Hey quick question, who controls tie govt of florida ? Which party let the market collapse? Which party put all these bills on goo me owners? Just want to make sure u all remeber that
Collecting tax money from the working class and transferring it to their wealthy "friends" through government contracts. That's why you never vote for government officials who want to privatize everything. Their real agenda is to create a middleman between you and the service in order to skim endless amounts of taxpayer money while providing you with as little service as possible. Sure, it's good to privatize some things like the DMV, but healthcare and social security among other things? Uhh... just no.
It's frustrating to see tax dollars funneled from hardworking people to wealthy private companies and individuals through government contracts. When politicians push for privatizing everything, they're often just creating middlemen who take our money while giving us less in return. Sure, some things like the DMV might benefit from privatization, but crucial services like healthcare and social security? Absolutely not! We need to keep those public to ensure everyone has access and quality care. Let's be smart about who we vote for and protect the services that matter most! As usual, youtube censored my more emotional comment and left me posting the robotic one above....
@henrythegreatamerican8136 Everything the government does cost far more. Government is not efficient or cost effective. If you think other wise, you've drank to much koolaid. By the way. Property tax is government. Flood insurance which is outrageous is government. Most healthcare is government. Government highly restricts healthcare. Many treatments aren't covered.
The problem is that in order to have "permanent roof" with amenities like electricity, gas and water, either the tenant or the owner must somehow pay insurance and property taxes. As a result, a lot of people live in tents, at least in California, where I presently dwell. Not a single mortgage, tax, rent, or insurance. It amazes me how many folks I meet who tell me they live in their cars. This place is insane!
It's becoming more and more insane by the day. Mortgage rates have been rising steadily (already over 7%). I often wonder if I should put my extra money into the stock market and wait for a housing crash, or if I should just buy a house regardless.
Such concerns also come to me. After 50, I'm retiring early. I'm already concerned about the direction the future is taking, particularly with regard to finances and making ends meet. I'm thinking about investing in the stock market for the first time as well, but how can I accomplish so considering that the market has been in disarray for much of the year?
For my part, I can relate to that. My benefits were clear when I started working with a fiduciary financial counsellor. I would always suggest seeking expert assistance in these situations so they can guide you through bumpy markets and simply provide you with indicators and tactics for knowing when to enter and exit the market.
I wish everyone could realize that property taxes moves property ownership from We The People to the government. They stole our property and people are too stupid to see it.
This is one of the good things in CA prop. 13. Property taxes cannot raise more than 2% from the base price of purchase per year. So basically our property we purchased in 1999, we get an annual increase of $100-200. As for insurance, it's the Wild West.
@@gugy68that’s still too much. You already bought the house you shouldn’t have keep paying rent. I realize the reality of things but we should stop normalizing that a $100 increase a year in order to not go to jail isn’t completely psychotic. I could understand charging people for having multiple or luxury homes but not for the home people literally need to survive.
@@TheGalacticWest I am not normalizing anything, I think property taxes should not exist at all. My point was in relationship to the OP who said his taxes doubled and I just pointed out this is illegal in CA.
@@gugy68 Correct. I processed home loans for 20 years in CA. The formula was 1.5% of the sales price for impounded taxes for initial calculations at loan docs. Lenders follows the same formula. The tax assessor will give you the correct amount within 9 months-year after they assess the new owners taxes. Then after the following year max 2% increase/Prop 13.
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Canadians find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 52, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
My best friend sold everything that he owned in Texas, and is moving to Thailand. When you buy a house there, you pay taxes on the house one time, that is when you buy it. After that, you are NEVER taxed on it again. Same thing in Russia.
Renting isn’t any better! Landlords will recoup higher insurance, taxes, electricity, gas, maintenance, internet, etc. prices! Building materials, electricity, propane, etc. have doubles since 2017. We aren’t building affordable housing anymore. So, landlords have the high ground.
In three years my mortgage went from $1,100 a month to $1,600 a month. Only have a $600 bank loan. The other thousand a month is property taxes and home insurance. I'm about ready to burn the place down and disappear. How can taxes and insurance be double what the property is worth
Insurance companies being allowed to fleece citizens must STOP. If they can “afford” extravagant “bonuses” for managers, CEO’s they can “afford” to stop over charging.
Its worse than that. Google State Farms profit on thier residential insurance business in 2023. They LOST 500 million dollars. The problem is natural disasters (mainly hurricanes) are leveling entire towns at unprecendented rates. The insurance companies have lost so much money in Florida many of them simple wont even offer coverage there anymore. At ANY price
Being that insurance doesn't pay or limits what they pay...it isn't just house insurance but health insurance. I think the way to get it to come down is everyone quit buying insurance.
@@Gamerz00760 Problem is majority of homeowners have mortgages and the bank will force HIGH cost insurance on you and if you don't pay you will be foreclosed on! Tho I do agree with you, it wont happen.
Tired of working so hard, so much overtime, went to trade school have 30 years in the trade. Costs of goods and services going higher and higher. I bought a fixer upper, paid cash, no house payment, no vehicle payments. Have 2 1/2 times my salary in two 401k's , IRA and cash. Still not doing well. I thought 30 years ago id be wealthy and have everything my parents had at their age. Nope. I would literally have to make 5700 a week minus all the scam taxes to have anything nice. And the number goes up every year. Remember the federal minimum wage is 7.25. In 30 years a new pickup truck will cost 400,000 and minimum wage will be 10 bucks an hour. Someone is doing this on purpose.
Minimum wage increases increases the cost of living for everyone across the board. Including the people who work minimum wage. It’s a tax increase that people somehow feel good about.
I dumped my home insurance 12 years ago after I paid it off. Hurricanes were an issue. I was Lucky. I am not paying over $,3900 for home insurance. I am taking a risk...but there is no other way.
A risk either way. My home insurance is $500 per year. Taxes $600 I Paid cash one bedroom 1 bath cottage home new plumbing new HVAC I need a water heater installed $4200.
I think this will be the way for a lot of people if they want to keep their home. If my ins goes skyrocketing like many stating on here, I have enough cash to self insure. Makes no sense they are accelerating these premiums. But I think the ins companies may be in cahoots with those doing weather manipulation to destroy homes and take property or buy houses cheap.
A distant relative of mine lost his home to a crazy vagrant that set fire to his house after attacking a neighbor. So I'm sure he was glad to have had insurance. But that's really what it should be used for - something cataclysmic. Ordinary damage, such as a tree falling on a house, is feasible to cover with self-insurance when the owner is a determined saver.
Indeed....everything is unsustainable. The fake jobs in the economy, the increasing size and scope of government, insane monetary inflation, rejection of religion or any other positive epistemology, the utter collapse in value of Western women through feminism, the death of Capitalism and full embrace of socialism, the transfer of wealth (trickle-up economics) from the lower and Middle Class to the ultra wealthy, insider trading of Congressmen who fully control the economy through legislation.....Western Civilization is falling apart.
I bought my home in 2020, @1.8% 30-year mortgage. My property taxes have almost tripled since then, insurance is 30% higher, and i have an irrigation system that's leaking, a $20K a/c system that needs to be replaced, a sliding door that is so unusable it needs to be replaced, and ive been beaten down by inflation to a point where im broke. Im just getting poorer and poorer. Im a prisoner in my own home.
@newday3363 new laws go into effect on jan 1st. All other refrigerants are illegal, thus making them obsolete. Not to mention inflation has increased the price of everything by 30%.
Did you get a house inspection? They would have advised that your ac is old. If all of those taxes are higher the price of your home has risen, stop acting poor.
As a firefighter in North Texas I am very surprised at how many folks are going without any insurance. We have responded to numerous home, RV, car.truck and equipment (skid steer, trailer, farm tractor) fires where the owners had no insurance. One sad case I remember was a recent retiree. The motor home he paid cash for to travel and enjoy retirement had his RV catch fire. TO my surprise he had no insurance. HE said it wasn't in the budget. Luckily we stopped the fire from spreading to the house which was also uninsured...
