Why Americans Are REALLY Broke in 2024

🐪 Hump Days Newsletter ➭ humpdays.substack.com
Here are the Top 5 Reasons Americans are Broke in 2024 (Are You Guilty Of These?) Let me know down below.
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WHO AM I?
Hello 👋 I’m Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
⏱️ Timestamps:
0:00 - Start Here
0:27 - Reason 1
3:55 - Reason 2
5:57 - Reason 3
8:12 - Reason 4
10:20 - Reason 5

[@humphrey]

Thanks for tuning in all... Appreciate you guys watching. Let me know what other reasons Americans could be broke down below 👊

[@mikeconnell4067]

I believe a huge reason is that people do not understand compound interest! I show a compound interest calculator to friends and they are all amazed.

[@Harlem55]

The rich are about to loose everything they have and they aren't even intelligent enough to know it.

[@latteentry351]

I think a lot of people focus on the now and not the future because tomorrow is not a guarantee. One could save and spend wisely then get into an accident or have a terminal illness. I can’t judge people on how they spend or save because of this real possibility that is out of one’s control.

[@maria.says.hi1]

Baby, if we get married i won’t be pre-rich anymore!

[@TonyWilliams27]

Too many people want to be fake influencers or entrepreneurs on social media? Can afford to pay their bills on time, wearing very expensive clothes and driving luxury cars!

[@EmiliaGeelan]

Start Investing, and good investing Starts with a good solid financial foundation. Make sure you have at least an emergency fund of 2-3months of living expenses. After that, you can probably start looking up at investing through Tax Advantage Accounts like IRA, 401k or Roth IRA. or Even consider working with renowned and strategic financial advisor.

[@tahirisaid2693]

Sure!! Amongst all, Consulting with a trusted financial advisor can offer personalized guidance to align investments with your financial goals. Ultimately, laying this groundwork sets you up for success in the long term.

[@JalenBooekr]

It is highly important to create a solid financial foundation before investing. A 2-3 month cushion in an emergency fund for unexpected expenses is a buffer. Once that is done, looking into various tax protected accounts such as IRAs and 401Ks maybe a good place to investigate. Working with a respected financial advisor gets you personalized investment solutions, long-term success.

[@GeralynWinnifeld]

How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.

[@JalenBooekr]

Angela Lynn Schilling is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.

[@GeralynWinnifeld]

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.

[@hernandeztorres7137]

*The first step to achieving wealth is figuring out your goals and risk tolerance. Either on your own or with the help of a financial planner. And by following through with an intelligent plan, you will gain financial growth over the years and enjoy the benefits of growing your money.*

[@hernandeztorres7137]

*Browse Donald Nathan Scott for more insights.*

[@_heresjohnny]

I’ve NEVER understood the on demand food delivery apps. The food always arrives cold, subpar and doubles in cost.

[@stoundingresults]

Lazy people's habit

[@iamme7664]

THIS. If you’re disabled, elderly or caring for multiple small children at once I can understand why you would need to order take out often. But any able bodied adult should be able to hop in a car or WALK at the very least to go get some hot food or fresh food. People are ridiculously lazy.

[@Duke_of_Prunes]

At my daughter's university, the freshman aren't allowed to keep cars on campus. And many more cannot afford cars. So food delivery for them makes sense. For me, no -- I own 4 cars.

[@justinebailey5333]

Right

[@thomfiel]

Thanks for sharing that. I'll just continue shopping at grocery stores and preparing my own food at home.

[@TheCommonLex]

“The now will eventually become the future and if you don’t start now when will you ever” the best thing I’ve heard all day.

[@GarciaCaroline330]

*Think financial independence look up Donald Nathan Scott.*

[@BobSure_AKA_PotatoSmasher]

I wear a uniform. My employer pays me to wear their label. I don't get why we pay companies to wear their labels. WE PAY THEM to wear their labels.

[@mikeconnell4067]

I absolutely love your videos. 8 years ago I had a net worth of 380k now it’s 1.2m. It’s all about the simple savings which add up to large gains! Keep it up Humphrey you are changing lives for the better. I only wish that there was more financial education in schools. It is so correct that you see little benefit in 401k or having a good ETF for several years and then suddenly at over 100k it just starts to grow!

[@humphrey]

That is awesome!

[@pete5691]

Is a 401k that bad? I think many lack the discipline to contribute every two weeks. Yes there are fees but I’m also not paying taxes on the gains. Not everyone can get an HSA and I max my roth ira as well.

