Two years ago, I moved into the smallest and cheapest apartment I could find. It's a quiet old building with good bones. I made my place NICE with some scrubbing and paint. I'm 4k away from being debt free. I cook all of my meals at home and wear my clothes until they aren't fit for work. I drive a 2009 Toyota SUV. I don't care what people think. I have savings and investments and my cost of living is low. I can sleep at night knowing that I will be debt free in 3-4 months. That's worth a lot.

@ronervine

Ай бұрын

Hey ! Just curious where you are from and what age roughly? Im from New Zealand and turning 38 this month im in a very similar situation so im being nosey really lol !!! I love the fact you have a reliable care and cook for yourself so many I know dont do this....

@teresahunt5521

Ай бұрын

@@ronervine I'm 58 and live in the middle of the USA. I feel the same as I did when I was 25 so I have no plan to retire. I'm a widow and my kids are grown. No grandchildren and no pets. I just signed up for 40 hours of overtime each month at work which pays 1.5 times my regular pay. Time to add more to my savings and investment accounts.

@Bows-Trading-System

Ай бұрын

In Thailand nobody would care you drive a 2009 Toyota SUV. Nobody would look down upon you.

@kathurtado13

Ай бұрын

❤❤❤

@somethingaboutsamantha

Ай бұрын

🙌🙌🙌 thissssss

If you're running out of money, just get limit increases on your credit cards. Just like the government!

@elizabethkahn9155

Ай бұрын

Printer goes brrrrrrr

@huskiefan06

Ай бұрын

Best comment!

@youtubeplumbing

Ай бұрын

😂😂😂

@darex0827

Ай бұрын

Government has the ability to drain YOUR accounts to pay their debt. You don't, 😂

@sparky2995

Ай бұрын

Best comment on this video! LOL

Stimulus check was only like $1200-$2000 for a single person for a year. That literally a month worth of bills, not even all your bills.

@CMSonYT

Ай бұрын

Almost all the money went to businesses

Housing is what's killing people. My apt went from $750 in 2017 to $1500 by 2024. So it doubled. My income didn't double in the same time frame. Housing is the main culprit without sizable wage increases.

@parkernew8076

Ай бұрын

Agreed. From 2016-2022, the QE, relaxed regulations for buying homes, and low interest rates were probably one of the worst, best situations we have ever had. It was a recipe for disaster at some point.

@sten260

Ай бұрын

because all that inflation went into housing, people just look at the housing market, they see it goes up and just pile in bidding up the prices further. We are due for another 2008, that would bankrupt the current real estate investors and releases the houses back on the market for 50% off

@carieyoung1111

Ай бұрын

Yes rent is absolutely ridiculous. I think what really hurt was the rent moratorium they did during Covid - which they should not have done- and this allowed the landlords and other individuals who had rentals to make back the money the lost in those months and years! When the government intervenes to help it just hurts all of us in the long run..,screwed up everything

@jackdelane

Ай бұрын

Houses and rent will keep getting more expensive until the bubble finally pops. When people can no longer make rent or pay their mortgages, things will be forced to readjust. Maybe people leave the city in droves, maybe their a homeless crisis that make Los angles look like a paradise, but things will work out eventually when people stop propping up this inflated market.

@TanoSmith-yd8lx

Ай бұрын

True indeed... Rent is killing us

Vacations ? cars? bruh all my money went into rent WTF !!!

@lot2196

Ай бұрын

My wife and I have never flown on an airplane together. After 34 years of marriage. Vacation? What the hell is that? Our house is paid off though.

@MX-CO

Ай бұрын

I got so sick of paying rent thar I bought a small used camper to live in for a year or ?? To try to save money.

@Navy35

Ай бұрын

@@MX-CO👍

@unclelive6918

Ай бұрын

Rip

@picklikeapro6952

Ай бұрын

Right! Them: You shouldn’t have bought a $500k house worth $250k! Me: my rent doubled. Kiss my ass 😂

I think it's funny that when people talk about savings that Americans have they talked about the stimulus package that added up to at most a few thousand dollars and it happened years ago.

@youngjedi5599

Ай бұрын

Exactly!

