6 Money Myths Capitalism Implanted In Your Brain

[@julissadc6303]

Another lie: working for others is bad and you should only aspire to own your own business, some people just dont care about that and work to sustain their non profitable hobbies, and they are happy like that, they are not less ambitious or anything is just that happiness looks different for everyone, some people will dream of being their own boss and thats good, but other people not wanting the same isnt bad

[@okalanibergschneider1201]

I agree with this because I have ADD so working for a company where I have clear set expectations to meet helps me focus and feel productive and the thought of having to make every single decision without set expectations causes me to want to mentally spiral which would cause me to become indecisive and unproductive to the point that I don’t accomplish anything.

[@dacriticalgentleman]

You're a very intelligent women with a lot of real world intelligence!

[@perdybirdie]

Agree. Not everyone has the mindset and mentality needed to own their own business as well

[@duncanbug]

@@okalanibergschneider1201 Lol me tooooo! This is the most cathartic thing I've ever read lol. Congrats on making the job work for you!

[@ScarletASV]

True. I feel like we're being pressured to be entrepreneurs, as if that is the only measure for success. Some people are not cut out for that, and it's ok. Others could maybe make it, but are just not interested. I just want some money in for my needs, for some savings, and fun money. I don't need to be Miss Business Owner, too much work.

[@GizmoAndKiwi]

As an European this "anti union rhetoric" is just crazy to me. I get why employers don't want them and speak out against them, I also get why being watched and pressured when there's a poll about unionizing prevent workers from voting. But there seem to be so many people really believing that unions are bad? How? Why? This is just...weird.

[@NewSparky97]

Decades of anti-union propaganda and anecdotal evidence proving the rightness of that propaganda

[@mitchh3092]

I used to just think people were dumb but then I learned that people are only as smart as the info you give them. We as a society have been groomed by our predators.

[@duncanbug]

It's crazy... the general public (especially older generations) is so against them...

[@sashaboydcom]

@@mitchh3092 I found it enlightening to realize that people aren't stupid, they're naive. Like, most people don't know much about any particular subject (myself included), and are overly trusting of things that people in their community seem to believe (again, myself included). Unfortunately, these things make people easy to manipulate under the right circumstances.

[@anxen]

For the same reason they think communism is more deadly than a virus causing global pandemic

[@-Flowriding-]

Timestamps Myth #1 - Good job requires +40hrs 2:12 Myth #2 - Poor people are lazy 5:21 Myth #3 - US can't afford universal healthcare 8:24 Myth #4 - Executives have always outearned their employees 10:41 Myth #5 - Unions are bad for productivity 14:14 Myth #6 - Owning a big house signals wealth 15:48

[@HeatonResearch]

Thanks for saving me 18 minutes.

[@glittergirlglory4320]

I am not lazy I have a disability

[@Here4TheHeckOfIt]

These are myths meant to maintain the status quo.

[@greggpurviance7252]

None of this has to do with the concept of capitalism. Good grief. Pathetic

[@ryanedwards7487]

"Non-Compete Clauses" should be totally freaking illegal. It totally ruins your ability to job hop and force companies to pay you what your time is worth.

[@johnmartin4641]

Job hopping is bad anyway. The most successful people I know stayed with their company their entire careers and retired with pensions (as did I) and $30,000,000+ in company stock. None of the job hoppers I know are anywhere close to that. All I hear from them is complaints about how little money they make. And it makes sense. I would rather promote someone to an executive position if they’ve been with the company their entire career because they know the company better than outsiders and newcomers and I likely won’t have to worry about them leaving and having to replace them, which is very expensive. Conservative estimates say it can cost double the previous employee’s total compensation to replace them.

[@whyforcemetohaveachannel3228]

The entire notion of non-competes is so harmful that it’s unbelievable governments allow them. Never mind voluntary job hopping, but when they are enforced during layoffs it is doubly heartbreaking and inhumane.

[@muirgirl]

@@johnmartin4641Your experience is incredibly outdated and non applicable here.

[@ricardoconqueso]

@@johnmartin4641 there arent company pensions any more...Today, job hopping is the only way to get a substantial raise. Youre operating off of old world data

[@karenandrews4224]

Biden outlawed them

[@MeganTS]

Could TFD do a video on the inflation that we are seeing? I’m hearing a mix of information about rising costs. I would love to hear trusted TFD’s opinion

[@sinfulhealer2110]

Lul I'll plug Corporate Greed as being the reason and climate crisis being the catalyst for us seeing even more rapid, destructive, business out to turn a quick profit than anyone has in our lifetime before. Also wanna plug 'the Problem, w/ Jon Stewart' because it atleast calms me hearing people who don't have corporate bias/capitalistic economy indoctrination gather around and talk | kzbin.info/www/bejne/iZjNgZ9jjrxpfsU

[@dmonee6196]

Yep. I’ve read a lot about the typical sources blaming stimulus going to the poors and greedy workers wanting higher wages… yet corporate profit margins are growing and they’re bragging about it. Seems like they’re full of it and the true cause is a bit larger than Jerry down the street no longer accepting only $7/hr.

[@mjs3188]

@@dmonee6196 Inflation and corporate profit are pretty much wholly unrelated. Inflation and deflation are a direct consequence of the money supply not matching the value of goods and services in the economy. Consider this admittedly dramatically simplified scenario: You and four friends decide to use shells to pay each other for favors to make sure that no one is getting more favors than they are giving. You help Friend 1 move and they give you 10 shells. Friend 2 helps you clean your house and you give them 5 shells. This is essentially the purpose of money: an abstract yet shared representation of value. You start off this scheme by all going to the beach and finding 100 identical shells, each person getting 20. This arrangement works for a while until one of your friends falls on hard times and spends all their shells on favors from the others. To get around their lack of shells, they go to the beach and find 100 more identical shells and start using those for favors to get through the rough patch. The total number and complexity of favors hasn't changed, though, because there are still five of you. You now have 200 shells (double) representing the same value of favors. What would happen to the shell cost of each service? It'd go up, no? That move now costs 20 shells. That cleaning costs 10 shells. This is the consequence of stimulus checks where the money comes off the printing press like what happened with the covid checks. There is more of the abstract unit injected into the economy, but it's representing the same or less actual value, so the purchasing power of each dollar goes down. This results in higher numbers at the gas station and grocery store. So, is it the fault of "the poors and greedy workers"? No. But it is a direct and predicted consequence of the massive stimulus checks that went out. The blame for this lies in the Fed and the federal government. The Fed has been keeping interest rates artificially low for years now to try to stimulate the economy in an effort to keep the line going up. They're trying desperately to avoid another major market correction, but are really just postponing the inevitable and making the problem worse. They could be removing this extra money from the economy to even out inflation by raising interest rates, as they are supposed to, but they are too cowardly to do it. To put that back into the shell analogy, it'd be like everyone deciding to destroy 10% of shells on every transaction until you're back down to 100.

[@mrjdgibbs]

@@mjs3188 I'd go so far as to say that you're half right. Tye current inflation definitely has to do with low interest rates but probably nothing to do with the stimulus checks. Those were simply not enough money per Capita to drive up the costs of goods and services. I would say that the most compelling reason for inflation is that the government has been propping up asset values through a number of monetary policies. This does nothing but increase the income inequality that's already becoming problematic. The point being that the people who have the money can afford to spend more of it and the people selling goods or services have to charge more to accommodate the shrinking pool of potential buyers.

[@bibliophile316]

They're increasing prices because they can, despite record profits. A journalist looked at transcripts of sales calls and they say openly that that's what they're doing.

[@EM_vi_ix]

In California a two bedroom apartment rent costs about the same as mortgage payments for a house. Rents are increased every year, mortgage payments are not, assuming you got a fixed rate. However, good luck saving a down payment, good luck getting approved for a mortgage, good luck finding a house that is affordable and won't be sold to a cash offer, often to investors. The only solution the politicians are doing is banning homeless people from sleeping.

