This Is THE ONLY WAY TO SURVIVE THE NEXT DEPRESSION...

Almost all economic indicators are now showing that we are in fact in a recession and have been in one for sometime and we could be headed straight for a depression. In order to survive the next depression you need to have your financial life in order. This is what I recommend you do.
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DISCLAIMER: This video content is intended only for informational, educational, and entertainment purposes. Michael Bordenaro is not a registered financial advisor. Your use of Michael Bordenaro’s KZbin channel and your reliance on any information on the channel is solely at your own risk. Moreover, the use of the Internet (including, but not limited to, KZbin, E-Mail, and Instagram) for communications with Michael Bordenaro does not establish a formal business relationship.

[@michaelschiemer3]

I admire your dedication to educating your audience. We all aim for financial stability and a better life. Achieving this is possible through wise investments, frugal living, and careful budgeting. I'm grateful that I learned the importance of working hard for financial freedom at a young age.

[@Jamesbrown1126]

In my opinion, making a smart investment is not only a technique for earning passive income, but also a profitable way of saving for future expenses. People who fail to make the proper judgments early in life often come to regret it later in life. Nonetheless, investing alone can be difficult and risky. As a result, I recommend obtaining an expert’s assistance. The challenge is not just watching videos and reading investing books; it is about implementing information effectively.

[@Rachadrian]

I’m a contractor, and my job doesn’t permit me the time to properly analyze my holdings/evaluate stocks myself, so I’ve had a fiduciary actively restructuring my portfolio for the past 7 years now to match the present market condition and that’s how I’ve been able to stay afloat, knowing when to buy and sell…maybe you should do the same.

[@Dantursi1]

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

[@Rachadrian]

Just research the name Annette Christine Conte . You’d find necessary details to work with a correspondence to set up an appointment.

[@Dantursi1]

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

[@DonaldMark-ne7se]

Preparing for the Impending Great Depression: Strategies for Thriving During The Great Reset. Wondering about the right timing for stock investments? Curious about the timeline for a complete economic recovery? Puzzled about how some individuals are generating over $450k in profits within months in the current market scenario? These questions have left me perplexed.

[@kevinmarten]

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge

[@Jamessmith-12]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@JacquelinePerrira]

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

[@Jamessmith-12]

Her name is. ‘Carol Vivian Constable’. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@JacquelinePerrira]

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her

[@Kaustavpatell]

Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.

[@Monicamonasky-]

Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have 260k i want to transfer into an s&p but its hard to bite the bullet and do it.

[@donovantobs]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K.

[@rachelonigirl]

This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? I'm in dire need of proper portfolio allocation.

[@donovantobs]

Her name is. MARY TERESE SINGH . Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@rachelonigirl]

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

[@willamfrench5058]

As a mid 60s retired guy, one piece of advice I can suggest is that in your life you may experience some very good financial times. Making more money than you expected. The mistake I have seen so many times is that people think that the good times will just keep on rolling. They elevate their lifestyle. Buy a bigger home and nicer cars. Spend more. Don’t fall into that trap. Save the extra money instead. Don’t let your ego be the master of your financial life. Live below your means.

[@teriodonnell]

Very sound advice!!

[@eighteenin78]

All true. Unfortunately many people will not live to see the next "Good times" cycle form here. I am your age, and I don't see living past this current Depression, and I am prepared for it more than many. I think it will just outlive my natural life.

[@karinaoliveira3988]

Só don’t buy a house in Florida right now because this is the good times and wait a little longer? I am about to place an offer on a house in Florida and we can afford it but I am just scared of the future. It’s in Winter garden Central Florida.

[@javaskull88]

Can attest. We bought a simpler house than we needed to when both of us were employed, and preferred to invest rather than move up. Now he’s gone, and I’m struggling to maintain this house on my own, and prices keep going up. I’m so grateful we didn’t buy a bigger house in a fancier neighborhood. But I’m still on track to retire and am leaving the investments alone.

[@bibibachmd9995]

Great advice.

[@stephenlea5765]

I’ve been selling on EBay for years, but in 2024, the buyers dried up to nearly nothing. I don’t even get low-ball offers on my listings anymore. THAT was my eye-opener that the economy was in real trouble.

[@betsybarnicle8016]

I've had a large book for sale on ebay for 2 months, and even offered a lower price to a viewer and dropped the price once, 12 views...still no sale. And I have it at a lower price than the other, less-quality ones for sale on Amazon. Just two years ago I sold about 10 used things on ebay almost instantly, and for fair prices.

[@deep6301]

Shipping charges sent me away

[@pauls-finds]

KZbin has killed Ebay. Everybody in the neighborhood is shopping for thrift deals and selling on Ebay. Some sellers have 50,000+ items listed. The mkt is flooded.

[@grannygoes7882]

@@deep6301 Your buyer should be paying the shipping charges but ebay has been a bust for a long time. It was fun in the beginning. I'm that old that I was one of the first ebayer's. It was regular people selling items they no longer needed or wanted. Now it's mostly professionals and store owners.

[@iworkout6912]

I have a friend who sells on EBay. Mostly collectables and things like that. He told me the same thing. Where items used to sell nearly every week, now he isn't even getting low ball offers on the items he sells.

[@dannymeske3821]

Memory care for dementia starts at $5000. per month. seen it as high $15,000. per month...It helps to be wealthy when you get Alzheimers because most family members won't take on the responsibility of taking care of you. I have been taking care of my wife alone now for 5 years by myself and for the last 2 1/2 yrs she has regressed to a 3 yr old child. when she talks she doesn't make sense at all, have to help her bathe and fine the bathroom and attend to all her needs. It has taken toll on my health. I like to see Biden take Ukraine money and help support Memory care now that he has Demetia too!

[@richardadams6988]

O ! and keep your cool...

[@nowthatmakesperfectsense]

If she is on a statin drug it could be making the situation worse.

[@FairyNews369]

If on Lipitor GET HER OFF IT, should see a big change in several days. Dr.Barbara O’Neil.

[@nancysalerno7036]

Sorry she is so far gone. For yourself start living healthier . Go organic get a water filter, and air filter. Do not take the pharma poisons. I just saw a video on the history of all these environmental poisons and the rise of dementia related illnesses. Some people are more vulnerable to the effects but hard to know if one’s genetics will succumb. The correlations are inescapable.

[@cjhoward409]

For those that are younger… there are ways to prevent MOST Alzheimer’s. Cut out processed foods and sugar, don’t smoke, and don’t drink any alcohol. There’s a specific Alzheimer’s that is linked to the daily 4oz of wine drinking. We need to eat and drink what fuels our bodies. That includes our brains. People blame genetics for poor health.

[@brianwashere7966]

I know this is easier said than done for a lot of folks. But the number one way to always be prepared is to be debt free. You can accumulate wealth very easily when you stay out of debt. You don't need to keep up with the Joneses. Just stay disciplined.

[@azmike3572]

By the tiime I caught up to the Joneses, they're already moved to a wealthier neighborhood!

[@karabinb4514]

And don’t get married, not only does the marriage have a high cost but so does divorce..still have 3 more years before I am debt free again after Covid and divorce

[@Joce123]

How long do you project it will be until all out financial hell breaks lose?. I can't decide if I should pay off. My $9000 credit cards or my $9000 truck payment. Or should I save of $9000 cash?. If I pay off my truck I can legally put it in storage and avoid car insurance...

