VMFXX vanguards money market account is paying 5.25%! I put all the money I was going to spend on solar panels in it and it’s been paying my electric bill every month. 😎
Tell me what freedom looks like when the vast majority of purchasable lands are in HOA's. I'll tell you, at that point we are living in a communitarian (Acquis communautaire) world. A world where individual freedom and individual property rights are gone. Plus as Michael keenly points out in this pinned video "you are paying double for public services like road maintenance, sewers, sidewalks et cetera thru HOA dues and taxes you already pay for said services".
Stashed away cash for a rainy day, but with inflation pouring down, it feels more like a leaky bucket. Saving for retirement seems impossible if my money keeps losing value faster than I can earn it.
Not all hope is lost. Talk to a financial advisor about inflation-protected investments like TIPS (Treasury Inflation-Protected Securities) that can help your savings keep pace with inflation.
Financial consultants can be inflation warriors! They can recommend investment options that outpace inflation, like real estate or certain stocks. A client of mine used this strategy and saw their savings account grow by 15% in just two years,effectively combating inflation's drag.
Rebecca Noblett Roberts 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.
No kidding! I'm 71 (how did that happen???) and fortunately I'm in good shape and feel more like 50 than 71, but though I don't have a mortgage or car loan my insurance and taxes are a big burden, especially since a lot of us (like me) are widowed and managing on a single income. Which, before 2019, was just ducky but now it's like nothing at all.
I just heard that Levi laid off thousands of workers while spending a 147 million dollars to keep their name in a football stadium! That's the type of America we live in today
That is a smart decision on their part as a business. 147 million dollars to advertise is worth much more than 147 million dollars to pay workers to produce a product which won't sell nearly as well without the advertising, especially in a declining economy. It sucks for those workers but we should never expect corporations to act outside their own interests.
If you think corporate america cares anything about the employee, you are sadly mistaken. I really feel we are going to see revolts in this country against the all money hungry corperations sucking everything out of us.
Yep. As part of the US Golden Visa program, you can qualify for a visa if you own property and employ a few American citizens. Home depreciation would just be part of the expense of buying the visa and later citizenship.
The thing is people around the world (and in the US) are not broke. People have more money than they ever have. It is just concentrated in people that invest.
Business owners really made out the past few years. Paycheck Protection Program and Employee Retention Credit gave about $1 Trillion dollars to businesses, tax free. Even Tom Brady got almost a million dollars. Gov't gave huge money to millionaires. That is why so many people were traveling to Europe last year.
People don’t realize the Mind Control effect that Movies, Music, Marketing and all this other garbage has on their mind. You really need to be on guard and be careful with what your consuming
Watching your video has built a weird timeline in my head. Watching amarica progressively growing poorer over the second half last year and media people just refusing to talk about it, it's crazy
The traditional media, eg. cnbc, has been talking about it a lot. They called it a “k-shaped” recovery. Ie., the disadvantaged go further down while the advantaged go further up. At this point, my prediction is that we won’t actually have a recession. Why? Because a recession is noticed from the stock market, corporate profits, and so on. But the people who participate in those are mainly well off. And they’re generally doing fine. The poor could get absolutely devastated, they could even be dragged off by wild animals in the night, and the well-off would barely notice. The poor aren’t in the stock market, they don’t own any companies or their shares, they just exist outside the bubble of the well-off. Not that I’m saying the well-off are indifferent to suffering of the poor. I think a lot of people at all income levels have empathy. It’s just that they literally don’t know about the suffering of the poor. It’s out of sight and out of mind for the well-off.
The media has a narrative, young Ferguson. They are corporate conglomerates with shareholders and financial interests. They are only "programming" the masses.
Because every other commercial is for a credit card, new car, or some expensive medication. Pay off your consumer debt and your home. Life is way easier when you don't have payments.
No it is not a problem. Be hungry for success and spend as much as you can, because it makes you hungry to make more and to have more success. 🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲Keep working hard and party hard.
And by a $5 latte every day. That is over $1,800/year. Add a $3 bakery item and you are over $2900 a year for coffee and a pastry. Adding $12 quarter pounder meal ($10) 5 days a year adds another $5,200. So over $8,000/year on fast food.
The cost of eggs shouldn’t have been as high as it’s been. Shit cheese is really expensive, cream of chicken soup is expensive if you want you food to taste good it costs hundreds of dollars. That is bullshit.
@@angelicfurry301 I get 36 eggs for about $6, that about what it was years ago. Chicken and meat have gone up though by a bit. What I notice is that some restaurants inflation prices are way above what inflation is, others are doing just fine with a smaller bump in prices. Inflation is not in every product, it affects some more than others. What I think is happening is that companies are using inflation as an excuse to raise prices and make bigger profits in quite a few cases.
@@angelicfurry301 this comment made me laugh because ironically my mom cooked a dish with cream of chicken soup tonight and we had a whole discussion on how nasty that stuff is but she loves it and apparently you do as well so I'm outvoted.
I'm 49 and work 80-100 hours a week. I busted my ass to get out of debt. No credit cards, paid off the student loans, the car loan, then the mortgage. Doesn't matter that I'm debt free tho, everything is still expensive. I still live on my old salary budget. It keeps me from overspending I can set aside money for later. Prices suck, but paying attention to every dollar made a huge difference to me. If Covid ever happens again, I'll be well prepared. I'm never going back to being broke.
I'll never understand this. Almost nobody has a savings. Yet Everywhere you look, They are building Million dollar homes that somebody is buying. I guess if eighty percent of people have no money than The other twenty percent own everything
Where are you getting this "almost nobody". I have three different banks, in order to spread around my money while staying under the FDIC limit. Also have Merrill Lynch for investing. You need to get outside your bubble and experience the world. Many in America are prospering right now. They simply aren't living next to you.
@@DIVISIONINCISIONSo your economic situation and finances represent the average person in the U.S.? Just because you and your neighbors and wealthy friends live in a bubble doesn't mean other of your fellow American citizens aren't suffering financially? Do you ever see or run into poor neighborhoods or homeless people there while driving to your expensive home?
I always have an emergency fund equal to 2-3 months living expenses. Well, in 2023 in was laid off in June and finally landed a new job in Nov 2023. My income prior to the layoff was 12k monthly. During unemployment from June to Nov 2023 I received $900 biweekly from unemployment benefits. That didn't even cover house payment. So I burned through my emergency funds in 3 months, then shit hit the fan. Oct was hell, I lost two vehicles to repo, I had to negotiate my mortgage payment and applied to every assistance program I could. Phone shut off for days until I could pay. It was hell on the verge of insanity. Although I've been working since Nov 2023 I am still not out of the woods yet. I am still catching up on delinquent bills, getting caught up. When I finally started working in Nov I only had $1300 left in unemployment benefits. I was literally 2-4 weeks from being homeless. If that don't make you appreciate what you have, be frugal and save more, I don't know what will. Grateful as hell.
Over our 50 years of marriage, we nearly lost two houses due to husbands layoffs in manufacturing. We had 3 kids & I also worked. I know how long & hard it is to get back on your feet. Glad you see the light at the end of the tunnel.😊
You learned a valuable lesson. Next time, pay cash for your cars and don't finance. Save all your money and only spend what you have to. That's how I started out and it's gotten me far.
Home inspection company owner here in Florida 🙋♀️This is so true! Another thing I learned yesterday, which blew my mind, was some health & home owners insurance companies have now added an exclusion line saying they won’t cover harm or damage due to war (declared or undeclared), civil war, nuclear war or insurrection. So if anything happens looks like we’re on our own. Also, why now, do they know something we don’t? Crazy world!
One of the biggest problems not that many people are talking about, is the silly rise of property taxes and homeowners insurance. Even if you own your home, you don’t own your home. Until the day you die, you have to pay those things. They never go away. These taxes and insurance costs are getting out of control just as much as home prices. And, since the home is “worth” more, the assessment can be higher, again raising the taxes and insurance costs. I feel bad for old folks on a fixed income. Some may have to choose between eating and having a home to live in, even though they “own” the home. Shameful.
@@germanicviking6462 That's easier said than done. Some cities will not allow that. In a lot of cities and counties, if you have an addition, it has to be attached to the home and has to be inspected and approved first.
I am on SS retired and have no saving. $2 in checking. I am dead broke. I have go to food pantry to have food to last a month. So, I understand. I even live in country in Kentucky. I own my own place to live or could not make it on SS. Inflation is bad now. I never spend any money eating out. All made from scratch. Even the bread. I live on $828 a month.
1:00 straight up proof that people are going broke. If you're living paycheck to paycheck, you're broke. Basically, you're working to pay bills. That's it. I heard someone that said her and her husband both work, and sometimes they have to decide whether they go food shopping, or pick a bill to skip so they can go food shopping. She went on to say that just a couple years ago, they were doing great. They weren't living above their means but, the bills were paid, and the pantry was full. Their jobs didn't change, the economy went to shit.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
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 years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
My wife works for a Title and Abstract company. Jan of this year has been a record low for people buying houses. Her firm usually has over 120 orders a month, this month they have only seen 17.
