Why Everyone Is Broke
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- Äas pĆidĂĄn 21. 06. 2024
- Why does it seem like everyone is broke?
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The US dollar is losing value due to inflation, while other currencies are gaining strength, creating uncertainty. Nonetheless, many people remain confident in the Dollar's perceived safety. I'm concerned that my 420K retirement funds may lose value, therefore I'm looking for other financial stability.
With my stressful career, I don't have time for investment analysis. For seven years, a fiduciary has managed my portfolio, responding to market situations, ensuring for effective navigation and informed decisions. Consider taking a similar plan of action.
Do you mind if I ask you to recommend the coach you employed? It seems you've figured it all out.
My CFA, 'Leah Foster Alderman', is a well known figure in her field.
I recommend looking into her qualifications further. She has extensive knowledge and is a treasure trove for anyone seeking to manage the financial markets.
Regards. her handler was simple to locate and appears to be extremely capable and adaptable. We scheduled a phone conversation.
Fast food and eating out in general kills budgets and people often live in denial about it.
Yes! The prices of food delivery services are outrageous! I simply refuse to use them. I cut down on eating out, too.
Yes I just paid $15 for a Bagel đ„Ż. Never again!
@@agak61 đł That is an outrageous price! I remember a bagel and cream cheese used to cost 75Âą.
@@otrebla8944 yes thatâs why no more
Thatâs addiction right there for ya.
"If you don't know where your money is going, you won't have any money!" Well said!!!
in london all the rich young people are massive cheapskates and i say good on them and food in london is very bad food in Bristol so good
Strangely enough, Iâm not broke. Iâm actually doing quite well on a modest salary. But then, I donât have car finance, a phone contract, any TV subscriptions, gym membership, never use taxis, never buy coffee on the move, take my own lunch to work, rarely buy fashion, and keep white goods, TVs, cars, bicycles and so on until they are beyond repair. I get my clothes and shoes repaired when they show wear, and I only buy good quality stuff that lasts a long time before needing replacement. I grow my own vegetables, and we buy everything else from local farms and farm shops, even sometimes at the side of the road (eggs for example). I rarely eat out - mainly because I can make a tastier meal from good ingredients, for less money, at home. If I need exercise, I ride my bikes - I bought them years ago, maintain them, and theyâre free to use - just need maintenance now and again. Same with cars - I run a 13 yr old car, paid cash for it, and I maintain it when it needs fixing, with good quality parts. Itâs not hard to live well for not a huge amount of money, if you are prepared to be sensible and think about your spending habits.
White goods?
@@priestesslucy3299I was thinking potatoes, rice, flour, onions but am not sure
@@jacquelynn2051 I think the word you're looking for is Staple Foods.
Stuff that stores well and builds the Baseline of a diet
@@jacquelynn2051 sounds like the term you want is Staple Foods
â@@priestesslucy3299fridge, washing machine etc
Because we buy things we canât afford to impress people who donât care.
Poor atheist. Believing materialism brings joy and happiness. And they do.?? Temporarily.!
â@unclewazza777 who said anything about religion? It's not even about that at all, it's literally how people are just trying to survive nowadays and these big corporations are literally sucking every penny that we have. We need something new to happen, we need to rewrite the system with our own money by supporting small businesses. Clearly if people keep buying from these big corporations and they dominate the industries, more people are gonna hear about them than small businesses. On top of stores like Temu who sell your data(Facebook does as well), to advertise the stuff towards you. They literally put stuff on discounts to make it cheaper than it actually looks like. Big corporations make so much money that if even a group of 10 robbers went into Walmsrt and stole $500 items EACH, they'd still be making money that day, unlike small companies who would take a toll and it could ruin them.
Hey hey, thereâs only the wants and needs religion here. No fighting please.
@@unclewazza777 That was foolish. Talk about having a one-track mind.
@@xpookiezx6152 Buying at local businesses, especially mom and pop shops, is something we all should do at least some of the time, even if we have to pay a little more. If you don't, you could easily lose those stores and any incentive for new ones to take their place. Happened in my small city. Everybody goes to Walmart and half the shops on our main streets are shuttered now.
I had to push 5 different cancel membership buttons to escape Amazon prime after the free month. How scary and controlling they didnât hear no the first time.
Weird, I only had to click twice.
Wow! Glad I never signed up for that even though they ask every time I make a purchase. I dodged a bullet.