@@EvelinHolmes Yeah I was thinking the same thing....how in the hell did he expect to pay for fuel and maintenance (truck/trailer or motorhome) if he couldnt buy the insurance!! My RV insurance is $365 year...That equates to about three fuel ups!
wifes grandma died last winter and the 1.5 million dollar house had $5k year taxes. taxes reset to 25k. its not realistic that government needs that much money in property taxes. insurance is 10k. house got flooded twice in storms and is a total loss. still waiting on insurance money to move on selling the house as is for the land. getting slow rolled hard. stuck in total limbo with a worthless house that cost $4k month to just sit there destoryed. you can't make it make sense.
Not a victim of these horror stories myself. Don't know how people keep from becoming totally enraged that are. Sooner or later the scales of balance will force change.
My son bought his first home at 28 years old. He was so proud, for two years, until the home depreciated every year, homeowners coverage soared, flood insurance was close to $3000 yearly. Citizens now wants to drop him, just because he is in Louisiana but has never filed a claim. He said buying a house was the worst decision he ever made. That was tough to hear, but I'm starting to agree. r
Actually you just need to move out of Louisiana. It's the area you are living in, not the fact that you bought a house. Living in these areas are no longer sustainable anywhere along the coast you can forget it,
It's nice to hear you talk in a respectful way. There is another guy that looks like you that can't talk without saying bad words. At first I thought it was you but when I went to unsubscribe I realized it was another channel. Thank you for keeping it classy.
It doesn't matter if you own a home or rent. Your rent price will increase due to the landlords insurance and property tax increases. Single family homes have the same problem.
@@christinec3096and when it’s time to renew the lease the rent will rise to compensate for the two months of free rent. I promise you they getting that money back before the lease is up. Yea you get two months free but your rent is like 10% higher. You’re literally paying the same money for the same amount of time. It’s all scam to get you to move in and hit you with a rent increase while you living there
@@RichardChenyalso homeowners have to pay for repairs, new roofs every 10 years and upgrade the house to keep it current if they want to sell someday. Whereas renters can just move to newer upgraded places and have no additional cost besides the rent. I prefer renting.
That 50 million is the total cost to date meaning all renovations, upgrades, down to lawn maintenance since it was built, etc over the years. We were actually asked to bid on the roof a few years back. Either way, he lost $40 million 😂 personally, I think that house is hideous. Terrible layout, nothing comfortable about it. Besides the basketball court, of course…
See how ridiculous this is for some people to have exorbitant amounts of money, and so many people homeless, it just doesn't make sense, it just doesn't seem sustainable or right! What the freak!! This is nuts!! Society is really messed up.
@ of course it makes sense, he’s Michael Jordan. The best basketball player that ever lived. homeless people are not his responsibility although I’m sure he’s helped out countless.
Crazy these days, insurance is limited to only 2 insurers in my area. Also they want to make sure you have your cars combined with house or else they won’t cover your house. It’s just an excuse to add 1k extra on car insurance.
I just paid property taxes in California. $22,000. I live in a family home not a mansion. Government wants inflation. What's better for them a house valued at $500,00 or a house valued at $1,000,000? Property Taxes should be abolished.
Prop 13 has limited property valuation ( and property taxes ) to much less than a properties potential sales price . This has disproportionally benefitted those who have been in their house for longer periods .
Billionaires became billionaires by ripping US off. Need non-business people to run for office. Then go vote in the PRIMARIES to get the correct people in. Then get the regulations put back in. We've come full circle to the Robber Barons Era that caused the Great Depression. It's time to reinstate the New Deal laws.
I owned a home for 12 years and basically got my down payment back on the sale. I wasn't able to save and invest anything as a home owner. I have been renting for 29 years I have invested the money I was saving over owning and now generated a minimum of $200K annually. If real estate crashes again like in 2008, that would be the time to buy. Certainly not now.
I wish I had the insight to do that because that would have put me in a much better position even though I'm doing quite well. I have absolutely zero debt with a paid-off mortgage.
@@marietaylor5174 It wasn't great insight it was just that housing prices consistently were higher than renting. During the window of time that it would have made sense to buy, I was a single parent putting my twin daughters through college. That was my priority over home ownership.
I bought a 3/2/1 in Port Saint Lucie Fl in 08 I paid 60K, it was a foreclosure. I sold it 5 years ago for 160k, and purchased a home in Gatlinburg for 40K. Needs work but I can do all of it myself. Problem with foreclosures is you can't purchase easily with a loan. You need to show up with cash in hand. I had saved for 10 years and I looked at at least 10 houses, but as soon as I would put a bid in they were gone.
The word "untenable" comes to mind: An untenable situation cannot continue as it is. The word "untenable" comes from the Old French word tenir, which means "to hold, have possession of".
This is true for me as well. My insurance has quadrupled since I purchased my home in 2008 and doubled since 2019. Taxes have doubled since 2008. F'd up!
All these issues stem from an economy grappling with uncertainties, including housing problems, foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.
In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Jennafer Beaver Turner for about five years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.
I just copied and pasted Jennafer’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
2024 my premium for home insurance was $680. For 2025 I’ll be paying $1120 with no claims. When I called to ask for the reason on the increase all they could say was “it’s increasing for everyone yours is not as bad as others” and “inflation”
@@RaytotheY yeah they may be right in the part where I don’t pay as much as others do. But a 60% increase in one year is crazy no matter how you put it. Especially considering that my house is not big at all and the place where I live never gets hit by natural disasters.
Make sure you do not have a mortgage on your property. Your servicer can “force place” insurance on your property and bill you for it. I know this because I worked in banking.
If you own your home, you aret going to be paying insurance lol. Pple think they buy a home w a government backed loan w only 3;5;10% down ... That 600khome ends up being 2 mill @@Kuulei265
Your advice is not fearmongering Michael. You are a realist. You look far ahead to see what is coming your way so you can avoid trouble. That is wisdom.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
I live outside Buffalo. You may own the house here, but you only rent the land. Insurance is the cheap part. It's the taxes that outstrip your ability to own your home. Elderly on fixed incomes are losing their homes to tax foreclosures.
I like your post. I live in Rochester NY and our taxes are completely out of control. A few years ago Monroe County was the highest taxed county in the nation. When you combine the school and property tax together, you are looking at $40-$50 per thousand assessed value depending on what town you are in. Purchase a new house for $300,000 and your taxes are at least 12,000 a year. 1600 square-foot ranch in our area is selling for $500,000. Even at $40 per thousand assessed value which is lower than what I’m paying right now your taxes would be 20,000 a year. Then tack on ridiculous insurance costs and every other expense that goes along with owning a home.
@@adhcms That's wild! We are in LI, NY and don't pay that much in taxes. There is talk about centralizing school districts here. I'm not sure how good it would be for the education system but has potential to help with taxes.
Thank you to our host for this beautiful outdoor walk around segment. We really feel the insurance and tax increase here in SE coastal Florida in Broward and Miami-Dade
It’s a slap in the face that they make you pay mortgage insurance for their loan. I don’t think there’s an industry that takes more advantage of the unsuspecting except maybe cash advance places and auto dealerships.
Property taxes in Nevada are fairly cheap comparatively. I have a manufactured home that is non-real property. That keeps my taxes at just north of $400 a year.
We better “buckle up,” because it’s going to be a bumpy ride next year. I think the chickens are coming home to roost. Save your loose change and make sure your “pillow money,” is ready. While I don’t foresee a shocking rise in insurance or taxes here where I live, there is still the cost of living to contend with. We need to see beyond ourselves and help where we can those who have fallen short of money. No one in their right mind ever plans on being homeless. It could be us if circumstances had went another way.
I live in Australia and my insurance went from 8K per annum to 30K per annum, its not worth the money, I decided to self insure. Best of luck to you all, thanks for your videos Michael, I do watch them all and appreciate the content :)
Property taxes are simply out of control! Municipalities just have way to much power to tax and have to be resigned in. And this is happening all over the country
It's not just a Florida problem, because the ins. companies are spreading out Florida's problems to the rest of the country, basically making everybody cover the cost of insuring Fl. even though places like Neb are low, low risk areas.
We had an issue going on in SC where the ins cos were soliciting to replace your roof because of hail damage which our area did not really have. Lots of people got free roofs which put some dumb insurance cos out of business and increased our insurance
I’m in Florida and I paid my mortgage off this year. My property taxes are still reasonable . I took a higher deductible on my insurance and made sure I have it put away in savings.
