The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
I was fortunate to be exposed to personal finance at an early age and started working full-time at 19. After purchasing my first home at 28, I was laid off at 36 during the COVID outbreak, but I quickly consulted a qualified advisor to stay afloat. Thankfully, my portfolio has seen steady growth since then, nearing $1 million after continued investments.
Finding financial advisors like *Izella Annette Anderson* 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.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Agreed, financial advisors play a key role in portfolio allocation and i've been using one since late 2019 just before covid outbreak. So far, I'm barely 25% short of $1m ballpark goal after subsequent investments.
Agreed, financial advisors play a key role in portfolio allocation and i've been using one since late 2019 just before covid outbreak. So far, I'm barely 25% short of $1m ballpark goal after subsequent investments.
Agreed, financial advisors play a key role in portfolio allocation and i've been using one since late 2019 just before covid outbreak. So far, I'm barely 25% short of $1m ballpark goal after subsequent investments.
I work with a young guy. “21” and he complains about not having any money. He also comes to work everyday “almost everyday 🙄” with a couple drinks he grabbed from the gas station, rarely packs his lunch so goes to fast food, tells me about the new video game he’s playing.. etc etc.. I’ve tried to explain it to him but he just thinks he doesn’t make enough money. I don’t think he ever will.
I have worked with several people like this. One lady was wearing her husband’s work shoes because she didn’t have money for shoes . There was an associate in need fund raiser for her. A day after she got the money she was in the electronics department getting several movies. There was another couple that said they didn’t have money for food . After each payday they went out to eat 3 or 4 times then there was no food money. The wife bought the husband a gaming system and games so that he wouldn’t have to share with their kids. He would get $20 in quarters every morning and feed them into the video games in the store lobby. He also said he was going to get a big $1000 and live off the interest. Pretty clueless.
Once I went out to a movie with a guy, even though we had no intention of dating. He bought popcorn as much as Homer Simpson's portion plus some oversized hotdogs. I politely said something about my plan to eat healthy. Cluelessly, he claimed that he always ate healthy. I did not know much about his financial habits but I guessed it would be similar to his healthy popcorn.
@@bootcamp7 I should have probably mentioned he’s also living with his parents, married with a 10 month old baby. Had he been single I would agree it’s not such a big deal.
1 they pulled money management from schools and 2 it don't matter how well you manage money when monthly living expenses are say 4k a month and you make say 3k a month.
Money management is based on simple arithmetic, which is taught in elementary school. It's not hard for those who actually care. Income - Expenses = What's left
Great point, if you ignore the fact there are basic life necessities required to sustain life. An $8 coffee once every couple months isnt why we're broke. Rent costing 3 weeks take home pay has waaaaay more to do with it. Oh right! I forgot. We're supposed to just buy a house. Easy peasy 🙄
I was living paycheck to paycheck for a while because I dumped every extra penny into my house payment. Paid off the house in 12 years. Funny how much money you have when you dump your biggest monthly payment. Then I dumped money into retirement and retired at 60.
Same. Except I am 45 and dumping my money into a business to be. I will get myself couple of slaves, err, employees, prior to retirement, as I distrust my govt gravely when it comes to printing money.
The greater issue nobody mentions here. Financial education should be MANDATORY IN SCHOOL at the earliest age possible. It's not happening because the ones in power know if the vast population knows how money and wealth work, they (the corporations) wouldn't be as profitable.
True, corporations need workers and not thinkers! Why do you think that they let many immigrants into the COUNTRY. But it sort of backfired cuz they don’t want to work cuz of the benefits.
I live paycheck to paycheck: I have 4 streaming services, best internet service offered in my area, top of the line iPhone, newish car, go out to eat multiple times a week, party with my friends multiple times a month, and go to movies, concerts, and movies regularly, my fridge is full of beer and wine, and my 2 pack a day habit, not to mention a few illegal things I spend money on, and of course I need that big vacation every year..........
Well as long as you recognize that your lack of discipline is what’s keeping you paycheck to paycheck, then you’re the only person that can get you out of it.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
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.
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Means fell behind 50 years ago. Yes, you should try to live within your means. But, it’s becoming unrealistic. People are using credit cards and paying interest, on that which they should’ve instead been earning interest on, if their paychecks were actually keeping up with inflation. For financial institutions, this is a big win in the war against the average person. Cost of items rise, while people are even paying more for them, because of credit cards. Whole life of depreciation.
I've had people that are living in poverty tell me they don't want a better paying job because it's too stressful.... this is while they are constantly stressing about how to pay their bills.
I know couples that make $40k a month and struggle to pay on their $300k in credit card debt and their 2 $1400 a month car payments. Just because you make big money doesn’t mean you are good with money.
They want to make fun of the people earning money. Then talk about how another job pays in my experience. 50k is good enough in my area but few will work hard enough.
I took a job as a Sewer Worker. It became a 33 yr. career. Nobody wanted this job because it was dirty,dangerous and low in status. Plus starting pay wasn't great. But,it was recession proof and had good retirement and health benefits. Now those that turned their noses on this job are screwed by having no retirement plan. You need to look at the big picture.
Financial problems are the basic result of not getting properly educated and being well employed prior to entering into relationships and having children. Taking responsibility of one's choices is needed in order to correct. Unfortunate truths!
@@ammerudgrenda Absolutely simple rule. Only need two credit cards. One with a $20000 limit for use only for a real emergency and nothing else and a priority to pay off as soon as possible. The other credit card with a limit that does not exceed one’s monthly income. This is the card that you have your auto pay bills on and what you also use to make all your purchases with. One should only have two bank accounts, one for savings and holding three times ones monthly income for emergencies. The other will hold all deposits, pay accounts and any other income. This account will be used to pay off the credit card that you are putting your monthly expenses on. 80% of remaining funds will go into savings or to pay on emergency expenditures on your emergency credit card. This is my personal finance 101 that I have followed since entering the work force and it works great for me. And it keeps things simple. Also, don’t let anyone else have their name on your accounts.
unless you're making minimum wage and living on your own because you don't have anywhere else to go and don't want to be homeless. So in that case I live extremely frugal but I also live in California on my own with extremely low income.
@@creepyclosetfromthecrypt There’s no “unless.” That’s still living beyond your means, even if you’re living frugally. It’s your choice to live in a high cost of living area working an extremely low income job. People move IN to California every day; it’s weird how many people act as if you can’t move OUT.
We can't really control our wants. We can, however, control which wants that we actually acquire. Life would be very dull if we gave up everything that we didn't actually need. For example, nobody would have children. Furthermore, acquiring certain material things that we don't actually need can help us reduce the cost of buying the things that we do actually need, in effect paying partly for themselves and adding enjoyment to our lives at the same time.
For a long time, I struggled with lifestyle inflation. As my income increased, so did my spending, and it felt like I was stuck in a never ending cycle. I think a lot of people experience this shift, where what once felt like a luxury quickly becomes a necessity. I finally decided to take a step back and assess my priorities. By consciously choosing to live below my means and focusing on what truly mattered, I managed to redirect those funds into savings and investments. I’m pleased to say I’m on track to reach $4 million in retirement savings. funny how I've picked up a habit of watching content, something used to really dread
I agree, luck plays a role, especially in the short term, but consistent results tend to come from more than just luck. When I had only saved $300k, I realized I couldn’t afford to rely on luck or time alone. I needed a more deliberate approach that wasn’t just hoping for the best. This led me Emily Ava Milligan, a fund manager whose approach to balancing risk and growth gave me the confidence to build from that foundation
Not a mention about how metrics are based on gross income, not actual take home income. Losing nearly 40% of a paycheck to various taxes goes a long way in kneecapping the peasantry.
And yet there are countries in the world where citizens pay far more in taxes and are perfectly satisfied with it because they understand the benefits their government wisely spends that money on. They are also governments that aren't stupid enough to spend billions on unjustified wars in Iraq and Afghanistan.
If you're paying 40% in taxes you are in an extremely high tax bracket. Even in a high tax state as California you would be making well over $500,00 per year to be paying 40% in taxes.
Mentioning Frugal or sacrificing or doing a budget gets you damned on many youtube "victim Gen abcd" videos. Ie you are suppose to say the past was easy. and todays struggles are the 1st ever in mankind.
@@3beltwestySo true. People complaining McDonald's is expensive as 20 somethings. My parents were doctors and scientists, we NEVER went to McDonald's, and Casio with melody alarms was for rich people. We got off brand chunky Hongkong watches with a simple beep.
@@MsJoyce31202 All me direct ancestors came to America broke. 1 side 3 generations before the Revolution; another side about 1900. There was no welfare and free stuff to fart around and live off others. Many younger folks I work with have their Paychecks go into a credit card like account and spend everything and still go thru drive thru s to get coffee; donuts; burgers. The concept of burning all your earnings means you will never escape having to work. Decades ago on third the dog food was eaten buy humans mostly old folks.
If/When you have some savings it gets you motivated to save more. If you never get started saving you end up blowing all you have available. Buy a cheap / good house (if you can find one) and avoid the insane temptation for a brand new vehicle. They are so nice when new so I know it is hard.
Part of the problem is just the plain cost-of-living today is ridiculous. But another big issue is people don’t know anything about personal finance. They can’t budget. They either don’t know or don’t care how credit cards work. They’re blowing money on crap they don’t need.