[@vickilindsey4499]

Getting debt free causes amazing peace. Working toward that goal causes real strength.

[@brianwashere7966]

@@Joce123 Whatever has the higher interest rate. So probably the credit card would be my choice. I know going back to zero savings is tough but the money you'll save not paying interest will pull you back up pretty quick.

[@KathleenCernetich]

Single people living alone are the ones that are having a hard time they don't have anybody to help with expenses

[@dawnhoughton4533]

Definitely. Which is the majority of America now

[@cherylT321]

I’m alone but I’m doing just fine because I paid off all my debts and I live below my means!

[@Oldeagle66]

Not at all. It's actually easier without family to worry about. Unless ya don't know how to make it on your own.

[@nikosolikos]

I’m good

[@justagirlsd3000]

My single friends with no kids have easily more money than me.

[@ilc-nl3yy]

We bought our house years ago and the goal was to pay it off asap. I was criticized by people for wanting to do this because I wouldn't be able to write off the interest. When I did my taxes, writing off the interest never did anything. We paid it off in under 6 or 7 years, which was probably the smartest decision we ever made. When either my wife or I passes away first, neither one of us will have to worry about a mortgage, and our lufe insurance money and savings will go a lot further. My advice is to live below your means.

[@kenweidemoyer2221]

Great news and good for you. Thanks for sharing. I paid mine off.

[@asullivan4047]

Good ecnomics sense.

[@johnpichla9557]

Own my house, no debt, you have nothing once your health fails, live in the now, and tomorrow is not guaranteed! Good luck, everyone!

[@rebeccaburgess5333]

@johnpichla9557 My home and car is paid off. My credit card debt is minimal. Not using my credit cards. Just paying them off. I will survive!

[@rebeccaburgess5333]

@@johnpichla9557 I am keeping my eyes on Jesus!

[@kenblakeley9940]

@@johnpichla9557 your,...not you are ! That is confusing!

[@Bvsterrrrrrrrr]

Amen

[@user-ne1ql1rc1g]

If you own your own house, creditors can go after it. If you only have equity up to your states's homestead maximum then they cannot. Instead of paying off the house, protect your money in an LLC then invest it. REITS if you are dying to invest in real estate, but stocks, gold, whatever.

[@TL71913]

I paid off all credit card debt a couple of months ago and I have money saved. I rent a studio apartment, no car, I work at a hospital that's right across the street. I'm a single female age 52. I'm behind on retirement because I stayed home with my kids (no regrets). My back up plan is to live the van life if I need to. Right now my rent is very reasonable. Since it's a studio I only pay rent and water. Electric is free. My focus is to keep saving.

[@gaming_with_rex4031]

"What if an emergency happens during your emergency?" That is an excellent point you bring up!

[@Lisithedogwalker]

🙏🙏

[@Oldeagle66]

Ya just keep fighting

[@justinallport9789]

When it rains, it pours "😣

[@briandbeaudin9166]

Ok. So, what happens if an emergency happens during your emergency's emergency?

[@paulcarlson4230]

Exactly , 09,10,11,12 then family issues , and housing issues, all my retirement fund gone, all my money saved for 20 yrs gone , but still here 😮

[@Olivia-z5c]

Honestly, this concerns me and has left me uneasy. Especially this potential depression, no more a recession. I'm unsure about my $130K account strategy, considering the uncertainty of this whole recession mostly.

[@Richie-3wr]

If you lack knowledge about market investing tactics, get advice from a financial counselor.

[@Mathew-zs3nz]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@berniceburgos-]

Do you mind sharing info on the adviser who assisted you? I'm 49 now and would love to grow my stock portfolio and plan my retirement

[@Mathew-zs3nz]

I have a female advisor named Jessica Lee Horst. I recommend researching her. To be very honest, I'm glad I decided to let someone handle expanding my finances even though I almost didn't think I should.

[@DhanaPayar]

Thanks for sharing. I searched her full name and found her website instantly. After reviewing her credentials and conducting due diligence, I reached out to her.

[@terrancelee1096]

I work 50 plus hours a week. I'm 37 wife and two kids. And I paint houses on the weekend for $20 an hour. Money is still tight. Especially if the kids need back to school clothes or something happens to the car.

[@JLJr-qg4bk]

I hope there are more of you out there. I'm knocking on the retirement door but too old to paint myself when my house is ready. Have encouragement... I always look for guys like you FIRST before any company....not because of price (to get the cheapest price)...but because I CARE and want to help families out there. Hold on !! It will get better and we will get over this!

[@donnamcfarland162]

God bless you and your family brother… you’re doing the right things… just.keep.it.up… you’ll make it❤

[@stevev1008]

It's impossible to provide for your family without a dual income.

[@stephanniekotalik9339]

Never take a HELOC out against your home to pay off credit cards. I was stupid and did that in 2008 and ended up having to sell my home on a short sale and destroyed my credit score. You live and learn.

[@OldLion64]

Sorry to hear that. You are correct. Never collateralize CC debt. That just protects the lenders and screws you.

[@wallye8713]

I don’t want to ever retire. I am 60+ I love working. I keep retraining myself and have multiple streams of income. Not rich but my head hits the pillow just fine…

[@DIVISIONINCISION]

If working keeps you young, by all means. Keep going. Make sure you take time to exercise and eat right.

[@richardadams6988]

I just don't like someone else running my life !

[@michaelwebb540]

I have hated my job for 20 yrs. Retired sounds great but no chance.

[@loblowry6282]

not need to retire at all. Work keeps you having a goal to wake up do things at work. Pushing your retirement drawing till the day you really tired at work.

[@RedEyeification]

Keep working.The hell needs you with all the money you can make..

[@MNpale]

Wait a second. When I was growing up, my parents weren’t scheming after work on weekdays and all weekend. Or studying all night into their 40s. I remember them chilling out after work and on weekends. But that’s all we’re supposed to do now.

[@andrewgleason586]

Having a affordable roof over your head is most important.....

[@wandak1889]

And some food in the cabinets!

[@mikesrandomvideos]

yea if you dont have that already time to move into a motor home because nothing is cheap

[@MplsMaven]

My mom always told me to not have a mortgage that I couldn’t pay on 60 hours a week at Burger King. I have $32k left until I am paid off and my PIIM is $572. I have six months of bills and 6 months of MREs

[@Oldeagle66]

Exactly, the roof over my head is more important than anything else.

[@debbiec6216]

home paid off ✅ Vehicles paid off ☑ Been debt free at the age of 50 yrs old ( planned when I was 17 years old ) ✅

[@thephotochad]

Be debt free, be or get in shape, and keep you and your loved ones safe.

[@CalvinMorris-cf8jk]

living debt free is true freedom you will be so happy in life you will be in good shape just enjoying your life.who cares what anybody thinks of you as long as you are happy I will not buy anything if I can not pay cash for it only in a mater of life or death would I go into debt again and even then I would have to think about it very hard.

[@breemee1234]

If it was that easy no one would need credit now would they... you think people enslave themselves because they Want to? Did Kanye tell you that??