My daughter worked for a successful Title company she was very bright, The owner nearing retirement wanted to sell to her. He got fast acting cancer and fire sold to some incompent crooked lawyers, and they fired staff included her. Two weeks later, she had a new, much better executive position . The incompetent lawyers title company folded. They did her a favor.
I’m sitting here and wondering how people can afford 8,000 and on up for Super Bowl tickets. Probably the same ones complaining about the high cost of gas.
I see everybody still buying star bucks,going out to eat at resturants,bars are full,if people don't have money,they have thrown it away on stupid stuff.Can't help reckless spenders.
@MrBigBoy4Life No but can blame Democrats for locking down half the economy for 2 years then regulating what was left standing with the Marxist global warming bs.
Great work Michael.......People who Do Not live in Florida Do Not Understand....It really doesn't matter how Low your Interest rate is on your mortgage.... When your Property Taxes goes up and then your Home owners Insurance Doubles or Triples because of Hurricanes....Your mortgage payment goes through the Roof !!! And Yes ....Most folks are Broke.....because they live way beyond their means......Riding around in vehicles they don't need and can't afford !!!
The smartest move I ever made was to stop purchasing/leasing depreciating assets on credit. The #1 asset that people purchase on credit that depreciates over time: an automobile. So since the 1990s we purchased automobiles using the following criterion: 1) With cash only and if we used the auto dealer's credit to get a better deal then we did so with the following: a) The cash in the bank to pay the auto off in full b) As long as the auto dealer's terms permitted early payoff c) Favorable interest rate 2) A new or reasonably new car. 3) A reliable car, so we favor Honda/Toyota, even though they cost you more up front 4) Keep the car for no less than 12 years and typically 20 years
New cars, sports tickets, drinks with friends every weekend, lattes on the way to work every day, etc. The daily things are worse since they become a habit and are such small transaction you don't realize a $5 latte a day costs near $1900 a year. And if you add $3 pastry to go with the coffee it is now almost $3,000 a year.
If you live within your means the older you get the easier it is to save Big chunks of money. Invest in the stock market thru a S&P 500 index fund thru a 401K / IRA / Roth & usually employers have a Matching % which is free money ! So it also makes it easier to thrive in a inflationary period because you have built in cushion. Paying cash for a car is the way to go - if you can't afford it find one you can afford in cash.
The last people you should want teaching kids anything important are public school teachers. The financial elective I had in high school was pretty bad.
Think about how many kids would tell their parents there wrong ? It's like teaching relationships in school , kids again would know their parents are wrong ! Lol I see why
Spending is great, because life is life. It's short, have fun and spend as much as you can, so you have a great life. Keep working for success, it is great to have success. Have fun by pushing the limits of your workflow and your in the end your credit card. Nobody wants that you die as a rich guy. Spend everything.🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲
why don't you leave the USA as a digital nomad ??? I want too. Any advice for me as far as getting a quick certification so I CAN become a digital nomad ?
I hate to be blunt but this has been going on for as long as I can remember. Remember 2008? They were selling overpriced mortgages to whoever wanted one. Most people can not afford a home or a new vehicle but they buy them. I do not want to seem old school but when I started out we had no cell phones, no cable TV, we drove old payed off vehicles, etc. I built my own homes, and never went on vacations and so forth. I have never (and I am 62) bought a new vehicle. It does cost allot to live so you have to prepare yourself for that, i.e. get an education, etc. I also payed off my college in the process, no handout.
Yeah And Biden And Newsom Are Your Friends, And We All Need To Keep Geo Metro Bashing, Disco Bashing, COVID 19, Francisca Sarpong/Shiru Huang Bashing All Alive And Thriving!! Yeah Right!
We just came back from Texas Road House, 30 minute wait at 4:00. Who eats dinner at 4:00. People are out at restaurants. Restaurant was packed when we left.
Since it was 4PM it probably was retired people. They were getting the early-bird special (smaller portion) and senior discount. And a 67-year old couple with max SS gets over $7000/mo. Add a little of you own savings, paid off car and house, and you are do fine on that.
Depends on where you live. If you're in a metro, it will always be packed. If you're in a rural/town, it will be packed because it's one of the few chain restaurants people want to eat at. Weekends are not the best time to go.
Not everyone has stuff handed to them like you do. Probably grow up first and recognize not everyone is going to have the same upbringing with the same opportunities.
@@marketingmasters3550 Quit your whining and get it done! Of course, everyone has different opportunities and different situations. We are just saying what you should aim for. Even 1 month is better than nothing.
Live in Pennsylvania and I have never had an insurance claim and today I received my homeowners insurance policy it was 748 dollars last year my new premium is now 1107 dollars that is about a 41% increase in one year. I will be searching for a new carrier on Monday after I call my agent.
@@kagnewcobra5228 Not if you do them yourself. I’m in the home repair business. And I’m struggling because more people have realized like repairing your car it’s cheaper to do it yourself. Thanks to UA-cam 😂
Retired, don't consider myself wealthy but we're keeping up thanks to no debt. Cars and home paid off, that said our vehicle insurance has doubled, home ins is up 40%. We seldom eat out as the price of a Big Mac is downright ridiculous. Sadly, I don't see any improvement forth coming as our government seems more interested in supporting illegal immigrants. Millions have entered the country; the cost will continue to escalate over the years as many will remain on public assistance. The result will be reductions in other services like Medicare and SS. I no longer recognize the country I grew up in.
I am just like you, retired, house and truck paid off and my house and car insurance each increased $600.00 per year. I don't know where you live but business wants these immigrants here to do the jobs no one else will do. Here in Illinois, farmers need immigrants to pick melons, apples and peaches. Immigrants are roofing houses, working in diners, and especially needed in nursing homes.
@@dennishaas4745 Right on, business wants immigrants as a cheap source of labor. But I do wonder how that plays out long term. It cost the US (meaning we tax payers) upwards of $40,000 per year to support every individual entering illegally. Many will remain on public assistance for years. Democrats want it that way as a means of controlling the public. Consider the numbers already on some type of public assistance, likely exceeding 50% of the population. Worse, unlike social security, does any politician mention welfare dollars are at risk? Let's not forget the folks making the laws, are those least affected by them. Ponder that for awhile....
Retirees and mirror similar financial situation. We spend very little beyond basic necessities and carry very very little debt. We have seen insurance and tax increase...Sometimes, I think insurance have become unreasonable in cost and demand, all the while cutting back on benefits regarding house and car insurance. Medical treatment in this country is a horror show. I have cancer and have found that Medicare does not always include coverage for everything. Forget Medicare Advantage...it is even worse. I had to shallow my pride and seek help for one of my treatments. Thankfully, the cancer hospital has gotten us grants for outrageously priced medication ($10,000 per dose...no kidding). They are on the hook for hospital administered drugs. I now ask about coverage about everything... not something one wants to do when very ill. Even though we are extremely frugal, I feel there is always something lurking to destroy us. Things are very unsettling in this country and out of control.
We have 10 empty houses in our neighborhood! We live in a 250k average home neighborhood and they are purchased but empty. Every two years a renter will live there but then it stays empty again. A quaint quiet town. Makes me sick to think of their diabolical plan.
Ive lived in renter neighborhoods, and home owner neighborhoods, and renters don't build contacts and strong communities. For America to be strong and free, we need people to own their homes
At least you can indulge in schadenfreude thinking about how they have to pay property taxes on a property they don't even use and are not making any money from owning. They can't keep it up forever if nobody pays to live there.
Michael here is a thought,if the population of the country that is over52 percent can't come up with 500dollars in an emergency how do you account for the 35trillion dollars the national debt is at ?Obviously this 52percent are not beneficial
A friend of mine is completely broke, $0 in bank account, got laid off from job a couple months ago and has been struggling to find work. I’ve been supporting her otherwise she would literally be out on the street. Is serious and scary. I feel for anyone experiencing that.
😢 you're a wonderful friend and God is going to bless you for that I hope that everything turns around for your friends and certainly you're a good friend to have take care😊
You’re a kind soul, but I don’t know how anyone can be struggling to find work. Everywhere I travel in the US seems to be struggling to find workers in every field.
Maybe you are an enabler ? There is a very fine line between helping & creating the environment for helplessness & dependency. You are the judge of that.
@@PinballBob1 Preventing someone from becoming homeless is enabling? Wow, you’re so cold. She’s worked before and supported herself and is willing to continue working. She’s not some degenerate.
Property tax should be abolished. You purchase a piece of property, you have the ownership rights of the property, especially if you paid off the mortgage, you should’ve all the rights of owning it. If you have to pay property taxes twice a year, it means that the government is owning part of the property. Because if you don’t pay the property tax, they can confiscate your property, that’s not right.