When I bought my house 20 years ago, taxes were $600 per month and mortgage was $1,500. TODAY, mortgage is $1,500 but nearly paid off and taxes are $2,100 (yes $25k in property taxes in NJ). Between taxes, insurance and energy (not including mortgage), my most basic household expense is $3,200 per month or $38,400 per year. That means, before govt and state taxes are paid - I need to earn around $50k to simply have a roof over my head, in a house that I nearly paid off. No food, no car, no Amazon or UA-cam subscription and none of the other ways govt and every other possible entity tries to extract dollars from my wallet - just a roof over my head. That’s almost double the annual expense from when I bought it!! And I have had zero change in public services as taxes have nearly 4x’d. Wtf !!!
When I bought my house 14 years ago, my property taxes were $166 and my mortgage was $1100. Today my mortgage is $1100 and my property taxes are $175. Florida. Pinellas County. Every state and county has its own principles and rules. Yours just has a high desire to keep people out of coming there.
Absolutely have come to hate realtors after recently dealing with them. They do little for entirely too much. The young woman I had was more in love with herself than she was interested in me. I regret having bought this house but I paid cash and borrowed from retirement fund. I'm shy about trusting investment in the stock market.
The elderly cashier at my local supermarket told me that her mortgage/insurance payment rose from $800 to $2,000 per month. Her single bedroom home is in a mountainous community, that her insurance considers a high risk for fire danger. Needless to say she will have to walk away from the home, since no one will want to buy it and she can no longer afford it.
The tax should not be linked to the value of the house. It should be linked to the service that the state provide for the the community., water, suage, trash collection, streat repair electrical lines. Also those services should not be profitable just zero profit. If you arrange the service your self, like private trash collection you only pay a small annual base fee (for supervision).
Home ownership is more expensive than renting thanks to rising insurance costs especially in Florida, better to rent and invest the down payment for a house into the stock market than to buy an actual house
This is so scary and will end badly for many who will sell their homes due to high insurance and property taxes. Rentals are scarce due to corporations buying overpriced homes to run an airbnb business. Forget going to modular home parks as space rent is over $1,000 a month!
Michael, add gas and electricity to your list. Our utility monopoly is part of a cartel of three monopolies that has been allowed to bribe and purchase state politicians. So, we pay three times the US national average for electricity and gas.
…..would you happen to be talking about PG&E? Because yeah, that’s exactly what’s going on in California with PG&E and people are furious, but nothing changes, rates just keep increasing astronomically. It’s criminal!
It's true. My monthly mortgage is $1,300+. My home insurance was $1,700+ a month. I had to give up my home insurance. Cannot afford to pay that amount of money. Now, I'm trying to sell my home.
@@drc3po Actually, it's my mother's home. She missed 12 mortgage payments. They were going to foreclose on her home until I got a lawyer. Thankfully, she had enough credit card debt. They filed Chapter 13 bankruptcy. The home is for sale but the lenders cannot foreclose. Since my mother has Chapter 13, no insurance company will cover us. The lawyer is aware of this.
The saying “self insured” is a lie people say to get other people to believe their stupid decision is somehow wise. See how smart it is when they are left homeless and bankrupt.
Paid cash for a fixer upper over 30 years ago. Way ahead of the game of paying rent. I looked at it like a throw away house after 3 years as it would have cost more to rent. Been insurance free for 10 years. Wouldn't want to lose the cheap old house but its paid huge dividends already.
@@markbrier8717 Not a lie in my case. Been self insuring my car since early 90s and home since the 2008. I'm completely debt free and unlike insurance companies I have three times the funds to cover it all. Heck my emergency fund alone is around $250k.
So many fools getting greased on the way up that contribute nothing it’s a joke. My mortgage: 1/3 mortgage 1/3 insurance 1/3 property taxes. Taxed every which way to death.
Same here for me. Rent of a place is less space for slightly more money anyhow. If I bail on this it’ll be rv time to stack it away 😮🎉 working on selling all the crap I have here as it is.
I'm retired and my homeowners insurance went from 1500 in2023 to 4000 in 2024 and my car insurance went from 1200 to 3200 in one year with a perfect driving record. At this rate I'll be in the poor house in no time
In canada, u have to renew ur mortgage with the bank! Which means the rate can be fixed for 5 years only. Then it can change, and u could Be forced to sell.
Its been like that here in NJ for more than a decade. "Your" property is the government, insurance, etc piggy banks. Buy a house and rent it out and you can at least write off expenses, repaire, additions, etc. the advantage goes to BlackRock and other investors.
the one thing you forget is that even if you have insurance, what are the chances you're going to see insurance pay out? damned if you, damned if you don't.
Exactly! The only reason anyone has pays for insurance these days isn’t because we actually expect to use it, it’s because the mob aka government will come after us if we don’t
When I bought my house in 2018 I went to the bank secured my loan before I ever even looked at a house. I found a beautiful house for 225k in Oregon. 4 bedrooms 2 bath on a 1/2 a acre. I have a fixed apr of 4.75. Properly tax and home insurance haven't increased much here. My payments have increased about 30 dollars a month each year. Fingers crossed it won't be too much higher when I get my first statement of 2025
My homeowner insurance went up an EXTRA 800$ a month here in Florida. My mortgage is LESS than my homeowner insurance now. I met a guy s few months sgo at a garsge sale on the Beach. He was selling EVERYTHING and told me his parents had the home since the 1970s and they both past last year so now he's taken possession of thd home. His homeowner insurance was 24k a year and his taxes was 18k a year......
Smart guy. I’m debating same before it really hits. 😮😢 take an rv until it fixes or just be ahead of the curve while others go bust holding on. Not that bad by me but I feel that is a “yet” situation
Been seeing this in Florida regularly the last 5 to 6 years. What I have been asking and would like to know. Where is all of this tax money being spent in Florida? It truly baffles everyone I know who resides in Florida. All of these new people moving to the state and property taxes have tripled in ten years. No new infrastructure, roads in horrible shape, healthcare and schools rapidly declining, law enforcement almost non existent. WTF is this tax going to?
For the first time in 20 years, empty lots in my home town are having new mobile homes installed. Nobody can afford a frame built home. Luckily the town members allow that.
I live in Northern California and it is 25%-30% cheaper to rent plus there is no huge costs to buy the home or sell the home. I have great credit and plenty of money for a down payment and there is no way in Hell I would buy a home when I can rent a new construction home cheaper.
You’re spot on!!! Don’t forget in Fl, DeSantis gave 20% increase to utility companies too! And, now you have to have roof insurance if over 10 yrs old ! Plus, they don’t pay now when you file a claim! Thank your elected officials !
Facts. I live in Kendall (Miami). Went from paying $1950 a month in 2018 to paying $2519 in 2024 on a 30 year fixed rate mortgage. That’s a in a townhouse away from the water. That’s an entire luxury car payment added on to my monthly in ~5 short years. Nuts.
Yep. Super frustrating. So much for that fixed rate mortgage. So far, I'm trying to pay my increases in lump payment so it's not added to my monthly. It sucks no matter what.
Taxes should be a time payment. I guess if everyone said no, it would stop. I'm tired of paying the companies for them to go in vactions,pay off their houses, and cars payments while we're struggling to feed our familes.
Michael, you’re so right about so many things in this video. One thing I will say though is that Miami’s problem is not storm related. We haven’t gotten a big storm that does major damage in a long time. Miami’s problem is a claim problem. So many people doing fake claims and scamming the insurance that it has put us where we are today.
Michael, thanks for your content. I have family living in, leaving and renting in Florida. You are spot on with the Florida economy and real estate. I'm in the NY metro area, it's always been expensive here. Florida's predicament could happen to all of us. Your videos help me make good financial choices! Keep it up!
In the 1990s I sold pensions on the strength that the tax free lump sum would pay off most if not all of the mortgage and leave the investor with a pension for life. Most were over a 40 year term plus, I was not alone.