@Navy35

Ай бұрын

I spent mine on a used car along with my savings

@bradc1263

Ай бұрын

I agree.....I think I received maybe $1-2K several years ago, and it went right towards credit card debt. I really doubt very many people, actually, saved that $ and still have it. They'd have to be the minority. That stimulus didn't really help anyone. We could each get $10K from the government right now and it couldn't help this country. I don't get why videos keep referencing this minimal stimulus, either? Ridiculously high rents are the main factor that's draining the blood out of our economy. At some point, I think we all need to stop paying our rents. Would they really evict everyone who rents? It might be the only way to get rents lowered. Otherwise, we just all need to continue to cohabitate and pile in on top of each other....going to be the only way to afford food and have a roof over your head at some point. I'm thinking about developing a mobile app called 'Perpetual Slumber Party' or create a 'See How Many People You Can Cram Into Your Apartment' challenge, to encourage people to do extreme levels of cohabitating, so we can start fighting back against high rents.

@debbieframpton3857

Ай бұрын

I saved my stimulus checks

@laurab9518

Ай бұрын

It helped me a lot. I have a better job now and am pursuing career goal. I paid all my debts off and my student loans off from my degree. The stimulus helped me when I was poor and didn’t have a bank account really. I had only a few bucks then and I had Los my job in April 2020

No...the regular Americans are running out of money, the corporate rich are drowning in money. Get your story straight.

No way people still have stimulus money. Most people didn’t even get very much and most was spent right away. Where do these people get their information.

@karenbrojakowski731

Ай бұрын

The ONLY people with "stimulus" money are THE ILLEGALS! N 😢

@redarbz6545

Ай бұрын

They make it up and restore their content

@stevenap4594

Ай бұрын

I just dropped mine into a savings account. It’s still there lol

@neuralgarden

Ай бұрын

I had like $11k and it was gone in a year, but I could see how others could make it last longer.

@redarbz6545

Ай бұрын

@@neuralgarden The main thing is the ppp loan scams that got ppl thousands of dollars, I know ppl who had half a million dollars for an Uber business..

The cost of living is out of control. It's so harder to survive now. I recall going to shopping a few years ago and not paying this much.

@bmoreblondie6301

Ай бұрын

Went to target today was 130 dollars. Got face wash Body wash Razors sun tan lotion for body an one for face got shampoo an conditioner an one of them tiny electric eye brow trimmers an a pump hand soap an that was 130 dollars fucking insane

@ryen7512

Ай бұрын

When you pay the price for expensive things, you feed inflation. Find places to buy things cheaper (dollar tree, amazon, etc.). You don't have to accept the price of something if its too high there's almost always a cheaper place or a substitute. When people refuse to pay the price, retailers are forced to lower prices to push inventory, basic supply and demand. Only YOU can prevent inflation. And the government.

@marciamakoviecki3295

Ай бұрын

​@@bmoreblondie6301impossible

@MX-CO

Ай бұрын

​@bmoreblondie6301 That sounds crazy high, but it also sounds like you aren't a bargain shopper. I would bet you could have bought everything on that list for way less by researching cheaper places to buy it all.

@doomy_doomy2225

Ай бұрын

@@bmoreblondie6301lost me when you said you did your shopping at target.

That’s what happens when people buy 250k homes for 500k.

@racerx6

Ай бұрын

And they buy $300 dollar carbon fiber baseball bats for their Childs t-ball game.

@NeoSoulCrew

Ай бұрын

Sounds like a hurt renter priced out

@scurvofpcp

Ай бұрын

@@NeoSoulCrew There is nothing wrong with renting, provided you are mindful of how much you're spending on rent. But people have gotten to the point where they would rather spend 2k a month on rent rather then take on the risk of home ownership And some of that is due to social stigma. Many would rather be poor but living in the right type of home rather than buy a mobile home on a half acre plot that they could afford.

@rickdunn3863

Ай бұрын

No, this is what happens when the government keeps printing money. It's called inflation. RICH PEOPLE BENEFIT FROM INFLATION., IF YOU ARE RICH, 500k is a drop in the bucket.

@picklikeapro6952

Ай бұрын

@@rickdunn3863but, but, but it’s greedflation cnn says (every poor dem voter right now) 🤦‍♂️

My stimulus money went to paying off my student loans...Sorry we're not all millionaires.

@beckyzwhite

Ай бұрын

Well done. You reduce your debts, while others squander their money on clothes and cars. Keep it up and you will never go hungry.

Ive struggled financially my entire life, (born into a poor family) and it feels like tou get to watch other people actually live and enjoy life, while you wonder why your even here. I worry more about money than death.