[@mikezerker6925]

@@pete5691I switched my 401k to a Roth … after seeing my retired parents paying a crapload of taxes! I’d rather pay the taxes now and have that cash free and clear when I’m retired!

[@full.grain.]

@@pete5691 401ks are good

[@parkerbohnn]

Give me y8our asddress and I'll come down and watch you do pushups with my foot on YER back. In order to make money first you have to GETZ the body into shape. If I ever need someone to shine my shoes drop me your name.

[@kashiro2492]

Paying for convince is my weakness the amount of Chipotle I've had delivered is insane, thankfully I've gotten better over the past few months

[@matw1x]

Freal tho. Ends up being a $50 burrito ea. time.

[@anthonybrown06]

Chipotle is so good tho!!!

[@kashiro2492]

@@anthonybrown06 ikr!!!

[@LK_EBM]

Nothing wrong about convenience. Time is valuable too

[@mikezerker6925]

NOO!!! Keep Ubering Chipotle!! I own stocks in Uber and Chipotle!!

[@CatsMeowPaw]

I cancelled my pay TV as it cost small fortune and I only used it for a couple of sports. It feels so good! More people should do it. Streaming options are now available for a few dollars a month instead of the near $100 I was paying.

[@sgt_hobbes]

Lol got a raise. Paid all my debts. Started cancelling all my services😂

[@awesomelf8230]

Hell yeah dude. KZbin is free anyway and it leads you to learning things like this video.

[@Michael45007]

​@@awesomelf8230 KZbin isn't free. You gotta sacrifice like a couple minutes of your life watching ads to watch videos you want to watch every time.

[@matw1x]

I think the 2020 pandemic influenced people to become more unsure and uncertain about the future, so they spend like doomsday is right around the corner. I definitely fell into this thought-trap and unnecessarily bought a brand new luxury car, and I regret it.

[@Morrsoda]

Sorry but this is way before 2020. I still got a Full HD TV and feel i dont need a 4K meanwhile people spend alot of money on tv, smartphones, cars etc

[@mthlay15]

It's about to happen again. People live on the margins. And end up losing. Just look at the run up on meme stocks. I personally believe it signals boredom in the market. A complacency. People are just starting to balance out and then they push it. Instead of staying the course and having a budget and building up savings.

[@spades9048]

I am not a financial advisor by any means. But my trainee at work is approaching his final stages of training. You basically go from $25k at the beginning and end up at $150k at the end with $25k raises each step of the way. He’s at the $100k part. I told him he’s now living comfortably so it’s time to begin maxing out his retirement. I told him that he’s about to come into more nice raises and he won’t miss what he never knew he had so keep upping his savings contributions now. I think he listened.

[@Anngrl69]

Is this in the trades?

[@spades9048]

@@Anngrl69 Air traffic control

[@DABK2024]

I always see comments about how corporations are greedy but never see anything about how the consumer is greedy. The greedy US consumer taking debt to buy things they can't afford is the root of the problem in the US. The US has been able to scrape by despite it, not because of it.

[@TuBui2]

Remember, it's "time in the market, not timing the market"

[@pete5691]

Yes!!

[@Nymeria22]

We are not gonna live 100 years 😢

[@pete5691]

@@Nymeria22 I will. But you dont need to in order to get wealthy.

[@rainbowkeropi]

We are broke because of all the taxes. Federal taxes, state taxes, city taxes, property taxes, sales taxes, social security, Medicare, etc etc. After 40%+ deduction on your income, then you have to pay for normal living things such as housing, food, transport, schooling, children, etc.

[@rivasoucie]

I absolutely love your channel. I started out with basically nothing on a dirt road in an isolated farming community with no stores, schools or services of any kind. My parents were uneducated and underemployed. I was a first gen college student and then later one of the highest paid PhD students in Canada. I met my husband at university at the age of nineteen and we have been hustling ever since. Through saving, investing and just living simply and being naturally frugal, we are now worth well over $2 million, own a property outright, carry a 15yr mortgage on our family home, don’t have any other debt and still manage to raise three kids (two with medical disabilities) on one income. And we live well! We have a new house in a cool, dense neighborhood and we drive a new car (but just one for entire family) that we paid for in cash. We have lots saved for retirement and still contribute plenty and we have fully funded two of our kids for college so far - they’re still little so we have time! It’s all very possible when Mom allergic to shopping, Dad hates cars and neither one of us have social media. We love being financially stable! Your channel is just the best.

