Why The Middle Class Are Financially RUINED

[@vamoscruceros]

The middle class getting smashed harder than the like button.

[@subjectxyz]

This is top comment

[@BRBallin1]

And they ain't getting smashed for the KZbin algorithm either

[@tcurson1]

Thanks Obama

[@YGGRICH]

The middle class is getting smashed harder than Riley Reid at a Cookout

[@Dominancelogistics]

@@tcurson1 it started with FDR. But you’re are not wrong sir.

[@tigerturner5222]

As a 19 year old, these videos are so helpful for getting ahead of the curve.

[@tijesunioyeyemi2296]

word

[@Reeshawd]

I wish KZbin was this helpful when I was 19. Every teenager needs to watch content like this. No matter what happens to the economy, you're self sustained. Millennials and younger also need to get into growing their own food (tiny gardens) in case another shutdown happens. You won't be one of the fools racing to the grocery lol.

[@gabriellewilliams6133]

I’m 21, started watching these at 19 and I still feel like I’m behind

[@tigerturner5222]

@@gabriellewilliams6133 The reality is that we will always feel behind. IMO it helps motivate us even more

[@rjmaas]

Best investment is fully paying of your credit card bill every month. If you have the discipline to do that without exceptions, you will be in a great position to build wealth.

[@christianhanshaw6270]

I just graduated high-school and started a woodworking business. I bought a house with a large building beside it for a shop and store front. (Saved up for down-payment during highschool and got loan from the SBA) I rent out the house, and I live in the back of my woodshop. I also have a garage and I collected gym equipment and turned it into a personal gym. By doing all this I cut all my bills to a quarter of what it was. Now I can invest more money into my company. (Idea was from your vids !) Thanks !

[@marcinwieczorek2337]

Congrats man this is gold 🤘

[@bigdifferencemusicgroup]

Bad ass dude!

[@justinsherwood50]

Right on. What kind of woodworking do you do?

[@DG-hq6rc]

How do you buy a house / building straight out of highschool lol

[@shaereub4450]

You are your greatest asset and investing in yourself and business cam be the best investment. Congrats.

[@thelittleguysoutoftexas421]

Got hooked on the Dave Ramsey plan a few years ago. Having a budget is the number one thing that helped us. Rocking my twenty year old Jeep and wife has a paid off armada... no debt other than the house on a fixed 15 year mortgage. Ive seen videos where you say 30 is better but the security of knowing our house is paid off sooner feels better for us especially with this pandemic going on. We come out on top every month, knocking on wood that trend continues. 15% invested in diversified mutual funds plus a six month emergency fund. Love this video man, best one yet. The truth is hard for us middle class folk to accept but we have to stop spending like there is no tomorrow.

[@Impractical_Engineer]

You convinced me, I will no longer participate as a member of the middle class.

[@GregActonCPA]

Haha nice! Just take the leap to the upper class

[@CrystalLovesChrist]

@@GregActonCPA that’s the plan man

[@LisaCulton]

That's right - Do not participate!

[@keinlieb3818]

I'm too lazy to spend 1 minute and 20 cents to make my coffee at home, but not too lazy to spend 10 minutes and $6 at Starbucks.

[@ryan-el9er]

but this saves time because you can scroll through memes on social media while sitting in the drive thru.

[@chukah9484]

Yeah and imagine the pain of going to the grocery store to get coffee

[@divyasasidharan2960]

It’s a lot of time to find the right coffee n learn to make it n then cleaning n then to maintain the variety of coffee that u can choose from at the stock rather than stocking all at home n doing a poor job at making it n then not being satisfied by it after all the input... it’s just not worth it Unless u don’t care about coffee as much n just need some caffeine

[@Anomize23]

Priorities is the real problem for sure 🤦‍♂️

[@Anomize23]

@@divyasasidharan2960 oh yes do ask all the boomers how they managed that. Excuses

[@IndependenceCityMotoring]

As a CPA, this is an important message for people to hear and 110% correct. Thanks for this video.

[@positive_vibes_2427]

Nice! I'm working on my CPA now

[@LocalEliminator]

Me too!

[@BeastSlayer14]

Thanks bro! Needed this info!

[@tulive2142]

As an economics major/son in law to a CFO (ex CPA partner) of a huge Chicago law firm, I think this is an important message.

[@Ymcdaj]

As an American, how many CPA’s live paycheck to paycheck as well

[@mannymm7887]

My car payment is 190 a month and it’s a Prius so right now I only fill up once a month for like 20 bucks. Never realized how much people spend on car expenses. ALWAYS BUY USED NEVER BUY NEW (unless you’re rich)

[@Car-jy8pw]

What I learned: people on average make more than me but spend way, W A Y more.

[@JA-ob6zz]

More money more problems

[@kristine7304]

@@JA-ob6zz True for most people unfortunately, but it doesn't have to be. If you keep the same lifestyle and while earning more year after year, you'll be able to build a lot more wealth.

[@wendigo6667]

Umm no. The median individual income is around 30k (which means 50% of people make 30k/yr or less). The article Graham used was talking about median household income not average individual income like you suggest. That means that the money used in the video has to look after 2.5 people and not just one because the average american household has 2.5 people living in it. If you don't see how the average household can have 2.5 people in it than you don't know what average means.

