FAKE WEALTH EFFECT TRICKING PEOPLE INTO SPENDING MORE
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- Опубліковано 6 чер 2024
- The wealth effect is a financial principle that says when peoples home equity and stock market portfolios are doing well they tend to spend more money in the economy than they otherwise would. However, this wealth effect is fake, especially since the current wealth that people have accumulated has been based on a bubble economy, and none of that wealth is actually realized until it is taken off the table and cashed out.
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People Are In SERIOUS TROUBLE! YOLO Spending IS OVER ua-cam.com/video/jSytI3SjOQ8/v-deo.html
I love St. Augustine!
I visited St Augustine once with my family in my early teens. Besides the humidity it was a really awesome experience. I hope to be able to take the wife there someday , but for now I need to keep saving as much money as possible.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
think you could suggest any professional/advisors i can get on the phone with? Perhaps the one you work with? i'm in dire need of proper portfolio allocation
Finding financial advisors like Melissa Terri Swayne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Modern slaves are not in chains, they are in debt.
That is just about how I have felt when I entered the job market. 42 years ago. I don't see getting parole anytime soon.
Bam!!!There you go👏👏👏👏
The plan
Still better today though, you can still walk away, not so much REAL sIaves...
Hyperbole. I owe $2000 on my car worth $37k - who is my master exactly because of this debt? Slavery was and is a terrible thing to force a human to bear. No one chooses slavery, but they often choose debt. Don’t trivialize the true meaning of the word to be cute on UA-cam. If you are a victim of sex slavery you’re in worse shape than owing a mortgage to Wells Fargo. Not equivalent.
Anyone debt free is rich. Prove me wrong. Not to mention the mental health benefits.
My 18 year old son is debt free. He is not rich. He has a job, shares an apartment and has little to save. Prove me wrong that he is rich.
I'm 76 and have no debts. I also have no assets. I'm living very frugally on Social Security. I am not rich.
Amen
At 0 Hero...
@@scott21113😊😊😊😊
Depends on the debt. I'm over a million in debt but I also have 25 rentals and it's almost all under 5% interest
Most people live way above their means to try and impress people who don't care.
The best comment here... your absolutely right 👍...
That's why I bought an ugly little car. I wanted to break my mental chains that were holding me to the idea that it mattered what other people think of me. Turns out, literally no one cares (of course).
We buy shit we don't need with money we don't have to impress people we don't like. Tyler Durden
FACTS
I read this in a wealth book. It goes, "The rich get richer and the poor get poorer, because the rich live like they are poor and the poor live like they are rich."
Things arent getting any easier. The average social security check is $2000 a month. The worst part is 22% of Americans have less than $5k saved for retirement. Start investing now! Nobody is coming to save you. better start today
i havent been playng. I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do you think I keep contributing to my 401k or look at alternative sectors to meet my goals?
keep contributing! I'd suggest you consider financial advisory at this point in time, you cant do this alone, remember you are in for the long haul
good one
Too late
I'm just going to work until I die.
I've paid off almost all my debt and honestly, now I'm just broke.
But being debt free, my saving will grow. And being in good health, I am wealthy.
I thank God, nightly.
Key is good health, sooner, hopefully later, shit happens, expect the unexpected!!!
Finally paid off my student loans after 12 years...Being debt free and a little money in the bank...I'm finally rich in my book...not having to constantly count every penny and stress about every bill, man its feels so freeing
Congratulations to you!!!🎉 I admire you for carrying out your responsibility in paying it off! I hope more people do the same and refusing any government bailouts on the backs of us taxpayers. God bless you!
congrats!
Have some fun to reward yourself! Next, start putting some of the $ you were paying on your loan into an investment...so 'they' are paying you interest. You are now on the other side of the equation. Stay there my friend.
Same here but I still count pennies. It's a hard habit to break when you've done it for so long. Lol😅
Congrats!
"Beware of the fake wealth effect's slippery slope! It's a trap that whispers 'treat yourself' but screams 'financial stress'. Don't let the illusion of prosperity lure you into overspending. Instead, invest in the financial market and build a safety net for your future. True wealth isn't about flashy purchases, but smart investments. Break free from the facade and build a legacy of financial stability!"
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or bitcoin and stocks..