[@Jimwood-tt2je]

My wife and I prepared all our life. We always lived on 70% of our income and invested the remaining 30%. We have had zero debt since paying off our house in 1992. We are set for the next 50 years or more. So unless we live to age 120, I’m not worried about our financial future.

[@rdlewis3616]

I learned that from my father, and I am debt free at age 74 and have the money to travel and enjoy life.

[@wgj0510]

You planned very well 😊

[@Tonymanero1960]

I am in the same position,....I ran multiple scenarios on multiple retirement calculators,....and it said I had a 100% chance of not running out of money until age 110. I guess if I live to 109 I will worry about it then.

[@benji1868]

Nice! Pretty easy to pay off a house when it cost slightly less than a Honda Civic.

[@waynewallace2061]

Unless these freaking spendthrift politicians destroy the the value of the $

[@AshleysBallistics]

"Depression prep" will be a new KZbin category 😬

[@b.h.8421]

New? Lol....tell me your late to the party without saying it.

[@mikesrandomvideos]

how to weather the depression.....This one will be near impossible for a lot of people.

[@grimaffiliations3671]

thats been a thing for a while, but bulls have made a fortune at the expense of the bears in that time

[@Tonyinthephilippines]

Step 1. Never vote democrat

[@Jaegov]

One thing for sure is knowing most people they won’t have food, but will still have a phone 🙄so viewers will be plentiful 😐

[@gregwooldridge8864]

I'm all prepared. I was suspicious 2 yrs ago. House paid off. Basic cars. Only few grand left on credit card. 12months savings. This is from hard work saving not going out real tight budget.

[@faithsrvtrip8768]

Smart. I also have 1-year of cash savings, plus, and zero credit card debt.

[@Bmizzzle1]

You have doomed yourself by making that statement. “ I’m ALL prepared. “ NO you’re not. You are in a safer spot but NO one is all done preparing. Be humble because making a statement like that- invites the Universe to correct you

[@richardadams6988]

Just don't get sick!!

[@pinschrunner]

Pay off that debt with savings because you are paying more interest on the debt than you are earning on the savings. So that's a net loss for you. *Just a thought/suggestion, not financial advice

[@Yui789esss]

If an economic depression was to happen, your house and car value would tank ..:. The money you saved would be worthless

[@amrice62]

Pray to God and depend on Him for your strength. Live for Him.

[@Lisithedogwalker]

🙏🙏

[@mac001texas]

Yea because that puts real money in the bank doesn't it 🙄

[@snobbybeauty2210]

@amrice62 Amen 🙏🏾

[@CMBBmc-jd6ur]

Nice, but even the devils believe in God. Believe in Jesus Christ, God in the flesh WHO died on the cross for our sins, then rose from the dead and is now currently on His heavenly throne clothed in power and majesty. Repent of your sins and call on Jesus to help you.

[@nancystockwell7829]

@@mac001texas God provides for His children. Manna during the 40 years in the desert, etc.

[@kenwenzel9040]

Michael you may not be a genius or financial servant but you have what many people don't and that is common sense. So many people have not been trained to save money for their future and for unexpected expenses. I am afraid it is far to late for many people.

[@youngyhasard3219]

Plus que vous ne le penser. Il l on vécu dans l abondance. Il on manger d abord du pain noir avant. Donc plus de réserves. Oui vous avez vraiment raison

[@richardadams6988]

Never to late!

[@CindyLakeLasVegas]

All great advice, Michael. One of the best channels on YT. Saw it coming the day the national emergency was called in 2020, I cried because I knew what it meant, got chickens the next day, sold my McMansion end 2020. This crash has taken far longer than I anticipated with all the trillions they put out into the economy. This was planned and was never about an illness...

[@DIVISIONINCISION]

How much land do you own, though? That is the key.

[@CindyLakeLasVegas]

@@DIVISIONINCISION Yes.

[@MrSteeDoo]

What crash?

[@CindyLakeLasVegas]

@@MrSteeDoo The one that is coming...slowly...

[@youngyhasard3219]

J ai lu sur charle sannat, depuis 2015 qui DISAIT PRÉPARER A FAIRE DES RÉSERVES AVANT QU'IL SOIT TROP TARD. . ON Y EST EN PLEIN DEDANS BONNE CHANCE A VOUS

[@tarey05]

Even if ur house is paid off, u still need money to pay for property taxes, repair expenses and insurance for house and vehicle. One is never fully paid off in the US. Designed like this on purpose.

[@andrewgleason586]

Cheaper than high rent....

[@DIVISIONINCISION]

Military vets in Texas don't pay property taxes. Insurance is not that expensive through USAA. No wife/no kids means even less expense.

[@Krzwl]

@@DIVISIONINCISION Only vets under 100% disability. Lesser percentile brackets get partial exemptions.

[@DIVISIONINCISION]

@@Krzwl Wrong. Disabled veteran with 100% get property tax exemption. Those under 100% get the partial. Read what you wrote!

[@AnaMarieKis]

@@andrewgleason586 we used to live in NJ, property tax was 17.000$ moved to North Carolina ,same size house ,property tax 3.500$

[@sundippatel1796]

I work 6 days a week as an Optometrist, I maintain and fix my cars, haven’t eaten out in 2 years, keep my expenses low, have a veggie garden that yielding good this year. I have investment properties that are paying their bills, live below your means.

[@WA_S_S_AW]

Best advice I can give is be ready to move quick and want what you need and be grateful for what you receive. Doing unto others as you would have others do to you will be essential. Because eventually we are all going to find ourselves in a hole, one way or another, and you want someone to remember your disposition well, and reach down and grab your hand. Instead of just walking by saying good luck.

[@richardadams6988]

Move where !! And why quick ?

[@WA_S_S_AW]

@@richardadams6988 In other words don’t assume you will be staying wherever you are with your preps. There’s a bunch of people in Houston, Florida, California, etc. that thought they were going to be staying wherever they were and then a storm, hurricane or fire destroyed all their preps and they had to leave fast and they weren’t prepared to have to do that.

[@johnkenneally4662]

Avoid debt. That is key. Especially with interest rates. All it takes is a new roof or maybe a major car problem.

[@coder5733]

Michael, thanks for the video. This was a tough video to watch. I live on my SS, I own my car and my condo (HOA is only fifty a month here in my little town in New Mexico) I am a grandma Prepper but I'm paying off my CC debt and have no emergency savings. My short term emergency prepping is what I'm depending on for emergencies. I can live without my car, electricity and have food and water stored for 3 months. As a senior widow, it will.have to do for now. Thanks for your great advice on your videos. I watch you every day when you have a new video. God Bless you and your wife.

[@richardadams6988]

You sound like a nice person, get a spouse, it will ease the pain !

[@cbrent65]

I had no clue what was going on in 08. I was in middle school. The only reason I started paying attention was because my freshmen year in college I watched a KZbin video about how the dollar would lose it value rapidly and we would have to start bartering. That’s when I started taking it serious and being intentional

[@TravelTechie415]

The Obama administration helped fix that mess, but you will never hear MAMA cultist admit it

[@tinaho1966]

2008 , people got LAYOFF & Home- price was drop LOWER than they bought few year before ,, therfore people STOP to pay Home-mortgage ==> all Bank take a LOST (home-mortgage) & house is FORCLOSURE ==> this bring to CRASH 2008

[@tinaho1966]

that why if people BUY any house in BAY-Area 2008--to-2012 for $300K ,, then hold till today 2024 - price is at least $1-Milion ,, increase 330% ( capital gain is $700K)

[@MrSteeDoo]

The bartering stage will never arrive.

