comments surprises me every day. You would also be the person to print endless money so everyone can be rich, lol

[@slowjamsliver7006]

The trouble is people desiring stability. Hoarding money is the only stability being offered. It is something people are going to do.

[@taylorbug9]

Yes, of course we can And if your answer is no, then obviously, our system is broken and needs to be changed for something that will work.

[@FishOfTheSea]

Exactly

[@Smallpriest]

Unfortunately, the world rarely works the way we want it to

[@FishOfTheSea]

@javinleong3433 if a system cannot function without people who are financially irresponsible then it is a unsustainable system

[@mq1995]

No we can't. Our system is based on debt. Basically made up money that doesn't exist. If everybody had real money (gold and silver), the world would be very different.

[@taylorbug9]

​@mq1995 That just means it needs to be exchanged for something that will work for everyone. It's a myth that it has to be this way.

[@xiphoid2011]

My parent once told me that "remember son, most people are stupid". While that's a normal politically incorrect thing Asian parents say, but as I grow up I see they are right. We asians came to the US dirt poor, but we quickly becake wealthy because we don't do the " stupid" things move Americans do. We don't tell our kids that they can study whatever their hearts tell them. We don't tey to keep up with appearances or live beyond our means. Yeah, most people are stupid, but that's a good thing for those of us who are not. 😊

[@mere_cat]

Something I learned a couple years ago: national savings rates are largely policy-driven. Germany used to be a debtor country until domestic economic policy drove up the national savings rate and the country became a net exporter with a trade surplus. Trade Wars are Class Wars by Michael Pettis made this point most clearly.

[@WhatsUpWithSheila]

The Bromance between ....How Money Works & Patrick Doyle... Is ridiculously... So cute❤😊

[@ib272]

There are different ideas of "financial responsibility" for instance some people think buying is better financially than renting but surprisingly that is not necessarily true. What about storage, maintenance, being stuck with what you bought? Depreciation...etc. But I'd say considering what some pay for a car bill every month for what exactly? and stuff I dont think we'll see "everybody" being "financially responsible" anytime soon.

[@FangerZero]

I think being financially responsible meaning your debt is manageable, and you're not living paycheck to paycheck. Once in a while having debt is fine, auto, mortgage, maybe CC debt for a couple of months, etc. I feel like the path we're setting we're all just making each other poor and the rich richer, though it's going to have a domino effect since at some point the rich won't be able to sell their products for a profit period.

[@tylercook7739]

If you can avoid auto debt, you will be in a much better place financially.

[@ReySchultz121]

I swear every dictator has had this problem. The GDP goes up but the country gets poorer. More money came in, but it went into fewer hands.

[@robertbeisert3315]

@@tylercook7739 Unless you have debt with net-negative interest. Based on the recent inflation, the value of my monthly payment has decreased from "much of rent" to "two weeks' groceries". It's an irresponsibility that counters another irresponsibility, a scam that balances part of another scam, but it's what we have.

[@MrMarinus18]

"Financial responsible" is just a deflection for capitalists. It's basically saying "No, I'm not underpaying. You're just not financially responsible". It's pretty much just a version of "personal responsibility" which is a tool of the elite to deflect their failures onto others. That if a train crashes cause of faulty brakes it's not THEIR responsibility for cutting corners, it's the workers.

[@robertbeisert3315]

@@ReySchultz121 It's almost like GDP is, itself, essentially fraudulent information. Increasing insurance premiums, high cost of medications, and expensive-but-ultimately-unhelpful hospital practices drive our GDP to the tune of 33%. It's a broken window fallacy enshrined as good financial management.

[@M.Morgan]

The recession is here, mortgage rates still on the rise with higher imports and lower exports, yet the Fed is to lessen cost. Where do investors look at now for wealth gains? something will eventually break if they keep raising interests and quantitative tightening.

[@gavinlew8273]

Exactly, wealth cannot grow indefinitely forever. How much can the wealth gap grow before something breaks?

