"People Are Being Reckless Not Saving Money!" - Reaction To The #2 Lowest Saving Rate EVER
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- čas přidán 6. 12. 2022
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In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana react to Americans spending most of their earnings.
Watch the full podcast here: • Reaction to Twitter Fi...
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To combat the negative effect of inflation, it’s a good idea to diversify your portfolio across different asset classes, such as stocks, bonds, and real estate, since this can help protect your portfolio against inflation. I’ve heard testimonies of people accruing over $550k during recessions
For a successful long-term strategy you have to seek guidance from a broker or financial advisor.
With the help of an investing advisor, I diversified my $400K portfolio across markets, and I was able to earn over $900k in net profit from high dividend yielding equities, ETFs, and bonds.
@@duane_29 please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
@@EllenAbrex Sure, the Investment advisor that guides me is ''Christine Jane Mclean'' and she's renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
@@duane_29 Christine really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a session with her
For 2023, it’s hard to nail down specific predictions for the stock market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about a January rally and said stocks that would be experiencing significant growth these festive season, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
@@maiadazz yes, transportation, e-commerce among other sectors are expected to experience growth, but who knows, the market has been a basket of surprises.
@@richardhudson1243 Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.
@Craig Daniels Having a coach is the key to volatile markets, My advisor is Melissa Scott Glazner, you can easily look up to her on internet she has years of financials market experience.
@Craig Daniels Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2023 on a woodnote financially.
Depending on what you spend your money on.. INFLATION IS PROBABLY HIGHER THAN 7.1% FOR YOU! A 7.1% CPI means cash is losing 50% of its buying power every 10 years. If you’re not investing your money, delayed gratification will do nothing to help you financially. Saving your money instead of investing it means your wealth is being transferred to people who own assets.
Something I’ve learned from my first bear market: You don’t have to outperform, just survive. If you can survive and let your competitors blow up you’ll be the only one left and in a better position than before.
Building a good financial portfolio is more complex, so I would recommend you seek professional help. This gives you strategies aligned with your unique long-term goals and risk appetite.
I have been on both ends of the spectrum, I was investing on my own for about 3 years, I did my own research and analysis before I bought, things got pretty difficult after the pandemic, just when I was looking for a investment Advisor to Guidance, it's been over 2 years and I've grown a stagnant reserve from $280K to $700K in just about 24 months.
@Sara Phillips I'm trading with expert "LISA ELLEN SHAW", a regulated broker in the US. Met her sometime early last year at a start up funding event. She has some interesting things to say about the state of algorithmic trading today. Obviously I'm seeing the results.
credit card debt is a real problem in america
A crash and bullish market provides equal high-yield potential, it's all about information and strategy application, I've seen folks make huge 8figure profit in a crashing market and pull it off much easily in a bull market , Unequivocally the crash/recession is getting somebody somewhere rich.
Thanks for this. I just read about Jane Lady. Quite an interesting lady to look up on the web. I left her a mail so i'm waiting for her reply on the subject matter.
Maybe they spend more because the things they need are more expensive and the montly income remains the same .
BINGO
Agreed. These guys are showing they are very detached. I know of no one going on vacations. People are not going out like they used to. Real inflation is astronomical. Not the understated number that makes headlines. People are getting crushed. And its only getting worse.
Yes that’s true… but also what about the $9billion spent in -online only- Black Friday sales this year?
@@SPR28 the sales were 2.3% higher than last year If You take in consideratiom inflation i doubt that was a record
He’s not talking about inflation spending! Reckless spending- New iPhones, vacations etc..!
People need to save their money…”BUT BUY THESE HATS.” The timing of the plug was just too comical.
..
😂😂😂
Never thought of it like that. You're right! 🤣🤣🤣
Buy these courses!
Facts I was like hold up💀🤣🤣
I wasn't financial free until my 50’s and I’m still in my 50’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
I understand that tomorrow isn't promised to anyone, but investing today is hard for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.
@@alexyoung3126 Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
@@joesphcu8975 who is your financial advisor or coach, do you mind hooking me up?
@@lawerencemiller9720 The adviser I'm in touch with is Ingrid Cecilia Raad. She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
You can book an appointment with Ingrid by searching her name on internet browser send her a short note letting her know your intentions and interest in Crypto trading seeking her guidance.