I don't think the cost of living is ridiculous. This is one of the best economic cycles the US has had. Don't believe for a minute the sensationalized cherrypicked economic horror stories are widespread. In my experience, the only people I know who think it's bad now either were not an adult during those worse times, or they are up to their eyeballs in maxed out credit card debt.
I am 39 and never had credit card (yet) I try to understand and might I can get benefit however my bank offer credit card just does not suit my needs , not bad just have more opportunities out there , anyway in EU not so popular or mandatory hold and build credit score based on credit card ( of course bank track you based on debit card, savings and spendings when you need loan ) to be fair I found it very stressful to tracking and worry about ohh I have to transfer back ohh please being on time ..etc . So many things I hold (2 bank account and 2 saving and pension ) don’t need one more thing to worry
@@korncsaba I think in US, credit is more convenient and (I am not certain) maybe more secure than bank debit. Credit card company must investigate and remove fraudulent charges, and so they are pretty good at detecting fraudulent charges and notifying card holder. I could be wrong, but I think it is harder to challenge fraudulent charges on debit card. And it's not the bank's money that is stolen, so I don't think they care as much to prevent fraud.
i’ve been grappling with financial instability, constantly feeling like I'm on a tightrope, with bills piling up and barely making ends meet between paychecks.
Was in same financial struggles, but meeting my Fin Advisor changed everything! With their guidance, I created a personalized budget & investment strategy, becoming debt-free & building wealth!
Glen Howard Chester is the licensed advsor I use. He helped me prioritize needs ovr wants, allocate 20% of my income to savings, and invst in a diversified prtfolio. With hs guidance, my finances have completely turned around! Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing.I looked up his full name online and found his page. I emailed and made an appointment to speak with him; hopefully, he gets back to me.
just Googled his name and his website came up right away. looks interesting so far. sent him a mail and also set up a call with him.Thanks for sharing truly!
Many poor people spend money on cigarettes, vapes, lottery tickets, alcohol, pot and other drugs, tattoos, gambling, motorcycles, video games, iphones and expensive cars. Quit all that foolish shit and put all that money in an S&P index fund and one day, you will not be poor. If you’re spending money on 2,3, or more of these items, I have no sympathy for your situation. Nobody with no savings making $10 hour should buy an iPhone. EVER
@@mchume65 It's called “reality.” Mr. Kudlow (lindalealphamale ) is just here spewing more toxic bull💩 “alpha male?” More likely, tiny insecure incel.....😂😂😂😂😂😂😂😂😂😂😂😂
Can't understand how people can stand living paycheck to paycheck when they're also paying for Netflix and going out to eat all the time. I'd be sleeping on the floor eating ramen noodles until I got an emergency fund
I agree with your priorities. Everybody and I do mean EVERBODY needs to prioritize their personal financial management, There is way too much ignorance about how to run the finance side of your life in America.
Netflix is only about $15/mo. That's not gonna break anybody's bank. But eating out and bar crawls will. My childhood buddy is always broke. He's at the local dive bar almost every other night. I went with him a couple times. Looked at his tab. $70. If he does that every other day, that's over $1,000/mo in drinks. Put that into stocks and he'd have $100k in about 7 years.
The funny thing about that is that a cup of rice and beans is cheaper than a bag of ramen, fills you up more, and only takes slightly longer to make (20 minutes of boiling water, and you don't have to watch it, and it doesn't matter if you overcook em, granted youll end up with gruel), and its infinitely more nutritious. But laziness beats eating healthy I guess.
@@jsivco3sivco785 Hair highlights and salon visits every 2-3 months, mani/pedis, a new purse and shoes for every season, and let's not forget about the big boy toys guys love to have.
I'm surprised that content creator hasn't gotten torn to shreds in the comments for daring to suggest that a lack of budgeting and personal responsibility plays a large role in this outcome. Dave Ramsey says the same thing and people go ballistic on him for daring to suggest that living above your means is a bad thing.
Sometimes Dave is out of touch. Especially with his mortgage and cash for cars rule. He's too extreme. People don't yell at him for living within their means but rather his ignorance at what life is like for the lower income people right now.
Theres more than one cause. People can live outside their means due to poor money discipline but rising costs and stagnant wages keeps "means" harder to live within even for responsible people
Adding "expected emergencies" to my budget helps keep things on track. For example, I budget $5,000 for vet bills for my dogs and assume that'll hit me once every 5 years -- that works out to $1,000 per year for my budget. That's separate from the budget items for their regular vet bills and food. The same goes for car repairs if I'm at the point in my car buying cycle where my car has a lot of miles on it. For other folks it might be knowing they've had a root canal in the past and might need one in the future, so they budget $3,000 every 10 years. The bottom line is a lot of emergencies aren't really unexpected, they're just less frequent expenses. But that doesn't mean they shouldn't have a home in your budget.
I have sinking funds in a high interest savings account where I keep money allocated for car repairs, home repairs and appliances. These are not emergencies. They will happen at some point, you just don’t know when. My emergency fund is a separate account for loss of income.
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.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
There’s always someone in the comments claiming to have it all figured out with millions aside for early retirement at 50. Why someone that successful would be watching these videos in the first place is beyond me .
Dining out should not be an everyday activity. That’s what a lunchbox, Thermos, and a stove are for. Dining out should be, at best, a quarterly event (IOW, four times a year). Just doing this will improve finances a lot.
I would agree if the person is in debt but if you aren't then once a quarter is ridiculous. We have a birthday celebration at a restaurant at least once per month.
This isn’t new, my children were young in the 1980’s and we lived very frugally and had to live pay check to pay check. My husband was self employed so vacations weren’t affordable. We didn’t have any decent savings until the children were older and I could work full time without incurring childcare costs
Having a budget and knowing how much money you have coming in and how much is going out is critical. I spent many years trying to get ahead, and finally did it, Now I'm retired and have enough to spend, but still live a conservative life style. No cell phone, besides the cost, just the thought of having one irritates me.
A cell phone is good to have in an emergency. I honestly don't use mine very much, but I like the security of having it with me. And I can text someone and let them know if I am running late so they don't worry. I have a most basic phone on the cheapest plan Trac.Fone has to offer. A lot of people don't believe me when I tell them it only costs me a bit more than $100 per year, about $9 a month. One year they even gave me a free new phone to get me switched from 2G to 3G. And the new 4G phone I got was only $25, but they have refurbished options for as little as $5. Well worth the peace of mind in my opinion. You might find it more useful than you think.
One of the causes is high taxes. When my parents was raising me in the 60's, the federal, state and local taxes was 30 to 35 percent of their income. Today the tax rate is 40 to 48% of your income. I called this tax inflation. Taxes have when up fast then incomes. For example, I purchase my home in 1979. The property taxes was $1000 per year today they are over $2000. Sale taxes has went from 3% to 7% since 1978. The local city fees has went up 3 times in since 1979. The government service has not improve with higher taxes. I am not talk about FICA, gas road tax and other taxes. Back the tax rate to 1960's level and people might live from paycheck to paycheck.
I have no credit cards and no loans for the past 14 years which means no debt. The debit card will set you free! Its not about how much you earn, but rather how much you keep. 😊
Financial ‘emergencies’, also called unexpected expenses, are just a fact of life and happen to everybody. That’s why you need have your regular necessities of life, like housing, transportation, groceries, etc. below your income and also have an amount you set aside in a money market account (my current MMA interest rate is 5.4%) to cover ‘emergencies’ plus expenses like insurance premiums. Setting aside money for unexpected expenses (which hits everybody) should be be part of your monthly expenses, otherwise you’ll need to use credit cards with come with super high interest rates to pay for these expenses.
The only reason is because people don’t know how to plan for the future. I came from Section 8, got a degree in engineering, and now take home $10k a month and live on less than half of it. I made a plan to succeed. Other people just assumed that they could do whatever they wanted and have life just “work out for them,” when in reality not every job is supposed to lead to a comfortable life. Sometimes when you start from nothing, you have to chase money in the beginning. Then when you have enough, you can afford to do your true passion, regardless of the salary. Or you might not be able to afford to live in that area and may have to move somewhere more affordable.
Good analysis, except it focuses on the receiver of the paycheck. There's only so much a worker can do, and things have gotten dicey (to put it mildly). Would it be possible to analyze this from the GIVING end of the paycheck? Why employers and corporations aren't taking a little more care for the workforce? Thank you for your hard work!
Given the current economic difficulties that the country is experiencing, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
Millennials have Boomer parents, and the Boomers are the richest generation of people who have ever lived. So by the time we were old enough to start noticing things like finances, our parents were well into their peak earning years, houses paid off, cars bought cash, and people my age, late 30s early 40s, got around to thinking that's just what middle class life was like. Then we entered the real world and realized it most definitely IS NOT, and the standards we set for ourselves were based on a complete outlier of a generation. We have people "living past their means" because they're not ready to accept that a middle class lifestyle in 2024 means being relatively poor compared to the way their parents lived.
💯 This is absolutely the best post I have read. Spot on. We bought into the idea we MUST pay whatever it costs to have our own four bedroom, double bath, walk-in closet home. Why? Interpersonal relationships is what makes most people happy. And you can do that while being dirt poor. Whatever happened to multifamily housing and multi-generational households?