I keep wondering how people earn money in financial markets, i tried trading on my own made a huge loss and now I'm scared of investing more…
@@rougeur Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances….
@@face2lune I want to play the long term game with well diversified fund. Please how can i reach this CFP of yours?
@@rougeur I get guidance from *Susan Tori Davis* Most likely, the internet should have her basic info..
Speaking as a ex farmer,the vast majority of the farmers left are in debt more than the rest of society can understand.i seen the hand writing on the wall
Farming is a very tough way of life. It was never easy but when the cost of everything goes up, it hits farmers worst. I’ve seen farms along old 220 in Bedford county PA with for sale signs, at least 7 or 8 of them. Farming is a dying way of life for people
The government wants family farmers out of business and Big Ag to rule the roost.
I agree with you I have seen it as well as an ex farmer.
90% or more of americans are oblivious to the debt cycle of farmers. I think it's incredibly deplorable that farmers are being exploited in this fashion.
Both my husband and myself come from farming families and thought about being farmers ourselves but once I ran the numbers I told my husband no Way.
We need to stop measuring the economy by how well the stock market is doing.
It's because people who thrive on sizable investments be it stock portfolios or real estate can use it for collateral. When getting loans. But unlike normal people they can use debt to benefit them. Most people use debt to create more debts. But investors use debt to pay off debt to inflate their assets just create more debt and so on...bottom line is no one has actual money.
Stocks that pay dividends are good to have. The dividends can be taken in money,or in some cases more stock
@blindhog2756 but that can get messy if you're making enough to live off, which is rare. Although you pay less in taxes than regular employment, you'd still need to set money aside for that.
@dissident112 That's a pipe dream but even if it falls 50% it just makes everything cheaper for them to buy back in at cheaper rate. Stocks and real estate is complete two different markets. Most use real estate to be able to buy into the market because it is typically more consistent income. What needs to happen is more communal cohabitation. That will reduce the profit from all the many properties these whales hold.
Communal cohabitation. The new buzzword for “Family.”
I'd rather have less and own it. My time is my own 🥂
❤
I know a few people who do this, live well on paper and credit trying to keep up with the neighbors and can't keep $50 cash in their pockets.
Insanity.
Screw keeping up with the neighbors. 😂
I don't carry cash either but have money in the bank. Maybe that's what you meant.
@@BREEZYM6015yes was a proverbial pockets 🎉
The Jones’ have never been met, or seen to limit out. 🎉😂❤ even the billionaires gotta add 20’ to the back end of their yacht just to say or maintain that there’s is longer 😮😢🎉 Christ Jamie dimon bitched at his board for a half mil bump in pay so he could say he’s the highest paid bankster out there. 😅
"It's called The American Dream because you have to be asleep to believe it!" George Carlin
A multi millionaire quoted that in a joke.
Only broke people keep quoting it.
Rich Mannion
I don’t agree that it’s dead. Because the part of the American dream that’s been there since its inception is that one must work hard to obtain it. Which, as you are well aware, very few are willing to do.
The housing crash of 2008 didn't happen overnight. It was a gradual build up and then pop. All the signs are there that it will happen again. All these new programs to get people in homes who really can't afford them. Sub-prime lending is back, they're just not calling it that this time around
It’s inching its way through and it will happen soon. A lot of wealth will be lost people grossly overpaid for homes way more than 2008. This will not end well
Agree. Strategy is to get the poor into homes, have them make several payments until that can’t, then investors swoop in and buy pennies on the dollar.
Banks, Lenders don’t care, they’re in the game.
@@CMBBmc-jd6ur totally correct, banks are legal predators.
It’s been around since 2017. They are called, “non-prime,” now.
@stevenap4594 there is a slew of new programs that have hit the industry in the last year or so.
I'm 65 and I rent. My landlord has never raised my rent so it's much cheaper for me to rent than it is to buy.
awesome, I am 66 been renting in Boca Raton for 10 yrs. started at 1k/mo. for 1st 7 yrs., now up to $1650 2br.2ba. 1200ft. garage, driveway, going rate to rent is $2600 for the same. I now have over 330k in crypto, put up 202k over past 2yrs.ago, Bitcoin, ETH, Solana, Shiba Inu...up 65%! good luck with the NYSE...digital gold is the ticket
@@walttaormina5398 Home run.