I am trying to avoid making any new buys at this point in other not to get sucked into a bear market trap. It's tough making money in stock's when institutional investors are the driving force behind the selling.. although I read an article about people that grossed profits up to $150k during this crash, what are the best stocks to buy now or put on a watchlist?
Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around. Ultimately, I recommend you seek the guidance of a brokr or financial-advisr so that you make the right call.
Very true Brian! I've been able to scale from $350K to $550K this red season because my F-A figured out Defensive strategies to protect my port-folio and profit from this roller coaster markt.
The advisr I use is actually quite known, you might have come across her before, Eleanor Cecilia Schnell, she's been featured in several articles, and you can search her name.
I appreciate your advice. Your Advisr was easy to find. Prior to writing/scheduling a call with her, I completed my research on her. Her résumé suggests that she is proficient.
Tesla Meta duhh
average person doesn't even think 5-10 years down the road
@@thesightofsound4273 everyone's goal that's trying to succeed at life
Hell, the average doesn't even think about 12 months down the road!
@@roythousand13 they always think in the moment
It's not that simple folks. People are trying to feed their families with rising costs due to inflation... everything is literally through the roof. Savings.... actually 'investing" is absolutely a challenge.
It blows my head of how people are ignoring the redflags of a recession coming and don't save money. 😒
Cant save them all
Many people can’t. Most people weren’t saving a lot to begin with. Even if they were only saving 10% well cost of living is up 20+%. It’s just not there to save for a lot of folks. That’s without even looking at how many peoples businesses haven’t even recovered to pre 2020 levels.
pretty sure we are already in recession lite. We're already experiencing hardships, and yet people are just foolish. SMH
We aren’t look at me as a example. I work 3 jobs. My rent was 1800 now it’s 5k. Food cost went from 300-500$ , our gas bill double. My car insurance is 250. My mom is seriously Ill. So I do whatever I can to help finically. My saving is wrecked. Most young peoples saving are. Biden fucked us
It makes me sad that you act like it s a stupidity things when you know this economy is completely Garbage.
It's called Inflation!!!! Grocey store living expenses are twice as much.. Baseball cards are a scam.. We are living in an overhyped junk wax era...
Facts. Pat lives on a bubble. Hasn't been to a grocery store in years!!!
Ever realize the only things with resale value are houses and cars these days? Nothing has value anymore because the people don't value anything, junk food, junk culture, junk world
Boomers dont care.they still think girls want nice guys.and dont want there slaves to realize it's never going to happen.i new back in 2008 right out of highschool I will live on credit the government and never retire.its only now after they fuked the internet and can make podcast money do they say let alone do jack shit
Not the cards Pats buying. Wake up
How do you guys expect Americans to save that spending is on all the shit they have inflated...u guys suppose to be smart guys on here reason why we can't save is because of how much prices has gone up
Not in America (sadly), but you are correct. I do not understand people who are living like everything is normal. I don't understand putting vacations on a credit card. Or, blowing an entire paycheck for Christmas. Challenging times indeed.
ez
When it’s get, there will be extended unemployment and that’ll be it
I think people aren't savings money bc the inflated cost of everything is eating up everything they are making. I think there is nothing left to save. I think between inflation, taxes and debt payments the average normal American has nothing left.
Bingo you get it, especially people on minimum wage like myself. Saving is a luxury that I don't have.
People spending wrecklessly...... I am buying collectors cards for 200k
Right like come on man, you saying one thing but than look at me I spent $300k on a sports card
I'm a thrifty shopper and only buy necessities. $100 grocery bill at Aldi got my attention. It used to be $60. It's food for a little over a week. I can afford it, I feel for those who cant but they're driving fancier cars than me.
I'm over 800 per month on groceries. Family of 4. My kids eat more than me now.
100k ain't shit in San Francisco. $3,000, $400 for garage for car, $500 a month for car payment
Facts
100k a year while paying 3k in rent in cities
Hard to save any money when It takes almost all of my check for food bills and gasoline now.
Super detached takes for the average citizen as normal.
Bingo you get it, people like us don't have the luxury of savings on minimum wage. There's going to be a revolution in this country very soon when the economy collapses
@@Paulyfrog64 idk man everyone's so complacent and weak now. that tree of liberty Is well past due for watering though.