[@valentinaarrelaro]

IMO, when we go into recession, tech will do poorly as a sector considering what's going on in the world, while defense stocks should be doing good, but always do your own research, or speak to a valid advisor before investing your money

[@heatherholdings]

@@valentinaarrelaro Agreed, I've always delegated my excesses to a professional, ever since suffering major portfolio steep-down amid rona-outbreak in late 2019. As of today, I'm semi-retired with barely 25% short of my $1m retirement goal after subsequent investments, and only work 7.5 hours a week.

[@Johnny-se8hk]

@@heatherholdings How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?

[@heatherholdings]

@Johnyy-se8hk > My investment advisor is Julie Anne Hippe, she's verifiable and I'm very sure you can find info about her on the internet, her qualifications speak for itself.

[@BostonCycling_]

If *everyone* maxed their 401k and had $10MM in their retirement accounts by age 65… I wonder what society would be like. I imagine things would be a lot more expensive since everyone could afford it with a $400k/yr retirement income

[@doujinflip]

Right, increased savings don't provide a real benefit unless the supply grows to match that demand when it starts getting redeemed. Kind of like how in China everyone bought into real estate making even 3 generations of savings insufficient, while the number of truly desirable locations to own such properties have remained basically static.

[@pensivecorner]

exactly... it would just push the price on the typical retirement comforts people imagine because there would be more people in retirement chasing fewer goods/services.

[@seancooper5140]

​​@@pensivecornerWhy would you expect fewer goods and services? If productivity stayed the same, and everyone was financially responsible, we would have equal productive power and less waste. Yes people would have more to spend, but companies wouldn't be able to mark up prices much, because financially responsible people would be less enticed by prestige name-brands and therefore (barring price fixing) competitors could scoop their customers with good quality generics (and financially responsible people would be willing to hold out for the good quality products over cheap ones). 😁

[@emptyshirt]

I think it is a chicken and the egg situation. The economic system we have evolved to take advantage of human behaviour, and credit card debt is a feedback loop of many human behaviors.

[@SeattlePioneer]

> Actually, I continue to live frugally, which is the fundamental source of the money I had for investments. I do not have a taste for buying junk.

[@lucas1110]

To be honest, being different feels good after seeing this video. Im an 26 years old guy who lives in The Netherlands, lives with his parents and im getting rich living the life nobody want to live. No GF, not highly educated, invest when other dont, get pleasure from free things (meditation, youtube, podcasts, music, jogging, reading). Life can be easy when you do many things different than others

[@saagisharon8595]

That kind of sums it up for me, a 37 year old. Don't be surprised if envious people treat you with resentment

[@lucas1110]

@@saagisharon8595 jep I know how it feels when people laugh at me when they hear I lost much money, I also know how its feels when a waiter own more capital than all his friends who are lawyers, IT professionals, entrepreneurs and consultants. Strange times...

[@rgn87654]

I live that same life, except I rent an apt. Single life is blissful. Don't get caught up in things you don't need because you get jealous of other people having it. Only you know what makes you happy. Good for you, brother.

[@IM-qy7mf]

"Lives with his parents" Easy to be dIffErEnT when you have the luxury of living at home while the average American (which this video is targeted to) was kicked out at 16-18.

[@rgn87654]

@@IM-qy7mf no they weren't. You are choosing a niche part of the pop.

[@ca-ke9493]

Bold to assume the rise of subscription services is due to customers first rather than businesses phasing out upfront purchases. I dont think ive heard a single artist say that they are glad Adobe is on a subscription model. Rather Adobe has such a chokehold on the professional art industry that they can get away with shitty products at ridiculous prices.

[@Laroc1982]

No, subscription services have become “popular” because many businesses have made this the ONLY way to do business with them. There typically isn’t an alternative- either you get the subscription or you don’t get the product. It’s really low-brow and scammy in my opinion. Then on top of that, they make it extremely hard to cancel said subscriptions. So they’ve basically strong-armed them onto the people. They’re not as popular as you think.