The approach of selling pensions with the promise that a tax-free lump sum would pay off mortgages and provide a lifelong pension was common in the 1990s. However, many factors can affect the outcome, including changes in the housing market and interest rates. It's crucial for investors to seek personalized advice and consider diversified financial strategies to ensure long-term financial stability.
it's vital for investors to seek personalized advice and adopt diversified financial strategies. Working with a knowledgeable financial advisor is crucial for achieving long-term financial stability and freedom
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
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.
Ignore the ignorant people on your channel. The situation in Fla is serious. People need to beware. Wether your right or wrong, there will always be haters. Thanks for the great information for those who want to be well informed 🙏
But but but Biden fault.... he raises real estate tax and insurance in Florida because he control the county appraisers and insurers... yes I am being sarcastic.
They said 'youll own nothing and love it' right to our faces and weve allowed them to carry out their resentment with little to no resistance. We are defeated.
Well people in the U.S. have about a trillion in credit card debt among other things like new cars,student loans,"stuff",mortgage on.etc.including home they truly could not afford to begin with. I'm completely debt free and not in that matrix.
Politicians expected fresh migrants to move here and be able to find a job that pays them enough to be able to afford to live here? Something is kinda fishy about all of this economic crisis
Always interesting. I especially liked the highlighted (red arrows and red circled) graphics. I watch on my phone (screen smaller than a laptop) and can't always catch your point on the graphs, thanks
Even pre Florida insurance rate increases ... a friend in Lighthouse Point was paying about $80K in insurance, and taxes. Plus $500 monthly for electricity. That said, it was a very nice place 1/2 mile from the inlet. :)
OUT OF BUSINESS! OVER 2200 Stores Closing FOREVER! ua-cam.com/video/AXKMmI7249A/v-deo.html
Hey quick question, who controls tie govt of florida ? Which party let the market collapse? Which party put all these bills on goo me owners? Just want to make sure u all remeber that
Collecting tax money from the working class and transferring it to their wealthy "friends" through government contracts. That's why you never vote for government officials who want to privatize everything. Their real agenda is to create a middleman between you and the service in order to skim endless amounts of taxpayer money while providing you with as little service as possible.
Sure, it's good to privatize some things like the DMV, but healthcare and social security among other things? Uhh... just no.
It's frustrating to see tax dollars funneled from hardworking people to wealthy private companies and individuals through government contracts. When politicians push for privatizing everything, they're often just creating middlemen who take our money while giving us less in return.
Sure, some things like the DMV might benefit from privatization, but crucial services like healthcare and social security? Absolutely not! We need to keep those public to ensure everyone has access and quality care. Let's be smart about who we vote for and protect the services that matter most!
As usual, youtube censored my more emotional comment and left me posting the robotic one above....
But Maga tells us climate change doesn't exist. 🤷♂️
@henrythegreatamerican8136
Everything the government does cost far more. Government is not efficient or cost effective. If you think other wise, you've drank to much koolaid.
By the way.
Property tax is government.
Flood insurance which is outrageous is government.
Most healthcare is government.
Government highly restricts healthcare. Many treatments aren't covered.
The problem is that in order to have "permanent roof" with amenities like electricity, gas and water, either the tenant or the owner must somehow pay insurance and property taxes. As a result, a lot of people live in tents, at least in California, where I presently dwell. Not a single mortgage, tax, rent, or insurance. It amazes me how many folks I meet who tell me they live in their cars. This place is insane!
It's becoming more and more insane by the day. Mortgage rates have been rising steadily (already over 7%). I often wonder if I should put my extra money into the stock market and wait for a housing crash, or if I should just buy a house regardless.
Such concerns also come to me. After 50, I'm retiring early. I'm already concerned about the direction the future is taking, particularly with regard to finances and making ends meet. I'm thinking about investing in the stock market for the first time as well, but how can I accomplish so considering that the market has been in disarray for much of the year?
For my part, I can relate to that. My benefits were clear when I started working with a fiduciary financial counsellor. I would always suggest seeking expert assistance in these situations so they can guide you through bumpy markets and simply provide you with indicators and tactics for knowing when to enter and exit the market.
That's really interesting. My portfolio is getting smaller; how can I get in touch with your asset-coach?
Her name is “Melissa Terri Swayne” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Retire and Pay Rent on your own house in Property Taxes every month. No one owns their house. The state owns your property.
@@joewger bingo!
@@thevanman4498exactly...but locals?
Yup, once you pay off the mortgage, you still have to pay rent to the state in the form of property taxes.
I wish everyone could realize that property taxes moves property ownership from We The People to the government. They stole our property and people are too stupid to see it.
So pretty much like China except we have homeless people
Always you have to pay the insurance on time but never get the claims paid out on time when it's necessary!
Or the claim itself gets denied due to the deductible.
Absolutely. It doesn't give me much confidence.
Like scams are , legal scam this time
I totaled my car and waited 21 business days for my check.
I just quit buying insurance. The price and likely need for it are just not making much sense anymore.
Our property taxes doubled this year.
As a retired couple on SS, this is frightening.
This is one of the good things in CA prop. 13. Property taxes cannot raise more than 2% from the base price of purchase per year. So basically our property we purchased in 1999, we get an annual increase of $100-200. As for insurance, it's the Wild West.
@@gugy68that’s still too much. You already bought the house you shouldn’t have keep paying rent. I realize the reality of things but we should stop normalizing that a $100 increase a year in order to not go to jail isn’t completely psychotic. I could understand charging people for having multiple or luxury homes but not for the home people literally need to survive.
@@TheGalacticWest I am not normalizing anything, I think property taxes should not exist at all. My point was in relationship to the OP who said his taxes doubled and I just pointed out this is illegal in CA.
@@gugy68 Correct. I processed home loans for 20 years in CA. The formula was 1.5% of the sales price for impounded taxes for initial calculations at loan docs. Lenders follows the same formula. The tax assessor will give you the correct amount within 9 months-year after they assess the new owners taxes.
Then after the following year max 2% increase/Prop 13.
Mortages allow the print up of 37 times the amount borrowed ...but prices are not 37 times overpriced, ...???????
The Government is out of control in so many ways.
and Trump is about to make it a whole lot worse.
Local Government, Paid "Administrative Leave " for wrongdoing, is a big cost to the local taxpayers.
Florida’s governor is a moron and you’re seeing private insurance companies crushing everyone
@@TheSuperdodgyWhaaaaaaa😂😂😂
@@TheSuperdodgyexplain how? Do you acknowledge things have been horrible under Biden?
I don’t understand why the economy is not crashing because for myself I don’t spend on anything except absolute necessities.
Give it time. It’s gonna get ugly!!
People who own their own houses, are keeping the economy going.
Government spending and big business loans
Because they don't want another 2009 housing crisis. So they just let people stay in the houses they are upside down in.
Credit debt
Here in Chicago, your taxes pay for public employee corruption, salaries, benefits and pensions! Actual services come last!
It’s the same in CA
Vote RED!
Voting is completely pointless@@oli1682
I think it's the same in most big cities. It is where I live.
Keep voting blue , let's see how high them taxes can get
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Canadians find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 52, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@@PASCALDAB who is your advisor?
My CFA ’’ Sharon Ann Meny, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Property taxes is an illegal tax on unrealized gain.
exactly
But what can we do?
@ contact your state legislator, There are several states currently voting on this issue.
Precisely … what would be interesting is to find out EXACTLY where each and every property tax dollar went ..
The great free state of texas keeps raising property taxes 😂
My best friend sold everything that he owned in Texas, and is moving to Thailand. When you buy a house there, you pay taxes on the house one time, that is when you buy it. After that, you are NEVER taxed on it again. Same thing in Russia.
Similar in Germany.
You'll continue paying taxes in the US unless you denounce your citizenship.
Buying his wife a house. Farang can't own real estate in Thailand.
Property Taxes are basically extortion.
Wouldn't want to live in either.
Buying a home/condo seems to have gone from a ''dream'' to a never-ending nightmare.
Renting is a nightmare. Some renters are basically paying on 2 mortgages.
@@Francisco-po1cf Not for me,...I have rented a modest apt for 27 years and recently retired at 58 with almost 7 figures.
Renting isn’t any better! Landlords will recoup higher insurance, taxes, electricity, gas, maintenance, internet, etc. prices!