@@braxtonvestal777 It's never took late we just have to stop being scared to act. I'm already getting involved in activism because the feds are screwing us all
It is possible that it is a life decision that is causing you to live pay check to pay check. Find a new trade or figure out your worth. find a side hustle as well.
@@bigpapa21tx1 oh for sure it was a terrible decision I made when I was 20. I caught a felony. I work my main job 60 hours a week and now own a small headshop me and my family run on the side. I have a teaching degree and one semester left for my nursing degree but turns out that's worthless when you're an ex convict. 😑
It's hard to save when you got to survive
Some can buy expensive cars..others can barely afford to put food on the table…the difference is hard work ethics, heartless decisions….and sometimes fixing amd living other peoples lives
The savings rate is lowest since 2008 , these people have no money and are spending debt , not stimulus checks , we have had more bankruptcies in the last 3 years than in the 2008 recession and dotcom bubble combined ……people are way to pessimistic
As a college student back in the 80's I learned in Economics 101 the principle of scarcity. Economic resources are limited(finite) however, human wants & desires are unlimited(infinite). Therefore, it is our responsibility to bridge the gap. Isn't that what we call budgeting & living within our means. You mentioned how our current life is the outcome of 5 decisions we've made in the last 5 years or so. That should be a wake-up call for the 30 & 40 something who are at the peak of their earning years. For the Gen Xers like me, I would say that my current life right now is the totality of ALL the decisions I've made in life so far. As Grandpa used to say, keep it steady. Mistakes & failures will be made along the way; no one's perfect. Question is how you're going to handle it. Learn from others & don't do stupid stuff. Education is great- it becomes your tool later in life.
But all that education is useless without execution, so decision-making is far superior.
You are right, its all about decisions. We can even take a look at the Boomer generation for an instance: they did not spend 2K + on buying the latest smartphone, smartwatch, latest streaming service, etc. We are spending far more money on things that are really not necessary, but for some reason people have FOMO on those things.
You and Alan have excellent takes, good shit.
Most of what was said in this clip/podcast was spot on. Tough times are ahead and people should save (and many are not). I've watched several CZcams videos where people go to Vegas and drop $3K over a weekend. OMG. That is almost a paycheck for me. Imagine if you get laid off/let go from your job. What are you going to do?
Here is the area where Patrick (and Tom - although he didn't say anything this time) contradict themselves. At 7:03 Patrick talks about this horrible atrocity the working man has committed by "bullying" their boss for more money over the last couple of years. Patrick - you're an entrepreneur. It's called supply and demand. If you're hiring a peon employee for Valuetainment or your insurance company (when you had it) and in the interview they say they want $100K/year and your budget for the position is $135 are you going to give them $135K? No. If anything you're going to try to snag them at $90-95. Isn't that capitalism? Isn't that negotiation? Why is this ok when a company does it but not when the working man does it? If you have a company, that produces widgets and can only produce 1,000 widgets per month and you have a regular customer that buys them at $1 per unit and then you have a new customer offer you $2 per widget (and he has the money and has a stable customer) what is wrong at selling to the new customer at $2 and shedding the old one? Isn't that the nature of supply and demand and the capitalist system you decree the virtues of? If Patrick, back when he was selling insurance, only had resources to sell 100 policies a day and had old time customers he could sell at $1000 a policy and then new customers approached him saying they were willing to pay $2,000 per policy guess who would get the insurance? That's right - he would drop the old customers and sell to the new ones willing to fork out $2,000 per policy. Why is it wrong when the common man/employee takes advantage of the system but not an entrepreneur/capitalist/company? Also - most companies - when you are with them for a number of years don't give you pay raises consummate with the experience you gain. If they hire a person, with the same experience as you (assuming you are an experienced person) from the outside (and you have never left your company or been there for a long time) chances are the new person will be making a material amount more than you. If you ask your boss about this, and ask him for a raise to bring you up to the level of your newly hired coworker, chances are he will not match the salary. In that case you not leaving is you not working supply and demand/capitalism/putting yourself first. Also, how many loyal employees, who dedicated themselves to the company and didn't leave get retained by a company when the company realizes they can outsource the job or automate it? The answer - very few if any. Again - the question remains - why is it wrong for an employee to jump ship for more $ when a company will cut you in a second if they can procure the services you provide for a cheaper price (or determine they don't need you)?