[@thewhitefalcon8539]

I heard there's a way to get Netflix, Disney Plus and all the rest for free and even have your own video files

[@me-myself-i787]

There's always an alternative. Streaming services - Blu-Rays, DVDs (but not for TV shows - if that's what you're after, KZbin is an alternative, but you'll have to watch different shows) Microsoft Office - LibreOffice, OnlyOffice Photoshop - Gimp, Krita Illustrator - Inkscape Adobe Animate - Synfig Studio, OpenToonz Et cetera.

[@jwonz2054]

8:30 - subscription services did not grow because buyers like them, they grew because more companies are trying to get juicy cash flow.

[@DanielleMoore-vg4lh]

All hierarchical systems require someone to be at the bottom.

[@EmmisonMike]

I've been really enjoying your videos. Financial planning is something that feels a little alien to me, just because I don't like that we have to do this. Like it rubs up against a sense of justice I have. These videos have given space to that part of my brain, and are approachable enough for someone like me that I can actually think about this without getting too angry to think about it. If that makes sense. I think about the ways people were financially responsible in the past, and that was to avoid money altogether when they could. A big example would be gardening (At least it was for my grandparents). In the past, food was a bigger expense than housing. Like, three times more expensive, so the more you gardened, the more you didn't have to think about money. It wasn't a way to save money but to have a part of your life where money wasn't a factor. Going further into the past, agrarian communities saw money as handy for incidentals, either tool part replacements or clothing that would last half your life with good maintenance anyways, but not something you'd really need every day. Cash wasn't king, people just used it like they would any other tool, and often less so than any other tool. The problem with self-sufficiency is that no one is profiting off of it, though. You can't tax a garden. Ramp Hollow by Steven Stoll explains this historically pretty well. Bringing people into cash and therefore taxability was literally the first thing George Washington did as president through the whiskey tax, but I digress. Nowadays, gardening is more expensive than the dollar general. Raw materials for sewing cost more than finished fast fashion. We can't opt out anymore. The advice of "stop spending money" doesn't work anymore because every aspect of life has been absorbed by the monopoly of cash itself. It's become like driving a car in America. There are SO MANY people who's lives would improve if they never touched a steering wheel again, either because of finances or just being in a position where safe and effective driving is harder for them than other people, yet they must. There's no other option. Financial planning is a skill, and like any skill, not everyone takes to it as easily. We must, though. The escape hatch has been welded shut.

[@AaronMichaelLong]

The system does not need fools. It simply caters to whoever will pay. It's not the job of your employer, or your landlord, or your grocery store to ensure that you earn enough money and spend it wisely. That's *YOUR* job, and the notion that you're "getting by" with payday lenders and credit cards is ridiculous on the face of it. That's like saying you're losing weight by eating tubs of ice cream. If you are a fool, then someone will happily part you from your money, end of story.

[@gersonFls7]

It would EVENTUALLY bring every price of everything down. Those one in the suits won’t have another option. The number one reason people are financially irresponsible is IMPATIENCE. We want the newest car NOW, don’t matter the markup. The retail shoes are expensive because sneakers heads keep buying expensive shoes NOW. I could go on and on many more examples but you get the idea. Impatience ⏰

[@doujinflip]

That might be a side effect of our technology-driven modern economy, where a few years of waiting really would render the product unable to function.

[@saagisharon8595]

@@doujinflipa few years of waiting drives manufacturers or retailors to torch their own inventories rather than sell at a discount

[@thewhitefalcon8539]

Eventually is eventually. In the mean time everyone will starve.

[@AnthonyCheeseborough]

Living paycheck to paycheck on 6 figures(net) is definitely a skill issue lol

[@psychologixselfmastery]

Lotteries are nuts. I used to live in ireland and I knew people who would spend 80 euros ($90) a month on lottery tickets, what a waste of money! And all of these people were underpaid blue collar workers hoping against hope for a windfall!

