Credit Card and Auto Loan DELINQUENCIES SURGING!
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- Опубліковано 18 тра 2024
- Delinquencies in all forms of debt, are on the rise, and when it comes to credit card an auto loan debt, it is literally surging. At this rate, we will be at all time record highs in a year from now. You're also starting to see Mortgage debt delinquencies rise as well.
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This Economy is MAKING PEOPLE SICK! (LITERALLY) ua-cam.com/video/dfSKkereMY8/v-deo.html
Michael, I'm someone who is disabled from working 8 hours a day. I hate it. It's not what I'm used to.
Having limitations starting with both knees fully replaced and a horrible bad back have put me at a loss.
The jobs that are easiest to get and offer the lowest wages all require standing on your feet and walking all day. In my younger days I was able to do that. Not no more lol
So I'll be joining those limited by social security once a month with a small part time job. Thank God I was able to downsize and move to my reservation where my 1 bedroom cottage has everything included and is under $500 a month.
For now lol
Happy Sunday to you and sweet Lisi 🩷🌸
Michael... if you could move and start over, what are the top three states/cities you would move to?
@@joemayton5560 He is too busy Fear Mongering to care about that ! Struggling Realtor in a BAD high priced market so he sees everything in a Dark State of mind.
My landlord has been fighting to raise the rent by 12 percent. Not only that but he also wants us to pay for all of the money that he missed out on during the pandemic where he was not allowed to raise the rent as much as is usually allowed, so if this all goes through, I am looking at forking up around 2 grand just from that plus having to pay 12 percent more. He owns buildings throughout Canada and it is a multi billion dollar business that is still growing as he buys old buildings, fixes then up and jacks up the rent to outrageous levels and has other building being built, so he is by no means hurting financially.
He is trying to get away with as much cosmetic work as possible to attract others and wants us to pay for every last thing he does to the building. He legit has the worst pictures taken of a few spots that are pretty bad but all the rest of it, no pix are taken, one example is in the replacements of the metal railings and spindles for the balconies where most of them just needed a good paint job with some of the balcony floors just requiring a good pressure wash to get them looking new. At that point it is no longer about needing any extra money.
You buy an old building, you have more have to repairs and costs that come along with it, that should not be our problem. He has more than enough to live a very comfortable life without ever having to worry even if the cash flow comes to a screeching halt, so it is just pure greed at this point. I know an 81 year old lady in one of his neighbouring buildings who was grandfathered in and they have been trying to get her to leave, and to add insult to injury they are only offering her 3 grand to do so. All of this leaves only one option, that is, that he is heartless. It is just absolutely ludicrous.
@@edge918 Just like with my landlord, a lot of these higher ups, just, do, not, care. I hope your situation continues to improve. Wishing you all the best.
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Another good indicator is people canceling streaming services like Netflix.
I heard Sirius radio lost 400K subscribers last year. I dropped cable and it saved enough to pay for my electric bills.
@@rockyroad7345 Their content is horrible.
and gyms - if you can get them to stop billing your card
I just canceled 3 streaming services $660 a year
@@OKTownTRUE! My brother was billed for MONTHS on an inactive card and they sent it to collections.
I'm poor and can't afford a home, but im 100% debt free!!! Also don't go to collage right now because colleges are messed up right now. Instead go to a trade school and get a blue collar job. Demand for electricians plumbers welders and such is up and they can be making 6 figures after a few years in the trade.
New American dream! 😂😂😂
If you're debt free, you're not poor. Debt on income producing assets can be okay, but all other debt is bad. Many Americans would love to get "up" to zero.
Being debt free & breaking even each month is bout anyone can ask for right now I guess...we're straight getting robbed right now
No debt make 95k. Rent a 3-2 in Orlando for $2100. Would cost $3300 to buy with a 40k down payment. Idk if I even can buy a house. With 2 kids and a stay at home mom. Truly sad
Same here. I sleep at night too.
I worked for Amazon for 4 years as a warehouse worker. They work the hell out of you.
Yeah, that’s why they call it work
I work for three years in Amazon corporate and It’s pretty much the same thing. The company culture is to bleed as much out of people as possible. I quit a six figure job with them because it just wasn’t worth it anymore.
So does Kroger night stocking.
You would have been better off enlisting in the military for 3-4 years. At least you'd have veteran's benefits (healthcare, education).
@@oweunuffin2252 at least Kroger doesn't make you wear a tracker
Them $1000. vehicle payments not looking so good now.
Well, that would depend on how much you make wouldn’t it?
@@ihave35cents95 That's true, but so many people with large car payments based their purchasing decisions on a budget that didn't leave enough financial room for them to adjust to all the inflation that's occurred since they signed those deals.
I turned my $500 payment around because it was too much for us, got on a $346 going to refi to $270 (bad rate knew it going in with every intention of a refi) and better gas mileage although a 4 year older SUV and many more miles who cares I have every intention on keeping it and just maintaining it the best I can and making repairs as needed.
@@tonebonebgky2 It is called ' Thrift' and Mr. Buffet knows all about it ! " What don't you understand about little or no debt ? "..........in answer to a questioner years ago !
You think that $1300 / month Range Rover payment is a good idea on a $3200 / salary ?
Been on the grind and got my credit card paid off. Only debt I have now is my mortgage 🙏
Don't stop put all of the money you're putting on the card towards that house and then keep it moving forward.