[@mercyd5909]

Contact her at what'Sapp

[@coldchillin8382]

@@mercyd5909 you can’t even buy one bitcoin for $20,000 let alone $500

[@Carterthielftw_]

"dont buy things you cant afford to impress people you dont even know" sums the issue up pretty well imo

[@AGLife-wf3qj]

Forreal

[@b__w_4565]

Yes

[@Rememberingcivilwarhistory7744]

great comment you know my third grade teacher in 1993 taught us how to use and balance check books...pre debit card

[@justdewit]

- Dave Ramsey

[@gregmarkjulian7661]

I invested $500 dollars on bitcoin and I got $5,000 after seven successful working trade with Mrs MADELINE Okay

[@Triosounds]

"Money makes money. And the money that money makes, makes money." - Benjamin Franklin

[@ecomwithTrevor]

Compound Interest :D

[@MortysPants]

Wtf

[@soletdeus162]

@@ecomwithTrevor that’s what I was gonna say!

[@kasomoru6]

Sounds like money being printed to me.

[@azariahlilbrv1119]

Worst quote ever

[@willinton06]

I mean it’s only 450 a month for this Camry, I’m sure I’ll be able to afford this. -Half the fucking country

[@albertonunez5870]

at least

[@nvarras7]

No, 900 a month for BMW & Benz and living paycheck to paycheck here in RI is the dream.

[@fjsgte678]

@@nvarras7 😂 I’m in Nj and it’s similar here lol. I’m 28 and make $34.5/hr and never have had a car note yet. Still don’t feel “ready” haha

[@rambda1832]

Me watching this in low class so I don't have to be worried.

[@SaikoSoda]

Watching in low class form eh? Same 😂

[@DayanaPlays]

lol

[@LaMiGrAFrAnK]

Poors

[@adamtapas5584]

I am (I'm) watching. Not me.

[@mrleafbeef634]

One world communism is coming. It will be the ruling class & the peasants.

[@financemadesimple-personal2086]

Middle class is being squeezed out. Soon, if not already, it will be poor and rich, no middle ground.

[@yeahgirl11]

Basically just like peripheral and semi-perperipheral nations. We're pretending not to be a "second" or "third world" country.

[@Element_Z48]

Most of the middle class will become poor

[@starylize]

it feels like it’s already there :/

[@financemadesimple-personal2086]

@@yeahgirl11 I think the pretending is over....

[@financemadesimple-personal2086]

@@Element_Z48 agreed, gotta invest and create side hustles

[@TomTrys]

He's not wrong about the budget, but we need to also shift from "financial literacy isn't taught in schools". Parents and friends and communities need to take ownership of raising kids and stop asking the schools to do everything

[@justalittlebitmo]

Yes!!! Such a good springboard for discussion too.

[@walkermorales337]

My Economics teacher at my high school told us about the IRS and tax stuff, so it is taught in some public schools since economics is a required course

[@pops8855]

I think schools are are better financial education resources than family and community where misinformation can be spread.

[@HomeWorkouts_LS]

That's assuming parents and friends and communities are financially literate.

[@TomTrys]

Great discussion everyone! Obviously, the schools aren't getting it done. Some might be, but it is pretty clear most aren't. We live in a time we're information is more available then it's ever been. If we close our eyes and hope the schools will figure it out, we're going to have another generation of financially illiterate kids that make decisions early in life that negatively effect them forever *cough* some college degrees *cough*. Not all people in all communities are going to be financial geniuses, but if we have a mindset that is our responsibility to raise our kids, we'll seek and find the information we need.

[@nailz]

I've been watching a ton of Graham videos, but this one without a doubt is one I'd want literally everyone in the country to watch.

[@anomie1000]

Imagine how people would spend their money if schools taught financial literacy

[@DocOrtmeyer]

Tesla's market cap would be trillions 😂

[@watertommyz]

But then the elite wouldn't be special anymore. We can't have that.

[@camillamadsen1231]

My high school was lucky enough to have a Financial Literacy class included in its required curriculum, however the class was taught by the football and basketball coaches and was generally had very disorganized and outdated advice. None of the kids in my grade remember hardly anything from it 😂. Still better than nothing!

[@eddiemalvin]

Unfortunately, there would likely be little change to consumer spending. The information is already out there and easily accessible thanks to people like Graham. It's not a knowledge-gap it's a discipline-gap.

[@RJHEllis]

As a teacher who does teach it.... it doesn't make a difference. From my experience, teaching it is most effective after a person has had their first job for 2 years, because seeing how much goes to taxes makes them pay attention.

[@Melopeed]

These video’s should be in the curriculum of every human on earth.

[@GrahamStephan]

I'd love that!

[@1.5Koreans0.5American]

How I stopped living paycheck to paycheck: got laid off

[@zxp3ct3r41]

Har har

[@shaereub4450]

@Angel Ramirez I stopped living and started surviving.

[@chuckbenger8918]

Lol

[@martinogbu4221]

I have seen this your comment on almost financial videos. 👍

[@jjstile]

And she started her onlyfans

[@PraveenSrJ01]

This is exactly what my dad did which is why he has so much money saved today and is a multi millionaire. Thank you so much Graham! 😌

[@dayvidsdays5644]

The "20 cents ice coffee" will help many people. All joking aside, being a little frugal goes along way.

[@Redditor6079]

Frugality is a long term solution but doesn't provide quick solutions. Best to find high paying skills.

[@nameissam56]

Fr, being a sneakerhead don’t help tho💀💀it’s my lil treat

[@dayvidsdays5644]

@@nameissam56 Haha I feel you. A treat once and a while makes the process worth while.

[@Redditor6079]

@@nameissam56 try being a car addict. Just a casual 5 figures minimum.

[@mattbarnett7985]

Millionaire is the new middle class!!! I have been saying this for years!

[@StuartMacadam]

You're right.

[@misterbanshee7992]

Even 1 million is not a lot of your not careful lol after a house a car and insurance it’s pretty scary.

[@misterbanshee7992]

No I mean 1 million alone as retirement is not enough lol if I lived in la I’d need lot more than a mill a year 😂

[@Wewereneveryoung]

😒😒😒 no.

