7 Signs You Are WAY ABOVE Average (SCARY Money Stats!)

[@MichaelBordenaro]

The (OVERDUE) Collapse of the 9-5 Job kzbin.info/www/bejne/gaGTiXRjop6ea7s

[@mc365mc]

Welcome to capitalism. It's fueled by materialism.

[@henrythegreatamerican8136]

Reagan's so-called economic revolution is still taking a toll on the middle class even after 40 years. Corporate profits continue to skyrocket while wages remain stuck. Trickle-down economics? More like a trickle-down myth. Perhaps advancements in tech and AI could finally bring some change.

[@henrythegreatamerican8136]

And that chart you showed at 5:13 is a great example. Look how steady things were until about 1980 and then the trend was straight downhill until President Obama came into office in 2008.

[@cynjhern]

Very true! Reagan’s policies continue to transfer wealth from the middle class to the billionaire class. Prior to 1980, those in their 30s controlled 21% of the nation’s wealth. Presently, those in their 30s only control 4.6% of the nation’s wealth & this share continues to shrink. We need to bring back democracy. We need to pay closer attention from whom our politicians accept campaign donations as that is whom they serve & that is where the nation’s wealth will be directed.

[@cynjhern]

“America, we must make a choice, we can have democracy, or we can have great wealth concentrated in the hands of a few, but we can’t have both.” Supreme Court Justice Louis Brandeis

[@fizzimajig]

I paid off my mortgage 14 years early last week and my vehicle will be paid off in March and I’ll be 100% debt free! Whoo hoo!

[@Francisco-po1cf]

A great feeling! Congratulations!

[@junechang6915]

You still have to pay property taxes and the homeowner’s insurance. With the inflation increasing, you will still need to find money. You still have to pay car insurance and car repairs. We will til we no longer can. Retirement is not going to be enough.

[@mspro9032]

Amazing !!!!🎉

[@Audrey-k2h]

🎉 amazing

[@kingscairn]

@@fizzimajig awesome aint it

[@derekroland7998]

If you’re physically fit in America, you’re ahead of 95% in that aspect as well

[@christopherjelen7661]

Yeah I'm definitely physically fit myself I've never gotten my license so I have to walk everywhere so I walk to my job

[@derekroland7998]

@@christopherjelen7661 that saves us in terms of the health care costs

[@cnicoblue]

Health is wealth

[@Yggdrasill8]

Sometimes illness can hit people through no fault of their own, best anyone can do is get plenty of sleep, plenty of exercise, and healthy diet, but something can always screw that up like unexplained colon cancer

[@jeremiahdonaldson1678]

Exactly. US life expectancy is predicted to drop all the way to 66 by 2050 because of all the gluttons that don't understand they're knocking decades off their lives by not being able to spell 'cardio'.

[@TimBrown-e9l]

I only make 44,000 per year, but my house and vehicles are paid for so i am doing just fine.

[@dusansojak3457]

Well done!!

[@parkside4623]

Keep up the good work! 👊

[@Curious-Mr.-Lee]

Dude...NOICE

[@dusansojak3457]

@@Curious-Mr.-Lee what is your IQ..?

[@joybai827]

@@dusansojak3457noice is a reference to a key and peele episode

[@borlanderobertson5666]

If you are healthy, housed and fed you are rich❤

[@joycewright5386]

Amen!

[@victormorales3604]

"He who has health, has hope, he who has hope, has everything" - Thomas Carlyle

[@evelinerosa5070]

Be content in Life but unfortunately the world we live in make us believe we need more and more then we get in to debt. ❤

[@TheyRiseBand]

You **can** be rich under those circumstances. It provides a foundation for building wealth.

[@MrWaterbugdesign]

True dat. I own my Phoenix house and my total spend has averaged $592.04/mo for the past 21 months. I'm 68, healthy, happy camper. I have about $6k cash so about 10 months remaining. I'll be selling my house netting $500k and moving to SE Asia. The $500k will act as my medical fund and at 5% generate $2000/mo so a combined income of $6100/mo once I take SS. I feel rich spending $600/mo.

[@greenpumpkin81]

My dad was a carpenter. I never would have thought as a teenager working with him in the blazing heat and the cold of winter that he was teaching me something that would help me later in life. If you know how to build a house it is not that hard to have one. Thanks dad!

[@sicilianr1]

Trades are better than most jobs these days too.

[@probuilder961]

Ditto!

[@snackman2005]

The big equalizer is debt. If you are completley debt free (like we are). And only have living expenses. 70K a year goes along long way.

[@rutchjohnson]

(Now factor in daycare prices)

[@keysautorepair6038]

We’re are you finding a 70k a year salary you must work for government.

[@MereAYT]

Sometimes it is just poor health. It can wreck you, both in expense and in earning power.

[@TeresaPatterson-l5o]

Yes we are retired I couldn’t believe we made 69000 last year

[@snackman2005]

@@keysautorepair6038 Retired military and I have a job.

[@TrappedQue]

I came to this country as a teenage refugee over 30 years ago. My salary is about $75K, I have 3 months of emergency fund, I contribute 16% to my 401K, I owned my home outright, no credit card debt and I drive a 17 yo car. I truly like being financially independent. Thanks for this video 👍

[@fdm2155]

Meanwhile my friend had to convince a young relative to accept a FREE luxury car. Why? The relative only like *new* cars. 🙄 This is a beautiful three year old car with hardly any miles. Friend no longer drives and wanted to help the relative avoid a car payment.

[@flowergirlabc123]

People can laugh at me driving a 17 year old vehicle too, and use a 8 year old cellphone but who's not blowing their money needlessly? It takes me where I must go, phone is slow & can't do all the extras but that's fine. Live on a lower income that people wouldn't believe but it's all in how you spend it and save it too. The last 5 years have been expensive ones for me but at least I didn't go broke like many who earn double and triple. Buy what you need and need what you buy. Here's to a better year!

[@jimstrickland8653]

American Dream, kiddo! Great job!

[@LuapReko]

Damn that's a low income

[@lindsay3793]

A refugee from what?

[@AshleysBallistics]

Social Media has drastically skewed peoples perception on obtainable wealth, especially young women...

[@marvinphillips1326]

People love to show off and act like they’re above others when they really aren’t.

[@mhodge0890]

Facts

[@andrewgleason586]

Be the captain of your own ship, don't be distracted by others....

[@mikythesaint6507]

its probably the most destructive technology on the planet 😞especially for the young

[@wallye8713]

Hmmm Im seeing more young woman succeeding and breaking barriers. White men are floundering because they had felt privileged and became lazy. Im an old man have 3 adults 32 & 31 young men and 1 30 yr old daughter. Daughter corporate focused f/t p/t side hustle strong followed a very specific path. Young men struggled cause they played beyond means. They are settling down but I see they need to be around much younger woman as they are as mature as them at 10 yrs difference…

[@michaelwiebeck3]

I'm 58 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for…

[@Rachadrian]

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

[@Amberabove]

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

[@CindyValenti]

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

[@Amberabove]

My CFA ’Annette Christine Conte’ , 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.