Oh, they hear and SEE you--they just make is IMPOSSIBLE because it's revenue lost for them. They know exactly what they are doing. Whether it's ethical or not.
Make under 30k a year...no credit card debt..no car debit..and even my house is paid off....worked 2 jobs for 7 years in order to pay my house off early.
Live below your wage...know the diffrence between a want and a need.
Start early with diversified investments in stocks, bonds, and real estate. Maximize contributions to tax-advantaged accounts like 401(k)s and IRAs. Regularly review and adjust your strategy to ensure security.....
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
You are right - it's about working SMARTER, not HARDER.
đŻ that was crazy for me to learn
After credit cards I hate the most are subscription based services. Stay far far away from them.
Credit cards aren't bad as long as you are financially literate and don't carry a balance. I've accumulated over $2,000 in cash back/rewards without ever paying any interest. The problem people tend to have, and this goes with all credit (loans), is paying only the minimum. Too many people get trapped in thinking the minimum due is all that you should pay. So people rack up credit card debt because the min due is so low.
Video subscription services are essentially a replacement for cable which shouldn't be an expense anymore bc you can get free local channels via digital antenna. Over subscribing to all platforms is an unnecessary problem. You don't need every service.
I like to think of subscription services as a pay decrease, because that's what they are. If you have $100-200 a month of subscription services, hell even $10, that's a decrease in your pay check. There's a reason why subscription services are always set to auto renew, because they know a good chunk of people will "set and forget."
Which includes utilities.
The very reason I'm off grid. Solar, rainwater and composting baby.
Can't get away from the communications sub though.
But plenty of subscription services are actually a decrease on what people used to pay. Subscribing to a couple of streaming services is significantly cheaper than subscribing to cable, for example. Spotify is cheaper than it used to be to buy one album a month, and I don't know many people who didn't do that. There are subscriptions that convince people to buy things that they wouldn't have done otherwise, like Adobe. I don't know many ordinary people who bought Adobe Photoshop for $600 back in the day, but plenty of people will pay $50 a month for the whole Creative Cloud. And a bigger issue is things bought on credit that people have convinced themselves is just a subscription. Like the 2 year phone subscription that comes with a 'free' iPhone. But for most people, there are far bigger budgetary issues than a few subscriptions.
They are fine, if you have the time to binge on gym or TV. If you have that much time, you should either be retired, or you actually shouldn't be wasting that much free time...
@@sprinkle61 If you actually use them and get something out of them, I'd agree. Problem is, most people get a dopamine hit from subscribing, use the service once or twice, then forget and just continue paying. How do I know? I used to be that person.
@@fafa1648 Yes, the value just isn't there, unless you binge the hell out of them, and most working people really shouldn't be spending that time watching old or bad shows...
I retired when I stopped buying! While raising my family I sacrificed by working multiple streams of income instead of blaming others.
2024 has been a terrible year. I broke my foot, my wife had to go to the ER and have surgery, my MIL that takes care of our kids, had a stroke, my AC went out and everyone is quoting $10k. My daughter had to have surgery for her tonsils, and my other one needs it too.
If you get seriously sick in America you will live (or die) to regret it. Medical expenses too high and insurance doesnât cut it.
So sorry to hear everything you're going through! Hang in there, things will get better -- just keep doing the best you can. Sending up prayers for you đđđ
This, too, shall pass.
People have no money because they spend too much time being paralyzed by envy and held in bondage by greed.
Yes I'd say it's probably mainly instant gratification the Internet has given us may be the culprit but that is just my guess
Thatâs a weird way of saying people are wage slaves living on a corporate fascist tax farm.
It can be escaped. But its harder now than it was. Big companies are tough to compete with â@@Slug002
One of my realtor friends told me how often he came to a home with all these piled up Amazon boxes and junk. Itâs just too easy to buy things you donât need & also the whole âI don't save because thereâs no pointâ mindset can be a self-fulfilling prophecy.
Also the doomsday philosophy a lot of people I know live by which is I won't live long enough to need to save. I myself was living like that until a year ago I never believed I'd live long enough to need to as well. Hard mindset to get rid of health kinda goes a long with saving $ and is probably what people who believe in the doomsday theory need to focus on before they take steps to saving. Everyone is different though â@@jessicah3782
Stop buying stuff, no matter how tempting. Just groceries! Buy groceries mindfully with an eye on sales and no junk food. Cook around whatâs on sale.