I'm starting to plan and save for a trip next summer. My boss said you have investments so you don't need to save. This attitude is why she is a financial disaster who is in deep trouble when she retires
I know someone who has 12 maxed out credit cards, but somehow its the government's and everyone elses fault, Americans are terrible they spend money like its never ending then complain they are broke and cant pay the bills, Im honestly tired of hearing it I make 45 thousand a year and live a really comfortable life, everything is paid off or have super low payments, because I save duh.
Another thing is to not have loyalty to bad companies and change jobs frequently to increase your pay rate. When insurance (medical, home, auto, dental, vision, etc.) jumps 40%, fuel costs by 30% and rent 5 to 15% per year and grocery costs doubled with smaller quantities, it is no longer about budgeting. It is about keeping your head above water and trying to be self employed to forward costs to consumers. Cutting coffee, an iPhone or other discretionary spending helps, but it is not going to save you, especially if 1 medical event can wipe out years of savings.
Inflation is something that needs to be considered in the retirement plan. It's only really an issue for people who will be retiring on a pension without an Inflation adjustment, and savings parked in near cash equivalents. If that's the case, you can't retire if your expenses will already be close to those income streams. Anyone who can live reasonably comfortably off their Social Security today should be okay with modest savings and an emergency fund because SS payments are adjusted for Inflation.
I really appreciate the dedication in each video you post. To be successful one has to have multiple income streams and so on, also investors should understand the crossover between asset classes & liquidity flow, Ann Elizabeth Messer focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
Budgeting really helped us save up a month's worth of expenses in advance. When an emergency pops up, it's an inconvenience, not a dire situation. I will admit, though, that budgeting can be extremely difficult when you get home from shopping at a one-stop-shop like Walmart, only to find your itemized receipt populated by cryptic descriptions of the stuff you bought.
Here in old England ,the cost of living is quite high ,with this new and all previous Governments being a major cause of it ,they are using our money for funding projects that nobody with any sense would vote for, i use an old money program to balance my books , being retired on a fixed income its a fabulous way of keeping track of everything. Everyone is a unique case ,you have to do what you can with what you have.
I just read something I wish I knew 30 years ago. It’s hard to be in financial debt living paycheck to paycheck. It’s hard to be financially responsible. Choose your hard.
Funny how that percentage aligns with divorce rate !! Divorce is close to being the # 1 cause of financial destruction . Be wise my friends and men should wait til they are 35 yrs old before even considering making that unpredictable decision.
@@d_all_in You have the causality backwards. More affluent people are statistically more likely to marry, in much the same way people who own horses statistically live longer not because they own horses but because they have lifestyles and medical care enabled by the same wealth that contributes towards longer lives.
@@d_all_in Marriage rates are highest among those from the upper class and second-highest in the middle class. Marriage rates in the lower classes are slightly over HALF the marriage rate of the middle class and are well under 50%. That is not theory, let alone mine; those are easily researched statistics. While sharing can help to minimize expenses, the sharing that comes with marriage largely preselects for those doing better financially to begin with.
Well, with the recent failed 3 year long UBI experiment it was shown that the people who received 1k a month for 3 years actually fell behind the control group that only got 50 bucks... Why bother prepping for the future if you know more money is coming no matter what you do? A recipe for dependence and helplessness.
Jobs will keep you poor. Hard work gets you nowhere, that's an outdated concept. Build resume, work overtime, save money - are all a waste of time/energy. Inflation will make your pension(s) worthless. People stay at jobs because it's "safe", the consequence, just surviving. People stay at jobs because they don't want to leave their comfort zone. Jobs give you a raise (crumbs) once a year just to shut you up. If you remain at a job you can't be grumbling that you poor, it's your fault. Blame the economy, your boss, the president......everyone but yourself. No accountability. Don't believe me on all this? Stay at a job then.
That’s not what the data says. The vast majority of millionaires got rich by saving and investing over long periods of time. The first account to reach seven figures is typically the employer sponsored retirement account.
Working in the trades can make you wealthy with about 20 years of hard work. From age 18 to 38. And in the trades...with enough experience you learn the skills to start your own business like what you are talking about. People don't stay at jobs for comfort, they stay because they need to pay the bills. Unless you are born with a silver spoon odds are you are gonna be working at a job for all of your younger years.
The budgeting and planning point is the key. You really cannot blame high bills if you haven't been keeping track of where you are spending money, and taken a hard look at what Wants you can spend less on. The solution might also be to spend less on Needs, e.g., sell your expensive car and get a less-expensive car, or move to a less-expensive apartment when the lease is up, or get a housemate. Yes, having a low income can be the problem, but half of people earning six figures are also living paycheck-to-paycheck. For a lot of people, it's not the income -- it's the spending.
Governments all around the world are also spending more than they receive from taxes and other charges. The consequences of this hurts everyone but poorer people most of all
How does this hurt poorer people? They often pay a lower tax rate, and are substantial beneficiaries of taxes. I don't understand the basis for your comments.
@@michaelgreen3036 because deficit spending feeds inflation and inflation is most cruel on poorer people and those with fixed incomes. They don't have the discretionary spending they can cut to make ends meet and they're also more likely to be dependent on handouts from Government and those handouts won't keep pace with inflation either. They're more likely to be in a welfare dependency trap. Sad.
I and my husband, both in our 80s now, thought we had it figured out untill both of us got sick at the same time. We dont need care, but it was tough with both of us hospitalized. We lived in texas. So his family thought it would be easier for all of us if we sold our house and moved to be closer to them. We sold our home for a fare market value and came to stay up with them. We figured we would buy a smaller place up here. What a laugh. We need 2 times more money to even buy a mobile home here. And the lot rents run 600 to 1000 a month. So basically in our 80s, We are screwed.
Property taxes and insurance are killing me. In 2004, we were paying $3900 yearly, this year $12000, and just got a notification that it's going up again. If you add up taxes and insurance, they are higher than my mortgage! I'm paying 3k monthly, and my mortgage is only $1200 of that. We're old, and we'd sell, but even a small crappy house here costs 3k to rent.
You’re so correct, the amount we pay for real estate taxes and insurance is criminal. I’ve always looked forward to having a paid off mortgage but the taxes and insurance are more expensive and never go away
I recently read an article about a man who identified AI stocks before the AI boom, highlighting the importance of information and insight. I believe AI is poised to enter a new phase, and I aim to position my $200k investment portfolio to capitalize on significant gains.
Absolutely crucial in the stock market: information, insight, and predictability. As an early investor in NVDA, AMD, ANSS, and LRCX, my advisor's guidance was invaluable.
@@Andreallln People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
@@DeannaPeters-lz8we I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Sharon Crump Cline I've worked with her for years and highly recommend her. Check if she meets your criteria.
Another major silent and unseen killer to the financial status of us all starts with govt spending and fiscal policy, federal reserve causing inflation by creating unbacked currency, and manipulating interest rates, and the lack of us understanding what is being done to us. I bought a new pickup truck in 1979. It costed $10,000 which was half a year’s pay. Fast forward to today. Just bought a new truck. Nothing fancy. It costed, wait for it, $60,000 or again half a year’s pay!! BUT WHY DID THE COST RISE SO MUCH?? We all know it did, but WHY ?? That’s what we need to understand.
New cars, big screen TVs are also a factor. After decades of corporate fast food and corporate processed food use, people do not know how to handle basic healthy cooking. The constant marketing manipulates people to consume what the corporations have for sale...
My monthly paycheck total is at the average monthly essentials I'm only making it by because: - I have a roommate to cut rent in half - I eat one meal a day - I don't have insurance apart from auto - I try to save half of my paycheck each paycheck for rent and monthly payments
They're buying things they don't need to impress people that aren't relevant. Nuff said. Live on less than what you make and save and invest the rest. Boom... your now wealthy
I never lived above my means. Now that I am 75 and I save over 1/3 of my income. I paid cash for my last vehicle in 2015 and still driving it. I haven't paid a penny of interest on a credit card for years. I am not rich but comfortable.
Especially, if you're single, you have a lot of control over your housing costs. When I'm living away from my residence, I always rent a room in someone's house. Sharing a kitchen and living room saves a LOT of money.
Well going in to this and offering my educated guess...id say it is because the cost of living has risen like 70%ish while actual wages have only risen 20%ish. The math, aint mathing.
Didn't really feel like the reasons were given in the video, just stats on survey responses. As other commenters have said, lack of financial education, for example.
I'm curious, for someone with less than $150K to invest, how would you recommend we enter the market? I am open to study some traders and copy their strategy rather than investing myself and losing money emotionally. What's your take on this approach?
Investing in stocks can be wise with a reliable trading system. Focus on learning when to buy and sell to minimize losses and maximize profits, but financial advisors have a lot more knowledge and expertise in this area.
You're right! In light of individual experience working with a financial adviser, I presently have over $1m in a very much enhanced portfolio that has encountered dramatic development, you also need to be knowledgeable, persistent, and have strong hands to support your investment
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfoIlo allocation
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
Exactly! I have a 2004 Infiniti. Hubby has 2016 Kia. We love our cars. Sold our suburban home n downside to a Townhome. Hubby retired last year. I was forced into retirement this year. No worries as we have been frugal, and plan to continue that lifestyle, having a blast n now set for retirement.