[@CindyValenti]

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.

[@joeysocks5718]

I’m so old, I remember when you could buy a home, auto, and raise a family with only 1 wage earner. Now 2 can barely get buy.

[@jeoinaforest]

I remember as well, however at the time we did not have: 1. Push button heat 2. AC 3. Running water in a bath or shower. So yeah…people don’t want to live like that.

[@jeoinaforest]

@@LarryEngel-b1b yup, and they spend more on the dog than a kid.

[@ChavsADV]

That’s exactly what I’m doing but I have a union trades job.

[@nono99136]

So you're saying I need a second wife? Will do! Sir, you are a genius!

[@jeoinaforest]

@@nono99136 oh my, twice the misery! Best of luck to you sir!

[@t2k777]

could survive on about $900 a month, paid off house 17 years ago, paid off car etc, 39 years have done 99% of Maintenace by myself, zero debt

[@rubicon3416]

11K a year? What state? Property taxes must be non existent.

[@JamesCat-qx6sb]

​@rubicon3416 it's possible in areas of SC. My county, Abbeville, has low taxes. I live quite well on a 7 acre plot in the country. House, truck and land paid for. Just have to pay the dastardly property taxes..but it's pretty reasonable.

[@rickh6963]

@@rubicon3416 My sister owns a modest 3br 2 bath house in Savanah Tennessee and her property taxes are $243 a year.

[@meengene777]

Likewise, though I can live on 500$ a month- everything included, even prop taxes. This included going out to eat often.

[@July.4.1776]

@@rubicon3416… Not in our state, but some states lower or eliminate property tax for those over age 65.

[@TimesandGens]

My father gave me a lecture, when I bought a higher end telephone as a junior high kid, “Champagne tastes on a beer wallet” and that stayed with me. Now living in a paid off house of my own doing and not freaked out by inflation.

[@toddw.8277]

I volunteer with Hospice. My saddest cases are people who didn’t invest or spent their savings. If you rely on Social Security only you will be in a very bad very scary position. My clients were surviving on food banks and church donations. It lit a fire under my butt to start saving more. Watching someone decide between medicine and eating is brutal.

[@bobpoland6042]

Not always true. I am 63 semi retired at 54. I have a home that's paid for and no debt at all. We live in a 2br home in central fl our re taxes are less than $400 per year. We have a 34 foot class A and camp and kayak often. Not only do we live just fine on my SS check I actually save 10% every month :-) Depends on where you live

[@maryroberts9315]

I've worked with seniors who live on Social Security only. Most of them were hard-working people who just never made a lot of money in their lives. It is hard to save and invest if you are barely making it each day. Many of them experienced a health crisis like a stroke. I worked with a man in his 40's who a massive stroke. He had a family and his wife had to become the sole breadwinner. Life is perilous in this country.

[@toddw.8277]

@ oh believe me I don’t pass judgment. I have family in the very same situation. If my wife wasn’t a nurse we would probably be in same situation. It just is scary what happens to people at the end of their working lives.

[@kristines.5348]

I’m completely debt free including the mortgage. To me, my paid off 1200 sq ft home and used Toyotas are status symbols because living below my means is what enabled me to get ahead.

[@smileychess]

I’ve always been terrible at saving money. But the past few years I’ve really focused. Now I’m out of all consumer debt (just the mortgage left) and have about 6 weeks of emergency fund. That doesn’t sound like much, but this little savings took a major mental shift to accomplish. Onward.

[@michelelee9824]

Great job! Every little bit helps.

[@cjhoward409]

You’re way ahead of the game compared to most people

[@meganbaird0609]

Don't sell your accomplishment short! Great job! The peace that brings is priceless.

[@kitecorbin3914]

That is awesome, congratulations!!

[@lrich8181]

Divide a mortgage payment by 12 and add that amount to your payment .You pay that amount toward the principle of the loan. That will pay off the loan 10 to 12 years early and save thousands of dollars.

[@FreeAmericanUSA]

It took me working, investing, and saving until I was 55 years old to retire debt-free. Living below one's means is paramount. I have always driven practical cars without bells and whistles. A/C and tunes are all I needed. Make a timeline from today to your 65th birthday. If you are not on track make the appropriate changes. YOU are the only one you can count on. Taking care of your health is above all. STOP all the bad habits this year, exercise and eat right. Good health is cost-effective in the long run. Buying things you don't need with money you don't have will result in problems.

[@john_nip_nop]

I lived most of my life riding in or driving a car with no air conditioning and an AM radio. I survived. The A/C and 'entertainment system' can be added to the list of bells and whistles. When they fail, the car still transports people from A to B.

[@FreeAmericanUSA]

@@john_nip_nop I drove a 1980 Datsun 210 for years. I had a jambox powered with batteries and a fan straight wired to the battery. Manual windows, no A/C or radio. It ran well for many years.

[@howellwong11]

Buy good quality stuff and use it forever. It is cheaper in a long run. Example: I still drive my 2008 Lexus LS460. It has 95K and runs just fine and comfortable. It has all the essential bells and whistles.

[@Kuulei265]

My parents used to tease me about my “sock” money. The money I made doing chores or babysitting, cleaning houses. If I had “sock” money, it had to go for school clothes, etc. Being poor, I HATED IT with a passion. The one goal I had was to buy a house. Bought first house when I was married and 22 years old. Sold that one, bought one in a nicer neighborhood. On and on. Bought a property right before a crash. The area took very long to recover. By that time, decided to just keep it as rental income. I didn’t get any handouts either. Just saved and worked.

[@libraman1303]

Don’t give up folks..ever. I was broke 10 years go, but was a bright and an honest person…things eventually got better. I’m now in a good place…if you have a chip and a chair, you are still in the game.

[@Mr007troy]

So put it all on red and parlay!

[@titolovely8237]

amen. i was broke and unemployed 5 years ago. today im doing very very well. oh how fast life can change....

[@renardfranse]

I not only have a chip, I have a whole bag of em!

[@ColumbusDixon]

Michael Michael Michael. Love you but NA is a third world country.tRumtie Dumptie, Elon & the Billionaire club. God save you. You guys are so naive/ young. Learn from history. Keep your eyes open and squash Judas’s and power hungry idiots wanting to be BrownShirts. ( you know how NA’ s like badges & uniforms.) Remember the last Big Disagreement in Europe and how it started.

[@carolyounce5810]

Chip? Potato chip?

[@Freddylone]

11 months of investing. $167k saved, debts cleared, and a portfolio just shy of a quarter million. Taking my finances into consideration last year was worth it in retrospect.

[@Lungule]

Wow that's impressive. I don't mean to be all nosey but can you share how you're doing it? Everything about investing seems quite complicated.

[@Freddylone]

I didn’t have prior investing experience. A CFA, Herman W Jonas has taken all the guesswork out ever since I got into his program. My initial capital of $15k invested over the short term yielded me huge profit plus bonuses. It’s all about accumulating wealth through compound interest investments.

