How Can Everyone Else Afford The Good Life While You're Broke
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- Опубліковано 7 чер 2024
- 00:00 Intro
00:24 The Motivation
02:06 Investopedia - American Dream $3,400,000
03:53 Hard Work & Sacrifice
06:14 How Can Everyone Else Afford It?
08:09 Pay Cut
The American Dream Is Completely Unaffordable: • The American Dream Is ...
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Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.
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Thanks for watching, I appreciate you!
I think the biggest hinderance to people building wealth is lack of patience. Gambling, playing the lottery, looking for a quick fix is a huge reason people don’t succeed. There is no quick path to wealth.
Coupled with desperation. When extremely basic homes are $400k and above, people feel like their only hope is a long shot
saw a guy at the gas station today spend 80 buck on the lottery
There's also no long path to wealth, just luck of the draw. You may buy real estate just to have prices crash the next day and leave you deeply in debt for decades. You may get a good job just to get a lifestyle creep just to keep up with co-workers (so you're not fired for being toxic because being different = being toxic, and spending less and being frugal is usually being very different). You may start a business abd it fails time after time again.
In short: you need extreme amount of luck to get from "not wealthy" to "wealthy" and there's a healthy chance your family will lose it all within 3 generations.
Oh, and even if you do get wealthy, you'll never get to enjoy it within your lifetime. You grandkids may enjoy wasting it and losing it all, though.
The real people who get wealthy and get to keep it are sociopaths (I mean they're very, very different from average people, and usually completely lack a moral compass, which allows them to get rich in the first place).
Just sharing my opinion on wealth.
I believe winning a jackpot is the best chance an average person has for getting wealthy enough within their lifetime to be able to enjoy it in their prime.
@@Moonless6491 it’s every day
Most people playing and spending big money can’t afford it
I pitch in my 2$ at work when they play the big pots , probably 30/36 a year.
All I ever got was donuts a couple times when we collectively won $30
Building wealth is a get rich slow scheme.
A little over a decade ago, I asked my father why so many people at work are driving relatively expensive new cars while I'm driving a 20 y/o Oldsmobile (which was actually a great car). He answered "Because they have debt but you have wealth!"
I want to live in the woods away from my coworkers and boss.
Amen to that!
I have a remote cabin on a trout stream and 20 acres of land. It is my sanctuary. I am always at peace there while I am there.
This while he easy, doesn't land like that come easy and inexpensive simply because most people don't want that type of life?
Amén
God bless you!
Hard work isn’t really what gets people ahead. I know tons of people who work really hard and are just spinning wheels getting nowhere. You have to work smarter, not harder.
Or have a rich family
You can diligently dig ditches all day every day. Sure, you work hard but your work ISN'T THAT VALUABLE TO OTHERS. That's why you aren't getting ahead.
Look at your job. Look at your career. How painful would it be for them if you put in your 2 weeks? How long would they have to wait for them to get up to speed? Note that I didn't say, "how long would they have to train them".
If your job requires training, unless it's a highly specialized job, it's not that valuable. If your job is, here's your computer and these are the problems, go solve it, THOSE are valuable jobs and pays a lot.
If you are an assembly line worker, you will be trained and told what needs to be done. If you're an engineer, you'll be given a laptop and people will tell you what the current problems are. Then it's YOUR job to investigate and think of how you can solve these complex problems. Nobody trains you. Nobody is telling you what needs to be done.
You need to go into a career that OTHERS find valuable, NOT you think you're entitled to high pay and promotions because you're the fastest at repeating motions.
@@GoldKingsMan, the ultimate cop out. Yes, inheriting money is A WAY to gain wealth. There are a million others. People can find those opportunities or just pout and stay poor.
@@GoldKingsMan the stats ive seen show over 95% of millionaires inherited NOTHING or maybe some 10000/15000 pittance …
Totalul aggree.
I think the "I work hard so I deserve it" is a coping mechanism to deal with America's financial stress
Which creates most of that stress.
Agreeeeee!
As an elder millennial, one of the few advantages is having lived through the Great Recession, Election and Economy Crisis. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
The investment you choose isn't right or wrong, just depends on the kind of business person you are or simply the kind of person you are. However, the end game is investing money long term creates wealth every time. Just pick what you like and understand, invest and it will pay off. A lifetime of investing for 5 mil is not hard to accrue.
That's true...I'm thinking of investing in stocks or digital assets to grow my money for the first time, but I lack the in-depth knowledge and mental toughness to deal with these recurring market conditions. please any advice or pointer on how to outperform the market producing good returns
You're absolutely right! It just takes a good mindset and nerves of steel. I was deeply invested in 2020 with the economy crisis being bad, divorce and me with no job, so i had to work my savings in a well-diversified portfolio of stocks and digital assets that grew 4x with capitalization, venturing is not necessarily just about funds but also to be well informed. It's a long term plan for me so I invest and reinvest.
