Americans Are Spending Like There's No Tomorrow..
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- čas přidán 19. 12. 2023
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WHY AMERICANS ARE GOING BROKE:
This article starts by saying that despite rising interest rates, high inflation, and shrinking savings, consumer spending has not slowed down - instead, it’s skyrocketed higher. Americans spent 5.8% more in August than a year earlier, airline revenue boomed, and the experience-economy was better than ever, with sites like Ticketmaster selling 18% more than they did in 2022.
www.wsj.com/economy/consumers...
As they say: "A tough housing market has more consumers writing off something they’d historically save for, while the pandemic showed the instability of any long-term plans related to health, work or day-to-day life. So, they are spending on once-in-a-lifetime experiences because they worry they may not be able to do them later.”
This is also compounded by 5 main reasons:
1. A Robust Job Market.
By all measures, the jobs market has almost completely returned to pre-pandemic levels, with businesses less desperate to fill a large number of open positions as a result of worker shortages.
2. American's Are Playing With "House Money."
It's reported that “Americans collectively pocketed about $280 billion from tapping the equity in their homes and saved about $120 billion from refinancings,” allowing them to spend a lot more money than they would, otherwise.
3. Excess Savings
This refers to all the “extra money” that Americans were able to accumulate from staying home, not spending money, receiving stimulus checks, collecting unemployment, and otherwise seeing a surplus being deposited into their bank account.
4. The "Buy Now" Approach
For the majority of products, prices have risen each and every year since 2020. This has caused people to take the approach that - it’s better to buy today before prices have a chance to go higher - so, they’re spending upfront in an effort to save.
5. New Outlook On Life
For a lot of people, the shut down forced them to view their life and mortality in a different way; it made them appreciate what they were previously missing out on, or just how quickly situations can change, so they’re deciding to live it up today, while they still can.
THE BEST WAYS TO SAVE:
"The Dave Ramsey Zero Budget Method"
With THIS strategy, the goal is that - in the very beginning - your monthly income and monthly expenses should equal absolutely $0, so that way - every single dollar is accounted for and gets allocated for a specific purpose.
The 50/30/20 Rule: 50% Needs, 30% Wants, 20% Savings
Half of your overall budget should go to the absolute necessities that you can’t possibly live without. From there, 30% is allocated towards “wants” - which, is another word for optional, discretionary spending. And finally, 20% gets allocated for savings and investments.
HOW TO START:
1. START IMMEDIATELY
You have the most momentum when you’re initially excited about the idea of trying something new and ONCE you start, you’ll be much more likely to keep it going.
2. ITEMIZE YOUR EXPENSES
All you need to do is make a free account with any money-tracking platform - and from there, you can see exactly how much money is going into and OUT OF your accounts every single day.
3. SCALE BACK SPENDING
Here are the top 10 categories that are easiest to cut back:
www.hloom.com/blog/special-re...
4. PAY YOURSELF FIRST
I'm running out of space to write more in the description, so watch the video all the way through - enjoy!
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.
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Here is a link containing the source material for each piece of research cited. I do my best to make my videos as accurate as I can, and the additional resources should help anyone who wants to look into them further - enjoy! docs.google.com/spreadsheets/d/1nOCxbR1c3hVtToXOnd6WGUriQ1AOw1Xysgvhq6td7Nk/edit?usp=sharing
Do you believe in "late stage capitalism"? Is this what's happening?
I mean I rather own nothing and be happy than own everything and be unhappy. Plus they are just making life easy from themselves and taking from us so they are probably gonna be weak and we are are prob gonna be stronger doing with nothing. I mean I rather learn how to be strong under pressure so to them they are ruling and making me weak but to me I use them to gain strength get stronger by going through the adversity and learn extreme self control I mean I rather be the jack of all trades able to do with or without.
Sorry @GrahamStephan but Im not sure what extra savings from the pandemic you believe people still have, but that savings was already used up by the following year of 2020/21 when those corps were continuing to see record profits during the pandemic and recovery of the pandemic. Things were getting back to normal and price gouging was the now the norm.