@buildingbuildercip8292

Ай бұрын

I grew up poor too. I dropped out of school young and started working construction at minimum wage. I climbed the ranks and eventually started buying real estate. Became an executive for a large construction company, and today am a multimillionaire. Don’t give up… just gotta grind harder than the average guy. It’s like playing monopoly and only being able to use one dice, but you’ll be fine, as long as you give it hell.

@TL-rh1lf

Ай бұрын

@@buildingbuildercip8292 yeah "just do this.. just do that... you'll be rich bro because I am" lol you don't seem to understand the complexity of the world we live in if you think it's all bootstraps and elbow grease

@Clintsessentials

Ай бұрын

@@buildingbuildercip8292 whatever...you'll lose it all too...WATCH!!!

@teschchr122

Ай бұрын

I grew up in foster care. It was tough to gain the skills to get a decent job without going to college. It also is tough when your first financial crisis is when you graduate high school and are suddenly homeless.

@chrisyang3130

Ай бұрын

That’s what we call fomo

I'll say this, i was able to work throughout the pandemic, and before Biden came into office, we had 23k in savings. I paid all our bills and never fell behind. We always paid rent early. Then, shortly after Biden took office, gas was up $4 a gallon, food was way more expensive, and our rent was increased by $9,600 dollars a year. There went our savings. We ended up moving out of state for a job that paid more with a more balanced cost of living Vs wages. There was also a new hire bonus. We like it here, but we're currently looking into new jobs out of state to stay ahead.

If you go "down a rabbit hole" and then end up at CNBC you aint doing it right lol

@User98681

Ай бұрын

Lol

@karenbrojakowski731

Ай бұрын

ROFLOL!!! Absolutely TRUE!! 😂

@frickinlazer8182

Ай бұрын

Well fucking said.

@Najibway

Ай бұрын

True. The culprit of this economic disaster is central banking and interest based economy. Few know this. And if you want go deeper in rabbit hole, look into who owns the federal reserve.

@b__w_4565

27 күн бұрын

@@Najibway yup most things go back to who OWNS the federal reserve. im assuming a cultured person such as yourself knows about hjr192 and how we have a real birth certificate sent to the fed that makes us corporate entities to back the currency (debt). and dont even get me started on the great gold confiscation in America.

Insurance cost is the biggest rip off

@redarbz6545

Ай бұрын

Insurance, Taxes all sorts of them etc….

You can't save money when you are literally skipping meals to make ends meet.

@outofthebox5441

Ай бұрын

You should move back with youra parents if your having to skip meals. Regroup, refocus and then rebuild.

@LibertyPlusTV

Ай бұрын

@@outofthebox5441 I agree. In fact people should stay home and save up to buy homes. People used to have multiple generations living in one household or compound which provided a support network and a community. People would be better off if we revived this tradition.

@autobotdiva9268

Ай бұрын

food pantries

@PDunlo

Ай бұрын

@@outofthebox5441very privileged thing to say most people don’t have that option

@outofthebox5441

Ай бұрын

@BeNice2MePls. And many people do! Find ways not excuses!

To be fair, if you run out of money, big problem...if you die, your problems are over.

@suen5006

Ай бұрын

Exactly.

@lilpandanesegirl

Ай бұрын

they still tax you. lol

@tomj528

Ай бұрын

@@lilpandanesegirl They can try...

@ramon1327

Ай бұрын

Yeah but then you become your family's problem with funeral costs, emotional distress and if you had debt they might have to deal with that too.

@scarecrow1385

Ай бұрын

Ah yes let's just kill ourselves together. Jones America.

Food, just by itself, is way out of whack.

@La_sagne

Ай бұрын

do you mean at the grocery store or do you get it dellivered?

@gregory4154

Ай бұрын

@@La_sagne Grocery store. Some items have gone up at least 35%. I've seen others 50%. Not the aggregate.

@getinthespace7715

Ай бұрын

I just went into one of our local grocery stores and noticed all the "regularly priced" items were almost $2 an item more expensive than the big box stores. Nothing was worth buying except the sale items. Not sure if that is an indicator of where food prices are headed in general. Definitely caught me off guard.

@teresahunt5521

Ай бұрын

You have to eat simply. A roasted chicken, vegetables, rice, potatoes, oatmeal, eggs, apples, bananas, beans, meat that's on sale and a few canned goods. Prices have gone up but the basics are still affordable.