[@networth00]

@@tinaho1966 Same for any area. I bought homes in 2013; one for $40k (now worth $400k) and one for $21k (now worth $250k). These homes were in Tennessee.

[@Istjennea5]

Stay healthy, health is wealth.

[@petersheenan4482]

So few people realize this. I can't find a healthy roommate so I gave up. Don't want some poor slob that can't even do anything that breaks a sweat.

[@user-cu4sl5ft1y]

Great video at age 80 on social security I’m like thousands of seniors ..do a video for us. Congrats on 5 years I’m a big fan.

[@ArticKnights]

Saw this coming 5 years ago....no debt ...got all my bases covered..i sleep well.

[@9999deoxys]

Michael is right.....number 1 thing is to get rid of all debt. Pay credit card off in full each month. Pay cash for cars. stop wasting money on dining out, coffee shops, cigarettes, booze, cable tv. Minimize use of heat (no need heat more than 60 degrees is you wear warm clothes and use a blanket). Skip vacations.

[@buffycat4641]

Agree. As for minimizing heat (and cooling) I put 3 mini-splits in my home. I only need to heat or cool one part of the house at a time not the entire place.

[@9999deoxys]

@@buffycat4641 Now THAT's what I'm talking about. Well done.

[@tcboes]

Snow ball your reserves. Start by saving a one month reserve. Learn how you did it and gain confidence that it can be done. Then save another for the second month. Do it again and again until you have 6 months or more of reserves.

[@gsftom]

Side hustle - Learn how to take care of yr own stuff, car, a/c, refrigerator, etc. Replace a capacitor in yr fridge or a/c when it goes bad and potentially save thousands of dollars. I learned abt it and did it. Was a pain, but saved $1500 and have more knowledge / confidence and can do it again for a/c or fridge.

[@Jcrpdx]

With KZbin you can learn how to do your own repairs for most things.

[@Gerry1967]

The record traveling right now, sports events and concerts being sold out, restaurants and bars being packed and hotels being slammed is nutts considering the great depression is coming. Very fortunate grandparents taught us about being good with money. These last 3 years have really helped with just minimal investing. Never have made a lot. But have never struggled and it's comforting. We need finance taught in school!!!

[@richardadams6988]

You had the best school !! Your grand parents and it was free !

[@pamelamehl5668]

@@richardadams6988unfortunately, we have submitted to global banking interests. We even allow our local stores to tell us “No Cash Accepted.” Start demanding that they take our LEGAL TENDER or GO ELSEWHERE. I taught high school in the late nineties and my SENIORS couldn’t handle a checkbook back THEN.

[@LiveOnTheChat]

It's too late to prepare for the next great deperssion. Most don't have five hundred saved.

[@alanheadrick7997]

Inflation will suck up that money quick.

[@robertmardis2110]

Yep! 68% of Americans cant cover a $500 expense without putting it on a credit card!

[@lv7603]

@@krystal5887I saw people trade in vehicles and travel like the good times never end 😂😂.

[@destroya3303]

The global depression is here.

[@richardadams6988]

Yeah , you better have more than that !

[@fancy1472]

Your not a financial advisor but your an awesome financial advisor.

[@sycamore2789]

I’m stocking up on antidepressants and pain pills also bought a new tent.

[@alanheadrick7997]

Tent city doctor?

[@sycamore2789]

@@alanheadrick7997 possibly but more likely to keep them for myself.

[@nancysalerno7036]

😂😂😂

[@robertlaird6746]

We've already been in a recession since covid. What we are experiencing now is a depression.

[@Somebodysomewheresometime]

I did an experiment with online ordering on Walmart. My order in oct of 2023 was 125.11$ hitting reorder in August 2024 the total was 367.67$😱THATS MORE THAN 50%!

[@nevadadan4113]

You need to redo your math!!

[@redrock425]

That's nearly 300% or a 200% increase over the 2023 figure. Depending how you want to state it.

[@user-dt3sq7rw3b]

The Walton style multi-generational household make sense during depressionary times. The elderly help with childcare and household chores and the younger couple work outside to earn the bill money. Works if everyone pitches in.

[@ciimoon5661]

YES! I agree. I see this as the new way. It's beneficial for care of young and old, beneficial financially for all, and beneficial for the family connections. This used to be the way, we got lost in greed.

[@DIVISIONINCISION]

Most Americans are not getting married and don't have kids.

[@deasvail99]

Sure, some of us value living in peace and quiet though.

[@pmscalisi]

@@DIVISIONINCISIONand for most of them kids live thousands of miles away.

[@cloudymoney2895]

@@DIVISIONINCISION This is great news. Breeding is far overrated.

[@barbarafallin2038]

I kept my Cadillac SLS 2003, for 17 years , I loved that car,but it started to have electrical problems, and the parts was hard to get, now I have a Honda CRV LX 2019,with less then 10,000 miles on it,I hope that I keep it until the wheels fall off

[@DIVISIONINCISION]

Asian imports suck. European is better quality. Diesel engines last longer and better fuel efficiency. My old VW TDI averages between 40-50MPG and that's more than anything Honda makes.

[@asullivan4047]

Keep it maintained and the car will last a longer duration of time. Currently drive a (2001) town & country van. ( 270K ) miles. Suits my needs for local grocery store trips.

[@smmrtc]

Hi Michael. Greetings from across the pond. in 2021 I saw this coming and weighed off all debts at the cost of lifestyle. The key to it is self control. I have now a four figure sum in savings and going on a fully own funded holiday next month, without denting the finances, first time in 5 years. The biggest word to say these days is no, if you know what I mean. Doesn't stop me having a beer though, supporting kids and a roof over my head.

[@appleiphone69]

No debt, plenty of savings, live below your means. Have a marketable skill.

[@iwonasmolenska1010]

People drive expensive car and struggle to pay insurance,Mr.Buffet drive a old car and keep investing,that’s why he’s rich

[@bpb5541]

My car is a 2011. I change the oil in it every 3k. It has 103k miles on it. I am hoping to get at leat 200k or even 250k. How we treat our stuff matters the longer you can make durables last the better off we are. Folks don't know how to take care of stuff anymore, they just replace it. Which is a huge waste of money. Money that could set them up better ... or as I tell folks don't steal from your future self. You don't want to work until the day you die do you?

[@pamelamehl5668]

My newest car is a 2007 Honda CRV that I haul dogs and supplies in: filthy. She is 100% dependable and takes careless parking lot hits like a champ. My Dodge Ram 1500 V8 truck is a 1995 worker and is super tough. No need for new vehicles at all. Wasting your money.

[@Oldeagle66]

Those of us who have been through really hard times can see things coming and survive better, even with a small amount of money.

[@cherylT321]

Yes😊

[@SouthoftheBigChicken]

I lived thru Jimmy Carter Days, been there, done that…. I am ready now for most anything, I 🙏🏻.

[@andrewgleason586]

Preparing works....

[@katydid2877]

@@SouthoftheBigChicken Too bad we didn’t have cell phones to use up time when we sat in gas lines.

