The Financial Crisis NO ONE Is Talking About
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- Опубліковано 23 січ 2024
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THE FINANCIAL CRISIS NO ONE IS FIXING:
Watch the original video from DW News: • The financial crisis n...
All of this starts with Retirement.
On the surface, there are 3 major issues that need to be addressed:
1. Poverty.
According to Census Bureau data, it's reported that “43% of 55-to-64-year-olds had no retirement savings at all and 30% of people over 65 are economically insecure, earning less than $27,000 for a single person.” On top of that, “the median retirement account for that age group is only $200,000 - meaning half of 65- to 74-year-olds have even less saved up” - and that’s not nearly enough.
2. A Savings Gap.
It was recently found that HALF of Americans have absolutely NOTHING saved for retirement, whatsoever and, for those between the ages of 50-54, only a THIRD have more than $100,000.
3. The Perfect Storm.
The fact is: People are living longer, health insurance costs are rising, there’s a lack of access to retirement plans, millennials are having fewer children - and, as a result - Retirees are forced to continue working later in life because what they’ve saved is insufficient to live on.
SOCIAL SECURITY RUNNING OUT: The Possible Solutions
One: Social Security Benefits will be reduced by the time all of us retire.
Two: They Increase The Retirement Age So That They Can Pay Out Less Money
Or, Three: The Government Increases Taxes To Pay For Higher Expenses.
The Social Security Board of Trustees says that we’d either need “an immediate reduction in benefits of about 13 percent, or an immediate increase in the combined payroll tax rate to 14.4 percent, or some combination of these changes, to allow full payment of the scheduled benefits for the next 75 years.”
THE BRIGHT SIDE FOR RETIREES:
Some outlets call Baby Boomers “the luckiest and wealthiest generation we have ever seen,” now sitting on roughly $78 TRILLION dollars. Since 1983, stocks have increased almost 8000%…home prices have appreciated 500%, and a 60/40 portfolio of stocks and bonds would have returned more than 14.5% per year.
We’ve also seen a history of incorrect calls for a “retirement crisis” dating all the way back to the 1960s when defined pension plans were cut from large corporations. After that, the 401k was introduced - but, once again - critics said this was an issue because the account lacked a guarantee. Then again, in the early 1990’s, it was published that “retirement as current retirees know it may be impossible for all but the most affluent."
From there, in 2008, ”experts were telling boomers they would have no choice but to delay retirement by five years, at least” - but since then, we’ve seen the strongest bull market - in history, with the Greatest Wealth Transfer - ever - just around the corner. All of THIS suggests that what we’re currently seeing is nothing out of the ordinary, it’s nothing to worry about, and it’s all overblown.
Although they do admit that a portion of the population won't be okay and the Retirement crisis is very real - but, that’s nothing new. Nearly a quarter of every generation has been without the means to retire. So these are my thoughts on how to make sure you don't end up in this category.
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Also - here is a link containing the source material for each piece of research cited. I do my best to make my videos as accurate as I can, and the additional resources should help anyone who wants to look into them further - enjoy! docs.google.com/spreadsheets/d/1-mlqMeTLCczeiEi0pp-Y5uf6Ui5lidWdTtyaZVacJsY/edit?usp=sharing
Have you been slowly over the years. Pitching your voice up higher? Just tuned back in and bro 😂
$42,000 for college? More like $60,000 if you are lucky enough to be "in state". $150,000 for 4.5 years out of state.
Graham, you need to report @FinancialNewsORaaT for stealing your content. They take content from a ton of other creators as well.
There's lots of places to live in your van, you can see tens of thousands of them in the desert these days
Dolll
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.
if you lack knowledge about market investing tactics, get advice from a financial counselor.
Agreed! this is why I work with one. My $520k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advsor are working on more figures for this year. IMO, financial advisors are the most sought-after professionals after doctors.
Please who guides you on the process of it all?
She's known as a 'MICHELE KATHERINE SINGH'. One of the finest portfolio managers in the field also widely recognized. Just research the name. You’d find necessary details to work with and set up an appointment.
Thank you for sharing. I just scheduled a phone call with her. She seems proficient considering her résumé.
Rising prices are impacting my plans to retire at 62, work part-time, and build savings, raising concerns about a more challenging situation than those who weathered the 2008 financial crisis. The stock market's volatility and reduced income are causing anxiety about having enough for retirement.