@@tonebonebgky2 thats the plan, and maybe some upgrades to the house. my windows are old
Nice work! Stay out of debt now. Start saving your money with a high yield savings account. Possibly pay extra towards your mortgage payment.
Awesome work
Great job!
Wal-Mart, "we take a dump on our employees"
Amazon, "hold my beer"
Wal-Mart I've boycotted for years. Amazon is difficult, but I encourage everyone not give their business to either one if possible.
Amazon "What, no vomit?"
Amazon offers a lot for their employees you can go to college for free or learn a trade on their dime. I got my CDL paid for by them.
AMAZON IS NO JOKE
SEE THAT AMAZON ASSEMBLY LINE?
LOL AFTER 1 SHIFT YOU'D FEEL LIKE YOU'VE BEEN RAN OVER BY A TRAIN!
If should work for temu in a warehouse in China
Skip college and learn a trade. Master that trade and your budget.
college has turned into a joke just like the education system has. It's all indoctrination no actual learning. The system doesn't want real people who can think and problem solve. The system only wants what they consider to be useful idiots that they can control and get rid of once their usefulness is gone.
Every single position I have held since I was 20 years old required a BACHELORS degree, at minimum, and a MASTERS was preferred. Trades are great, but if one changes his mind, good luck going to college mid-life.
Immigrants, are really starting to kill the wages in trades.
@@EarlPiller If a U.S. tradesman's job is taken by a newcomer who doesn't speak the language, that U.S. tradesman sucks.
I know a young man, mid 20s, who is a traveling welder. Makes over 200k per year. Just paid cash for land, is building his house for cash, and getting married soon. Everything is paid for already.
A few decades ago I lived in S. Florida. I had no job, no money, bad credit, debt, my truck got repossessed, and I spent my last bit of money (after pawning
my last possessions) to buy a bus ticket back to California. I lived in a tent for several months, while I worked, saved money and got my life in order. so I
do know what it's like to be "down and out". I had found a renewed faith in Jesus, which enabled me to achieve victory. I now have a great job/career, NO
debt, an 840 FICO score, $218,000 in savings, and I save $3,800 every month. So, failure does not have to be the last word.
Thanks for sharing.. it’s refreshing to hear stories like this 🙏🏼
God bless you! I put my faith in Jesus and He turned my life around, too!
love the success stories. i was homeless on the beach for about a year during the last crash too. took awhile to get a new trade skill and job and to save and get lucky with hard work and a new lease on life. i lost everything my car, house, boat, toys, chick. alot of it gone within a few months back in 2009. financially secure from 2011 to 2024. my head is still above water but the economy doesnt look good and its proly a good idea to tighten up the wallet and save like you. i sold the corvette and got a corolla lol. i hate this economy lol
Thank you for sharing your story you give some of us hope but how did you do it?
Wonderful story. Hope everybody reads it.
$20 pre hr x 40 x 52 = 41,600 gross = That is poverty these days.
I made $20.00 hour in 2004 as a fitter welder.
I don't make much more than that. Its just me I am supporting, but I have 0 issues with income. Have everything I need/want. I work 24 hours a week (2 12 hour shifts) and the rest of the week is mine.
that's not minus taxes take home is much less
@@mph5896doin what?
@@mph5896 mph, you don't covet expensive, unnecessary, perishable things. You value free time. Free time is life.
(8:45) Sounds like Amazon is taking a page from the Walmart HR handbook. "Welcome to orientation. Here's how to get food stamps. Now get to work!"
👏🏽👏🏽👏🏽👏🏽
They like it works for them ....
In 09 an article in the New York Times said Walmart associates were receiving food stamps. They gave everyone from 1¢ up on hourly pay so they couldn't get foodies. To those with children this was a cut in pay. Many quit for lower paying jobs elsewhere. Whenever the New York Times wrote a negative article is when Walmart changed the rules.
I tried to live most of my life debt free. I had a mortgage on a modest home and paid it off early when interest rates were low. I distinctly remember a coworker who said I was an idiot for paying down my mortgage BECAUSE interest rates were so low. I tried to explain to him that the time to pay down debts is WHEN interest rates were low, because more of that payment is used to bring down the principal. Interest rates won’t stay low forever. He looked at me like I was speaking Ancient Greek…interest rates will stay low forever, right? Glad I stuck to my guns. My truck was purchased with cash, and I’ll drive it into the ground. I could never understand keeping up with the Jones’. My wife and I pay off our visa bill religiously every month. Debt is just another form of slavery. Sure I see others with bigger houses, newer cars, fancier toys etc. but I’d rather be a pauper in paradise than a king in chains.
Awesome job. Too bad most people are too caught up with having things they can't afford and living outside of their means to experience a life of financial freedom. Especially this day and age. The financially smart folks will weather this storm.
Your interest rate is locked in, unless you went with a variable rate. If it's low, it will always be low. You could make principal only payments.
@piobmhor8529 You make a good point but your specific example is a bit misleading. Many people have mortgages with an interest rate that is fixed so it doesn't matter to them if interest rates rise. It still can make sense to pay your mortgage down faster, if your lender doesn't penalise you for doing that, because you will save on how much money you had to pay overall in interest while you had the mortgage.