This is funny because PBD just a year ago was telling people to invest in sports cards but he's now bragging about how he's buying them 50% off today
Yeh and his silly story of the rare card selling on eBay…it never did sell.
Oh and he made it out as a buisness model buying things from
People who know what they have then selling it yourself on eBay…slight problem…there’s a company that has adequately filled that part of the market for close to a quarter of ancentuary…yep….eBay
He’s full of sh#t a lot
Only USA has these people-who their day job is peddling fear IE life Insurance
Cards depend of supply and demand if you got something good that wasn't over printed your still makeing money off it.
@@fearlessdrop3021cards are like crypto they produce nothing just hope someone is willing to buy it for more then what u got it for.
@@rbtheballer bingo.
Bulling your employer for a raise!?!? I'm sorry 90% of people are too cowardly to ask for a raise and the other 10% realize that there is ANOTHER employer who will pay for their desired salary. Who is losing? Those exploited employees that chose to stay and those silly employers who choose not to reward productive employees.
My philosophy is to never ask for a raise...if you want more money and have the skills and education you can get another job that pays you 25-50% more than your current salary.
My manager just got fired because of the position being eliminated. Getting most of his roles to me but not sure if I’m getting a raise. Crazy times
Quit
That’s what sucks
At the Gucci store?
A lot of employers are trying to double the workload but not the pay
Not me!!! This is the most money I've ever saved. My wife and I took advantage of the 0% interest in student loans and paid 20k, or what was left of our 75k student loan. I can't wait to see what I can buy when people start selling their toys.
Better use those fading dollars for food.Or “ready made resources” store has a good supply,too,plus night vision,communications,etc….at least pray about it and go look at the store for ideas about needed things in emergency.👊
@@bjones5791 Honestly if it gets to that point we're all screwed. Even if bought all those supplies, the most time I could buy is a few moths. Then what?
@@bestservedchill1489 Yeah,that reality hit us,too.The first even half-assed trained small group with night/thermal vision and decent headset communication would just kill us and take our stuff as things got more desperate.So to your point,2-3 months out sounds about right for even strong prep minded people to hold out.But once drone assisted military types roll in,it’s over….but we gotta do the best we can with the tools we have!😁……stay wisdom filled,that was a good “check”!🤠✌️
@B Jones take off your tin foil hat and leave the basement.
Good overall points for this video. Except at 7:00. Here we go again with PBD complaining that employees were asking for raises when interest rates were in the toilet, spending was through the roof and the stock market was at an all time high for company profits. You can tell he has a personal issues with this. Maybe a lot of his employees asked him for raises and he wasn't thrilled. "Bullying" employers. Really? "You know who you are". He's definitely talking to some of his own ex-employees lol.
One trick that I taught myself was to take away my emotions from my money and actually use it as a tool. Like a complete disconnect. Many people talk about this trick. It works remarkably well. Everyone has a different situation. When you save money, it feels like an extra backbone.
I just subscribed last week and, damn, I LOVE your advice/channel!
I’ve been screaming this since the start of the pandemic and it’s so applicable right now: we’re not going back to normal. By normal I mean pre 2020. COVID accelerated everything to the direction it was already headed. People thought they had time and now they’re all shitting their pants realizing we’re not going back. Times will continue to get harder. The world is more competitive than ever.
I do agree with you but there is never been no "normal". Times change in the world goes around and around again.
The 70's, 80's,90's etc...we're all completely different
This is the first time we have had massive inflation we are facing without the benefit of having the generation with us who lived through the Great Depression. In the 70s, there were still enough people who remembered what it was like to live without. These were the people in the 70s who drove the doing less with more projects. "How to make 3 meals with a pound of ground chuck." That generation is largely gone, and with it, their collective wisdom.
Some very helpful channels on CZcams of some of those individuals sharing their wisdom, I'm very thankful!
My father in law lived through it and he’s with me. He is a multimillionaire who wears $6.00 sneakers from 20 years ago and I have caught him gluing and clamping them back together more than once and he can afford the entire store. Now you know how you too can survive
It's called CZcams.
Well do the last 2 years with covid lockdowns a lot of small businesses including myself didn't make nearly what they aren't on a yearly basis... everybody tighten their budgets. I've spent most of my savings and it's a long road to get back to Financial Security. Work availability slows down yet the bills just keep climbing.