[@mikestriegel791]

​@katydid2877 we were free though.

[@ROBinJVILLE]

im 49, and im on my 3rd car. i keep them as long as i can and keep making the payment to myself after they are paid off. its an easy way to save folks.

[@bernadetten.8751]

I'm on my fourth car. I keep them 10 years or more and buy them used

[@rockpadstudios]

I still have my 2005 Jeep wrangler

[@SouthoftheBigChicken]

I am with you, 67, on 6th vehicle. My truck now 01 PowerStroke with 199,000 miles, could be my last.

[@cherylT321]

I was helping my nephew with his rent for a few years because his income was so unreliable…When he got steady work, I waited a few months then said he was on his own. I now pretend as if I’m still giving him money but now, I set it aside as another form of savings for myself.

[@stevenweiss2148]

Robinjville. Well a new car every 3 years is over. It was easy to do. Always payed off each one before i bought the new one. $249 car payment and cheap car insurance. But things have changed. Especially being retired. What i do is shop prices on tires and car problems and saving lots of change up to $1300 a year. That $600 estimate i can do for $300 gets put into interest bearing savings.

[@katydid2877]

Of course, it’s not always possible to do this, but when prices went up, I started comparing prices in multiple locations for all kinds of stuff, groceries, paper products, shampoo, cleaning products, etc, etc. Some things I was able to get cheaper somewhere else. Some things I got a cheaper version, and some things I stopped buying altogether. I’m surprised when people say they bought the same stuff as a year ago and it’s up 35%. I spend less for a lot of stuff than a year ago cause I’m cheap and I noticed the increase and some stuff wasn’t worth it anymore.

[@alanzamora6504]

Sooner that we think America is going to be unrecognizable 😮

[@SilverSmurfer-fn5pr]

Sooner.

[@Tailionis]

It's alrdy unrecognizable

[@Oldeagle66]

That's the least of my problems. I'm too busy surviving.

[@Brian_Barby]

I haven't recognized the America I grew up in since the 90s. It was the last decent decade.

[@Andy-ci9ky]

England is the template for their nefarious plans 😢

[@ColeDedhand]

Thinking that you're preparing for a recession, or even a depression, is a mistake. You need to prepare for hyperinflation. There is no amount of fiat currency that will save you from hyperinflation. Tangible assets (not paper or electronic) will save you during a hyperinflation. The most obvious is precious metals. Gold and silver are universally recognized as a store of real value.

[@DIVISIONINCISION]

Land is more valuable than precious metals. You can do something with land. Precious metals need to be stored, more of a liability than an asset.

[@billybongthorton420]

This is ridiculous. If the economy goes to shit where we are using gold coins to buy bread there gonna be a lot worse to deal with like non existing infrastructure that supplies you the basic needs.

[@arizonagolfandrealestate4508]

​@@DIVISIONINCISION was going to say the same thing.

[@Allthathingss]

I literally just said this but not so eloquently....lol. Our money will be worthless.

[@user-kk6ul6ky2h]

You can’t eat gold

[@wkw4095]

Good times bad times whatever times....I live the same through it all. I bought a condo in the 80's and then a house in the early 90's at 27 years old. Got ripped off and paid high interest rates, been sick, worked hard and couldn't tell you the difference of my quality of life in the good times and bad. Live simple, save and be responsible and stop trying to impress people because they will NEVER be impressed no matter what you do. Have a great depression folks!!!!

[@ReynevanNarrentum]

I live in a big city on the east coast make $170k a year , can’t afford to buy a house here… it’s crazy

[@iztherelife1340]

Problem for me and most people is having enough for this economy is tough enough but when inflation it thru the roof then what? I’ve purchased years worth of non perishable necessities to avoid the higher cost later Batteries TP 😂 Detergent Soap Toothbrushes Bandaids Socks and underwear Shoes Work pants Razors…. Basically whatever I can to hedge We keep cash at our home incase things go awry with internet banking etc In addition we installed solar since power isn’t getting any cheaper I’m strategically planting trees to shade our house We’ve planted a big garden and fruit trees. The world is changing fast and we’re trying to insulate ourselves and do things to cut costs later on

[@yolandawhite465]

Well you are doing the right things keep up the good work and don't stop buying and put back what you can because very very hard times is coming

[@Carl-hs420a]

I am not a financial expert but here is some free financial advise you should definitely use: 1) a yr worth of emergency fund is a good start 2) pay off your debts -- your mortgage is one such debt and anybody who says otherwise or trys to um and ahh about it handing you a shovel and expecting you to dig your hole even deeper 3) when the tv says "boom" you should think: recession, and when the tv says "recession" you should think: depression; be a step ahead of the television because they deliberately lag behind because they have an agenda to lie to you 4) cut the credit card asap, don't try play the game because if you have one you already lost and the credit card company already won by getting that card into your wallet -- they wait for the bad times to hit you hard and suddenly you'll be turning to the card and they'll be playing you!

[@jimcroft21]

Prolly wouldn’t be going into a depression if average people had 1 years worth set aside.. asking a lot

[@MilDarty]

@@jimcroft21 Alot of us can't, some of us are stuck taking care of boomers who kill our wallet with their BS lifestyle because "Yuh need to work 80 hours to support ME" Which is why my generation who's stuck taking care of their grandparents abandon them, which is why i abandoned mine to take care of themselves. That's how its gonna have to be, especially when the same generation is responsible for Reagans economics and their other BS that they did to fuck over us 90's kids.

[@gregwooldridge8864]

Job done. I'm not the smartest just an average worker. I was suspicious 2 yrs ago we we were in a recession so I'm all prepared for a depression. No debts and 12months emergency savings. Was a very tight budget.

[@eriq54321]

Also keep some cash hidden in your car for an emergency and cash in your home too. I've been to several gas stations that had their debit machines down and only took cash for gas

[@wgj0510]

They are not playing me learn how to work it 😊

[@kkii729]

This content is next level, keep it up!

[@dertythegrower]

another botski

[@dw7947]

666 won't let you have a job,side hustle,or a way to store wealth,,already Biden is taxing your garage sale items,,,king Charles the third,,,,the book,,,the antichrist and a cup of tea by Tim Collins says Charles is the only one with every Bible verse pointing at him

[@dw7947]

I enjoy your videos and I pretend you are my friend,,,,but in reality I have very few friends,,,Your advice is great,,,but it's dated,,when the dollar goes the old advise will be useless..Only being born again will help you...But you don't tell people to seek salvation,,money and jobs are impossible to get now,,after the collapse Charles will run everything.

[@dw7947]

Most of the world lives on 2 dollars a day,,when interest goes up it causes world wide starvation..the savior of the world is who Charles claims to be...he will save the world,,the earth,,but that requires 99.9% of all humans to die,,If everyone is sterilized the population will full stop,,,If the world is starving now imagine the level of starvation the dollar collapse will cause.

[@dw7947]

I enjoy watching the scenery,,and seeing a man who isn't already crazy or a zombie..you are trying to help and you don't hurt anyone,,,I just wish you could see the whole picture,, treating the symptoms doesn't cure the disease,,the devil is running wild,,the next event is Charles getting a satanic supercharge...all countrys are failing,,even before the monitary collapse...for me I just enjoy my simple life and watching the bible in action

[@ciimoon5661]

number one way: surrender. purge. let go of all attachment and things. hoarding things and money keeps people in fear, suffering and prolongs the healing.