Exactly why i enjoy my day to day market decisions being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/ analysis they have, it's near impossible to not outperform, been using a portfolio-coach for over 2years+ and I've netted over 400k
Mind sharing info on the adviser who assisted you? been saving for pension since age 21 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 48 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
10 years ago we would have been in the chorus singing the blues, a song titled "How it is impossible to pay for just the necessities because of inflation". Well, 8 years ago, well before this current round of inflation hit the streets, we decided to get our finances under control. Another Dave Ramsey quote "we got sick and tired of being sick and tired". Over the course of many months, we snowballed our massive debt. To do this we stopped buying stuff and doing stuff, we learned to live on less than we made. Today things are much different, we have no debt and a decent savings account and we are putting serious dollars into investments. Before we started this journey we did whatever we wanted whenever we wanted and as a result we had no money to spare. During our debt payoff time we learned to be frugal and deliberate. Once everything was paid off we kept on being frugal and deliberate. So as a result, when we do go to the store to buy things we actually have the money to pay for it. I don't like inflation any more than the next person but the truth is it really doesn't have a huge impact in our lives.
Inflation is a global problem, not just here in America
The dollar is worth less than it was before due to money printing. The dollar is the world’s reserve currency. Makes sense it would influence global inflation since it’s worth less.
@@Savvynomad225 That is simply one contributing factor towards inflation.
@@bryanwhitton1784 This round of inflation was primarily caused by over-abundant money printing. It's lead to the simulated fake economy we are in today, where debt seems to just vanish out of thin air and people keep on chugging along with credit cards.
I’m in Chile, from Mississippi. I just got two weeks of groceries, a couple fifths of Scotch, enough to have a warm breakfast, sandwich lunch(subs on fresh baked bread, cheese, meat, tomatoes, and suppers. I got 12 Center Cut Pork Chops, 2 Sirloin Roasts, 4 chicken breasts, and a whole fryer for Chicken and Rice.
I got produce, tomatoes, potatoes, cabbage, onions, carrots, oranges, bananas, lemons, and Broc/Caul.
I got some donuts and cakes for snacks.
3 3 liter coke zeros, flour, cooking oil, butter, milk, cleaning supplies, laundry detergent(name brand).
I got a 5 Gallon Drinking Water
Beef and chicken stock and broth
2 lbs of Cheese, 1 lb of Ham, 1 lb of turkey, and 4 packs of Salami and Pepperoni
I got 2 2L Glass Local Wines from Chile
I needed all condiments, pepper, salt, ketchup, Mustard, pepper flakes, red pepper, and Tabasco Sauce.
Oh, and alas, salsa and chips for each lunch.
$84.00 USD(and much better quality).
I may join you
Sounds good
@@g.t.richardson6311 It’s unreal! My rent for a Beach house on the Pacific, 3/2 with a gated courtyard and three Verandas and a Patio is $600/mo. Downside is the water is 58°F sadly.
@@kylestokes4501 I’m semi retired, still work some, small painting contractor business, basically one client with dozens of rentals and 2 commercial buildings, on my own schedule.
My wife retires June 2025.
Kids all moved out and self sufficient
I’ll be thinking about something like this
Thanks for the info
I believe a lot of people could do themselves a favor by simply not focusing on what their friends/family/coworkers have, and just focus on themselves and what makes them happy. Trying to keep up with the Joneses is a problem that causes a lot of Americans financial hardship. Enjoy what you have, and just know that in the grand scheme of things, others don't really care as much as you might think about what you do/don't have.
That's an excellent point! "Keeping up with the Joneses" is a trap (Erin has commented on this in past videos). Just because the Joneses look wealthy doesn't mean they are. Your last sentence is brilliant!
Who cares if the Joneses even do care.😂
Hi Erin. I feel you are spot on with all of your comments and observations and I'm in full agreement with you. I have the benefit of age and experience to see all the mistakes I made along the way and that helps. Retired 13 years and doing very well. I feel the main drivers of frustration with younger folks is the aspect of growing up with instant gratification and the negative influence of social media on our values. Many never learned what it means to truly struggle and be patient, much less to sacrifice. A strong work ethic, integrity, drive and a can do attitude tempered with patience will get anyone very far in life. If persistent they will achieve their goals. Larry, Central Valley, Ca.
Generational warrior lol
Tuition 50k a year now lol
Things have changed man
I agree that things have changed.