Yep. Some people don’t get it.
exactly! their answer is just save more.
@@sublime90 I think people are better off, putting their money under the mattress the way things keep going in the economy.
Pat said word of value this clip. Gained a good amount of respect for how adamant he was about that statement
be careful with the trading cards... nobody under 30 cares about cards so the market is def decreasing.
People under 30 can't afford the cards that have the chance to go up in value
@@sp123 you know people under 30 that even think or know about card collecting? im 29 and I dont
It’s no longer for kids. It’s basically like playing the lottery
Businesses are do a great job of reaching consumers every second of their lives. its producers v consumers. People are bombarded with shit to buy
You don't have to buy what they're selling. It's still your decision.
Another word for consumer is parasite. Don’t be a parasite I see people at the mall right now buying things they don’t need. Useless gifts that the kids will only play with for 1 day
you dont have to buy it, but people do buy more than they should
@@TopVillain I get your sentiment but parasite isn't what a consumer is. Do you buy gas and groceries? do you get a paycheck from someone else consuming your product or service?
@@Sevkingblade facts! I just had a convo with someone telling me “Target took my money” and I said no, you couldn’t control your impulses. Marketing and psychology is real but you have the power to buy what’s on your grocery list and nothing more, you consciously choose not to occasionally 🤷🏾♂️
God bless you, what a great discover, your are opening my Mind,love the podcast congratulacions
I got me another full time job! Paid off all debt and stacked 50k. I just got the job to pay off my debt in months but I’m debating on keeping it for a while longer!
Keep working and keep stacking! Nate
My man with the double remote work!
i love your videos they really make me think
You can always count on Adam to bring NOTHING to the conversation.
I don’t think Pat is speaking to middle income people who are now just getting by due to increased food and utility costs.
hes speaking to people who make well over $100k a year
We went full throttle on debt repayment. No more toxic debt in 6 months. We've even decided that we would no longer borrow more than necessary to keep a credit history going. 1 credit card, 1 small personal loan, 1 mortgage. Everything else will be massively invested.
Did the report say why they thought that the spending was people going out more and not inflation squeezing the lower middle class and below into spending more? I'm not aware of the situation in America but similar stats are popping up in the UK at the moment because people are having to use more of their savings on essential bills due to inflation. Also, the millennials on 100k that are broke trope is overplayed. 99% of the people on 100k young are those in Silicon Valley who have to compete with others on way more which makes rent in those areas sky high leading to them spending most of their 100k just to have a place to live.
PPL NOT SAVING MONEY BUT I JUST SPENT A MILLION ON SPORTS CARDS HAHAHA
your a TOP G
This is my first time hearing these men speak, and I am so impressed. many perspectives, and they all make sense. I find so much value in hearing people talk about personal finances and the reality we as Americans have fallen into. no intentionality with our spending, and within two years we as a country have went from the highest savings rate we've seen in decades to now the lowest.
Its been a over a year people have been crying out about a recession. Yes, times are tough, groceries are thru the roof, if you have a career and skills you'll make it thru...life is tough, embrace the challenge of what might come. Stop living in fear and enjoy life. Dont be on your death bed having regrets.
Talking about people spending money recklessly then shilling merchandise at the end of the video. Got to love it.
Incredible video. Pat went off at the end. Greatness.
Well, the cost of living continues to skyrocket, meanwhile I STILL haven't found any trees with extra cash growing from them. One can only work so much without neglecting personal responsibilities at home. Money seems to evaporate as soon as I get it and the only investments that I feel AT ALL comfortable with dumping my precious few extra dollars into are the things we need to survive, the things that keep going up in cost. Food, medicine, water containment/filtration, heat fuel, gas for generators/vehicles, BULLETS, stuff like that. I just can't fathom being in a position to where I am set on all those things enough to where I can afford to potentially burn wealth on the stock market, crypto or any of that other digitalized stuff. I like tangible investments that I can put my hands on. I've had a lot of wise old men tell me, if I can't put my hands on it in 15 minutes, then I don't own it. I feel inclined to agree with them, especially as we get deeper into this weird, complex, confusing new digital world we are living in. Maybe I'm just old-fashioned.
Hard assets are a good investment. Carrying no debt is the best thing you can do to get started.
@@DaveW74TVN , fortunately I am completely debt free and have not had a thing to do with credit for right around ten years now. Cash for everything, which does mean I don't have the nicest stuff around, but I do own what I have.