[@karenwang313]

Ikr, cant even leave the state because I don't want to deal with snow, humidity and mosquitos lmfao.

[@patrickmcclanahan2856]

Hate to break it to you but that’s not really the fault of capitalism, though you could blame indirectly, since the main cause is house owners wanting to see the value of their property go up, and so they prevent new builds, and have also capped taxes, so they don’t have to pay for their new wealth. Laizze-faire capitalism, or pure capitalism, wouldn’t allow for either of those

[@duncanbug]

@@patrickmcclanahan2856 Yes but nobody below gen x has known anything other than this Laizze-Faire version right? It does frustrate me that people say "that's capitalism for ya" for policies that contribute more to cities etc. but that's why everyone is leaning further left who's young. We haven't benefited in many ways from the system other than technology becoming more affordable.

[@patrickmcclanahan2856]

@@duncanbug I would disagree. Compared to my what was available to my parents in their mid-20s, the quality of my apartment is far better, the variety and quality of food that I can buy in the grocery store is orders of magnitude greater, my ability to go on vacation to Europe, Mexico, etc on cheap flights wasn’t even within reach of them, the quality of my 07 Civic relative to their early 80s car, my ability to easily invest in the market was something only the rich had access to back then, how easy it is for me to learn new information with the internet, have a relationship with my fiancée when she’s on the opposite side of the world…idk…we really really do have it so much better, even just in this one generation, let alone going back 2, 3, 10, or 50 generations

[@isidoreaerys8745]

@@patrickmcclanahan2856 peak oil. Your argument is invalid. Seriously look at the Permian basin data. We’re facing an energy crisis.

[@Lydia-hi6mx]

I feel like a 4 day work week would improve my mental and physical health so much!

[@Tabbylover55]

I think the 4 day work week trend is misleading, it should be called "condensed work week". It usually doesn't mean working 32 hours per week for the same salary, it means working 40 hours per week in 4 days = 10 hours per day. I don't see how that will be very helpful for our mental and physical health. Personally speaking, working every day from 9 am to 7 pm will kill me.

[@Lydia-hi6mx]

@@Tabbylover55 I’m talking about the 4 day work week, as she mentioned, 32 hrs a week, full time pay and benefits.

[@tasia2174]

@@Tabbylover55 I work 40 hours in 4 days. It sucks, but for me personally I love having a perpetual 3 day weekend. However, I really hope someday it can just be a 32 hour work week as I'd have more energy after work to do anything besides sit.

[@thecozyintrovert]

I work 30 in 4 days and it has helped my mental health tremendously.

[@libertariangal2235]

@@Lydia-hi6mx And what will you do with the rest of your time? Netflix...you are aware when people worked much less pre industrial revolution, they didn't have tv, electrric or even indoor plumbing...Those shorter work weeks were for extra time for household upkeep that you wouldn't even consider today......no really what will you do with that extra 8 hours? Will you contribute to society or will you melt your brain in front of the TV....because you deserve to sit around so much more than your fore fathers worked for...this is what's wrong with society....suddenly we wanna cash in.....we should be trying to innovate and improve societal relations etc....but damn Netflix is so worth an extra 8 hours off of work! But no one is lazy here......

[@inathi1329]

I would love to see a video about predatory practices perpetuated by the traditional financial industry that we've been taught to think are normal. For example in my country offering university students credit and credit cards without any financial education on how to responsibly use those lines of credit, even though most students are dependent on financial aid and come from poor backgrounds, has become normalized. It facilitates a debt trap most people arent able to get out of for most of their lives because at no point are we taught there is a responsible way to manage money and credit.

[@dedederp2693]

Or how here in the USA how everyone has come to accept that in order to retire you have to have a good job all your life, stock options, 401ks, rental properties, and all kinds of investments. Being a hardworking individual is no longer enough because we have to boost the “investments” which are tied to CEO pay

[@JABloch]

Sounds like you're from the US?

[@flojowithattitude]

Chelsea actually talks abt this topic a lot on the earlier tfd content. She apparently bombed her credit score on a hello iitty credit card in her young adult life.

[@ohheyitsCassie]

Yep. Chelsea and I share an origin story. Same CapitolOne card at the tender age of 17, which I promptly maxed and then ignored for YEARS. Now I'm 32, almost 33 (Chelsea and I are the same age and likely tanked our credit at the same time, right around 2006/2007 before the recession) and I'm just now fixing the mistakes of my uneducated youth, and passing good habits that I was never taught on to my own young children.

[@ems9616]

Id love to see this too- i know this channel is mostly USA focused but id be interested in the way UK institutions (particarly department of work and pensions) have moved to offer loans than grants. Especially the DWP, who offer high interest loans to people who should be recieving benefits but arent (normally bc of dwp's own fuck ups). Me and my partner nearly fell for that in the past- my partner should have been recieving benefits from being in work previously, and looking for a job- but we were excluded bc my pay (too low to sustain us) came in a week earlier than expected. At this point we were worrying how we were going to pay for food and travel to interviews after bills- so the DWP offered us a high interest £1000 loan to 'tide us over'. Tbf the woman offering it to us looked visibly uncomfortable as she offered it, and reassured us that we'd made the right descision when we turned it down. But it chills me to the bone to think how many desperate and more vulnerable people than us might take that loan and wind up in debt forever.....

[@mattb1293]

1. 2:12 You need to work more than 40hr/wk to succeed 2. 5:20 If you're poor, it's because you're lazy 3. 8:23 The U.S. can't afford universal healthcare 4. 10:41 Executives have always earned much more than employees 5. 14:14 Unions are bad for productivity 6. 15:49 Owning a big house is a sign of wealth

[@Schokoladentoertchen]

thanks, you're the best.

[@tonylouis7923]

🙏🏾🙏🏾🙏🏾🙏🏾

[@ladyann7077]

Thank you!😊

[@phazon100]

We have obamacare. That us universal healthcare.

[@aturchomicz821]

@@phazon100 Yeah just no, No...

[@CameronFussner]

Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.

[@leojack9090]

Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.

[@fadhshf]

This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?

[@LucasBenjamin-hv7sk]

@parrish8386 Please pardon me, who guides you on the process of it all?

[@FlameUser64]

The really messed up part is that the 40 hour work week wasn't even instituted to be fair _to workers._ It was actually instituted to stop _employers_ from screwing themselves over. You see, 40 hours is the edge of positive productivity. Further work beyond that is net neutral on productivity, or even negative due to exhaustion and overwork. And that's for _mindless_ tasks like factory work! Anything requiring more brainpower than working on a factory line is likely to peak in productivity before 40 hours. This common standard of 60 or 80 hours and employers demanding that their employees be available to call in at any time is complete nonsense, and in many sectors actively harmful to the corporations! Employers would be better off paying their employees more to work fewer hours.

[@johnwalker1058]

The problem is that often, people fail to grasp the concept of extrapolation. They just see a linear relationship between hours spent working and some metric of productivity such as number of products produced or sold and assume that it just climbs indefinitely so that if they just keep getting workers to work more hours, they will produce and/or sell more product. They fail to factor in things like workers are not robots or machines and that they have their own needs and need time for other things like rest, spending time with friends and family in social interactions, time to themselves for self-care, time spent exercising creativity with hobbies, recreation, or personal projects, etc.