In a recession, consider investing in stocks cautiously, as it presents opportunities to buy low and sell high. While not financial advice, it's a favorable time to contemplate stock purchases, recognizing that having cash on hand may not always be the best option.
Absolutely! A skilled coach helped grow my investments from $321k to over $750k, primarily through stocks, ETFs, and bonds. I anticipate housing prices will stay stable until more homes become available.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I recommend diversifying your investments by considering stocks alongside real estate. During a recession, there are potential buying opportunities in the stock market if approached cautiously. Additionally, market volatility can offer short-term buying and selling opportunities. However, please note that this is not financial advice. It's important to be proactive in investing as cash may not be the most advantageous option during these times.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns.
You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
“Tenley Megan Amerson” is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for sharing, I must say, she appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
Stocks are a loser.
I quit my job & waited until December & sold off my 401k at almost peak market & double downed on my properties. They did good, my former 401k, not so well
The system is failing as a result of both government and federal policy. In the next days, the banking crisis would have to be epic and gigantic for the FED to decide not to raise interest rates. This won't happen; an increase and a crash are coming. There will be more negative portfolios this 2nd half of 2024 with markets tumbling, soaring inflation, and banks going out of business. My concern is how can the rapid interest-rate hike be of favor to a value investor, or is it better avoiding stocks for a while?
Just ''buy the dip'' man. In the long term it will payoff. High interest rates usually mean lower stock prices, however investors should be cautious of the bull run, its best you connect with a well-qualified adviser to meet your growth goals and avoid blunder
Very true, you can be passively involved in the markets and still amass wealth-gains using an investment advisor. I first dabbled in stocks late 2019, just before the pandemic, and that same year gained over 150% with no prior investing experience, basically all I was doing was following directions of my advisor. We are working on a retirement ballpark of $3m and I’m certain my goal isn’t farfetched after subsequent investments and tremendous returns so far.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
What he forgot to mention is that 40 years from now that 1.5M will hardly buy you a house.. then you will need 6M to retire as good as today with 1.5M.. Inflation is killing us all, there is no way around it.
Thats why we need to invest in assets to battle inflation.
That might not even be enough to buy a Big bug sandwich.
Graham Stephan you changed my life from a young age. I’m 21 years old, in the trades, house hacking a duplex, maxing out Roth IRA and 401k, and living like i’m broke. i never learned about money from my parents or school… so you ARE my parents and school that i’ve never had. Thank you
You are the one that makes it. It's tough when your friends are partying now. But they'll be working long after you have the choice whether to work or not.
I'm a bit older, but roughly in the same position. Parents and schools never taught me about money (besides the basics). UA-camrs like Graham showed me how to handle it. Just bought a nice apartment and looking forward to a comfortable retirement now.
you have no idea how far ahead you are. also watch out for car payments, there are circumstances where you need them, but make sure its as low as possible
Good for you dude 😎💯
@@bradhaines3142 i drive a 2002 toyota that i bought for $1500! no car payments
Imagine trusting the government to do anything, let alone imagine trusting them to take care of you when you get old.
One of the major issues is that boomers were lead to believe that they didn't need to save because social security would take care or them when it was never meant to do that
And all the rest of the generations, most aren't saving a damn thing. 'Spend everything, you might die tomorrow.' The problem is only going to get worse.
I'm a boomer and the Social Security Administration clearly laid it on the line in virtually every written communication they sent me. This is a typical quote from one letter (I've saved a lot of those letters and statements, and they almost always included this statement or a variation): "Social Security benefits are not intended to be your only source of income when you retire. On average, Social Security will replace about 40 percent of your annual pre-retirement earnings. You will need other savings, investments, pensions, or retirement accounts to live comfortably when you retire." They warned me at least once a year. I realized that Social Security "would not take care of" me "because it was never meant to do that." But I've talked with other boomers who were surprised when I explained this (they obviously didn't bother to read their letters and statements). They were suffering from terminal YOLO!
People just need to remember that no one cares about you more than you. You can't 100% rely on others to help you. Whether it be a friend, or your government.
not only that but retirement reform as a whole. people used to work for the same company for a long time, then they would pay them in retirement but they slowly switched to the 401k system which was meant to be supplemental to company pension. they did it in order to save money. there were even people who had been promised pensions they were never paid because laws didn't protect them, even if they were contractually obligated.