Building materials, electricity, propane, etc. have doubles since 2017. We aren’t building affordable housing anymore. So, landlords have the high ground.
Now you know why the number of US Passports has skyrocketed. People are leaving this madness in ever increasing numbers.
In three years my mortgage went from $1,100 a month to $1,600 a month. Only have a $600 bank loan. The other thousand a month is property taxes and home insurance. I'm about ready to burn the place down and disappear. How can taxes and insurance be double what the property is worth
Insurance companies being allowed to fleece citizens must STOP. If they can “afford” extravagant “bonuses” for managers, CEO’s they can “afford” to stop over charging.
Those CEOs are scammers of an immoral kind.
Its worse than that. Google State Farms profit on thier residential insurance business in 2023. They LOST 500 million dollars. The problem is natural disasters (mainly hurricanes) are leveling entire towns at unprecendented rates. The insurance companies have lost so much money in Florida many of them simple wont even offer coverage there anymore. At ANY price
Not to mention ALL the advertisements they inundate us with!! That cost a ton of money!!!
Being that insurance doesn't pay or limits what they pay...it isn't just house insurance but health insurance. I think the way to get it to come down is everyone quit buying insurance.
@@Gamerz00760 Problem is majority of homeowners have mortgages and the bank will force HIGH cost insurance on you and if you don't pay you will be foreclosed on! Tho I do agree with you, it wont happen.
Just got my new insurance policy. What a gift,they increased me by 1600.00 for next year,so much for being claim free for 25 years.
Kickbacks are illegal unless you are a member of Congress ‼️
Or SCOTUS !!!!
Tired of working so hard, so much overtime, went to trade school have 30 years in the trade. Costs of goods and services going higher and higher. I bought a fixer upper, paid cash, no house payment, no vehicle payments. Have 2 1/2 times my salary in two 401k's , IRA and cash. Still not doing well. I thought 30 years ago id be wealthy and have everything my parents had at their age. Nope. I would literally have to make 5700 a week minus all the scam taxes to have anything nice. And the number goes up every year. Remember the federal minimum wage is 7.25. In 30 years a new pickup truck will cost 400,000 and minimum wage will be 10 bucks an hour. Someone is doing this on purpose.
Are you in a union?
Oy vey. Stop noticing. It’s called usury and it’s out of control
The government might start confiscating these 401ks.
Minimum wage increases increases the cost of living for everyone across the board. Including the people who work minimum wage.
It’s a tax increase that people somehow feel good about.
I dumped my home insurance 12 years ago after I paid it off. Hurricanes were an issue. I was Lucky. I am not paying over $,3900 for home insurance. I am taking a risk...but there is no other way.
A risk either way. My home insurance is $500 per year. Taxes $600 I Paid cash one bedroom 1 bath cottage home new plumbing new HVAC I need a water heater installed $4200.
I think this will be the way for a lot of people if they want to keep their home. If my ins goes skyrocketing like many stating on here, I have enough cash to self insure. Makes no sense they are accelerating these premiums. But I think the ins companies may be in cahoots with those doing weather manipulation to destroy homes and take property or buy houses cheap.
@@EvySurvivedthat much for a water heater now? I paid $1600 a year and a half ago
@@lauraschepis2730 no way 4200. i put my own in but even if i hired someone it's a four hour job at most for a gas water heater.
A distant relative of mine lost his home to a crazy vagrant that set fire to his house after attacking a neighbor. So I'm sure he was glad to have had insurance. But that's really what it should be used for - something cataclysmic. Ordinary damage, such as a tree falling on a house, is feasible to cover with self-insurance when the owner is a determined saver.
Michael keep addressing these issues, Bless you.
Warren Buffet can’t afford his mortgage!
The path we are on is not sustainable.
nah I can pay my fair share of the interest on the us debt as a taxpayer of $7800 a year and increasing no problem. 😅
You will own nothing and be happy. They lied about the happy part.
Sustainable will be when we own nothing and eat bugs to help the climate. This is what those creatures on top want for us
Indeed....everything is unsustainable. The fake jobs in the economy, the increasing size and scope of government, insane monetary inflation, rejection of religion or any other positive epistemology, the utter collapse in value of Western women through feminism, the death of Capitalism and full embrace of socialism, the transfer of wealth (trickle-up economics) from the lower and Middle Class to the ultra wealthy, insider trading of Congressmen who fully control the economy through legislation.....Western Civilization is falling apart.
I bought my home in 2020, @1.8% 30-year mortgage. My property taxes have almost tripled since then, insurance is 30% higher, and i have an irrigation system that's leaking, a $20K a/c system that needs to be replaced, a sliding door that is so unusable it needs to be replaced, and ive been beaten down by inflation to a point where im broke. Im just getting poorer and poorer. Im a prisoner in my own home.
20k? you must be friends with the 4200 dollar hot water heater guy.
@newday3363 new laws go into effect on jan 1st. All other refrigerants are illegal, thus making them obsolete. Not to mention inflation has increased the price of everything by 30%.
Property taxes should be illegal
My question to you, did you over buy? What is your debt to income ratio? Budgeting goes a long way.
Did you get a house inspection? They would have advised that your ac is old. If all of those taxes are higher the price of your home has risen, stop acting poor.
You may as well go without insuramce in places like Miami. If a hurricane wipes everything out the insurance company isn't going to pay out anyway.
You’re not legally allowed
Who gave congress 40% pay raised this year..I'm a voter, I didn't approve this.
I heard about that too. Insane
They gave themselves a raise
FAKE NEWS
That's ridiculous!! Where is our raise in the private sector?
0.o !!
As a firefighter in North Texas I am very surprised at how many folks are going without any insurance. We have responded to numerous home, RV, car.truck and equipment (skid steer, trailer, farm tractor) fires where the owners had no insurance. One sad case I remember was a recent retiree. The motor home he paid cash for to travel and enjoy retirement had his RV catch fire. TO my surprise he had no insurance. HE said it wasn't in the budget. Luckily we stopped the fire from spreading to the house which was also uninsured...
This tragically happened to our neighbors. A lifetime of belongings, pets and their house all gone.
Not in the budget ? Then don’t buy an RV.😓😭
@@EvelinHolmes Yeah I was thinking the same thing....how in the hell did he expect to pay for fuel and maintenance (truck/trailer or motorhome) if he couldnt buy the insurance!! My RV insurance is $365 year...That equates to about three fuel ups!
Seemed no sense paying 2,000 yearly insurance on a second hand mobile he bought and refurbished for 6,000..?
wifes grandma died last winter and the 1.5 million dollar house had $5k year taxes. taxes reset to 25k. its not realistic that government needs that much money in property taxes. insurance is 10k. house got flooded twice in storms and is a total loss. still waiting on insurance money to move on selling the house as is for the land. getting slow rolled hard. stuck in total limbo with a worthless house that cost $4k month to just sit there destoryed. you can't make it make sense.
Dude …. Highway robbery. Why tf do we tolerate this?
Not a victim of these horror stories myself. Don't know how people keep from becoming totally enraged that are. Sooner or later the scales of balance will force change.
Somebody took a shots at the big shot?
Missed the dog catcher..teacher???
It's for more government jobs, their benefits and life long pensions.
My son bought his first home at 28 years old. He was so proud, for two years, until the home depreciated every year, homeowners coverage soared, flood insurance was close to $3000 yearly. Citizens now wants to drop him, just because he is in Louisiana but has never filed a claim. He said buying a house was the worst decision he ever made. That was tough to hear, but I'm starting to agree.
r
This is so sad and discouraging for younger people
@@lauraschepis2730 Absolutely!!!! And I say that being a boomer! This crap affects my kids and grand kids! IT ISN'T RIGHT!!!!
He bought in a flood plain, which was a huge mistake.
Buying is a scam.
Actually you just need to move out of Louisiana. It's the area you are living in, not the fact that you bought a house. Living in these areas are no longer sustainable anywhere along the coast you can forget it,
LAWS NEED TO BE CHANGED FAST.
never going to happen because of the corporate greed is compounded by the lawmakers
@@oldkid6yep, insurance companies in on the scam
@@oldkid6Trump will fix it.
Lolol like the 9 trillion he printed in 2020?????@@EvelinHolmes
@@tammyturowski6703 no one talks about that!