You will see a big difference in no time.
Well, we are paying for every little thing. In the old days, no cable bill, barely a phone bill, and you only needed 1 decent job to support your family.
Well, you are living with too much extravagance to fit your measly budget đ "In the old days, no cable bill" - I have a heap of money just sitting in the bank, because I have no TV to watch cable on, or pay for netflix or other streaming service(s).
- Reflect on that for a second, if you will -
In the old days almost everyone who could possibly afford it got cable, and it was very expensive, especially adjusted for inflation. Today, a lot of young people don't even watch TV, they watch youtube or pay 15 bucks a month for a streaming service(probably both). Phone bills were pretty high too. When I lived in Los Angeles, calling someone in "the valley," just a few miles away practically, cost as much as calling New York. It was expensive enough that we watched our minutes VERY carefully. Now I can call all over the U.S. for the same price.
I work in tech. If my device works, it stays. If it doesn't work, I figure out why and fix it. I order from places that offer used goods (not food) and they are always primo, and I'm not sending something to a landfill. Keeping and fixing and buying second-hand saves a boatload of money for me.
90% of the crap you buy you don't even really need. Just stick to the basics like milk, bread and eggs.
Thatâs it kids! Weâre going to subsist off of egg sandwiches and milk and I donât want to anyone complain about it!
Beef butter and eggs for me! I have 23 hens.
Totally! A carnivore diet saves me money and satiates
@@mikecarlton6297 eggs bet your all farting like hell lol
Chicken, Rice, Eggs, Milk, and Berries. its all i need and it covers all my micros, Fair Life is great.
I'm favoured, $130K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
She is really a good investment advisor.
I was privileged to attend some of her seminars, that's how I started my crypto investment
She is really a good investment advisor.
I was privileged to attend some of her seminars, that's how I started my crypto investment
I have heard a lot of wonderful things about Sonia Duke on the news but didn't believe it until now. I'm definitely trying her out
Started with 5,000$ and Withdrew profits
89,000$
Planet fitness was the worst!!! I went through the same BS.
Good to know
Time is moneyâŠ. Understanding this I choose to pay more upfront /one time and avoid subscriptions.
I know so many who have bought way too much house and cars! They are stressed every month over the bills that come along with it. While we can blame some things on inflation and shrinkflation but at some point you have to take some personal responsibility and decide to alter your purchases or expectations or educate yourself so you can afford the things you want in life.
I agree with you đŻ. 5 years ago we moved countries and we decided to buy rather than rent as my husband qualified for a tax break. We set a budget and had a wishlist of what we wanted and needed for our new home. We were willing to do renovations to get a home we enjoy. We could have spent double, but we kept our ego in check and we are so glad that we did. We did a large renovation almost 3 years ago and we enjoy our home. We also have small electric cars that we bought second hand with very low mileage đ
I have a neighbour who spends 450 a month on extra tv stations. Shocks me. As l have freeview ...once installed no fee's. Utube is my other TV.
Thatâs terrifying! I remember before streaming, we had a cable bill. My first wife threatened to divorce me if I cut it. Yep my 2nd wife thinks cable is a waste of money
The anti-consumerism movement has been around a very long time, the 99%/ Occupy Wall Street protests were one of many such manifestations. One of my favorite reads are the works of Thoreau, an anti-consumerist from the 1800's. Even Ecclesiastes and Proverbs go into the fact that our amassing of possessions does not produce true joy.
I dropped Amazon Prime and saved a LOT because I bought more because of free shipping and I didn't want my membership to be a waste of money. EYE ROLL
I dropped Hulu, joined Netflix, paid my membership, and added a family member for just $8 a month. So, my daughter has Netflix with me, and she joined Disney Plus, and has me as a member on her account. Between the two of us, we save just over $20/mo
My husband pays for a Netflix account which we use, his mom and a friend of ours đ. We can have 4 people on the plan we have.
You are spot on about younger people thinking they can spend as much money as older people. I'm relatively old- 50- and I am just now starting to spend money, even though I have been making six figures for 25 years. I was still driving an old 1996 Honda Accord until a few years ago. Once I saved a 7-figure nest egg, I sold the Accord and bought a fancy German car that is paid for essentially by the interest I earn on my savings account. In fact, with interest rates as they are, the interest I earn is almost enough to pay my mortgage. But until 10 years ago, people looking at me would have thought I was barely scraping by.
Well done indeed!