The skills and behaviors necessary to succeed financially really haven’t changed, though.
I do feel bad for the younger generations, due to the constant drumbeat of negativity and tribalism in our culture. It’s a major distraction that prevents some from even trying.
Best of luck.
@@sewnsew6770 Some critical thinking and perspective would help one to resist making an irrelevant and ad hominem comment.
Francine Duguay program is widely available online..
@@HdsujBdhhdsjjns Then Francine doesn't need the likes of you trolling for her.
I'm extremely thankfull that over the last 4 years, my salary has increased by 55% and that my family has been able to absorb the increase in prices. I have a lot of sympathy for those struggling right now - the cost of the basics right now are absurdly high
I'm thankful that three years ago I was riddled with six figures of all kinds of debt and then one day I woke up in the morning and was sick and tired of being sick and tired and diligently and painstakingly paid it off and today instead of treading water paying my monthly minimums on debt I'm making upwards of $4,000 a month in dividend payments from that money that used to go to loan payments. Thankfully my wife has a really good job and we can bank 100% of my paycheck in investments as I have some catching up to do. All I did was shift my mindset from immersing myself in financial channels here on YT just like Erin's channel. Thanks Erin!!!!!!!! You're a lifesaver.
@@michaelb.8953Erin sucks. She is a scammer
@@michaelb.8953Erin took so much money.
@@michaelb.8953Don’t believe anything that Erin Financial Advisors says.
I'm Stanley Johnson. I've got a great family. I've got a four bedroom house in a great community. Like my car? It's new. I even belong to the local golf club. How do I do it? I'M IN DEBT UP TO MY EYEBALLS!
I can barely pay my finance charges... Somebody help me?
And here I am working as much overtime as I can get and as many days as I can work. What do I know while others are trying to work less. I prefer to stick money into my retirement account, pay off our home quicker. Those are my goals.
Bless you for timestamps on your videos ❤I always appreciate when I see this on a video
Hard work doesn't pay. Smart work is how to get ahead.
My goal for living within my means included figuring out what the "mean income" for a family of four is for my location. I then worked extra hours to boost income to make sure I was matching or exceeding that amount. I paid off all debt while remaining frugal and started saving more for retirement as I earned more than that mean amount. This formula has worked well for me as my income was close to the goal and with overtime I would exceed the goal and save more. Inflation has caused all the numbers to become confusingly larger, but I am still adjusting year by year while my two sons are getting through college while living at home. My retirement savings used to be more than I needed but now it seems I'm on track for the right amount. I don't know how people are surviving with no ability to increase their income or who already live on a little as they can.
Thanks for sharing Erin!
I like watching these videos to help me confirm saying no to what I see everyone else doing. And saying yes to saving and investing.
I watch these to not feel defeated.
I agree with the Ramsey quote you mentioned, but in many ways Ramsey is an old fool…
And a multi millionaire..
@@brians3416Ramsey made a large portion of his money giving bad financial advice to vulnerable people.
I thought the same thing. That fool is loving his life
He’s worth hundreds of millions. Something must be working.
He who is perfect, throws the first stone... He is a "fool" I gladly listen to and follow. Do I agree with everything he says? No. Is he somebody who has learned a lot and is successful? Yes!! Does he give valuable input? Yes! Does he superficially criticise and call names? No!
Im doing great in this country and economy. Went to school on scholarships but still had to pay some of it, never took out a loan. Own a nice house and 3 cars all paid off. Pension and savings. Will retire at age 58. It can be done !!
You didn't mention if you're married or not. And why three cars? That's fine, but do you really need three cars?
Hard reading or hard scamming will get you ahead
This is gold content! The information, the breakdown, the transparency, the realism, the voice, the tone, the speech pattern, and the clarity of it… it’s absolutely brilliant. Honestly, this is the next leap in content the world needs to start (I hope my algorithm is a sign of this being true) consuming and making viral. I’m guilty of a few of these talking points as well but I’ve only recently started to recognize how conditioned I’ve been and how textbook I move through my life. I’ve done alright so far (veteran as well) but this content a decade ago would’ve absolutely propelled me further than I was aiming for. “Gotta get that 6 figure job!” “Ah man, I’ve made it! I’m making 12k a month!” To now “Man, we’ve got to more intentional with our spending and what type of future we hope to have and maintain whilst not having to/being able to put in this same amount of effort.” Anyways, this is why this video resonates so much with me because even now I can recognize that I am indeed not fully seeing the full picture but this has definitely expanded my vision a little more. Thanks
Great video. I love that you always give out little pearls of wisdom without saying 'You need to invest in this or do that'. I hope you will keep us up-to-date when the move starts. It would be great to see how Jameson helps with the packing (or is that unpacking). Good luck in the future.