[@FrancisDasilvaloca]

Do not forget that when it comes to investing, prices can be erratic, rising and declining quickly, often about companies' policies, which individual investors or “experts” do not influence.

[@Willywillscheng]

I'm currently in a hopeless place with my finances. My new year's resolution is to improve my financial situation. How can I join his program?

[@Freddylone]

Hermanw jonas that’s his gmail okay

[@gandrew5363]

My wife and I make over $100k+ a year. We have $60k in savings, a couple grand in checking accounts, another $20k-$30k in tangible assets, we have no debt, two kids, and pay $1,250 in rent. Own one vehicle, but we make it work. We’re able to go on trips, have fun, and live life in general. Our golden rule is we save first then spend what’s remaining. Has worked so far so we’re very blessed and thankful. God bless you all.

[@paulscott6998]

$60k in savings is nothing to sneeze at, but inflation is biting into that HARD. You can’t buy with 60k what you could in 2019. Gold was good since Biden. I got out of gold because Trump will mean a better stock market. Don’t be afraid to invest. Get advice from sucessful people. They love to tell you how sucessful they are and their strategy for sucess. They will love you for asking and listening.

[@kabulbolan]

60K? you may wanna invest that and buy a house? you broke cuz you keep renting lol

[@bpb5541]

Nice... I think one of the greatest tricks of all is figuring out how to have our money make more money and if we are diligent... our future selves will thank us.

[@ihad2reload]

Omg wow! $60k in savings is impressive. Who do you bank with? I've never met another person with the last name Andrew before. What's your mother's maiden name? Please tell the Internet more

[@phuchyouh7171]

​@@ihad2reload🤣🤣🤣

[@jeremyking3986]

Comparison is the thief of Joy. I don’t need to be doing better than anyone else, I just have to be better than I was yesterday

[@jrm2383]

I don’t watch these to try and keep up with the joneses, l like to see what I’ve achieved justifies my investment decisions. It has

[@TheNewChevyRoll48]

"A man with no bills is a rich man." - Jack Morgan RLP

[@youMatterItDoesGetBetter]

34 and just got diagnosed with a grade 4 glioblastoma. I body build and eat cleannnn, fuck it. Live your life. I’m in such a different mindset now. Surgery went well and they removed most of the mass. Chemo/radiation therapy in 2 weeks. I’ve always been career, money, money, money and now it’s like… why? (Sales by the way… soul sucking and I blew most of the money).

[@gunkulator1]

Yup. You can't take it with you and there's no reward for having the most money in the bank when you die.

[@sofigag]

Please get better🙌

[@starryluma1806]

❤️🙏

[@adesuaodihirin6688]

Please don't give up hope Listen to all the positive Stories of People who beat Cancer, if possible everyday listen to Worship Music... God Almighty bless you

[@NutritionPolice]

Body building is terrible for your body, and most people who bb think they're eating clean based on "macros" but pay zero attention to micronutrients. Watch more Goatis

[@nancymoore8250]

Cool!! I’m in the top 8%. No mortgage, no LOC, no car loans, no credit cards 👍🏼.

[@metalmike570]

Nothing wrong with having one credit card though. 😅

[@cjhoward409]

@@metalmike570even with that, studies have shown that people will spend 35% more using a credit card versus using cash. Even though they can still pay it off monthly, there’s still more impulse buys. I was one of those. Paid it off every month. Got a little cash back but now I save even more ! 😊

[@AdamSFNews]

I agree, comparing yourself to others can be toxic but in these tough times it help to know these stats so you can be grateful for what you have.

[@LeeC58]

It's not what you make it's what you hold on to 👍👍👍👍

[@DWEthiopia]

Its both.

[@Parabola007]

Out of debt. Living abroad. Never looking back. God bless America

[@rubicon3416]

More and more single older men are going to consider moving abroad.

[@roadrunner9622]

🇺🇸 TRUMP 🇺🇸

[@itsSlade]

Great decision, I'm 29 & debt free, moving overseas later this year. That's the new American dream unfortunately.

[@boston312]

I left for Thailand back in 2008. Never looked back

[@infantry101102]

Moved to Thailand this fall. The quality of life is drastically better. Healthier food, cheap travel, dollar goes 3xs further. 3k a month and you're a king. Escape the matrix!

[@GillerHeston]

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@rogerwheelers4322]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time. Individuals can seek counsel from a certified financial advisor to optimise financial outcomes, who can provide specialised advice and methods to decrease expenses and maximise income.

[@joshbarney114]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@FabioOdelega876]

This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?

[@joshbarney114]

I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky” for about three years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@FabioOdelega876]

Thank you for this tip. it was easy to find your coach. and I conducted thorough research on her credentials before scheduling a call with her. Based on her résumé, she appears to possess a high level of proficiency, and I am grateful for the opportunity to speak with her.

[@marblox9300]

Michael is so well spoken - he articulates his points better than most people and his videos are the clearest on KZbin. I always give him Thumbs Up.!!!

[@AMTex-it-ek7vb]

Thinking back right out of college, I brought a new vette, a buddy got a BMW and another a Regal. two of them brought condos, They were not stressed financially. We were talking about that not long ago. We brought cars, homes, electronic did things and still saved some. You tell that to the younger today and think nuts. Job one started entry level at a bank, 2 other real estate field. Regular stuff. Those condos were in the 20K 1980's now a 2/2 condo maybe 200K. Not talking a place like Miami. We truly did live in a way better time

[@polymerx2218]

A lot of those people with nice cars are "$30K millionaires" and are underwater.

[@hvaball150]

Well, roll up to your Mercedes, Lexus, or Jaguar dealer ... Then fill out an application and put $30k as the income. Let me know how that works out for you.

[@kingston24-x2h]

One of my pet peeves is. when people own cars and trucks that they can not afford. 1000 dollar a month car payments and leasing are crazy.

[@PaulRK77]

10+ years of experience in my field. Can’t even land an “entry level” position. Been working several part time positions since I was laid off in 2020 and it has absolutely decimated my savings. In debt for the first time in my life, and it’s already swallowing most of my take home pay. I can’t imagine how difficult it could be for others.

[@Mr007troy]

We are in the same boat

[@oddjobz9858]

Learn a trade you will never be without work most times

[@zacksweden519]

Might be the wrong field then, at least in the current tough environment. Consider applying outside of your field, just to keep the bills paid for now.

[@Jbs6187]

What field of work are you in?

[@Guydude8888]

I agree time to look for physical labor jobs brother

[@angieprice7206]

I am a senior on tiny pensions and the only thing saving my sorry butt is being debt free. It was a long journey of being super thrifty but I’ve now been debt free for five months. It is amazing that now I actually have “extra” money each month. This hasn’t changed anything as I put away money every month. I’m not sure if my 23 year old car or my roof will be needing replacement first. I am very grateful to have had thrifty parents. Lucky me.

[@TheFirstRealChewy]

A pre-owned, economical car might be the way to go once your current car kicks the bucket. I find that I'm not a car guy. I just don't want to spend much on a car; purchase, fuel and maintenance.