I have been saying for years how we are setting ourselves up to pay high prices by buying from companies that are out to get the monopoly by selling things really cheaply. In Australia and Iâm sure everywhere else big companies with lots of money behind them come in cheap and pop up everywhere and push out the little shops, then when the little shops are all gone prices skyrocket and we all complain. An added layer to that is they all sell the same items because they are cheap for them to buy in bulk and we all end up looking like little clones of each other or having houses that are all decorated the same and we lose our choices and individuality. Itâs the same with online purchases allowing you to be able to return things that donât fit etc for free. Once they have the monopoly and you canât go to a physical shop because they have had to close due to not being able to complete with the online stores low overheads free returns will stop too. Then everyone will complain about how things donât fit because you canât try them on but it costs a fortune to send them back. đ€ŠđŒââïžWe are buying into this ridiculous way of living and before long it will be our only choice.
Very on point re what Amazon has done. Prime used to be pretty cheap, but now that Amazon owns retail, the price keeps going up and up, and now they want an extra fee just to not run commercials -- on a service that used to be commercial-free in the first place! Once they've got you, they've got you, and they know it.
The opening remarks reminded me of Niccolo Macchiavelli's quote "But above all he must refrain from seizing the property of others, because a man is quicker to forget the death of his father than the loss of his patrimony.â
This was so good!! Financial education is so desperately needed, and it really matters who you surround yourself with. If youâre surrounded by people who have âthe little man canât get aheadâ mentality, that impacts you in a hugely negative way. But, if you surround yourself with people who take action and look for opportunity and carry themselves with optimism, thatâs going to impact you and your outlook and the decisions you make in a positive way. Thanks Gabe! đ
Thatâs what CZcams comments have becomeâŠeveryone complaining instead of taking opportunities to up their income. They flock to those kinds of videos for confirmation biasâŠcomments from their MacBook or iPhone (whatever is the new one)..while scrolling IG comparing themselves to others.
BS, I'm not broke! We're not all stupid without any financial acumen! GET OUTA DEBT and STAY outa debt (including your mortgage!) Learn to cook!! Eating out (paying someone else to supply and cook your food) is EXTRAVAGANT!
My boomer parents were homeowners before they hit their mid 20âs. My dad was a mechanic and mom was a nurse. But my mom didnât work after having kids.
We had regular vacations several times a year throughout the 1970âs. I guarantee you that my parents didnât work nearly as hard as I did. My kid is working way harder than I did to accomplish the same lifestyle.
This is a problem, but it isnât one of not working hard enough. Itâs a problem of wealth inequality.
A gallon of hood milk is 7 dollars now where I live. Inflation is easily taking 50 percent or more of you money when purchasing. The likelihood of prices going down are slim. My rent doubled over the past 3 years. Lol We either need to find a higher paying jobs or essentially eat nothing and have very little debt. The rich have no problem with it however, regular Americans will never defeat inflation without sacrifice and earning more. đđ
If you work smarter, develop high value skills and live within your means, anyone can become wealthy in the US. Most boomers will tell you that they were extremely frugal in their 20s and 30s, so they could afford a nicer life later on. Consumerism is so much worse now.
@@josephl6727 do you mind if I inquire where you live? Ordinary milk is mostly around 4$ a gallon here
â@@bnew5905That's nice to say but not true. It's a false narative to make people work harder to benefit rich people. Not everyone can become rich.
@@lilypudd Why would you limit yourself like that? Find your passions, learn new high value skills and network. If you work hard and youâre prepared for new opportunities, you will make more than enough money.
If you have no new opportunities to work towards, then it sounds like youâre working for a bad company with bad leadership.
This is a great video I really appreciate the dedication in each video you post, I learn a lot watching your videos and it has always been helpful to me. Building a steady income is quite difficult for newbies.. Thanks to *Dale Valskov* for improving my portfolio. keep up with the good videos.
It's also a lack of financial education in the schools. Schools intentionally don't teach us how to manage money because the modern education system was created during the industrial revolution.
Absolutely. We are not taught money management because we are meant to be slaves.
Very true
Thatâs a simplistic understanding. You can do Better
THIS. I own up to everything I have done in my life. But, I will also say that I had basically NO financial education for most of my life and I had to learn things the hard way only after enduring the consequences.
I not only learned it in school, but on my own with books. It's a shame people don't want to learn on their own.