@@johnc2438Terminal YOLO😂
“If this sounds like a Ponzi scheme it’s because in a way it kind of is”. It sounds like it because in every way it totally is. 😂
I'm an European. Other Europeans, especially Germans, get angry when I point this out. They are constantly talking about the "evil capitalists" and that "social responsibility" (i.e. giving everything to the state for redistribution) will ensure a comfortable life after retirement.
It's a legal Ponzi scheme, because we believe in it and for most it actually gives us a better quality of life
@@tylerm2676 For now - the math isn't going to keep mathing on it for much longer, which is the main point of the video.
Think about it for a second. You've been paying into Social Security your whole life and now it's time to retire. Where has that $$$ gone? Who's responsible? Is it really a Ponzi scheme? Or something else?
@@superslyko123 It’s gone to the government in general, who is responsible for all government programs. If you’re pointing out that the entire government is a Ponzi scheme then yes, I agree. Music will stop when we can no longer sell increasing amounts of t-bills.
The crazy thing is this was predicted back in the 90s and I remember hearing about it all throughout high school back in the early 2000s
It was very much predicted over 30 years and more like 40 years ago while these retiring boomers today were in the early portion of their careers.
@@floridaman4073 condoms and the pull-out method weren’t popular back then lol
I remember that as well
What was predicted?
I was in high school/college in the late 90s/ early 2000s and I realized I shouldn't expect to get any social security. If I do get it, it will be a nice bonus but it has never been part of my retirement plan.
I know some people who say "I'm going to work until I die because I dont retirement money" yet they don't realize that you can't physically work when you're elderly.
@@Lan01897 I've been saving for retirement (53 years old), I have less than 1MM which is probably not enough but I dunno, if you get sick the money doesn't really matter that much. I've had so many people around me just die suddenly, both rich and poor.
@@Lan01897How is a price of a gun versus the price of rent equate to a messed up society?
Certainly some people can’t work due to illness or work in physically demanding jobs. But white collar and professional types can work right to the end. I have a yard guy in his 70s that can out work you and me. To be honest, all the people I know that retire at normal retirement ages die. I can’t imagine retiring I would not know what to do.
You must be forgetting you don’t have to earn money being physical in 2024😂
Stay in shape so you can work in your old age? Even part time. You live longer and better quality of living if you are busy when older
I just turned 40 this year, I can't thank my parents enough for making me grow in a non-luxury household, food and roof were always provided, but also a 'live below your means day-to-day', I learnt to saved money when I was 6. I look at my peers and how they 'lived the life they deserved' and just say to myself, thank god I never believed I deserved that life.
At current rate, I can stop working in about 4-5 years, my friends are gonna be working till over 65.
🏆 Nicely done! Thanks for sharing your story
that's great! but you also left out some key factors - what job you have and how much you make. Not everyone can get a high paying job and retire by 45. on minimum wage in most places, there's no way to save or live below your means. It's great advice, but still doesn't solve the problem or even apply to a lot of us :/
@@janirose I used to work as a lawyer... but I switched (mid pandemic) to being a handyman. I still do the occasional legal work, but not very often. I saw the market for lawyers was saturated. But handymen and trade jobs in general, there's high demand but few workers, so I took the only logical choice. You can't outsmart supply/demand, but you can learn to navigate it.
The "you could die tomorrow" argument is similar to the "somebody has to win" argument with playing the lottery. Chances are, you are not going to die tomorrow just like you aren't going to win the lottery, and very likely will live closer to average life expectancy. It's better you save a reasonable amount of money when you are younger and lower your expenses so that you have more options when you get older. Nothing eases burdens more than knowing you don't NEED to work to sustain your lifestyle, and that unforseen expenses won't leave you destitute.
Well said.
Here’s my grim reality, as a viewer in his 40s.
I was quite poor for the first 15-20 years of my adult life. Half or most of that time, I was below the poverty line.
Things improved, quite a bit, in my mid-to-late 30s, and I started saving the year I turned 40.
I’m probably not going to be able to retire, ever. The bar is just too high.