@@plica06 where I’m from, mortgages may be calculated to 25 years, but are renewed on shorter terms such as 3-4 or 5 year. Upon renewal, the interest rate is renegotiated based on prime plus. If the prime rate goes up, the new interest rates offered go up. Variable rate mortgages are another thing, usually at prime plus a higher rate with the option of being offered a lower rate if the prime drops. So if you pay down your principle in the good times, there is less principle down the road to have to pay the higher rate on after renewal. Hope that helps.
People who use that argument bank on The idea that you are investing the extra money and will get a good return on it. A lot of people wont fully invest and follow through accordingly though. In a couple years they will want a car upgrade or a boat or something and it wipes out any progress.
People are broke.
Why ? Is it the $1500 Ford F150 payment every month ? Or the $12000 in credit card debt that requires a monthly minimum of $750 ? I just can't understand it. Could it be Financial Education in this country is non existent ?
@@ag4allgood You can educate them all you want. Most won't listen. I tell most people to stuff 1/4 of there check into a account each week or gasp even have 5 or 10% taken out by the government so they never see it in the first place. After 6 months to a year they will have a nice chunk they can invest or use for things to pay cash for. Most people give me the excuse they cant afford it then you watch them go out and spend $60-$100 that weekend.
All you can do is give them some free advise then leave it alone.
@@ag4allgoodbro no. People are not splurging, life is just unaffordable.
@@oooohuhu You have not been to an airport recently ! The lines are long & wide. People are spending like there is no tomorrow !
@@ag4allgood I don’t go to the airport because I can’t afford to travel lmao. Sounds like you have plenty of money tho! 😅😂 life is just out of reach for majority of people. It’s pretty gross to assume everyone is as reckless as you think.
What a freaking timeline to be living in. Crazy days ahead. Good evening everyone. 🍻
Being an AC/DC fan, you should be familiar with Ozzy's "Crazy Train".
@@DIVISIONINCISION indeed! Saw him a few times. 🤘🏼
When most of us have low wages, we end up broke and unable to pay our expenses.
Live below your means. Save your money. Don't get into credit card debt or a Huge Car Loan.
* edit
Did you notice why student loans are on a flat low line?*
"Loan forgiveness approved by the Biden-Harris Administration to $153 billion for nearly 4.3 million Americans. TApr 12, 2024".
Live in the woods.
That's what I did-
Now I own 2 trucks, a 32 foot camper and rent a 2 bed 2 bath house on a big yard with no neighbors.
@@ag4allgoodexactly
@@ag4allgood
Government extortion is higher than many people's means.
I always thought Dave Ramsey was out there, but he's 110% correct. No debt is the only way to go, screw credit reports/ratings. Pay cash money.
Yes bring debt free is the way to go.
If you are a very steady person who is determined to work every day it can make sense to take out a car loan to ensure you can get to work consistently. Also, it is possible to build wealth by buying a house and taking out a mortgage. It’s like an enforced savings program.
That is if you can keep that house. Homeowners insurance, taxes and HOA fees can get you out of that house real fast. Oh, I forgot, don't get laid off.
The situation we are about to slide into will hurt many people...buckle up!
@virginia3222 home and car loans right now are not sustainable though. People will lose their homes and cars if price of living just continues to rise.
He's right about some things but wrong about others.
As an Asian what terrify me the most is your suburb. Like the one where you live right now, it's pretty much desserted like ghost town, you're the only one who's walking on the streets.
It’s what we call a bedroom community, people just go there to eat and sleep😂
Too miserably hot and humid to be outside, much better inside in AC house.
My neighborhood is the same, though 30 years ago it was full of friendly people. I have a vacant house on each side and cold, unfriendly, invisible younger people all around (I'm 76) . being a Christian, which inspires me to action, I leave one little light in the front window to cheer people coming along at night. Then I'm on the porch with my dogs from 5 am with coffee and a cigarette and ask God to bless the people going down my dark, dark corner to and from work. I can't afford air conditioning much and have open windows 90% of the summer. I can't walk my lively dogs because everybody else's dogs are zombie dogs like their owners!!! All the very best, KyudoKun....you're not alone.
Young Indian wives in isolated apartments all day are committing suicide a lot...a true testimonial to how barbaric and cold the US is today. I go out of my way to be kind and friendly to the new immigrants.
Florida. Probably getting hot and humid. People are inside in the A/C. Humidity is another reason I won't ever live in Florida.
That's just a cultural thing that seems strange to you. It's not actually a ghost town. It's just that people stay inside, or in their own yards, for the most part. I am American though, and I also don't like the typical suburban tract developments which aren't pleasant to walk and are too far away from everything. I do like some areas of suburbs, but only if they are planned well (greenways and walking spaces, sidewalks and trees and pleasant surroundings, etc).
The best decision and the worst decision of my life is not being part of this broken system. I have zero debt and enough money to not have to worry about it, but I have no financial paper trail to help me if I ever decide to use the system. But I sleep well at night knowing I don’t owe anyone money.
I have this same problem
You don't need a paper trail. It is a lie and a trap.
Don't worry about it... pretty soon there won't be a 'system'.
I wish there was a way to do that and still invest in markets, bonds, etc. But until such times as you can, I will let those can pay more than a paychecks do.
My 2015 golf wagon has been paid off for 3 years and still running great. No plans for new car anytime soon.