[@justinsautereau7403]

Thanks for the video. Informative as always

[@xiphoid2011]

The fact that American spend 30% more money eating out then buying groceries in 2023 should be a wake up call to americans. The American spending habit is probably the worst in the entire world. This is how one of the richest country in the world save less money than a far poorer asian countries (asian countries have savings around 40%).

[@pete5691]

Why do many Asians leave Asia whereas few Americans settle in Asia? Their savings rate is probably less about how great at saving they are and more about if you don’t save you are really really screwed.

[@danblaser]

Great reasoning, great graphs and great job!

[@tedj.410]

People often confuse DoorDash and eating out as a food cost. It's actually an entertainment cost.

[@stephenphillips6245]

I'm bored get me some sushi...LoL

[@europec2082]

its both

[@ezpzlemonsqueezy90]

​@@europec2082Anything that isn't bought in a grocery store is entertainment.

[@phillyfan3942]

@@ezpzlemonsqueezy90?

[@andreideac3962]

Man,I thought I should get into debt and get Luis Vuitton bags every other month.

[@humphrey]

🤣

[@vancouversworstdrivers]

Funny thing is that so many people do think this lmao

[@mandypdx]

I went a few years in my 20s buying one every 6 months. I stopped when i got serious about my finances. They are the only thing i still have from my 20s. Prices were much lower 15-20 years ago (At the time, i was already investing in retirement, bought a house, no debt outside of student loan and mortgage)

[@kito1san]

You can. However only if you know how to play your cards right.

[@mikezerker6925]

I know someone who literally does this, then complains that she can’t afford the $100 price hike on her condo’s HOA! 🤦‍♂️

[@firedupinfrance]

As an example of some of the things mentioned in the video, I’m American, but have lived in France for many years and am married to a French person. We’ve never had a car loan, have always bought our (relatively cheap) cars in cash, and don’t have any credit cards 🤗

[@corneliastelzer4794]

I am now retired, live comfortabley on SS & pension, house paid off, drive a 2006 Hyundai. I did save into a 401K, no one told us in the beginning that 30% would be taken when withdrawing, SAD!

[@NEO3578]

Good info, thank me for sharing.

[@pi6466]

Great content Humphrey!! Keep up the good work

[@Anngrl69]

Woah, 70% of the US’ GDP is dependent on consumption? Yikes, I was worried it was high, but still didn’t expect it to be that much of our economy. Thanks for the hard hitting facts 😅

[@hellosky143]

I really appreciate the honesty in your content, Humphrey. Keep up the good work 🙏

[@Courtney-Alice-Gargani]

These are great reasons. I try to better myself. I’m sure a lot of us fit into some of these reasons.

[@charlesw1973]

I just financed a used model y with rate of 6.5%. Then new model y has promotion rate of 0.99%. However I basically have the cash to pay it in full right away, so it didn't affect me. That's the upside for having cash savings

[@sokkimly8182]

New subscriber here, just get to know your Channel over the weekend. Thanks for creating such valuable contents on personal finance. Keep up the great work.

[@humphrey]

Thanks and welcome Sokkimly :)

[@punisher6659]

Thanks as always for your

[@humphrey]

My pleasure!

[@DaniOchannel]

lol, that thumbnail was for me😂 I budget for them though. The future and the present are both important. If we constantly plan for the future, we mightn’t even realise when it becomes the present. Striking a balance is key. Thank you for another insightful video, Humphrey ❤

[@rickyhawley3482]

@humphrey I can’t recall if you have said it before in another video. But what is the recommended rate to save ? Also, how does it compare to other countries around the world ?

[@ocdhead]

Well done as always Humphrey. I've been hearing a lot of chatter that the next 12-18 months will be very challenging financially for many of us.

[@brandonstephens143]

Sometimes humanity needs a voice like you to put us back in place.(For those of us who choose to listen)

[@joeriveracomedy]

There are plenty of cash investments that don't depend on a market. I use THOSE as a cash machine IF I need it.

[@pishi1990]

Great video- ❤❤

[@cancel.lgbtq.6892]

Great vid as always , Humpty!!