This is the Erin we missed last Friday and the one we're so happy to see back today. Yup, work harder, smarter, and don't forget to tighten the belt. I see comments here complaining the deck is stacked against them, and while I agree, that's no reason to give up. What if all the folks gave up when the Great Depression happened, or World Wars I and II, or 20 % interest rates in the 70's, or how about the sub prime caving of the market in 2008-9? These all proved TEMPORARY and yielded plenty of growth afterwards too. Don't cave to fear, fight and win, find your inner backbone.
“How can i afford it? I’m in debt up to my eyeballs!”
Another really good video. Compounding consumer debt is a very scary thing. While it's important to focus on the financial literacy and decisions being made at the individual/household level, there are very concerning macro-level issues brewing like a volcano. Who's going to be able to afford the goods and services that our children are going to be making/selling? I feel like more and more households are finding it harder to get by with just the basics (housing/utilities/groceries/transportation). This is all coming to a head... and it's going to be ugly.
What a wonderful video. Your advice is straight forward and achievable with small changes in most people’s lifestyle. People need to get off soon scrolling on social media and focus on what they can do for themselves.
Hi Erin, I didn’t see a video from you last Friday. Glad you’re ok 😊 But then again you now have your own business and have a new baby. Thank you for taking the time to make these videos. They are soo good and informative. Love them so much! Hope you have a blessed week 😊
Great video Erin. Good luck with the move, I know this one will be a little harder with the little one and the new business.
For me, the simple truth was that "the key to financial emancipation isn't what you have; it is about what you can live without." You pay now to play later. That meant 40 years to pay for the latter 20-30 years. Pick your poison, flip the equation, and let yourself play first. Either way, you'll need to pay.
An easy listen.
Thanks, always informative. It xan be a scary world out there. It qill be interesting to aee how my teenage kids do as they start out and fo through life. Eaxh is different on how they handle $$. Hopefully they subscribe to your channel and use you as one of their mentors.
I think the point about social media as the modern “keeping up with the Jones” is a huge part of it. Only now the “Jones” flaunt a lot more and with increased intentionality. The other part is the erosion of the middle class through wage stagnation and increased cost of everything else. Thirdly, the rise of the tech worker gives the impression that you can be young and wildly successful. This is true for that specific sector. Young, educated workers are experiencing large underemployment across the board and so must resort to side hustles and other forms of income diversification to survive the chaos. The solution to the burnout and other emotional strain is to compromise the American Dream by redefining it and settling for much less. Rather than examine our circumstances with a critical eye, we’ve decided to let employers get away with everything, blame ourselves and say our ambition and spending habits are the issue here and then retreat into a vastly muted ideal existence compared with previous generations.
Erin Talks Money is the 🐐
Perseverance and patience are key ! I tell my daughters this a lot ! Stop door dashing so much and save money! Invest and live frugally. Yeah, housing is outrageous, don’t give up. It will get better in time. Try to invest and keep up with inflation. It takes time. I tell them about 1987 and 2000 and 2008 and how things take time. Thanks for all YOU DO !
Motivation Monday with Erin!🎉
It’s Tuesday. Lol
Your the best Erin a very grounded person
Prior military and in Virginia myself. Lots of military in the area, and lots of resources for military as well.
I hear it sux from former military wives
Wow i watch their channel also. Im considering a move to Costa Rica for healthcare. Weather and quality of life.
Another great video.
Too many people fall into the Veruka Salt syndrome. I want it all, I want the whole world, I want it now.
I would love to hear your thoughts on healthcare costs, root causes and the industry.
Yup, the effects of consumerism and instant gratification. Solution? Learn to live on less and appreciate what you have. You have enough.
The Photo on the 3:20 mark is Coron, Philippines ❤ being a migrant here in the US, what im thinking for retirement will probably spending half or so of the year in the Philippines and half the year here in the US 🤔
Without a doubt, hard work does get you ahead. It is NOT instantaneous. That is the problem with the young generations. They want instant gratification. They were brought up having a new iPhone every 2 years, a new car every few years, vacations that are Instagramable a couple times of a year, a home that has all the upgrades done, Starbucks a couple times a day, etc., etc., etc. Budget? They have no idea what a budget is. Erin is the unicorn.
@8:51 My read on the chart is that people unsurprisingly want the outcomes of labor (i.e., Lifestyle, independence, freedom), without putting in the work (Creating and capturing value through your hard/smart work, saving, and investing to accumulate wealth). Everyone wants apples and no one wants to be an apple farmer. Erin is the antithesis of that concept. She is creating and capturing exceptional amounts of value through her ventures. That said, I applaud everyone for trying to improve their life experience. Being a workaholic is definitely not the answer. Our big three individual resources in life are our time, our health, and our wealth. My solution set has to make each of those at least an 8 out of 10.