It's nice to hear you talk in a respectful way. There is another guy that looks like you that can't talk without saying bad words. At first I thought it was you but when I went to unsubscribe I realized it was another channel. Thank you for keeping it classy.
Colin Flaherty was classy in his videos also!
You can add the HOA fees in that too.
for nothing
Then add a Vehicle....
Nightmare
Which keep going up too.
I am sick of our terrible Government
King Elon will be on the throne soon. Praise The Lord.
Governments! State and Federal and Local and County! Did I miss any? lol
Worry more about the rich more then the goverment but don't ignore the government cause.. they are in bed big time coming soon.
You keep voting for it
Enjoy it
Insurance companies should not be for profit! Especially if the govt can bail them out!
It doesn't matter if you own a home or rent. Your rent price will increase due to the landlords insurance and property tax increases. Single family homes have the same problem.
Exactly . When the landlord's premiums go up, your rent is going up. It's a no brainer.
Rents are going down in Florida and they are now offering 2 months free to move in
My $50 a month rent increase is a lot easier to digest than a random couple hundred dollars every year compared to a house
@@christinec3096and when it’s time to renew the lease the rent will rise to compensate for the two months of free rent. I promise you they getting that money back before the lease is up.
Yea you get two months free but your rent is like 10% higher. You’re literally paying the same money for the same amount of time. It’s all scam to get you to move in and hit you with a rent increase while you living there
@@RichardChenyalso homeowners have to pay for repairs, new roofs every 10 years and upgrade the house to keep it current if they want to sell someday. Whereas renters can just move to newer upgraded places and have no additional cost besides the rent. I prefer renting.
Michael Jordan built a 50M house in cook county Illinois. Been on the market for 12 years. Just sold for 9.5 M.
I remember watching the tour of that home when it was first put on the market years ago.
I can understand why that home couldn't sell.
That 50 million is the total cost to date meaning all renovations, upgrades, down to lawn maintenance since it was built, etc over the years. We were actually asked to bid on the roof a few years back. Either way, he lost $40 million 😂 personally, I think that house is hideous. Terrible layout, nothing comfortable about it. Besides the basketball court, of course…
See how ridiculous this is for some people to have exorbitant amounts of money, and so many people homeless, it just doesn't make sense, it just doesn't seem sustainable or right! What the freak!! This is nuts!! Society is really messed up.
@ of course it makes sense, he’s Michael Jordan. The best basketball player that ever lived. homeless people are not his responsibility although I’m sure he’s helped out countless.
And how much in property tax has Jordan paid in all those years,oh and did I say he's a big Lib ???
Crazy these days, insurance is limited to only 2 insurers in my area. Also they want to make sure you have your cars combined with house or else they won’t cover your house. It’s just an excuse to add 1k extra on car insurance.
I just paid property taxes in California. $22,000. I live in a family home not a mansion. Government wants inflation. What's better for them a house valued at $500,00 or a house valued at $1,000,000? Property Taxes should be abolished.
Protest at the state capital.
Agree 💯, it's theft
Prop 13 has limited property valuation ( and property taxes ) to much less than a properties potential sales price . This has disproportionally benefitted those who have been in their house for longer periods .
Leave California
@@ksmith2852 agree 💯
Insurance and taxes are too damn high!
Billionaires became billionaires by ripping US off. Need non-business people to run for office. Then go vote in the PRIMARIES to get the correct people in. Then get the regulations put back in.
We've come full circle to the Robber Barons Era that caused the Great Depression. It's time to reinstate the New Deal laws.
I owned a home for 12 years and basically got my down payment back on the sale. I wasn't able to save and invest anything as a home owner. I have been renting for 29 years I have invested the money I was saving over owning and now generated a minimum of $200K annually. If real estate crashes again like in 2008, that would be the time to buy. Certainly not now.
I wish I had the insight to do that because that would have put me in a much better position even though I'm doing quite well. I have absolutely zero debt with a paid-off mortgage.
@@marietaylor5174 It wasn't great insight it was just that housing prices consistently were higher than renting. During the window of time that it would have made sense to buy, I was a single parent putting my twin daughters through college. That was my priority over home ownership.
sounds like 12 years rent free to me
I bought a 3/2/1 in Port Saint Lucie Fl in 08 I paid 60K, it was a foreclosure. I sold it 5 years ago for 160k, and purchased a home in Gatlinburg for 40K. Needs work but I can do all of it myself. Problem with foreclosures is you can't purchase easily with a loan. You need to show up with cash in hand. I had saved for 10 years and I looked at at least 10 houses, but as soon as I would put a bid in they were gone.
@@Mark-pb8kj
Yep
But then again it appears you can think logically
The word "untenable" comes to mind: An untenable situation cannot continue as it is. The word "untenable" comes from the Old French word tenir, which means "to hold, have possession of".
That should be a crime when insurance and property taxes costs more than the principal of your mortgage.
I have no mortgage, insurance or taxes.
Just cheap land rent for $650 monthly…
It should also be a crime that they keep raising property values on homes that are 100-200+ years old.
This is true for me as well. My insurance has quadrupled since I purchased my home in 2008 and doubled since 2019. Taxes have doubled since 2008. F'd up!
Where do you live ? I used my VA loan in 2006, and it's the same issue you described...
Yup my taxes since 2018 went from 1100 to more than 2k. Its crazy.
Taxation without representation caused the revolution but who was gonna pay for Bidens generosity to the Third World?
Florida caps property tax increase at 3% a year.
You will own nothing and be very happy
All these issues stem from an economy grappling with uncertainties, including housing problems, foreclosures, global fluctuations, and the aftermath of the pandemic, leading to instability. Rising inflation, sluggish growth, and trade disruptions demand urgent attention from all sectors to restore stability and stimulate growth.
In retirement, safeguarding your wealth against inflation is essential. Consider options like TIPS (Treasury Inflation-Protected Securities), commodities, or foreign currencies to hedge against a weakening dollar. Diversifying your portfolio with global real estate, international bonds, or high-quality foreign stocks can provide additional protection and growth opportunities in an inflationary environment.
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions.
Consider a similar approach.
This sounds promising! Do you have any professionals or advisors you could recommend? I really need help with proper portfolio allocation.
Certainly, there are a handful of experts in the field.
I've experimented with a few over the past years, but I've stuck with Jennafer Beaver Turner for about five years now, and her performance has been consistently impressive. She's quite known in her field, look-her up.
I just copied and pasted Jennafer’s whole name into my browser, and her website appeared right away. You've saved me several hours of arduous research, therefore I appreciate it.
2024 my premium for home insurance was $680. For 2025 I’ll be paying $1120 with no claims. When I called to ask for the reason on the increase all they could say was “it’s increasing for everyone yours is not as bad as others” and “inflation”
They aren't kidding. Mine is over $2000.
Mine are $2400 a year!
@@RaytotheY yeah they may be right in the part where I don’t pay as much as others do. But a 60% increase in one year is crazy no matter how you put it. Especially considering that my house is not big at all and the place where I live never gets hit by natural disasters.
2020 premium $1500. 2024 premium $7500.
My company wanted more than twice that and I canceled it because I own the home, this was for a 1979 Doublewide! Rip off
Owned my home for a decade, cancelled my insurance this fall, it doubled since 2020🎉👋🏻
Make sure you do not have a mortgage on your property. Your servicer can “force place” insurance on your property and bill you for it. I know this because I worked in banking.
If you own your home, you aret going to be paying insurance lol.
Pple think they buy a home w a government backed loan w only 3;5;10% down ... That 600khome ends up being 2 mill @@Kuulei265
Might be better to have a catastrophic policy...high deductible. Better than no insurance. Also no liability for yourself.
Make sure you don’t cry for help when something happens.
Your advice is not fearmongering Michael. You are a realist. You look far ahead to see what is coming your way so you can avoid trouble. That is wisdom.
Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
The stock market is no different, to maintain profit you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.
My partner’s been considering going the same route, could you share more info please on the advisor that guides you
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I live outside Buffalo. You may own the house here, but you only rent the land. Insurance is the cheap part. It's the taxes that outstrip your ability to own your home. Elderly on fixed incomes are losing their homes to tax foreclosures.