[@angieprice7206]

@@TheFirstRealChewy It will definitely be a pre-owned, economical car. The only kind!

[@David-jm6yo]

The secrete is …. Stay out of debt. Save like there is no tomorrow. Once you have acquired some substantial money then live like you are broke. Yes, I would like to take 50k and go buy that new Bronco but I think about how long it took me to save that amount, I instantly hear the fail buzzer go off in my head.

[@NutritionPolice]

Opposite is true. Debt is leverage and you should maxx it out when rates are low.

[@lifeitsel]

I used to think like that since I saw my father struggling to pay his mortgage and saying how bad debt was. Later I learned it is the opposite : if you use the bank money to your advantage and get a cash flow out of it, you can make more money. The debt we should be scared of is bad debt: for buying a luxury car or something you don't really need or is beyond your possibilities and does not give you a cash flow in return. That is the one to avoid.

[@David-jm6yo]

@ there is more than one way to make for sure.

[@novadhd]

plus you start having issues with if after warranty expires lol

[@formula112967]

@@NutritionPolice Have you been in a coma the last 2 years?....I hate to be the bearer of bad news bud, but rates aren't down and haven't been for a while.

[@magicparkmemories]

My Dad retired as a Chicago Cop of 35 years in 1995. He rotated shifts. He had an IRA . He never got to use his IRA or travel . He attended a Catholic mass after his retirement during the holidays and dropped dead in church. . Keep in mind he had a physical a month before and passed it .

[@megank3412]

My Dad died of a heart attack at 55. Less than a year into retirement. Just turned 50 and I think about that all the time. Enjoy your life before it is too late.

[@78cheerio]

Also, back in the 80s and 90s, we did not have internet, cell phones, package deals with lots of TV channels. Don’t get me wrong, these things are an improvement but it adds quite a bit to the monthly budget. That doesn’t even count all the other online subscriptions out there today. We did not have any of that back then.

[@michaeldalton8374]

Non factor. Nobody forces anyone to participate in those things.

[@susanjane2498]

I choose not to pay for cable channels, I only have Prime because of my Amazon account.

[@gunkulator1]

You can't function in society these days without cell phones and internet. You certainly can't start a business without them. The biggest expenditures that are keeping people poor are 1) housing, 2) transportation, 3) insurance, 4) health care. Entertainment is a distant 7th. So no, online subscriptions aren't why people aren't keeping up.

[@cjhoward409]

Exactly. Our biggest bills is cell phones, internet, satellite tv… those didn’t exist in the 80’s. But some things we’ve done to ourselves like building McMansions and having huge walk in closets. We don’t need those. We don’t need 3-4 cars per household.

[@Comm0ut]

Same here but I don't miss that era since I exploit internet access to information, goods and services. I only pay for internet and phone service which is a net win as a hardcore DIYer. No one needs television or to spend money watching fiction which just wastes time better spent learning. In a pinch I can screencast a phone to my PC and drop internet service or use a phone plan with sufficient data. The way to win is watch how others choose to lose.

[@bypinkerton892]

I began downsizing about 10 years ago.... After dealing with loss of family members..... We realized that debt had to end.... I'm Retired now & have more then what I need... & I live below my means & Enjoy Each Day.....

[@lawrencelawrence3920]

When i was starting out, my parents criticized me for saving and not spending and according to the government i was the type of person who was stalling the economy because i was not spending. I replied, that it is better for the bankers to pay me rather than me pay the bankers. I no longer heard any criticism. Not getting married and not having kids helped with my early retirement. I have owned a number of homes.

[@cjhoward409]

That’s so crazy ! My parents always encouraged me to save. At least 10-20% of every paycheck

[@luke31ish]

The difference between being a home owner or a renter, is that when an owner sells they get their money back that they spent on home maintenance. While a tenant can't sell anything to get the monthly rent back.

[@traivon3760]

Or you sell and after adding up loan, insurance, maintenance all you did was break even. Which he broke down in the video.

[@luke31ish]

@traivon3760 Right, so that's the point. Let's say I pay $100k for my house plus $50k in maintenance costs that you mentioned in a period of 5 years. I decided to sell for $150k , so I broke even. A tenant pays $50k in rent for 5 years, what do they sell to get that money back?

[@ajaynair2636]

​@luke31ish per your numbers the tenants has 100k to invest in index-funds, ETFs etc and the returns in 5 years is significant. They actually will do better if one knows about stock market.

[@RuthAmberRawling]

Imagine this, you’re sipping coffee on a balcony overlooking a city skyline or lounging on a pristine beach, all while your investments are working their magic. With copytrading, you can finally pursue your passions, travel the world, and create unforgettable memories with your loved ones. It’s all thanks to the power of copytrading and the life you’ve always dreamed of!

[@DianeKKnutson]

Guess what? I’m celebrating a $500k stock portfolio today! It all started with a modest $70k, and I’ve been making smart investments that have paid off tremendously. Now, I have the time to enjoy my family and plan for the future. Copy trading has been a game-changer for me.

[@Mohammed-x8m]

I’m curious, do you have a professional broker who helps you with your investments? If so, I’d love to learn more about how you work with them.

[@RuthAmberRawling]

Can't share much here, I take guidance from ‘Matthew D Heck’ a renowned figure in his industry with over two decades of work experience. I'd suggest you research him further on the web.

[@RuthAmberRawling]

Use his name to quickly conduct an internet search Matthew D Heck

[@RuthAmberRawling]

HE’S ALSO MOSTLY ON TELEGRAMS APPS WITH HIS NAME.

[@timforrest1875]

Champagne dreams with Kool Aid money is running rampant across the country

[@douglasgreen437]

Champagne wishes & caviar smiles - Robin Leach..😂

[@sergeipohkerova7211]

I'll bet a huge number of people who have no savings or any kind of wealth whatsoever nevertheless have a ridiculously expensive new car and have the latest iPhones and endless other luxuries. And they'll be the same people who turn up their noses at people who have modest possessions.

[@BillySBC]

That's true, but we have to realize these people have been terribly misinformed and trained by what they see in social media and other forms of commercial marketing scams. They've been been presented with an image of "success" that isn't real, and we should feel a little bit sorry for them.

[@tctctctctc-x7c]

What makes you think that?

[@billbrock8740]

Agreed. I recently replaced my dying IPhone 6S with an IPhone 12. I’m definitely one who doesn’t need the “latest and greatest.” The result is financial happiness and endless nights of deep sleep!

[@roadrunner9622]

And they're the same ones complaining about Capitalism and billionaires. Everyone else is to blame for their problems.

[@PotatoBandana]

Yup, my ten year old sedan is a badge of honor to me. I'd rather be rich than look rich.

[@EricLurie-n7]

Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments..

[@RichardArthurBaker]

Some persons think inves’tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why l'm lucky to have seen someone like mr Jihan Wu.