The vast majority of people on this planet can only dream of having the stuff that we have. Yet most of them don’t realize that we have all the stuff because we’re living on credit. The days when an American with a 40 hour week job can get a $200,000 mortgage is starting to end, but in reality, it was never fair to begin with because there are people on this planet that worked twice as hard and never even dream of a bank lending them $200,000.
Scary stuff same story in the UK. Mass unemployment with city jobs like IT sales- marketing-and other roles etc. Europe is even worse
Government still hiring
Canada aint that good either. Rent doubles over night then food doubles. Soon after all cards maxed and oh shit i either pay the cards or buy food.
That's really broad. Western EU like all western countries are doing bad. The east is doing better than ever. If you are skilled some even hit US wages. Except far smaller cost of living
It’s not “scary” in the US, at least for most people. Unemployment has been below 4% for years. Inflation is 3.4%, which is not a disaster. House prices need to fall, so what. That will be a positive for anyone buying.
@@floydestelle6242They shouldn’t be the main job maker.
I honestly feel sorry for college graduates and drop outs past summer 2022. Especially if they had to resort to student loans. All the interest rates and all you get is a PT roughly $15/hr job that you could've gotten straight outta high school just because you didn't have experience. Honestly, the feeling of wasting so much of your youth heavily focusing on school only to wind up as a cashier or some kind of clerk. It sucks.
Build Back Broke is where we are now.
Only if your a Realtor living in Miami making fear mongering videos.
@@ag4allgood interesting that it triggered you because he’s just stating facts…
@@fjbtube6278 45s $7 Trillion in Tax Cuts to the Corporations & 1%ers - FACTS ! Sound good to you ?
Dont vote Biden- or Democrat. They arent money minded or care about US citizens.
I’m a physician so I had to go to college. I had mostly federal student loans with my parents as co-signers and my interest rates on debt were up to 8.6%. After expensive undergrad, out of state med school, residency, and fellowship I finally started making enough money to repay my debt. However by then my total principal across all student loans was a little under $500k. Fortunately as a specialist I paid it all off in 5 years basically still living as if I was a poor resident. With medical reimbursement stagnant or even decreasing I’m not sure it will make sense for anyone to become a physician unless they come from a wealthy family or are willing to make a lot of sacrifices and delay normal life events like homeownership and children for a very long time.
Welcome to the American dream, DEBT!
I bet u paying 6 fig in tax, gotta be painful to be a physician
I feel for a Physicians nowadays they can't even have a normal life until they're about 40 years old. And they just pay off debt and expenses until the day they die. Good for you that you paid yours off.
I’m a Doc too…still have $120K left in private loans after losing my clinic to draconian Covid shutdowns in WA state, nearly losing everything and having to move across the country to try to work. Laid off and replaced twice by NPs to “save money”. My loan payments are up $1000/mo since interest rates have increased from my prior 3.25% to over 10%. I hate our Goverment & Medical system.
@@monsteraetc Wow, this info is very enlightening. I'm 63 disabled, former medical assistant I'm so sorry you've had to experience all that. In the past I've worked with some very unique and highly contentious healers in the past but mostly people that got that degree and were the bad and the ugly. Losing your clinic during the shutdown speaks volumes w/o you having to go into the details. I just want to say I think I can fill in the blanks and I just want to say Thank you for your service. And yes, indeed both Government & Medical system not to mention other systems have gone to hell in a handbasket. As I mentioned I am disabled so my career is pretty much seeing doctors and taking meds. My husband passed during covid but for reasons apart from the virus. I have witnessed doctors who seemingly were only following a computer program in the case of my husband's kidney disease rather than the other way around. And now w AI, I can see what the future of medicine is. All too scary to think about. May God bless you richly.
I know somebody that did holiday help at Amazon Logistics. You know what they do, they blast the music to deafening levels, so people won't talk to each other and promote you to work faster. Also, they give prizes for the fastest people, then because everything is connected, they go to the people working at a normal rate and say why are you working so slow your holding thing up ha.
I've have lived that scenario w other companies in the past. Sorry suckers they are. I bet those winning the prizes and being put on a pedestal are the ones that do a lousy job and guess he has to come behind them and fix the issues. You got it, the ones who work at normal speed.
Not any different at many assembly lines. The speed of the line is often gated on the slowest worker.
It was 97 degrees today, I am so looking forward to moving out of this hell hole called Miami!
cooler than phoenix
@@takemetothelakes788 But much more humid, until Monsoon Season arrives.
I don’t go to my Marco Island home during hot weather.
Supposed to feel like 101° this Sunday in SE NC.😮
Welcome to snow.
As jesica savage , chicago tribune economist says “ i am more concerned with the return of my money, than the return on it”. 100% right
5.4 % CDs give you a nice return while returning EVERYTHING ! The Dow just hit a new high !
If an economist is not making good returns on their investments today, I suggest you not listen to them. You can buy bond and Treasuries from the comfort of your home and not pay state taxes on the gains.
@@JBoy340a Just making a point that Treasuries / CDs are great for a safe investment however they will not make you rich & while taxes are a consideration don't let them stop you from attaining wealth. Especially if your younger.
everybody inline at the clerks office, FILING BANKRUPTCY.
It's no better off if you work they will make you file chapter 13 and take money out of your check. If your spouse work they will it his or her check to.
😂😂😂😂😂😂😂😂
Omg....
Food stamps line as well....
Unbelievable frenzy,they all want to get in on the feast...