[@FlameUser64]

@@johnwalker1058 I suppose when you're so far gone that the part of the curve the 40 hour work week is concerned with isn't visible at all, it looks like a linear relationship. That is, if the 40 hour mark is the edge of productivity gain on the first peak of the graph, by the time you're at 50 hours you've plummeted all the way back to zero and are slowly climbing back up on a very pathetically small upward trend. If your data points don't go lower than 50 hours, you won't even be able to see the drop. And this gets worse for tasks that require a measure of mental clarity and creativity, at which point you might have plummeted all the way back down to the baseline by 40 hours in the first place! In that case, when your data points are from 40 hours to 80 hours you're only seeing a pathetically small upwards trend, completely missing the incredible productivity boom you already missed by starting this far along the graph.

[@recarras]

You touch the deep issue: Different jobs require different time schedules. Some jobs, perhaps, need 5 hours a week of an extremely focused person to find a great solution. But there is a lot of culture related to it. And also: would be fair to a worker see a partner work less than himself? Productivity, specially in services, is hard to measure while time, in the other hand, its stable clear and easy to measure. Usually countries with low amount of working hours per week are service-oriented and import labor intensive products without any guilt from those that work exhausting hours.

[@smegleymunroe863]

But frankly, I don’t really give a damn what kind of productivity any work schedule gets for employers. Working too much is poisonous to the soul. Reducing work hours is a matter of human happiness, which is an end in and of itself

[@-PureRogue]

Have you done any brainless factory work, do you have any idea what physical exhaustion, pain does to your mental state, you wouldn't last a month in such environment and just end up running back to where you came from.

[@chispitablanca]

My husband and I (no kids) live in a 3 bedroom 1950’s ranch and it is honestly too much house for just the two of us. We bought it for the sizable yard (to grow our own food) and the fact that it’s just barely outside the city boundaries so we pay township taxes. I can’t imagine having an even larger house or more than one full bathroom to clean.

[@Blueyez369]

My husband and I are in similar circumstances, we bought our house in large part due to the size of the yard for the price and the area. I like our home, but I would be more content in a smaller apartment. If it wasn't for my husband who likes large homes, and my dogs who need more outdoor space, I would happily downsize.

[@bethd.6670]

Same here, although our home is technically 3 bedroom, it's more like 2+ bonus. It's just under 1000 sq. feet, but on a third of an acre lot. We got it for the location, the back yard, and the fact that we don't ever plan on moving, so we wanted something that would be easy to manage when we're older. More space just means more to clean and maintain, higher utilities and the ability to just buy more stuff to fill it. We love our little crackerbox house. :)

[@fourcatsandagarden]

I got a small 2 bedroom home for much the same reason - I want to grow my own food (cos the flavor is better plus I can grow things you can't get easily in stores), and its both too big and not enough in different ways. I'm turning the second bedroom into a cat foster room/hangout room/guest bedroom, so that's fine, but on the downside I have no good indoor space to start my seedlings so I'll eventually have to get some kind of outdoor greenhouse set up somewhere. But there are worse problems I could have (like in a bigger house there's more maintenance and higher utility bills - no thanks). When I was hunting, I actually had a hard time finding a house small enough because all the investors (both local and not) were cash buying all the houses under 1200 sq ft to turn them into rentals. I eventually got one that was further out, in a hilly area, and that has no access to public transportation. That was the only way I could get one that came close to meeting what I wanted without fighting with people who could just drop $100k cash with ease.

[@bethd.6670]

@@fourcatsandagarden We were super lucky we were able to get our house for the same reason - people were/are buying up the smaller houses and as soon as they sell, we see for rent signs on the lawn. There's a contractor down the street we had come over for suggestions on installing a dishwasher, and he commented that he almost bought our house. He owns a rental one street over, too. I think the fact that we wrote a letter to the seller telling them our intent to actually live in the house was why our offer was accepted.

[@SadisticSenpai61]

@@bethd.6670 We have the same issue where we live. Sometimes houses are sold before they're even officially on the market. And it's not just smaller homes that are getting snapped up like that either. That's the unfortunately reality of living in a university town - there's no end to landlords. We live in an older neighborhood that was built about 100 years ago - about half of the houses in the neighborhood were converted into multiple units between the 50s and 80s (including our place - it was turned into a duplex in the 70s). I think a city ordinance was passed in the 90s preventing such conversions, which is why landlords don't seem to do it anymore.

[@jaystrickland4151]

You are generally right on the shorter work week. I talked my boss into letting me work 30 a week as long as I get all my work done, and I have been the most productive member on my team since. Given I work in finance I was surprised he said ok.

[@MissMoontree]

Kudos to you and your boss. I feel like I work best the first 6 hours, the 8th hour I'm just not being as efficient.

[@matthewk87]

The benefits of a "shorter work week" varies dramatically depending on industry. In some industries, time does not directly corollate with productivity. A video blogger might spend 30 minutes on their video or 4 hours. The 4 hour video is not inherently 8x better, nor does it have 8x the content. On the other hand a manufacturing job (of which many remain in the US) where a worker is running a piece of equipment, has a much closer connection between the hours worked and productivity. Cutting that position down to a 30 or 32 hour work week would have a major reduction in work completed.

[@Thomas-wn7cl]

We used to do 7 hr (7:00-2:30) days in Union Construction in NYC. It was really great because you beat the commute and the extra hour in the afternoon was noticable. We have since largely moved to an 8 hr day and with a commute it feels like non stop work, sleep, and eat.

[@kiahnte]

I don't really like the implication that the "house poor" problem is primarily because of people buying bigger, nicer homes than they need. As a 28 year old, I want to buy a house (even though it will be the majority of my expenses) because it's WAY preferable to paying nearly as much (more if I didn't have roommates) for rent that is then money totally lost. Moreover, landlords often refuse to do the maintenance their leases require them to do, leaving me to live in squalor since I'm unlikely to have the time or resources to sue them. Home ownership isn't just a social prize, it's one of the only ways to start getting out of poverty. If you own your home, you have more wealth, your biggest expense is now an investment (at least partially) instead of just money gone. There's been a weird trend over the last few years of people telling millenials and zoomers "Oh, you don't really need to buy a house. It's not a good financial move for everyone. Maybe just keep renting for the rest of your life". Some of these people are well-intentioned I think, but at the same time this narrative has popped up, investors are buying more and more of the available property out there and rent is sky-rocketing. They certainly seem to think that ownership is better than renting. I'm inclined to agree. Renting sucks.

[@oglocbaby520]

I mostly agree with you here. Renting has a time and place for specific circumstances but if you are going to be living in your current area for any prolonged period of time, at least a couple years, it's in your best interest to buy a home. In my area, it's actually cheaper to buy a home and have a mortgage than it is for rent, and you'd be getting much more house/space. Granted, you have to factor in taxes, maintenance and interest. Real estate taxes in some areas of the country are insane and almost a mortgage itself. Also, a lot of people simply do not have the cash saved up to purchase a home, I remember seeing an article from a couple years ago saying that around a third of people didn't have enough in savings to buy new tires for their car. If you can afford the mortgage payment and it's around the same as rent in your area it's a no brainer. Not only are you building up equity but in the longer term it's also very likely to appreciate in value, whereas with renting this money is essentially gone.

[@Isaviolin]

The reason we bought is so our monthly payments don’t go up. We bought a decent home that kept our budget low. Sadly this isn’t possible for many people especially in the US were ok homes can be very very expensive.

[@greggibbs3639]

You cannot physically 'pull yourself up by your bootstraps. It was a joke that became a mystical ability to rise above the floor for the time it takes to pull on boots. I also suspect many people who say this have never had a pair of real cowboy boots.

[@jimbrittain402]

I am DELIGHTED to hear a business owner telling the truth about capitalism.