I like your post. I live in Rochester NY and our taxes are completely out of control. A few years ago Monroe County was the highest taxed county in the nation. When you combine the school and property tax together, you are looking at $40-$50 per thousand assessed value depending on what town you are in. Purchase a new house for $300,000 and your taxes are at least 12,000 a year. 1600 square-foot ranch in our area is selling for $500,000. Even at $40 per thousand assessed value which is lower than what I’m paying right now your taxes would be 20,000 a year. Then tack on ridiculous insurance costs and every other expense that goes along with owning a home.
Leave NYS.
@@adhcms So ,given those monthly or yearly carrying costs , is owning a home considered an asset or liability ?
@@adhcms ABSURD!!!! Tea Party needed!
@@adhcms That's wild! We are in LI, NY and don't pay that much in taxes. There is talk about centralizing school districts here. I'm not sure how good it would be for the education system but has potential to help with taxes.
Michael speaks truth. My property taxes and insurance are OVER half of my monthly mortgage payment.
Mine isn’t and didn’t change much from 2020. My mortgage is cheaper than the apartment I rented before 2020.
Even so, what I pay for my 3bed, 2bath is Half of what I would need to pay for a one bedroom apartment.
you made that deal, dont cry to me, the same bastards wont even rent me an appt.
Mine are 1/3.....and thats TOO HIGH....yours is absolutely ridiculous!
All part of the plan. You will own nothing and be happy. They lied about the happy part.
Thank you to our host for this beautiful outdoor walk around segment. We really feel the insurance and tax increase
here in SE coastal Florida in Broward and Miami-Dade
It’s a slap in the face that they make you pay mortgage insurance for their loan. I don’t think there’s an industry that takes more advantage of the unsuspecting except maybe cash advance places and auto dealerships.
Property taxes in Nevada are fairly cheap comparatively. I have a manufactured home that is non-real property. That keeps my taxes at just north of $400 a year.
Life will TEST you, just before it BLESSES you..Stay focused and positive.. 🙏🌍
Amen well said 👏👏👏
We better “buckle up,” because it’s going to be a bumpy ride next year. I think the chickens are coming home to roost. Save your loose change and make sure your “pillow money,” is ready. While I don’t foresee a shocking rise in insurance or taxes here where I live, there is still the cost of living to contend with. We need to see beyond ourselves and help where we can those who have fallen short of money. No one in their right mind ever plans on being homeless. It could be us if circumstances had went another way.
I live in Australia and my insurance went from 8K per annum to 30K per annum, its not worth the money, I decided to self insure. Best of luck to you all, thanks for your videos Michael, I do watch them all and appreciate the content :)
Billionaires became billionaires by ripping US off.
or you could get a very high deductible
Property taxes are simply out of control! Municipalities just have way to much power to tax and have to be resigned in. And this is happening all over the country
YES too much gdamn bureacracy.
Well in my area it’s always the uneducated voters that vote in tax increases thinking they are voting for better schools and programs.
It's not just a Florida problem, because the ins. companies are spreading out Florida's problems to the rest of the country, basically making everybody cover the cost of insuring Fl. even though places like Neb are low, low risk areas.
And California's problems and anywhere else a natural disaster occurs.
We had an issue going on in SC where the ins cos were soliciting to replace your roof because of hail damage which our area did not really have. Lots of people got free roofs which put some dumb insurance cos out of business and increased our insurance
Florida insurance and taxes are flushing peoples income in the toilet
Not just Florida.
I’m in Florida and I paid my mortgage off this year. My property taxes are still reasonable . I took a higher deductible on my insurance and made sure I have it put away in savings.
That leaf blower was really annoying . Things should be outlawed
It's a tool karen, calm down.
@@urbanteck Karen or not; Still extremely annoying.
When I bought my house 20 years ago, taxes were $600 per month and mortgage was $1,500. TODAY, mortgage is $1,500 but nearly paid off and taxes are $2,100 (yes $25k in property taxes in NJ).
Between taxes, insurance and energy (not including mortgage), my most basic household expense is $3,200 per month or $38,400 per year.
That means, before govt and state taxes are paid - I need to earn around $50k to simply have a roof over my head, in a house that I nearly paid off. No food, no car, no Amazon or UA-cam subscription and none of the other ways govt and every other possible entity tries to extract dollars from my wallet - just a roof over my head.
That’s almost double the annual expense from when I bought it!! And I have had zero change in public services as taxes have nearly 4x’d.
Wtf !!!
That is so wrong. How do people afford to retire??
When I bought my house 14 years ago, my property taxes were $166 and my mortgage was $1100.
Today my mortgage is $1100 and my property taxes are $175.
Florida. Pinellas County.
Every state and county has its own principles and rules.
Yours just has a high desire to keep people out of coming there.
Buying a home even years ago, I was shocked at everyone with their handout.
Absolutely have come to hate realtors after recently dealing with them. They do little for entirely too much. The young woman I had was more in love with herself than she was interested in me. I regret having bought this house but I paid cash and borrowed from retirement fund. I'm shy about trusting investment in the stock market.
The elderly cashier at my local supermarket told me that her mortgage/insurance payment rose from $800 to $2,000 per month. Her single bedroom home is in a mountainous community, that her insurance considers a high risk for fire danger. Needless to say she will have to walk away from the home, since no one will want to buy it and she can no longer afford it.
The tax should not be linked to the value of the house. It should be linked to the service that the state provide for the the community., water, suage, trash collection, streat repair electrical lines. Also those services should not be profitable just zero profit. If you arrange the service your self, like private trash collection you only pay a small annual base fee (for supervision).
Home ownership is more expensive than renting thanks to rising insurance costs especially in Florida, better to rent and invest the down payment for a house into the stock market than to buy an actual house
"You will own nothing and be happy" was the trigger to spend everything you got on assets 😊
This is so scary and will end badly for many who will sell their homes due to high insurance and property taxes. Rentals are scarce due to corporations buying overpriced homes to run an airbnb business. Forget going to modular home parks as space rent is over $1,000 a month!
Michael, add gas and electricity to your list. Our utility monopoly is part of a cartel of three monopolies that has been allowed to bribe and purchase state politicians. So, we pay three times the US national average for electricity and gas.
Same in California
…..would you happen to be talking about PG&E? Because yeah, that’s exactly what’s going on in California with PG&E and people are furious, but nothing changes, rates just keep increasing astronomically. It’s criminal!
Haven't we Made America Great Again though. Thanks Ron.
If you don’t mind,what kind of rates are you paying foe electricity or gas bills?
It's true. My monthly mortgage is $1,300+. My home insurance was $1,700+ a month. I had to give up my home insurance. Cannot afford to pay that amount of money. Now, I'm trying to sell my home.
The lender is going to force you to get HOI
@@drc3po Actually, it's my mother's home. She missed 12 mortgage payments. They were going to foreclose on her home until I got a lawyer. Thankfully, she had enough credit card debt. They filed Chapter 13 bankruptcy. The home is for sale but the lenders cannot foreclose. Since my mother has Chapter 13, no insurance company will cover us. The lawyer is aware of this.
We can't do much about the property taxes, but if you've got enough savings, you can always self insure if you're willing to take the risk.
The saying “self insured” is a lie people say to get other people to believe their stupid decision is somehow wise. See how smart it is when they are left homeless and bankrupt.
You have to be mortgage free to self insure. Most people are not mortgage free.
Paid cash for a fixer upper over 30 years ago. Way ahead of the game of paying rent. I looked at it like a throw away house after 3 years as it would have cost more to rent. Been insurance free for 10 years. Wouldn't want to lose the cheap old house but its paid huge dividends already.
@@markbrier8717
Not a lie in my case.
Been self insuring my car since early 90s and home since the 2008.
I'm completely debt free and unlike insurance companies I have three times the funds to cover it all.
Heck my emergency fund alone is around $250k.
You can keep complaining to your elected officials.
"You will own nothing and like it" is becoming more true every day!
I wondered how they would do that.....
Who knew.... inflation would happen....
From printing $$$.... & Make life Unaffordable.....
So many fools getting greased on the way up that contribute nothing it’s a joke. My mortgage: 1/3 mortgage 1/3 insurance 1/3 property taxes. Taxed every which way to death.