It's ridiculous. My monthly bill for my internet and my water both went up 10 dollars this past week out of nowhere.
Most likely some federal tax that those services are forced to pay
@@JohnQPublic345More like the monopoly that controls the Internet and the water needed new yachts.
I found your channel a month ago and I have been watching as many of your videos as I can. You are truly on point about today's economy...not just in Florida but throughout the nation! Keep up the good work!!
The rent is too damn high!
This is a great channel Michael. You are doing great work.
His Fear Mongering is awesome. He is a Realtor though at a time when there is no market. I can see why he is so scared & blames everybody but himself.
@@ag4allgoodwhy would he blame himself for no market?
@@mhaas281 He finds every DARK Cloud in the sky & does not see the sun ! He picked Miami to live ! Now he is pretty much stuck there because of the Florida housing market !
Like Reagan said, most 9 feared words, "I'm from the government and I'm here to help"
Don’t forget your beloved Reagan also signed off on 3 million migrants.
Reagan used big government to help the rich with his darn Supply-Side Trickle-Down economics. When the bottom 99% earns an additional dollar, the top 1% pockets $7500.
Ah yes the oligarchy playbook:
Step 1 - Sow distrust in the government
Step 2 - Starve the funding to its programs to make them ineffective, thereby fulfilling #1
Step 3 - PROFIT 🤑🤑
@@sokaiya1The Reagan government got 2.75 million migrants passing the vetting process. Today, we do need more foreigners, but they should be quality people, who are in a position to hit the ground running, and speed up the entry process where possible, and revisit daca.
@@user-ws4sm4lz6q Like the Genius Visa Melania got to enter the country ? Reagan also signed off on retirees getting Taxed on Social Security ! Whatta Guy !
I personally buy only what I NEED to SURVIVE. Yes, their was a movie and concert I wanted to attend badly. But, I promised myself I have to stay strong & keep my expenses intact from getting out of control. Lucky for me, I have no one to answer, too, but me. 👍
Sounds like a fun existence.
sail the 7 seas to see the movie and probably get vids of the concert... you're lucky you are not married or your wife would divorce wreck you for not taking her to the concert and movies and hundreds of other things.
Investing in other people's debt, SMH, Biden Administration told credit agencies they can't report student loans until 4th quarter of 2024. Happy Sunday Michael, Thank You.
Wow!!!!
In the early nineties, we had an investment that paid 15% that compounded. I loved opening the monthly report on the money we made on that account. Those were the days.
I remember my Professor saying "any idiot could've got rich in the 90s" and it was the truth. Extremely high asset returns and very little inflation. It's the last time in America when the country was well run and people generally had hope.
@@Andrew-3445The 90s was the peak of humanity. All downhill after that.
God, I wish I could go back.
Those are still the days for me. Stocks I bought in the early to mid 90s that were under $5 are double and triple digits now paying great dividends.
You should talk about to people cant afford these crazy insurance prices either
He already did
Billions of $$$ for foreign aid. In the meantime seniors who have worked 30/40/50 years run out of food before their next check...Not cool
Not cool at all. I'm 62 selling my house to downsize in price,my property tax & HOA I won't be able to handle it in a few years.
Basically I have been thinking about that same scenario.
Social Security was never meant to be a pension, just a safety net. I am not counting on it when I retire.
@@DIVISIONINCISION Every country in the world has some kind of a pension system not a casino called 401k what a scam !!!!
@@DIVISIONINCISIONYet, that’s all some people get. Saved money doesn’t last long when one expense after another keeps popping up.
I am still driving my 2000 F150. Last payment was October 2004!!!!
Love it. No car payments for 20 years!!
I’m tired of being tired! Lied to that if you work hard you can achieve the American dream! That’s the biggest sham ever!!!
It’s the leftist voters doing it to ya… if your a leftist ,then your doing it to yourself… wake up..!
Didn't you read of mice and men? That was written about a century ago and is about the American dream being a load of rubbish.
@@haveanotherpinacolada They go the Dreamers ....
Save yourself! Get and stay out of debt!
Yes, and most of it was probably social debt lol. “I’ll pay you in a couple weeks, Bill”.
Young folk is like How with these interest rates and home prices .....a smart 45-year-old can ...
Pathetic what’s going on. Not sure if you heard, Pennsylvania tax payers are now paying for benefits to those who work for DoorDash” . Yes taxpayers are paying, NOT the company itself. Would love for you to bring this to light. Corporate America driven America. What about the struggling Mom and Pop businesses! Thanks Michael for all you do bringing attention to these issues.
I am going back too college to get my Master's in Computer Science after working over 20 years as a structural engineer. I will be taking out loans just like I did for my BS. degree. I would definitely tell any young white male not to get a college degree but go to a tech school for HVAC, welder, electrician, mechanic. They have a much better chance of getting a steady job and will make more money especially if they work for themselves. There are always exceptions to every rule but I am saying in general. I wished I had when I was 18 years old.
Why is this advice for only young white males?
You may want to hold off on that. IT field is laying off in droves right now. With the evolution of AI, software engineers and other related positions will be obsolete in the future. Trades are great if your body can hold up for that long. Best bet is a specialized healthcare field, Master's or Doctoral level. Those jobs are in demand and pay well. Also, not breaking down your body in the process.
@@DIVISIONINCISION Thats why you become an Artificial Intelligence Engineer. I'm interning as one right now.