[@markvile8521]

Great! Do anyone knows Expert Mrs Helen Mrs Helen is legit and her method works like magic i keep on earning every single week with her new strategies

[@kuarjones910]

I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Helen

[@kuarjones910]

I think she's the best broker I've ever seen

[@thandinontlemgunundu6322]

@@kuarjones910 My first investment with Mrs Helen gave me profit of over $24,000 us dollars and ever since then she has never failed to deliver and I can even say she's the most sincere broker I have known

[@dominickj.kotter4134]

@@markvile8521 Her success story is everywhere

[@kevinschultz6091]

I once worked 80-hour weeks for a few months in a row, voulentarily - I was just starting out in coding (I'm a technical writer by trade), and at the time it was SO much more interesting than what I was supposed to be working on.(To be fair, our team had a rule that if we were working on a scut project, you could totally try to script it if you wanted to). I stopped working these extra hours when I realized that I wasn't getting much done after 8 hours. Instead, on a nightly basis, I'd hit a wall around hour 8, and then spend hours trying to debug something, fail, only to figure out the answer on the drive home, or else the next morning in the shower. In talking about this with the devs I worked near, their comments were that after 8 hours, the only thing they really did was sit around and watch builds run on machines, and maybe answer some e-mails: definitely they didn't try to code for that long, as they also had the exact same experiences I had.

[@creenataylor8070]

As a Brit I find in fact that Americans work 40 hours a week and have little annual leave astonishing. I work a 35 hour week and by the time Friday afternoon roles round I have switched off, some companies in the UK and Europe are trialing 4 day working weeks and they've found that employees are more productive. The US has some serious issues when it comes it's work force.

[@simplethings3730]

I left the workforce in 2015 to take care of my parents. I have no income and I live in a portable building that I made livable by adding a bathroom, bedroom (putting a mattress on the bathroom ceiling), kitchen and living room. I raise sheep and chickens. I grow a garden every year. I keep busy. I'm happy.

[@stevend776]

This channel is seriously undoing all the damage and myths I learned from Ramsey... Thank you so much for being earnest and honest!!

[@midniteryder_3-16]

Uh-oh…wth was ramsey babbling about?

[@InnerGiggles]

Ramsey is not interested in you doing well. I’m glad you’re recovery.

[@lijohnyoutube101]

I don’t agree with this. I think Ramsey offers much value but that you need to also balance it with the luck factor.

[@Boris80b]

Ramsey is misguided about many things.

[@stevend776]

I stopped after the whole drama sparked with the "cult" accusations, guns, and vaccines came out. But I took his advice too literally and got in a bad place, basically.

[@kellykerr5225]

This is why I lost my job because it wasn’t physically possible. They lied to me about the job. The gave 15 communities to manage and 1,700 units and all of them were more than an hour away and were not near each other. I watched a video about a toxic work. Every single thing is exactly what they did they did on the video. Their Google rates are 1.8. That is bad and I felt like I was ruining my reputation

[@MaJuV]

After long periods of discussion on work quality, the Belgian government approved this week their new bill on work, which included the long-requested 4-day work week. But the moment people outside the government looked at the content of the new bill, everybody collectively facepalmed. Why? Because the government still held on stubbornly to the 40h work week, and thus turned the 4-day workweek into 4 days of 10h instead. It's PrOgReSs PeOpLe 🤦‍♂️

[@mr.fabulousmegardev6256]

big oof shoulda focused on minimizing hours instead of theoretical days heheh

[@gnomee9447]

CEO earnings grew 1322 % while worker compensations grew by 18 %. That's just bonkers! What the actual..! I can't even wrap my mind around that. They could sustain so. Many. People. With that kind of money o.O

[@Sandy11142]

I believe it. I am a nurse and at the end of 2020 we got an email from our CFO that we had to band together as a family to get through this pandemic. So there would be no raises or matching contributions to our 403B. All the staff breaking our backs working extra shifts, no PPE no raises or retirement for us. What I DIDN'T see in the email was how all administration was going to take a 20% pay cut to help the family. They sat up in their offices making $2.4M plus bonuses.

[@bad-orange10294]

Also worker comp includes healthcare and most of those 18% went to cover rising healthcare cost, so workers didnt really benefit from that rise. In reality wages have stagnated and for a lot of jobs (low income) they have dropped.

[@seabreeze4559]

CEos are paid with stocks so it's stock mayhem

[@HH-le1vi]

CEOs are also compensated with stocks and that almost always means that they will always have income growth every year. It's also important to separate founding CEOs than hired in ones because founding CEOs deserve to reap the rewards of their risk and labor. Hired in CEOs not so much.

[@jdtreharne]

@@Sandy11142 you didn't get paid for the extra shifts??? That's grounds to sue!

[@MatthewStinar]

Regarding Medicare for all, people often overlook how expensive inaction can be. Allowing vast numbers of people to be uninsured and under insured is an enormous expense. As for what would happen to big pharma and private insurance companies, let them eat cake.

[@jstall20]

This was super informative. Especially the last part. As someone with family members in real estate the greed had always been pretty naked, but to see how impractical it can be for the buyer, this puts things into perspective.

[@ViolentOrchid]

A company preforming well isn't really that important if the employees aren't making a living wage. It's funny how our economy is built around participation trophies for private companies but older people try to shame younger people for expecting the value of the labor they perform.

[@MichelleHell]

Overvaluations and undervaluations. We've been speculated downstream into an undervalued region.

[@kristaw206]

Why I love wfh so much. My old company tried to do a hybrid situation my last few weeks there and I was miserable sitting in a beige office with so much extra time after getting my work done, not being able to do anything else productive unlike when I was home. There’s a reason I just left and so many others are doing the same! Also I never understood how claiming you work 60-80 hours a week is a flex. That just tells me you suck at time management lol.

[@joshualee2458]

Man, I've not yet been "house poor" but i've definitely been "car poor". Having a job far enough away from my house and a car just in bad enough condition that a lot of my paycheck got dumped into gas, insurance, and maintenance

[@amb163]

I'd love to hear your thoughts on Universal Basic Income. As mentioned in this video, a lot of people have the same issue with UBI as they do with welfare -- that it incentivizes laziness. I don't believe that's true. Or, at least, I believe that the number of moochers (there are always a few) wouldn't really change.

[@agett12]

It was mentioned as cash assistance and that it doesn't affect worker productivity.

[@seabreeze4559]

more like supply/demand someone has to do the jobs that suck like clean the sewers

[@BrentWalker999]

@@seabreeze4559 and they will, if they are compensated.

[@aturchomicz821]

Its a bandaid onto Capitalisms gigantic problems, it wont fix anything and it will just delay inevitable change

[@patrickmcclanahan2856]

Honestly nobody really knows…only way to get good info is to test it on a somewhat large scale for a significant period of time, which hasn’t been done yet. And even how people in Florida vs ppl in Massachusetts react isn’t likely to be the same

[@TheMaikeWinter]

Just leaving it here that I enjoy your videos. They are always so well researched. They question problematic things in the society we live in but don't deny what's the situation.

[@spbausch]

Thanks for this video! As a retiree, I am hardly your target audience for financial advice, but I always find you thoughtful and reasonable and I love that you can both give good advice about how to use the system to gain financial stability while recognizing the deep and inequitable flaws in that system. I especially liked the Le Guin quote.

[@thefinancialdiet]

Glad you enjoyed it!

[@RonaldoLuizPedroso]

Ursula K Le Guin is tight!

[@disney.daze.55]

The home part is so frustrating personally. I cannot compete locally in the re-sell market, so I had to buy new construction. I was only able to afford a home 45 min away from where I want to be that is - newsflash - twice the size I need. There are 3 bedrooms. I’m a SINK. The Master alone is as big as my current bedroom and bathroom combined, plus I’ll have an even larger closet and bathroom to boot. I don’t need this space. I don’t want this space. My goal is to stay there a couple years, build up equity, watch a local tiny home community to see how it develops, then sell and pay cash for a small home. No one is building starter homes anymore - it’s so frustrating.