[@CitAllHearItAll]

The title alone. Thank you. I have often thought about how we need people to live beyond their means for the financially responsible to benefit.

[@thatguychris5654]

- Being financially responsible is simply not out spending your income, keeping the balance sheet in the black. All this added fluff to the definition is just societal expectations and mean nothing. - People saved money during the pandemic by not spending on fuel and vehicle maintenance, eating cheaply at home and not by the office, avoiding trips for health reasons (vacations etc), by not buying additional uneeded clothes, and so much more. - The Feds destroyed people's savings, and thus stability, not thru halting withdrawals like in China, but thru devaluation of the dollar by over-printing the currency. Hard to have something saved when inflation eats it at 10-20% annually in real purchase power (not the 4% Fed reports lol). - The stock market, for many years now, is based on speculation and popularity, and not on actual value and production. It's almost as real and as risky as crypto.

[@vietimports]

this is like when people told to get a "real" job or become an entrepreneur and be their own boss. okay. where do you get the employees to run your own company? or finding workers willing to work these supposed "non-real" jobs

[@maxwellmueller9384]

Thank you for this video. I always wondered what if everyone else was as cheap as me.

[@taylorbug9]

If everyone only bought the bare necessities, many people would be jobless and broke. But all these institutions that make it more expensive to be poor? They don't need to exist. Or be the way that they are. They only exist as they are because if greedy, immoral people. Not because of responsible people.

[@pipbernadotte6707]

Kinda what I was thinking. The American economy runs on consumer spending and debt, which are antithetical to financial responsibility.

[@sentinel151]

The country would shutdown.

[@TheStrangeBloke]

Honestly it would probably be fine. Inflation was bad because people were buying too much stuff (more than was being produced) and if consumption dropped off it would allow the fed to relax interest rates, which would make it easier for people to build houses and start businesses, meaning that people saving money would have more things to invest in. The reality is that investing (in the economic sense) is truly just another form of consumption.

[@pipbernadotte6707]

Yes@@TheStrangeBloke

[@MESSY-AF]

I left Adobe forever for that reason. I couldn't buy it and I will NOT pay for subscription. Jumped to Affinity and I'm happy.

[@hobsdigree2]

The bottom line is that there will always be people who are financially irresponsible. The only person you can control is yourself. Be the change you want to see. Saving and being financially responsible is not sexy or exciting. It's paying off your debts and putting money away. Your life will not change over night, it takes discipline, patience, and dedication.

[@oldskoolmusicnostalgia]

Paying debts and saving from your income isn't a massive game changer either, it's not going to make you thrive or end up in a higher social category. All it does is prevent you from joining the ranks of the worse off.

[@hobsdigree2]

@@oldskoolmusicnostalgia eliminating debt and then investing would improve a lot of people's situations. The average new car payment is $725 per month and $528 per month for used ones. The average credit card payment is $430 per month. The average student loan payment is $284 per month. For a master's degree, it's $584 per month. Paying off these debts alone would give a lot of Americans financial freedom.

[@IM-qy7mf]

@@oldskoolmusicnostalgia Shh. These people are allergic to truth.

[@kbstrong429]

Thanks for putting the clothes on there. Higher quality clothes needs to be done here in America. The made in USA always lasts and washes well. I miss those clothes that last and aren’t disposable after a year or a day

[@IndustrialBonecraft]

This is genuinely something I've wondered about for a bit, so it's cool to see someone with a better grasp of the financial bollocks take a shot at it.

[@dingle1492]

#Financialbollocks

[@donaldengelmann6906]

Families with disabled children and adults who are disabled are often legally prohibited from being financially responsible, or from owning their own business. IE: parents of a child who is receiving disability payments from the government are legally prohibited from having more than $3k in assets, not counting their home and car. Emergency fund, retirement fund, 2nd vehicle so both parents can go to work, the value of any business they own, all of it combined has to be under $3k.