I used to think 100k a year was a lot, but really it was barely enough to purchase a small home and pay bills on that home. $100k a year job is like the new $60k a year. I live in Nj that is a low wage here. It used to be a middle class wage here
Pat always the Salesman "The card was worth 1.2 millon, I bought it for 400,000"
Doesn't that mean that it's only worth 400,000 if that is what you paid for it. The other number is made up.🤣
That's a great analogy equating a "body count" psychology with the number of jobs held.
It’s really not u sleep with a bunch of people and get burned or lower your value when you change jobs your most likely leaving for a better paying job employers are competing for your labor…Pat doesn’t understand it’s been a workers market lately just like there’s a buyers and sellers market in real estate it’s the same way in the workforce…Pat wants to condition people to have blind loyalty towards him instead of competing for the labor (through higher wages).
I always saw body count like a credit score. Doesn't mean they are a bad person but does show their ability or inability to make good choices.
Thanks Patrick for calling us people out on what we are doing . I'm finally waking up and doing better . Love your content and thanks for helping me and my family . Next five moves is were I'm at now !! God bless you sir !!
It’s been happening for a long time/ever prior to 2022. These guys haven’t stumbled upon the fountain of knowledge; but I respect their voices. If you’ve been around and working for more than a handful of years and have an average intellect; you’ll start to see the evolution in companies, thoughts, patterns, and procedure. What’s old is new again. People can and do adjust to change, the pace of change is what has fundamentally changed. Furthermore, everyone is saying you have to go faster and have to have more and better; AND we’ve invented a new way to do $ and your going to be left behind blah blah. Find a truly wealthy and intelligent person, and you’ll see that the vast overwhelming majority don’t act fast or reckless and their lives don’t generally “evolve” after the first million. Additionally, once you have wealth your life slows down instead of the opposite. People that make 100,000 $1 and $5 dollar mistakes generally never have the opportunity to make 1 $100,000 dollar mistake.
Do you think this could be partly due to rent raising so much?
That part
Part of it (but I gas and food to that).
But the other part is people just love to spend money and live in the moment
Don't even think about blaming the people.
It's always the governments fault.
Glad I watched this. I'm one of those person with many jobs. I need to learn how to stay with a single company. Great content here. Thank you!
I liked Pat’s speech at the end, but I burst out laughing at the end because of the hats he’s selling lol.
Scary because almost every homeowner I know refinanced and even got cash out in the last 3 years.
GEMS BEGIN DROP LIKE OPINIONS RESPECT TO PAT GREAT CONVERSATION SOSNICK-WALKER
Awesome podcast, thanks for the wealth of wisdom you provide
Most people are going to lose on selling a house
It's like returning a leased car early. They will gladly take your vehicle
And roll you up with the remaining $$ owing and put it in to a new car loan
Perpetuality of when a good is worth less than what you paid for it
The bank loaned you the money so you owe it back
Better to stay in your house and re negotiate your mortgage
A bank doesn't want your house. They want YOUR money 💰💰
Well stated!!!
Pat is right abt body count, I've with my employer for 8.5yrs, loving it, continue growing, my skillset is in high demand, but I turned down jumping around. if my job is gone tomorrow, those leaders I've been networked with, will help me.
Great video, Personal Responsibility, time to wake up!
Don't think extra money is going to Vegas trips jerk! Student loan debt and child care costs makes the middle class more lower class every day. Colleges charge whatever they want and the compounded interest makes it nearly impossible to get the principal paid down. Not to mention years lost pursuing the degree.
100k is not what it used to be when this number meant something significant. inflation over the last 10y has substantially cut down the purchasing power of this 100k
(Make better decisions) my rent went up, I now have a room mate to take care of the extra 300, Bills went up electric and water, only thing I'm trying to save for is a new to me car because mine probably won't last much longer repairs are getting to expensive for my 1999 🙃 , gas has been up, and so are food prices, but let's blame it on to many vacations. But you they don't even read the comments
Saving money is literally the only thing people can do for themselves to lower inflation.
That money loses value due to inflation
@@luxurybuzz3681 that's why you're supposed to invest. Investing long-term should beat inflation buy a couple percentage points.