[@HeatherHillier]

Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's

[@GregFunnell-q9f]

I'm favoured, 90K every week! I can now give to the locals in my communities and also support God's work and the church. God bless America,, thank you Mr Jihan Wu😊🎉

[@HollyGarwell]

Waking up every tenth of each month to £210,000 it’s a blessing to I and my family… Big gratitude to this same Jihan Wu🙌

[@AdamSilbert]

Please how can I get in touch with this coach Jihan Wu ? I really need to give him a try

[@advertisercommerce6990]

Been debt free for over 10 years! 69 now. When I became debt free it was a totally uplifting experience.

[@sinepari9160]

I was making $65k/year back in 1995.. living like a king. I now make $98k/year and living check to check.

[@NutritionPolice]

That's because if you take an average of 3.5% inflation for all those years, you should be earning around $182k.

[@NutritionPolice]

Another, even crazier way to look at it is is based on the price of gold. In 1995, it was $385 an ounce. Now it's $2400. That's about 6x * 65k... your salary based on the gold standard should be $390k a year 😬

[@novadhd]

@@NutritionPolice yeah and most people dont earn that much so we cant keep up with inflation

[@7SideWays]

Hope you bought some houses. Or at least kept them as you moved up.

[@Jeannified]

I pray for everyone these days...especially the young people trying to make their way in the world. Not easy at all!

[@gnatsflyd]

Get rid of everything people. Get your liabilities to bare bones. It's going to get stoopit

[@titolovely8237]

i have 1 set of dishes and utensils. 1 paid off car and 1 computer. live in a cheap part of town and earn good money. no debt. life is easy once you realize how little you actually need to be happy.

[@Cold_Hard_Truth]

I have no liabilities. Life is about the pursuit of happiness. Piano, guitar, fishing, hunting, etc make me really happy. Should I get rid of that stuff? Naw, didn't think so.

[@jimmyhvy2277]

@@Cold_Hard_Truth You are Doing the Right thing . Smarter than 90% of Humans 👍

[@gnatsflyd]

You have the key my brother

[@gnatsflyd]

You have the key my brother

[@andrewgleason586]

Live below your means to gain financial freedom and prosperity....all the time.... success is a accumulation of successful days.....

[@thearch1tect249]

That works for only so long. When we are struggling just for the basics then we have a problem. Some people are eating one less meal a day.

[@Maynardd]

How about strive to be better at what you want to do, make more money, and be more successful? This is the way!

[@jonstone9972]

Shhh your talking common sense here which alot of people in the world don't have

[@hauntedshadowslegacy2826]

Did you miss the part where the guy in the video brought up the extreme wage suppression we've been dealing with? Yes, living below one's means IS the way to stay good financially. But most people are stuck with 'means' that don't meet inflation. Rent is through the roof, groceries are through the roof, all types of insurance are legalized scams, job listings lie, hiring managers lie, education costs are through the roof... But suuuuuure, lemme just see how high I can lift myself off the ground if I grab my bootstraps and pull. Whether you like it or not, jobs need to pay more. Period. They could afford it if they paid their C-suite execs and investors a smidge less. Nobody who works a full 40 hours a week should be paid less than a livable wage. Nobody who works a full 40 hours should be forced to live out of their car. And nobody at all, regardless of their work hours, should be denied basic human decency. Yes, that includes 'burger-flippers'.

[@andrewgleason586]

@hauntedshadowslegacy2826 I hear you,try to stay positive even though it's very expensive, crazy expensive,all my stuff has gone up too, thankfully I have no debt.....yet......

[@ncprealty3844]

You should have added 8 to the list, watching this channel provides educational value and financial awareness.

[@coobay4786]

The biggest advantage of actually owning your home is. If you lose your job your not out on the street. The only thing you have to come up with is your property taxes. If it really gets bad for you, you don't have to have utilities, house maintenance or anything. It would definitely be hard but you won't be living on the street until you can turn things around.

[@TurdFerguson-420]

Agreed. And another benefit of owning is mitigating some risk. For example, rents in the United States have increased dramatically over the last few years, but my mortgage payment (at 3.125%) hasn't changed in years. I also think his analysis is more appropriate for places with very high RE taxes and insurance (like Cali and Florida). I live in a small state where those costs are low so it is a no-brainier for me to own. Plus piece of mind that it will be paid for eventually.

[@pinay1999]

Agree, plus back when we were renters, we were at the whim of the landlord! We had to hustle to find new housing! Our relatives (who are lifetime renters) have had to move every few years, that would be stressful for me. I hate moving.

[@terryhutchings7701]

Retired, sold my paid off house a year ago. Been living in France the past year, something I had always dreamed of. Returning to US for family and will be getting a medium priced one bedroom apartment, as I don’t want maintenance insurance headaches. I kept my newish paid for car when I left and it’s been in storage. It’s just me, so I can live pretty cheap. At my age I have all the clothes and personal items I need. I was never rich and tried to be frugal as possible. My kids only got toys on their birthdays and at Christmas. We only ate out once a week and most of the time it was McDonalds. If we didn’t have money we stayed home, if we didn’t have money we didn’t buy it. NO CREDIT CARDS! Make no mistake, there were times we were struggling and broke. Keep working, stay focused, don’t buy crap at Walmart and Target every weekend and you will get through it.

[@mikesawyer4707]

My father ran a buisness for over thirty years. Dad always paid his staff on time and focused on keeping over head expenses as minimal as possible. And he always had a cash box for emergency funds. That was over fifty years ago. Great memories. God bless.

[@avratzz]

Got about 60k in the bank and used to think that wasn't doing too good but this video kinda changed my mind

[@AstroSardaukar]

If you keep 60k USD in the bank, you're one of those needing financial education.

[@mhodge0890]

How much you got invested? You have 60k just sitting there?

[@avratzz]

@AstroSardaukar for sure it's just stagnating there

[@bobroberts2217]

I have 60k in the bank too. I’m trying to buy a house. Yes. That’s how much it costs to buy a house and you can’t have it in a CD if you plan to be buy. If needs to be liquid.

[@avratzz]

@mhodge0890 as of now it's just sitting there. I don't know anything about investing yet

[@nancydavidson2295]

Thank you for pointing out the cost of running a house that others fail to mention. Even if you've paid off the mortgage, there are still bills to be paid in the form of taxes, insurance and maintenace. Inflation has hit all three. Always fight your tax assessment, whether or not you think it's fair. It's almost always lowered.

[@JamesSmith-r6n]

He once talked about the book 'Forbidden Laws of Wealth' by Victor Hayes and can’t believe how underrated it is. This book has some serious knowledge you won't find anywhere, definitely deserves more attention!

[@uncleartax]

851 likes? Scam much?

[@YouAdii]

@@uncleartaxThey are talking about this scammer on reddit

[@1pltzdrpr927]

1. Emergency fun Enough to survive 6 months. 2. Saving account $1000. 3. Any money saved for retirement. 4. How much money you earn ( 80k) 5. Monthly expenses ( 6k) 6. ( own a home) 7. Living debt free life

[@RG-hf4et]

Add no credit card debt.