My mortgage is $1600 and didn’t change since 2020. My old apartment is now renting for $1900. My old apartment is 3 times smaller.
Same here for me. Rent of a place is less space for slightly more money anyhow. If I bail on this it’ll be rv time to stack it away 😮🎉 working on selling all the crap I have here as it is.
WOW luck you!
Same
I'm retired and my homeowners insurance went from 1500 in2023 to 4000 in 2024 and my car insurance went from 1200 to 3200 in one year with a perfect driving record. At this rate I'll be in the poor house in no time
If your car is paid off move to liability insurance only. We did it and went down from $380 to $90 monthly.
We drive older low valued cars...that's a start!
Thats crazy, where are you located?
Thank you michael for speaking the truth people are in denial🤷🏽♀️
Haven't heard him call out the elephant in the room .Thanks Ron.
In canada, u have to renew ur mortgage with the bank! Which means the rate can be fixed for 5 years only. Then it can change, and u could
Be forced to sell.
Ive heard of that...and that is RIDICULOUS!!!!
🌴🌴🌴 Thanks Michael 👍 You always bring great content. Blessings,Carlos ✝️🙏❤️😊🇺🇸
Its been like that here in NJ for more than a decade. "Your" property is the government, insurance, etc piggy banks.
Buy a house and rent it out and you can at least write off expenses, repaire, additions, etc. the advantage goes to BlackRock and other investors.
My sister purchased a home here in Rochester New York and he is spot on with this. Prices are crazy.
Overpriced, it will crash.
@gerrybyrne5636 I agree 100%
Keep it up Michael pretty soon you will be able to afford a house with your channels success
I hope so
Hopefully he'll be able to afford a new wig too.
Homeownership is a liability, having a 2.9% 30/yr note is the asset…….homeownership in America is a dystopia.
the one thing you forget is that even if you have insurance, what are the chances you're going to see insurance pay out? damned if you, damned if you don't.
Exactly! The only reason anyone has pays for insurance these days isn’t because we actually expect to use it, it’s because the mob aka government will come after us if we don’t
When I bought my house in 2018 I went to the bank secured my loan before I ever even looked at a house. I found a beautiful house for 225k in Oregon. 4 bedrooms 2 bath on a 1/2 a acre. I have a fixed apr of 4.75. Properly tax and home insurance haven't increased much here. My payments have increased about 30 dollars a month each year. Fingers crossed it won't be too much higher when I get my first statement of 2025
My homeowner insurance went up an EXTRA 800$ a month here in Florida. My mortgage is LESS than my homeowner insurance now. I met a guy s few months sgo at a garsge sale on the Beach. He was selling EVERYTHING and told me his parents had the home since the 1970s and they both past last year so now he's taken possession of thd home. His homeowner insurance was 24k a year and his taxes was 18k a year......
wow
Smart guy. I’m debating same before it really hits. 😮😢 take an rv until it fixes or just be ahead of the curve while others go bust holding on. Not that bad by me but I feel that is a “yet” situation
It's $800. Dollar signs goes before the number.
Dump the place and get a US Passport, get out of this greed pit.
Been seeing this in Florida regularly the last 5 to 6 years. What I have been asking and would like to know. Where is all of this tax money being spent in Florida? It truly baffles everyone I know who resides in Florida. All of these new people moving to the state and property taxes have tripled in ten years. No new infrastructure, roads in horrible shape, healthcare and schools rapidly declining, law enforcement almost non existent. WTF is this tax going to?
You tell it like it is..thats why I enjoy your channel...it's all the truth..my property taxes double as Car and home..
For the first time in 20 years, empty lots in my home town are having new mobile homes installed. Nobody can afford a frame built home. Luckily the town members allow that.
That's what I would buy!
Bylaws in most places don’t allow RV or mobile homes. Part of that comes from people who own fixed dwellings and want their values to keep rising.
I live in Northern California and it is 25%-30% cheaper to rent plus there is no huge costs to buy the home or sell the home. I have great credit and plenty of money for a down payment and there is no way in Hell I would buy a home when I can rent a new construction home cheaper.
It’s nice of your landlord to rent to you at a loss, your mom obviously doesn’t want you to leave
You are still paying for the taxes and insurance to your landlord .
😅@@randylahey7343
Same with so cal. Way cheaper to rent than own. Just invest the difference. Buying right now is a joke.
I think you make a smart move to rent rather than chasing dream of owning a house like other million people!!!
You’re spot on!!! Don’t forget in Fl, DeSantis gave 20% increase to utility companies too! And, now you have to have roof insurance if over 10 yrs old ! Plus, they don’t pay now when you file a claim!
Thank your elected officials !
I live in Harris County, Texas, outside the Houston city limit. The unicorporated county.
Per Month:
Motgage $497
Hm Insur $160
Prop Tax $296
That’s why I sold in Florida. Didn’t pencil out anymore.
Facts. I live in Kendall (Miami). Went from paying $1950 a month in 2018 to paying $2519 in 2024 on a 30 year fixed rate mortgage. That’s a in a townhouse away from the water. That’s an entire luxury car payment added on to my monthly in ~5 short years. Nuts.
Yep. Super frustrating. So much for that fixed rate mortgage. So far, I'm trying to pay my increases in lump payment so it's not added to my monthly. It sucks no matter what.
Taxes should be a time payment. I guess if everyone said no, it would stop. I'm tired of paying the companies for them to go in vactions,pay off their houses, and cars payments while we're struggling to feed our familes.
Michael, you’re so right about so many things in this video. One thing I will say though is that Miami’s problem is not storm related. We haven’t gotten a big storm that does major damage in a long time. Miami’s problem is a claim problem. So many people doing fake claims and scamming the insurance that it has put us where we are today.
I recommend everyone to find the book titled The Hidden Path to Manifesting Financial Power, It changed my life.
Michael, thanks for your content. I have family living in, leaving and renting in Florida. You are spot on with the Florida economy and real estate. I'm in the NY metro area, it's always been expensive here. Florida's predicament could happen to all of us. Your videos help me make good financial choices! Keep it up!
In the 1990s I sold pensions on the strength that the tax free lump sum would pay off most if not all of the mortgage and leave the investor with a pension for life. Most were over a 40 year term plus, I was not alone.
The approach of selling pensions with the promise that a tax-free lump sum would pay off mortgages and provide a lifelong pension was common in the 1990s. However, many factors can affect the outcome, including changes in the housing market and interest rates. It's crucial for investors to seek personalized advice and consider diversified financial strategies to ensure long-term financial stability.
it's vital for investors to seek personalized advice and adopt diversified financial strategies. Working with a knowledgeable financial advisor is crucial for achieving long-term financial stability and freedom
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
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 copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Ignore the ignorant people on your channel. The situation in Fla is serious. People need to beware. Wether your right or wrong, there will always be haters. Thanks for the great information for those who want to be well informed 🙏
But but but Biden fault.... he raises real estate tax and insurance in Florida because he control the county appraisers and insurers... yes I am being sarcastic.
They said 'youll own nothing and love it' right to our faces and weve allowed them to carry out their resentment with little to no resistance. We are defeated.
Well people in the U.S. have about a trillion in credit card debt among other things like new cars,student loans,"stuff",mortgage on.etc.including home they truly could not afford to begin with.
I'm completely debt free and not in that matrix.
Politicians expected fresh migrants to move here and be able to find a job that pays them enough to be able to afford to live here? Something is kinda fishy about all of this economic crisis
In NYS it's been true for 40 years whatever the mortgage is, taxes and insurance are about the same. I live in Syaracuse.
I’m in Liverpool last year taxes were 4500 this year is 6600 smh 🤦🏼♂️ it’s insane I could imagine ten years from now.
Always interesting. I especially liked the highlighted (red arrows and red circled) graphics. I watch on my phone (screen smaller than a laptop) and can't always catch your point on the graphs, thanks
Even pre Florida insurance rate increases
... a friend in Lighthouse Point was paying about $80K in insurance, and taxes.
Plus $500 monthly for electricity.
That said, it was a very nice place 1/2 mile from the inlet. :)
Your editing is almost flawless.