@realtissaye

Ай бұрын

eating well by cooking at home isn't expensive at all, especially compared to restaurant take-out. Even fast food is generally far more expensive than grocery shopping and cooking/meal prep. just let me know if you disagree, I can give some numbers

The most annoying thing is I'm pinching to save 100s of dollars a month just to get a random car, medical, or house bill for thousands ):

@ForeignKollective

Ай бұрын

Right ! It never fails

@dbdouglas

Ай бұрын

Sounds like life to me! *That's actually a country song! Just keep battling & never give up!!

I used all my stimulus money to pay off my debt lol. Think I made the right decision for myself

@katt6894

Ай бұрын

That's the best investment you probably could have made, especially if it was high interest debt.

@henson2k

Ай бұрын

all stimulus money were like half of my monthly rent

@jesusflores2571

Ай бұрын

@@katt6894 wasn’t able to pay it all off but during Covid I found Dave Ramsey & that really shifted my mentality when it came to money. Got real intense when it came to saving & I got myself outta a little over 25K in debt

@mostknownunknown-dq3bb

Ай бұрын

Shuda invested a good portion in da sp500

No what worse is the amount we get taxed. If you really sit down and calculate all the tax we have to pay from income tax, tax you pay to put fuel in your car, tax you pay to put food on the table, cell phone bill, water, electrical, heat etc… and add all that up, it’s almost 50% and that’s not calculating the actual cost of those line items and before any retirement, health insurance, car insurance etc… you “$100k income” get reduced to almost $50k just in taxes alone. Then you start subtract all the costs that it’s actually taking to sustain a life in this society and it’s reduced by half or more again and by the end of the day you have very very little left over to enjoy your time in a society that offers quite a bit but we can’t. I used to be the absolute opposite on all this and blame people for spending out of control(which they still are) but as of recent im slowly leaning towards and starting to open my eyes and realize how squeezed we are all getting.

@thedude5040

Ай бұрын

Americans pay too little taxes actually

@loisavci3382

Ай бұрын

And you didn't even mention property tax!

@lsgsrob2102

Ай бұрын

@@thedude5040 that is an interesting outlook. What do you think should be done?

@thedude5040

Ай бұрын

@@lsgsrob2102 raise taxes and cut spending. You will be taxed more and get less in return, but it will remove the largest source of inflation.

@marciamakoviecki3295

Ай бұрын

That's because the government needs your money desperate.. they're the largest contributor to GDP with all their spending. People don't have enough money to spend, so the government spends to keep the financial system afloat.

Most have been living off credit cards for the past few years. Inflation, taxes and wage stagnation are killers.

Man these bots are crazy...

Inflation ate our savings.

@Wongseifu548

Ай бұрын

Its also the inability to adjust spending habits somewhat

@thedude5040

Ай бұрын

Inflation inflated my savings

@thomaschew2191

Ай бұрын

Oddly enough, in spite of inflation which I hate just as much as anyone, this inflation has not effected us all that much. I think it has something to do with the fact that we are very careful with our spending, we save a large percent of our pay off the top, we eat food prepared in our kitchen not the local fast food establishment and we pretend that we are broke. Our monthly food budget is $600 which is down from $800 two years ago. Our trip to the City of Debtfreeville started in 2017. During the pandemic, when student loans were in forbearance, we tripled down on our parent plus (student) loan and paid it off in full 18 months into the forbearance period. While other parent plus loan borrowers were not making payments and instead financing new cars and vacations, we chose the road less traveled. I had one co-worker mock me relentlessly telling me no payments were required and no interest was being incurred and that we should at the minimum invest that payment money. All fun and games but today he has made zero progress on his loan, actually he has gone backwards because he is on an "Income Based Payment Plan" and mine has been paid in full since 2021. I'm investing and saving significant amounts of money because we are debt free and he is worried about making his car lease payment and he makes twice as much salary as little old me.

@chrishart8548

Ай бұрын

​@@thedude5040that's an illusion. You may think you have more but what you have doesn't have as much spending power as you think

@thedude5040

Ай бұрын

@chrishart8548 my brokerage account is up 180% since 2020. I'm far far far ahead of inflation lol.

I am slowly on a downtrend to being broke. The amount of stress this puts on you, especially when you have kids, is insurmountable. Not sure what I’ll do, but I’m sure I’ll figure it out.

@MrRuben536

Ай бұрын

Get a second or third job to increase income. Live below your means and invest the difference. That's how you become wealthy.

@GoodyGoody534

Ай бұрын

Keep the faith!

@autobotdiva9268

Ай бұрын

do overtime, door dash and try food pantries! i am seeing LOTS of seniors at food pantries just for hot dogs now

@MattFischy

Ай бұрын

@@MrRuben536 Well that would be easy if I had daycare after normal hours.