[@DagnirRen]

I dig the pfp and username 😂

[@user-gj6rl7po9q]

Hey man what do u think of gold and silver, not asking cause of recent highs but just over all

[@stewarthoi]

Filing for bankruptcy in this country (US) and culture is much easier and less painful than in many other places. In my country of origin, not only does the society and culture look down upon people who bankrupt, there are also fewer social and legal nets that ease the pain, so people tend to spend their money more conservatively, though that has been gradually changing among the younger generations. But it is true that many people go broke because they try to look rich.

[@authorjamieljones]

This video was very insightful.

[@humphrey]

thx for watching!

[@CaesarBro]

What’s this short squeeze about FFIE stock?

[@Jbridge621]

I have been training my kid to understand that normal is living on 75% of your income if you want an house and reasonable retirement. The concept that students coming out of school shouldn’t be poor, be having roommates, be having access to credit and be saving like crazy is so new. It was better when young people had no access to credit in the 1970’s

[@edwinjacobs7160]

I guess that the low savings rate has something to do with the current inflation, if basic necessities are much more expensive and wages are not keeping up then it has to come from somewhere. Savings are usually the first thing to fall. I am in the EU but it's basically the same here. I ought to thank you, partly because of your content (and also Ramsey's content) I finished up my emergency fund, the last contribution (for the next year or so) will be this month! Kinda late but hey, what can you do... Next up: pension investing

[@matthewsaunders4820]

4:45 According to this chart, the best ways to avoid inflation are: drink tap water, breast feed when possible or apply for WIC, raise a garden, and take public transportation. Living simply and environmentally sustainable reduces inflation.

[@Downsize1940]

Good solid channel

[@LazzarrusLong]

I like to keep a running list of things I want to buy. After a few months, I often find that I no longer desire those items and that some of them are silly in retrospect.

[@jsmendoz312]

Great video. My process is always do I need it or do I want it to justify buying something. I tend to do excel spread sheet to compare pros and cons 🤣 My girlfriend makes fun me because of it.

[@EllieR52]

What is a good savings rate?

[@emmanuelguzman5944]

Hello! I really enjoy your videos. They are very detailed and I like how you break things down so they're easy to comprehend! I do have a question in regard to savings accounts, I'm hoping you could give me some further information. I've been hesitant about opening a savings account since I don't like the reproductions of only being able to take out money during certain time windows. Also, I have heard that due to inflation the money you accumulate is undermined by the inflation rate so you lose rather than gain. Whenever I have the chance I take my money out and save it, I'm pretty good with saving money and hardly ever touch it. I'm also only 20 so it's not like I have a lot of extra income to constantly put away so will a savings account really help me if the money I put in is not enough to outpace inflation. (I bank with Chase btw)

[@joshuairvin9661]

Look up a high yield savings account (hysa). Its a regular bank account that earns interest and because of high inflation most hysa's match or outpace it rn (i use wealthfront/sofi). They even come with a debit card if you want it

[@stoundingresults]

There are good pre-owned $10,000-$15,000 cars. Mazdas, Hondas civics, Toyota Corrollas.

[@trackguy4038]

Yes! We make financial decisions each day that add up over time.

[@BuzzLiteBeer]

We have a collective mentality around "enjoy your life when you are young and healthy", which I don't disagree with. The issue is that savings vs. living doesn't always have to be mutually exclusive when done thoughtfully.

[@cyndeenguyen2394]

Can you make a video about wealthfront and if you're still using it. Thank you. Always enjoy your videos

[@humphrey]

I still use it for the high yield savings

[@cyndeenguyen2394]

@@humphrey amazing....I opened a wealthfront account cause I saw you using it. Thank you

[@Anngrl69]

@@cyndeenguyen2394 I did the same lol. Can we get these testimonies sent over to their marketing team?

[@ezpzlemonsqueezy90]

Housing less than 30% flat out is not possible.

[@htr1610]

Humphrey, your argument on Consumption rate in the US is higher and Saving rate is lower compared to global is partially true, but not entirely correct. I recommend you follow professor Michael Pettis on the topic of Consumption vs Saving rate in the US compared to global. It will elevate your content and perspective in this very much Microeconomic topic. Here is a summary view from him: American Consumption has to increase because the world is pulling in their Surplus (excess supply capacity/ extremely cheap goods) into American consumer market. At the same time, capital flow piling into to the US stock/ bond/ real estate market drive down the US Saving rate.