Police and streets can be paid funded by sales taxes. As for free lunches, people who put their kids in public schools (seminarys of Satan) have their hands in my pocket for a free lunch. Educate your own kids with your own money and or time. How dare you accuse that commenter who wants to keep what he earned a freeloader, you thief!
The problem is our government. The elite are getting richer and richer brother while the average worker is a serf....look at the data 1 out of 2 americans live at or below the poverty line. The income gap is getting wider and wider Loved the video
A sign that people are broke…my apartment complex has extended the Late Rent payment window to TEN DAYS! Wow. Used to be late on the 2nd of the month. Also something about tenants signing IOU’s with the Office. Must be tough for many to make rent…here in Tampa/Orlando area.
We have the same problem in New Zealand. A housing crisis, while greedy property speculators try to make fortunes flipping houses and getting endless protection from the government.
I called it opportunity. Cash was king in 2008 after housing crash. In 2008 I paid off my primary home and bought to rentals and a beach condo in Florida at over 50% discount. I was flying to four states looking at homes that year.
It is other reasons why people are broke. Some people just simply don’t have enough and are living paycheck to paycheck to paycheck. And things are so expensive.. and no everyone is not greedy trying to live wealthy.
I can't even save money anymore. Every time I get to 400 or 500 dollars another bill will come up where I have to use the money from my savings just to pay the bill. It's pointless trying to save money right now.
Than you for putting things in proper context for us,it’s easy to don the rose colored glasses the mainstream media offers up and miss what’s really happening and the overall effects on the economy.
If you have a bank app it automatically does it for you. Unless you mail a check is only way it will miss up your balance. Everything spent automatically comes out that second.
As someone who has a money market savings, I can look at my taxes in 2019 and even then it paid a laughable amount. It shouldn't be a shock that people didn't want to tie up 25K+ in minimum balances just to make 0.15% I mean yeah, NOW it's awesome but it wasn't for a looooong time.
True. Money market paid way less than inflation since 2007. That was done purposefully so that people would spend. The problem is that people got addicted to the cheap money and over leveraged themselves. Now that interest rates are back to normal (not high at all) people who are caught in debt up to their eyeballs are screwed. Those of us who ignored the traps and kept the money in commodities like land, metals and things that went up in value with inflation are solid. At this point I am not sure I would trust the banks enough to put my money in to a money market... not even for 5%.
The interest rate now still isnt worth it. I can get >5% with short term treasuries so why would I put it in a bank? Even if treasuries were slightly less than the bank I still wouldnt do it. The bank needs to pay more period and until they do Im not giving them a dime.
Totally. I also think he's looking at the wrong place when it comes to economy. Everybody is hurting EXCEPT for the boomers. The boomers are crushing it right now with the value of their houses and 401k's skyrocketing since the pandemic. Unfortunately it doesn't matter that the other generations are suffering because the boomers have all the money and they are who drive the economy. It's a kick in the balls to the rest of us
@@OldSaltyBear It was done on purpose so retirees would have to come back to work due to no return on their money. Interest rates will fall off a cliff in the next 2 years and savings accounts will be back at 0.15%. Once again retirees will be broke again.
@@thetapheonix Yeah, to park a substantial amount of cash nowadays you're almost always better off putting it in money market rather than a savings account. I use a savings account just for short-term expenses (i.e., 1-2 months or so).
It what happens when you let all these PRIVATE, MEGA-CORPORATIONS wield all that power, but you did nothing about it. Come on, NEW WORLD ORDER, end it!!!!
I only keep $2k or less in my checking account at any one time for a couple of reasons. As you point out, there's 4-5% interest to be made from high-yield interest savings accounts, so I have my emergency fund sitting there. Second, in a world of smart scammers -- smarter than me -- I don't want to accidentally make a mistake that leads to clever thieves stealing my money because I wasn't vigilant enough on any one day. Great vid, as always.
This is also why I intentionally decline "overdraft protection." I won't overdraft on my own. An "overdraft" would only be from a scam of some kind trying to drain my account.
Same happened to me with Citi bank. They were not paying me what was advertised , I called spoke to several people no one had an answer , the last person I spoke to hung up on me. The next day I moved every dime from that account and closed it. Banks are legalized criminals
Michael is spot on with this video, my parents taught me to save for a rainy day and live within my means, and when the banks were paying high interest rates on cd's back in the 70's and 80's we took advantage of it. Mom and dad also paid cash for everything, no credit cards, dad always had older cars and almost never bought anything new. And now, with everything being paid for, this horrible economy has had no negative effect on us, because of what my parents taught me many years ago.
No one in the U.S really ever owns a house cause of the yearly extortion fee a.k.a taxes. Or else you'll get your house taken by the I.R.S. an office that's really not suppose to exist. I say office for lack of a better word. WTF is the IRS.
As a Muslim, receiving or giving interest payments is strictly forbidden so HYSAs are not an option for me. I’ve found saving money I will not need in the short term and in gold as a viable alternative for me.
Great video Michael. I work at a local dispute resolution center and the amount of tenants coming to us that have received a 30-day pay or vacate notice is increasingly dramatically. Basically every single case I see nowadays are tenants who are behind on rent, who are working very little if at all, and are multiple months behind on their payments. Since rental assistance funding ended in June of 2023, evictions have skyrocketed. People got too comfortable with having their rent paid by the government during the last 3 years and are struggling to face the music now that it is no longer an option. Landlords are not willing to work with these people either, because they are no longer required to by law, and because most of these tenants are "repeat offenders" in terms of never paying or constantly paying late. My work revolves around trying to help these types of people, but with very limited resources available, along with no help from their landlord, there isn't much that we can do to try and prevent eviction. Sadly, I don't have any faith that this will get better this year.
People are sheep. They think the Government will bail them out like in 2020. Most people don't know that 2020 was planned, the whole thing. All the money will be taken back, one way or the other. Those folks who bought big screen Smart TV's with the stimulus money are going to be homeless with their TV's out in front of the house.
@@akumacode Very true. In my experience, the smaller landlords were more willing to work with their tenants, but not so much anymore. Landlords with massive complexes on the other hand...basically never.
Why would landlords work with people when they were told basically that they didn’t have to pay and so they wouldn’t during the pandemic? The tables turned and now they are supposed to not evict😂? When tenants had leverage they stuck it to the landlords so turn about is fair play.
@@thetapheonix I have no dog in the fight. I agree that landlords have all the leverage currently and was no way implying that they shouldn't be evicting. Just stating what I am seeing on a daily basis 👍
Trades are going to be lucrative no matter what. Plumber had to fix my water main from the freeze. Minor repair still cost $1400, for only a couple hours work.
After school and on the weekends, I would build homes from the ground up for my friends father. He taught me how to build a home. I did that from a freshman till I was 21 years old for him till I had enough skills and cash to build for myself. At 19 years old, I purchased raw land for 25k and designed and built it all by myself and without hiring any labor to help me. I purchased a very used travel trailer to live in that I parked on my property and never went out to eat. After getting the place dried in, I sold the trailer for about $100 profit and moved into the house just after I had installed the bathroom. The home wasn't finished at all when I moved in but it was better than living in that trailer. I sold that place to give me capital to build the next one and did everything the same way for a second time. I sold that one and then started keeping them for rental properties. I did this debt free and to this day, I have never been in debt at all. I didn't learn this method from anyone except for my dad that said if I could build two homes the third one I get to keep for free. He didn't explain anymore about it to me. He also was a carpenter but he was a hard ass and I couldn't work for him. Although I wanted him to teach me but that was impossible. I was basically able to retire at 30 years old but ended up continuing till I was 35 years old because I didn't know what else to do at that time. I guess, just work your ass off when your young and make things happen for yourself.
@@Mishkafofer The last time I saw land that cheep was 2014. You have to search the internet all the time for good build able property. That's what I did. It's not a good time to purchase now but it's a great time to stack physical silver.
@@wasitmagic Yes. The issue was the OP is that it is one of those "this worked for me XX years so get off your ass and do it" posts without taking into account all the changes in law. He said "after school" this implies he worked during high school. In most states it is now illegal to have a person under 18 on a construction site. This is just one of the issues with the post.
@@wasitmagic don't see why, if you own it there shouldn't be a problem, then again if it's in a large city they have whacky permit requirements for almost anything anymore so it wouldn't surprise me.
I keep around $10k checking,$20k primary savings,$50k secondary savings,and $50k laddered CDs in my credit union. The rest are in Schwab and Fidelity accounts.
Love reading all the comments lecturing people to save etc. how do you save when you ain’t got money for food. These folks are so far removed from reality it’s unreal.
You get there afain maybe 50.000$. keep working hard find your flow, push the limits and don't think of the now, think of a way to habe success in a company where they need your power. Push your power lever through the roof. 👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻🏋🏻♂️🏋🏻♂️🏋🏻♂️🏋🏻♂️🏋🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️
well, yeah what did you expect a "HIGH YIELD SAVINGS" account to do? gold is only good for short selling seasonally..buy stonks jnicky make your money, make money,.