@johngill2853 stock market is a big gamble
Not a guarantee
Read Money Magic. It's written by an economist
@@luxurybuzz3681 never had a 20-year period where it didn't make money. Never in history
Patrick “i repeat everything i say twice” Bet David m’kay…
His general audience is pretty slow....
As a minimulist I have struggled to keep 2k in my savings account over the last three years working six days a week. Car repairs, fuel, rent and food. That is it. I make fifty k a year.
What state are you in and do you have dependents? I’d be interested in having more context here because it’s interesting to hear how the same income gets one person further than another.
I am glad I gotten on the dave ramsey plan back in 2019. I've been debt free since May of 2020. Now I'm not a crazy dave ramsey fan, but life has been significantly better for me since I got out of debt. We've been stacking the cash ever since mainly to buy a home, hopefully in May June, time frame.
Fckit , I'm already broke... guess I'll just keep on drinkin 🍻 🇺🇸🍾
Too real
Naw keep fighting
This is directly and largely tied to inflation and people having to spend way more just to live.
5 yes I agree. 1 sold Ca house and paid off a home in FL
Hard to save money when every dollar goes to bills and life.
When $2,000 a month of your own money disappears into student loans, it's hard to save.
Which is why most (+85%) haven't paid anything towards them since they were put on pause in 2020.
IF you are paying $2k/month on servicing your debt shame on you for taking out the loan
Pat "save your money people!"
Also Pat "but ALSO buy my hats"
I was piss poor with budgeting and saving money. I now realize how to plan and make money work for me.
I admire you a lot
I'm Mozambique
Africa
Pay Yourself First !!!
A portion of all money you take in is yours yours to keep yours alone yours forever 💯
Never stop working
Never stop saving
Never stop investing
The road never ends
8:30 to end is amazing and very true
I was finally ready to buy my first house Covid destroyed house prices and i decided to wait until prices go back down.I keep watching the market and started seeing only house that sell are the ones that sell for %20 less than the rest similar houses although it is still much higher than 2019-2020
It’s the basics yet people hardly do it while either complaining or reaching for advanced stuff like high level investment they have not earned yet.
Yes, but what is the savings rate relative to the other G7? Let's have a holistic perspective.
Record inflation = Lowest savings ever
Just look at a grocery bill 🫠
Well people don't want to save money because it's constantly losing value.
I believe that we are buying things we need now before we have to pay more for it next month. For myself I am spending money on things I know I will need to buy in the future before inflation jacks the prices up as I know my pay is not likely to increase again at the level of inflation anyway. With these high interest rates and how I personally see business slowing down on black friday; perhaps the economy will slump and inflation will also flatten out? Example I am saving money to buy a back up car now as my only car just hit 200k miles. I have no plans to sale my car. I have no plans to sale anything for that matter until inflation looks like it will stop.
2 million dollar house looks like a 3-499k house 🤣 so true... a lot of new money bought tops but they're reserving and holding down future value long term but it definitely puts a cap on their euphoric flipping mentality that would cause even more inflation in housing... ride the waves of the market, never go against the current!! but equities are getting low so selling your liabilities at a loss right now to buy equities most likely will be the best thing for those who aren't in that top bracket because the rich can buy equities at their leisure but time is ticking for the rest of us so that we can help ourselves get in a position and push ourselves up and push the rich up further so they can help us out when we need it the most...
"spending" does not instantly mean "not saving". Many smart people are getting out of saving "currency" due to inflation and instead are "spending" that money on assets that will actually appreciate...
Self Inspection!
Smart man told me once.........and what I sue when i have hard convos with Family and Friends..."You want me to be Nice?" or "You want me to be Kind?" You all understand the difference?
Most people don’t budget, and inflation is cutting into the easy savings.
Personal responsibility is when Countrywide CEO tanks his company and still walks away with his bonuses.
Personal responsibility only exists for the poor.
You've got to save for a rainy day. Thank God my mother taught me about this early.
WHERE IS THE LINK TO BUY THE HAT?
Body count is 500% relevant and is likely the number one thing you should focus on with a partner because it explains a lot about their character. Applying that to everything else will make life much easier
Agreed
Saving fiat is the WOST thing to do right now.
It makes sense as to why interest rates at banks and credit unions increased due to those saving less money.
Is not wants and needs… 100k 10 years ago is not
The same as today…. Rent has tripled and food…..!!! But liquor remains same