[@emptyshirt]

Progressives are just liberals that think of creative ways to make socialism seem stupid, aren't they?

[@planescaped]

Yep, or you lose all your benefits and have to pay out of pocket, all because you have a savings account.

[@Straga_Severa_]

Are they prohibited from having "semi-untrackable" assets like crypto?

[@TheFrozenMoogle]

​@Straga_Severa_ Yes you're legally required in the United States to declare all assets such as crypto currencies. If you don't the US government can seize them as fraudulent assets from you.

[@Straga_Severa_]

@@TheFrozenMoogle How does it seize them if they don't know about them? If you buy crypto for cash, for example. Or even put it under your relative's name but keep the password for yourself, to guarantee its safety.

[@shanejones809]

If everyone was like me Hollywood, Netflix, and Hulu would all be bankrupt. I just don’t watch movies or TV shows. Haven’t had cable TV since I graduated college. I’m almost 45 now.

[@AmazingStoryDewd]

Sounds boring

[@shanonsnyder9450]

The comment about subscription services being linked to irresponsibility is wrong. Subscription services are a cause of irresponsible spending, not an effect. Many companies forced people onto subscription services because it produces more overall profit for the company to keep customers on a tight leash. The model was forced on consumers, thus leading to irresponsible spending. But it’s unavoidable because many one-time purchase models are being phased out because they don’t turn profit and ensure dependency for the product.

[@eliasrutten3814]

To be fair, if people were financially "responsible" and actually did productive investments, this would be a win win for the economy and the stock market.

[@lawrence-juniornalty]

This video resonates with me. It's not possible for EVERYBODY to get finances right. Wealth and financial literacy disparity is necessary for capitalism to work.

[@nerdstrangler4804]

First person I have ever seen that understands the basic concept that you should want stocks to be cheaper rather than more expensive. The amount of people that want to overpay for stocks and accumulate fewer shares over their lifetime, simply because they like seeing bigger numbers when they log into their brokerage account, has always boggled my mind.

[@chayeng1948]

People want stocks to be cheaper while they are investing, but over the long term want to see steady growth in their portfolios to feel comfortable about retirement. It would be great to have a 30 year bear market during one's career and then the mother of all bull runs immediately upon retirement but that's not realistic and would only be beneficial for one generation of retirees. There is nothing wrong with wanting as consistent a return possible for everyone.

[@nerdstrangler4804]

@@chayeng1948 The steady growth in your portfolio comes from companies paying you. This ain't bitcoin where you have to convince some sucker to overpay more than you did for a worthless asset in order to earn money. These are profit generating companies. And the larger share of the company you own, the more of their profit you are entitled to. And the more of their profit you are entitled to, the more you will earn over your lifetime. There is something wrong with wanting to pay more, to receive less of a companies' profits. It is like if magic boxes that produce money existed, you would want to own as many of those boxes as possible. And you would want to own as many as possible, even if they had no resale value. The fact that people are more concerned with the resale value of their magic boxes, rather than how much money they are earning from their magic boxes, doesn't make any sense. It demonstrates a fundamental misunderstanding of what investing is, and why you should want to do it.

[@DonaldMark-ne7se]

Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.

[@kevinmarten]

Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money or you could hire a financial expert.

[@JacquelinePerrira]

Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.

[@Jamessmith-12]

Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.

[@JacquelinePerrira]

“Carol Vivian Constable” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@Jamessmith-12]

I just googled her and I'm really impressed with her credentials; I reached out to her since l need all the assistance l can get. I just scheduled a caII.