[@valcandestr0yer]

I’ve started a personal brokerage that I’ve bought a handful of ETFs that I’ve decided to let reinvest until the returns replace my job and even then I’ll still work.

[@johnson4523]

I’ve buckled down on my savings this year and am averaging about ~40% of my monthly take home! Honestly proud I’ve matured out of quick impulse purchases

[@jaimel8219]

Having a girlfriend. Meals go from $18 to $78

[@drew8235]

I have one as well. My meals are 18 and so are hers. She just pays her half. Tough at the beginning because it's still expected that the guy pays for everything, for some odd reason, but once you're a couple then you should split 50/50.

[@jollama]

Just split a McDonald’s hash brown for $1

[@Trending_Usa]

Wait till u get married

[@fernandomescalito5307]

I'm not married and don't date because I'd rather see my portfolio grow. You don't need to have a girlfriend. I'm All in on building wealth

[@yesenialopez454]

🤣🤣🤣

[@loxdixon]

I've lived in the states and I've gotta say, being in debt is so completely ingrained in the American psyche. Gotta get a good credit score so have to have a credit card at an early age, huge culture of getting new or new-ish cars on finance then eternally trading up. We've got big problems in NZ with hire-purchase debt but nowhere near the same culture of being in debt outside of having a mortgage.

[@derekrequiem4359]

10:22 "We *Life* For The Present" 😄

[@blktauna]

Rent at 30%???? lolol as if. Lifestyle inflation is real. Financial Education in school is also lacking. You can't start early if you have no idea how.

[@jollama]

You mean you can’t start until you’re 18

[@blktauna]

@@jollama custodial accounts. I had a bank account when I was born. Any money I got was put into it. Sadly when I was 18 common folks like me had no access to a brokerage account. That is a recent innovation. Get your kids money in a high yield account and teach them why they want to save for the future.

[@MrArthys]

In my country cars doubled in price in 4 years RIP

[@cur244]

The key for me was to have the money automatically removed from my check and go to investments. After a while you just adjust to the smaller paychecks.

[@emadreviews]

So what I’m hearing is that 401K took in $240k, and over 40 years converted it into $1.5 Million? If 40 years ago you got a mortgage on a house that cost $240k today that house would be far more expensive than $1.5M.

[@divyv20]

Hey Humphrey , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?

[@nicksmith8141]

It's boring until it isn't. Just pick good funds / stocks ( if comfortable doing so) and keep contributing

[@andrewliang5401]

how about stop buying random shit then you will have money

[@Non_Of_U_business]

You misspelled title of vid reason 5 "We Life For The Present"

[@one100billneoone4]

I think a better formula and a more realistic approach to knowing what you can afford whether it’s a mortgage or a car loan is to base it off of your net income. The gross income is not an actual realistic amount. Just my two cents.

[@javierRcastro]

Is it better to max out your Roth IRA in the beginning of the year or sporadically?

[@lynninfinite]

I like beginning of the year so you can do it and just forget it. Then you can spend the rest of the year just saving up for the next year’s Roth IRA. I did every 2 weeks before and it got annoying buying stocks and ETFs so frequently. Lump sum is less time consuming, which I find, in my opinion is better.

[@welmoepics]

Beginning of the year. Lump sum beats dollar cost averaging more than 2/3 of the time. You can look it up ("lump sum vs DCA")

[@thomfiel]

Our tax code, with heavy, multiple taxation of investment income, makes saving much harder than it should be. No other country in the world penalizes thrift the way our country does.

[@EcomCarl]

Understanding the power of compound interest and planning for the future can be game-changers in achieving financial stability. 💰 Let's empower each other with financial education and smart decision-making to break free from the paycheck-to-paycheck cycle!

[@razwanahmed5758]

I wait for a new video from you bro

[@rodrigocortes3641]

I put away $350 a week in my Roth 401k, but I’m guilty of eating out Saturday and Sunday. I probably spend a good $120 at restaurants on the weekend ugh.

[@Rhynri]

I wish more people would mention that more than half of the “inflation” that’s happened in since 2020 is from pure corporate greed - price raises that have no driver in wages, materials, overhead, etc.

[@xfall86]

Are they really living paycheck to paycheck ? Or are they making the best use of life vs. saving every penny and not enjoying life in prime years

[@Eugenewong794]

I'd actually like to flex my brokerage account 😂, ppl get shocked when they see it, but yes I live life modestly

[@IM-qy7mf]

Intersting. I wonder why someone who already does not do most of these things (which is, _MOST_ Americans) is broke. Hmm, my crystal ball (more like EMPIRICAL data) tells me inflation and wage stagnation are the main culprit, but what do I know?