I’m just starting to invest but keep hearing mixed things about asset allocation. I avoided investing because I felt lost in financial jargon and concepts I didn’t understand
The reason they live check to check is they don't have a full paycheck. Most don't make there forty hours a week, then bitch when they don't have full check, but still go party on the weekends, and then lay off on Monday because there hung over. To much entitlement early in life, and not enough discipline.
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
My CFA ‘’Aileen Gertrude Tippy” , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
The majority of the US population is living paycheck to paycheck because the cost of living in the US is too high. And it's only going to get worse as time goes on. Everything is going to keep going up in price and people's wages are NEVER going to match or keep up with the rising cost of living.
Finally! Someone stated this truth! Everyone else is saying "don't waste money on a million frugal things", but they fail to realize how expensive everything actually is. Average rent is $2000 a month. People insist that should only be 1/3 of your income. This means one gets paid $6000 a month, $1500 a week, or $37.50 an hour. These people should go onto Indeed and see just how many jobs pay that much. Budgeting doesn't help if you aren't paid enough in the first place.
Totally false. Ridiculous comment. Wages have been rising faster than inflation recently, and that is fact. If your employer hasn't given you a raise, talk to them about it, and possibly look for a new job.
@@Nebin20Get housemates to share the expenses and you'll be fine. Or move to a job where the rent is cheaper. You're not a prisoner, except perhaps in your own thinking.
@@michaelgreen3036 look who's talking about being a prisoner in their own thinking. "If you don't have money, just move! That doesn't cost money at all! Or get a new job! Companies are totally just hiring everyone literally off the street and not paying minimum wage!" Go onto Indeed and tell me how many jobs pay $37.50 an hour or more that also don't want master's degrees. "Get housemates to share the expenses" is literally stating it takes more than one income to afford a roof over your head. "Wages have been rising faster than inflation RECENTLY (the key word here)." If wages won for one whole year, it does not make up for the fact the cost of living has been rising faster for decades. If minimum wage kept up with inflation, it would be more than $20 an hour. Last I checked, minimum wage is nowhere near that. Come live in reality like the rest of us for once.
@@michaelgreen3036 Look who's talking about being a prisoner in your own thinking. You assume moving is free. News flash; it isn't. "Get housemates to share expenses." So you admit it takes at least 3 incomes to have a roof over your head. "Wages have been rising faster than inflation recently." That might be true for the last year or two, but it in now way makes up for the decades where inflation rose faster. Wages are so incredibly far behind minimum wage should be higher than $25 an hour. "Just get a new job." The average person is not being hired immediately off the street. It takes weeks to months to wade through the nonsense that is the job market. Add on top of that the average job is not paying $37.50 an hour. Try less than $15 an hour. Come live in reality like the rest of us.
Young people buy foolish things they really can’t afford living beyond their means. When it comes to buying ridiculously overpriced cars for example. All they look at is the monthly payment spread out over seven years or more and can they squeeze this expense into their limited budget.
Cars, coffee and eating out. Buy cars cash, make your own coffee and pack your lunches. I hear it all the time why people need to spend 6,7, 800 per month on a car. I paid about $3000 for my last car and drove it 9 years before replacing it. A few sets of tires, three batteries and some basic maintenance and only cost me about $55 per month after total cost and then I got a $2000 return which brings it to $37 per month. And it was a nice car in good condition. Not a beater that is embarrassing to drive. My mother made minimum wage most her life and she owns two houses paid for and just bought a small condo for retirement. She didn't inherit anything. Budget and live within your means. Stop wanting things you do not need. Find ways to entertain yourself that are inexpensive or free.
Most people are just trying to emulate what they see on TV, movies and social media. They subconsciously normalize what they see and rationalize living beyond their means. If we saw on TV, movies etc. what should be the average, it wouldn't be entertaining at all. It would be depressing.
People say, I’m going to stop spending and stay home. I can watch tv, movies, video games, computer time. It leads to dissatisfaction and instead of gratitude for what they do have they yearn to more and then complain and then go on a spending spree.
It's $35T in debt because the typical brainless American voted for morons who promised more programs with lower taxes. Typical American will always reject the truth when they have the option to vote for the lie they want to hear.
I don't know why anyone would measure themselves against some mythical "American Dream" someone else defined. Find ways to be happy with whatever goals you are realistically able to achieve.
Yes, money management is a problem, and yes, many people put themselves in a bad economic situation, but the reality is that many lower income wages have not kept up with inflation. lots of jobs simply do not pay enough for a working family to support a middle class lifestyle.
Actually, low wage jobs have generally seen the higher percentage increases in recent years due to the labor shortage. That of course still does not mean those are livable wages.
The average American wastes money, see it every day. They will pay $5 for an item at a store when the same is at another store in the same parking lot for $1.50. I used to work with a guy who would save up for a vacation every year saving up 10% of his salary, he could barely pay his bills because of this decision.
Most people get used to living a certain way when times are good and money is cheap. When things change as they inevitably do, they're not willing to scale back their spending. Many of the same vehicles that are in the line getting the food handouts at the churches so they have meals for their families are the same vehicles you see in the Starbucks drive thru line everyday.
I won’t drop off donations to the food bank just before they give out food. It bothers me the people standing in line smoking ($14 a pack or $420mo) holding Starbucks while their children enjoy a supersized McDonalds meal. I still donate because it’s not the children’s fault the parents can’t handle money and make poor choices.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
I was fortunate to be exposed to personal finance at an early age and started working full-time at 19. After purchasing my first home at 28, I was laid off at 36 during the COVID outbreak, but I quickly consulted a qualified advisor to stay afloat. Thankfully, my portfolio has seen steady growth since then, nearing $1 million after continued investments.
@@ThomasChai05this is great! think your advisor would get on the phone with an unknown? i'm in dire need of proper portfolio allocation
Finding financial advisors like *Izella Annette Anderson* 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.
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Exactly ! That's my major concern and what kind of profitable business or investment can someone do with the current rise in economic downturn
Agreed, financial advisors play a key role in portfolio allocation and i've been using one since late 2019 just before covid outbreak. So far, I'm barely 25% short of $1m ballpark goal after subsequent investments.
Agreed, financial advisors play a key role in portfolio allocation and i've been using one since late 2019 just before covid outbreak. So far, I'm barely 25% short of $1m ballpark goal after subsequent investments.
Agreed, financial advisors play a key role in portfolio allocation and i've been using one since late 2019 just before covid outbreak. So far, I'm barely 25% short of $1m ballpark goal after subsequent investments.
I work with a young guy. “21” and he complains about not having any money. He also comes to work everyday “almost everyday 🙄” with a couple drinks he grabbed from the gas station, rarely packs his lunch so goes to fast food, tells me about the new video game he’s playing.. etc etc.. I’ve tried to explain it to him but he just thinks he doesn’t make enough money. I don’t think he ever will.
I have worked with several people like this. One lady was wearing her husband’s work shoes because she didn’t have money for shoes . There was an associate in need fund raiser for her. A day after she got the money she was in the electronics department getting several movies. There was another couple that said they didn’t have money for food . After each payday they went out to eat 3 or 4 times then there was no food money. The wife bought the husband a gaming system and games so that he wouldn’t have to share with their kids. He would get $20 in quarters every morning and feed them into the video games in the store lobby. He also said he was going to get a big $1000 and live off the interest. Pretty clueless.
Probably won’t unless something inspires him/her.
Once I went out to a movie with a guy, even though we had no intention of dating. He bought popcorn as much as Homer Simpson's portion plus some oversized hotdogs. I politely said something about my plan to eat healthy. Cluelessly, he claimed that he always ate healthy. I did not know much about his financial habits but I guessed it would be similar to his healthy popcorn.
he’s 21, relax.
@@bootcamp7 I should have probably mentioned he’s also living with his parents, married with a 10 month old baby. Had he been single I would agree it’s not such a big deal.
Money management is a skill that is not talked about enough..doesn’t matter how much money you make or have if you can’t mange it correctly
True, but unfortunately these days, most do not make enough money even when managing it correctly.
Homeschooling or private schooling. Public schools don't teach finances.
1 they pulled money management from schools and 2 it don't matter how well you manage money when monthly living expenses are say 4k a month and you make say 3k a month.
Money management is based on simple arithmetic, which is taught in elementary school. It's not hard for those who actually care.
Income - Expenses = What's left
Great point, if you ignore the fact there are basic life necessities required to sustain life. An $8 coffee once every couple months isnt why we're broke. Rent costing 3 weeks take home pay has waaaaay more to do with it. Oh right! I forgot. We're supposed to just buy a house. Easy peasy 🙄
I was living paycheck to paycheck for a while because I dumped every extra penny into my house payment. Paid off the house in 12 years. Funny how much money you have when you dump your biggest monthly payment. Then I dumped money into retirement and retired at 60.
I know you're being sarcastic>>> That's actually how you should do it!!
Same. Except I am 45 and dumping my money into a business to be. I will get myself couple of slaves, err, employees, prior to retirement, as I distrust my govt gravely when it comes to printing money.
Me too, retired at 52. Never had a high paying job. Just always lived below my means.