[@rodb66]

I'm so glad you called out that "pull yourself up by your bootstraps" nonsense. We feel bad enough that we don't have money so we don't need the add on of it's our fault that we don't. A lot of us work very hard but still have a difficult time keeping up paying our bills. Jobs today just don't pay enough for the cost of living.

[@austinluther5825]

Really liked that last point about home ownership. My partner and I (he's enlisted military and I'm a laboratory scientist) lived in apartments because it was cheaper than military housing. We didn't decide to buy a house until we had a second kid and rent for a 3 bedroom apartment would be the same as a house payment, if not more. It was a practical decision, not a desperate reach for a Pleasantville fantasy. We'll probably go back to an apartment once the kids are out of the house. Until then, this neighborhood has a token LGBTQ family! So fetch!

[@SadisticSenpai61]

It's gonna depend a lot on the housing and renting market in your area. There's pros and cons to home ownership and pros and cons to renting. One of the biggest cons with owning a house is that you are responsible for all of the upkeep and repairs - and that gets expensive real fast. Another con is that you can't just pick up and move - you have to sell the house. Granted, that's not much of an issue right now as we're currently in the middle of yet another housing bubble, but eventually that bubble will burst and ppl will find themselves in situations where they might have bought their house for more than they can sell it - and depending on how much the difference is, they might owe more on their mortgage than they can sell the house for. That's a major problem inherent to the housing market in the US. In the part of the country I live in, rents are frequently higher than monthly mortgage payments. But after the lease is up, you're on a month by month basis so you can move out whenever you want or stay put. You also don't have to sign a new lease, although refusing to sign a new lease can be used as one of the reasons for eviction (under very specific circumstances and can't be the only reason either). My partner and I are disabled, so having a landlord that takes care of things like mowing the lawn and clearing the walks is so immensely helpful. And with the way that the US's medical insurance system works (even with Medicare Disability), we're constantly kept in debt - so owning assets would be just begging collectors to come take it from us. Plus, we live in a university town - whenever houses are put on the market, they're snapped up within a few days by landlords and usually have "for rent" signs put out within a month of sale. Anyone looking to buy a house to actually live in here have to contend with all the landlords bidding for the same house. I've seen plenty of houses that have had the "for sale" sign put up with it already marked "sold." It's pretty ridiculous. But one of the main benefits to the university town that most towns in our state just don't have? Good public transportation that's dirt cheap. The bus fare is $1 and you can get to most areas of town by bus, excepting newer residential areas ofc.

[@geralddavino8221]

If the Congressional health care perquisite was limited to the average level of health care nationwide, perhaps health care would be taken more seriously.

[@quixentric]

I'm sure you've touched on this before, but I feel another myth that extends out of a lot of this is that being wealthy (or rich) is the same as _looking_ wealthy. When I went to my first meeting with a financial advisor many years ago, he told me a story of another client of his. This client was making over $100k a year but had no savings. However, he was renting an apartment in an expensive part of town (so, probably around $2k a month) plus leasing a Lamborghini (for what I assume was around $3k a month?), meaning most of his income was going to those two things. Combine that with the kind of lifestyle that comes with that (eating out a lot, lots of nights at the bar, etc.) and he was living paycheck to paycheck. He probably looked very wealthy & had that appearance of financial success, but if he had a major incident I don't think he would be able to support himself. I think about this a lot when it comes to finances & how to approach money.

[@lesliegahagan6091]

this has less to do with capitalism and everything to do with consumerism and marketing.

[@manyagaver1946]

The book “the millionaire next door” talks about that a lot

[@henrythegreatamerican8136]

I keep telling people who listen to right wing FOX NEWS propaganda it's not about socialism, communism, capitalism or any other "ism." All that matters is if the system concentrates tons of wealth in few hands. Nothing ever good comes from that. And right now that's been happening on the grandest scale ever in the USA with all the tax cuts and low interest rate FED money. But good luck trying to convince these brainwashed people of anything other than "socialism is bad because that's what I heard from some guy on the radio."

[@mx.chi2]

@@lesliegahagan6091 these are extensions of capitalism, spawns

[@quixentric]

@@mx.chi2 agreed. They definitely feed on and rely on each other.

[@BenShutUp]

Chelsea and team, thank y’all so much. I’m a millennial who’s life got derailed from Covid and I’m slowly getting certifications to do Human Resources work. Hearing this information and from a familiar, trusted voice like yours Chelsea, is so helpful. The myths are so disappointing but I’m hoping and will work for a better future. Also, Chelsea, when the time is right, please run for office. 🗳

[@xWanderlustt]

Can you talk about this in terms of academia? For a lot of researchers, they're often pushed to work more than 40 hours per week in order to succeed in academia and even have a shot at getting a position as a professor. It's hard for me to balance taking care of myself but also working hard to make sure I have a shot at a future of being an academic professor which is my goal.

[@starzzzy22]

THIS! I'm currently a grad student and I won't be seeking a job in academia because there seems to be no work/life balance. I would love to see Chelsea interview some people with PhDs and talk about the toxic expectations of the work culture in academia and how to manage it.

[@Amoechick]

Yeah… my partner is constantly stressed & exhausted with his career in academia. There are no work/life boundaries, everything has to be done “now”, everyone wants to know “what have you published lately? What’s your research now?” while he’s busy trying to actually be a good instructor & ends up hand-making most of his course materials. When my professors ask if I’m planning to get a PhD and go into research, I just laugh. I’m already familiar with academic hell, and that’s not even getting into grant writing aka begging for money.

[@Greentrees60]

I literally cannot imagine a world in which any prof works only 40 hours per week

[@kellysober9352]

Thanks for the great content TFD. I am an older Gen-X er, not exactly your target audience. But your content is relevant and timely and I always get something out of it. Keep up the good work!

[@tfh5575]

wait do more than half of people who grow up poor make it out of poverty? i never knew that. those are okay odds and that makes me feel better. i often see it framed it in a way that you have no way out of poverty no matter what you try to do. since it already feels like this when going through it, i’m not sure how helpful it is to frame it that way :/

[@stevenponte6655]

yes but most move from the bottom 20% to bottom 30%. USA has the lowest percentage who people in the developed world 1) leave the bottom 20% and 2) make the top 20%.

[@jdtreharne]

@@stevenponte6655 we also have the wealthiest bottom 20%

[@sor3999]

Yeah those were better odds than what I initially assumed. And even slimmer chance to fall back into poverty. If there is a selfish argument to be made for government assistance is that it stimulates a stronger economy by helping people move out of poverty and people who move out of poverty earn more and therefore spend more. And once they're out they're unlikely to need those program anymore.

[@MichelleHell]

@@jdtreharne because of imperialism. It doesn't work without exploitation of third world labor.

[@MichelleHell]

@@sor3999 Welfare checks get spent, not saved. When they save enough, they no longer get the welfare checks. People don't understand that an economy needs money circulating like blood. And I'd bet you there's a good chance they'd spend that money on the same monopolies that were taxed for the welfare, coming full circle. This country has too much hatred and wealth hoarding mindset to be a functioning economy.

[@asadb1990]

yeah i work 40h per week regardless of workload. i will show what can be done at 40h minus the coffee runs, toilet breaks, etc. because there is no such thing as job loyalty. and working faster is rewarded with more work.

[@grege5074]

the bootstraps myth is a case study in selection bias

[@kweightthree]

Yes, this the content we need right now.

[@TheJadedJames]

A few months after the pandemic started , I got laid off from my office management job and ended up working retail for a few months. Way less money and far more physical and mental stress (and less advancement opportunities). I want to punch people who say the poor are lazy.

[@maylani3697]

I love you for saying this because it’s so true. People who work in retail are stereotyped as uneducated and lazy. Businesses take advantage of it by making employees feel like they can be replaced easily and keep the compensation at minimum wage and no time off during holidays.