[@Islandwaterjet]

Not possible to purge. i need my tools. Those of us with real skills, that build things and repair things cannot reasonably live in a van down by the river. Hoarding money ? A wise man prepares for his future when he is no longer able to work and earn. A reasonable nest egg is a must. Sorry my friend your post is simply nonsense and irresponsible. No one is going to bail you out it is up to each of us alone to prepare for the future.

[@DIVISIONINCISION]

Hoarding money is how you become wealthy. Do you understand how capitalism works?

[@Islandwaterjet]

@@DIVISIONINCISION Bullshit. The most wealthy are in $millions debt. For example Kiyosaki Rich Dad Poor Dad has $1.2 billion in debt. There is good debt that makes you money and bad debt that keeps you poor.

[@the_oc_brewpub_sound_guy3071]

​@Islandwaterjet but the dollar depreciates faster than literal menure... 😮

[@TheNoticer83]

I've been telling people for the last few years to move back in with their parents if they can. Swallow your pride and develop a plan to improve your finances. I've been living with my parents, and due to my low monthly expenses + strong work ethic I'm in a much better position today. I'd hate to be anyone who has spent the last 4 years in a haze while the world deteriorates around them.

[@gabrielmoody1708]

Americans have been living in a haze for 40+ years!

[@breannajones2161]

Best decision I made was move back home to work on financial and body health !! I won’t move again until im ready .

[@ballaratevil6048]

Hi congratulations for Your 5 years and 1000 videos here

[@cswann8]

I'm about to buy my first house. It's affordable and I'm not going to have to worry about rent gouging anymore. The interest rate is high, but not so high I can't easily make my mortgage, insurance and tax payment. Living below your means is the key to financial stability and success.

[@mrbob19561]

What do you do for work

[@justinallport9789]

Good for you, also, if possible pay that mortgage off years ahead, it will save you thousands in interest "

[@IndigoStargazer]

Glad you have a secure job

[@YashoShasho]

Make sure it is not an ARM loan, an adjustable rate interest loan can skyrocket and make life a living hell for people. I’ve seen people go into foreclosure when the rates went up too high.

[@andrewgleason586]

@@cswann8 😊

[@billdillon3886]

I am 71. My business was lawn care. When I retired in 2019, my wife and I had seven figures invested due to inheritance and good money management. My vehicles are 18 and 19 years old and serve me well.. What retirement meant to me was I no longer put 40 to 50 hours in. It did not mean no work. It meant doing work when I wanted to keep cash flow coming to supplement SS. We have no debt and continue to pay cash for everything.

[@DIVISIONINCISION]

As long as you are diversified in your investments, you should be fine.

[@billdillon3886]

@@DIVISIONINCISION All MF's, bonds,cash

[@allyjack8437]

​@@billdillon3886might want to get some metals. Silver in your procession..even if just a thousand ounces..about $31k worth.

[@bpb5541]

I don't think diversification is going to be safe for what comes next.

[@billdillon3886]

@@bpb5541 That's anybody's guess. I live in a small town of farmers who are pretty self reliant. We hardly felt the housing crisis in '08. What do you think is coming next?

[@rustybumperclassics6342]

Get a side hustle. Best advice these days. Ive had a side hustle for the past 10 years. Able to leave crap corporate jobs and not miss any bill payments or having to dip into retirement account.

[@Viconius]

A lot of the side hustles and transport gigs are going to dry up hard. Without farming to fall back on, finding food will be a challenge. In the 1920s about 31% of the population lived on farms. After the Great Depression, the number of farms dropped to about 22%, by 1960 it dropped to 6%. The current estimate is about 2-3% of people live on farms in the US. Food production didn't drop, but access to food changed to just-in-time shipping. Lots of drivers and fuel. People often worked on farms to earn food during the Great Depression as well as, handyman, seamstress, general labor, crop pickers, house cleaning, as side hustles. Burn down your debt ASAP as it will help you regardless of the economy.

[@amyhudson1016]

Wow! Given that, then the next depression will be even worse!!

[@nancysalerno7036]

I used to make all my clothes and am a handy fix it person. Guess I should offer up.

[@johnvincent4048]

Everytime there's a holiday the local media shows the airport jam packed with people going on vacation. Those people must have incredible debt.

[@frankcorrea8691]

Airports znd flying now days is a trip literally, toxic passengers snd brawls and bad customer service ,the great American way now, no wonder people lock themselves in their homes now days!😮

[@blackworldtraveler3711]

Not everyone is broke with debt. Some of us were living within means,investing,saving,avoiding,debt,etc. while others were not doing these things for years with additional FOMO,YOLO,keeping up with the Joneses,etc... Like Warren Buffett said….“When the tide goes out, you see who is swimming naked.” So you will begin seeing more people who can truly afford to do things in airports traveling. I have traveled to Spain,Germany,Austria,and Italy since April and currently all summer in Switzerland spending just cash with my credit cards creating zero debt. I don’t work. Paid off home and completely debt free. Also have free global lifetime flight benefits. Years of financial common sense and planning has paid off. Plan to travel more and remodel my home with cash next year.

[@buffycat4641]

@@blackworldtraveler3711 Agree. I take two nice trips a year both paid in full with money I put away exclusively for my travel adventures. Living below your means and not carrying debt are key.

[@davidhall3747]

Keeping up with the Joneses is something people have always done, and will continue to do so until time is no more. You can bank on it.

[@TacomaNick]

Spitting gems... continuously learning is key. The moment you stop learning new skills is the moment you start becoming obsolete.

[@laqutis]

Owning my townhouse outright allows me peace of mind.

[@sdmod1]

STill don't agree with buying gold and silver to protect purchasing power, as eventually, when you need gas/food, you will need to trade that gold in for more worthless dollars unless you find someone who will barter directly with you for the gold in your posession.

[@DIVISIONINCISION]

It's not realistic.

[@petersheenan4482]

Gold is readily tradeable for cash at any coin shops. I use craigslist and meet in a bank for safety. Gold is very easy to sell for full price. Don't buy the crap gold at COSTCO. No collector wants those.

[@maximuscomfort]

I agree, if shtf the prepping folks will have less to do with metal over food, beverages and consumables.

[@AstaKristjan]

Debt collections are hitting hard! I’ve personally struggled with financial stability and now have $80k in savings just sitting there. I’m clueless on where to invest it. Anyone have advice?

[@Erinmills98]

I feel you! I’m in the same boat with $50k in savings and no idea where to invest. This financial uncertainty is tough. Any tips from the community?

[@simonbad]

I'd suggest looking into a mix of index funds and high-yield savings accounts for stability and growth. But the best move is to work with a financial coach

[@Andrian-ch3on]

I personally would not seek advice from KZbin comments, haha. I mean, even 50k is a lot unless you have huge mortgages/car bills or other recurring CS bills. I'd seek advice from a fee-only flnancial fiduciary.

[@AstaKristjan]

Yeah, you're probably right. Any recommendations for a good fiduciary?

[@thomaskelly6472]

@@AstaKristjan Short term treasuries!