Same here, paid off the house in 12 years. I used the “ Cry now, laugh later “ technique.
The greater issue nobody mentions here. Financial education should be MANDATORY IN SCHOOL at the earliest age possible. It's not happening because the ones in power know if the vast population knows how money and wealth work, they (the corporations) wouldn't be as profitable.
True, corporations need workers and not thinkers! Why do you think that they let many immigrants into the COUNTRY. But it sort of backfired cuz they don’t want to work cuz of the benefits.
I live paycheck to paycheck: I have 4 streaming services, best internet service offered in my area, top of the line iPhone, newish car, go out to eat multiple times a week, party with my friends multiple times a month, and go to movies, concerts, and movies regularly, my fridge is full of beer and wine, and my 2 pack a day habit, not to mention a few illegal things I spend money on, and of course I need that big vacation every year..........
Well as long as you recognize that your lack of discipline is what’s keeping you paycheck to paycheck, then you’re the only person that can get you out of it.
You’re a rockstar
So a typical American, cut down to one pack and you be just fine. Some states that stuff isn’t illegal, road trip.
You forgott to mention your car loan...
Don't forget that car note for that unnecessary Hellcat.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
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.
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
A whole lot of people LOOOOOOOVE'S to live beyond their means.
Number one reason for those living paycheck to paycheck
People are emotional creatures and many, many times their emotions overrule their common sense and it usually gets them in trouble financially.
Bingo
I wouldn't say number one reason, but definitely one of the major reasons.
Dishwashers driving $80,000 Acuras and $60,000 Mercedes. I stg dude.
Means fell behind 50 years ago. Yes, you should try to live within your means. But, it’s becoming unrealistic. People are using credit cards and paying interest, on that which they should’ve instead been earning interest on, if their paychecks were actually keeping up with inflation. For financial institutions, this is a big win in the war against the average person. Cost of items rise, while people are even paying more for them, because of credit cards. Whole life of depreciation.
“Too many people spend money they haven't earned, to buy things they don't want, to impress people that they don't like.”
--- Roy Rogers (1911-1998)
Pretty much.
I've had people that are living in poverty tell me they don't want a better paying job because it's too stressful.... this is while they are constantly stressing about how to pay their bills.
I know couples that make $40k a month and struggle to pay on their $300k in credit card debt and their 2 $1400 a month car payments. Just because you make big money doesn’t mean you are good with money.
They want to make fun of the people earning money. Then talk about how another job pays in my experience. 50k is good enough in my area but few will work hard enough.
@@barnabusdoyle4930 Pro athletes are a good example.
I took a job as a Sewer Worker. It became a 33 yr. career. Nobody wanted this job because it was dirty,dangerous and low in status. Plus starting pay wasn't great. But,it was recession proof and had good retirement and health benefits. Now those that turned their noses on this job are screwed by having no retirement plan. You need to look at the big picture.
100% lack of financial education.
Should be taught in grade school. I wrote a simple plan for young people and have been sending it to folks. I wonder if anyone is interested.
Make sure number doesn’t go down too much. Everyone blames this on school and it’s so annoying. Take responsibility and learn like everyone else.
Negative 👎! People know drugs and junk food are bad for them but that doesn't seem to stop ✋🏻human nature.
Stop repeating the same old nonsense. 😳
@greenthunder1000
They just repeat the same old nonsense they heard elsewhere.
Good sense and basic math don't require a PhD in finance. 🤓
@@alphaomega1351 a PhD? Thats a bit of an extreme. They dont even require a high school education.
Financial problems are the basic result of not getting properly educated and being well employed prior to entering into relationships and having children. Taking responsibility of one's choices is needed in order to correct. Unfortunate truths!
If you cannot pay off your credit card the end of the month, you are living beyond your means.
@@ammerudgrenda Absolutely simple rule. Only need two credit cards. One with a $20000 limit for use only for a real emergency and nothing else and a priority to pay off as soon as possible. The other credit card with a limit that does not exceed one’s monthly income. This is the card that you have your auto pay bills on and what you also use to make all your purchases with. One should only have two bank accounts, one for savings and holding three times ones monthly income for emergencies. The other will hold all deposits, pay accounts and any other income. This account will be used to pay off the credit card that you are putting your monthly expenses on. 80% of remaining funds will go into savings or to pay on emergency expenditures on your emergency credit card. This is my personal finance 101 that I have followed since entering the work force and it works great for me. And it keeps things simple. Also, don’t let anyone else have their name on your accounts.
unless you're making minimum wage and living on your own because you don't have anywhere else to go and don't want to be homeless. So in that case I live extremely frugal but I also live in California on my own with extremely low income.
@@creepyclosetfromthecrypt There’s no “unless.” That’s still living beyond your means, even if you’re living frugally. It’s your choice to live in a high cost of living area working an extremely low income job. People move IN to California every day; it’s weird how many people act as if you can’t move OUT.
You don't need a fancy budget - buy nothing that you do not absolutely need. Being wealthy is not having more, it is wanting less.
We can't really control our wants. We can, however, control which wants that we actually acquire. Life would be very dull if we gave up everything that we didn't actually need. For example, nobody would have children. Furthermore, acquiring certain material things that we don't actually need can help us reduce the cost of buying the things that we do actually need, in effect paying partly for themselves and adding enjoyment to our lives at the same time.
For a long time, I struggled with lifestyle inflation. As my income increased, so did my spending, and it felt like I was stuck in a never ending cycle. I think a lot of people experience this shift, where what once felt like a luxury quickly becomes a necessity. I finally decided to take a step back and assess my priorities. By consciously choosing to live below my means and focusing on what truly mattered, I managed to redirect those funds into savings and investments. I’m pleased to say I’m on track to reach $4 million in retirement savings. funny how I've picked up a habit of watching content, something used to really dread
I’ve always thought luck plays a huge role in investing. Without it, it’s hard to really succeed, no matter what resources you have
I agree, luck plays a role, especially in the short term, but consistent results tend to come from more than just luck. When I had only saved $300k, I realized I couldn’t afford to rely on luck or time alone. I needed a more deliberate approach that wasn’t just hoping for the best. This led me Emily Ava Milligan, a fund manager whose approach to balancing risk and growth gave me the confidence to build from that foundation
I did a quick search on the name and found her page. and I’m curious to learn more now. I appreciate that you pointed that out
I believe a lot of people go through that phase of lifestyle inflation. It's about how soon you break out of it. Some people never do.
Not a mention about how metrics are based on gross income, not actual take home income.
Losing nearly 40% of a paycheck to various taxes goes a long way in kneecapping the peasantry.
And yet there are countries in the world where citizens pay far more in taxes and are perfectly satisfied with it because they understand the benefits their government wisely spends that money on. They are also governments that aren't stupid enough to spend billions on unjustified wars in Iraq and Afghanistan.
If you're paying 40% in taxes you are in an extremely high tax bracket. Even in a high tax state as California you would be making well over $500,00 per year to be paying 40% in taxes.
@@rayshepherd2479 $500 gross per week, $300 take home. Pennsylvania.
I can't help but feel like we're drowning here, and you're describing the water.
Learn to be frugal like our ancestors and you will be ok
Mentioning Frugal or sacrificing or doing a budget gets you damned on many youtube "victim Gen abcd" videos.
Ie you are suppose to say the past was easy.
and todays struggles are the 1st ever in mankind.
@@3beltwestySo true. People complaining McDonald's is expensive as 20 somethings. My parents were doctors and scientists, we NEVER went to McDonald's, and Casio with melody alarms was for rich people. We got off brand chunky Hongkong watches with a simple beep.
Some of your ancestors were "broke".
@@MsJoyce31202 All me direct ancestors came to America broke. 1 side 3 generations before the Revolution; another side about 1900. There was no welfare and free stuff to fart around and live off others. Many younger folks I work with have their Paychecks go into a credit card like account and spend everything and still go thru drive thru s to get coffee; donuts; burgers. The concept of burning all your earnings means you will never escape having to work. Decades ago on third the dog food was eaten buy humans mostly old folks.
Living paycheck to paycheck can also mean your job sucks because it's not paying enough.
If/When you have some savings it gets you motivated to save more. If you never get started saving you end up blowing all you have available. Buy a cheap / good house (if you can find one) and avoid the insane temptation for a brand new vehicle. They are so nice when new so I know it is hard.
Part of the problem is just the plain cost-of-living today is ridiculous. But another big issue is people don’t know anything about personal finance. They can’t budget. They either don’t know or don’t care how credit cards work. They’re blowing money on crap they don’t need.
Grow up ⬆️
I don't think the cost of living is ridiculous. This is one of the best economic cycles the US has had. Don't believe for a minute the sensationalized cherrypicked economic horror stories are widespread. In my experience, the only people I know who think it's bad now either were not an adult during those worse times, or they are up to their eyeballs in maxed out credit card debt.
I am 39 and never had credit card (yet) I try to understand and might I can get benefit however my bank offer credit card just does not suit my needs , not bad just have more opportunities out there , anyway in EU not so popular or mandatory hold and build credit score based on credit card ( of course bank track you based on debit card, savings and spendings when you need loan ) to be fair I found it very stressful to tracking and worry about ohh I have to transfer back ohh please being on time ..etc . So many things I hold (2 bank account and 2 saving and pension ) don’t need one more thing to worry
@@korncsaba I think in US, credit is more convenient and (I am not certain) maybe more secure than bank debit. Credit card company must investigate and remove fraudulent charges, and so they are pretty good at detecting fraudulent charges and notifying card holder.