I just did what you're about to do. Go into Generative AI after you graduate.
@@christopheryoungbeck8837 Advanced AI will make even that position obsolete. IT is not the field to go in to long-term.
Would rather that minimal 150b go to American students than to Ukraine, Israeli and the military's industrial complex who can't account for trillions in spending.
Biden wants to reduce student debt, and did it as far as executive orders can go. To do more, Biden needs the cooperation of Republicans, which he didn't get. If Trump wins, no student debt relief. If you want a strong voice, in congress, for student loan debt relief, Democrat majorities will be needed. Understand?
Exactly!
Student loans are down only because they aren't being reported until Q4.
So the national debt goes up a trillion dollars every 100 days with no fiscal responsibility,
how does it all end ?
My son is 25 years old never went to college he barely made it through high school 😂 He now works on wind turbines he is on a private island in the Bahamas right now gets to travel all over and makes 6 figures. There is work out there that does not need college. Just hard work.
Where did he get “wind turbine training?”
True! I have a family member who also achieved this. College is overrated.
I just read an article about how supposedly some people are so distraught about the economy that they have just said screw it. They’re spending money like crazy and they don’t care anymore. I don’t think that’s a good coping mechanism. Just gonna dig them deeper into a hole.
That’s called, foolishness!
It's called "doom spending" and these people are only living for today, hoping they get bailed out.
@@DIVISIONINCISION they may have a very rude awakening coming their way.
@@FloridaGirl- I agree. And it’s a real kick in the face for those of us that are trying our best to make ends meet.
@@DIVISIONINCISIONYOLO, baby!!!!!!😂
Why do they park nice cars on nice grass, in your neighborhood? Its very ghetto.
If you are Delinquent in CCs and auto. Then you do not know how to manage your money. Period
A lot of people living above their means
The thing with Student Loans is they are about 40% not being paid back but they cannot go into default until this October per the Debt Ceiling Debacle Agreement. That figure will skyrocket in November 2024, by design after the Selection 2024 of course.
Sometimes in the late Fall we'll be barraged by news reports of historical defaults. It's like all of this pre-programmed in to our culture.
That’s a good point
Student loans are NOT dischargeable in bankruptcy, so best to pay them
Or... Best to treat them fairly, like other debts or treated, instead of as a justification to hold a teenagers naive decision over their head for decades.
When I had the least "life-in-my-life" was when I was in debt. I look back now and see the "dead spots" where I was in debt. Whether the debt was to my mother or to credit cards it was a "lifeless" time of life.
Feeling the heat and lovin it! Thanks for all the videos.
My bet is many are charging coffee, cigarettes, booze, movies, etc. and crying about CC bills.
$1500 a month for property tax ? You people are insane. I pay under €500 a year here in Germany.
XLV - I pay about the same here in N Arkansas (rural). There are areas in the US where people can live very affordably but everyone living in higher cost areas are doing so by choice. Then they all complain about it and try to bring the same policies with them to a new location and can’t understand why people don’t want them as neighbors.
you also pay an income tax and VAT. no such taxes in Florida, Texas, or Tennessee.
Germany? 😮
I know many Public employees who during their last few years before retiring are given massive moonlighting jobs aka Overtime to elevate their pay because their pensions are based on the last few years averages. So what happens is you get Public Retirees making $150,000-$300,000/ year in retirement pay and much of their healthcare and special retirement pensions are paid for by the private taxpayers.
Not only that, but did any public/government employee lose a paycheck during the Covid shutdown?
So glad in 1985 I took a Fire Department job at 14,000 a yr while my friends got. 20 HR and I retired at ++++ and get paid health insurance and pension for life . Thank you young me ! Probably only thing I thank my young self for 😂
One of the key factors in why Amazon workers said that they couldn't live on their wage ws because a large number of them couldn't get full time hours or regular hours.
That makes sense. Employers don't have to pay benefits to part time employees.
Thank you for another informative video.
Wait till all these people receive 1099's for all that cancelled debt. That will be a hefty tax bill they don't see coming.
good point
Yeap,and the IRS will take everything you own and throw you in jail if you don't pay up,you cant bankruptcy what you owe to the IRS.
I expect that the people who change Joe's diaper will be sure that the forgiveness is also tax free. You and I will pay for that, too.
@@shirtlesslager they're going to simply 'forget' to send the 1099s.
@@markpitchford7375 Most of the central Americans I have worked with on construction projects were simply better than the gringos. 'Nuff said.
Great job, Michael. Love your channel!
I tried to tell my four kids 6 or 7 years ago about collages are there for profit not there to educate but they rolled their eyes and labeled me narcissistic because of my views with student debt.
I'm betting those kids are in the poor house, now!
How did they conclude narcissism based off that viewpoint?
Well, your kids could use a dictionary to look up the definition of a few words.
Narcissist, really?
I told my kids get a Scholarship or you're not serious ....
you'll be stuck paying your kids student loans...
It took me 15 years, but I paid off *MY* federal student loan debt 16 years ago. Start by retroactively forgiving OUR debt, PLUS interest! 😂
Texas too hot. Arizona too hot. New Mexico is just right as I have the door opened in my living room getting that gentle Sandia Foothill breeze
I grew up in Albuquerque but lived in Dallas for 45 years. You're right on!😢😢😢 The heat here in Texas is unbearable. We seem to have 4 months of hot summer & it has already started, 90 degrees today!! ☀️ 😟
New Mexico is only a few degrees cooler than Arizona, and about the same as Texas. I'm being offered a job at Fort Cannon, AFB in NM and have been researching Clovis and some smaller towns on the Texas side of the border. The only good thing I see about New Mexico is that they offer the same veteran's benefits that Texas has. The downside is it's a Democratic state.