That is the same thing that happened in 2008 , people took out home equity loans galore to spend on all sorts of crap. When the RE market collapsed they were like "Why should I have to pay back the loan? I was a victim" , like someone held a gun to their head and made them borrow money.
Sounds like student loans too. If you borrow to get an anthropology degree and can’t find work, sorry for you but you need to pay it back. I do believe big brother should stop all the exorbitant interest being charged though.
It has never been that easy, but people are gettn more stupid every generation, and the more stupid, the more "it is ALL not MY fault". There are studies like that, we are living in ideocrazy, millenials and genz most stupid generation alive, blaming anyone for all but don't get their a... up.
I remember back in 06 a guy was pulling money out of his home to buy a new speed boat, couple quads, take his family on some Euro vacation and a new dually truck. When everything turned he stopped paying his loan and demanded a modification. The bank actually gave him one and wiped out over $100k. He basically got all those toys and fun for free while because I was "smart" I had suffer, never took a vacation, never bought anything and still lost all the equity that took years to recover.
@@redtiger7268but your conscience is free. Thats all it matters…you did things right.
Yup, I saw so many of my cutomers remodel the house buy 2 Mercedes, flat screens and vacations. with HELOCs. Then when the RE market tanked they refused to pay the mortagage saying "The bank won't work with me" So they rode it out as long as they could by paying the utilities and property taxes while they put the mortgage payment in their pocket. Then got another house for way less money after the one they lived in went to sh..t. Not fair for first time buyers getting boxed out of the market. So when your house doubles in price do you "work with the bank" to share you windfall with them? NO! So why should they "Work with you" when you made your own bed?
"When the tide goes out we'll see whose been swimming naked." Hilarious, 🤣🤣🤣never heard that one before, though I do live in Wyoming. Thanks for your insights.
That’s a warren buffet quote man
I’ve been debt free since 2001.
2003 for me! It feels great.
Wow that's fantastic 👍👍 we because totally Dept free in 2017
“A man with no bills, is a rich man…” JRLP
Praise Jesus Christ! HALLELUJAH AND AMEN!!!
its classic, take a hit
Take a hit.
We bought our first home in ‘78, & my wife at the time said “how are gonna make our $361.00 a month payment.”
👍
Our first home was $16,000. We made around 10,000 a year. But we made it.
Me too. $19,000 borrowed $17,500 at 10% interest.
@@marybrooks8147wow so 20x that house cost atleast in 2024. How many people make 200k?
@@badinstinctsUA-cam-xb3ojapples and oranges. no comparison.
Wealth is a state of mind
..
Family only thing of value on this planet 💯 👌 🎉
If your famliy isn't toxic.
Perseverance and humility make your channel stand out. Congrats!
Spam bot..folks
Motorboat? 👀
people often forget that MONEY IS AN ASSET, the most liquid asset there is...
No, the most important commodity is time.
Money is a depreciating asset
Try buying something without it "
@@denniswetzler2024 then why do people want so much of it?
...
and too many governments are collecting most all of it from the people...look around... what are you paying with everyday for anything ... what is at the banks....
Debt and Mortgage free. Drive a "beater" car and shop at Walmart for my clothes. LIfe has never been better. Don't care what the neighbors or others think.
Me too, except I shop at thrift stores instead of Walmart
The only effect that a higher property value has (if you’re unable to pull equity out of the home) is get you screwed by many counties through exorbitant property taxes.
that and the valuation the insurance company uses to calculate your premium.
💯
@@Tater-Skinz Most people did that constantly using their homes equity as an ATM when the rates were low & the charges were nothing. Its a different Ball game now. If you lived below your means during those days your in good shape now. This YOLO ( You Only Live Once ) mentality will put you in Debt very quickly !
One good thing about getting old. Don't have to pay those school taxes anymore.
@@Cosmo4357-mj1tw true 😂
Perhaps because I have lived with just enough to pay off a home and a bit on another and have. a very modest IRA I don't spend more than necessary. Still no vacations. no dining out etc. At 71 I am scared to death to run out of money.