I’m Canadian but I had a good $20000 as an emergency fund a couple of years ago. I got laid off twice, had a bunch of emergencies and now I can’t save any of it back. It’s crazy out here.
I guess we can say now with certainty that after 40 years Trickle-Down economics and deregulation has been a total failure for the middle class. Making big corporations and the rich even richer through tax cuts and regulatory rollbacks doesn’t make the rest of us better off. It just makes big corporations and the rich even richer. And now shit is going to hit the fan.
Trickle down economics haven’t been place for decades. GW Bush and Obama destroyed any semblance of trickle down economics with their massive corporate bailouts. And Biden has totally destroyed what was left.
So paying higher taxes is going to help you? The top 1% pay 90% of the taxes. If you aren't in the top 1% I'd be careful what you wish for. The US has a spending problem not a revenue problem.
Some states actually allow low income seniors to defer property taxes until you die then take anything owed from the value of your property when sold or inherited.
@@ChrisM-gv2stI disagree, who paid to educate YOU when you were a child? We have a responsibility as a society to ensure present & future generations are educated.
Seeing one of your movies sums it all up! 1. Americans can't buy a house For buyers, check the price of the apartment Taxes to be paid on the land and apartment Home renovation costs Costs to the municipality and the city for apartment maintenance Apartment maintenance costs This is every video, you repeat these messages over and over again!
The problem with the U.S. Government is they have zero tolerance for the needed pain to control inflation. The old saying - no pain - no gain. House and vehicle prices are still way too high and it needs a correction.
HUGE PROBLEM! HOA'S are RUINING THE HOUSING MARKET! ua-cam.com/video/Gbbxu6qXaOg/v-deo.html
VMFXX vanguards money market account is paying 5.25%! I put all the money I was going to spend on solar panels in it and it’s been paying my electric bill every month. 😎
Kingscliff real estate is expensive too
Stock markets hit a new high this week. I suspect the wealth gap between rich and not-so-rich is also at its all time high.
The world is spenders
Tell me what freedom looks like when the vast majority of purchasable lands are in HOA's. I'll tell you, at that point we are living in a communitarian (Acquis communautaire) world. A world where individual freedom and individual property rights are gone. Plus as Michael keenly points out in this pinned video "you are paying double for public services like road maintenance, sewers, sidewalks et cetera thru HOA dues and taxes you already pay for said services".
Stashed away cash for a rainy day, but with inflation pouring down, it feels more like a leaky bucket. Saving for retirement seems impossible if my money keeps losing value faster than I can earn it.
Not all hope is lost. Talk to a financial advisor about inflation-protected investments like TIPS (Treasury Inflation-Protected Securities) that can help your savings keep pace with inflation.
Financial consultants can be inflation warriors! They can recommend investment options that outpace inflation, like real estate or certain stocks. A client of mine used this strategy and saw their savings account grow by 15% in just two years,effectively combating inflation's drag.
That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this fiduciary??
Rebecca Noblett Roberts 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.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Don't forget about elderly on fixed income, even if the mortgage is paid, their taxes and insurance have gone up. They are struggling 😢😢
No kidding! I'm 71 (how did that happen???) and fortunately I'm in good shape and feel more like 50 than 71, but though I don't have a mortgage or car loan my insurance and taxes are a big burden, especially since a lot of us (like me) are widowed and managing on a single income. Which, before 2019, was just ducky but now it's like nothing at all.
@@christinecortese9973so for over 50 years you didnt save anything for retirement? Thats on you, thing govt would cover all of your living expenses
@@dandahl5964 Obviously that isn't what he said. Keep your head in your ( ) it will be fine. Bidonomics is working for you.
@@dandahl5964 I hope you do realize the "govt" isnt covering anything, its all our tax anyhow.
Move to Cobb Cty, Ga- no school tax over 62! Most property taxes are $1-2000 a year!!!
I just heard that Levi laid off thousands of workers while spending a 147 million dollars to keep their name in a football stadium! That's the type of America we live in today
That is a smart decision on their part as a business. 147 million dollars to advertise is worth much more than 147 million dollars to pay workers to produce a product which won't sell nearly as well without the advertising, especially in a declining economy. It sucks for those workers but we should never expect corporations to act outside their own interests.
😂😂😂 That's why Levi is still around today. They have to make smart business decisions. What owner of a company wouldn't have done that?
It’s called marketing, if you don’t sell and cut cost you go out of business. Start a business and you’ll understand. Nobody owes you nothing.
Look at all the guys with rich dads in the comments 👀
If you think corporate america cares anything about the employee, you are sadly mistaken. I really feel we are going to see revolts in this country against the all money hungry corperations sucking everything out of us.
I wonder how many of those "empty" homes in the Miami area are owned by wealthy foreign investors that can afford to sit on them indefinitely?
Yep. As part of the US Golden Visa program, you can qualify for a visa if you own property and employ a few American citizens. Home depreciation would just be part of the expense of buying the visa and later citizenship.
I know right?
That should not be allowed!
Squatters will go in before long.
Those wealthy foreign investors will only buy very upscale $5 plus million-dollar homes.
If people are broke then who in the world are still paying these ridiculous prices for all these overpriced homes ?
The thing is people around the world (and in the US) are not broke. People have more money than they ever have. It is just concentrated in people that invest.
Investors
The banks and mortgage lenders
Business owners really made out the past few years. Paycheck Protection Program and Employee Retention Credit gave about $1 Trillion dollars to businesses, tax free. Even Tom Brady got almost a million dollars. Gov't gave huge money to millionaires. That is why so many people were traveling to Europe last year.
Foreign investors
People don’t realize the Mind Control effect that Movies, Music, Marketing and all this other garbage has on their mind. You really need to be on guard and be careful with what your consuming
Any movie from the seventies and there is always a scene where the hero is working his way through a martini and a cigarette. 😂😂😂
this i go internet free on the weekend no phones just relax
@@WaryofExtremes "You've come a long way, baby..."
very true!!!!!!!
@@indigostaraz Those were the simple good ol days. Not its far more complicated.
My 62 yr old buddy is now living in his car. He grew up in Scottsdale. Hard times can hit anybody!! Timmy C Arizona
At least it's warm this time of year in Scottsdale 😊😊
😢
I don't miss living in Arizona. It's become California East.
I m 70 and living in my 2017 Hyundai Accent Hatchback in the Cochise Co desert
Life is full
@@jimcrawford3185 trade up Jim, car to mini van to travel trailer to mobile home to House, if it's doable?
Watching your video has built a weird timeline in my head. Watching amarica progressively growing poorer over the second half last year and media people just refusing to talk about it, it's crazy
The traditional media, eg. cnbc, has been talking about it a lot. They called it a “k-shaped” recovery. Ie., the disadvantaged go further down while the advantaged go further up.
At this point, my prediction is that we won’t actually have a recession. Why? Because a recession is noticed from the stock market, corporate profits, and so on. But the people who participate in those are mainly well off. And they’re generally doing fine. The poor could get absolutely devastated, they could even be dragged off by wild animals in the night, and the well-off would barely notice. The poor aren’t in the stock market, they don’t own any companies or their shares, they just exist outside the bubble of the well-off.
Not that I’m saying the well-off are indifferent to suffering of the poor. I think a lot of people at all income levels have empathy. It’s just that they literally don’t know about the suffering of the poor. It’s out of sight and out of mind for the well-off.
Meanwhile a report out this week says the top 1% have $44 Trillion- a record
Obviously not everyone is getting poorer.
World Economic Forum. You're welcome.
The media has a narrative, young Ferguson. They are corporate conglomerates with shareholders and financial interests. They are only "programming" the masses.
when someone is making 4500 a month and has little to no savings, and their bills add up to 5k...its just a disaster waiting to happen
It’s called math
Indeed and that’s where we are now
just bankrupt now…. u will thank me later
@@hailandfire1822 a mathsaster then
Bidenomics
People's financial stupidity is part of the problem. We all know people who live way beyond their means.
Because every other commercial is for a credit card, new car, or some expensive medication. Pay off your consumer debt and your home. Life is way easier when you don't have payments.
I finally that to be a really opinionated, ignorant comment and over generalization.
We already are living paycheck to paycheck and not making enough money in a lower cost of living area.
Listening to good ppl like MB, in the last couple of years I have adopted a frugal lifestyle, stocked up on food, etc. I love it!
Where abouts are you?
who is MB? Men in Black?
This will be a problem world wide...what a bloody mess.
No it is not a problem. Be hungry for success and spend as much as you can, because it makes you hungry to make more and to have more success. 🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲Keep working hard and party hard.
@@oleotoleo3414people say it's a problem worldwide like they've actually traveled the world.
I'm hoping our lord and savior trump will fix everything 🙏
It will be bloody
Setting up for "The Great Reset".
As an officer of a large federal bank recently said, "People complain about the cost of eggs, then go out and buy a new car."