[@Prickly-Hedgehog]

I'm from the UK and find your videos interesting. I am debt free, own my house and cars, and have a pretty good pension portfolio. But I'm not flashy, lived prudently, and paid the mortgage off early. It definitely lowers stress.

[@williambaker-d7h]

Im a new homeowner who has a question for you. Do you think that if you pay more into the house payment that your property taxes will automatically increase?

[@AcashasGarden]

I’m DEBT FREE! 42 and own everything with 1 million stashed away

[@m89hu]

Noice

[@michelelee9824]

Good job!

[@tctctctctc-x7c]

Oh yay!

[@ztp2130]

wat?

[@buzzk8305]

That's not nearly enough

[@Curlyblonde]

The more you make, the more you spend. If you spend everything you earn and don't invest, then you will be in dire straits, no matter how much you make.

[@stelliform]

Difference between homeownership and renting is that your mortgage is a fixed price except for increases in homeowner insurance. You’re not going to be paying the same rent over 10 years. Your rent will steadily increase and the owner of the house is going to always make a profit. With homeownership you can be sure that your monthly mortgage is relatively stable over a long period of time.

[@tommorningstar6373]

Scary reality check Michael. When I started watching I had zero, zip, nada. Thanks to this channel I paid off all debt and I started living far below my means and have saved about 30% my take home pay for three years now. It's not a fear free environment, but it is a terror free environment. I figure if I started up social security (I am old) With what I have accumulated, I could live for about two years. I am going to keep slugging... and drive my 2016 Kia Soul until the wheels fall off, just like the Greatest Generation would have done.

[@john_nip_nop]

Congratulations on your progress - will power. The Greatest Generation would have probably bought only American branded cars (impossible to say American Made now - isn't Toyota the brand with highest American Made content? Tojo would be proud.)

[@Comm0ut]

@@john_nip_nop I'm a child of GG parents (they never liked that term since they'd lived through WWII and the Great Depression and knew better). They bought US, British and one Toyota. My father was a WWII Army vet and bought a Toyota Camry because the US auto industry chose to build junk.

[@formula112967]

You drive a Kia Soul???....you ARE sacrificing!!!

[@starsrhi2335]

Hello From Texas - warm, sunny, and praying for the suffering people everywhere ❤😊

[@The10cmorgan]

@@starsrhi2335 there is hope we just have to keep trying

[@JessicaGrecco-ll7gu]

Hey there from Lake Jackson Texas

[@grod805]

Thank you from California. We really need it right now

[@Skyking6976]

Any idea why the most religious people in the US live in the Deep South? I’m not necessarily including Texas but states like LA, AR, AL, MS? You can throw in KY and TN, the Carolinas for that matter? Any ideas?

[@user-ms3ko5gn8e]

In 2007 my husband & I bought our first house for $250k sold that house before the housing boom & now that same house is worth almost 600k! We couldn't afford to buy it back even if we wanted to.

[@Francisco-po1cf]

I bought in 2020 and if I wanted to buy today I’d have to come up with a serous amount to have the same payment

[@rubicon3416]

30 trillion of debt will certainly raise asset prices.

[@googleuser868]

I hold real estate as an inflation hedge.

[@bpb5541]

Hi. I am similar. we are lucky... no way could I affor my house now... espeically with the high interest rates. but I acutally want my house to go down in value... why? well I never plan on selling this house. It is in my living trust for my kids already... the less it is worth, the less I pay on insurance and taxes. and I always look at that money it made ... is really not mine. We don't get that extra money unless we sell. Until then it is fantasy. I think americans get into trouble when they count on that equity... borrow against it etc... we saw the results of things like that during the GFC. Now if the house is paid off, it could be leverage to buy another house when prices fall off a cliff.

[@stevendaniel8126]

75 y.o. TOTALLY debt free. Not a penny to a soul. Own everything. Retired at 58 y.o. Still have a $2k surplus every month. Took hard work, planning, daily maintenance of finances. Living the good life now..... 😊😊

[@sandspurpatch]

I was denied college via Affurmative Action despite being 99th percentile in math, si I started my work life in a machine shop. That ship taught me ELECTRICAL, PLUMBING, AUTO REPAIR, ETC. THISE SKILLS SAVED ME A FORTUNE LITERALLY. I NEVER SWEAT HOME MALFUNCTIONS. ROUTINE.

[@HJM49125]

Apart from your property, if you cannot buy it outright then don't buy it

[@davidbrayshaw3529]

With the exception of a very small personal loan (used car) that was unavoidable due to circumstances at the time, that's the way that I've lived my whole life. It has most certainly paid dividends.

[@susanjane2498]

Sometimes people have to buy new tires or some kind of catastrophe happens, so they must charge repairs so they can make it to work or keep their house warm. Other than that, I agree if you can't pay for that thing you want, but don't truly need then don't buy it.

[@davidbrayshaw3529]

@@susanjane2498 Living costs, and sometimes you get in a pickle. But I'm pretty sure that that sort of expenditure doesn't account for very much debt in the nation.

[@gunkulator1]

Difficulty: health care. You don't get to choose not to buy it when you need it and when you do need it, you generally don't have time to "shop around". Some of the many reasons providing health care should not be a profit seeking business.

[@chargermopar]

I live the lifestyle of the poor and unknown. Never been in debt. have a year of emergency funds and a year's worth of fuel.

[@marysaltlife1427]

Wage comparison from then to now was mind blowing how wages have stood still! Thanks, Michael. Hi, Issi!

[@bigtom1948]

Stood still except for the CEO class They went from 30x to over 200x salery of the average worker in thier companies.

[@AZPat65]

I would also add that most people dont have a solid written budget. They have no idea where their money is going. Without a budget, especially if you're carrying debt, you'll never get to the savings part. Budgeting and paying off debt should be first and foremost before savings, but Im a die-hard Ramsey fan. 🤑

[@SquatsAndThoughts]

The difference between your example of renting and owning is that after selling the home you end up having hundreds of thousands. Yes, the net gain and loss might be the same but you can think of that example as a forced savings account. When you rent you leave with nothing.

[@gcxred4kat9]

"Comparison is the thief of joy." - FDR. Nobody ever compares themselves to a homeless person. It's always the celeb living the high life

[@googleuser868]

Works both ways. Be happy with what you have. It's not that important to have all those materialistic things but basic needs are often taken for granted. When I see all the clutter in my garage and barn I know have far more than necessary but that stuff has come in handy several times over the years. Boards and nails. Nuts and bolts. Used Auto parts. Quite often a use comes along. Money in the bank to me and the investment pays huge dividends. How much is a 2x4 today? How much was it 30 years ago.

[@WTHenry2023]

Actually, I do compare my living standards to the homeless to keep my expectations grounded and to feel thankful for what I have. It also helps me be more compassionate to the homeless.

[@TheFirstRealChewy]

Being homeless is my minimum level of survival. So in that case I do compare myself to the homeless. That's also why I take nothing for granted.