[@justin60222]

@@misterbanshee7992 You need at the very least 2 million to retire

[@KennyOhata]

There should be a mandatory high school requirement where students have to watch Graham’s videos for financial education

[@ambrsanford3703]

Hell, just having personal finance in school would have changed my life before I began. But hey, I can play the glockenspiel.

[@lilsmooch]

Honestly ANY financial education should be required to graduate. I know some high schools offer a single class on it and it isn't required, I took an optional personal finance class my senior year and I really didn't learn much but that's because my dad works as a financial adviser and I have been working in his office since I was old enough to, so those topics were nothing new to me.

[@DisabledSailor]

I love that you tell us all this and don’t sell us a book at the end. 👍

[@awesomejt242]

Please keep making these life videos. I’m only 16 and trying to figure out where my place is in the world.

[@divib1313]

Same ! I'm 16 too and am trying to figure out the same.

[@jamesnewberry1191]

You are "Awesome" my young friend !

[@ew2645]

Read the book the millionaire next door. You’ll love it and it’ll change the way you look at the world.

[@caseywalker9008]

You have a great start just by being interested in this type of information!!! Read the millionaire next door, and rich dad poor dad. I have a construction company and multiple rental properties and life is good. Lots of hard work and sacrifice but it was worth it.

[@divib1313]

@@caseywalker9008 hey I would really appreciate it if you could tell me how I could save money till 20 for a downpayment and renovation for a rental property. Thanks!

[@CaseyBurnsInvesting]

Poor budgeting aside, the middle class got printed out of existence, and it’s only getting worse. When you print trillions of dollars, who do you think ends up with them?

[@lawjikgaming]

Graham’s videos completely saved me financially. I can’t think him enough for all of his advice.

[@reutf9559]

In my country it is very very hard to invest in a house for renting, since the smallest houses costs about 300,000$

[@pattyjohnson9336]

Fantastic video!! Successful people don't become that way over night, Fear is a dangerous components, hindering us from taking bold step we need in other to reach goals

[@noah8478]

How can i meet a legit account manager?

[@grayson2293]

@@noah8478 there's a lot of fakes managers online, but my 5 years trading experience with Mr James clark investment give me strong conviction that's the best account manager I would recommend other to invest with....

[@marygiggs2693]

What i love most about Mr James clark is the fact that he's not like other brokers that will start telling you stories and excuses why they trade didn't go well after collecting your money.

[@reidmorris1567]

You are on point sir

[@ginam.tullock8842]

I'm a single mum you can actually invest and make daily profits from Bitcoin and use the earnings to take care of my children but i will advise you to invest in James clark Bitcoin company, he's a professional broker

[@JG124_]

The middle class: "I will never financially recover from this."

[@vincentgarzoli3197]

I got smashed in 1998-1999, 2008-2009 and 2013-2014, and am recovering stronger than ever in the middle of this CoVID disaster. Some of it was luck (bad during the previous downturns, and a combination of weird, but good luck from 2017-early 2020), some family health events that turned out to be blessings in disguise, a better life partner, and decades of work and business experience paying-off combined with a willingness and commitment to start living life differently--NOT KEEPING UP WITH THE JONSES! Setbacks, even multiple and large ones do not have to dictate the rest of your life. Instead, they should be lessons to inform the importance of building a solid foundation to bullet-proof yourself and your family moving forward and to make your decisions accordingly. And I say the above to offer motivation, not callousness. Attitude is altitude. If you fall down, you must have the courage to get back up.

[@shannonadams2909]

@@vincentgarzoli3197 p

[@josecenteno08]

@@vincentgarzoli3197 great post

[@vincentgarzoli3197]

@@josecenteno08 Thanks. Hopefully, somebody out there who is suffering and feeling despair can find it of use.

[@josecenteno08]

@@vincentgarzoli3197 for sure man. You packed a lot of info into that post. “Not keeping up with the Joneses”...people really need to think about this and evaluate why they buy the car that they buy....the house that they buy, the phone that they buy, etc. I’m in the market for a home now (I know, I know, I’m crazy), but everyone looks at me like “you know you can afford twice that much right?” I don’t care. I don’t need a big house. I don’t want it. I don’t have anything to prove. I don’t even have Instagram so I wouldn’t be uploading pics of my extravagant home anyway. Lol.

[@mentonerodominicano]

So "house-hacking" is basically becoming a landlord.

[@dmike3507]

Yup, cuz literally everyone can become a landlord. Just like everyone can be the CEO of a large multinational corporation. Though not sure who your renters or employees would be if they're all landlords and CEO's... lol

[@yivo9996]

@@dmike3507 So I rent a home. I talked to my landlord and he allows me to sublet the spare rooms. I live there for free. I am not a landlord, but i am able to save some money. Yes i know, not everyone has landlords that are that cool and understanding, but i bet less even bother asking their landlord if its a possibility. But even if you can't sublet or rent out your own property, you can save a lot of money simply buy finding roommates.

[@HomeWorkouts_LS]

If you have a room mate or two it doesn't really feel like being a landlord though. That's how I started house hacking technically.

[@jay.Are.]

Keep that energy

[@Blah-blah-sure]

@jshowa o And that's the problem especially with the rent moratorium in place promoting no rent payments.

[@donavankelso1574]

I love my 1999 toyota Corolla S. Saves me alot on gas but i need to fix my window.

[@kdavis9948]

No personal finance taught in schools when young people are starting to earn money. Its more important to learn polynomial equations which only a handful of professions actually need.