And by a $5 latte every day. That is over $1,800/year. Add a $3 bakery item and you are over $2900 a year for coffee and a pastry. Adding $12 quarter pounder meal ($10) 5 days a year adds another $5,200. So over $8,000/year on fast food.
@@JBoy340a .. which would be about $10,000 to $12,000 before income tax for a lot of people.
The cost of eggs shouldn’t have been as high as it’s been. Shit cheese is really expensive, cream of chicken soup is expensive if you want you food to taste good it costs hundreds of dollars. That is bullshit.
@@angelicfurry301 I get 36 eggs for about $6, that about what it was years ago. Chicken and meat have gone up though by a bit. What I notice is that some restaurants inflation prices are way above what inflation is, others are doing just fine with a smaller bump in prices. Inflation is not in every product, it affects some more than others. What I think is happening is that companies are using inflation as an excuse to raise prices and make bigger profits in quite a few cases.
@@angelicfurry301 this comment made me laugh because ironically my mom cooked a dish with cream of chicken soup tonight and we had a whole discussion on how nasty that stuff is but she loves it and apparently you do as well so I'm outvoted.
Im broke and terrified
Im 48 yo, working 50-60 hours a week, still have no money. Everything is so expensive.
Cut living expenses 😊
I'm 49 and work 80-100 hours a week. I busted my ass to get out of debt. No credit cards, paid off the student loans, the car loan, then the mortgage. Doesn't matter that I'm debt free tho, everything is still expensive. I still live on my old salary budget. It keeps me from overspending I can set aside money for later. Prices suck, but paying attention to every dollar made a huge difference to me. If Covid ever happens again, I'll be well prepared. I'm never going back to being broke.
I fell ya, Rachel. We are in terrible times.
its so hard to save i had 5k and had something pop up i am down to three now am is 10k by april and not have it in rotation
@@victorbaird8220yeah, who really needs food or electricity. Just live in a car and save some bucks
I'll never understand this. Almost nobody has a savings. Yet Everywhere you look,
They are building Million dollar homes that somebody is buying. I guess if eighty percent of people have no money than The other twenty percent own everything
Same thing in north Atlanta. Townhomes well over a million. And buyers are plentiful.
Ahhhh it's truly sad
Where are you getting this "almost nobody". I have three different banks, in order to spread around my money while staying under the FDIC limit. Also have Merrill Lynch for investing. You need to get outside your bubble and experience the world. Many in America are prospering right now. They simply aren't living next to you.
@@DIVISIONINCISIONSo your economic situation and finances represent the average person in the U.S.? Just because you and your neighbors and wealthy friends live in a bubble doesn't mean other of your fellow American citizens aren't suffering financially? Do you ever see or run into poor neighborhoods or homeless people there while driving to your expensive home?
@@DIVISIONINCISIONsame. Using 4 banks/credit unions.
I always have an emergency fund equal to 2-3 months living expenses. Well, in 2023 in was laid off in June and finally landed a new job in Nov 2023. My income prior to the layoff was 12k monthly. During unemployment from June to Nov 2023 I received $900 biweekly from unemployment benefits. That didn't even cover house payment. So I burned through my emergency funds in 3 months, then shit hit the fan. Oct was hell, I lost two vehicles to repo, I had to negotiate my mortgage payment and applied to every assistance program I could. Phone shut off for days until I could pay. It was hell on the verge of insanity. Although I've been working since Nov 2023 I am still not out of the woods yet. I am still catching up on delinquent bills, getting caught up. When I finally started working in Nov I only had $1300 left in unemployment benefits. I was literally 2-4 weeks from being homeless. If that don't make you appreciate what you have, be frugal and save more, I don't know what will. Grateful as hell.
Over our 50 years of marriage, we nearly lost two houses due to husbands layoffs in manufacturing. We had 3 kids & I also worked. I know how long & hard it is to get back on your feet. Glad you see the light at the end of the tunnel.😊
You learned a valuable lesson. Next time, pay cash for your cars and don't finance. Save all your money and only spend what you have to. That's how I started out and it's gotten me far.
@@DIVISIONINCISIONeveryone ain’t you..
Your outgoing monthly payments should dictate how much your emergency fund should be. If you owe less monthly that's even better.
@@candelariaw1668 No, you're not me. You'll have to make smarter decisions to get to where I am. Also, time stops for no man, so don't wait.
Home inspection company owner here in Florida 🙋♀️This is so true! Another thing I learned yesterday, which blew my mind, was some health & home owners insurance companies have now added an exclusion line saying they won’t cover harm or damage due to war (declared or undeclared), civil war, nuclear war or insurrection. So if anything happens looks like we’re on our own. Also, why now, do they know something we don’t? Crazy world!
Kind of Scary....Almost like they are tipping their hand
Homeowner's insurance has always had exclusions for harm/damage due to war.
Wow
Florida is fucked.
all insuranse have it since 1600 when first insuranse start in UK
One of the biggest problems not that many people are talking about, is the silly rise of property taxes and homeowners insurance. Even if you own your home, you don’t own your home. Until the day you die, you have to pay those things. They never go away. These taxes and insurance costs are getting out of control just as much as home prices. And, since the home is “worth” more, the assessment can be higher, again raising the taxes and insurance costs. I feel bad for old folks on a fixed income. Some may have to choose between eating and having a home to live in, even though they “own” the home. Shameful.
You don’t legally need homeowners insurance if you own your home.
@@germanicviking6462 That's easier said than done. Some cities will not allow that. In a lot of cities and counties, if you have an addition, it has to be attached to the home and has to be inspected and approved first.
Yes we know it is one of Mikes main topics
All being done by people who were born unimaginably wealthy. Monsters are real.
I'm one,property tax just went up one third.
All flash and no cash 💰 is no way to live . A good rainy day washes away the pretenders .Thanks Michael , you are a treasure .
I am on SS retired and have no saving. $2 in checking. I am dead broke. I have go to food pantry to have food to last a month. So, I understand. I even live in country in Kentucky. I own my own place to live or could not make it on SS. Inflation is bad now. I never spend any money eating out. All made from scratch. Even the bread. I live on $828 a month.
Hopefully you can keep your house. Do you have any relatives who can help you?
@@DIVISIONINCISION it will be payed off in a year and it only $454 a month. Then will have no problem with income.
Your own fault
if you live in the country you should have a farm and livestock
@@robinholbrook8296Get it paid off, then use part of that mortgage money to knock out other debts. Good job!
1:00 straight up proof that people are going broke. If you're living paycheck to paycheck, you're broke. Basically, you're working to pay bills. That's it. I heard someone that said her and her husband both work, and sometimes they have to decide whether they go food shopping, or pick a bill to skip so they can go food shopping. She went on to say that just a couple years ago, they were doing great. They weren't living above their means but, the bills were paid, and the pantry was full. Their jobs didn't change, the economy went to shit.
People are too broke to pay attention.
Thats part of the plan. Remember the frog in the hot boiling water??
Same effect, or death by a thousand cuts.
@@analyticalhabitrails9857 Great analogy
People are not only broke, but broken.
GDP is only high because of government spending and war, not because of consumer spending.
Truth.
Spending chart UP !!!!!!!!!!!!!!!!!!!!!!!!!!!
Yep. Massive fiscal spending. Almost 2 trillion dollar annual deficits.
Not to mention the jobs created last month were mostly in health care which are mostly paid for by…you guessed it, the feds.
Inflation adjusted consumer spending, especially at restaurants, was up last quarter.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
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 years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I checked Melissa up out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
My wife works for a Title and Abstract company. Jan of this year has been a record low for people buying houses. Her firm usually has over 120 orders a month, this month they have only seen 17.
Which means they'll soon be laying off employees.
My daughter worked for a successful Title company she was very bright, The owner nearing retirement wanted to sell to her. He got fast acting cancer and fire sold to some incompent crooked lawyers, and they fired staff included her. Two weeks later, she had a new, much better executive position . The incompetent lawyers title company folded. They did her a favor.
"You will own nothing and you will be happy " Klaus schwab at WEF
Financial literacy is a learned skill and, sadly, many never become financially literate and so remain poor.
Like America, how it owes trillions 🤡
Most of the voters spend all they have and all they can borrow.
Is it a wonder that they vote for politicians who will do the same?
I’m sitting here and wondering how people can afford 8,000 and on up for Super Bowl tickets. Probably the same ones complaining about the high cost of gas.
Facts I just was funna say that
Inflation is worse then its ever been, and once they raise prices on goods and services THEY DONT LOWER THE PRICES. wake up people.
I see everybody still buying star bucks,going out to eat at resturants,bars are full,if people don't have money,they have thrown it away on stupid stuff.Can't help reckless spenders.
ago
Yes! You hit the nail on the head! Can’t blame irresponsible money management on Biden or the Fed!
There are many people who use a credit card for everything and carry a balance. That’s how they continue to shop.
@MrBigBoy4Life No but can blame Democrats for locking down half the economy for 2 years then regulating what was left standing with the Marxist global warming bs.