That doesn’t stop me from doing the things I’m supposed to do, maxing out my 401k and such…
But it means that for me, that money’s more likely to be income supplementation. Maybe I go on nicer trips for my PTO. Maybe I pay off my kids’ student loans. Maybe I opt for a little nicer vehicle.
But I’m just learning to make peace with the reality that I’m going to work until I die.
Maxing out your 401(k) (like you said you're doing) for the next 25 years will certainly be enough to retire when you're in your 60s.
Ditto, I'm in my 40s, earning well but realistically only working to maybe making my kids life easier. But my life won't be easier
The problem is that you don't always have the choice to work until you die. Your body wears out, as does your value to employers.
@@user-gq2vn1xj2r When that day comes, I’ll just run for Senate.
Maxing out you 401k is over 20k a year most working age adults only earn 40k a year? Math isn't mathing or your rich but tells everyone your not.
Paying into SSI my whole life and looking at getting nothing back. Worst investment ever
Especially since we didn't have a choice
Congress members are so greedy that they will keep on rising the retiring age higher and higher to benefit them, not the poor old people. Let that sink in.
I can talk for hours and hours about this subject. As a Medicare and LTC insurance specialist, I talk to future retirees every day and they are all often shocked about HOW MUCH Medicare costs, what Medicare DOES NOT cover and the cost of caregivers in the home and/or Assisted living facilities. Scary! People need to plan and SAVE a LOT and stay HEALTHY because if you are unhealthy it will COST you your life savings (if you have any!).
Can you make a concise video explaining this with examples like you are referring to? That would be amazingly helpful.
On top of savings you can advise them of the possibility to move to a cheaper state or country.
Unfortunately, it's not shocking to hear this. Between lack of savings, increased spending, and inflation people in all age classes are finding struggles. I hope that the next generation can learn from videos like this and understand the importance of saving for retirement while they're young. I've been working on videos like this as well. Trying to get the word out to whoever will listen! Great video Graham.
I’m 25 (so I think I’m the next generation you’re talking about), and I’ve been saving for retirement for a few years now. I’m operating under the assumption that social security won’t be available to me when I reach retirement age.
Unfortunately, I think I may be in the minority for people around my age.
@@cody7888 yes you are! Keep it going!
@@cody7888That's a good start. If you have the option of a Roth 401(k), you ought to take advantage of it. Income tax rates will likely double around 2030. A Roth IRA can help but it has a lower contribution limit.
I hope they continue to struggle so that they'll eventually stop spending like crazy and bring the inflation with prices down
@cody7888
That’s not an assumption that’s a fact lol boomers pretty much have voted for social security to be gone which will affect our generation the most. Saving and investing is all we can do
I've been saying this a few years, there's so many people hitting retirement age that just did absolutely nothing to save or prepare, and unlike previous generations they don't have traditional pensions at the same rate. What really bugs me though, is most of them I know personally approaching this really need a Caleb Hammer or a Dave Ramsey, because they think they can't save money or pay off debt, but there's an endless list of waste expenses.
heres the kicker though they all live in a fantasy land they wont cut back
The boomers are truly the generation that cursed the nation, their children and their grandchildren. It will be a matter of study for generations.
I'm a mid 40 something, gen X. This means I'm still paying my own student loans, and I'll be paying for my kids' college at the same time, all while my parents, who have been retired for 20 years, are running out of money.
I save 20% of my income, and I still don't think it will be enough to retire.
You are good at mathematics.
You can always find somewhere cheaper to retire in, sometimes with a much better lifestyle too!
whether that's in another state or another country. plenty of options.
I must admit graham, this video reeled me back into reality. It's sad because I have this one coworker who her motto is "make sure you spend your money today because you might die tomorrow" and now shes over 20k in debt and about to have a kid :(. Some people can't be saved man. EDIT: 0 in assets too. besides the paycheck every two weeks.
Most "spenders" go overboard. You usually don't have to spend every dime in order to enjoy life.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
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.
They say this for every generation. Most never learn from their mistakes or their parents mistakes thus every generation repeat the same mistakes of not saving for their future.
Market highs can sometimes be followed by corrections, but predicting the timing and extent of it is challenging. I've heard some analysts talk about a 'massive' correction. It makes me wonder if it's time to adjust my $2M portfolios or maybe even consider some defensive investments.