I could be wrong, but I think it is harder to challenge fraudulent charges on debit card. And it's not the bank's money that is stolen, so I don't think they care as much to prevent fraud.
i’ve been grappling with financial instability, constantly feeling like I'm on a tightrope, with bills piling up and barely making ends meet between paychecks.
Was in same financial struggles, but meeting my Fin Advisor changed everything! With their guidance, I created a personalized budget & investment strategy, becoming debt-free & building wealth!
who is this advsr you speak of, and What specific strategies did they use to help you get back on track?
Glen Howard Chester is the licensed advsor I use. He helped me prioritize needs ovr wants, allocate 20% of my income to savings, and invst in a diversified prtfolio. With hs guidance, my finances have completely turned around!
Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing.I looked up his full name online and found his page. I emailed and made an appointment to speak with him; hopefully, he gets back to me.
just Googled his name and his website came up right away. looks interesting so far. sent him a mail and also set up a call with him.Thanks for sharing truly!
Many poor people spend money on cigarettes, vapes, lottery tickets, alcohol, pot and other drugs, tattoos, gambling, motorcycles, video games, iphones and expensive cars. Quit all that foolish shit and put all that money in an S&P index fund and one day, you will not be poor. If you’re spending money on 2,3, or more of these items, I have no sympathy for your situation.
Nobody with no savings making $10 hour should buy an iPhone. EVER
Larry Kudlow has entered the room.....🤨🤨 Take your unfounded generalities and discredited talking points back to CNBC....
me in post Soviet country who makes 1$ per hour 💀💀💀
Jesus bad take
I agree. Looks like you're getting push back from someone that lives paycheck to paycheck.
@@mchume65 It's called “reality.” Mr. Kudlow (lindalealphamale ) is just here spewing more toxic bull💩
“alpha male?” More likely, tiny insecure incel.....😂😂😂😂😂😂😂😂😂😂😂😂
Can't understand how people can stand living paycheck to paycheck when they're also paying for Netflix and going out to eat all the time. I'd be sleeping on the floor eating ramen noodles until I got an emergency fund
What if you can not afford a floor and ramen?
I agree with your priorities. Everybody and I do mean EVERBODY needs to prioritize their personal financial management, There is way too much ignorance about how to run the finance side of your life in America.
Netflix is only about $15/mo. That's not gonna break anybody's bank. But eating out and bar crawls will. My childhood buddy is always broke. He's at the local dive bar almost every other night. I went with him a couple times. Looked at his tab. $70. If he does that every other day, that's over $1,000/mo in drinks. Put that into stocks and he'd have $100k in about 7 years.
Meanwhile those japanese dudes eating "cold ramen" then suddenly getting rich be like "First time?"😂😂😂😂
The funny thing about that is that a cup of rice and beans is cheaper than a bag of ramen, fills you up more, and only takes slightly longer to make (20 minutes of boiling water, and you don't have to watch it, and it doesn't matter if you overcook em, granted youll end up with gruel), and its infinitely more nutritious.
But laziness beats eating healthy I guess.
Always money for cell phones,star bucks,new cars, fancy bars. No wonder.
... cigarettes, tattoos, beer, dozens pairs of shoes, cable TV, etc. I've seen it. But then they say that they're "struggling."
@@jsivco3sivco785 When you have no future is it surprising you perpetually live in the present? Sure, blame the poor, Red Hat.
Someone I know lives paycheck to paycheck.Yet just bought another financed car and new phone.No pity from me
@@jsivco3sivco785 Hair highlights and salon visits every 2-3 months, mani/pedis, a new purse and shoes for every season, and let's not forget about the big boy toys guys love to have.
I don't have money for bills, but have money for the latest gadget.
I'm surprised that content creator hasn't gotten torn to shreds in the comments for daring to suggest that a lack of budgeting and personal responsibility plays a large role in this outcome. Dave Ramsey says the same thing and people go ballistic on him for daring to suggest that living above your means is a bad thing.
Sometimes Dave is out of touch. Especially with his mortgage and cash for cars rule. He's too extreme. People don't yell at him for living within their means but rather his ignorance at what life is like for the lower income people right now.
Theres more than one cause. People can live outside their means due to poor money discipline but rising costs and stagnant wages keeps "means" harder to live within even for responsible people
Some people hate it when they are told they don't have an income problem rather they have a spending problem.
Dave is frequently nasty and disrespectful to people. Instead of raising them up he kicks them deeper in the hole.
@@thomaschew2191 So does majority of Gov't
Adding "expected emergencies" to my budget helps keep things on track. For example, I budget $5,000 for vet bills for my dogs and assume that'll hit me once every 5 years -- that works out to $1,000 per year for my budget. That's separate from the budget items for their regular vet bills and food. The same goes for car repairs if I'm at the point in my car buying cycle where my car has a lot of miles on it. For other folks it might be knowing they've had a root canal in the past and might need one in the future, so they budget $3,000 every 10 years.
The bottom line is a lot of emergencies aren't really unexpected, they're just less frequent expenses. But that doesn't mean they shouldn't have a home in your budget.
I have sinking funds in a high interest savings account where I keep money allocated for car repairs, home repairs and appliances. These are not emergencies. They will happen at some point, you just don’t know when. My emergency fund is a separate account for loss of income.
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.
wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
There’s always someone in the comments claiming to have it all figured out with millions aside for early retirement at 50. Why someone that successful would be watching these videos in the first place is beyond me .
Dining out should not be an everyday activity. That’s what a lunchbox, Thermos, and a stove are for. Dining out should be, at best, a quarterly event (IOW, four times a year). Just doing this will improve finances a lot.
And not smoking and drinking too I worked in construction and every morning those gas station runs keep people broke. It adds up incredibly
And Mr. Coffee and a good quality insulated commuter mug, instead of Starbucks every day.
Says someone who has never really been working poor before.
at MOST once a month as a 'treat' to reward yourself for saving the rest of the month. Not the opposite that I see, daily eating out.
I would agree if the person is in debt but if you aren't then once a quarter is ridiculous. We have a birthday celebration at a restaurant at least once per month.
This isn’t new, my children were young in the 1980’s and we lived very frugally and had to live pay check to pay check. My husband was self employed so vacations weren’t affordable. We didn’t have any decent savings until the children were older and I could work full time without incurring childcare costs
Having a budget and knowing how much money you have coming in and how much is going out is critical. I spent many years trying to get ahead, and finally did it, Now I'm retired and have enough to spend, but still live a conservative life style. No cell phone, besides the cost, just the thought of having one irritates me.
A cell phone is good to have in an emergency. I honestly don't use mine very much, but I like the security of having it with me. And I can text someone and let them know if I am running late so they don't worry. I have a most basic phone on the cheapest plan Trac.Fone has to offer. A lot of people don't believe me when I tell them it only costs me a bit more than $100 per year, about $9 a month. One year they even gave me a free new phone to get me switched from 2G to 3G. And the new 4G phone I got was only $25, but they have refurbished options for as little as $5. Well worth the peace of mind in my opinion. You might find it more useful than you think.
Budgetting and living within your means is an essential skill. But it requires tough decisions.
When you pull into a fast food place and the employee parking is filled with new chargers, mustangs, jeeps and pickups the problem becomes very clear.
One of the causes is high taxes. When my parents was raising me in the 60's, the federal, state and local taxes was 30 to 35 percent of their income. Today the tax rate is 40 to 48% of your income. I called this tax inflation. Taxes have when up fast then incomes. For example, I purchase my home in 1979. The property taxes was $1000 per year today they are over $2000. Sale taxes has went from 3% to 7% since 1978. The local city fees has went up 3 times in since 1979. The government service has not improve with higher taxes. I am not talk about FICA, gas road tax and other taxes. Back the tax rate to 1960's level and people might live from paycheck to paycheck.
I have no credit cards and no loans for the past 14 years which means no debt. The debit card will set you free! Its not about how much you earn, but rather how much you keep. 😊
I don't understand why money management isn't tought at school. The parents are obviously not able to teach their children well.
People think they deserve everything they don’t really need. Always live below your means and you will have less stress to manage. 😊
Financial ‘emergencies’, also called unexpected expenses, are just a fact of life and happen to everybody.
That’s why you need have your regular necessities of life, like housing, transportation, groceries, etc. below your income and also have an amount you set aside in a money market account (my current MMA interest rate is 5.4%) to cover ‘emergencies’ plus expenses like insurance premiums.
Setting aside money for unexpected expenses (which hits everybody) should be be part of your monthly expenses, otherwise you’ll need to use credit cards with come with super high interest rates to pay for these expenses.
The only reason is because people don’t know how to plan for the future. I came from Section 8, got a degree in engineering, and now take home $10k a month and live on less than half of it. I made a plan to succeed. Other people just assumed that they could do whatever they wanted and have life just “work out for them,” when in reality not every job is supposed to lead to a comfortable life. Sometimes when you start from nothing, you have to chase money in the beginning. Then when you have enough, you can afford to do your true passion, regardless of the salary. Or you might not be able to afford to live in that area and may have to move somewhere more affordable.