Great idea
Screw Graham and Andrei, and Austin Ekeler, the swindlers who peddled FTX
"ask your landlord for a reduction in rent" yeah fuckin right buddy 😂
Just like the excess savings he claims people have in their accounts from covid 😂
Rent goes up not down. Stats show this. So...
@@TheIronChainMasterI do😉
what’s up graham it’s guys here
Hey Graham
Brilliant
Also gals here 💁♀️👯♀️
I don’t get it
You know it’s serious when he says it the right way.
America’s cashing in, people don’t feel like there’s anything left to save for.
I’ll be adding AMS380H to my portfolio soon, 10k AMS380H is plenty to start.
This is obvious, but something to remember when creating a budget, remember to consider things that you only pay every once in a while, like IRS/State taxes or property taxes (that aren't in your mortgage)...
So if your property taxes are due once a year and are $3,600 and you are doing a monthly budget, then you probably want an entry for $300/month for that.
You can do the same thing for items like Christmas shopping. If you know you spend about $600 for Christmas, you want an item for $50/month on your monthly budget for that...
When creating a budget, remember to go back about a year to look for those type of costs...
Sinking funds work well for these items. 4800 dollar property tax bill, drop 400 a month into a sinking fund. Same for Christmas gifts, vacations, etc.
@@michaelswamiwas thinking that too, Ramsey also recommended this
@@spike2nena I’m trying to get better at that, both personally and in my business.
This is the not so secret secret to budgeting technique. The real struggle is having the patience and discipline to do it.....and a lot of people of people can't do that.
@@michaelswami Thanx, I hadn't run across the phrase "sinking fund" before...
Yup which is why my wife and i are doing everything we can to keep our expenses as low as possible and to make sure we have 0 credit card debt. And we spent the last two years paying off our cars. I work in aftermarket sales and I can see this crash coming from a mile away. Most of my customers are upper middle to upper class and our business/industry was flat this year. When the wealthy business owners arent spending like the usually do you need to prepare.
Oh well can't control🤡
Be careful you do not put yourself in a poor cash position by paying everything off especially do not pay off your house that will certainly leave you cash poor in economic bad times cash is king!
It's okay if you run out of cash, the Government will just print more.
If everything is paid off, you could most likely take a major pay cut if something terrible happened, like losing a high-paying job. Expenses that can be sustained by less income make far more sense than holding onto debt for fear of something bad happening. It also allows you to stack up more money when you don't have debt. @@tomclar2973
It’s ok the democrats will take care of of you. Just keep following Joe Roomba like Volodymyr Zelenskyy does to get money 💰 anytime he needs it. Uhhh Joe about that I need some more money for myself to fight a war I’m losing.
The real reason is because no one wants to wait till their 60s to go on a nice vacation or actually live when even tomorrow is not promised to them.
Strange times we live in. I'm a millennial and I don't relate to the "what about me" mentality my generation seems to have. I'm a father and husband and it is my joy and responsibility to make decisions based off the needs my family has and realize the symbiosis of my needs being met when their needs are met. I can enjoy a walk through the park with my kids as much as other millennials can apparently enjoy blowing thousands on vacations and handbags. Scary stuff.
Meanwhile as a younger millennial I'm working on building up a financial portfolio and an retirement fund for when I older. Don't party often and live pretty frugally month to month. I don't get these people's mentalities.
To add onto this, spending when you can be putting money down on debt from school is something I'm noticing people in my age range (mid 20s). Some are still hoping for debt relief that will never come.
Expensive fairy tale weddings, vacations, cars, jewelry, clothes for short-term dopamine hits instead of paying off what they owe is crazy. I've been a fairy reckless spender myself, or so I thought until I've been exposed to habits around me, and even I've saved above the average amount for someone my age so I'm wondering how people are even doing what they're doing.