[@paulsmith5611]

I agreed with a lot of this except poor people have to drive up to an hour round trip to go to a big box store to buy food and save money. If you live a rural area, regardless of your income, this is true but at least where I live in the northwest of the US, even in poor areas there are grocery stores, multiple of them, near by. I live in a lower middle class neighborhood but one the most poor and most dangerous ghetto apartment areas is just 4 miles south of me. It's technically in my city and we make the news often for shootings and robberies. The richest city in the state is about 15 miles north of me. All of us have Costco, Kroger, and Walmart within 5-8 miles. I never drive 15 miles to the rich area to shop but shop at these stores with the middle or poor class often. If you have to drive a half hour to get there it's because traffic sucks, not because you are poor.

[@SangoProductions213]

The first and most important point is with financial responsibility there becomes no slack in the line for any hiccup or slow down. This creates situations where you have to rely on a constant increase in productivity quote unquote. Second being in a precarious financial situation is one that is stressful and reduces the life and productive life of individuals it also reduces how much free spending that they can feel that they can afford. This means relative luxuries like children will be left by the wayside and not engage with. It's it also simply feels bad to be in financial stress. And lastly with more people being more financially stable they will be able to have more income that they can put towards long-term investments not just stocks those are simply the easiest and most fungible means of long-term investing. But also solar panels and new housing upgrade to general welfare and well-being and so on. And this ability to look forward past the next payday is ultimately the fuel for increasing capital in the economy which is one of the three major factors and the productivity of an economy. Will there be some lost jobs in the face of a sudden realignment of everyone's economic priorities? Obviously yes. However that does not necessarily entail that's those jobs will be lost permanently. Just like how horse carriage drivers became cab drivers and horse breeders became the factory workers, the highly consumable Old market within shift towards less wasteful consumption.

[@thewhitefalcon8539]

Did you just write productivity quote unquote instead of writing "productivity" That's like saying lol out loud

[@robertbeisert3315]

Consider that my wife and I found a way to double the national GDP by exchanging promisory notes in the amount of trillions. As long as we exchange the same amount with each other and never reconcile, the economy will continue to thrive while, in reality, nothing is happening.

[@Cyrribrae]

This works perfectly as long as you and your wife (and anyone else you bring in on this scheme) produce or otherwise acquire everything you need. In which case, congratulations, you've discovered bartering :D! Just with extraneous paperwork!

[@robertbeisert3315]

@Cyrribrae all we need is to is exchange debt to drive up GDP. It's a measure of economic activity, not value.

[@thewhitefalcon8539]

It's a joke about economists. Two economists are working down the street. One sees a pile of dogsht and says I'll pay you $100 to eat that. The other agrees. They see another pile and the second says I'll pay you $100 to eat that. The first one agrees. The first one says, dude, did we just both eat dogsht for nothing? The second one says, nah, we added $200 to GDP!

[@HagiaFantasia]

Why should you have a house, buy a car or have children when it costs so much? Why are people buying new phones all the time? Why are people paying for subscriptions and cable? It's crazy

[@socalrefrigeration548]

Three rules to life: 1. It's always war. In civilized society it war over money. Don't you ever get comfortable. 2. There is a balance between being frugal and enjoying life. Too much either way is a waste. 3. Regardless of what financial situation you're in there need to be a long term plan. Years in advance. Even if you are about to get evicted from your apartment, you still need that plan to prevent the next eviction. Even if you have 6 figures in the bank, there needs to be plans for the next step.

[@kerwinbrown4180]

I enjoy being frugal.

[@SeattlePioneer]

Learn to enjoy life without spending much money. Just as an example, I've spent the last four morning doing hard physical labor for an hour or so a day digging up blackberry roots that were overgrowing a sidewalk about a third of a mile from where I live. Next spring I'll start mowing that area, and it will be a small bonus to the neighborhood rather than a blight. I have at least one and perhaps two more days of hard labor to complete that task. At age 73, I can only do about an hour a day of that kind of hard labor.

[@rogueinvestor2375]

May I suggest the fourth rule - Always seek to increase your earning power. The currency's value will keep degrading, so you need to increase your earning power to compensate for the degradation of the currency's value.