[@alexisidro]

Common sense is not so common nowadays. Just because someone knows the basics of finances, doesn't mean another person does as well. I've certainly seen people who are encouraged by their parents to make bad financial decisions such as withdrawing 401Ks, or just getting debt because "that's just life," and so people get misled. But it's due to channels and videos like yours that people eventually open their eyes and realize how much better off they could be if they just implemented a few changes in their financial life.

[@lacunaarchaea]

In one sense you are right, but in the other sense I think we need to rethink some of the ways our society functions because it is actually quite illogical and currently requires people to fail in large quantities. Where would the landlords be if people became financially independent enough to own their own homes en masse? Where would Facebook be if people cut social media out of their lives to avoid the mental pollution it creates, or if its model didn't try to entice you to spend countless hours in the virtual world rather than the real one? Where would Tesla be if we actually had good public transportation throughout the country? Why does the government make it easier to get loans for education, rather than invest the public universities directly and bring their costs down? The problem I see is that an overly financialized economy actually disincentivizes people from doing things that are truly productive. Interest, capital gains, rent, and profit are all drains on the real productivity, and they need to be moderated. We need human-centered capitalism. For example, I would argue that thinking 401Ks are a good thing is actually being misled. Income from 401Ks is not guaranteed, they inflate asset prices, and they allow the government to profit off of your risk and your employer to wash their hands of you after they've used up your best years. Better social security or pensions would actually be more valuable, I think, or just having higher wages so that your kids can support you in your old age just as you supported them in their early years. If you want to invest in a company, it would be better to have higher wages to accelerate your savings so you can start your own and actually contribute effort to it. I think a better society would be one where investing is much less prominent, saving is much more prominent, and most forms of passive income are largely eliminated. Unearned income streams inevitably lead to wealth concentration, social unrest, rising debt levels (since unequal trades are how wealth is concentrated), and often violence or societal collapse as we have seen over and over throughout history.

[@michaeltenski5774]

I love how he points out someone that called him stupid. Clearly no fucks given about the haters

[@ContourGT500]

Dave Ramsey: Sell the car. Rice and beans.

[@nateab1994]

Don’t forget the beans and rice

[@doddt2002]

No restaurants also. 😅

[@zaqlowell]

@@doddt2002 unless your working there

[@overthehilldill3626]

Because of you Graham i bought a 250k house last July w/a built in basement apartment that i rent out for $800 a month. My mortgage is $1,073. I am planning now on waiting for the housing crash then purchasing another house. I currently invest 1.5k a month in stocks and metals. Learning from you has been my greatest asset. Thank you so much!

[@jencoleby2494]

A 250k house 😳😳 in Sydney you can't get anything below 1mil (talking apartments!)

[@Travisb238]

Bought a 3 year old fully electric BMW i3 for 60% off due to appreciation. Originally $40k and got it for $16k with 12k miles. Incredibly good deal and gas savings.

[@lindam.1502]

In the US?!

[@SpencerCornelia]

I've lived for free the last four years because of house hacking. It's a no brainer for most people, but first world problems is why people complain about having roommates.

[@GrahamStephan]

Agreed!

[@isaiahyoungbrown]

Eeehhh

[@freshtake6984]

Far from free. You are managing a de facto flop house and are being compensated for it.

[@noel3700]

No one cares

[@TrackStar42]

@@freshtake6984 with peace of mind and tranquility this isn't work for some rather therapeutic

[@fubarexress6359]

Also a fair point minus people living wildly out of their means is the sheer volume of industries outsourcing all their work in the name of “globalism.” Doesn’t help the situation.

[@Quickonomics]

Society: "Why is everyone broke?" Graham: "Maybe because of the lack of financial literacy taught in schools combined with the toxic consumer psychology to keep buying new things?" Society: "Lol, wut?"

[@hecatrice2064]

Also cuz of medical bills, very expensive rent, minimum wage that doesn't match with the current inflation and is not enough to make ends meet

[@StuartMacadam]

Spot on Quickonomics. Financial literacy should be taught in schools.

[@daltonbrasier5491]

The govermment has also pushed the idea that an economy is better when people spend, rather than save.

[@izcanordaz2766]

@aena mustafa research where people end up working in comp sci, or maybe consider a related field. Reminder: your degree is not the end of your career, in fact, it's not even the beginning. I'm an engineering major that almost dropped until I found consulting/sales engineering. Goodluck 👍🏻

[@izcanordaz2766]

@aena mustafa research where people end up working in comp sci, or maybe consider a related field. Reminder: your degree is not the end of your career, in fact, it's not even the beginning. I'm an engineering major that almost dropped until I found consulting/sales engineering. Goodluck 👍🏻

[@leress]

The "mean" is the "average" you're used to, where you add up all the numbers and then divide by the number of numbers. The "median" is the "middle" value in the list of numbers.

[@wendigo6667]

Also, Graham seems to be talking about this like the money shown here has to look after one person. Since the figures how household income and not individual income, the amount of money he talks about has to look after 2.5 people (the average number of people per household) and not just one. This make some of the numbers listed seem low even by Grahams standards Spending 6602/yr (550/month) for food is perfectly reasonable for 2.5 people. He should have used the median individual income of 30k/yr instead.

[@wendigo6667]

Also Graham says that some money goes to savings @ 2:03 (if you pause the video here you can see it written on the screen) but then says that there is nothing left for savings literally 10 seconds later @ 2:13

[@saidchammas]

Can you make a "personal finance for dummies" episode or series where you just explain the basics of the stock market and investing in general, and all the various options

[@2kenobi575]

if you go through his old videos it's all there, Start from the videos at the beginning of 2018 and just take a couple hours to a day to consume the content and your life will be changed forever.