@sten260

Ай бұрын

yea its not 1960s anymore where all you had to do was work 9-5, now you have to gamble in stock market too in order to stay afloat

We are seeing the results of the pandemic. I live in Iceland and in 23/24 89% of property buyers are investors!!! It’s insanity.

@JP-xq7fo

Ай бұрын

You will own nothing and be happy, going exactly to plan!

@sten260

Ай бұрын

well how else people are supposed to protect their money? can't keep it in dollars or euros, then all value of your money will be stolen. You need to buy assets like real estate and stocks just do keep up, otherwise you will fall behind others if you just stick to your 9-5 and nothing else

Inflation is a tax by another name.

@pbnsmf

Ай бұрын

Inflation is legal counterfeiting and counterfeiting is illegal inflation

Another increase is property taxes, when your home value raises 16k in one year .

@JhamEntertainment

Ай бұрын

Greedy fuckers

i used to do okay. i live alone, make a respectable $22 an hour. i was able to pay my car note, rent, pet expenses, and go to the grocery store without really having to pay attention to how much i spent on food. then food, gas, and all my bills went up. and i am struggling to make ends meet. i am a step away from complete, financial ruin. i’ll go entire weeks with barely any food in my kitchen. i’m always late paying a bill somewhere or another. and it’s just not right

Keep up the good work Graham

Always enjoy watching your channel Graham! Keep up the awesome work!!

I just stopped increasing my budget for stuff like food and gas. I let the bills and savings increase. Like since covid, ive kept my personal spending budget unchanged. I basically eat exclusively at home now unless work decides to buy lunch.

@henson2k

Ай бұрын

Good luck but you can't beat the system that is broken

@racoonracer7878

Ай бұрын

Back during COVID, prices didn't increase like crazy, so we could save a ton of money. Post COVID, everything we saved up is being used. For the black lady who's saving 15% of her income, I'd like to know her profession. Government or private?

I paid off debt incurred because of a divorce and pandemic hitting at the same time.. Now, 75% of what I earn is going into retirement and other investments so my kids can be part of the "haves' instead of the "have nots.' when I pass. We have become like Europe and Canada. You will have property and investment owners, and the rest is the renter class. Renters will be kept poor their whole life, while those who own properties free and clear--will control those rents and otther investements effectively keeping themselves generating more wealth at the expense of others. Do it now (save and invest) before it is too late for you.

@AlphaJ369

Ай бұрын

It depends on when you buy. I bought all my homes between 2010 and 2012. People who bought in the past few years, especially if they bought more than one home, will be ruined in the next few years. It's like any investment, you make your money on the buy!

@jollama

Ай бұрын

Imagine getting divorced

One of my favorite quotes is "save automatically, or you won't"

I'm stressed on behalf of your computer, because of that coffee and your hand movement. :)

I saw a interview with Daniel Demartino Booth. She said the people spending are the people who can least afford it!

@bmoreblondie6301

Ай бұрын

Yup

@aveaguila7679

Ай бұрын

That's correct. The poor sinking more and more.

@chrishart8548

Ай бұрын

​@@aveaguila7679they can only sink to a certain point

@mowtivatedmechanic1172

Ай бұрын

She’s correct and she’s a wise woman.

@Navy35

Ай бұрын

@@chrishart8548Bidenomics is working!!! It’s called the trickle on theory

For thirty years, I felt constantly short on cash-it's just the reality of living, right? I'm not wealthy, but I've moved past struggling financially.

Rent is insane! But, cutting spending is very unpopular.

@heyitsmorgan7613

Ай бұрын

I agree that cutting spending is important, but we can't forget that many people try that and don't see results because they don't take the money that they save and put it in a bank or investment account that makes interest. We are past the times where just cutting spending by itself is enough.

@elainebradley8213

Ай бұрын

@@heyitsmorgan7613 I agree.

This is one reason I stayed single. As a single person making a good income with almost no debt, I don’t worry about running out. I worry if I’m going to have enough to get me through retirement. Another great conversation here, *Fiola!* 🤗

@High1QWealth

Ай бұрын

Keep coping 😂

@sadbug

Ай бұрын

That’s so sad

@High1QWealth

Ай бұрын

Your financial situation grows stronger with a relationship not weaker. Multiple studies prove this!

@juliabuonincontro8617

Ай бұрын

You don’t have to worry as much about retirement if you have two incomes

@CommodoreN64

Ай бұрын

Find someone with the same goals. They are out there.