Social media has some play in this but this is also a byproduct of a really bad economy from what I've seen. People just can't break habits and don't think long-term.
As a millennial I'm doing both. But I don't care about having kids or a family. However still working on financial stability and working on saving a house with the found family I have. That didn't stop me from going to Japan for two weeks and having it paid off immediately.
Dont do to good now or people will get mad at you once they find out all your hard work paid off.
You may not even know you got lucky and had a rich whoever or whatever people want to say about you.
Idk, myself and almost everyone around me is saving over spending so it's weird to hear that everyone's spending more. I know everyone is saying it, but it just doesn't feel that the news matches real life.
Yeah I recently racked up 13k in debt as a 23 year old. Getting a second job paying it all off. Then saving 3k-6k in emergency funds & investing the rest in ETFs.
🔥🔥🔥🔥
Smart cookie 🍪 Keep going!
If you can pay that off, have your nest egg, and invest 15-20% in ETFs, you’ll do AMAZING when you’re ready to retire. It’s not hard, it’s just hard to commit. You can do it!
@@Skypenguin21 I appreciate that you guys! I’m excited for the next chapter. I was planning on doing SCHD, SWPPX, QQQM & SCHG..
@@sethwingate883VTI all the way! Every janitor, every engineer, and every CEO at every publicly traded company in the US will be working to earn you money
Seriously though, my auto insurance rates were set to increase 50% after a year with no claims. I called my insurance agent and he found us a similar policy with a different company for the same price I was paying before.
The insurance companies take advantage of people who are unwilling to shop around and change insurance companies. It's a feature, not a bug
There is also a huge epidemic of uninsured drivers and hit and runs. The economy is going to hell and economist and analysts are lying to us but then again they always they always were
@rayzerot just because all these insurance companies have the same shitty "bug" of taking advantage of people, doesn't mean you should be okay with it lol
Graham, I am SO thankful you mentioned taxes on your list. Rarely do you see taxes mentioned in savings/economizing/cutting back pieces, yet it's many people's second largest expense. It's astounding how little the average person knows about taxes. Well done for pointing it out.
I did this in 2002-2008, had the time of my life and eventually lost everything. Not sure I would change the past, but I'm definitely NOT repeating it now!!!
why? where you obsessed ?
Spend less, save more, eat at home, ask yourself if what you want is a want or a need. If it’s not a need, put your wallet back into your pocket. That is how I was able to retire at 57. Wife and I lived way below our means for decades while always maxing out our 401K.
Well done!
Sounds like a very boring life
@alechoward1249 so does working at age 65 when he is doing what he wants
@@alechoward1249 Yes, you can have the “excitement” of being broke, living paycheck to paycheck, going to a job you hate every Monday morning, and working until your 70. I agree with Brianlling up above. I love and embrace the simple life. Happily married. Lots of savings and investments. Debt free except mortgage. I’m 57 and hope to retire soon.
@@alechoward1249Ong
It's hard to tell if people with a yolo mentality are just trying to enjoy life, or escape it.
Could be a combination of both!
The latter is my guess
Both
I really appreciated this video, as a medium-term AMS380H holder. I know you commented on not many people paying attention to this, but it was very relevant for holders such as myself. After watching your thoughts, I willbuy more. I also remember your ear
The government has really called things more difficult for its citizens, and we can't sit back and bear all the consequences of the bad governance. It's obvious we are headed for hyperinflation,it is always the poor who take the hit.
It's not just the government its the jobs too. The CEO's, the people that run companies and their inability to change and listen to their employees and truly value their employees with pay and enforcing the work culture their employees want. Sure the government is flawed but it's nothing compared to the individually ran private companies that only care about the bottom line.
My largest holding is Amazons AMS380H. Glad it came out to be this. I’m a fanboy and I like jeff. He reminds me of Steve Jobs when he speaks.
Graham in 2020 I went down a financial education rabit hole that started with your channel. I put that info into practice and now I am able to feel confident in my financial situation even in the midst of this chaotic economy. Merry Christmas to you and yours.