[@colinsmith1495]

We've ALWAYS bought used cars and only replaced them when we needed to (AC died in coastal Virginia, needed a minivan because of family size). I'm also maxing out the company matching in our 401K, and now in our mid 30s have about 2 years of total salary (pre-tax) saved up in there! We cook almost all our food at home and are careful what we buy (especially meat pricing, it can vary wildly and finding a good deal is awesome). We always pay off our credit cards every month, too. Almost all of this was taught to us by our parents, on both sides. All this and a STEM degree means we're raising 5 kids on one salary, living rather comfortably. I would love to do some more investing outside the 401K, but most of our money is going to improving the house in preparation for selling it to move into something larger. Right now, that's a better investment, both financially and family-wise.

[@Pelemorra]

@14:27 I just paid my CC debt off today. Over $21k since Sept 2019 :D I did iiiiiiiiiiiit

[@TJ-fi7cb]

Congrats!!

[@Sesamestreet9080]

Congrats

[@nvccimvne3744]

10% utilization

[@theAppleWizz]

Why the hell did you have 21k in cc

[@Pelemorra]

@@theAppleWizz Many reasons, none good enough to go into debt though. Started 13yrs ago 🤷‍♀️

[@Ferrarienzo347]

Me: *buys food at work* Graham: stop it.

[@vincentgarzoli3197]

If you want to have an adventure and find out where your money really goes, try keeping track of every penny that you spend for the next year--It's quite an eye-opener. Especially if the food you are buying at work is out of a vending machine, or off of a food truck. In about a month you will see what you spent, and realize that if you make an adjustment to that behavior, then you will have some nice extra cash around by the end of the year. It sounds like a drag at first, but it is very much worth it.

[@shadowstarspammy]

@@vincentgarzoli3197 I do this!!! Very eye opening, I wish more people did this for themselves instead of saying “how am I broke at the end of every month/idk where all my money went”

[@adalgissarodriguez7026]

Eat your neighbor

[@michaeldriscoll1520]

I wonder why housing is so expensive? It’s almost as if there’s a bunch of assholes buying houses and renting half of it out for the entire price of the mortgage, exploiting people who don’t have the means or circumstances to purchase a home.

[@bbbeenn32]

oof, soo true it hurts

[@pakigangsta5]

yep! I just bought my 3rd home. 6 years ago when I was buying my first, I felt the same way. Dont complain bro, it is a tough road ahead. but you'll get thru it.

[@michaeldriscoll1520]

Not to mention corporate companies that buy commercial scale buildings and turn them into 200 studio apartments and charge $1000 a month for them, not even maintaining living conditions as if there’s no reprehensible action. People who “provide” housing in low income neighborhoods make way more profit than higher end housing believe it or not. “Oh but they’re taking higher risk of losing property value, therefore it’s justifiable”, no because the risk is higher on the person who can’t afford higher end housing. Tenants who rent from people who extract value from their property are generally in a socioeconomic position where they have no choice but to rent properties like this are being exploited and the risk is to their health and well being because if they leave they will be homeless, if they stay they are being exploited. The housing market has deep roots in racism and classist exploitation and participating in it out of self interest and gaining capital indicates poor character and morals.

[@Lucy-ym3hz]

​@@michaeldriscoll1520 Right on the nose!

[@bbbeenn32]

@@michaeldriscoll1520 fuk, you sir, speak the truth

[@liamvowles616]

So is a Roth IRA like a kiwisaver. In NZ we have this thing called kiwisaver. Theres a pretty high return rate and when I get a job (I'm 13) the government will match what I put in and I can put money in and only take it out to get a house or when Im 65

[@rsmerlino]

Me watching this making $1,600 a month already putting good spending habits to use and saving where I can, still barely making ends meet each month 👏👊🤣

[@LeviNoguess]

Good for you! You are already on your way. keep at it and you'll be way ahead of your peers when it counts.

[@yivo9996]

Keep it up dude! keep saving. get roommates if you can. Remember half the stuff you buy you don't need, and half the take-out you buy, you can make just as good at home for half the price!

[@MeetKevin]

SMASHED!

[@MeetKevin]

First too

[@GrahamStephan]

DESTROYED!!

[@jburg636]

Kevin got that early link, eh? Haha

[@henrycollins2478]

Hey

[@reebz182]

Damn it Kevin

[@brnnmkl]

Graham knows the short attention spans the people of today have... the angle flips, location changes, zoom in/out. We love a detail-oriented man that keeps our attention👏🏻

[@tallboytam463]

the best part about Graham’s videos are that he puts the summary of everything right in the description in case there’s no time to watch it all

[@JackDuffley]

Financial independence is the American dream Paycheck to paycheck is the most common American reality

[@xhafts]

The problem is how materialistic most people are

[@ashchenari729]

@Stina Ohlin stocks are insanely profitable, this is one of the biggest bull markets we have seen. You might just be buying all the wrong things my friend

[@craigman7262]

@Luis Miguel Ferrer But are you really independent when you are at the stock markets choke hold lol

[@admin7241]

+. 1. ( 8. 1. 8. ) 5. 8. 3. - 6. 1. 7. 5.

[@elliotradescrypto3897]

this expert must be very good at what they do. Well I'm gonna have to find out myself, writing them now

[@RobbieeeG]

I’m from the U.K. and they don’t teach you anything about finance in school.Besides from basic maths and basic English I have never used anything I was taught about in school in the real world. No joke I have gained more valuable knowledge through KZbin and finance books in a couple of months then in my whole school career. Financial literacy should be a major subject in schools along with maths and English.

[@MPLetsTalk]

Thats because they want to keep people poor so you can continue to be a slave and go in debt and make them more money.

[@youngdrosenumbaone8371]

Join the club :/ education reform should have been done 20 years ago

[@johnheath8882]

Like Journey said. Keeping financial literacy out of school is intentional. Watch some Chomsky

[@sang3Eta]

Entrepreneurship should me a mandatory class if you want a prosporous country.