This is why we live below our means. Even with well paying jobs, savings, retirement, no debt. One still needs to be smart with one’s money. Stack gold…have a great evening everyone 🍻
Your correct people talk retirement they act of the dollar is going to worth anything
Digital gold 🥇 Bitcoin
Most people cannot live below their means ! Once you start making your own coffee instead of going to Starbucks every morning for the $6.75 cup of coffee. Brown bagging your lunch instead of going out to McDonald's everyday is costing you money. 5 days a week that is 260 days a year. If you save lets say $15 / day by doing this its $3900 / year just by 2 very simple things & that is being conservative with my savings estimate. Paying off your credit cards every month on time can be even Bigger savings because of the 30% interest rates & Big Fees those companies like to charge.
If you can stack gold lol
😢
Silver 🥈 is great also
Omg you just walked right by my house!
Every house that sells in my subdivision, is turned into rental property.
I live in Hartford County and that is absolutely true about the houses going off the market fast. In my neighborhood, every time I leave to run errands a “For sale” sign goes up and under contract by the next day.
Also we have friends who have been looking for a house in Hartford County since the pandemic. They have been outbid every time. It’s bad over here when it comes to buying a house.
We get letters in the mail and phone calls asking if we will sell our house. I will not dare sell our house because I’m scared we will have no where to live and we don’t want to pay a higher rate. Plus because the housing market is so bad the state has been spending a lot of money building all of these “affordable” housing units. Only 10% of these units will be affordable.
In my town affordable new homes are 289000-389000. That is not affordable. Same house used to cost 190-240K five years ago.
I live in Fairfield County CT (no, we are not rich....working middle class) and the same thing down here. Not many houses for sale and once the For Sale sign is up it's under contract less than a few days. It's amusing to us because aside from the mortgage (and paying that down each month) we are debt free, we own our older cars, we cut the lawn and make our own repairs ourselves and live frugally. When I see the spending around me, I shake my head....perhaps they are all wealthy except for us! LOL
Lots of NIMBY’s around here is the real issue.
Where is Hartford county?
Where is Hartford county? State?
I could be wrong, but I remember hearing that St. Augustine is the oldest city in the entire United States.
That would be correct.
And yet it's still somehow not nearly as old as Biden...
Yep, it was established in 1565.
Pensacola was first
it looks like a mini new orleans and has the Ponce DeLeon Fountain of Youth.
Gold. Silver. Health. Preps. Stay safe.
People who think their homes make them millionaires are uninformed. They can't find buyers. The worse is increased TAX sometimes by thousands of dollars and yet they still can't find buyers. I don't care what my house is worth I just live there and I don't want to pay more tax so don't tell me my house is " worth" double next year. Fortunately in my county people know that
I hate it when they count that as there net worth
People who came from other countries and live here in the USA know this, but Americans don't.
Commitment and a down-to-earth attitude are truly inspiring. Keep it up.
Spam bot, folk
I’m in Fairfield county CT and the housing market is still crazy! Not to mention you would think it’s the roaring 20s when you got on the weekend.
Paper gains aren't real till you've paid capital gains and cashed out
Biden wants to tax you on unrealized capital gains. I don't think it will see the light of day.
especially true in the crypto market
Not of Biden has his way
Can y’all believe they want to tax us on unrealized gained
The value of a non-speculative asset is the net present value of future cashflows. Stocks fit this category. Non-income-producing houses, cars, crypto and even PMs do not.
100% debt free over here. No loans. No mortgage. No credit cards. Live a modest lifestyle with modest cars in a modest house. Took ten years to pay off all our debts and mortgage. Now we can live like no one else.
Great advice thank you
I don't count my home as an asset even though it is paid off. Because we still pay property taxes and insurance not to mention the cost of upkeep
It's still cheaper than paying rent.
I count my paid off homes in Oklahoma and Florida as assets because I have no financial issues and can truly afford them. Very little maintenance and upkeep as well.
Even retired in my 40s debt free.
Spending the summer in Switzerland.
@@blackworldtraveler3711 Wish we didn't have to worry about maintenance My house is 24 years old and needs new windows 60 thousand . It also needs stucco repaired and painted that will cost at least 16 thousand, we got a quote for our concrete driveway to be patched 20 thousand, we have cracked ceiling, wall and tile because the house moved due to bentonite in our soil. We need new flooring because carpet ages after 24 years and the cracked tiles. Our house is 4200 square feet so it is going to cost us a pretty penny.