I don’t know why people think just getting a raise means you will be wealthier, prices raising/inflation/interest /higher taxes just eats it all up.

@donaldlyons17

Ай бұрын

Because they are thinking in a static way.... like income is the only factor in their outcome not all the other things matter as well...

My rent goes up $150/month every time I renew

The stimulus was meant to make money move through the economy, people saved it wisely so they had to put our arms behind our backs with inflation to flush that money out 🤷‍♂️

PPP loans were forgiven and corporate profits have never been higher. We are in the middle of the largest wealth transfer in history.

@Heretus

Ай бұрын

Largest transfer of wealth in human history already happened during covid

Are you aware, that somebody changed the definition of recession during the pandemic?

Successful people don't become that way overnight. What most people see as a glance of wealth, a great career, and purpose is the result of hard work and hustle over time. I pray that anyone who is reading this will be successful in life

@clydeorlan2615

16 күн бұрын

Wow thank you for your kind heart, I really find it difficult to trade myself am looking forward to find an Exprt to help me out when I ran into you

@aaronferrell3129

16 күн бұрын

imagine investing in Btcoin earlier.... You could have been a multi millionaire precently

@BryanSmith-cc9iy

16 күн бұрын

​@@aaronferrell3129 You are right. Been thinking of going into gold and cyptocurrency

@hamidu_-

16 күн бұрын

Assets that can make you rich *FX *Btcoin *Stocks *Gold *Real estate

@geralyncainglet2626

16 күн бұрын

You’re right but a lot of people remain poor due to ignorance

Love your channel!

Good info here Graham, thanks for helping out us out!

There is a recession they just changed the definition

Since January 2020 all I've done was work, eat and sleep. I'm an electrical engineer for an Aerospace company. I live paycheck to paycheck. I've had slight pay increases, but my cost of living has substantially gone up with no change in the way I live. Infact I've cut my spending significantly to help. Even with that effort, due to inflation the value of my salary is less than it was four years ago.

@luvfoto

Ай бұрын

Sounds like my life 😮

@thedude5040

Ай бұрын

I'm an electrical engineer for the utility industry. Since 2020 I've paid off my student loans, bought a new car, got married, and built my first house. Maybe you need a job change? I just graduated in 2018.

@njpme

Ай бұрын

Bro your budget need revision

@autobotdiva9268

Ай бұрын

new mexico, sweden and thailand are the way to go

@AlphaJ369

Ай бұрын

That's unfortunately what happens when inflation out paces pay. 90% of the country is experiencing it.

We had no savings, putting everything on credit cards. Stimulus check went to buying more crap we didn't need. 2022, started the dave ramsey plan with 205k in consumer debt alone. Now we're down to 12k left and looking forward to actually paying towards our future. Found you through a podcast yall did with the Ramsey team. Really enjoy your content. ❤

AMS59K going up like crazy! Pick up around 0.67 and now it’s hit $1! I wish i had bought more!😂😂😂

Can't run out of money if you have none! 😂

@jayc4715

Ай бұрын

Can go into debt tho

Why do you say people had “an EXTRA $600 A WEEK?” That money was in most cases, to make up for people’s jobs closing up. I got it and it went to Rent and Food, etc.

@ricwiper3056

Ай бұрын

Don’t forget they made the term “essential worker” so they can force people back to work so businesses don’t have to pay unemployment

Recessions don't happen with inversion of yield curve, they happen when it UN-INVERTS

@Kraeall

Ай бұрын

Exactly

My company gave us "raises" but then raised our health insurance premiums to more than the difference we had in getting that raise. 😂

As Warren Buffet says “you never know who isn’t wearing pants until the tide goes out

I think the reason people don't trust banks is because of things like overdraft fees, low balance fees and other fees. People who live in poor neighborhoods and use check cashing and payday loan places instead of banks. Even if they personally have never been screwed by bank fees, it's in the culture around them because their parents and friends have been burned. They know they check cashers and payday lenders are screwing them, but it's more transparent. I think there's been regulatory prizes, but it used to be that banks would order transactions in a way where the big ones would happen first to push you below $0 so they could charge the $35 over draft fee multiple times, instead of once if you had enough for all the small transactions but not one big one.

@donaldlyons17

Ай бұрын

What fees only take a portion of the wealth.... how can that be a major issue? My favorite bank only cost $3.95 CAD per month which is only about $48 CAD per year!!!! That fee is only a small portion of the total account value per year so why does it matter?