[@violetlight1548]

There's a reason so many former retail employees say they've "done their time" there when they finally get out. Sometimes, jail would have been the lesser punishment. At least you don't have to deal with Karens in jail.

[@johnmartin4641]

The people that say the poor are lazy are the same people that tried to help you keep your office job. It was the people that claim to care about the poor that took your job away from you. Are all of the poor lazy? No. But a lot of them made bad career choices. I’ve preached for a long time to work is a recession resistant industry. Most recession resistant industries were considered essential businesses during the pandemic.

[@Karebear01]

Agreed!! We need to stop blaming individuals for their overall financial situations when it’s the system who should be lifting us but the system doesn’t and we are all just clogs in its machine

[@jtidema]

Clogs? Or cogs? I guess either could work!

[@3rdfitzgerald]

The system should be lifting us up?

[@BewareTheLilyOfTheValley]

Something about this comment almost sounds sarcastic, lol. I'm thinking I agree with your sentiment but it was just worded poorly 😉

[@naya4607]

@@3rdfitzgerald it shouldn't exist

[@yashwntfilms]

The system is harsh and will be cause that's how society works. If everyone will be equal and paid equally then No one would have motivation to do something overkill cause you will get same salary even if you do that. There will be no motivation for any business cause everyone will be equal and there will be no innovations.

[@fernandadealencar1158]

Considering that I come from a country that is considered “3rd world” and we have free healthcare, saying that the US doesn’t have enough money to implement it, sounds a bit like a bullshit to me.

[@tuanoini]

This! 😄🙈 The US truly is the wealthiest "developing country" in the world

[@McScruffie]

It’s a 3rd world country wearing a Gucci belt 😂

[@Boris80b]

Very much so

[@tammystockley-loughlin7680]

Republicans( and a few democrats)won't allow it to be passed into law...and many voters vote against our interests. Positive vibes from New Hampshire, remember to be kind to each other and yourself during this pandemic and social crisis

[@Courtney6]

I live in an area of SoCal with a lot of McMansions and it’s really interesting. A lot of the front columns and design of the houses are made with styrofoam and then sprayed with stucco over it. My mom’s neighborhood is a new development of McMansions and their community fb page is everyone complaining how poorly built they are. One person was nearly scalded to death when she was making a pot of spaghetti and the entire range hood above her stove randomly fell off splashing her spaghetti pot everywhere. It’s all an act. A movie set with house fronts and nothing behind them.. the psychology behind it all is really fascinating.

[@michellebarnett2046]

Anyone looking for fun but thoughtful readings, Le Guin is easily one of the greatest authors ever! I think Left Hand of Darkness and The Dispossessed should be required readings in school.

[@zHxIxPxPxIxEz]

I was going to get allways comming home, i havent read leguin yet

[@rachelpowers3975]

Where I am (not America) unions are way more common and as soon as I began my career I joined. It was encouraged by my employer and by my training

[@EvanWells1]

where are you

[@anhnguyenthingoc9504]

When I was yourng, I felt guilty or lazy if I didnt work more than 40 hours/weeks or in the weekend. But at the age of 30 now, I set the barriers to not go over 40 hours/week. Yeah, I still worry about promotion, performance evaluation, about salary increase. But I feel content and happy with the current situation.

[@quixentric]

It's a super fine line to balance! Especially with more working from home, I can't tell some days if I work more or less than when I was in an office. But, I do feel like my work is more productive because I can take breaks & clear my mind with less worry that someone is expecting me to be at my desk.

[@justingerald]

My wife and I feel a lot of pressure to become house poor. But we have resisted the impulse thus far.

[@epbrown01]

There are two pretty successful people in my family, me and a cousin. He's got the big house, in-ground pool, multiple car thing going, while I live in a 4BR/1ba bungalow like I grew up in. I'm constantly asked why I'm not in some mini-castle.

[@tammystockley-loughlin7680]

Good for you...McMansions were the beginning of the end of society...too much space, don't hang out with your kids or your neighbors. Positive vibes from New Hampshire, remember to be kind to each other and yourself during this pandemic and social crisis

[@historiansrevolt4333]

Anthropologist here with a small correction. The "less than 40 hour work week" relates to hunter gatherers, who work as few as 16 hours a week. Once agriculture comes into play, work weeks closer to 40 hours on average become more common (though not universal).

[@ironpalmmonk1199]

Isn't it just during peak times? Once the work is done, there isn't much left to do agriculturally. Just got to let nature do its thing.

[@historiansrevolt4333]

@@ironpalmmonk1199 In more modern times maybe. But irrigation, pest control, weed management, and other tasks typically added to work. And once you add animal husbandry in, 40 hours is a short week prior to industry making better tools.

[@mausegetlit363]

@@historiansrevolt4333 all that work was done very festively and with mindfulness to joy in work. A lot of the time it was different than the tool of modern day farming and especially most modern jobs

[@KateeAngel]

Well in the winter they were mostly repairing things and feeding cattle, and that's it. In the summer they worked the whole day. So in those cases calculating averages across all year are meaningless

[@ironpalmmonk1199]

@@KateeAngel Yeah, this was my understanding and what I've read/heard in regards to work hours as well. OP stated he was an anthropologist so perhaps maybe he has more insight but I've definitely seen arguments stating low work hours pre-industrial times were low all around and not specifically tied to just hunter-gatherers. When work was needed, hours involved were naturally high. There was plenty of downtime involved i.e. a farmer was not always working.

[@sterlingross919]

Damn, I was high key hoping Chelsea was going to start the video by saying “Hello, Comrades”

[@teenindustry]

#3 is so true I was astounded when i lived in the us by the idea that it was common enough to be middle or solidly working class and to end up bankrupt due to health bill reasons.

[@raulsalanaranjo6565]

That urge to buy the biggest house possible… does it also happen with cars/pick up trucks? I have a feeling it must happen as well. It would certainly explain these new Ford Raptors, Ram TRX and Hummer EVs…

[@ccre88trixx]

That generational poverty is real. I'm pregnant and working 48 hours a week. I qualify for WIC, SNAP, and Medicaid because despite working more hours than average and making more money than minimum wage, I still can't afford to exist. Capitalism is ruining this country and the only people that don't see that are rich.

[@jdtreharne]

Tell your husband to get a better job

[@maylani3697]

Oh the rich don’t see it because they are the ones benefiting from it. If it isn’t broken for them, why would they want to fix it?

[@vanesslifeygo]

I can think of a couple of people that spend too much on lattes and sneakers and then complain about it, but that doesn't negate the facts in this video. What would get on my nerves, though -- they buy these things and then complain, a lot, about being poor, while I am here struggling and sometimes giving myself health issues while eating "economically" (read: eating tiny meals so I don't have to buy food)

[@77Tadams]

A house is a house....not a home. You can make a house a home....but in order to enjoy your house as a home, make sure it isn't stressing you out. I have an 1100 square foot house....and to tell you the truth it is big enough. I am enough....and I can afford it. That says it all.

[@isidoreaerys8745]

Wow TFD. Really hit one out of the park with this video. Saw it posted in the Breadtube subreddit and was not disappointed. Hopefully the Market Fundamentalists will be more capable of listening to the Facts from a buttoned up successful person like yourself

[@elisabettadori9355]

🙏 👏👏👏 Ciao from Florence, Italy!!! We’re quite lucky as in Italy there’s a good public health care system and living confortably in a 76 square meter (818 square feet) is quite normal for us. Thank you for sharing this video anyway as a toxic “ 10h a day work” culture is spreading all over the world and I strongly believe that it’s not the solution to increase productivity or wealth!

[@sirgalahad1470]

@elisabetta Dori I'm from the US, and I just visited Florence for the first time this past Christmas. It took my breath away! I walked around in awe while thinking to myself "this is not a movie set, this is a real place and these are real people". Incredible.