Consider diversifying your portfolio with a mix of stocks and stable assets. Seeking professional advice now could provide valuable insights and strategies to navigate market uncertainties and protect your investments.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
“Leila Simoes Pinto’’ You can easily look her up, she has years of financiaI market experience.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
The people putting 36K into a wedding aren't staying married for very long. That's actually financially stupid unless you can truly afford it without batting an eye.
With divorce rates being what they are, putting 36k into a wedding is one of the dumbest financial decisions around.
@@ninjacats1647divorce rates are incredibly low what are you talking about
@@JdmgjnFjahgkswhat are you smoking?
@@Wealth_Wisdom_Discernment tell me you've never looked at the data without telling me you've never looked at the data
@@JdmgjnFjahgks First marriages still end in divorce at a rate of approximately 35-50%, while second marriages face an even higher likelihood of dissolution, ranging from 60-70% or more.
Maybe you just suck at math
I hope you get back on it. It's so easy to fall off track. After a hiatus it becomes so difficult to get back on track. Good luck man!
Agreed...will start back up again!!
I think it's nuts that half of Americans have not saved for retirement. I know a few people who haven't saved, and I've told them to put a few dollars in there at least. I feel like they like living on their full salary and not saving.
Sooooo, if no one has enough money for anything: young people to buy houses, old people to retire, would be parents to have kids, then that means costs need to adjust downward. Deflation MUST occur or no one will be able to participate in the consumer economy.
I would argue the opposite: People who are able to provide value to the society (e.g. employees and businesses) would increase their prices until they can afford all the additional taxes and costs, thus inflation would occur.
It’s been proven that it must occur in some capacity. Also I think it shows the disparity between us and the ultra rich. It’s not any of our faults, it’s select few with too much power and control.
I have the opportunity to max out my 401k with a $4k match at age 21. The tough part for me is balancing between that and establishing an emergency fund, and saving for a down payment on a house
Don’t worry about saving for a down payment right now. You are 21. Get the emergency fund up and smash your 401k with the match. Your retirement amount will be worth a ton later on and you can always back off that then if you hammer it now.
You can withdraw $10k from a 401k for a 1st time house penalty free. Some plans also let you borrow funds from your 401k which could be an option for and emergency fund. (You pay interest to yourself BTW)
The employer match is free money so don't miss out on that to bulk up your savings
Do you need to max out your 401k to get that 4K match? In many plans you don’t. I would put just enough to get the match. Then I would put in the emergency fund, and the rest in a non retirement brokerage account. Once you grow that amount to allow you to buy real estate, I would do a house hack at least until I started a family. Keep investing in the stock market and use it to acquire more rentals until the cash flow from them equals your annual household income aka financial freedom. Since you are starting early this should be achievable by the time you are between 35-40. Then stop purchasing more properties until you save up for your kids colleges. Once they leave home, you can choose to enjoy early retirement at 55ish. It may be that you’ll never need to tap into your 401k, except for the 10k for your first property, but it’s there just in case.
All good points. I need to put in 5k for the 4k 401k match which I have it configured to do right now. I think I’d be comfortable contributing 10k to start and just saving what is left to build an emergency fund, especially seeing as I will be able to take 10k out for a first house some time down the road
You’ve got plenty of time/ get a house the down the road and invest till your 30 - you’ll be way farther ahead!
I feel like no one mentions future value of money when calculating retirement income. If you’re 30 years old and make 75k today and want that value during retirement… You’ll need to target making 188k/year by the time you’re 67. If you’re still only making 75k in 37 years, that will only be worth 30k in today’s dollars. THAT is the real crisis in retirement planning.
There was some serious wage stagnation for decades. It was intentional but very devastating.
As my income increases each year, I increase my yearly retirement income goal to increase the chance that what you mentioned doesn’t happen to my family. I keep my goal at 100% of my income even though I won’t have a mortgage or the expenses that come with raising children when I retire.
I love your channel Graham! Very educational, and I whole heartedly agree with what you say. Oddly enough, I have shared your channel with my uncle; the former head of the History Department of West Point Military Academy. He had never heard of you, and he's also the one that got me into investing in ETF's, specifically VOO. Anyway, he loved the video that I sent him. He loved it so much that he then forwarded it to his three daughters in the hopes that they will start listening to your advice as well! :)
Another great one Graham. These consistent updates are awesome.
