IT STARTED! 99% Of Americans Are About To Go Broke
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- Опубліковано 3 лип 2024
- According to a new report from JP Morgan, 99% of Americans will be worse off by mid-2024 than they were pre-pandemic. 👍 Subscribe by clicking here / @nolanmatthias
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It seems like everyone was saving money from not going out as much or travelling malls movies dinners during the pandemic... since then everyone has been YOLOing life and their money. Everything we see on social media is an ad for something to buy. Many are trying to fill a void with material things...
Right! That’s exactly what happened
Instant gratification people have no will power, the fomo = fear of missing out! I'm 51 and learned my lesson in 2008 when i lost my great job at att and lost my house 🏠 and lost my 2 nice vehicles and damaged my credit score and the women left me, and my mom passed away, dog passed away, step son passed away only 25yrs old, was drowning in debt, I was very sick and depressed and stressed. What it easy to snap out of it? Nope! But I did it and started rebuilding across the board. Now I'm chilling, zero stress, zero credit card debt, enjoying the simple minimalist lifestyle. My mental and physical health are now number 1, I don't care about houses, cars, modern day women, parties, get together, drinking, smoking, shopping. F all that ladies and gentlemen! Life is super easy once you disconnect from the matrix .
You can't save what you don't have because Gas, electric and water bills tripled. On top of groceries going up 18 percent..
I’m still good I haven’t maxed out my third credit card yet
lol. Thank goodness!
😂
Ctedit cards = survival for basic needs, no intention to pay it back because its a scam
If the prediction is that 99% of people will be out of money(or in other terms, drained of all savings) by mid 2024, can that really be attributed primarily to reckless consumer spending habits? Or has the increasingly outrageous cost of living and corporate gouging(among other things) had a large part to do with it as well? I suppose I’m just bitter that I’m having to consider a weekend job(again) even though my wife and I both work full time jobs with a respectable salary in IT, drive older paid for cars, and live in a modest home but are still continuing to fall behind. I understand that our standard of living his increased from our parents day and age, but I’d trade it in a heartbeat If I could spend time with my kid and not have to worry about working 60+ hrs a week to avoid piling up debt. Trying not to be jaded, I understand people have had it much harder than us, it’s not the Great Depression days, but man does it feel like a rat race that the average person can’t get ahead in without significant sacrifices to quality of life
Likely both. ☹️
@nolan I thanks for all your content, very insiightful. Do you have a spreadsheet that you use for networth calculations?
The issue is corporate greed . Pay us a living wage 30 dollars an hour and up.
Do you think a living wage should be law?
"99% of Americans are about to go broke"
Me with a 30 month emergency fund: 👁👄👁
It’s doing the same thing that EVERY single fiat currency has done in the past 🧐 Own physical Gold in your possession or be enslaved by CBDC 😉
Stay small save big don't listen to anyone or the news not saying be dumb but focus on your own lives and you will be ok remember if you can adapt your the best off
... I am mostly in stocks, high return gic's, cash and real estate etc ... zero debt
Amazing! Well done
What’s your career?
Our DEBT based system is unsustainable because nobody can afford to BUY anything anymore ?
TRUE STORY !
I had a surplus to me 2018 vehicle I had paid Cash for when I purchased it, very low mileage, I just plain don't use it ? but it was still a great 2nd Car for someone.
I COULD NOT SELL IT PRIVATELY !!!!!!!!!!!!!!!!
very simply because I could NOT provide "FINANCING" for people wanting to purchase it ?
Ended up driving it over to a dealer who bought it from me at an obviously reduced Price point..... just so someone could FINANCE IT at that Dealer !
This is the state of the current Canadian Consumer DEBT fundamental.... and WHY in my view it is NOT sustainable moving forward into a 'Consumer Spending' dependent economic reality predicated entirely upon ever expanding DEBT that debases the currency through "Inflation" ?
BTW....
I still Sold that "used" vehicle to the dealer for very close to what I paid in 2018 ?
The person who bought it from that Dealer FINANCED almost FULL 2018 MSRP in 2023 !
RIDICULOUS !
Great I was just thinking about budgeting and savings 😂
Nolan how much money do you have aside?
And 99% Canadians are Millionaires
Maybe 10 2024
I love your channel. But could you please focus more on Canadian economy
Absolutely, but there is now a second channel for that. Appreciate you watching and commenting. Look up Nolan Matthias - Canadian Real Estate
@@NolanMatthias So is this channel meant for the US market? BTW - have you relocated yourself to the US and why are you covering US market lately (assuming you are still in Calgary)?
@@sandeeptanjore1253 this channel is general financial advice now. Covering more global topics. Us is obviously a big part of that. Trying to help more people.
Very timely video. The content is very important. People need to re learn to be self sufficient
Self sufficiency is possible with livable wages only
@@user-bk7jp1qb1b all I can say is you don’t know what you are capable of. Start your own side hustle enterprise. Look at how people in other countries such as hong Kong where many had to bust their ass just to afford a 4m room.
Just get a credit card every time you max another out credit gets shot get another social security card start over lol bankruptcy fraud who cares lol
Genius speaks again, laughing!!!
🥰
If they're holding gold, they are safe.
Most of them are self inflicted, life has always been hard. Get used to it.
Disinformation comment
“It is no measure of health to be well adjusted to a profoundly sick society.” Just because that's what has been the norm doesn't mean that Just means we accept it and do nothing to create better.
good,bye; k.y.a.b.d.n?..