You said something that a lot of folks miss; generic is fine and "SAVE THE DIFFERENCE". A lot of people miss that part and I am glad you said it. Say it agian, louder for those in the back.
In the past 10 years owning a house has become financially irresponsible without a 6 digit income and existing within it renting is more cost efficient. The phrase middle class has no meaning it should be called upper poverty it’s just a way of getting by not living.
I'm glad I bought a home last year. My mortgage is waaaay cheaper then the cost of rent in my area.
@tworustynuts-- You are living in the wrong place, move if you can.
Yes and some people get into mortgages they can’t afford and when for example their car breaks down and they cant afford the repair, income the credit spending. Not to mention its holiday season and ppl just wanna live life
I appreciate you and your videos. Always well thought out. Budgeting is probably more important now than ever. That’s one of the main focuses on my channel.
You got it! Thanks so much for watching!
Its so important to have a good support system. Family, dating, peer pressure and social media influence how you spend.
I love a good review of the basics on finances 👏🏽👏🏽 thanks!
Millennials are hitting our mid-life crises now. This is nothing new, and knowing how to act better financially doesn’t preclude “doom spending” as it’s called now. We already saved and invested but our money is worth less and less. Jewelry, bags, watches, etc. in many cases will retain their value better than our cash itself. Give us how advice on how best to spend it - advanced techniques for investing that don’t involve real estate.
There’s no way that I’m engaging in this doom spending. I’m trying to figure out how to save and invest even more next year. The one thing that I feel happy about each time I get paid is the increase in my retirement savings.
We're all dying🤡
@@AngelValdovinos Have you been living for today? lol
I am manchildmaxxing and chilling in my moms basement while working full time
@@AngelValdovinosuntil we don’t die and now you are completely broke and need to work for 40 more years
You should not be saving and investing... you should be stocking up on survival equipment and resources to keep you alive... because shits about to go down very soon.
Brilliant! Just brilliant! Keep on being the voice of reason…
Since you mentioned AMS380H, Im a subscriber now. Awesome video and great altcoin suggestions!
This is actually the first year ive jumped on the black Friday/cyber Monday bandwagon and I could see how ppl overspend . Ive been spending like a crazy person so this video came at the right time before my next impulsive purchase. During this time of the year, you could easily mistake a need for a want because you have to have it right now. And yea I was starting to fall into that trap
Same here!!!! 😭 my spending was INSANE this month. It just felt like - eh whatever. Who cares anyways. So def a good slap on the head for the new year
Always appreciate your knowledge and perspective.
Great video, great info, great title
Thanks for helping us stay focused
Great video as always. I notice that you display the AMS380H ! I just got some too!
Graham your videos are such a blast. Thank you.
Never would have imagined that my AMS380H bag would be as big as my quant bag and bigger than my hbar bag but here we are.
I think my category I'm trying to do better on is thrifting items. Not because I'm not doing that, but because I am doing that and everything is so random at thrift stores that I end up buying things as panic opportunity purchases just in case I need it. Admittedly a lot of that stuff ends up as clutter until I use it. And that means I'm paying to store it until its useful. Trying to do better on my thrifting purchases this year.
I feel like if you start offering consultation, you'll be easily able to make an additional revenue stream BUT I'm pretty sure you're making more applying your energy towards your businesses and CZcams career. Thank you for all your info and advice as always! You always help me keep a level head
Thanks for making this video Graham!
You got it!
As usual, very good realistic advice. People really should watch the video twice and take notes!
Regarding the "House Money" part, don't forget about people who could also do a mortgage recasting after they get that rock bottom low rate from the refi they did, continuing to lower their monthly mortgage premium without losing their low rate.
I see people in my circle, as well as coworkers, doing the same thing and it's very disheartening. They travel all the time, even thought they can't afford it, and put everything on credit cards. Some even criticize my budgeting and choice to invest and live in a frugal way, instead of making the choices they do. There is this mindset that they "are going to live it up now while they are young and can enjoy it" with very little focus on the future. I don't know what their plan is when they get another 15-20 years down the road and they have nothing but debt.