When I am Broke, I'll cross that bridge when I get to it, mentality "
Wearing their lululemons 😂
Great work Michael.......People who Do Not live in Florida Do Not Understand....It really doesn't matter how Low your Interest rate is on your mortgage....
When your Property Taxes goes up and then your Home owners Insurance Doubles or Triples because of Hurricanes....Your mortgage payment goes through the Roof !!!
And Yes ....Most folks are Broke.....because they live way beyond their means......Riding around in vehicles they don't need and can't afford !!!
The smartest move I ever made was to stop purchasing/leasing depreciating assets on credit. The #1 asset that people purchase on credit that depreciates over time: an automobile. So since the 1990s we purchased automobiles using the following criterion:
1) With cash only and if we used the auto dealer's credit to get a better deal then we did so with the following:
a) The cash in the bank to pay the auto off in full
b) As long as the auto dealer's terms permitted early payoff
c) Favorable interest rate
2) A new or reasonably new car.
3) A reliable car, so we favor Honda/Toyota, even though they cost you more up front
4) Keep the car for no less than 12 years and typically 20 years
The only new car I ever bought was through VW Credit for 0% interest. That is the only way I would finance a vehicle.
New cars, sports tickets, drinks with friends every weekend, lattes on the way to work every day, etc. The daily things are worse since they become a habit and are such small transaction you don't realize a $5 latte a day costs near $1900 a year. And if you add $3 pastry to go with the coffee it is now almost $3,000 a year.
If you live within your means the older you get the easier it is to save Big chunks of money. Invest in the stock market thru a S&P 500 index fund thru a 401K / IRA / Roth & usually employers have a Matching % which is free money ! So it also makes it easier to thrive in a inflationary period because you have built in cushion. Paying cash for a car is the way to go - if you can't afford it find one you can afford in cash.
@@JBoy340a so crazy, I agree. And people do that year after year. WTH?
@@JBoy340aguilty as charged!
The economy is broken. Thus people are broke.
My parents had to teach me about money responsibility. The public schools teach you nothing about how to be financially responsible.
The last people you should want teaching kids anything important are public school teachers. The financial elective I had in high school was pretty bad.
Think about how many kids would tell their parents there wrong ? It's like teaching relationships in school , kids again would know their parents are wrong ! Lol I see why
First in HS class Money 101 1974..😁😁😁😁😁
I wouldn't expect Satan's seminarys to teach financial responsibility, since they are funded via armed robbery.
Americans are "programed to spend." Should be programed to save.
/ bingo, instead gratification .
Spending is great, because life is life. It's short, have fun and spend as much as you can, so you have a great life. Keep working for success, it is great to have success. Have fun by pushing the limits of your workflow and your in the end your credit card. Nobody wants that you die as a rich guy. Spend everything.🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲
Yes! You hit the nail on the head! Can’t blame irresponsible money management on Biden or the Fed!
There are some of us who are "programmed" to save. My parents taught me this at a young age. They also lived this way.
Plenty are programmed to save, invest, and conserve. You just don’t think about it because they’re doing fine and misery gets all the headlines.
It’s so sad. I went to college, got a good job in IT, no kids and rent is half of my income.
why don't you leave the USA as a digital nomad ??? I want too. Any advice for me as far as getting a quick certification so I CAN become a digital nomad ?
That is the dream of Wall Street, that you work for them
Constantly running the gerbil wheel hoping for a better tomorrow
I have 60 of them generating enough to keep the lights on & run the furnace ! 🐹🐹🐹🐹🐹🐹🐹🐹🐹🐹🐹🐹🐹
I hate to be blunt but this has been going on for as long as I can remember. Remember 2008? They were selling overpriced mortgages to whoever wanted one. Most people can not afford a home or a new vehicle but they buy them. I do not want to seem old school but when I started out we had no cell phones, no cable TV, we drove old payed off vehicles, etc. I built my own homes, and never went on vacations and so forth. I have never (and I am 62) bought a new vehicle. It does cost allot to live so you have to prepare yourself for that, i.e. get an education, etc. I also payed off my college in the process, no handout.
The economy’s fine, ignore all those homeless camps.
I’m fine I’m debt free with no financial
Preparing for this since 2008.
I plan to travel more.
Yeah And Biden And Newsom Are Your Friends, And We All Need To Keep Geo Metro Bashing, Disco Bashing, COVID 19, Francisca Sarpong/Shiru Huang Bashing All Alive And Thriving!! Yeah Right!
Broke? all spent?
Repent, Repent...Buy a tent!
People are broke for sure, mentally!
Don't forget your 401K and HSA accounts. Max those first. You often get company match and it's tax deferred.
Until you need it... Then you are taxed up the a** Get a Roth 401k. Tax paid up front. No tax when you need the money and your old....
“The government will just bail me out…”
.GOV bails itself out, not the people it supposedly represents…
I'm one of those people who can't afford a car breakdown. Tax refund this year was the worst ever. Not sure if across the board or just me.
It's across the board...I always used to get a return...this year I owed thousands. Uggh
Same happening in EU... National and personal debts are growing enormously 😵
We just came back from Texas Road House, 30 minute wait at 4:00. Who eats dinner at 4:00. People are out at restaurants. Restaurant was packed when we left.
It was really booming in September 1929...
WOW The wife and I were there at 4 today in the Leominster Ma. location it took us 20min to get seated. But the RibEye was worth it lol.
Since it was 4PM it probably was retired people. They were getting the early-bird special (smaller portion) and senior discount. And a 67-year old couple with max SS gets over $7000/mo. Add a little of you own savings, paid off car and house, and you are do fine on that.
Depends on where you live. If you're in a metro, it will always be packed. If you're in a rural/town, it will be packed because it's one of the few chain restaurants people want to eat at. Weekends are not the best time to go.
🥇🏆 I believe a lot of people/households live way beyond their means. Having a small emergency fund is crucial.
What's the minimum amount one should have?
@@BREEZYM6015 6-12 months of living expenses.
6-12 months if you support a family. If you are single, no wife/kids, you can get by with less.
Not everyone has stuff handed to them like you do. Probably grow up first and recognize not everyone is going to have the same upbringing with the same opportunities.
@@marketingmasters3550 Quit your whining and get it done! Of course, everyone has different opportunities and different situations. We are just saying what you should aim for. Even 1 month is better than nothing.
Live in Pennsylvania and I have never had an insurance claim and today I received my homeowners insurance policy it was 748 dollars last year my new premium is now 1107 dollars that is about a 41% increase in one year. I will be searching for a new carrier on Monday after I call my agent.
mine went up 25% last year and ANOTHER 25 % this year
Has your home value increased?
@@rolandthethompsongunner64 Not sure about that, of course, but I am sure the cost to repair has definitely gone up. Big time!
@@kagnewcobra5228 Not if you do them yourself. I’m in the home repair business. And I’m struggling because more people have realized like repairing your car it’s cheaper to do it yourself. Thanks to UA-cam 😂
Check out AAA. MAny people don't know they sell home and auto insurance.
Retired, don't consider myself wealthy but we're keeping up thanks to no debt. Cars and home paid off, that said our vehicle insurance has doubled, home ins is up 40%. We seldom eat out as the price of a Big Mac is downright ridiculous. Sadly, I don't see any improvement forth coming as our government seems more interested in supporting illegal immigrants. Millions have entered the country; the cost will continue to escalate over the years as many will remain on public assistance. The result will be reductions in other services like Medicare and SS. I no longer recognize the country I grew up in.
You grew up in the good ole days sir
May the Lord give you more curry Sir.
I am just like you, retired, house and truck paid off and my house and car insurance each increased $600.00 per year. I don't know where you live but business wants these immigrants here to do the jobs no one else will do. Here in Illinois, farmers need immigrants to pick melons, apples and peaches. Immigrants are roofing houses, working in diners, and especially needed in nursing homes.
@@dennishaas4745 Right on, business wants immigrants as a cheap source of labor. But I do wonder how that plays out long term. It cost the US (meaning we tax payers) upwards of $40,000 per year to support every individual entering illegally. Many will remain on public assistance for years. Democrats want it that way as a means of controlling the public. Consider the numbers already on some type of public assistance, likely exceeding 50% of the population. Worse, unlike social security, does any politician mention welfare dollars are at risk? Let's not forget the folks making the laws, are those least affected by them. Ponder that for awhile....
Retirees and mirror similar financial situation. We spend very little beyond basic necessities and carry very very little debt. We have seen insurance and tax increase...Sometimes, I think insurance have become unreasonable in cost and demand, all the while cutting back on benefits regarding house and car insurance. Medical treatment in this country is a horror show. I have cancer and have found that Medicare does not always include coverage for everything. Forget Medicare Advantage...it is even worse. I had to shallow my pride and seek help for one of my treatments. Thankfully, the cancer hospital has gotten us grants for outrageously priced medication ($10,000 per dose...no kidding). They are on the hook for hospital administered drugs. I now ask about coverage about everything... not something one wants to do when very ill. Even though we are extremely frugal, I feel there is always something lurking to destroy us. Things are very unsettling in this country and out of control.