Good analysis, except it focuses on the receiver of the paycheck. There's only so much a worker can do, and things have gotten dicey (to put it mildly). Would it be possible to analyze this from the GIVING end of the paycheck? Why employers and corporations aren't taking a little more care for the workforce? Thank you for your hard work!
Given the current economic difficulties that the country is experiencing, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them.
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
Melissa Elise Robinson is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
She actually appears to be well-read and educated. I just did a Google search for her name and found her webpage, I appreciate you sharing
Millennials have Boomer parents, and the Boomers are the richest generation of people who have ever lived. So by the time we were old enough to start noticing things like finances, our parents were well into their peak earning years, houses paid off, cars bought cash, and people my age, late 30s early 40s, got around to thinking that's just what middle class life was like. Then we entered the real world and realized it most definitely IS NOT, and the standards we set for ourselves were based on a complete outlier of a generation. We have people "living past their means" because they're not ready to accept that a middle class lifestyle in 2024 means being relatively poor compared to the way their parents lived.
💯 This is absolutely the best post I have read. Spot on. We bought into the idea we MUST pay whatever it costs to have our own four bedroom, double bath, walk-in closet home. Why? Interpersonal relationships is what makes most people happy. And you can do that while being dirt poor. Whatever happened to multifamily housing and multi-generational households?
I'm starting to plan and save for a trip next summer. My boss said you have investments so you don't need to save. This attitude is why she is a financial disaster who is in deep trouble when she retires
@@robles100 not me! Been planning for retirement for three decades.
I know someone who has 12 maxed out credit cards, but somehow its the government's and everyone elses fault, Americans are terrible they spend money like its never ending then complain they are broke and cant pay the bills, Im honestly tired of hearing it I make 45 thousand a year and live a really comfortable life, everything is paid off or have super low payments, because I save duh.
Thank you for this straightforward video. I often get pointers from videos like this. All the best to us all 😊✨✨
Another thing is to not have loyalty to bad companies and change jobs frequently to increase your pay rate. When insurance (medical, home, auto, dental, vision, etc.) jumps 40%, fuel costs by 30% and rent 5 to 15% per year and grocery costs doubled with smaller quantities, it is no longer about budgeting. It is about keeping your head above water and trying to be self employed to forward costs to consumers. Cutting coffee, an iPhone or other discretionary spending helps, but it is not going to save you, especially if 1 medical event can wipe out years of savings.
Government causes inflation affects retirees the most.
Inflation is something that needs to be considered in the retirement plan. It's only really an issue for people who will be retiring on a pension without an Inflation adjustment, and savings parked in near cash equivalents. If that's the case, you can't retire if your expenses will already be close to those income streams. Anyone who can live reasonably comfortably off their Social Security today should be okay with modest savings and an emergency fund because SS payments are adjusted for Inflation.
Investing consistently and minimalism offers an easy path to riches.
I really appreciate the dedication in each video you post. To be successful one has to have multiple income streams and so on, also investors should understand the crossover between asset classes & liquidity flow, Ann Elizabeth Messer focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
She is my family's personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Ann Elizabeth too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
she's mostly on Telegrams, using the user name
Budgeting really helped us save up a month's worth of expenses in advance. When an emergency pops up, it's an inconvenience, not a dire situation.
I will admit, though, that budgeting can be extremely difficult when you get home from shopping at a one-stop-shop like Walmart, only to find your itemized receipt populated by cryptic descriptions of the stuff you bought.
Here in old England ,the cost of living is quite high ,with this new and all previous Governments being a major cause of it ,they are using our money for funding projects that nobody with any sense would vote for, i use an old money program to balance my books , being retired on a fixed income its a fabulous way of keeping track of everything.
Everyone is a unique case ,you have to do what you can with what you have.
My money was never enough. After going through a divorce, I finally have some savings... Sometimes it's just not you.
I just read something I wish I knew 30 years ago. It’s hard to be in financial debt living paycheck to paycheck. It’s hard to be financially responsible. Choose your hard.
Funny how that percentage aligns with divorce rate !! Divorce is close to being the # 1 cause of financial destruction . Be wise my friends and men should wait til they are 35 yrs old before even considering making that unpredictable decision.
Marriage is not that expensive, but kids... that is the serious stuff
Married people are 4x wealthier than single people.
@@d_all_in You have the causality backwards. More affluent people are statistically more likely to marry, in much the same way people who own horses statistically live longer not because they own horses but because they have lifestyles and medical care enabled by the same wealth that contributes towards longer lives.
@@NevisYsbryd most people get married when they are young and not wealthy so your theory makes no sense
@@d_all_in Marriage rates are highest among those from the upper class and second-highest in the middle class. Marriage rates in the lower classes are slightly over HALF the marriage rate of the middle class and are well under 50%. That is not theory, let alone mine; those are easily researched statistics. While sharing can help to minimize expenses, the sharing that comes with marriage largely preselects for those doing better financially to begin with.
Well, with the recent failed 3 year long UBI experiment it was shown that the people who received 1k a month for 3 years actually fell behind the control group that only got 50 bucks... Why bother prepping for the future if you know more money is coming no matter what you do?
A recipe for dependence and helplessness.
Jobs will keep you poor. Hard work gets you nowhere, that's an outdated concept. Build resume, work overtime, save money - are all a waste of time/energy. Inflation will make your pension(s) worthless. People stay at jobs because it's "safe", the consequence, just surviving. People stay at jobs because they don't want to leave their comfort zone. Jobs give you a raise (crumbs) once a year just to shut you up. If you remain at a job you can't be grumbling that you poor, it's your fault. Blame the economy, your boss, the president......everyone but yourself. No accountability. Don't believe me on all this? Stay at a job then.
That’s not what the data says. The vast majority of millionaires got rich by saving and investing over long periods of time. The first account to reach seven figures is typically the employer sponsored retirement account.
Bullshit. I had a job for over forty years. I’ve retired a multimillionaire. It simply takes budgeting, planning and discipline
Working in the trades can make you wealthy with about 20 years of hard work. From age 18 to 38. And in the trades...with enough experience you learn the skills to start your own business like what you are talking about. People don't stay at jobs for comfort, they stay because they need to pay the bills. Unless you are born with a silver spoon odds are you are gonna be working at a job for all of your younger years.
The budgeting and planning point is the key. You really cannot blame high bills if you haven't been keeping track of where you are spending money, and taken a hard look at what Wants you can spend less on. The solution might also be to spend less on Needs, e.g., sell your expensive car and get a less-expensive car, or move to a less-expensive apartment when the lease is up, or get a housemate. Yes, having a low income can be the problem, but half of people earning six figures are also living paycheck-to-paycheck. For a lot of people, it's not the income -- it's the spending.
Governments all around the world are also spending more than they receive from taxes and other charges. The consequences of this hurts everyone but poorer people most of all
How does this hurt poorer people? They often pay a lower tax rate, and are substantial beneficiaries of taxes. I don't understand the basis for your comments.
@@michaelgreen3036 because deficit spending feeds inflation and inflation is most cruel on poorer people and those with fixed incomes. They don't have the discretionary spending they can cut to make ends meet and they're also more likely to be dependent on handouts from Government and those handouts won't keep pace with inflation either. They're more likely to be in a welfare dependency trap. Sad.
I and my husband, both in our 80s now, thought we had it figured out untill both of us got sick at the same time. We dont need care, but it was tough with both of us hospitalized. We lived in texas. So his family thought it would be easier for all of us if we sold our house and moved to be closer to them. We sold our home for a fare market value and came to stay up with them. We figured we would buy a smaller place up here. What a laugh. We need 2 times more money to even buy a mobile home here. And the lot rents run 600 to 1000 a month. So basically in our 80s, We are screwed.
Property taxes and insurance are killing me. In 2004, we were paying $3900 yearly, this year $12000, and just got a notification that it's going up again.
If you add up taxes and insurance, they are higher than my mortgage! I'm paying 3k monthly, and my mortgage is only $1200 of that.
We're old, and we'd sell, but even a small crappy house here costs 3k to rent.
You’re so correct, the amount we pay for real estate taxes and insurance is criminal. I’ve always looked forward to having a paid off mortgage but the taxes and insurance are more expensive and never go away
Wow. Where do you live? Florida?
Move somewhere less expensive. Why do you think you are being held prisoner by your local government?
@@michaelgreen3036 I did move somewhere less expensive. Taxes are still crazy.
“High bills are a direct consequence of financial choices that might not align with their income”. Say that again and again.
I recently read an article about a man who identified AI stocks before the AI boom, highlighting the importance of information and insight. I believe AI is poised to enter a new phase, and I aim to position my $200k investment portfolio to capitalize on significant gains.
Absolutely crucial in the stock market: information, insight, and predictability. As an early investor in NVDA, AMD, ANSS, and LRCX, my advisor's guidance was invaluable.
@@Andreallln People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks.
@@rebeccaartgallary How can i reach this person?
@@DeannaPeters-lz8we I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like Sharon Crump Cline I've worked with her for years and highly recommend her. Check if she meets your criteria.
@@rebeccaartgallary I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.