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You see in the stock market, bigger risk begets bigger results that can work in the bulls' favor. I think investors who are wary of the changing market trends should seek out bear/bull mrkt directions from certified strategists.
Anybody saving for retirement needs to be very careful and steer clear of high risk unless they have money that they can afford to lose
that is very correct@@os2958
..... ummmmmm, RIGGGGGGGGHT.
Best channel to get all your information!
Keep it up graham !
Thanks, will do!
Its quite literally not even worth busting your butt every week anymore. Like what, i get to put away a couple hundred dollars a month? Thats not gonna get anybody anywhere. A decade of work just to afford a truck. Let alone anything else.
I'm already hitting 30s and $900 month is starting to sound scary unrealistic here. Of course i have followed outdated advice and live in an expensive state like California. But things are starting to seems gloomy here.
I think a good strategy is:
-invest in reducing expenses. Lowering your future expenses is a great inflation hedge.
-invest in ways to help your kids take care of you when you’re older.
-be more direct. When everything gets channeled through the dollar you pay income and sale tax for every step of the process
This takes creativity. A few ideas:
-Invest in a good, modest, low maintenance house. Keep that insurance premium low.
-consider long term energy costs. Can I invest in reducing future HVAC energy and maintenance?
-if you live in the country and are up for it, get some fences and raise your own meat. If enough of you get into it over time, maybe you can even process the animals yourselves -I.e.-investing in equipment.
These are just a few thoughts…
Most importantly, remember that we are supposed to live in community. To think that we are all supposed to create a life independent of a truly interdependent community is a lie. It causes this amorphous “retirement” goal to over-influence our life direction. A full life is a life of love and not a life fearing scarcity. I don’t know what to do with this information, but it’s gotta be true.
Get creative, my friends
These videos have seriously helped form my spending habits and investing habits. The content and information on the channel is gold.
Thank you for producing these videos and sharing them
Absolutely!
Drive 15 year old car, paid cash for my wife’s 4 year old car. Two houses paid off. 700k in IRAs and 401(k). And I’m behind where I should be.
People are stupid.
I hate how rich people that tax the system to maintain a cohesive society pedal this crap.
Pay your taxes! You benefit from a stable society where senior citizens are not on the streets begging for money to eat.
One flaw here is that when we retire in 30 years it won’t be todays median income we need it will be the median income in 30 years. Rough estimate is a doubling every 30 years so you will need double what the math came out to. And that’s assume there isn’t a huge inflation jump…
Love the summary in the video description
Glad you liked it!
Wassup Graham. Been watching you since about high school man. What newsletters do you recommend for keeping up with the real estate market? I also enjoy those videos, they help me out a lot with keeping up to with the market. Would love to see more of those. Keep being you chief 🤝
In my late 30s and I just started investing aggressively this week to make up for all the years my money has been wasting away in my savings account. I'm above the average net worth for my age group so I thought I was ahead of where I should be, but as things were I most likely wouldn't have been able to afford retirement once that came up. I realized just because I'm good now it doesn't mean I will be good 20+ years from now so that's something I wish I could go back in time and teach my 20-year-old self. 😂
Better now than never!
I am on the same boat.
I am 20 at the moment and I love seeing things like this because I get in so many arguments with my friends over how I don't spend the money I work hard for. Which I do just not on food and parties. In my head I want to make sure 20 years into the future I don't have to be in the same place I am today. It brings a lot of stress to me day to day wondering if I am making the correct decision to keep on making my money work for me. 18 I was worried about my credit so I got into debt then I learned about good debt so I quickly paid off the small 3k loan I had because at the time paycheck to paycheck was the life that scared me. now I'm making sure if anything goes wrong I have a cushion to sit on. And then also am going to be signing to the guard here soon to try and get my CPA license since I never had good grades in school and I want to make sure I don't get into debt to gain a skill.
@@ashdinmilligan5373 You're still very young so don't think you CAN'T spend money on food and parties if that's what you want. Like Graham has said, pretty much ANY investing and saving you do in your 20's will go much farther than it would later in life so even though saving and investing is great don't let it become an unhealthy obsession.