[@bcampbell1826]

All the people who said to me." Well, You only live once" You will learn a lesson the hard way.

[@Mark-pb8kj]

yeah and their gonna be gone so you're gonna pay for it 😅

[@econ0003]

Those people are going to be working until the day they die. Not by choice either.

[@davidrichardson5153]

Or I live for today 😂

[@Lala-up3ib]

Stop being Distracted by politics folks. Prepare

[@petersheenan4482]

Well said.

[@alanheadrick7997]

Its a distraction while your pockets are being picked clean.

[@RootBeerGMT]

@@petersheenan4482Oh my yes. Particularly in Florida, raising taxes and insurance are going to be crippling. And the condos--look out below!

[@jlptrader2694]

The US is being destroyed because of politics, wake up

[@Lola-rj4qy]

Been debt free for years, have 3 rentals. Haven't raised rents in 3 years. They all have nicer places than us. But we sleep well

[@Mikegastaldo]

You should know that your tenants do not care about you or your financial situation and would not lose sleep if you expire or go broke tomorrow...I also have a few properties and hold the Grant deed on everything I own...no kidding..I Max my tenants out..no break's..I expect the rent on time or there's a penalty..I increase rent whenever possible..they aren't my friends..they aren't my enemies..it's just business..if you don't like it buy your own property..but I own this one... don't forget it.. that's reality.

[@Lola-rj4qy]

@@Mikegastaldo I understand, but prefer happy tenants that take care of the property

[@Mikegastaldo]

@@Lola-rj4qy to each his/her own... but just remember... there not your friends...

[@lorihoop3831]

No they're not friends but in general, taking people for whatever you can when you can because you can makes enemies. I'd rather have happy tenants who keep the property up (they've been well screened, of course) than putting a bitter taste in their mouths and an attitude to boot. Those are the type who will call you for every inconvenience, for every repair and even for superficial things like repainting/new carpet every time the law requires-even if they don't need it, because they want to get the most for their money. Have fun! I bet your tenants don't stay 5 years.

[@jaredtheboss]

How do you find tenants, make the lease, and do background screening and all that stuff? Any tips

[@lateblossom]

I live in an apartment complex and we have precious little space to grow anything even on the first floor patio areas but Im planning on turning mine into a mini garden. I know zero about gardening vegetables but Im sure gonna try because we gotta do what we can .

[@elisadelaurenti2516]

Garden Bags will serve you well for patio gardening. Learn about soil and container types. Then seed starting, growing, pest control, watering, pruning, harvesting and whatever you do from there, don't forget to learn how to prepare it and, most importantly, how to PRESERVE IT. You don't want to have to hurry up and eat 100 pounds of tomatoes or zucchini before it rots. Learn how to preserve every single thing you grow.

[@lateblossom]

@@elisadelaurenti2516 this is good advice. Thank you.

[@elisadelaurenti2516]

@@lateblossom Please buy seeds ASAP, though. Do it right now if you can. Buy "survival seeds", all non-gmo. These you need right now.

[@keithej2]

Retired with more than average saved. However, still worried our incompetent government will screw up the economy so badly (hyper-inflation) in the future that we could become poor. Micheal is correct. Get prepared the best you can.

[@Travelingforlife]

Dem Biden said he wanted to tax UnREaLiZed gains! That's insane! Money that isn't even a gain!!! That's theft by dems!

[@MrSteeDoo]

Mature adults don't blame the government for their own failures.

[@allyjack8437]

​@@MrSteeDoomature adults can see what is going on with inflation. Burying your head won't change the facts..check the value a a dollar from 1974 until today...there is your answer. It really us the government it us the federal reserve and bs fiat currency, fractional reserve banking. Good luck has nothing to do with it..planning and executing a successful plan will. Real adults that did that will help those that didn't, if we are to make it they a real serious downturn.

[@MrSteeDoo]

@@allyjack8437 Sure and I am earning 8x times the wage that my middle-class father was making in 1974.

[@ragtie6177]

I hope Jeff & his wife read my comment on them moving out of California. To put it simply...Do it. We did, over five years ago when our very nice area of Southern California (Wilomar, next to Temecula) went to hell in a hand basket, and was further sinking fast. Our cost of living has reduced to less than 1/3 of what is was there. That's not an average, that's receipt verifiable monthly expenses which included buying a very large home (over 3,500sqft, 6 bedroom, 4 level, with full basement) in an historical community on the oldest road in America...for under $100,000.00. Our monthly expenses for mortgage, insurance, and taxes on this property is less than $800 combined. Yes, it's a bit of a fixer upper, but we love doing it ourselves as we live in it. And that was with under $8,000.00 due at escrow closure...out the door, keys in hand, in a little less than 30 days of our offer. So ya, do it. As soon as possible. Although scary at first, you'll love it. Another great video.

[@rockpadstudios]

I started saving seriously after my divorce and it is amazing how fast it grows. It's a rush when you have a year and 5, 10.

[@DIVISIONINCISION]

The mistake was getting married. It's a financial decision that favors women.

[@destroya3303]

@@DIVISIONINCISION It's also a cornerstone of society. So the best thing guys can do for now is not let them know where all their assets are.

[@user-bc7ef5sr4n]

@@DIVISIONINCISIONnot in Europe… specially in southern Europe.. it is a financial suicide for women…

[@KathleenCernetich]

If you've got two or three sources of income keep it in mind that will increase your annual earnings that you'll be paying taxes on at the end of the year then you have to figure out how much you came ahead by working two or three jobs

[@plica06]

Another blue sky day in a Michael Bordenaro video.

[@alexgallegos7027]

My online business actually thrives during a recession, we sell products that people will need regardless of economic conditions and more so during downturns due to the alternatives being more costly.

[@christopheryoungbeck8837]

Graduated last December with an engineering master's degree and I've been unemployed until yesterday where I finally got hired to be an iOS Developer so I'm thankful at least for that. They have me enslaved to a 2-year contract under threat of legal action if I quit early so we'll see how this crazy thing goes.

[@asullivan4047]

That's progressive democratic way to threaten people with penalties. Force you to not have a choice to decide to change employment.

[@melissabogolubov6248]

Don’t worry- they’ll likely shitcan you. Source: my husband is a tech worker.

[@jpm8288]

3 months of savings will make you very nervous whether you are in a recession or not. In good times, it already takes 2-3 months to find a good job for most people. A years worth of savings is more likely what you want in a recession if you can achieve it. I can't tell you how stressful it was to apply to so many jobs over this last six month period after getting laid off from tech. If you have financial stress on top of it, you might seriously consider doing something drastic. Its not a good feeling, but fortunately I found something good. And for those who have never had to experience something like this, I just want to tell you that when you are about 2 months out from running out of cash it becomes extremely hard to be rational about your job searching process and to perform well in an interview. Having close to a years worth of savings is mentally necessary for many people in a recession. And a recession is always coming.

[@the_oc_brewpub_sound_guy3071]

If I had a years worth of money saved in 2020 it would be 4 months worth of money now.

[@richardadams6988]

This is going to be a very powerful lesson for your future ! You will never be the same again !! You will come out of this smarter and more confident !! Hang in there !