@stoundingresults

Ай бұрын

​To some folks $48 Is a lot of money. Grew up poor, that's how I know. ​@@donaldlyons17

@jdmulloy

Ай бұрын

@@donaldlyons17 I'm not talking about people like you. I'm talking about people making minimum wage and having a balance that never goes above a few hundred dollars. Overdraft fees kill them. The unbanked have good reason to not trust banks.

@jdmulloy

Ай бұрын

@Joe-no7gs if you hold lots of cash in your house you have the risk of it being stolen. Banks are quite useful. Keeping all your money at home is quite risky.

I bought a 25k deck. The way I see it, I simply moved money out of my bank and put that into equity. Don’t regret it at all, it’s a beautiful deck.

@mowtivatedmechanic1172

Ай бұрын

Good call brother. Spend it on assets. (Savings account is definitely NOT an asset)

Graham, your commentary has really come a long way in taking into consideration the varied and nuanced challenges that Americans faced in this weird period of history. It may not be as attention grabbing as completely attributing blame to irresponsibility to the little guy, but thank you for it. Also, thank you for touching on the bizarre results of studies done on "pandemic savings." I wonder how much the positively-framed results of overall savings increasing have to do with misrepresenting the average American's savings by reporting average balances rather than the median. Anecdotal evidence, but most people I know (myself included) that received the pandemic checks weren't still drawing on the $600-1200 3-4 months after receiving it let alone years later, yet it's treated as this huge influx of cash that's going such a long way for the average American, yet hardly any attention is given to how PPP loans (unavailable to the average working American) may have affected the numbers.

As much as it's a problem for the individual, my concern is long term stability of banks. What happens to the economy when that pool of available cash to banks starts significantly shrinking?

@Billy-the-Kid

Ай бұрын

They print more ...

If you’re working common jobs like most people are, car repairs, insurance, and rent alone will do it to you. Throw in a couple emergencies, your savings are gone. Especially if you’re just starting out, it’s very difficult to keep up let alone get ahead. Things aren’t looking great.

Early upload!

Is pink hair a solid investment?

You rock!

I'm not feeling all this positivity, I'm debt free and still feel like things cost more than my income has increased, it feels like the media has gotten their marching orders to convince people things are better than they are.

Great video Graham. I have also heard that Yatta bank is also a great option.

we`ve been in recession - they`ll tell you a year from now

also literally 40 seconds in and theirs so much to say ive never hear 2008 called the great recession missed out on that one too lol

Great video

Hi Graham. My net worth says I'm rich and my bank account says I'm poorer then ever. So it seems that what I own is overvalued and I'm getting to pay crazy amounts to maintain what I own ( Taxes, insurance, reparations etc.). Something is off

Yeah, everything is ridiculous for the same car insurance coverage. I started at 134, and now it's 215. I am just thankful I paid my car off, but 😢

the thing is everyone dies and its a given, worrying about it wont change it, its something everyone accepts to a degree. Running out of money is not guaranteed and focusing on it might help fix the issue

It’s the misc. emergency fees that get me. I was the victim of a hit and run and even though I had full coverage I still have to pay the $2000 deductible. The price for tires on SUVs is high af. When you’re in between health coverage and you get sick or injured also kills your finances. I was charged $1400 for one ibuprofen and one pain patch. They didn’t even do anything to diagnose me! I had severe neck and back pain from a car accident and refused to give me medical attention and charged me $1400 smh

The inverted yield curve generally predicts a recession within 18 months after it re-steepens. The yield curve is still inverted thus that clock really hasn't started just yet to see if this time is truly different.

It's not rocket science. When you drop helicopter money on people that only consume, that money goes out the door on retail goods and housing. So all the stimulus money wound up in the hands of wealth business owners and land owners. The higher velocity of spending caused inflation.

If there are just as many people earning 150K a year as there are making 50K a year who are living paycheck to paycheck, then the people making 150K are irresponsible with their spending. If the city is too expensive to live (ie NYC, San Francisco, etc); then you need to move to suburbs or a smaller town.

@henson2k

Ай бұрын

Everybody is basically proposing to sacrifice quality of life

@ironically_iconic9848

Ай бұрын

Most of the people making 150K have to live in the city to make that amount. If they move to a rural area they will likely have to get a new job, a new job that will likely pay 50K. I can find jobs that pay double what I’m making currently in rural America in a city.