@@Atrus999 I appreciate this a lot, I have definitely cut off a few relationships because of the idea of money. Maybe I need to be a little more relaxed with how I view my finances and not let them control me. Thank you for your two cents and I will definitely be keeping this in mind day to day🙏
Holy moly, If my wife wanted to pay 36k for our wedding she wouldn’t be my wife 😂
Yes, it’s natural selection at work. 36k for a wedding implies poor decision making tbh.
If they just take the cap off, there would be enough money for solvency.
My three favorite channels: Graham Stephan, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
thanks!
Would Graham still be a favorite if you knew he was just on Caleb Hammers channel bragging that his employees work for free and criticized Caleb for starting his at $50k a year?
s/o to you Graham. You have changed my life and are preparing me for the future that I want. subscribed since 2016
Thanks man!! Yea training is going to brutal. I need buy a few things, and start getting my nutrition dialed in. If I win I got to regionals.
Fingers crossed! I definitely need to get my diet / gym back in order - really fell off this month while traveling for the podcast
I've had to take a break from the workforce to care for my father (90) and my son (9). I'm 43 and will need to start over when my father passes on. Luckily, my spouse makes a good enough living... It was much nicer when we were a duel income family. Being responsible with money has given us the luxury to do this. It's too bad that many more people are in the same circumstances without any safty net. I wonder if the presidential race will even address the situation in america today that really affects us all.
And yes... for thoughs of you who did the math, my father was 47 when he had me.
Max out your 401k and or roth as soon as you can. Once you have done that after placing the money in an S&P 500 ETF, enjoy yourself a bit more.
Live beneath your means and. Splurge periodically. Drive your cars for 15-20 years. You’ll be OK
Some of us have no kids or grandkids to “support” us in our old age.
Then you have no excuse why you haven't used your money to benefit your life when you're older.
Imagine you pay SS your whole life and the the Government’s like ohhh sorry, can’t give you all of it.
It’s to the point I cannot understand what’s been propping up the economy?! We should’ve seen the crash already and every day we wait it gets worse and worse. This will make the 30’s look like a cakewalk
They are already reducing SSD. They only gave a COLA of 3.2% Yet my expenses went up waaaay more than that!
Great video! Had to watch it twice.
Good vid, really good helping ppl think about their financial future! 🎉
Good someone is talking about it
Great video, as usual. The only thing I can see that is missing is .....what about people who become sick without enough to pay for this.?? Worse, what about people who become chronically disabled and have virtually NO income? (Only SSdisability and maybe private disability income if you are lucky). I was lucky to get a private disability income policy and paid the tax up front, and now that I needed it since age 46, I am safe. The key is to think of these things up front!! Talk to your financial advisor and hopefully they will explain it to you!! Good luck to all!!
The retirement crisis has been something talked about many times for a long time. But no one seems interested in actively doing something. Education for youth needs to be mandatory during early and late education.
I love you grant I saw you just posted this have a good one man
Is that a gt behind you? Good video. I’m right there with you on the topic
Those prepared food subscriptions are too expensive.
The reason we see such high immigration numbers is to keep the economy propped up. The reality is not enough immigrants pay taxes and contribute and the ones that don’t are putting an even heavier burden on the taxpayers so it’s actually backfiring
Graham for president🎉
The reason for the development of social security was so this didn’t happen we just need to raise the cap on income that is seen by Social Security (SS has a taxable limit of $168,000). If we got rid of this we wouldn’t have a problem.
In 1982, 90 percent of earnings were subject to the Social Security tax, but by 2017 the share had decreased to 84 percent. Setting a target for the portion of aggregate earnings that are subject to the Social Security tax - for example, 90 percent - would increase revenues and help improve the program’s solvency while making the tax more progressive.
Yes!
Thank you. There are easy solutions to making social security solvent and you just stated the best one. Not to mention politicians spent social security funds on other purposes. I recall Bush gave extra tax refunds from social security. Pay off a small house (or find an inexpensive place to rent), buy a small reliable car and you should be okay with social security and Medicare. Be careful who you vote for tho cause some politicians plan to get rid of social security/Medicare/welfare. Lastly many states give extra financial aid to poor seniors. So live wisely humbly and you should be able to make it when you retire
What about railroad retirement?
I believe the social security system is viable if population increases but it didnt.
This was a good video Graham
Thank you!