[@anaerobic]

He lost me at 'housing should be less than 30% of your income' 🤦

[@gonefishing11]

"Americans want instant gratification" is so true. I think that the federal, state, and local governments will be forced to set aside more subsidize housing to house the growing tidal wave of Americans that have little to no savings for retirement. I predict that this will cause a "silver" homeless crisis in the future.

[@PaulKatrina.]

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

[@HectorWhitney]

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

[@nicolasbenson009]

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

[@SandraDave.]

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

[@nicolasbenson009]

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

[@jones9-]

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

[@thomasandrewo]

You can blame a great deal of this on keynesian Economics, where saving is evil and we need to spend at all times despite if we need stuff or not.

[@isaacl6402]

Thumbnail is testing every possible luxury item to see which one is the best clickbait 😂 I’ve seen the lambo the Birkin the Gucci bag

[@romanyimesgen6136]

I’m amazed people who paid over $1000 $900 $800 for car payment for 7-8years. Holy moly it’s only a freaking car.

[@marcusbrown188]

I live in an area where everyone make six figures but me and have the fanciest stuff but soon as they lose their job, they lose everything within a week

[@michaelswami]

How is living paycheck to paycheck defined. After investing 30%, paying necessities, and doing a few fun things, I’ve exhausted my paycheck. Would I be classified as living paycheck to paycheck?

[@pete5691]

Not by the definition since you are investing the 30%

[@michaelswami]

@@pete5691 well that’s what I would think, but I wonder if the source applied that definition.

[@Madchris8828]

​@@pete5691yep, because true paycheck to paycheck as everything I've seen defined means no money for investing

[@Psybuster71]

There are likely some variances but usually I'd take it as spending the entire paycheck without any savings and missing just one paycheck means you'll be behind on paying for necessities like shelter and food.

[@charletfoster8917]

Lifestyle creep is the Worse!!!! Less is more👏🏿

[@WhatIThink45]

Inflation is the problem, but we can’t do anything about it. So we need to figure out how to cut back more. 😮

[@jbobby1841]

I audit 401k’s and the amount people contribute is depressing

[@JoseAlba87]

Im broke because I don't work 😭 My AGI is less than 5k a year I take care of my father age 80 25% brain damage. Dont qualify for HSI. Im sacrificing myself for my fathers. Any good suggestions? 🙏

[@jollama]

Better luck next life

[@pete5691]

Side hustle.

[@ILLEST-ANT]

you got me on lifestyle inflation haha

[@humphrey]

haha what are u buying

[@jollama]

@@humphreyhaha they’re not answering you

[@TaemK33]

I'm favoured, $22K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,,

[@gevans5446]

"Keep your housing expenses at less than 30% of your income." In a nutshell, that's why we're broke.

[@CustomerRelationsManager]

$7000.00 per year invested at 7% per year = $100,000.00 in 7.5 years! Your FIRST $100,000.00 matters; after that it to SNOWBALLS fairly quickly to your FIRST million!

[@denaetak1147]

Yea right! Under 30% of my income to rent...then I would have to live in a really bad neighborhood and also share a 1 bedroom with my son which I cannot do. We live in an old place already and my rent is almost half of my income.

[@matthewmeals4833]

You got 2 levers, if you can’t pull the cost lever you gotta pull the income lever

[@pete5691]

Both you and your husband work?

[@Anngrl69]

@@pete5691 There’s a chance she’s a single parent. If they didn’t bring up a partner’s income in the og comment, you can use your brain and deduce the likely outcome.

[@jay_ay_why]

This is the very easy and basic answer for why Americans are broke. The real problem is the low incomes. Companies do not pay enough. Also, look at cost of housing. I’ve saved and saved, yet still cannot afford these home prices. Can’t save your Starbucks coffee money out of this crap economy.

[@bensantos3882]

Mr. Yang not to be rude but you know those Asiatic Euroasian Scythian mummies keep being found in China with distinct Asian features? Its like they lived on from 4,000 and you're their descendant!

[@simplewelshman]

Buy gold as a hedge against inflation.

[@TheHumphreyYang]

what$app

[@TheHumphreyYang]

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[@changveronicas]

👍👍👍