Another major silent and unseen killer to the financial status of us all starts with govt spending and fiscal policy, federal reserve causing inflation by creating unbacked currency, and manipulating interest rates, and the lack of us understanding what is being done to us. I bought a new pickup truck in 1979. It costed $10,000 which was half a year’s pay. Fast forward to today. Just bought a new truck. Nothing fancy. It costed, wait for it, $60,000 or again half a year’s pay!! BUT WHY DID THE COST RISE SO MUCH??
We all know it did, but WHY ?? That’s what we need to understand.
No Self control. Egos bigger than financial sense.
New cars, big screen TVs are also a factor. After decades of corporate fast food and corporate processed food use, people do not know how to handle basic healthy cooking. The constant marketing manipulates people to consume what the corporations have for sale...
Theres way to live cheap or cut corners to reach financial freedom
My monthly paycheck total is at the average monthly essentials
I'm only making it by because:
- I have a roommate to cut rent in half
- I eat one meal a day
- I don't have insurance apart from auto
- I try to save half of my paycheck each paycheck for rent and monthly payments
They're buying things they don't need to impress people that aren't relevant. Nuff said. Live on less than what you make and save and invest the rest. Boom... your now wealthy
I never lived above my means. Now that I am 75 and I save over 1/3 of my income. I paid cash for my last vehicle in 2015 and still driving it. I haven't paid a penny of interest on a credit card for years. I am not rich but comfortable.
family of 2, living in NJ on 1,500/m. the struggle is real.
Every month I have an “unexpected emergency”. Must have an emergency fund!
Especially, if you're single, you have a lot of control over your housing costs. When I'm living away from my residence, I always rent a room in someone's house. Sharing a kitchen and living room saves a LOT of money.
Well going in to this and offering my educated guess...id say it is because the cost of living has risen like 70%ish while actual wages have only risen 20%ish. The math, aint mathing.
Didn't really feel like the reasons were given in the video, just stats on survey responses. As other commenters have said, lack of financial education, for example.
I'm curious, for someone with less than $150K to invest, how would you recommend we enter the market? I am open to study some traders and copy their strategy rather than investing myself and losing money emotionally. What's your take on this approach?
Investing in stocks can be wise with a reliable trading system. Focus on learning when to buy and sell to minimize losses and maximize profits, but financial advisors have a lot more knowledge and expertise in this area.
You're right! In light of individual experience working with a financial adviser, I presently have over $1m in a very much enhanced portfolio that has encountered dramatic development, you also need to be knowledgeable, persistent, and have strong hands to support your investment
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfoIlo allocation
Viviana Marisa Coelho is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
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.
Well off 2:27 here, I still drive an 08 prius, other car 14 prius...house paid, no debt....don't live beyond your means, invest well.
Exactly! I have a 2004 Infiniti. Hubby has 2016 Kia. We love our cars. Sold our suburban home n downside to a Townhome. Hubby retired last year. I was forced into retirement this year. No worries as we have been frugal,
and plan to continue that lifestyle, having a blast n now set for retirement.
I’m just starting to invest but keep hearing mixed things about asset allocation. I avoided investing because I felt lost in financial jargon and concepts I didn’t understand
The reason they live check to check is they don't have a full paycheck. Most don't make there forty hours a week, then bitch when they don't have full check, but still go party on the weekends, and then lay off on Monday because there hung over. To much entitlement early in life, and not enough discipline.
Life style buying what the can’t afford, for many at the higher levels.
Hmmm. Expenses going up at the rate of inflation while wages grow slower than inflation. There is no mystery here
Many of us don't 't have an income problem, we have a spending problem.
Ditch your Cable.
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
My CFA ‘’Aileen Gertrude Tippy” , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
The majority of the US population is living paycheck to paycheck because the cost of living in the US is too high. And it's only going to get worse as time goes on. Everything is going to keep going up in price and people's wages are NEVER going to match or keep up with the rising cost of living.
Finally! Someone stated this truth! Everyone else is saying "don't waste money on a million frugal things", but they fail to realize how expensive everything actually is.
Average rent is $2000 a month. People insist that should only be 1/3 of your income. This means one gets paid $6000 a month, $1500 a week, or $37.50 an hour.
These people should go onto Indeed and see just how many jobs pay that much.
Budgeting doesn't help if you aren't paid enough in the first place.
Totally false. Ridiculous comment. Wages have been rising faster than inflation recently, and that is fact. If your employer hasn't given you a raise, talk to them about it, and possibly look for a new job.
@@Nebin20Get housemates to share the expenses and you'll be fine. Or move to a job where the rent is cheaper. You're not a prisoner, except perhaps in your own thinking.
@@michaelgreen3036 look who's talking about being a prisoner in their own thinking. "If you don't have money, just move! That doesn't cost money at all! Or get a new job! Companies are totally just hiring everyone literally off the street and not paying minimum wage!" Go onto Indeed and tell me how many jobs pay $37.50 an hour or more that also don't want master's degrees.
"Get housemates to share the expenses" is literally stating it takes more than one income to afford a roof over your head.
"Wages have been rising faster than inflation RECENTLY (the key word here)." If wages won for one whole year, it does not make up for the fact the cost of living has been rising faster for decades. If minimum wage kept up with inflation, it would be more than $20 an hour. Last I checked, minimum wage is nowhere near that.
Come live in reality like the rest of us for once.
@@michaelgreen3036 Look who's talking about being a prisoner in your own thinking.
You assume moving is free. News flash; it isn't.
"Get housemates to share expenses." So you admit it takes at least 3 incomes to have a roof over your head.
"Wages have been rising faster than inflation recently." That might be true for the last year or two, but it in now way makes up for the decades where inflation rose faster. Wages are so incredibly far behind minimum wage should be higher than $25 an hour.
"Just get a new job." The average person is not being hired immediately off the street. It takes weeks to months to wade through the nonsense that is the job market.
Add on top of that the average job is not paying $37.50 an hour. Try less than $15 an hour.
Come live in reality like the rest of us.
How many poor people have a $600 new car note. Far too many
Young people buy foolish things they really can’t afford living beyond their means. When it comes to buying ridiculously overpriced cars for example. All they look at is the monthly payment spread out over seven years or more and can they squeeze this expense into their limited budget.
I quit living paycheck to paycheck when I quit regularly drinking, smoking and smoking.
I know people who far out earn me, but I am wealthier than they are. They do NOT manage their money.
Cars, coffee and eating out. Buy cars cash, make your own coffee and pack your lunches. I hear it all the time why people need to spend 6,7, 800 per month on a car. I paid about $3000 for my last car and drove it 9 years before replacing it. A few sets of tires, three batteries and some basic maintenance and only cost me about $55 per month after total cost and then I got a $2000 return which brings it to $37 per month. And it was a nice car in good condition. Not a beater that is embarrassing to drive. My mother made minimum wage most her life and she owns two houses paid for and just bought a small condo for retirement. She didn't inherit anything. Budget and live within your means. Stop wanting things you do not need. Find ways to entertain yourself that are inexpensive or free.
Its about that $80000 dollar truck!
Haha that doesn't help. But the $500,000 house is the real killer.
Adam Smith explained this 250 years ago..... but we never learn!
Most people are just trying to emulate what they see on TV, movies and social media. They subconsciously normalize what they see and rationalize living beyond their means.
If we saw on TV, movies etc. what should be the average, it wouldn't be entertaining at all. It would be depressing.
People say, I’m going to stop spending and stay home. I can watch tv, movies, video games, computer time. It leads to dissatisfaction and instead of gratitude for what they do have they yearn to more and then complain and then go on a spending spree.
@@Freaysclaw56 good point!!
Meanwhile the government is 35 trillion in the hole. But wants to tax me to death and track 600 bucks I spend 😂
It's $35T in debt because the typical brainless American voted for morons who promised more programs with lower taxes. Typical American will always reject the truth when they have the option to vote for the lie they want to hear.
Today for most people The American Dream will never happen. And don't post the Carlin line. We all know it.
I don't know why anyone would measure themselves against some mythical "American Dream" someone else defined. Find ways to be happy with whatever goals you are realistically able to achieve.
Yes, money management is a problem, and yes, many people put themselves in a bad economic situation, but the reality is that many lower income wages have not kept up with inflation. lots of jobs simply do not pay enough for a working family to support a middle class lifestyle.
Actually, low wage jobs have generally seen the higher percentage increases in recent years due to the labor shortage. That of course still does not mean those are livable wages.
I learned that no matter what you make you'll spend what you make
The average American wastes money, see it every day. They will pay $5 for an item at a store when the same is at another store in the same parking lot for $1.50. I used to work with a guy who would save up for a vacation every year saving up 10% of his salary, he could barely pay his bills because of this decision.
Most people get used to living a certain way when times are good and money is cheap.
When things change as they inevitably do, they're not willing to scale back their spending. Many of the same vehicles that are in the line getting the food handouts at the churches so they have meals for their families are the same vehicles you see in the Starbucks drive thru line everyday.
I won’t drop off donations to the food bank just before they give out food. It bothers me the people standing in line smoking ($14 a pack or $420mo) holding Starbucks while their children enjoy a supersized McDonalds meal. I still donate because it’s not the children’s fault the parents can’t handle money and make poor choices.