ITS THE ECONOMY AS A
WHOLE!!!
I really needed to see this video to start being honest with myself about my spending. Thank you
Good to hear that it helped !
Rent went up 1200-2000 depending on number of rooms here. My basic groceries up 500 a month since before covid. Netflix is not the issue lol
Its about to get a lot worse too. Along with extremely high inflation the government is about to raise tax rates. They really need it because somehow they are running out of money but can somehow give trillions to ukraine.
Ukraine, Israel, basically anywhere but their own people and country.
Truth! I have a few monthly subscriptions' but others I will do the trial but use a new virtual CC number that is set to expire before the next billing period so they can't charge me again if I don't want them to.
Great content and very informative. Thank you
LA Fitness was the worst to cancel. Not only did I have to go into a location to get the cancellation form, then you have to mail the form back to corporate. You can't just give it to the location. I ended up paying a year longer than I needed it.
I had take control am responsibly for my own finances.
I plan
I pay myself 1st
I give
I save
I budget
Working great.
Really informative! We need to help everyone with good financial habits
Excellent helpful video đ
Iâm 29 and have just over 700,000 dollars in savings and investments. How? I drive an old and beat up 2013 Toyota Prius, I live in a small but comfortable 1 bedroom apartment. And I aggressively invested almost every dollar I made that I donât need for fixed cost since I was 21.
The best part about it is once you pass 100,000 the growth kicks into high gear and your investments begin to pay you enough to fund the things you love to do. Even though I invest almost every thing make from my 9-5 my investments pay me enough dividends to travel, go out, party with friends, and everything else I love.
If I can do it you can do it.
Well done - you should be very proud!
Can you reveal any struggles you faced, such as sacrifices you had to make for the betterment of your goals?
@@matthewduffy1748 He drives an old beat up prius and lives in a 1br apt. It's all living below your means, that's the sacrifice. I did it too and was a millionaire by 30. It's very doable, but most live way beyond their means to keep up with their broke friends.
Just wondering if you have any kids? I will be shocked if you have any because they will just burn through money
Daddy got you the initial 100K at 21, youâre a made man now, but go posting here đ love it
@@fireat40 Kids only burn through money if you throw money on the fire for them.
They are an increased cost, but if you live frugally it pencils out to far less than people assume they cost.
This, of course, is assuming nothing goes catastrophically wrong medically
Great vid, eye opener.
Great video. Definitely sharing this with my adult kids
Thanks for the chuckle at the end. đ I so value your content, thank you for so consistently delivering meaningful and wise counsel. â€
Glad you enjoyed it!
YOU ARE SO SMART YOU TEACH THIS OLD WOMEN A LOT
My first time listening, and DAMN, you're great!
Can we get this video to 10k likes?
I'm number 29 likeđ
I thought it was pretty easy to cancel my planet fitness membership but I didnât move so I can understand the difficulty.
Great video
Very informative to much consumerism .
A lot of SCAMMERS on here talking about VALSKOV. I guess they target CZcams videos that are likely to be watched by people in desperate financial situations.
This seems like the worst period. Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!..
Donât be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure youâre investing in great companies. kudos to Lorett Logan
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.
You trade ?? Wow that's huge, how do you make that much monthly?
logan approaches trading in a completely unique way. I'm puzzled by her methods. She just seems to have an innate understanding of this trading world
I'm new at this, please how can I reach her?
Very true about subcriptions. I only needed to click 1 button 1time to add something to my tv account but to cancel it, I actually needed to call their customer service.
GABE! The text negative is FREAKIN' AMAZING !! can't wait to see the rest as I'm only 8 seconds in :)
Its simple - people have no financial discipline. The instant gratification culture a deleterious effect on good financial (and life) behaviour.
âlearn or upgrade high value skills will improve your wealthâ. Thank you for reminding âïž
Absolutely!
I really appreciate the dedication in each video you post. Building a steady income is quite difficult for newbies. Thanks to Natalie Rose Strayer for improving my portfolio. keep up with the good videos.
I'm surprised that you just mentioned Natalie Strayer here also Didnât know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada đšđŠ as she has been really helpful and changed lots of life's
I'm new at this, please how can I reach her?
Her good reputation already speaks for her .Iâm also one of the beneficiary of Natalie Strayer. So happy I gave it a trial after being skeptic of the process.