Lots of crime in Albuquerque
@@DIVISIONINCISION it depends where you live in NM. I live in the Sandia Foothills of Albuquerque. Usually a nice cool mountain breeze keeps the weather nice here. Just about the whole east side of NM is like Odessa Tx. No thank you. But did you see that housing and property taxes there are much better than Texas? Notice the 3 percent cap on property as well. Not a homestead but applies to all property you own. This was once a conservative state and there are some good laws on the books by these past politicians. I am nervous of commie democrats infiltrating and corrupting things here. But its smooth sailing so far. Plus its the best state fpr civil forfeiture laws on the books. Gotta weigh the good and bad. Texas to me was overpopulated when I moved there in 2007. Its a real mess now with all the crazy weather. Anything east of Fort Worth is far west Louisiana swamp land flat as a pancake.
@@halfdollar1 I'm a disabled veteran, so I would have property tax exemption in NM just like I do in Texas. Cost of living looks to be lower in East NM, too. I have the choice of living in Clovis or one of the West Texas towns over the border. Then again, I am also debating offers for Corpus Christi and East Texas.
Great, great job Michael and awesome video❤
1/2 of Walmart employees receive food assistance as well. In my area, Portland OR, the front-end employees received a dollar wage from $16 an hour to $17. Woo-hoo! 😏 That's why they mainly employ older folk and minors. Sad part is many good employees work there because they don't have better job prospects. The corporation knows this.
Biden’s beautiful America
Build back better! 😂😂😂
It's up to YOU. If you look for someone to blame then you will always remain poor.
Bidenomics at its best 🤣😂😂😂
This has nothing to do with Biden... what's happening right now was inevitable. Crazy how little people know about how economics works 🤦🏽
@@MrSteeDoo. As long as our politicians work for the Globalist and not the American people the middle class will always lose
The stupidest thing for parent to do is pay for their kids college education. Don’t do it. If the kid wants the education, bad enough, they can pay for it themselves. It will also make them decide if they really want to go to college and pick a major were they can actually make a living on. These basket, weaving degrees aren’t worth a damn.
I have a master's degree in basket weaving, it's a waste basket.
My parents were well off and paid for my degree, got a jog with a Fortune 50 company and didn’t like it. It was a white collar sweathouse!
Remember this attitude when you need end of life care and don’t want to live in a state run home
@@Tom-my8fdYour degree should have been in law. Then you could have been a basket case….lol.
YIKES! I guess I’ll tell my parents to stop paying for my engineering degree
It looks like everything you've said about a year finally coming through. Great job Mike.
Good Luck, and God Bless. Love your channel.
Thanks, Michael.
When people don’t live below their means bad things *will* happen inflation or not.
Exactly...
Over the decades (I'm older) one learns that what is not mentioned in "news" 😂 is more important than what is mentioned. Where did the $ that is owed by governments and families originate ???? From the privately owned banks with a misnomer name that printed or keyboard it into existence from nothing more than the cost of paper, ink, and labor.
Thanks Mitch
Thanks for bringing awareness to the Amazon troubles
Good for you young man. Be even smarter, learn another trade if you can.👊
Deep recession is already here.
Watching this channel keeping our guards up against unnecessary spendings.
Greetings from Australia
Thank you to our host for this wonderful walk-around outdoor tour. We always learn a lot.
I am loving this! Please continue living way beyond your means Americans. Enjoy!
Why
My student loan doubled in monthly cost with 30 days notice. Messed with my budgeting for the summer months quite a bit.
But did you make any payments on it lately, let's say in the last few years?
@@John1908-vo1iv Yes.
@@John1908-vo1iv It also happened to a much younger co-worker, maybe 25 if that, so someone that was in college in recent years.
Companies will say no to getting money instead of benefits. The practice is to stop benefits when no profit so they appear to not decrease pay. The second point is that employees do not get full benefits until a certain time period. Its all about cutting pay for employees.
For the last couple of months Amazon keeps delivering to a wrong address. I don’t think these drivers can read or don’t care.
My daughters student loans were supposed to be paid off after working for a non-profit.
Not one dime has been paid towards any of her undergraduate loans or her masters program.
When does build back better begin? 😂
Biden needs another four years to finish what he started
I am thriving. Why aren't you?
Blame yourself.
@@MrSteeDoo I am thriving! Self employed! I’m being sarcastic bro! Trump 24
Nice to see you walking, and I hope to see you more.
I drive Uber and take a few people to these amazon warehouse jobs, they will do crap like schedule you like 4 hours but can send you home early but at the same time make you work more, so these guys are sometimes paying $20 for a ride to work and if its a slow day they probably go home with close to nothing.
No way I’m getting sent home if I was hired FT. If they do, I’ll apply for Unemployment benefits.
@@dennistyler9852 maybe this guy wasn't FT, think they call it FLEX but maybe that's how they get away with not giving FT hours all the time unless they need you.