Climate change is destroying the future and no politician cares. Good luck cracking out that 15 year retirement when the world's collapsing.
Screw them. Worry about yourself
@@fireboltaz , That’s pretty much where I’m at. A couple of them expressed a passing interest in what I’m doing and for them I took the time to lay it out….showed them a good investment calculator and ran a couple of mock-ups for them…that sort of thing. One of them actually started contributing to get the match(at least it’s a start). The rest are beyond my ability to reason with, so I’ve stopped wasting my breath on them.
There SEEMS to be a good job market. A HUGE majority of good, full time jobs have been replaced with shitty, short term contracts.
Totally, seems like more and more people are working multiple jobs
@@GrahamStephan Yep, doing multiple remote jobs is the ONLY way I've managed to dodge the tech layoff apocalypse.
I’m not sure how the unemployment rate is calculated, given the massive tech layoffs over the last year. I find it hard to believe true unemployment is at 3.4%.
I can in fact say this is nOT a good job market. Layoffs are plentiful
@@biana7775 if you can’t figure out why the current administration is telling us the unemployment rate is supposedly low, then you’re simply not paying attention.
i agree, people need to chill
Love the summary in video description
I walked into a CVS yesterday hoping to buy a bottle of skin lotion. ALL of the bottles were $10.00 and up. Anybody else refuse to pay thst much for lotion? Just curious 😂 I walked out
Don't be loyal to brands...go to the sales bins...ans spend that 12 $ a tube on three tubes for 3$ and larger because the store order wrong or had left overs.
I’m definitely spending on travel, but I travel extremely cheaply. Travel is the primary thing that gives me joy in life, and it gives me motivation to earn more.
sacrifice rent for travel then. less you care about house the more likely you will travel.
a house or apt is just a place to shower and sleep for wage slavery nothing more. minimize it as much as you can.
only when you start a family do you need a house. B4 then there is no point.
houses are over priced.
it's called wanderlust. Hopefully you can move past it someday.
@@festeezy Why would I hope to move past it? Travel makes my life a thousand times better. It’s my goal to visit 100 countries. Nothing brings me joy like immersing myself in a new culture and finding my way around a new city. I don’t plan to ever stop traveling.
@@Koushi82 That would be great but I can’t keep my job while traveling the world. I have to keep my apartment and full time job and just schedule trips throughout the year. If i had some kind of fully remote job then I’d do what you suggested.
sounds like a personal problem, wanderlust isn't a good thing @@KB-sg7tv
Finally graham is talking about the yield curve (and acknowledge that bond market trying to tell us something). for that i give a like to your video.
Yeah, buying a house or even just a new car is getting to be a pipe dream for many. Why save for something, the price of which, just keeps going up and up beyond your reach.
At least cars might be coming down. Slowly.
My spending, however, has come to a near complete stop.
Asking your landlord for a reduction in rent…right now…that is hilarious
I also think that even though being in debt is stressful a lot of people have some sort of worst case fall back option that is still better than normal life in other countries. Like moving back home parents money government housing link cards high paying manual labor jobs lower paying corporate jobs. I think a lot of people have their houses they are stuck with and are like if I am stuck here who cares if I’m a little extra in debt.
Yep, I believe you. Stress and depression make people act stupid. Really stupid. I've seen this in people I know.
This is the type of knowledge that needs to be taught as a standard in school curriculum. Thank you for your service!
or just available for free on the internet
@@ObstaclestoOpportunities that’s not the point……
No student would pay attention because most base their financial habits on their families' and/or peers' habits. It's kind of like the lifeskills math that was available for seniors in high school: the ones who learned the most were working and paying at least some of their own bills.
@@JeanBalconi-nn9lh Disagree I think for some stuff comes quick or easliy so they understand and can use it well.