Erin, are you going to sell your condo/townhouse or use it as a rental? Sounds exciting! Another spot on video!
My grandparent's 1st home cost less than 10k. My parent's 1st home was less than 30k. My 1st home was less than 130K. Each generation felt that they had missed the boat. But with sustained hard work, each generation became the ones that younger folks considered lucky.
Everything costs more now. My parent's wages ended up being more than my grandparents could've dreamed. I ended up earning a wage that would shock my parents. I'm retired now. I am starting to be impressed with the wages people are making now. Life has a predictable quality,,, Work hard, buy a house, earn more as the years pass
An average 3br new home in my city costs around US $1 million unfurnished.
That's about 20 times of my annual income and I actually make much more than the average income.
This world is crazy
If the world was simple, yea. But it isn't.
Avg home price here is $600k. For a 1 bedroom.
It's not as simple as ypu made it.
@eegernades, My home was 4.3 times the cost of my parents' home. Your 600K area is 4.6 times the cost of my 1st home. The pattern continues. It really is that simple. My first full time job paid $4.10 an hour. Safe to say you make much more than that. The next generation will look bck and think you had it made bc houses only cost $600k
Erinnnnn I'm pretty sure it was your own channel that mentioned the statistic about, what was it, of 100 retirees in America, 5 end up financially secure and 1 ends up wealthy? I wish we'd rephrase instead of anyone to everyone. Sure sometimes some people can occassionally get that dream by hard work, but clearly Not Everyone Does (so few do) and that's the issue. Even If I manage to be in that 1% I'd really rather live somewhere where Most people actually _get_ that security. Because that's just happier and better place to be.
10:10 oh that's what frustrates me so much about the wealth channels. I want a wealth+frugality channel that understands how this works: the horrific part of it that doesn't make sense to Erin is that so often in America, not working is actually the thing that puts more money in the pocket, because wages are that bad right now. Read the Tightwad Gazette from the 1980s: back then it was already true that if you had a 2 adult household with kids, it was rare indeed for it to actually make financial sense for both adults to work, because one or both of those jobs would not earn more income after tax than the cost of holding the job (child care + commute + wardrobe + food). That's one of the things that "taking a pay-cut for better life" means. So many of these jobs don't pay enough to actually be worth working, but workers are stuck there in desperation anyway. That was in 1980s, it's gotten worse as wages have continued to stagnate for 40 years.
The 55% of 20-35 year olds getting support from they're parents honestly helps me feel better with where I'm at. I'm 27, semi-not just responsible for myself, and not receiving financial help from parents. Working on gratitude because I am saving almost every month and have good food and shelter.
My mom's funeral cost us ~10k total. She was cremated.....5k to funeral home and another 5k to the Buddhist temple.
"Of all the thirty-six ways to get out of trouble, the best way is ... leave." from "Thirty-six Stratagems" the Chinese wisdom
Prefacing this by saying I am NOT an expert in healthcare by any means, and this story is just anecdotal, but I have been on United Healthcare insurance for years and have had no issues with them paying for anything. I am actually sad to switch in a few months. They even just approved a reduction even though my doctor submitted for less than the insurance minimum gram requirement.
But it is possible UHC is only administering the plan I am on(?)
The government needs to pass a law on transparency of medical costs charged and paid. Government, insurance, hospitals, .... everything.
A few months ago my employer took on a new healthcare plan called the Coupe plan and it is built around that exact same model as it allowed you to shop around for different pricing of medical services and you would know exactly how much a medical procedure was going to cost you before you had the procedure done among other medical expenses. I looked into it and I didn't bite on it because it would have meant that I could no longer contribute to my HSA and I absolutely love my HSA and I'm going to use it in my retirement in about 8 years or so maxing it out every year over the last few years. That Coupe plan would not do a damn thing thing for me when I retire as I'm thinking big picture here and not just the here and now.
@michaelb.8953 if only you could do both.
This country desperately needs socialized Healthcare.
3 of the 4 major Healthcare companies around me are non profit and its still stupid expensive. And 2 of them run their own insurance.
Save 10% of your salary for forty years. Invest in index fund. You will be fine. Your best investment is in your education. There are few STEM or business graduates that are complaining about COL. now, if you get a communications degree you will have to start off at lower compensation. Good education + hard work = success.