[@socalrefrigeration548]

@@rogueinvestor2375 That would be the 3rd rule.

[@socalrefrigeration548]

@@SeattlePioneer To each their own. I myself would find that more punishment than enjoyment.

[@ARandomDonut]

I still can't imagine buying shit for the sake of buying shit. I don't have a credit card and refuse to get one, so I simply don't spend money I don't have. I also never buy new things when the old things work just fine. I've owned two iPhones in my 5 years of phone ownership (the camera on the first one got fuzzy and didn't wanna deal with it), and I don't plan on upgrading again until they make another iPhone SE. Eating out is by far my biggest expense, but now that I have my own apartment it's gone down drastically. Grocery costs have gone up a little though. From what I've seen from friends, simply not going into debt in the first place is the way to go, and you can build on that by not buying what you don't need. If I was making 250k a year, I would be rolling in money with my $950/month apartment and my 12 year old paid-off car that works just fine. Obviously if you want a family, it's a bit of a different story.

[@luckyloonie1359]

Don't do it is the best policy!🤑 I remember being bored when summer vacation rolled around🤬... I was doing more chores than the the rest of the year... I couldn't wait till📣 I was old enough to work during summer😘... I want to teach MY next generation the value of money💰; my especial thanks goes to my parent's financial situation in the 90's... #MeridianCU🌎💘💰

[@Riggsnic_co]

Nobody can become financially successful overnight. They put in background work but we tend to see the finished part. Fear is a dangerous component, hindering us from taking bold steps we need in other to reach our goals. you have to contend with inflation, recession, decisions from the Feds and all. I was able to increase my portfolio by $289k in months. You have to seek for help in the right places.

[@Jamessmith-12]

I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value

[@JacquelinePerrira]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

[@kevinmarten]

please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@JacquelinePerrira]

'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.

[@kevinmarten]

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

[@MnMEminem]

Have to correct you there, people pay for subscription services because THERE IS NO OTHER OPTION!!!

[@collyflower6623]

He addresses this at 8:54

[@oeckstei]

How much of our global economy is dependent on us buying things that we don’t really need to survive?

[@VonPete105]

Can't believe you didn't mention credit cards. Only reason I can get an 18 months 0% interest card is because the bank 'bundles' and sells off the debt as a financial instrument, with the buyers of that debt knowing that on average a certain percentage of financially irresponsible card holders won't stick to the terms and will end up paying interest, generating them a return. Net result is I pay almost nothing for $20k of debt - maybe 1% per annum from rolling over to new cards when the 0% expires, all because other people suck at paying off their credit cards.

[@mariod.4809]

This argument underscores the very bedrock that our current economic model is built on, more problems equate to economic activity that provides goods/services. It was never designed with sustainability in mind, it assumes infinite growth is possible on a planet with finite resources

[@numbuh0004]

"Can we afford for everybody to be finanically responsible?" Lmao probably not, but best of luck everyone

[@Blinix2]

We can, but corpos can't. Wouldn't be the same for their profits if people don't slave away just to pay interest on their cards. Remember they only want more money for their shareholders.

[@dylanhughes5944]

I'm too financially responsible that inflation is eating my savings

[@JustAverageJeff]

If only they would teach responsible finances in public school for the masses.

[@jherc12990]

Stop i need the credit card rewards from financially irresponsible people

[@JustAverageJeff]

Not all of them are irresponsible many of them simply can't afford to keep up @@jherc12990. I managed to get a 6 month emergency fund, pay off debts, and actually start saving for retirement. Until I started having health problems lost my job a year ago and now I'm in a hole deeper than when I started because no one will hire me with my criminal background when we have 5,000 people from California move here every month raising the prices on everything especially rent mine has gone up 30% each year since covid.

[@troywalkertheprogressivean8433]

Who would teach it? The rich who made a system that advantages them and disadvantages everyone else? You think rich people want everyone to be rich?