[@Ed-pd3wq]

​@@sirgalahad1470 Unfortunately, I think part of the reason for this is that countries like the US have decided that they want homes on large land plots and a reliance on cars. Meaning horrible city centres full of highway sized roads and massive parking lots and boring suburbs not dense enough to create community and culture

[@flavionessuno5085]

@@sirgalahad1470 You lack Rome.

[@lynnj9721]

I would only point out that local governments have linked house sizes & taxes to school funding--which means the bigger the house, the better the school district. And homeowners can be assholes about attempts to integrate "low income" or even smaller house sizes into large home neighborhoods. (Ie, "but think about the mountain lions!" ) This ends up making people who have kids and can't afford a house to buy regardless.

[@matsutsuav]

“It is because mankind are disposed to sympathize more entirely with our joy than with our sorrow, that we make parade of our riches, and conceal our poverty. Nothing is so mortifying as to be obliged to expose our distress to the view of the public, and to feel, that though our situation is open to the eyes of all mankind, no mortal conceives for us the half of what we suffer.” -Adam Smith

[@aleleeinnaleleeinn9110]

I whole heatedly agree. O/T is okay on an exception/crisis basis. After some fairly sort period the productivity drops. I'm speaking as an ITer. Focu and accuracy are limited. I've worked O/T for a crisis or an installation session, but once the adrenaline rush ends so does the quality. I agree with you analysis on the whole list. I got very lucky. I found a job that suited me and excelled at it. I had that other wonderful IT element of being on call. That is tough long term and it is often used to avoid actually fixing real embedded problems. Dilbert was handed to humankind from God. Too muych truth for a mere cartoon

[@sassyazz69]

I feel you. At my job, we just got off of a 4-month O/T period. I feel so physically and emotionally drained.

[@aleleeinnaleleeinn9110]

@@sassyazz69 Much of what I did/do is crisis. The 18 hour sprint is doable, but not often. I've also seen people logging the O/T and actually doing nothing. There is also a frustration when the ovedrtime is the fault of someone who didn't listen to the functional reality. I'm not rich b/c I don't lie in design meeting nor in testing.

[@aleleeinnaleleeinn9110]

@@NS-cs3wp I can kick into maniac mode, but that needs a good reason and is only short term. When I'm inthe groove I can do a lot of work, but I put on headphones and have noting playing. I block out the universe. But not for days. Not for weeks. Not for the life of a badly designed and planned project. I have succeeded b/c I'm the guy who can deliver a crisis solution out of the blue. But I can't keep that level indefinately nor for idiot projects or someone else's incompetence.

[@ladasodaexplains3355]

3:07 There is a concept called Production Possibillity Frontier (PPF) in economics, basically describing the same thing. The more time you put in, gradually the less productivity you're going to get per hour. So the lesson is it's sometimes even not beneficial to work over a certain hours (the curve can also go down if you go to the very extreme).

[@BLONDIANN94]

This is so on point! Love the first point, it’s not about the hours, but what we actually get done and if we are happy doing it

[@lenalao262]

When we bought our first home, the bank approved us for a giant mortgage. We used about half of what was initially offered. It felt like the bank was encouraging us to overspend on a house we couldn’t comfortably afford.

[@becksss2672]

Louder for the people in the back! 40 hour workweeks are so outdated! Everyone I know literally pretends to work, and like it causes so much anxiety when you're new to the workforce because it makes you feel lazy for not working "enough hours"!

[@federico83bg]

As usual a great video from Chelsea about real issues of our society.

[@geralddavino8221]

You are spot on. A nation that makes parenthood a luxury is cannibalizing itself. There is hope if people like you can avoid “the college experience” and face life as thinking humans.

[@tfh5575]

in my early 20s i was one of those ppl that prided themselves on being sooo busy all the time and not getting any sleep.

[@ramochai]

One important detail that caught my attention in the US as a foreigner is pharmaceutical advertising on mass media. It's illegal almost everywhere in the world, definitely illegal in all developed nations. Why? Because advertising a prescription drug does nothing but hike its price. So when you're paying $100 for an injection in the US, while Australians pay $9, a substantial amount of that $91 is going in the pockets of media and advertising executives. Secondly, in this system you simply cannot expect media networks to be critical towards pharmaceutical companies (Oxycontin anyone??), because those companies buy airtime from those networks. In other words, their commercial relationship is costing you lots of money and those fat cats don't want to lose it.

[@MyCamilla1989]

Exactly. Advertising prescription drugs is pointless and IMMORAL.

[@seattlegrrlie]

I started life living in a tent. When I graduated HS, my mom made $550 a month and dad was dead in another state after being in and out of jail. I now have a two bedroom, a newer car, savings, and food in the pantry. I sometimes forget that "success" for me really is not being in poverty.

[@justmissjana]

Thank you for highlighting the “homeownership” myths!

[@brefranco2060]

Unrelated to the content, but your hair style looks fire, Chelsea! 🔥

[@leelyn1207]

You do your research well and really get it on point, thank you. BTW,you cut your hair,you look lovely. The Financial diet team 👍👍

[@joeyshuster8569]

Love to see that a finance channel is actually telling the truth!!! Absolutely love the content

[@princessleia9735]

Thank you for your data-backed, peer-reviewed research AND your transparency & authenticity about your biases 👏 👑 👍 I appreciate people who are both self-aware of their backgrounds, privileges, biases and are therefore driven by the right reasons in order to help themselves AND others. All while being empathetic and understanding in extending your help to others within your "circle" of influence. Personally, I've had very unique experiences that have been largely accessible to me because of my privileges. However, I've also worked my ass off in every aspect of my life, and it makes me so angry for everyone who doesn't have the same options as I do. Thanks for breaking down the data & social issues without censoring yourself (well... as much as the algorithm gods will allow)

[@nicholasrosen6342]

Another couple of myths (or dumb utterances) I've heard is "capitalism lifts people out of poverty" and "without billionaires and business executives there would be no jobs." SMH

[@mettamia2008]

Great job on this one! The trap that most fall into is living at their income level. Living below your means is a great way to always have as much as you need and often as much as you want.

[@catarinabridges9358]

Amazing video! I especially loved the piece about Unions :)

[@thefinancialdiet]

Glad you enjoyed it!

[@markhasenour12]

Unions are trash...

[@margibso]

2:30 What anthropologists are saying this? A 19th century farmer would work from 5am to 8pm from March to September, starting as early as 3am during harvest. He would then generally work dawn to dusk the rest of the year 6 days a week. Breaks in the middle of the day were common, but this is way more than 40hrs.

[@mettamia2008]

As a third generation person from a full subsistance farming family... most of the projections about how single family farming work-life played out is a bit warped. They often include time spent on gathering eggs, preserving food and other such chores as part of the work-life and exclude the comparable time of shopping, driving and planning done in our modern lives. It makes the farm life seem like so much more work...it isn't. Also, we never got up at 3am for a harvest. What the heck...

[@hazel9446]

She did say it was lower before the industrial revolution. Farms in the 1800s were industrializing and being pushed to higher productivity also.

[@autumnramble]

@@mettamia2008 "preserving food" And it should. My grandmother spend days preserving food for winter and I can buy the same amount of preseves in few hours, but with money that I earn in my work. So her work hours should count like my work hours, not my housework hours.

[@Libusheful]

I think it would also be interesting to explain the concept of "productivity". How it is calculated and so on. I don't know much about it myself but I think people is lead to believe it means "working a lot" while it is rather a relation HR costs/company benefit, right? If you get lower wage from one day to another you are automatically "more productive". Honest question.

[@khbgvc]

I got that millennial windfall inheritance recently and wanted to buy a modest condo and every person I spoke to along the way tried to get me to spend a lot more than I wanted to. Found a perfect spot in my budget that will cost about the same as a one bedroom apartment. I didn’t want to be house poor.