I think they write negative things like that because it gets more clicks. Good info here. I hate watching the people who just say it can't be done
I do think the "I work hard so I deserve it" mentality needs to kick in at some point, although I get your point. If you're newly out to work or you're the last in at a new company or you're 25 then maybe not 😂 BUT after 20 years of working hard every day I must be honest I DO think I deserve it at this point 😅
I bought a 2 bed, 2 bath townhome in Las Vegas for $203,500 on a $60K income. I'm single so that helps keep my costs down.
Congrats for the success, i'll love to meet you and your husband when yall moved to Virginia. i just got station in Virginia.
I was Career Navy and enjoyed my time in VA. Lived on the Beach! Good times! Thanks for your service!
IMO, the reason for the change in attitudes is that employers welched on the old deal which was basically that, yes they would get the lion's share of the financial rewards, but that those who worked for them would still be rewarded enough for their efforts to see noticeable improvements in their living standards every year. For the last 15 years that hasn't been the case with employees, especially skilled/professional middle earners continually being asked to do more and more and work longer and longer for less and less in inflation adjusted terms. Basically like what's the point in being a lawyer or something if it means massive student debt and still not being able to afford a home in the place you grew up. And believe me, if folks think it's bad in the US, it's the land of milk and honey compared to how it is over the pond!
Do what you can to improve your skills to earn a better income, live below your means, invest that difference between what you earn and what you spend. Buy well made things and take care of them. Don't be bamboozled into thinking you "deserve" a fancy car, expensive vacation, etc. Pay attention to the cost of living. That balmy climate or big city life may be nice but tote up what it's costing and decide if it's worth it to you. It's all about saving on what isn't important to you so you can afford what is important to you. The American dream has never been easy and it is getting harder, no argument there. But it's still achievable.
I worked very hard for 30 years to achieve my dream life. Unfortunately, the dream did not turn out to be as good as I thought it would be. My advice is, work hard because you enjoy working hard.
It's achievable but a lot harder now. I had a very good job (retired now) but still worked extra jobs to raise kids and get out of debt. I don't blame my kids for not wanting to work two or three jobs. They saw that I didn't have much of a life outside of work for many years.
Thank you. Good advice.
I spend less than I earn and save the rest in bitcoin. Has been a great strategy thus far and the halving is next week so this should be fun. ✨
IMO, it's incredibly easy to get ahead in the US. Starting a landscaping business, handyman business or going to an inexpensive trade school to become an electrician, plumber or A/C technician, just to name a few are approachable ways to easily earn 6 figures and more. I have a friend who started a window washing company with $200 and makes $135K.
I know a guy who started his own landscaping business. At age 60ish getting ready to retire he was still a company of 1, probably making 50k per year. So definitely expansion and a much higher paycheck are not a given when you start your own business lol.
People often forget that not every person has the same capabilities. There are things like physical and mental disabilities. Also please give me a rundown of how the economy would ultimately work if every person suddenly became their own business. What will happen to the companies that can’t immediately replace all workers with AI? Who will provide my internet service?
@@JoeSoCal2303 Yes, some people do make bad choices like him.
@@ThePsam3 Tell me you've missed the point without actually telling me you missed the point.
@@todd2456No, no I haven’t.
Now you know why I keep my British citizenship.. Anything really bad (expensive) happens at least I have the option to move back home. The NHS is not perfect but what they do with a mere 9% of GDP is amazing!
I have sacrificed my entire life. I mean deep. What will i have to show for it? Ability to exist when i can't work anymore. Necessary when you won't have any family to support you in old age.
Wife and I are moving to our 2nd house in Hawaii in coming months. Hoping to sell house here on mainland and have no mortgage when we move. Once there, our goal is to live frugal and get a job to pay health insurance and continue investing in our retirement savings
4:43 Dave Ramsey actually says, “Live like no one else, so that later you can live AND GIVE like no one else.” Becoming debt free means our income belongs to us and we have the comfortable margin to be radically generous. Generosity is something most will never give up for a fatter bank account.
Healthcare in America is highly regulated and insurance companies drive up the costs. Associations regulate the number of doctors on the market and that also drives up the cost. Aside from technology here which hey you get better quality care but it’s gonna be expensive. Other countries have a real free market healthcare system or they have generally healthy people with a government backed one. I can’t say the same for the US.
Everybody has different situations: obstacles, opportunities, risks, aspirations, and expectations differ from person to person. In my own life, I have opportunities that I know other people could only dream of; but, I'd trade some of those opportunities for situations or opportunities that one or two of my friends/acquaintances have. In any case, living a life you can't afford in your current situation is always a recipe for disaster. It's great if your income and/or wealth allows you to drive a $60,000 car, good for you, do it! But if you're struggling with payments, why are you driving that? Why are you traveling, eating out every weekend, buying expensive items, and pretending you are doing well when you're in debt up to your eyeballs?