[@metalmike570]

Not the celebs in Palisades and those other towns. 😮

[@cjhoward409]

Nothing wrong with comparisons if it means you’re working harder to achieve financial independence. We shouldn’t just be complacent. Always room for improvement

[@quant36]

Thank you Michael. This Honda Accord driving institutional investor checked all the boxes. But I still keep $2 of food stamps in my safe as a reminder of my humble beginnings. Lat's take a walk in Sunny Isles some day :)

[@vanly2156]

Thank you for this video. I saved 5k for emergency funds, and now it's depleted cause I was sick unable to work due to my recent cancer diagnosis.

[@mhodge0890]

🙏🏿🙏🏿🙏🏿 I hope you feel better. Stay motivated and positive

[@marblox9300]

I live in a condo complex where I know most of the people have little savings - but they have newer expensive vehicles - a lot of people just don't care about money.

[@NutritionPolice]

They don't care until they don't have any. Then they play victim

[@ajaynair2636]

Then they borrow from people who have saved enough. Lol.

[@johnmorrison8942]

Thanks!

[@mickj1590]

In certain cities - If you owned a home pre-2020 you are living on an entirely different planet than the rest of us.

[@Francisco-po1cf]

Some people really screwed themselves over trying to wait for a housing crash.

[@IrisP989]

We purchased in 2015 and in 2021. We got lucky, I know it. There is no way we could have bought a house in a good area nowadays with the crazy interest rates.

[@hvaball150]

Come back in 5 years. You will be saying pre-2025. Houses can double from today in many areas. Some had FOMO, then AMO. Actually Missed Out.

[@PennytheBernedoodle]

If you were 25 years old in 2020 and still didn’t buy a home it’s self inflicted.

[@Francisco-po1cf]

@@PennytheBernedoodle yup. They definitely fumbled on that.

[@christopherthompson9642]

4 years away from retirement at 39 years old. Every day I’m thankful that I joined the military at 19. Get that retirement and some disability (thankfully I’m not too bad off) and I have a post Army job lined up.

[@AstroSardaukar]

If you keep working, you're not retired.

[@user-ms3ko5gn8e]

I know a lady that is 100% disabled veteran that was a cook & never served in a war but gets 4k a month for 4 years of service because she claims ptsd. I think they need to re-examine people because I'm surr there are others that could use that money more.

[@christopherthompson9642]

@ depending on your outlook. Me, doing what I love makes is a retirement

[@user-ms3ko5gn8e]

@@christopherthompson9642 Thanks for your service 🇺🇸 👏

[@TheVikingblonde]

​@AstroSardaukar he means retiring from the military and starting his second career.

[@wildcattoolrental]

Ive worked very hard and finally retired. I won’t buy drinks and junk food at convenience stores because it’s a waste but I see many people, most have nothing, buy that stuff for their whole family all the time. It won’t change .

[@jjacoby1010]

I grew up in a trailer park with loving parents who never went to college. I went to college and grad school, worked for a few companies before starting my own independent consulting business in 2010. Now at 52 y.o. I have a net worth of $3.5M thanks to saving and spending wisely and not living beyond my means. It's a mindset, and it's doable.

[@VTLovesSF]

Your channel has blownup since I first started watching several years ago. Congrats on your success Michael!

[@ghggp1]

Great video! I needed this advice years ago when no one talked about it! Why do they teach things like calculus in high school yet miss teaching classes on financial independence and security? Why they won’t teach budgeting, knowing about stocks and bonds, or compounding totally escapes me!

[@blackworldtraveler3711]

Should have just just asked a teacher or spent time in the library. There are personal finance books for kids as young as eight years old….with pictures. I have been saving and investing since 15. First book I read was by Jane Bryant Quinn.

[@googleuser868]

Took a general business class in highschool that had very basic household finance info. Balance a checkbook, stock market basics, budget. Didn't really sink in at the time. 15 year old in the 70s was more interested in hitting the trails on a dirt bike. Paid cash for a 125 street legal Enduro after saving from part time work. Things were a lot simpler back then. Work, get money, have fun. Saved more for a couple years. Bought a year old Camaro for half down. Paid the 2 year loan off early before I was 19.

[@valberlin9239]

I understand we're not comparing us Americans to the world, but I couldn't help myself. Americans who complain about how bad they're doing in life clearly have not traveled anywhere outside of the US. Happy New Year.

[@TheRealHeavyG]

Another difference between renting and owning is that an owner can do whatwver they want to their property. Want a theater room? Patio extension? If you are handy, DIY projects can be affordable and then you get to enjoy them without having to move and rent a different place.

[@john_nip_nop]

And you don't have to walk in your neighbors' dog waste when you step in the grass.

[@Comm0ut]

DIY is why I have plenty of disposable income. It's not hard to learn and I encourage adult education as a solid start. Auto mechanic courses easily pay for themselves and can often be free or close to it with student aid. Those teach fundamentals of many useful systems which apply to much more than vehicles.

[@aeskes1978]

This data and input is very important whether you’re retiring, retired or a younger citizen. Good for you bringing this to light.

[@theamazingjustin]

17:27 Michael love ya bro, but you're not super good at math. If the homeowner in your example bought a house for $300k and sold for $400k, with 100k in profit and 100k in expenses would break even. But he still gets paid back all of the mortgage payments that he made towards the 300k (equity less 100k profit). The apartment renter doesn't get any of his rent paid back.

[@jordant2]

Watching this and I immediately had the exact same thought. It's a huge difference!

[@michellebowers8652]

Plus the average appreciation on homes over the last ten years has been 95%. So the home value would have nearly doubled.

[@tizzx4945]

You don't have to drive a Lamborghini or wear unnecessary expensive jewerly to be rich!

[@JessicaGrecco-ll7gu]

Indeed for sure

[@BillySBC]

The rich generally don't. My brother and I used know a very wealthy surgeon that we used to go to breakfast with once in a while, the man would never buy a newspaper, he liked to read it but he would never buy it, he would wait for someone else to finish reading their newspaper and throw it away, and then he would pick it up and read it! My brother said to him once "Lee, why don't you just buy a newspaper?" and he said "If I buy a newspaper every single day how much will that cost me a year?". Everything that man did was business decision... EVERYTHING.

[@bigtom1948]

@@BillySBC I worked for a doctor and when someone else was paying for dinner it was always at the fancier places, when he had to pay it was always at a diner or Mickey D's.

[@JBoy340a]

Most people I know that are in the 1-2% drive nice cars, but dress cheaper and don't dine out that often. They know the value of investing money and having it silently work for you rather than showing off.

[@JBoy340a]

@@bigtom1948 many doctors have a lot of debt from college and medical school. I know people still paying off their loans in their mid 40s.

[@commonsense6967]

Michael, FL law allows a homeseller to make $250K in profit before they must pay any capital gains. (Last I checked.) And Rudy Giulliani is happy that FL law also allows homesteaded property to be non-bankruptable.(So he is able to keep his FL condo.)

[@caribbeanbound8357]

when paying rent, the landlord needs to cover the cost of your rental unit, maintenance, insurance and taxes as well as some profit. You will be changed more than that amount so these expenses are covered. If you buy a house, you are cutting out the middle man. Your rent will skyrocket over the years while your house payment will remain fairly stable no matter what the market does. Long term you are better off owning the home.