I’ve paid my dues…, I’m working until 65 which is next year and have been self employed for 35yrs.
Which means I paid double SS tax for all those years!!! And yes, I worked 10yrs before that which is 45 yrs of
Total work years!!! Don’t take my money!
Hey Graham, I can’t help but think that your videos have really been helping me realize how much I was into personal finance! I just wanted to ask if maybe you could make a video about the real estate market in Canada and how it differs from the US. With different laws and regulations I never know if some of the loopholes and tricks I see throughout yours and others videos are actually applicable to me and where I live. Thanks again!
I tell everyone I know to get out of debt and learn to live frugally because daily life is getting more and more expensive.
I'm 60 & have been working over 35 yrs paying into SS w/o a choice. I do have a small retirement that I've made a lot of sacrafices for & paid into myself. My problem is, they can always come up with money for everything else (like millions of illegals, life time welfare for many people that can work but choose not to). So, when it comes to us ones that pay in all our working years, they come up with all kinds of excuses. All I can say is, they money better be there for everyone that has & is paying in.
I didn't even know this stuff was a thing when I was 20, let alone, being able to invest half my income lol. Yay invest more when older!
Agreed. I am saving and investing as though social security won’t exist when I retire
Thank you for the information
Been freaking out lately 😮
Graham, those "average prices" are ridiculous for a large part of the country. 800K for a house?? The middle of the country is substantially lower lol.
Well done!
This just goes to confirm my most recent video that most people are going to work until they die
Thanks man!
Talk , we love you 🥰
:)
:)
Love your work ! Keep it going my friend xo 💋
Love your vids Graham 🎉
Glad you like them!
A funeral is about $15K now, not $7k.
One thing that I never hear mentioned is expenses in retirement are much lower. I have no house payment. I'm not saving a quarter of my income for retirement. Idk. Maybe not relevant.
Very good point!
That's if you own a paid-off house. That's a BIG question mark these days.
Two essentials: Make sure you have no mortgage and no car payment(s) when you retire.
You will be surprised that expenses aren't much lower, you probably would lose a house note but your health cost goes up quite a bit.. my guess is 85% of your salary.
I heard healthcare costs skyrocket though ):
My dad said he's expecting to spend 2k a month on healthcare when he retires
Really good video 🔥
My mom and I and my sister too are all adults and are all financially dependent on eachother. We all work and we all contribute. Mom is 67
Thanks G
Live for today, plan for tomorrow, and pray our wasteful government don't just change the rules yet again when all of their poor money management (of our $$) catches up with them/us. Like saying that Roth account is now taxable.
WISDOM 🔥🔥🔥
Wow, Graham suggesting people spend money. Never thought I'd hear that - but it's honestly great advice.
Most people I know get married with less than $2000. If you go by wedding planners/organizers the number ($36,000) makes sense depending on state. Keep in mind weddings can be as expensive or cheap as you want.
@graphamstephan can you do a video soon on the tech layoffs? What is happening!
All the while pushing a prepared food delivery service instead of going to the grocery store. There's no way subscribing to this food service is cheaper than going to the grocery store.
True, but I never really pay attention to his adds. He always clearly marks them so you can do that. This way, Graham gives us great financial advice, he gets paid well for it and the best part is that we aren't the ones who have to pay him. If you asked me, I'd say that's real good business.
Just like his FTX ads🙄 graham cares bout his wallet firstly
It is if your time is better spent making money or you're worth so much that taking the time out to cook would result in lost money.
I completely ignore ads. Took a bit to train my mind to do so but got to a point of mostly blocking them out in my media consumption.
@@floridaman4073 Yup! I fast-forward to get past the sponsored ads.
Gotta comment for the algorithm, hi graham 👋🏼
hey!
The reality hits hard.
You forgot to mention that the Government has raided Social Security at least twice and we are currently allowing refugees from other country's to draw Social Security Benefits who have never worked here or have contributed. The real question is why????
Another year, another 100+ videos of Graham fear baiting. 💀
He only needs to do his three videos a month to make his quota.
As someone who is truning 20 this year, I honestly do not see a world worth living in the next 40 years (by time um 60). As seeing how it is now.
Visit an impoverished country. You’ll find millions of happy “poor” people. Your standards are too high.
Great video
5:05 I swear if there's an ad coming up that banks on our fears ...