To anyone hating work, please get out there and attempt to find another line of work. There are good jobs out there. Research how to structure resume to work with today’s talent acquisition software systems. Research fields that might also be a good fit for you, positions that are more likely to have a better work culture. And if you would be willing/able to take a pay cut for a better quality of life, give yourself the pay cut now, save the difference and build the FU fund. Wishing you the best ❤
The world is a great place to visit but I’m staying right here…🇺🇸
As someone who moved from abroad the medical system here is not cheap. But we have all the latest technology to take of every medical conditions. And Americans do spend a lot in useless things. Specially in dining out. No wonder they are broke. I moved to the states in my 30s w $90. I fell victim of the system for 10 years when i behaved the American way. When i turned 40 i noticed that the Americans lifestyle is unsustainable. So started to live modestly…
Yes building wealth takes time but in the long run we’re all dead, so there’s that. It’s best to be BALANCED in terms of enjoying today whilst planning for tomorrow.
Virginia is an excellent state to live in, particularly for military families.
Good luck moving to Virginia 😊❤
Are you a Coder or a Biller? I am a Coder. Anyway, I enjoy your content.
I have been sacrificing and delaying gratification for my entire life, how is that supposed to be temporary? I have and never will own a new car, or a home, or be able to have a family and possibly even retire! When I was younger I wanted to travel, I will never do that as well. I have never been able or will ever be able to afford a vacation. I wear the same clothes and shoes until they fall apart. Once every few years I to see a movie, I think six years ago was the last time I did that. I have gotten tired of buying the cheapest food at the grocery store or the dollar store a long time ago but I don't know how to get out of this cycle! I thought hard work and sacrifice would get me the things I wanted in life. If other people can do without sacrificing their happiness and well being in order to live better I say more power to them, I wish I could have a credit card or a new car like they do but I will never be able to afford them. My advise is forget sacrificing, you will grow old and have nothing to show for it! If you are able to, try to live for today not for a future that may never come.
I feel sad for you… things will be better one day
There's no question that life today, for young people, is much harder now than it was 30 or so years ago, particularly for those on the lower socio economic levels. So my question for you is, what have you done to improve your earnings potential? What relevant education or trades experience have you pursued? Military service perhaps? It's clear that social media has skewed people's perception of what's a fair/normal/acceptable lifestyle. Self sacrifice is essential for a comfortable existence for us working class folks. Not willing to live a life of delayed gratification, then small chance of a comfortable retirement.
@@deerhunter3014 What have I done to improve my earnings potential? I simply quit my extremely low paying faculty position in 2016, and spent two and a half years not working or thinking about anything in order to allow my mind to heal somewhat. It turns out that working 9-12 hours a day seven days a week for a few decades and being paid less than a janitor affects your mind! I then began to look for work, and ramped it up now spending all the time looking for work until I found a job last year! I refuse to get any more education, I feel that a BS, an MS and a PhD is enough education for a lifetime! I also refused to look for any work related to education, I had enough of that for a lifetime as well! Social media helped me team up with a start-up, it has allowed me to work again! It is in the US, so I did not have to emigrate in order to work. When they brought me on board, the value of the company instantly doubled and investments began to roll in, they had a real scientists now and this was now a real and serious endeavor with real chance to succeed! Combining my intellect and training with the team we have built is allowing us to build synthetic enzymes and genes that don't exist in nature. We have built an AI platform to speed up my designs and to re-engineer life at an accelerated level! What we are developing has the potential to produce almost unlimited petroleum at a fraction of the cost that we have now, extract industrial metals like lithium and uranium at a fraction of the cost and in large quantities, we will be able to recycle waste products like spent solar cells and coal ash cheaply and be paid to do so! We are also planning to change the way we can clean up the environment in situ and even how we conduct warfare!
We are just a start up so I am not earning what I should be earning at my level, but it is still 2.5X what I was being paid when I was at the University! It will take me some time to save up for retirement, I opened my first ROTH at 58 years old, and I will be able to fix my 2006 Ford and keep that running, and if the company takes off I may one day be able to afford my first home!
I am slowly getting accustomed to eating fresh fruits and vegetables on a regular basis, which had been a dream of mine since I was a child!
If social media says that an acceptable lifestyle is being paid more that a janitor with a GED then I'm on board with that! I am also happy that I am being allowed to work again!
How about a government job that have decent health care and pension plan. It depends on the job, but often you don't need any degree. Yes, they do the back ground check. It may be low pay in the beging, but you can promote if you wish. If you need you can find a side hustle. But you have a steady job.