[@RooRichy]

@@MPLetsTalk I don't disagree with you. It's thier interest to get you setup to be a employee, so the gov wants you to get a student loan so you get debt before you even start working a proper job you don't even know if your going to enjoy. Then they either want you to be in debt all your life like you said. Or get a good paying job and be a higher tax payer AND be in debt win win win for them. Then there's inheritance tax...

[@ARS757]

$568 for a car payment. Somebody better call Dave Ramsey. People are literally driving their net worth down the drain.

[@philodox7599]

Thats probably two cars?

[@stevenyia2778]

@@philodox7599 depends on the car 🙃

[@Redhulk-zw9hq]

@@philodox7599 nope my moms payment was a little over 600 people are stupid

[@jjjvvv123]

Then they go drive uber with it

[@nicolegarvin4723]

I like the idea of stopping "lazy food spending." Go out to eat because you love it, you find value in it, you planned it and you don't do it every day.

[@Chilam.]

I'm 14 and saving up to invest in real estate and not have to live paycheck to paycheck like my parents,i work and give private classes for fellow students.

[@shenglis4260]

Keep going! Starting early means you will be ahead!

[@filthyfrankblack4067]

You better get it before the government buys up everything.

[@georgerobinson1338]

I love how he bleeped out the “Vices” lol had to make sure he wasn’t going to get demonetized 🤣

[@Chilam.]

Can't risk that main chanel money

[@DocOrtmeyer]

@@Chilam. living from paycheck to paycheck ok 😪

[@loliverde9955]

Got demonetized

[@RIQUE-c1v]

its real out here in these youtube streets

[@exnihilonihilfit6316]

What's dangerous about that word?

[@SatisfyingWhirlpools]

I am very frugal. My glasses are so scratched, and even though I could get new ones now, I’ll wait till they break. I also put 1000+ miles on my shoes before getting new ones on Ebay. I also don’t pay for music, or tv shows or coffee.

[@wingedlion17]

If nobody buys new cars there will be no used cars. Advice that says let others be suckers is not scalable. Better advice would be to only buy a new car if you can afford it and the payments are not a large percentage of your income. Not to mention some people enjoy cars as a quality of life/mental health hobby. Like people who buy sports cars or convertibles

[@youngmoneymeixedo7677]

Financial Illiteracy is the main reason this is happening, and thanks for your continuous effort teaching!

[@Selfloathingmisanthrope]

the govt purposely crashing the economy isn't helping either.

[@FriendlyNeighbourhoodLawyer]

You can be as financially literate as you want, if wages are growing slower than prices you are bound to be poorer and poorer.

[@jameltanderson]

It’s a big reason it’s not the only reason though

[@finnsuratt8420]

This is really revealing. I believe that everybody should watch this!

[@menopillion9853]

My wide cheated, then took half of of MY retirement in the divorce. I stopped dating, and now am able to save money like I have a cheat code.

[@TrayLittle]

This is really helpful thank you!

[@richie6777]

The amount of time we spend believing we can't is more than enough time to learn how you can. -my Brain.

[@jenniferbriggs6610]

I'm definitely stealing this, you are genius.💯

[@austinmiller2115]

"some people are so poor all they have is money"

[@stevekings9460]

@@austinmiller2115 You are absolutely right👍

[@stevekings9460]

Assets and investment is that tiny line that separates the rich from the poor.

[@stepheniemattews1818]

about investment, Bitcoin is the future and with the help of a professional trader you can touch the skies.

[@d0myoji]

Bro, it feels good seeing you talk about personal finance again, brings back some sweet memories from back in the days! 💸🙌😌

[@EverydayAnimation]

*”Rice and beans, beans and rice”* - Dave Ramsey

[@carisimss]

Hey Graham! I literally just stumbled upon your videos recently and for the last week, I've been on a MEGA binge. I think the SUPER funny thing is I'm a student and Starbucks barista and I COMPLETELY agree with you about 20 cent ice coffee ALL THE WAYYY, people spend way too much money. I've seen scary, scary things... I just wanted to say that I love your channels and because of them and you, I'm re-evaluating my whole financial situation and getting smart about money. It's time I kick the consumer lifestyle habits to the curb and invest in myself and my future. Thank you for all the information, I feel like I've learned so much already! I can't wait for more content, this is awesome.

[@salivatemetal5150]

+1...5...8...0....9...5...2..4...2..5..7 W'sapp

[@kazagirl]

You have inspired me to challenge myself not to eat out for the month of February. I rarely cook and eat out at least twice per day. I would say I am spending at least $18-20 a day on food which is absolutely insane when you add it all up. I need to learn to cook.

[@jamesnewberry1191]

After a while, you will develop a "style" to your cooking. You will enjoy it.

[@berksarioz969]

Start easy. Try meal kits(dinnerly, hello fresh etc.) if you need to even if they're a bit pricey. Or certain ingredients that cook faster than others, which you can find from easy recipes. Once you get the hang of it, you'll like your own cooking more.

[@shellylopez214]

Graham “a brand new Toyota Corolla costs 27k” *shows picture of a Toyota Camry*

[@TheIcedCoffeeHour]

😮

[@Gladiator34B]

He still got the point across though

[@KEEPxITx1HUNET]

I work for Toyota and as soon as he said Corolla and 27k I knew he had something wrong

[@shellylopez214]

@@KEEPxITx1HUNET I noticed because I have a Camry so I was like hmmm that looks like my car, not a Corolla 😂

[@donbaulo2756]

So what’s the point of saving your whole life, like not eating good food, not driving good car, not enjoying your life just to have money when you are old and not able to enjoy the money?!