The most important thing is to have a budget you stick to. Also do an annual review of your spending. Been doing it for a decade and takes about 5 minutes of work each day. I know exactly I can spend and can plan for huge life events such as having a second child with some quick mental math. Keep things simple and automate everything related to finance as well such as paying bills and investing. You'll be wealthy slowly but steadily.
He just said work smarter not harder this is great advice. As a Gen X the advice my parents gave me was similar and effective in that time "you can work more hours or you can work for more per hour, the first will kill you" I started with that advice at 17 and eventually am working in to this advice as the first got me here but I need to take it to the next level.
Look at the deductions on your paycheck.
Look at the tax on whats left of your check when you purchase something.
Look at the tax on things you've already paid for.
Government has become way too big and expensive.
Agree, but that's not why everyone is poor. They're poor because they don't understand living below your means.
Houses are 55% larger than in the 1980s. People could survive on 1 income if they had a smaller house, lived closer to work so they could walk, bought older used cars instead of new $50,000 cars with $700 car payments on average and also cut all the subscriptions.
A number of things he touches on highlight the importance of not just anti-monopoly laws, but of those laws actually being enforced. If we're going to have a market-based economy, there needs to be an actual marketplace, not just one company who drove all of its competitors out of business by hook and by crook.
there are some things you can do to deal this, some obvious some less so. 1. Use Privacy generated virtual cards for subscriptions. Cancelling is as easy as just close that virtual card. 2. If inflation is stealing your purchasing power then switch to a currency that's deflationary by design. This is possible now since the invention of crypto. There are many reputable ones to choose from, bch, dash, xmr etc. Sure you have to deal with the volatility short term but long term they'll appreciate vs the dollar. Of course another option is to also buy PM.
I dont like your videoes, I LOVE them. Thank you for sharing.
Once upon your time you'd buy a cd and that's it. Ugh now we have to subscribe for everything.
I had to cancel and replace a credit card once to stop a subscription payment. I had tried without luck to cancel it for two years emailing and calling and could not manage it. The first time I heard back from them was when the payments stopped going through on the cancelled card. đĄ
To say you need a side hustle to get by in "most" American cities unless you make $200K/year is absurd. You're talking about a few very expensive cities in CA and NYC, and not much else. In the vast majority of the US you can live very comfortably on $100K/year.
You canât be emotional when it comes to money. Think what makes financial sense.
When did simply "working hard" ever get anyone where they wanted to go? Never! When people say to work hard, they don't mean to dig ditches in the Texas heat all your life.
But it's true. Working hard, long hours doesn't get you ahead. Lots of people working hard at McDonald's and will have nothing to show for it. Hard work has to be paired with marketable skills. Hard work alone doesn't get you anywhere.
@@runningfromabear8354 Agreed. Part of that "hard work" is finding opportunities and getting the knowledge and experience to make yourself more valuable. Anyone can work a shovel - it's blasted hard work (I've done it, it's not fun) but it doesn't take a lot of effort to figure out how to do it. So I wasn't worth much per hour as a shovel operator. When the boss found out I knew how to work with Excel (I was a comp sci student working construction as a summer job) and I could sort out his expense tracking spread sheets he thew money at me and practically begged me to take the job. That was hard work too of course but much more rewarding.
Great video, thank you, but if we go to work and work hard , what are we doing it for , if we can't afford the little things?
It doesn't matter what you deserve or think you do, it matters where your life is at the moment. Most people will have to live at less than the level they believe they deserve because that's how you free up money for an emergency fund and most importantly, investments. In further training/education, in a retirement account, in funds to start a business, in being able to afford and properly care for a family, etc. Having to sacrifice a little or even a lot can suck and make a person feel pretty bad sometimes, but part of being a functioning, thoughtful adult is thinking about not just now, but the future, and what you're going to do about it.
Gabe do you use a lapel mic? If so, which one? Your audio is really clear
Iâm reading Building a non anxious life and he talks about this. Millennials parents(boomers) wanted everything their parents didnât have. People were super poor during the Great Depression and then their kids grew up and didnât want to be poor so they saw credit cards as a âway outâ but thatâs not how credit cards were supposed to work. They were lay away program. But getting interest off consumers is more profitable.
Bingo... You nailed it... all these extra things that we buy... I've been saying/thinking about that Amazon/Uber example a lot lately.. low prices and then things increase... I went further back and used Wal-Mart as the example.. but also showed them as they would come in and get rid of the competition, by offering lower prices then everyone else.. calling it the Wal-Mart effect.. Best to just realize that we don't NEED all these things to live... Do you need veggie gummies where you can just eat veggies and get the same vitamins?