[@Andreshponton]

For everyone watching this, fixing your AC for 12K is not an emergency, specially while unemployed during a recession, buy a window AC and get by for a while. (Crazy what an emergency in the US looks like)😂

[@asullivan4047]

Learn to keep the apt./house a few degrees warmer. To cut back on the electric bill. My place is (82) degrees.

[@brianborkowski5977]

Never use emergency funds to pay off debt. Always take care of yourself first (health, finances, family). Then plan to become debt free.

[@md37567]

Back in the day we washed our dishes ourselves and installed window units for cooling our houses. That did not cost 10 grand. We bought a used refrigerator for $75. Millennials are hilarious!

[@cherylT321]

I still hand wash my dishes; I’ve never had a dishwasher!

[@Oldeagle66]

Yes, thrift stores, making your own clothes. Even watch tv no light on.

[@MplsMaven]

I’m GenX. Just bought a “new” washing machine for $50 and $50 to deliver, install and haul the broken one away. Better yet it matches my dryer I got for free 7 years ago because it needed the switch replaced - by me and KZbin!!!

[@cherylT321]

@@MplsMaven Awesome!

[@DIVISIONINCISION]

Window units waste energy. High electric bills. Central A/C is definitely the cost efficient option, especially with installed solar. I do own a dishwasher, though don't use it all the time.

[@BV-Auto]

Thank God I chose this career/business as a mobile mechanic. I definitely would be struggling now if I hadn't made a change in life. 🙏 Thanks Michael.

[@faekz]

New American dream is to leave America

[@alanheadrick7997]

My wife bought a house in the Philippines, two of my co-workers are buying houses here in Korea. Not sure if they plan to stay or using them as rentals.

[@IndigoStargazer]

Lots moving to Spain, before golden visa expires.

[@RedSpiralHandTV]

We don't make a lot but run an online business. We moved to central Mexico in 2022 and can live on less than 1/2 what we did in Oregon. We were just surviving in Oregon but on less than half we are now able to live.

[@faekz]

@@RedSpiralHandTV yuo that is the plan for a lot of smart people. Get dollary doos and leave where dollar is strong stuff cheaper. Eastern Europe east Asia is nice

[@Kevin-tn5rr]

​@@RedSpiralHandTVI lived in oregon 18 years of misery and hell. Poor legal system and no enforcement of meth labs or tweekers

[@faithsrvtrip8768]

Excellent advice. Wow I'm surprised to hear that only 28% of people have enough savings to cover six months of expenses! That's scary. People have been trained to be shoppers not savers. No minimum and Flagstar Bank has savings with 5.35% for 5 months. I love it when the bank pays me money! Yes, I'm retired and I also volunteer as camp host so I get a camp site plus laundry access for the whole summer and I can save $2000 a month! I totally agree I have three income streams plus as a volunteer I can reduce my expenses and save more money. If people saw me in person they would probably think I'm poor because I love wearing casual camp clothes. I'm not poor. I don't care what other people think of me, either. Now that's freedom!

[@jdub9595]

If there’s any lesson to be learned here, it’s this: when times are good and it seems like you’re doing ok, put money away for the time when things are not ok.

[@sunnygirl9691]

Michael have you noticed how typically when the economy is bad like now prices go down on goods?? However, that is not happening here. All the prices have done nothing but continue to go up! For example: We know, for a fact, no one is buying furniture. Are stores going rock-bottom on pricing - NO!!🤔

[@maverick-zj3jz]

We have been in a depression since 2020

[@teriodonnell]

Totally agree!

[@mikesrandomvideos]

In 2008 I made more money then I made in 2007 but I am in a rare down market business. But today......I am not making anything stuff is actually down 90% no joke.

[@rubicon3416]

I have also had at least a year of cash set aside to sleep at night for most of my life. I rarely meet another person who thinks that way. Sadly, most won't last 2 weeks with a paycheck interruption.

[@cherylT321]

I’m doing that!

[@teriodonnell]

Sad so many haven't learned how to save.

[@the_oc_brewpub_sound_guy3071]

Doesn't it hurt to lose 4% of that every single year? Probably much more in the last 4 years, due to inflation and the dollar being completely fake/faith based.

[@jessicabarone6729]

If your young get a place you could afford on your own. Rent out a room & immediately invest that money in index funds that you don’t touch. Watch that money grow over the years. I did this when I was young. Now in my 50s that money 💰 that I could have spent so easily if it was in my checking account each month has grown exponentially. This has allowed me to buy other real estate investments as well which helped build my net worth. I am now looking at the ability to retire early in my 50s. The key is organize your life so you are always living below your means & invest the extra & start young.

[@jillbuzzard6540]

If we go into a depression, it will be way different than last time, you see people today don’t know how for the most part to grow a garden or hunt. They’re not self-sufficient at all at least very few of them. You’ll see people killing each other over food we have moved to, an acreage in the country where deer and turkey are plentiful we hunt and grow gardens. I think another important thing is get out of the city. We have really great neighbors around us. We are near a very small conservative town mostly former military and we watch out for each other. We already barter and trade. I pray that a a depression does not occur, but if it does, things will get ugly quick!!!

[@drumf]

Finally, the “what to do” video. I need stuff like this 😭

[@jonathanshelton1930]

Hard to have 6 months of savings when most people are struggling to buy groceries…

[@DIVISIONINCISION]

How do you know it's "most"? Get outside your bubble. Plenty of people are not struggling.

[@Travelingforlife]

That's part of the focus of the video, to work more.

[@Travelingforlife]

@DIVISIONINCISION look at the numbers. Yes, some are doing well but the numbers say otherwise.

[@jonathanshelton1930]

@@DIVISIONINCISION yeah… but plenty are. Perhaps it would to us both well to get out of our respective bubbles.

[@marypaquette8705]

How can you save, when July's electric bill is $700.00 Closed the vents in rooms that aren't used, plenty of insulation,😮, $500.00 for oil each month during the winter months, saved for decades, now the money saved is flying out the door😮

[@bubbie8641]

I live in a 1100sf condo my highest electric bill was $80. I have new furnace/AC unit, newer windows, roof and brand new siding. My heating bill is $30 a month. I’m in Michigan

[@TheSuperdodgy]

Just wow. That is insane for a months electricity.

[@ciimoon5661]

yikes, move! where do you live?? I have only electric as my only utility, and it averages 100 per month year round. my last house in the same geographical region, ran on propane and electric and at that house it was sometimes 600 a month, which was so unnecessary.

[@eriq54321]

You may want to invest in solar panels

[@DIVISIONINCISION]

Well, if you're living in a cold climate, that is your #1 problem. Live in Texas, buy solar panels for an energy efficient home and you will have no electric bill. Our winters are mild. No oil needed. 🤣

[@dannwhitehead6193]

I will say I had some work done to my home last week that I paid cash for. Funds were tight this weekend and I did some side work for Lyft and Uber. I noticed a ton of other drivers on the roads, and when the requests popped up on Uber, other people grabbed them in seconds after they hit the screen. I take that as a sign of how things are going. About 6 months ago, the delivery requests may be present for 30 seconds before someone grabbed it

[@michaelhammond5895]

The last recession 2008-2010 unemployed for 2 years completely wiped out my 401k. I never recovered after that living paycheck to paycheck. The next one I'll be completely hosed living in the street if i lose my job this time.