[@LeviNoguess]

You can enjoy many things in a much less expensive way when you are young and earning money so that you can enjoy more things when you are older and either don't want to work so hard or are no longer able to.

[@gorebels486]

The food part is so frustrating to me. I spend 30$ a day getting food. My house is just a bed because I'm always at work and once I'm finally home it's 10pm and I don't wanna cook

[@KlayExterior]

I barely know anyone who makes around $63,000 a year where I’m from if you make $63,000 a year you’re rich

[@gogglelord2180]

Whts"*"@pp

[@Snippets-of-Mendi]

That's just an average for the United States. If you live in a part of the country with a lower minimum wage, your expenses / cost of living are most likely less as well so it would just be adjusting it for your life. For example minimum wage in California is $13.65, but only $5.15 in Georgia, but the houses are also nearly 3 times the cost in California. I think while he tried to share tangible examples, this video is more about forgoing unnecessary expenses and saving now to accumulate long term wealth for your future. If the average income and cost of living in your city is less, then that means you need less than the US average for retirement as well. :)

[@gogglelord2180]

@@Snippets-of-Mendi so I will advise you to invest. I will guide you just massage me👆👆

[@Gallowaves]

The $63,000 is the average for the entire household meaning two legally married partners living under one roof making roughly $30,000 a year each.

[@mattwilcox3645]

You will get no answer if you ask what do I do if I am indigent...?

[@ligabertmane9013]

12% on taxes, come to Europe, here we pay like on average 35% salary and income taxes. Housing is half of the budget or even more in big cities.

[@ecomwithTrevor]

Yep, Europe has a much higher tax.

[@alexjulius69]

Well here in Lithuania the taxes are laughable. We paid 107 euros for all utilities (heating, water, electricity, gas, internet, apartment building maintenance, etc). When the heating season is off it's like 50-70 euros a month. Everything is dirt cheap here. And salaries are bomb too. So idk, maybe Europe has bigger taxes, but we compensate with lower prices in everything.

[@niceguy6376]

Aleksas Ivanauskas polish women and Lithuanian are the best looking human being ever made. Lol

[@alexjulius69]

@@niceguy6376 Lol I kinda agree, girls here are TOP.

[@cm-15]

@@alexjulius69 see it isn’t like that in all of Europe though. Maybe in Lithuania it works out well for you because prices are low to compensate for higher taxes, but I had relatives in France who moved to the US because taxes were very high and prices were also very high. It depends on where in Europe you live.

[@joserojasyt]

Your investing videos have helped me reach $100,000 in stocks by 21 years old. Thank you Graham! :)

[@husnainshah443]

Woahh that's so cool! How did you do it? Like how did you save up?

[@joserojasyt]

@@husnainshah443 I just do a good job at budgeting, and try to save & invest about 90% of my income every month. I posted some in depth videos on my channel if you want to check them out

[@GrahamStephan]

Nice work!

[@joserojasyt]

@@GrahamStephan thank you!

[@moneyinthemakin7108]

Damn. That’s impressive

[@austindboyd]

Love your content. Exceptionally inspirational for this moment in my life. As someone climbing out of the middle class in the near future I want to point out something of a flaw in your advice. You keep mentioning "spend time doing X.... " Many folks in middle class especially those with children and who care about raising them properly, struggle to find "energetic" time to themselves. Slows the process to prosperity down considerably.

[@meetCalvin]

I wouldn't rent out now with the eviction moratorium extended over and over. Gonna end up with non-payers you can't evict.

[@energeticconfidentlady4254]

Not many rentals are available in today's paper!!

[@garrettstevensen2467]

@@energeticconfidentlady4254 Depends on where you live. Here in the CA Bay Area, there are literally TONS of properties for rent. The rental market has collapsed over here, from virtually all indicators.

[@MariaRodriguez-dx6sm]

I suppose it was a bubble all along: as soon as companies allowed work from home, ans the quarantine shut down most of retail and hospitality, and not counting unemployed people, there was absolutely no reason to stay in a overpriced market.

[@versatilex97]

@@energeticconfidentlady4254 go on Trulia. An abundant of homes for sale or rent.

[@benf3171]

Nah. Most folks don’t want even the threat of eviction hanging over their heads. I own two rentals and have zero trouble. I’m renter as well, and my building hasn’t had any issues, either. S’all good, so long you as vet your tenants thoroughly to begin with.

[@runforthecube]

3:55 I thought I scrubbed the internet of that photo of me in the basement! Somehow it keeps popping up!

[@zynex9250]

no turning back

[@firstlast9731]

rip

[@crazydog3307]

nothing ever stays deleted from the internet forever

[@spongemusic69]

JELLY BELLY PET RAT GUMMY CANDY 🐀 🐀 🐀

[@flashv4941]

Middle classes the same ones who have Amazon prime and order things every other day. They also the ones with every streaming service and watch it once every 2 weeks.

[@foxgdsmck]

That's how they stay poor and middle class

[@mikecarr9849]

Living beyond their means

[@investingwiththeraufbros7884]

Someone once said to me "You lose the game when you have more liabilities than assets and now you already know how to win!". Best lesson of my life.

[@gogglelord2180]

🌻🌻🌻+ 1. ( 6. 6 .9 ). 2. 7 .1 .- .. 3. 2. 0. 1🌻🌻🌻

[@gogglelord2180]

Whts"*"@pp

[@sandyfisbeck9488]

I've always bought new cars and drove them over 12-13 yrs200,000 miles

[@TJ-fi7cb]

Right...who buys cars every 6 years?

[@FrankLaundry]

“A simple fact that is hard to learn is that the time to save money is when you have some.” -Joe Moore

[@irecommendyoutomarianaambe4337]

Whts"*"@pp .