@realtissaye

Ай бұрын

@@henson2k yes, if things are tough, that tends to happen

@msmong123

Ай бұрын

@@ironically_iconic9848not true I make 150k in Akron Ohio no big city

When you give these percentages are you talking pre or post tax?

I wanted to use acorns, but it's not available in my country bruh

Bought a midsize pickup in ‘19 was returned after a 3 year lease with only 32,000 miles on it for $17,500 went back to the same dealer an the price on the new tacomas are $52,000 for a base model ?! How TF does that happen ?! Keeping my old one till it dies out

We had a recession already in 2022 Q1 and Q2 negative. But no one talks about that or admits it.

The longer a person refuses to cut back their lifestyle, the deeper the hole they will dig.

So at what point do you think you should stop saving and enjoy some of your profits? (I’m a very live dirt, become rich kinda guy)

I’m fully under the impression that businesses (based on how economics work) will have a couple years of declining profits before they get that they were a major part in the issue. And that they have to put more into their work force before anything gets done anywhere closed to fix.

Recessions don’t usually occur until after the curve “de-inverts”.

@picklikeapro6952

Ай бұрын

The fact you know that and he doesn’t is astounding. I need your channel name 😂

If you have under $100k in the bank you know what studies are right.

The thing about yield curve is that it predicts a recession rather than signals one has arrived. It's when the yield UNINVERTS that recessions historically hit.

Another biggest fear some people have over death is oral presentations.

@rangequeen

Ай бұрын

🙋🏻‍♀️

@coinbuyer-8605

6 күн бұрын

Jerry Seinfeld mentions this and his joke goes something like: In terms of a funeral, you'd rather be in the casket than doing the eulogy.

@rangequeen

6 күн бұрын

@@coinbuyer-8605 🤣

The audacity of our government to make us citizens pay taxes when it continues to print money for other initiatives

I wish I could go back 30 years and do this for long term wealth.

Yo Smosh is going to be wild

If u make 100k in most of the us.its lifestyle creep and going out to eat constantly etc

big problem: spending all your money on stupid stuff trying to live the fancy life

Unbanked people sometimes are trying to avoid "court mandated" fees, child support, alimony, car insurance because of prior failures to have coverage. Lawsuits, and the beat goes on. I get it, but if you make 70-100k, and don't want to pay these fees, then you pay check cashing places, or payday loan places, to cash a paycheck. They take a flat fee, plus a % of the check. That's really expensive

Anyone else kind of put off that he doesn’t know if people are broke or not right now? Everyone in sales knows how broke everyone is and everyone in finance should also. Lol

@donaldlyons17

Ай бұрын

Yeah but something is wrong with him to begin with because he only seems to worry about making videos and seems to have done little talking to everyday people. People in KZread finance are busy getting videos ready so I am not surprised they don't have a clue!!!!

@picklikeapro6952

Ай бұрын

@@donaldlyons17 it’s wild to hear the “professionals” talk about finances. It’s like they all get their info from other news sources. He literally said he didn’t know what to believe. We’re here for you to tell us what’s really going on. 😂

@donaldlyons17

Ай бұрын

@@picklikeapro6952 well no I expect pros to really only know their area not to understand other areas

@picklikeapro6952

Ай бұрын

@@donaldlyons17 I’ve only found one that is pretty proficient in all of it and he only has 8.4K subscribers and I always like to check around.

We want longer videos !

I'm from EU and I learned from my trip to the US that everything was expensive, everywhere, all the time.. And that's the problem, runaway rents and costs etc, is killing the average americans.

Hi Graham, what watch are you wearing?

It’s WHY I wrote a book, Back to Frugal. Many People need to start living more frugally. Some older people will tell you they wish they didn’t spend on stupid things in their 20’s or 30’s. In our country they’re predicting a huge amount of travel this summer, and I’m guessing a majority of those carry cc or some other debt. Some people just feel entitled to have a lifestyle but realistically they can’t afford it. I have friends in multiple states that don’t pay off their cc debt and continue eating out at expensive restaurants, take their daughters out for mani, pedi dates, trade in their vehicles every 2-3 years, etc. Too much mindset of instant gratification. It’s really sad, and scary where our nation is going. Best I can do is just make educational videos that go with my book, to try and help those that want it. Frugality = Financial Freedom 👍

I wish things would go back to the way it was even though it was still crappy then.

Personally I never had to touch my savings, I increased it a bit to account for COL increases but other than that I’ve been plowing money into the market as fast as I can, the effect is a reduced savings rate if you only look at savings account but my net savings is actually increasing.