[@JustAverageJeff]

Economist?@@troywalkertheprogressivean8433 Who cares what the rich want we need to eat them.

[@Asunder09]

Your videos are a really great argument against Capitalism.

[@DiabeticDawg]

The market responds. It’s currently geared towards lending for consumer goods. If people were frugal, the market would evolve to accommodate them.

[@disgruntledtoons]

Yes, we can have a society in which everybody is financially responsible. We cannot have such a society and still have many of the features of our current society (such as gambling, government deficits, government subsidies for business, much of what Walmart has on its shelves, etc.).

[@donaldlyons17]

yeah it would create too many problems

[@likeicare300]

That's why there's no financial literacy class in highschool

[@12pentaborane]

I don't think that would change much.

[@UpperAquatics]

I was told to never get a credit card by my parents. I have no debt, but I can't get a home or even rent because I have no credit history. So there's that. It's frustrating.

[@4777hamza]

take this as a blessing - you didn't get caught in the trap of the ´buy now, pay later' now, you may open an credit account & have a fixed budget (limit your spending to max 1 credit cards, with max limits of 2 500$ (but keep building your chequing/saving as a priority)

[@hamsterama]

Your parents gave you bad advice. There is absolutely nothing wrong with getting a credit card. As long as you pay off the balance every month. I'm in my late 30's, and I've never had to pay a penny in credit card interest, ever. That's because I've always paid off the bill in full every month. Credit cards allow you to build credit, which means you'll save money if you get a mortgage, because you'll get a lower interest rate. And credit cards can come with perks, like getting cash back or earning airline miles. As long as you are financially responsible and have good impulse control, there is no reason to avoid credit cards.

[@oldskoolmusicnostalgia]

@@hamsterama Parents raised in completely different contexts do give generally bad advice, and it's a massive part of the problem which barely gets talked about. Just like their typical advice to study for college degrees, which they still imagine to be cheap and desired by the labor market.

[@hamsterama]

@@oldskoolmusicnostalgia I agree. In fact, I wonder if the OP's parents themselves had poor spending habits, and were projecting onto their kids. Thus putting OP at a disadvantage. The thing is, nowadays, having a credit history is pretty much mandatory. Even landlords check credit history when deciding to rent to a potential tenant. Getting a credit card and using it wisely is a great way to build credit. As for college degrees, it's only worth the cost and time if you're majoring in something that directly leads to a good paying job. Like, I have a degree in accounting, and the tuition has paid for itself many times over. But majoring in something in liberal arts is worthless. The world doesn't need majors in gender studies, communication, art history, geography, or any nonsense like that.

[@AJ-xv7oh]

@@hamsterama It's already kept you spending every single month.

[@kalijasin]

Being more responsible with your finances wont magically get you out of poverty. There is No amount of budgeting, debt reduction, etc.. that will make costs of living go significantly down.

[@tae912]

Something so simple yet crucial that I learned being a broker was that: *Someone needs to lose in order for me to win.*

[@Imhere12345]

I’m 34 with a home, two cars, a home with a mortgage, a stay home mom, and two kids. Making 60k a year. I’m Cali. It’s still possible, you just can’t live like a rush person. We live very frugal lives.

[@olivergilpin]

Respect 🙏🙌

[@mida8261]

A lot of what I own is due to people being financially irresponsible. Almost everything I own is either from a clearance or Craigslist. Very rarely do I ever pay full price whenever I do buy something.

[@emperorsascharoni9577]

Why bother saving for a house when the price increases more than you can save.

[@ringsaphire]

well, it depends. Stopping the economy from blindly screwing you of forever might need your willingness to face hard deflation to get to a new equilibrim better suited for all. That would be a wake up call for all theses companies thinking they can steal from you forever instead of giving you a good price for their services instead of overpricing you and deliver hot stinking horsesh*t.