35 TRILLION DEBT.
". . .but in the long run we're all dead anyway".
John Maynard Keynes
"CHARGE IT".
Damn….😔
But in the meantime, all those who are alive are paying.
Life sucks and then we die.
Try 3 quadrillion you’re not even close.
Wow…St. Augustine is beautiful. Your wide angle camera view is appreciated.
My home has tripled in value = higher taxes!
Added 272,000new jobs BUT unemployment increased to 4.0%. 😅😅😅
Fifty million people have left the job market over the past few years. They aren't classified as unemployed. They are classified as not working.
@@Cosmo4357-mj1tw giant house of cards. A kite dancing through in a hurricane
in the '70s medium home prices were 23K-55K, wages were $1-$2.90, there was hyper inflation, no jobs because jobs were leaving the US.. interest rates were in the 20%plus... it was insane!! that is not what is happening today. Home prices are TOO HIGH! and there's too much GREED, that is what is killing all of us
“Naked I came from my mother’s womb, and naked I will depart. The LORD gave and the LORD has taken away; may the name of the LORD be praised.” ~Job 1:21
Word.
We take nothing when we leave...
From dust to dust.
Put some dang clothes on why don't cha!!!!!!!!!!!!!
@@jkmarshall3553 I learned today in Oregon their Laws make it fine to sit out on your porch naked if you want ! So if he lives in Oregon its fine.
I watched people, including my parents, struggle with debt when I was a child and teen. I never understood why people would do that to themselves, but I was just young and inexperienced. Because of the massive stress I witnessed, I understood that I didn't want to live like that. I have lived with zero debt for my entire life. I did go into debt for school, but I stuck to my simplicity living style and paid the huge debt off two years after school. Saved and bought a nice new vehicle, and did the same with that remainder debt. If you use debt, you can be free; but, if you live in debt, you will always be a slave to it. Really, I think people are a slave to themselves once one accepts that one deserves to live the impossible standards of marketing and social media. None of that is real life and happiness, though - it's all just a lie, and the objective is to make one feel like they are less if they are not living that standard. None of that creates happiness - if you've ever met people with real freedom, you would find out that they are actually very simple people, and are very happy with the fact that they own and control their own lives.
Facts!! Thank you.
Greetings from Puerto Rico 🇵🇷
beautifuly put :)
Just went into Nordstroms here.. amazed how long the checkout line was wrapped around. People still spending money..😂😂
The plug is about to be pulled. Stocks and 401ks are about to dwindle to nothing. People liken this coming event to 2008. But the one major difference i can point out is, food prices were nowhere near as high when the shtf in 2008. Its going to be much worse for people.
As you were walking, I kept thinking it looks like my neck of the woods, Saint Augustine. And then when you showed Flagler. I knew. ❤
And I second the recommendation on the tram tour. I prefer the red cars, but they’re all great.
A single senior on a fixed income cannot buy a house in NC nor rent an affordable livable apartment outside of government housing because the current June 2024 cost is over 1/2 their SS monthly income even with 0 debt and an 700+ credit score.
Drive 2003 Avalon no debt my rent in L.A is 1100 a month I'm good .. .. 10 years moving to Mexico.. ❤❤
Look me up when you get there! Xalapa!
St Augustine looks so different from Miami. I thought Michael had maybe already left Florida. Much more old school character there. I like it.
my parents lived there over 35 years. thought your travels looked familiar. thank you for your information and your research.
St. Augustine is a very nice small community. For those that don't know, St Augustine is the oldest continuously occupied city in the US, it predates the pilgrims landing at Plymouth Rock.
Pensacola is older
Pensacola was established in 1559 by Spanish explorer Tristán de Luna. The area has been occupied consistently since then, with various nations and groups, including the Spanish, French, British, and Americans, establishing control over the city at different points in history. Today, Pensacola is a thriving city in the state of Florida.
St. Augustine was established by Spanish admiral Pedro Menéndez de Avilés on September 8, 1565, making it the oldest continuously inhabited European-established settlement in the continental United States. The city has been occupied consistently since its founding, with various powers including the Spanish, British, and Americans controlling the area at different times. Today, St. Augustine is a popular tourist destination known for its historic architecture and Spanish colonial heritage.