Idk about price, but Im going with AMS380H. I feel that regardless of gains and losses my funds are safe.
2:11 bucket-list fund sounds charming at first until you read that what this couple determines as bucket-list worthy is a designer handbag and eating at an expensive restaurant.
No problem. Almost done for the year. I kept up my end of the bargain lol
Dude you did!! Absolutely incredible, if you want to hop on another call, I can exchange that for another year lol
I have friends that complain about their financial situation and then go to Disneyland (for the second time this year) the very next month.
noOOooOooo
Rant: To add insult to injury, who wastes their vacation time and money going to Disneyland MORE THAN ONCE? If you’ve been there once, you’ve seen it all. Even kids get bored of it. Take them somewhere new; take them to a different country. Those people who just go to Disneyland all the time drive me nuts.
@@KB-sg7tv Ha! Best comment! Totally agree! Disneyland is so overhyped, over rated, and ridiculously expensive. Took the family there once…but never again. I know plenty who go there almost yearly? I just shake my head. I’ll take my family to a wonderful Carribean resort on the beach instead. Or a trip to France or Italy, or Germany. Anywhere other than Disneyland. I could go on and on…
@@TylerG7777 Right?! Literally ANYWHERE BUT DISNEYLAND
Doing just fine here, thanks.
Still liking, hope you been well man!
THANKS!!
I’ve been saying. I’d rather have my cars and trips in my youth, than save for them when I’m too old to even enjoy/use them… or die before then. Retirement also keeps getting pushed up. Enjoy the youthful experiences. It’s not the same when you’re old and washed anyways… haha
Exactly. Money comes and goes. But time doesn’t work like that. It only goes.
@@kupalisky3553this right here is what all these investors DON'T bring up. Who's going to give me my TIME back? Nobody. Once it's gone, it's gone. Also, as someone who's had cancer at a young age, it's super hard to listen to people talking about future time like it's something they have??? So if I go without anything extra now, and live with a crazy person to save on rent, etc, where is the guarantee that I'll be able to enjoy those supposed savings and investments later? There isn't one. Period. The problem they're not talking about isn't why are people living a Yolo financial life, it's - how do we reclaim our time while we have it instead of working ourselves to death trying to achieve a future we don't have in our hands, and might never have.
Not to mention retirement homes as a business is to drain your retirement savings. Add in health complications with age and the fact that Social Security is likely not going to be a thing
Great video as usual! Love the zero dollar budgeting, has absolutely been a game changer for my wife and I. We use YNAB for our budgeting tool and absolutely love it! Hands down best tool for allocating money there is. Think of it as an electronic version of the envelop system. And this isn’t paid advertising haha, I’m just a 10/10 for their NPS 😊
If anyone is interested in used cars to avoid CA edition: Hyundai has been having some issues after 100k and some older prius are blowing head gaskets. Most else aren't dealing with repairs over 2k
4:23 I love the Buy Now Aprooach
Understanding how to budget has been the biggest help to me in 2023, realized how much stupid money I was spending😅
From 2011 to 2018 I went from -185K to 0 Net Worth. From 2018 to 2023 I'm up to about 500K net worth. Your finances can change quickly, but you can't count on it. Make sure you have a long term plan. And the most basic plan is to increase your earnings and own assets. If you're good at picking stocks, do that. If you're better at real estate, do that.
Eventually the ability to earn money won't be there and you're stuck with whatever younger you did.
Statistically even professional stock pickers are terrible at beating the average market return over long time periods. You'll come out ahead and be a lot more diversified just keeping it simple with index funds
for the light!
Great video! Keep it up brother.
We have finally started to set financial goals recently and cut out wasteful spending and it’s amazing how much you can move into saving. Cars are about to be paid off, finally closing in a house next week and overall we feel like we can breath again. Next step is learning the stock market😅
Same here! I budgeted some items, but they are spread out for the year, and now I am aggressively putting money towards my emergency fund. Congrats on your progress!