[@tatianamendoncastudio]

Hey Chelsea I am waiting on your opinion on the "Inventing Anna" Netflix series, and how do u think the appearence of having money changes the way people threat us. Specially because u lived in New York and the story happened there.

[@isabelladolande]

Some great points. I'd also like to see a video of how bad the banking/financial services industry is.

[@herefortheshrimp1469]

The more I learn about Le Guin the more I absolutely adore her! Great video!

[@Tabbylover55]

I think one of the biggest lies capitalism teaches us, is that socialism and by extension communism (the horror!) is absolutely evil and bad bad bad. I dunno, socialism seems to be working a-ok in Scandinavia, and Communism as an economic theory is a noble and idealistic idea. Communism failed when it also became a political doctrine - the rule by communist parties lead to totalitarianism, political repression, restrictions of human rights, poor economic performance and cultural and artistic censorship. Or perhaps it failed because it demanded too much out of humans - most people are inherently narcissistic, selfish and opportunistic, and have no idea or interest in what true solidarity means. Capitalism is much more aligned with primal human urges and psychological traits, of hoarding food and "stuff" for the leaner times, and fighting for resources, just like it was for the neanderthals.

[@antiantipoda]

I wish it was that simple. Socialism works in Scandinavia because they have a few uncommon characteristics: income from oil, a very homogeneous population, a very small population. It is great for them, but try and apply this to where I live in Brazil and it crumbles apart very fast. Our economy is driven by the production of agricultural commodities, we have a huge and very heterogeneous population over an enormous territory. Capitalism for sure isn't great, but socialism just taxes the middle class and fails to help the poor up the ladder. The rich do well regardless, but the middle class and the lower classes suffer even more under a "let's divide between the not even rich and the poor and make social mobility next to impossible" idea.

[@aturchomicz821]

@@antiantipoda Lol Bolivia, an actual Socialist Nation, is literally bordering you and you say you cant copy their ideas? Yeah right...

[@aturchomicz821]

When you you unironically call a Western Social Democratic Capitalist State.. Socialist. Yeah now this is a huge Propaganda moment alright.

[@piiinkDeluxe]

I live in Germany, less socialism than Scandinavia but still WAY more than the US. It's still pretty nice and I wouldn't want to switch to the US system.

[@antiantipoda]

@@aturchomicz821 I know next to nothing about Bolivia. A quick wikipedia read has told me that the population is about 10 million and that the economy is based on mining. Brazil's population is around 200 million and the economy is based on large scale agriculture. We are neighbors, sure, but - on the point that i was making - not that similar.

[@Genex2259]

I think the author makes a key mistake in the base premise: These aren't Capitalism myths, these are American myths. European countries as a whole all have Capitalist economies (with differences in mentality and organization), and still they have been lowering work weeks, people most often only work 1 job and that's enough, people get maternity leave, unemployment pay... A whole host of benefits and protections that allow to balance the free market with the interests of the people. Is it a perfect system? No, but definitely better for people than the US: So the majority of the myths in this video have nothing to do with Capitalism, rather with American culture/mentality.

[@kapowitsme]

on the topic of mcmansions, it would be amazing if you did an interview with Kate Wagner, author of the McMansion Hell blog. She's hilarious.

[@dancing_fig]

Oooooohh - yes! I feel like your two styles of snark would be very compatible! (And I would *extra* love it if some anti-landlord rants could be thrown in - I was waiting for that to be included as a significant factor in why housing costs have been rising atrociously in areas outside of super-hot markets like SF and NYC. [If you're buying a rental property as an investment property, it's an *investment* - you can't expect rental income to cover all of your costs! If it did, you wouldn't be investing anything!])

[@granudisimo]

Love when you go full "Capitalism bad, actually", more so than usual, thanks for the comprehensive video. You, Richard Wolff and Rodrigo Aguilera are my first source of understanding how modern economics works. I'm curious about your political stance at a more specific level tho. Do you have a video where you speak about it or is it something you prefer not to delve too deep into it? I'm willing to guess you're a market socialist like Wolff

[@asadb1990]

capitalism isn't the evil. but the greedy crony capitalism that focuses on squeezing all the life out of the workings to maximize profit is what most consider video game.

[@PaperRaines]

Chelsea peppers in her politics into her various videos. The short version tho is she was fully supportive of Bernie Sanders for president, along with his centerpiece Medicare For All platform. And she's very, very, very socially liberal

[@asadb1990]

@Eduardo well i have seen her political view. im more of the reward the hardworking people to move up like new grads and young prpfessionals. and provide bare min to those who truly need it like the disabled, dirt poor people, etc. but do rigorous checks to weed out those who are on benefits but shouldn't qualify. also increase the min vacation period to something competitive with Europe. like over 5 weeks. im in canada and we have mostly 3weeks max. which is nothing for an overseas trip.

[@PaperRaines]

@@asadb1990 I only gave the short version, but yours is accurate too 😂😂

[@granudisimo]

@@asadb1990 We already live in a de facto post scarcity society, and people aren't gonna go lazy, in this very video you're commenting on, there's example on how every UBI experiment hasn't caused people to be more lazy, quite the contrary, much more active. What it has made them is harder to exploit, but until you learn this, you'll keep on being clueless about labor, economics, and the industrious nature of humanity. I recommend more TFD videos, they write great explanations if you're willing to listen, and Chelsea delivers them in a way that everybody can understand.

[@ggrthemostgodless8713]

Whether I agree or disagree, I thank you for the preparation and thought and obvious effort in thinking about the subjects. You don't just vomit some book or college class you might have taken, so it leads to good criticism and analysis, and makes one think about the subjects from (mostly) a fact based point of view.

[@lorenrichmondjr3386]

This is great! So glad to find this channel.

[@jacobkirch9652]

I really appreciate the points this video brings up, but how do I begin to effect change? What can I do to make the whole pie more equitable for all?

[@michellemarie1197]

i wish i had a 4 day work week, i only have one day off because i work a production based job for a small business. i wish i had time to do things, i sleep til noon or sometimes later, wake up around 1-3pm ish cause i work overnights, have a few hours to myself, and then around 7 i have to go into work and its not guaranteed of when i will get off work it depends on how much we have to do that night, and im classified as "full time" but i dont get any benefits like pto, health insurance, sick leave, the only thing i get is we usually work major holidays and have the days before the major holidays off and when we work the major holidays we get paid time and a half, but thats it, no real security, i do plan on going into a trade but still thats not for awhile.

[@crystalthunderheart8895]

Recently all of our hours were cut. Even 1-2 days were shaved off. Because we simply have too many people compared to when we had hardly any people during covid time (which resulted in a slight raise back then). Back when we hardly had anybody we were months behind in one section and weeks behind in another. Now we finally have enough people and are caught up, and they can't pay anyone for the amount of people we need? And we still have specialized job openings that are empty that no one already hired can do??? And not only that they keep giving you more and more things to do which requires more people to keep you sane, while also not giving you the money for it. And that was going on long before covid. With the cut hours I know I definitely feel more productive. People around me seem to be in a better mood, but they're also saying that if it keeps up they can't stay here to support themselves. It's to the point that most people can't reach benefits It's a big company it should be able to give us what we need. But yeah, it's a company.

[@tinalechowicz4753]

Thank you. Your videos are excellent ❤

[@LayZeeChill]

Yay almost 1M subs! This year may be the year!

[@jonathanflores9874]

Truth! I was just talking about this and the Unions to my coworkers.

[@justcommenting4981]

Can you do a video on trying to run a more ethical company? I'm starting to get close to enough money to start a business or to otherwise become a capitalist, and was wondering about thoughts on this. Eventually I'd like to leave such a business as a co-op.

[@jdtreharne]

Serve your customers. Serve your employees.