We have 10 empty houses in our neighborhood! We live in a 250k average home neighborhood and they are purchased but empty. Every two years a renter will live there but then it stays empty again. A quaint quiet town. Makes me sick to think of their diabolical plan.
Ive lived in renter neighborhoods, and home owner neighborhoods, and renters don't build contacts and strong communities. For America to be strong and free, we need people to own their homes
At least you can indulge in schadenfreude thinking about how they have to pay property taxes on a property they don't even use and are not making any money from owning. They can't keep it up forever if nobody pays to live there.
it’s boomers
The government keeps taxing
But Michael, we need that 70k pickup truck for "work"..lol
For grocery trips !
Trump will fix it bruh
@@shadowbanned4days Like he did last time.
@@timothyirwin8974 blasphemous!
Michael here is a thought,if the population of the country that is over52 percent can't come up with 500dollars in an emergency how do you account for the 35trillion dollars the national debt is at ?Obviously this 52percent are not beneficial
That’s a huge part of the problem, government greed.
A friend of mine is completely broke, $0 in bank account, got laid off from job a couple months ago and has been struggling to find work. I’ve been supporting her otherwise she would literally be out on the street. Is serious and scary. I feel for anyone experiencing that.
Thank you man for being a good friend. The rich and entitled don't know how we struggle. Their world is completely removed from ours.
😢 you're a wonderful friend and God is going to bless you for that I hope that everything turns around for your friends and certainly you're a good friend to have take care😊
You’re a kind soul, but I don’t know how anyone can be struggling to find work. Everywhere I travel in the US seems to be struggling to find workers in every field.
Maybe you are an enabler ? There is a very fine line between helping & creating the environment for helplessness & dependency. You are the judge of that.
@@PinballBob1 Preventing someone from becoming homeless is enabling? Wow, you’re so cold. She’s worked before and supported herself and is willing to continue working. She’s not some degenerate.
42k in property tax? WTF?
Property tax should be abolished. You purchase a piece of property, you have the ownership rights of the property, especially if you paid off the mortgage, you should’ve all the rights of owning it. If you have to pay property taxes twice a year, it means that the government is owning part of the property. Because if you don’t pay the property tax, they can confiscate your property, that’s not right.
Police and streets can be paid funded by sales taxes. As for free lunches, people who put their kids in public schools (seminarys of Satan) have their hands in my pocket for a free lunch. Educate your own kids with your own money and or time. How dare you accuse that commenter who wants to keep what he earned a freeloader, you thief!
Save for a rainy day .... if not, plan on getting soaked
😂 how can u save when everything goes to bills and taxes 🤡
Not saving for a rainy day is a plan to get soaked.
The problem is our government. The elite are getting richer and richer brother while the average worker is a serf....look at the data 1 out of 2 americans live at or below the poverty line. The income gap is getting wider and wider
Loved the video
Yeah because there are too many millionaires and because of billionaires like Elon Musk, and Jeff Bezos,
Your next president will fix that again with another tax reduction to those elites.
A sign that people are broke…my apartment complex has extended the Late Rent payment window to TEN DAYS! Wow. Used to be late on the 2nd of the month. Also something about tenants signing IOU’s with the Office.
Must be tough for many to make rent…here in Tampa/Orlando area.
We have the same problem in New Zealand. A housing crisis, while greedy property speculators try to make fortunes flipping houses and getting endless protection from the government.
The empty house on the golf course would eat you alive as far as mortgage and property tax. Six years, yikes.
That's pretty scary. The system is about ready to fall and I actually thought it was going to when the plandemic started.
Great info Michael. Much love from
WPB ❤
As of today, $8.32 in my checking account, lol
Maybe 1 Sausage egg Mcmuffin and a SMALL Mocha..LOL
😳
More than I have so don’t feel bad
Time to level-up that career, Tom.
Ramen noodles
I am always amazed at all the people who will not miss taking the yearly vacation with the kids they can not afford.
Dude. You just acknowledged that people don’t even have a grand to save each month. A high yield account isn’t going to help much.
Somebody needs to meme this "Capitol One: 'What's in YOUR wallet?'" And then show Capitol One picking money our of a wallet!
Just like 2008, no one wants to believe it.
Why don't people ever learn?
I called it opportunity.
Cash was king in 2008 after housing crash.
In 2008 I paid off my primary home and bought to rentals and a beach condo in Florida at over 50% discount.
I was flying to four states looking at homes that year.
@@blackworldtraveler3711 This next one will be the greatest transfer of wealth of our generation.
It is other reasons why people are broke. Some people just simply don’t have enough and are living paycheck to paycheck to paycheck. And things are so expensive.. and no everyone is not greedy trying to live wealthy.
I can't even save money anymore. Every time I get to 400 or 500 dollars another bill will come up where I have to use the money from my savings just to pay the bill. It's pointless trying to save money right now.
Than you for putting things in proper context for us,it’s easy to don the rose colored glasses the mainstream media offers up and miss what’s really happening and the overall effects on the economy.
They don't even teach kids how to balance a cheque book in school so no surprise.
It’s simple math.
Your parents should have, young zombie.
If you have a bank app it automatically does it for you. Unless you mail a check is only way it will miss up your balance. Everything spent automatically comes out that second.
Yep. What they should do is make every 6 grader do compound interest calculations and ingrain in them how interest works.
It’s basic math.
Covers most things.
Most young Americans are in debt before a job offer occurs.
Unless you are paid by taxpayers
As someone who has a money market savings, I can look at my taxes in 2019 and even then it paid a laughable amount. It shouldn't be a shock that people didn't want to tie up 25K+ in minimum balances just to make 0.15% I mean yeah, NOW it's awesome but it wasn't for a looooong time.
True. Money market paid way less than inflation since 2007. That was done purposefully so that people would spend. The problem is that people got addicted to the cheap money and over leveraged themselves. Now that interest rates are back to normal (not high at all) people who are caught in debt up to their eyeballs are screwed. Those of us who ignored the traps and kept the money in commodities like land, metals and things that went up in value with inflation are solid. At this point I am not sure I would trust the banks enough to put my money in to a money market... not even for 5%.
The interest rate now still isnt worth it. I can get >5% with short term treasuries so why would I put it in a bank? Even if treasuries were slightly less than the bank I still wouldnt do it. The bank needs to pay more period and until they do Im not giving them a dime.
Totally. I also think he's looking at the wrong place when it comes to economy. Everybody is hurting EXCEPT for the boomers. The boomers are crushing it right now with the value of their houses and 401k's skyrocketing since the pandemic. Unfortunately it doesn't matter that the other generations are suffering because the boomers have all the money and they are who drive the economy. It's a kick in the balls to the rest of us
@@OldSaltyBear It was done on purpose so retirees would have to come back to work due to no return on their money. Interest rates will fall off a cliff in the next 2 years and savings accounts will be back at 0.15%. Once again retirees will be broke again.
@@thetapheonix Yeah, to park a substantial amount of cash nowadays you're almost always better off putting it in money market rather than a savings account. I use a savings account just for short-term expenses (i.e., 1-2 months or so).
The lack of coverage of real economy IS by DESIGN.... My vlog was started simply because of this - Thank you for talking about it
I keep hearing this but everyone is still spending like drunken sailors. I dont even know what I believe anymore.
I don't know anybody that's going broke!
How do u know what everyone is spending?
@@SkepticalMantisCHANNEL10 record revenues of corporations.
The rent is too damn high!
It what happens when you let all these PRIVATE, MEGA-CORPORATIONS wield all that power, but you did nothing about it.
Come on, NEW WORLD ORDER, end it!!!!
You say that, but your cat has the best cat food and his own kitty condo. Priorities, 99614!
@@DIVISIONINCISION Rising Property Taxes To Fund Big Daddy Government are The Problem
Debt is the new rich here in America most Americans still have access to credit . Once that stops the real fun begins .
Only debt I ever had was my 30yr mortgage I paid off in nine years in 2008.
I plan to travel more.
@@blackworldtraveler3711 Philippines, Thailand , are two great places left to visit .
beyond sick of fake rich....
@@brn2863 heard that, they have been on Thier high horses long enough .
I only keep $2k or less in my checking account at any one time for a couple of reasons. As you point out, there's 4-5% interest to be made from high-yield interest savings accounts, so I have my emergency fund sitting there. Second, in a world of smart scammers -- smarter than me -- I don't want to accidentally make a mistake that leads to clever thieves stealing my money because I wasn't vigilant enough on any one day. Great vid, as always.
This is also why I intentionally decline "overdraft protection." I won't overdraft on my own. An "overdraft" would only be from a scam of some kind trying to drain my account.
Agree. Me too. Fake Checks, Paypal attached to checking, Bill pay... I keep a low balance in checking account for that reason
This going to get progressively worse, scammers are getting more sophisticated & clever in their techniques.