Very nice 👏🏻
The only thing you need to know about the stock market until you get closer to retirement is this-
Total US Stock Index funds. Every janitor, engineer, and CEO at every publicly traded company in the US will be working to earn you money
I use the Vanguard fund with the ticker VTSAX. With any total US stock index you'll get great diversification (every market segment and every company size) as well as international exposure from large international US companies. You'll own slices of every company that hits it big too
Oh hell nah, I'm saving all my money, 2023 was so damn bad. 2024 could be CATASTROPHIC.
4:22 “Buy Now Aprooach”
Also, we are repairing all of our old cars, equipment, houses, washing machines, refers, etc. The new stuff is junk and you have to at least some functioning regular stuff so if you have anything repairable you make it last a little longer. Most people are struggling.
This comment is underrated. My car repairs are a fortune but selling it means buying another car with thousands in dont have…
Everyone waited for Amazon to create AMS380H and the time is ready.
wow lots of bot scams. thought youtube/graham would be better at detecting this kind of stuff. garbage.
@@Anthony-eg3qdit always seems to be this Amazon one too
@@Anthony-eg3qd iv seen a lot more bots just under any type of financial content on CZcams tbh
DUCK THIS AMAZON COIN ALREADY MAN, ENOUGH!
I just saw fake 30$ an hour fema job in the CZcams adds trying to steal personal info. CZcams needs to straighten itself out.
I think people are just trying to save whatever cash they can, max out the credit cards then hope they can call their bank for, “debt forgiveness.”
The banks simple answer: File Bankruptcy.
Start right away best advice. Money guys wealth multiplier and foo are my financial gospel
If you want to be rich focus on gratitude and contentment.
It's like having it all because if you become grateful you will experience joy and then you feel contentment, then you feel what real wealth is.
Then you can enjoy do what you love and monetized it in style.
Money can't buy you happiness but the 1st sentence above can get you on the road towards it.
If you make tons of money and you are miserable in the process, what a waste of a life.
Does sound like wealth to you?
Most folks succumb to this, be different.
Hey Graham. Your videos always help me confidently know im doing things right. The majority are screwed. We'll be succeeding while others are begging.
Idk, once you stop looking at those struggling, you’ll realize there are plenty people who have been quiet and succeeding. I’ve come to realize the successful don’t like sharing with those who don’t look and don’t ask
The YOLOs will be begging the government for a bailout
lol yes. Or everyone except for the Uber-successful will be begging.
@@DemocratsAreDemonratshas Uber become very successful?
@@falcorzed🤦🏽♀️
USD is strong as well. Some people are thinking if we want to travel might as well do it before they raise interest rates and the value of the dollar starts to drop again.
Jesus, $10,000 of credit card debt to go to Maui, and to think that I feel guilty when I impulse order Dominos lol.
Let’s see if this comment gets a response! I enjoyed this video - I don’t watch your channel as much as I did a few years ago, but this was a nice refresher and I’ll be going on a little binge.
I seriously don’t see anything to buy. Maybe I’ve been so use to not spending it’s blinded me! 😳
When my wife and I bought a house we decided to splurge on furniture and appliances we had built our credit up specifically so we can get the house and then we decided to cash it in to furnish it with the nicest things. Let's come back to bite us in the butt a little bit but I still don't regret it.
Incredible 🙏🙏🙏
Thanks Graham!
People are leveraged to the nuts just to survive. Working multiple jobs. Zero savings.
The economy has been slowing down, will be interesting to see if things tank after all the executives take their bonuses on the first of the year then sell off their positions.
Thanks Graham for another great video. As usual, lots of good advice, most of which I am already following anyway. I use Dave Ramsey's budgeting app and in most months, investing is my highest expense category. I know Dave Ramsey would not approve of my use of credit cards, but I think you would, they are paid off consistently with a very sweet twist added.
Ramsay’s credit card advice is for the masses of people who are stupid with their money. You know how to use it, so use it
I enjoy using EveryDollar. Just the basic free version worked really well for me.