These poor kids that just graduated College are going to be very disappointed in the current job market. Companies are laying off large numbers, as we all know, and trying to cut back on their expenses.
you know, back in the early 70's, the employment rate for new 4-year college graduates was about 35-40%, while tech college graduates was 90+%. I tried telling people then. It hasn't changed during that time. wake up.
From your statement, it sounds like you get off on other peoples pain that could be part of the problem no? Just sayin’
@@beverlyweber171 I went to a Tech School for 4 years & it led to good jobs. I was already working in Technology when I started & got 50% paid by the company. They started cutting off those programs though soon after Graduation. That still didn't insulate me from Layoffs. Plenty of downturns even in the Technology field thru my career.
@@kbbb4227 that's what you get for thinking, no?
Feel sad for those poor kids
They all need help
I worked in a sears warehouse in college. I don’t understand how people working at Amazon think that this should be a livable wage. It blows my mind.
Working these types of jobs will never be rewarding. It doesn't take a lot of skill to be a warehouse worker therefore it's a low paying job. Anyone can do it.
If that is all you will ever get then you think that way
It doesn’t matter. The people that want to work there just don’t want to be rich, but they should be able to survive. The jobs have been taken by CHEAP MINORITIES and the currency is perpetually being DEVALUED by printing money.
Gramps could work at Home Depot in the 60s and buy a house, cars, and send kids through college, but he wasn’t jet setting, buying yachts, or traveling the world. Gimme a fucking break.
Fast food workers think they deserve a living wage too. Everyone I knew in high school had a part time job...these kinds of jobs---almost all were minimum wage. The only one who made a living wage at these places was the adult manager who usually just had a high school education. Another huge difference today is no one gets married til they're 30. Two incomes is life changing beteeen treading water and getting ahead in mosr cases.
@@rockyroad7345Some get married. Majority have kids & split up after 2 years. No father figure & no money to support the kids. Then they’re all traumatized & unable to cope with life. The only victims here are the children. So sad.
Very informative video, Michael. Thanks so much for sharing. I love your channel....it's 'time' well spent. I know if you watch any of Caleb Hammer's YT videos you can see that all of his guests have this same problem due to a mix of financial illiteracy, lack of priorities, irresponsible spending using credit cards, student loans, and the lack of effort to fix their financial situation, etc. He makes it a 'rude awakening' for them to get back on track with their finances and somewhat reflects on what you've discussed here on your informative video.
I canceled all my bills subscriptions moved out to the woods near my job. Lucky my job has showers so I dont worry about that. Im much happier without all the stress and bills im able to save money and focus on paying off everything. I will save for next 5 years and wait for it to all crash before buying or renting . Tired of not eating just to have a roof.
I already paid off my student loans so the government should pay off my mortgage. Seems fair.
Amen!!!!!
There are a lot of things that aren't fair in life. How about the extra child tax credit people got, the extra unemployment people received as two examples. That wasn't fair to those that kept working or didn't have young children anymore. Why do we have cars, cellphones etc? It's not fair to those that were raised with horses instead of cars or those who never had cellphones. There are always unfair situations in life. I can understand if people want to say its bad policy etc but when I see the "it's not fair" argument it's just hilarious. Welcome to life, a lot of things aren't fair in that context of the word.
Pls make my car payment…
@@MotoDave-ue6ddplease calm down, you’ll hurt yourself. Lol. I work in healthcare and have no kids so both things you referenced, I also did not benefit from. I’m ok and I hope you are too. Please laugh a little. It’s good for you. ✌️❤️
Doesn't surprise me. Everyone (well almost) is looking to impress people at intersections in flashy new cars. Funny thing is no one cares and you're just wasting money to impress people, that truly don't care.
For credit card debt, quit buying seven dollar lattes, designer shoes, and clothes. Quit living beyond your means. In fact live well below your means, save and invest for your future.
Agree oh wise one ! If you can't Buy a car in cash you can't afford it. Never take a loan out for a depreciating asset. Financial education in this country is really non existent !
But you don’t understand, people “need” these things, and they “deserve” them because life is so tough these days.
@@leee3880 Reminds me of the commercial for Adriana Furs up here ! " All the fashion & luxury you deserve Adriana Furs " - it played in October thru February.
My sneakers are two years old and look it as I mow the lawn in them too. I don't care.
Most problems stem from not managing what you do have.
Love the daily content and it's refreshing to see someone tell it how it really is with this awful economy.
I have a friend who has worked for 15 years at a bank and cannot afford to live on her own. She has to live with friends as rent has increased so sharply. Her income has not kept up with inflation.
Most ppl rather buy weed, cigarettes, or alcohol than pay their bills facts be told
Add on snacks, energy drinks, scratch off lottery tickets, convenient food. And that is one of the reasons they don't have 2 nickels to rub together.
Pay your bills off 1st…
North Carolina spent $105M on sport betting for mo th of April only 18% is coming back to the state wverytjing else goes to sport book.
What a haste generalization …
@@AlenAbdulathats why I own DKNG (DraftKings) and Flutter Entertainment (Fanduel) both stocks are up 300% from their lows with more stats adding to revenue by the day. Join em!
Do a video on the upswing in bankruptcy
Great video
Student-loan forgiveness-aside from being ruled against by SCOTUS-does not pass the smell test. What about students who didn’t borrow or repaid? What about the electrician or plumber or mechanic who must repay someone else’s debt?