@@MplsMaven The key to the question is continuously occupied city. As stated, Pensacola was abandoned after two years. The historical era begins with the arrival of Spanish explorers in the 16th century. In 1559 Tristan de Luna established a short-lived settlement at Pensacola Bay; it was the first multi-year European settlement in what is now the continental United States but was abandoned after two years.[1][2] In the late 17th century the Spanish returned to the area to found the modern Pensacola as an outpost from which to defend their claims to Spanish Florida
way nicer than miami
I have a seven figure net worth, drink 7-11 coffee and drive a twelve year old car. Indulging for me is going to Chipotle.
Same
Same here. Finally bought a Keurig Duo but still brewing vs using the k cup cause it's cheaper.
@@ChrisM-gv2st I'm still good with Mr. Coffee.
Man!!! Whatever business you are engaging in or was once in you had better keep those two hands kissing each other at all cost
Giving thanks to am guessing to the source you know and rely on.
Well, I guess those 7 figures will go towards a golden coffin and brand name clothing for your body when you die
I got distracted by his seamless transitions, he transports into different locations, yet he doesnt break sentence
😲😨😨😨😲
yeah, always wonder about that. what causes it?
Wonder if he has to make a cut due to car honking, neighbors asking what he is doing, etc.
He Teleports.
I think he is using a green screen or something like that. You can see a defined line around him.
@@MplsMaven yes could be, but then shadows do flicker over him when he for example walks 🚶♂️ under trees 🌳
My problem is I lived below my means and now I have too much money.
People who are retired are getting the real shock with prices doubling on most everything. Doubling prices are the norm which no one planned for that I know of.
Here in Portland, OR my across-the-street neighbor wanted to sell his house for $550k, even though it was only $360k just seven years ago. He won't budge one dime on the price, he has those big dollar signs in his eyes, lol.
Me, I don't plan to sell my house. I plan to retire here and live comfortably debt free.😊
I will be paid off in 7 years. I only had a $40k mortgage so the payment has been $279. I plan on dying in my home. It is a single story because I want to age in place. If I can’t afford it I don’t buy it.
I agree with tram tour. When family visited me here at Fort Lauderdale, I had them go on the Jungle Jim boat tour.
Super fun!🎉
Yes, convince people they are richer than they actually are.😊
Bernie Madoff did this told clients they were wealthy. They ended up penniless and homeless as retired elderly victims. Madoff played wealthy on worldwide clients embezzled 😮NICKLE.
Since National Homeowners Month is in June why not call it Home-O Month 🤷♀
I’ve never been richer in my life. I’ve never been poorer in my life.
Exactly.
It was the best of times it was the worst of times
The paradox of 1st world countries.
I got the first view yay for me. Countless hours of UA-cam is finally paying off.
😂😂😂
First 🏆
Our Harnett County NC Board of Commissioners is like your analysis on spending and assets. It's not their money except 10% for Joe.
I made a fortune in the stock market,...but,....I have never believed I am rich. My philosophy is to skim profits regularly and stockpile it. I will still be fine if the market crashes (and it might).
Thanks ,Michael, for your practical advice! I always appreciate it as well as the comments from your viewers!
The American dream is not dead! Stop spending, stop being a consumer.
It’s actually a double edged sword because our economy relies on purchasing products. I know where you’re coming from, but this won’t apply to wealthy people. For the average person, your comment definitely applies.
America is a consumer economy, since the Reagan era. It would collapse the economy if people stopped spending because money circulating in the economy is what keeps America’s economic engine going.
Michael, You should mention in one of your videos about the difference between a will and a funded living trust to educate people. That would be very good of you to do so.
The mortgages are insured by the lenders...it's the buyer that loses all that interest equity. I think that's right!! Otherwise the lenders would be certifiably insane.
Please do a video on the St Augustine real estate market.
I feel good 👍
I paid off my debt of 500k
Mortgages in 11 years
Now i don't feel the stress
Like before. I learn from my past mistake and won't repeat the same mistake. I promise myself
To live near work
To buy only the thing i need but not the thing I want .
Never getting into more debt .
Use credit card only
Emergency .