@@PeytonVossI think credit cards only make sense for business expenses and high volume of expenses at that. If you are running personal expenses just collect a few hundred dollars in rewards, then the risk is not worth it.
We are on xmas holidays in Australia at the beach.
Real estate for the holiday letting said there's more vacant units then there was during covid.
I really appreciate the info🤙🏻
You suggested negotiating with landlords for rent reductions. Could you provide tips or strategies on how to approach this conversation effectively?
Look for similar properties in the area that are cheaper alternatives....otherwise, don't ask.
People are spending more because everything costs more. Perhaps a reason no one wants to save is because they sat locked in their homes for two years and now that things are shaping up people just want to feel happy. But also, holding cash is a terrifying concept. Everyone has been told they can't afford homes, so why save for a home?
Nah, that’s just the typical victim mentality.
People spend frivolously *and* consensually
@@benchoflemons398 it's not a victim mentality, it's simply looking at the social/political/economical climate we are experiencing. A victim mentality would mean pointing blame, this is basic analysis of people's behavior.
You are completely correct
I always spend below my means...Takes a little effort, but really not that difficult. Once you get the ball rolling it gets easier and easier. I have zero CC debt a they are paid in full monthly and my cars are paid off in full. My student loans are long gone as I cleared those out first. Only debt is our mortgage
Watching your videos and found out that you have the same birthday as me that’s awesome !💯🔥
A lot of Gen Z and Millennials simply do not care about their finances. I have talked with coworkers and the excuse is always just wanting to “live” in their 20s. I understand people not wanting to go the super frugal route but many refuse to look at their spending in general. I still see many in these generations shooting for that high paying job that will probably come to them in the future but neglecting to invest/ pay attention to their finances because they see that job as “making it.”
I would argue more people dont stake AMS380H because you can do more with AMS380H , and staking is harder to do so users do nothing or use liquid staking
Can I put 20k right now?
How do I put innnn ???)
14:12 thanks Graham. I’ll be sure to let the Mrs know 👍🏻
Keep'em broke
🎩🥃
Mad respect to you for having the balls to tell us to take personal responsibility for our financial future!
😂 I think some of you betas have never been told no or think anyone giving you common sense takes balls.
Graham thinks it’s possible for people to spend only 50% on needs😂
@SigFigNewton not only is it possible, it's easy to do if you're not terrible with money. Guess we know where you land on that though.
@@WookieSenshiit’s common to spend 50% on housing alone.
Right on i have Guss handbag $40 from ross drea for less be smart with your money.
Pretty much all of my knowledge on investing and budgeting means not a lot when I simply don't make enough money. It seems extremely difficult to get into a job that pays enough to live these days, I'm working on learning new skills but there's no telling how long it will take since I still have to work all week aswell. Only get maybe an hour each weekday and lie 4-6 on the weekends so it seems like it'll take years....
Just putting the effort in is slowly putting you ahead of your peers. You've got this
Great video
Thanks!
Thank YOU!!
This year finally did really good for myself financially, looking to do better even next year.
NICE!! Congrats!
Great job! Keep it up, it's not easy or else everyone would do it. Easy for others to complain how it's impossible to save, hard isn't impossible. Determination is wanting to do it and dedication is actually doing it. Get it!
“The one who has heaps of money, can speculate, the one with little money, must not speculate, the one with even less money, must speculate.”
:/
The one who looks for investments, not speculation, wins in the end. Invest wisely and even by adding little bits of money at a time and it can grow. Plant the right seeds, even if they are a tiny mustard seed, and you can grow a big tree.
@@sallyprzybil2404 Dude you know already that the less of something there is the bigger the return is needed!!!! No having more than enough to then take risk is the key the rest of hog wash.
I joined the workforce in January and have worked hard this year to save up, max my Roth, and buy a $5k Honda outright. I was gonna get an apartment in June but forewent it so i could save nearly everything I made. Now I'm in a better place to get the apartment which i now need here in the next few months.