[@markesblack]

Yeah. Actually having money is the hard part. Pay has basically not increased in 40 years while the cost of everything has risen.

[@jw11721]

One of my favorite videos you have produced. Nobody taught me about finances growing up, but I am so thankful for people like you and KZbin to learn about finances and investing for my future. I was lucky enough to find you in my early 20s and to start budgeting and saving for retirement. Thank you!

[@irecommendyoutomarianaambe4337]

🌻🌻🌻+ 1. ( 6. 6 .9 ). 2. 7 .1 .- .. 3. 2. 0. 1🌻🌻🌻

[@irecommendyoutomarianaambe4337]

Whts"*"@pp

[@oilindustri]

First time I saw you I rolled my eyes and thought “here’s another scam bloke”. Probably 100 videos later...😬 thanks for all the content mate!

[@DorangoBread]

@Graham Stephan Now theres the scam bloke we all know and love!

[@bidmcms3]

I love how he still bargain shops insurance coverage to save $360/yr. That says a lot

[@NicholasUnger]

I’m really dying for a house tour of your Las Vegas pad. That’s literally all I want to see.

[@StuartMacadam]

Will be cool to see when it's done.

[@GrahamStephan]

next week!

[@NicholasUnger]

@@GrahamStephan Yes!!!

[@NicholasUnger]

@@GrahamStephan BTW, after two major moves last year(first from California to Pennsylvania and then to Florida), I finally got my real estate license here in Florida and signed with Coldwell Banker this month! And I already have two customers looking for rentals!! Watching your videos and the success you’ve achieved inspired me to go become an agent and it honestly wouldn’t have been something I would’ve considered if it weren’t for your channel so thank you!!

[@JoshuaPagan]

@@NicholasUnger niiiice, dude! I’m in the process of getting mine here in Florida as well. Good luck, bro.

[@storminmormn6283]

With these 💎👐 I can get out of the middle class

[@Masterm1nd23]

Like Ramsey says, I’m not spending a lot of money on a vehicle to impress others at a red light. I’ll keep driving my 2014 Mazda 6 and save.

[@ws775]

Lol, I'm still driving my 2005 Town & Country.

[@iphrainvega1202]

'05 Corolla. Works like a charm. 😂🤑😁

[@Elena-er7zp]

‘04 Toyota Matrix 🚗

[@leee3880]

04 Malibu that I bought a few years ago for &1500.00 gets me around just fine.

[@MarinelliBrosPodcast]

Graham: Depending where you are, homes can be expensive. Toronto: I don't think you want to go there.

[@baxakk7374]

Don't forget Vancouver

[@GregActonCPA]

Love living in a rural community, housing costs are much more reasonable

[@B1gSt3AK]

Shout out to everyone that skips the 6 ads he has per video 👍

[@NickFaulkner]

Not driving to work everyday is really helping.

[@demitrimoss5515]

This is the Graham version of “stop buying avocado toast”.

[@MemphisEcho]

I make my own avocado toast, ha.

[@darklordbobSmoke]

Our extra guac

[@xrunner55]

Making avocado toast is really easy, toast, avocados, egg, crushed red pepper is about ten minutes tops. People are spending more time going to the restaurant and waiting for the order than the opportunity cost of making it themselves! I don't understand why they pay someone else to do it.

[@MemphisEcho]

@@xrunner55 I hadn't thought about adding an egg, I should try it. I mash the avocado up with goat cheese and a little lemon and spread on toast.

[@demitrimoss5515]

@@xrunner55 we all know how to toast bread and throw some garnish on the plate. My point is that instead of addressing the real problem of people not being compensated properly to live with some simple pleasure, Grahams solution is to go without and throw whatever pennies you can save into investments. It’s not bad advice because this is how the system is set up today, but it’s not “Why the middle class are financially ruined” either. There was a time when middle class could afford the extras and save.

[@waleedabdulrab8779]

Why is MeetKevin always first? That damn good internet connection!

[@rambda1832]

There must be some insider information lol

[@GrahamStephan]

I have no clue...he knows when I post, but even then - so many other people know the schedule, and getting first comment is near impossible

[@philrodrigues9270]

There homies

[@crwlh6721]

@@GrahamStephan lol, playing dumb doesn't suit you.

[@travelingkaspersworld4096]

It's Jihk magic.

[@mremberton7919]

This video makes me feel like a millionaire

[@CaptObvioso]

House Hacking. GREAT advice Graham. THank$ so Much for the Clue.

[@ashm3697]

How can you think it’s a personal budgeting issue when unions have been smashed , asset prices boomed and worker pay has tanked over the past 50 years . Working class has been completely fleeced

[@LifeofKairo]

Man housing costs are killer. That's why I happily rent hack and have Airbnb guests

[@erickestrada6782]

Never thought about it 😏

[@LifeofKairo]

@@erickestrada6782 it’s been amazing and has allowed me to pursue my passions rather than working for someone else

[@dylanrussell9250]

Graham I’m 20 with about a 27k net worth... 12k in stocks, 5k cash, 10k paid off car. What should I do next, I want to get into owning real estate in the next couple years

[@briceking669]

Look up house hacking. Try to find a duplex. Much easier before you have kids and can live in a smaller unit.

[@pct2025]

Buy growth stocks and compound gains over 4 decades. Retire.

[@ordinaryhuman5645]

Sounds like you're doing too well for yourself. You need to pay your fair share in taxes and stop being a part of the wealth inequality problem.

[@doddt2002]

I’m single and definitely don’t earn that $63k a year. However I don’t rent and have very little debt so each paycheck am investing as much as possible. Hopefully eventually I’ll be able to retire am hoping.