The age comparison is right on. Young people think they deserve the lifestyle their parents have acquired over decades.
true. I had been on gym membership for 4 months and due to health problems I can't attend anymore, they required me to provide medical certification in order for them to cancel my sub. Now, I'm recovered, I didn't go back there
You switched to helium?!? Thatâs awesome!! I mine that and help keep the system up running with my nodes!
Most people have a pathetic consumer driven life, adopt minimalism, focus on saving for bad times because sooner or later, something bad will happen.
This is an incisive and well presented video. Inflation and shrinkflation always disappoint me when grocery shopping. That and the unfortunately very common habit of "treat yourself" is impacting my income. Will try to stick to a budget as you suggested đ
Glad you enjoyed it! Iâm he whole treat yourself thing really makes like hard for a lot of people
Easiest way to stick to a budget is to hard lock your spendable balance.
Automatically throw a huge percent of your income into investment accounts and make it work with the rest.
Thank you for an your video. I learn so much from your channel. I think with the principal of supply and demand is why businesses can charge more. With that knowledge - I always think đ€ itâs a way for me to cast a vote. If Amazon raises its membership price crosses past my cost comfort zone, then I can cancel it. I agree with you that customers pay for raising minimum wage - but I donât fault businesses because the point of going into business is to make money. Itâs the same reason why most of us work - to make money. Of course we can have passion and love our jobs, but in the end, we also need to pay for our selves and our families.
Of cause loosing money is worse than dying. For some people dignity is above the life. It's a downward spiral: no money -> no dignity -> no life. Bankruptcy means that they'll have to end their life in the most horrible way...
I'm watching from Slovakia and it's similar situation. Housing prices went up so high, people teke morgage for 30 years and they are afraid of losing job. Most people don't make enough to afford these houses, minimal salary is not enough to live alone. If you live alone and you need to rent , you will live paycheck to paycheck looking for discounted foods in the supermarket
GRUNS did you dirty LOLLLL
Yeaaaaaa lol
But, they did get some air time as a result LOLLLL
Conversation in a corporate board room goes like this : â How high can our profits rise for our shoddy poor quality products and how long can we continue to fleece and deceive the consumer for these over priced products? â
So much WISDOM in one video đźsharing it with my 3 teens. I just got suckered w curology subscription. 1st one was $11. Second one $112 !!?
Subscription services that most do not use or even need
Wazzup Gabe? đ€
Yeah, if a company says you have to cancel in person then I would just tell the credit card company that they are taking my money without my approval.
One other aspect you didn't mention is the cost of being alone. People take longer to settle down nowadays, meaning that they are often paying the single tax for longer and rent for longer (easier to get a mortgage on two incomes). I was single for years and it makes everything costs less if you can't share it with a partner. And the amount of food waste because everything is sold in massive packets (or the smaller packages are extortionate for how much you get).
Loss aversion is wired into our brains from a period when poor decisions meant loss of life. Even though the threat is gone, the wiring message and fear response live on...
Thank you! You explained it so that I actually understand what is happening financially in the US. Definitely need to cancel kindle unlimited and go to the library, for one thing!
Armand hammer laundry detergent at Walgreens!! I knew i wasnt losin it.
If canceling a subscription is so hard, cant you just deal with your bank/credit card directly and put a stop on the payment?
The point about very young people expecting the same things as those much older is so true. There are very wealthy young people and broke older people but the general concept is true.
it's why i actively avoid subscriptions unless it's unavoidable value. It's cost efficent being a tech/IT nerd. Pirate everything from big corpo and manage it in a way where the media/music is easily accessible on my devices and free to use forever.
The only subscription anything I have is Netflix because I pay it so my family can use it. I don't even use it lol.
The main cab company where I live is the same price (including a truly "optional" tip) as Uber or Lyft. If I need a ride, I call a cab.
Ive tried to show my kids (when they were teens) how much money they blew on small stuff each month - things like coffee, fast food, small target runs, etc. To them $5-$15 at a time didn't feel like much. But, when I added up their purchases over a month, they were blowing $300-500 a month on nothing. Sadly, though it surprised them, they didn't really stop. One of them slowed down a bit, but when she gets around her friends, she can't help herself.
That's exactly it. The need to either fit in or show off among your friends.