@@himawa7841 I just actually interviewed with a company partly owned by the Chinese government. I have been working for a year with a company that is paying me more than double my last job that I had in 2015 when I left academia due to low pay. The pension plan was lousy in academia and you have to pay to park there! I applied to hundreds of "government" jobs and all I heard was crickets. If the Chinese hire me I will double what I am earning right now! I was unemployed from 2016 to 2023, so I am no longer saving for the future, I am living for today! I am almost 60 and really have nothing to show for it, but at least I am now being allowed to work.
Interested what you do for work, thanks 😊
She does medical billing.
She recently did a whole video on what she does and her multiple levels of income.
@@michaelb.8953 thanks, I’ll try and find it
It’s too expensive to live in America.
2:56 Did that really say 12 year retirement? Hopefully that's the first 12 years.
Ramsey also says something along the lines of "live like you're poor so later you can become rich."
Contrarily to what we are lead to believe by the politicians, the problem with health care costs in America is not free market greed. It's the result of the screwed up policies of the government. As long as there is a third party payer, and laws limit what the payer is allowed to do to manage cost, the free market is hog tied. Also, the AMA, the doctor's union makes it unnecessarily hard to get new docs licenced. Add to this, other market warping laws like certificate of need laws, medicare rules, and prescription law, consumers are not protected from markets, but victims of government perverted market forces.
Health care is the only industry that I can't even ask how much a medical service costs prior to deciding if I want to go through with it. If there's anything free market about that it's a bastardized version of it
I am now retired and spend a portion of each year in Europe. Everything is so much more peaceful and cheaper in Europe especially Healthcare. If I were young and know what I know now, I would have lived my entire adult life in Europe.
Most don't own things, they are on credit, rented, not owned, and much costlier than cash actual price
In America, for every one person paying for health services, 5 more are not paying. That works out to 6x for the one paying. You're welcome.
Virginia is lovely! (and for lovers ❤)
I hope you enjoy it!
u r moving to virginia.. thats where I am.. virginia is a great state.. its very different depending on where u land.. nothern virginia is very different from the rest of virginia.. let me know what area u r moving to… i’ll let u know the difference between the areas..
I often tell the younger people that I work with that happiness is where you find it. I often see the younger crowd buying new trucks, toys, and fancy vacations and they are always working overtime to afford it. I mention that maybe that car payment while giving you a certain amount of satisfaction of owning a nice vehicle is nice, but simply going to lunch with your spouse instead. You are not locked into a payment and the little things really do mean a lot. Saving for your next vacation for the entire year is actually exciting instead of just putting it on a card and paying for it over the next year is far more rewarding as well. Going to the park and walking by the river is free and remember the company you keep is the reward not the actual event you are going to. Easier said than done but it works for me.
I think what people mean is that the cost of even the "basic staples" in life increase higher than the average income up until the this point.
They have kids because they want to and should be able to afford it with their income, but daycare costs are through the roof. But if one parent stays home, they miss out on the extra retirement savings (and that SAHP loses future earning potential by taking a 5+ year break). The costs of even used cars have increased along with the interest rate, so the family minivan is a higher proportion of their income (a lot of cars can't fit
3 infant/toddler/child seats in the back). And later, yeah, they may order out more than they "should" for dinner because both parents are working again and there was no time for meal prep that week because you had games/recitals to go to over the weekend (and the extracurriculars are expensive).
You could nitpick here and there, but this is a general example of a basic quality of life that Americans have been advertised since birth, was the reason that many enlisted and lost life/limb/mental health/sobriety to defend, but it turns out to be a farce? I don't blame people for wanting to leave.
You know we messed up when the INSURED remain at risk of financial ruin. THE INSURED. I can only imagine the precarity others live under.
The crazy thing is:....will we look back on these days?....."as when things were affordable"....ie example a current $2,000 rent where I'm living at let's say at $4,000. Lets face it...America has evolved into a huge money grab! That's the truth! We need to really start to challenge our corporate America motivations...of trying to suck every $$$ out of our pockets?...don't believe me?.....pensions for Americans from businesses have almost disappeared! That's a fact!....and we also need to challenge the motivation of many todays mentality of consumers which for many is shop till your in debt. That's a fact! Let's begin to demand we all hit the reset button!
You're just noticing other people's highlight reels
People credit scored are 300 that's how and they live with family members 😂😂😂
No, the new American Dream is Cody Rhodes finishing his story
Yea lot of Americans in London.
A big part of our expensive healthcare is that regulation has made medicine a monopoly.
I would never live abroad…. abroad is a place to vacation. but would never consider living abroad..