Paid off before due date
To avoid interest and late fee .😂
Great video Michael. Love St. Augustine
If I can’t pay cash it don’t happen.
🎉🎉🎉 220,K SUBSCRIBERS 🎊👏👏Like a rocket 🚀 to the moon 🌝
Keep up the great work my friend. I know that you spend a lot of time researching and editing and also filming. Well so many of us appreciate it.
Blessings Michael, Carlos
Carlos!!!❤❤❤❤
Let’s add the checking ins and offs of the hotels and research areas/neighborhoods where to shoot the videos 😅😅😂😂😂
@@Lisithedogwalker 👍👍👍
Agreed! The American Dream is dead unless one is rich. TBT
Thinking you have to be rich is your first mistake.
St.Augustine is beautiful, I live in Florida and have been there many times. The colonial quarter is the best .
Richard Boone lived in a ranch house on the river. Visited him as an undergrad
Nice guy. Paladin! Kona Coast! 😎
spending is psychological fulfillment. You really need to change the mindset to long-term saving and investing
Michael I beleive you are correct. I have been a bear for way too long and missed the reflation since 2010. it has been brutal and has made me poor not believing the FED. These people are criminals that run the finance seector
I’m with Michael. Was broke for many years and now our main focus is staying out of debt and building wealth. This is the way.
I'm 63. I've seen prices go up I've never seen prices come down. Housing prices ain't never coming down again. Just my two cents.
No, but pretty soon you will need a wheelbarrow full of money to buy bread
@@jmartin4364 that's fair talking. I've heard that for 63 years too it could happen but likely it won't. Don't live in fear either. Just my two cents.
@@sierrasky2491Fear is the enemy.
@@sierrasky2491
Yeah people are funny. I guess he loves his bread and wheelbarrow.
My mom is 102 years old and we all laugh at this stuff.
unless we see a massive crash and/or depression
The area he’s in looks so nice!❤
Great information Michael! Beautiful city! Thank you for this show!
Great video Michael. Safe travels!
Praise Jesus Christ! HALLELUJAH AND AMEN!!!
Incentives, to buy homes, will not cause home prices to fall. Incentives put a floor, under home prices, causing them to be even LESS affordable.
If I hear one more real estate agent tell me to "Date the rate" I'm going to lose it. Lol
Love this channel. This guy is Smooth 👍👍
Things arent getting any easier. The average social security check is $2000 a month. The worst part is 22% of Americans have less than $5k saved for retirement. Start investing now! Nobody is coming to save you
One tip; Don't use creditcards, but debit-cards.
Be careful using those debit cards. Too many ways to clean out your account. At least with credit cards you can dispute if you get charged for something you didn't buy.
When using credit cards be prepared to pay off the balance in full each month to avoid interest payments.
Thanks Michael love your channel
Florida man back at it again but now from St Augustine!! Woohoo!!!
😂😂😂
I can’t sell nothing ….if I sell,I won’t be able to afford something else,because either is too expensive or I won’t be able to afford another house for example….I won’t even buy another vehicle….not until I will be able to negotiate in my own terms.
Which is exactly why housing inflation is NOT good for homeowners.
That’s why I bought smaller home in Oklahoma and Marco Island area I could truly afford and not as an investment.
I have other separate assets,investments, and income sources.
Thank you Michael. Great video! I always listened to Michael and always made my pockets happy before trying to impress others with things like what kind of car I drive, what kind of house I live in, or fancy places I visit! 😂
You can have all the programs in the world buy smart people dont overpay for things....prices need to come down to get the majority of people to want to buy a home...
I went through Florida from the North to the South in my RV back in 2009, including St Augustine, and I have to say it was the BEST place I visited in Florida. Can't say the same for rest of the state.
The panhandle is absolutely beautiful. My favorite by far! As far as the big overcrowded expensive metros, why even bother????
Property tax increases is a scam for the state. Do you get anything extra for the increases.
Just like pay increases push you into a higher tax bracket.
One of the best videos. Good advice!
Love all videos , u say from true point not for views sake. Keep Posting
I think the China 🇨🇳 graph of their Gold Holdings rising and their US Treasury holdings dropping at the end of your video is very informative.
I’ve never been to St. Augustine but as soon as you showed where you were walking thru I was thinking hmm looks like St. Augustine😂