Same happened to me with Citi bank. They were not paying me what was advertised , I called spoke to several people no one had an answer , the last person I spoke to hung up on me.
The next day I moved every dime from that account and closed it.
Banks are legalized criminals
Michael is spot on with this video, my parents taught me to save for a rainy day and live within my means, and when the banks were paying high interest rates on cd's back in the 70's and 80's we took advantage of it. Mom and dad also paid cash for everything, no credit cards, dad always had older cars and almost never bought anything new. And now, with everything being paid for, this horrible economy has had no negative effect on us, because of what my parents taught me many years ago.
Right on Bro . Another excellent advice . I know this but always good to hear again , again , and again .
Yes! That's what I've been saying. The rents are too f*cking high!
Using the F word will lower it for you
@@grandpapete417 Good. Let me say it again. The rents are too f*cking high!
No one in the U.S really ever owns a house cause of the yearly extortion fee a.k.a taxes. Or else you'll get your house taken by the I.R.S. an office that's really not suppose to exist. I say office for lack of a better word. WTF is the IRS.
@@mr.c332 u are correct sir. I didn't want to get into all this detail but u nailed it.
Did the survey ask how much they had under the mattress? Cause there sure are a lot of ppl at the airports.
Broke? Folks are going negative… that’s worse!
As a Muslim, receiving or giving interest payments is strictly forbidden so HYSAs are not an option for me. I’ve found saving money I will not need in the short term and in gold as a viable alternative for me.
Great video Michael. I work at a local dispute resolution center and the amount of tenants coming to us that have received a 30-day pay or vacate notice is increasingly dramatically. Basically every single case I see nowadays are tenants who are behind on rent, who are working very little if at all, and are multiple months behind on their payments. Since rental assistance funding ended in June of 2023, evictions have skyrocketed. People got too comfortable with having their rent paid by the government during the last 3 years and are struggling to face the music now that it is no longer an option. Landlords are not willing to work with these people either, because they are no longer required to by law, and because most of these tenants are "repeat offenders" in terms of never paying or constantly paying late. My work revolves around trying to help these types of people, but with very limited resources available, along with no help from their landlord, there isn't much that we can do to try and prevent eviction. Sadly, I don't have any faith that this will get better this year.
im sure small landlords dont want to help people that used up all their goodwill. it's a sad situation
People are sheep. They think the Government will bail them out like in 2020. Most people don't know that 2020 was planned, the whole thing. All the money will be taken back, one way or the other. Those folks who bought big screen Smart TV's with the stimulus money are going to be homeless with their TV's out in front of the house.
@@akumacode Very true. In my experience, the smaller landlords were more willing to work with their tenants, but not so much anymore. Landlords with massive complexes on the other hand...basically never.
Why would landlords work with people when they were told basically that they didn’t have to pay and so they wouldn’t during the pandemic? The tables turned and now they are supposed to not evict😂? When tenants had leverage they stuck it to the landlords so turn about is fair play.
@@thetapheonix I have no dog in the fight. I agree that landlords have all the leverage currently and was no way implying that they shouldn't be evicting. Just stating what I am seeing on a daily basis 👍
Wow the tires on my F250 are 2500 so is shocked that most people don’t even have money to buy tires that’s crazy
Blue-collar back baby, we’re going to make Dr pay pretty soon because it’s such a few of us
Get an econo-box and save a bundle.
Trades are going to be lucrative no matter what. Plumber had to fix my water main from the freeze. Minor repair still cost $1400, for only a couple hours work.
@@JBoy340a mine is deleted
@@DIVISIONINCISION I agree 💯
After school and on the weekends, I would build homes from the ground up for my friends father. He taught me how to build a home. I did that from a freshman till I was 21 years old for him till I had enough skills and cash to build for myself. At 19 years old, I purchased raw land for 25k and designed and built it all by myself and without hiring any labor to help me. I purchased a very used travel trailer to live in that I parked on my property and never went out to eat. After getting the place dried in, I sold the trailer for about $100 profit and moved into the house just after I had installed the bathroom. The home wasn't finished at all when I moved in but it was better than living in that trailer. I sold that place to give me capital to build the next one and did everything the same way for a second time. I sold that one and then started keeping them for rental properties. I did this debt free and to this day, I have never been in debt at all. I didn't learn this method from anyone except for my dad that said if I could build two homes the third one I get to keep for free. He didn't explain anymore about it to me. He also was a carpenter but he was a hard ass and I couldn't work for him. Although I wanted him to teach me but that was impossible. I was basically able to retire at 30 years old but ended up continuing till I was 35 years old because I didn't know what else to do at that time. I guess, just work your ass off when your young and make things happen for yourself.
If only we had that friend and access to cheap land
@@Mishkafofer The last time I saw land that cheep was 2014. You have to search the internet all the time for good build able property. That's what I did. It's not a good time to purchase now but it's a great time to stack physical silver.
Don't you need a permit to move into a house under construction?
@@wasitmagic Yes. The issue was the OP is that it is one of those "this worked for me XX years so get off your ass and do it" posts without taking into account all the changes in law. He said "after school" this implies he worked during high school. In most states it is now illegal to have a person under 18 on a construction site. This is just one of the issues with the post.
@@wasitmagic don't see why, if you own it there shouldn't be a problem, then again if it's in a large city they have whacky permit requirements for almost anything anymore so it wouldn't surprise me.
The only fiat currency I keep in a bank is in my checking account to pay the bills. Do not trust banks.
Same here 95% is in physical gold and silver
Checking Tiny and Savings DONE.
I keep around $10k checking,$20k primary savings,$50k secondary savings,and $50k laddered CDs in my credit union.
The rest are in Schwab and Fidelity accounts.
I had 27,000 saved up a year and a half ago. Now I'm broke af and not sure how the hell this happened.
You've been conned 😂
Maybe it was that trip to Vegas 🎲🎲🤣
Love reading all the comments lecturing people to save etc. how do you save when you ain’t got money for food. These folks are so far removed from reality it’s unreal.
You get there afain maybe 50.000$. keep working hard find your flow, push the limits and don't think of the now, think of a way to habe success in a company where they need your power. Push your power lever through the roof. 👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻💪🏻🏋🏻♂️🏋🏻♂️🏋🏻♂️🏋🏻♂️🏋🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️🏃🏻♂️
You don't budget. I suspect you also are an impulse buyer.
I had 20,000 in a PNC account and they gave us .02 cents. I am in gold now.
Gold is a Great Investment with No Risk. Now 2A Up to Defend Your Gold.
well, yeah what did you expect a "HIGH YIELD SAVINGS" account to do? gold is only good for short selling seasonally..buy stonks jnicky make your money, make money,.
PNC is the worst. look around for higher rates
It's everyone's personal choice to spend more than they make. Everyone has every lame excuse in the book to spend, spend, and spend some more.
I’m Canadian but I had a good $20000 as an emergency fund a couple of years ago. I got laid off twice, had a bunch of emergencies and now I can’t save any of it back. It’s crazy out here.
My grandparents lost 5 grand in the 1920s bank failures.Can it happen again ?
I guess we can say now with certainty that after 40 years Trickle-Down economics and deregulation has been a total failure for the middle class. Making big corporations and the rich even richer through tax cuts and regulatory rollbacks doesn’t make the rest of us better off. It just makes big corporations and the rich even richer. And now shit is going to hit the fan.
new report this week; Top 1% have $44 Trillion, enough to pay total US debt and still $10 Trillion left. Problem aint debt- it's concentration
Yawn!!
some poor and middle class people will still vote for the Republicans because they think that migrants are a bigger issue
Trickle down economics haven’t been place for decades. GW Bush and Obama destroyed any semblance of trickle down economics with their massive corporate bailouts. And Biden has totally destroyed what was left.
So paying higher taxes is going to help you? The top 1% pay 90% of the taxes. If you aren't in the top 1% I'd be careful what you wish for. The US has a spending problem not a revenue problem.
I think when somebody reaches 60 or 65 shouldn't pay propety tax anymore as a way to help older folks to get by in life in a better position
Lmao no.
Only if they are financially vulnerable.
I think once your house is paid for and no children in school you should not have to pay property tax. You paid for 20-30 years. You did your part
Some states actually allow low income seniors to defer property taxes until you die then take anything owed from the value of your property when sold or inherited.
@@ChrisM-gv2stI disagree, who paid to educate YOU when you were a child? We have a responsibility as a society to ensure present & future generations are educated.
Seeing one of your movies sums it all up!
1. Americans can't buy a house
For buyers, check the price of the apartment
Taxes to be paid on the land and apartment
Home renovation costs
Costs to the municipality and the city for apartment maintenance
Apartment maintenance costs
This is every video, you repeat these messages over and over again!
The problem with the U.S. Government is they have zero tolerance for the needed pain to control inflation. The old saying - no pain - no gain. House and vehicle prices are still way too high and it needs a correction.