[@Retired_Life_1]

FACTS! The key is long term especially if the mortgage is a fixed rate.

[@RichardGeorge-pz3wm]

Great video! Being debt free is a amazing! To come up with an extra $2000 a month for investing is next to impossible for most people.

[@JeffWilliamfick]

I lost my job in 2008 and was unemployed for almost 1.5 years. When I got a new job I worked all the overtime I could get. My base pay was $65 - $70 and for 4 years I was making $95 - $105 and putting most of that in savings. I put 15% into my 401k and paid for both my kids college. I’m in my late 50’s now and don’t work any overtime. We (wife and I) make enough to pay our bills and let the savings generate a decent return in CD’s. Is it the best investing strategy no but I’m also not risking the chance of retiring early. Planning is key. I started putting money into an account when my kids were born for college and when they turned 18 it was there.

[@EdwinBoettcher]

I initially intended to save money, work part-time, and retire at age 62. The high cost of everything, though, has seriously hampered my plan. I wonder if those who survived the 2008 financial crisis had it easier than I am right now. Since my income has dropped, I'm concerned about the stock market and worry that I won't have enough money saved for retirement because I can't make as much as I used to.

[@KimberlyFlores-kr1bz]

I’m 77 and still working full time. I do enjoy my work, it provides me with purpose and has secured my financial future. Most people are too eager to retire as early as possible. Even if you do retire early, best to get a part time job for the reasons cited above, as well as following many if not all of the suggestions in this video.

[@BradleyMaurice226]

I was stunned when a doctor’s wife friend told me they still had over $200K in med school debt. They had a huge house, an Audi SUV, and their oldest was nearly grown and leaving to be a missionary for two years.

[@RichardGeorge-pz3wm]

I was fortunate to be exposed to finance at a young age, starting a full-time job at 19 and purchasing my first home at 28. Moving forward, I was laid off at the age of 36 due to the covid outbreak and immediately sought advice from a professional. After hundreds of thousands of dollars invested, I'm just about 10% away from a mili as of today.

[@mmmspaghetti]

In your 10 year comparison story of buying vs renting. If you break even on your house after selling and subtracting property tax + maintenance, then what you're left with is 10 years of free rent essentially. It still pays to buy in that scenario.

[@ashleykim4713]

Those are just words. And words are cheap. Do it in real life and see if you end up with 10 years of free rent. It’s a risk and sometimes it can pay off and sometimes its doesn’t. It’s a decision you have to make. Make sure you analyze and do the math.

[@gunkulator1]

The exact same costs that homeowners incur are also incurred by landlords. How do you think they cover those costs?

[@Spirit-FilledMindset]

Debt free since 2018. Bought a condo in 2010 for an amazing price and paid it off 8 years later. It's all about priorities and striving to not owe anyone anything. That means you sacrifice certain things along the way (like nice cars, expensive vacations, expensive meals, etc). Sure I do the occasional fun stuff every now and then, but I don't make it a habit.

[@gunkulator1]

A life with only occasional fun stuff? Not a life worth living IMO. There's no prize for having the most money in the bank when you die.

[@formula112967]

Congrats...I am scheduled to pay off my 30 year loan in 18 months, 18 years early. Not only are you debt free paying off your mortgage early, but you can save a ton of interest payments. I have already saved $50k in interest so far.

[@taylorhillard4868]

The concept of an emergency fund in the US is so strange.....because i had saved up my "emergency fund" savings to be able to last through going to college for a change of career, and even though ive been able to live off of that for the past 4 years without much additional income (only working one day a week to cover groceries), it wouldnt have even come close to covering one medical emergency. Like living in the US you basically just have to hope you never ever need to use the medical system unless you have a stellar job with perfect insurance.

[@ConnieMangler]

Wow, that’s crazy. I’m retired as a realtor. I positioned my life to retire by having no debt no mortgage no car payments nothing. Just my Social Security and some dividends coming in and my expenses in Iowa for the month are 1500 a month. I live fine off 3000 a month with Social Security and dividends. In fact I have $1000 extra every month to do what I want after paying for food. I also made sure before retirement that I installed a new roof, furnace, air-conditioning, water heater, new deck, just about everything is brand new before I hit retirement. Y’all need to move to Iowa and get out of the expensive states.

[@kristirichards2249]

Too many CAFOs. We live in Indiana and thankfully Mitch Daniels never fulfilled his dream of making Indiana the hog producing capital of the country. (We are pro sustainable farming. Our neighbors tried to destroy our beautiful community with what would have been the largest CAFO in the county)

[@DiscoFang]

If you're not overweight let alone obese in USA ... you are in the top 25%

[@--Morpheus--]

I wonder what the percentage is for underweight

[@DiscoFang]

@@--Morpheus--Pretty sure the FDA regs make that a felony in the USA. Just un-Amurrican.

[@stillsober19]

The problem with people saying live below your means is that everything is fuckin expensive. 20$ for a 50lb bag of ice salt. It’s all of that shit accumulating

[@annelessick3163]

Ice salt????? You mean for the snow? Who uses that…I live in Wisconsin…just shovel (I am over 65)…Ice salt? for margaritas? We have always lived below are means..and are now without worries.

[@formula112967]

A question to answer for yourself....do you make your own coffee at home or buy it at a cafe?......that is a game changer if you want to be frugal.

[@HaloTupolev]

The "real median income" chart at 8:17 is already adjusted for inflation, so adjusting for inflation again is double-counting. I do think there's lots to be said about what that chart means and how it gets used, but the story it tells is actually "positive" if it's taken at face value.

[@ericrackley3202]

Came here to say this. Nominal median household income in 1984 was more like $22k which adjusts to the figures shown in the graph in 2023 dollars.

[@RSanchez111]

What you said about calculating the real cost of owning a home is something I keep trying to explain to my family but they do not understand. I'll buy a house when the prices come way down, it just doesn't make sense to do so at this time.

[@SouthernBitcoiners]

They can buy you one if it’s such a great investment!

[@davidw6828]

They won’t come down though?

[@Francisco-po1cf]

Your family is correct. In the long run, rents will be higher. In the 90s apartments were $500, now they are pushing $2000. Lots of mortgages are much lower than today’s rents. Living in a paid off home is even cheaper.

[@gunkulator1]

The same home owner costs Michael lists here are also incurred by landlords. Guess how landlords cover these costs.

[@Comm0ut]

Depends where you buy and how handy you CHOOSE to be. Tenants pay someone else's mortgage.

[@davepaturno4290]

Really, it is SO much easier to do well financially and even physically if you have a spouse who also works and contributes to most expenses. It can mean the difference between having a small house that is in constant need of repair + an old vehicle and a large house in a really nice neighborhood with a much newer vehicle that is a joy to drive. There are too many single, struggling or just getting by people out there.

[@marblox9300]

People grow up today with the mentality that it is OK to have no money and to finance everything paying monthly. This of course has been pushed by the ones who profit from this situation.