When Everything's A Crisis... Nothing Is
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- čas přidán 10. 01. 2024
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#business #finance #realestate
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More people than ever are afraid they are going to lose their job at some point this year, and that’s only for the people who are lucky enough to already have a job!
New entrants into the job market are struggling to get into roles that were desperate for workers just three years ago. If people DO lose their jobs, they have record low savings to support themselves. So then, why are people spending more than ever? The financial situation of the average American HAS gotten worse in the past twelve months.
According to data from Equifax and the New York Fed money that peoples saved during the pandemic is gone and, in its place, people are using credit cards and short term loans to cover expenses. Buying or renting a house is more unaffordable than every due to a trio of low availability, high mortgage rates, and high prices AND with an election on the horizon people are worried that things will only get worse when appeasing voters is no longer top priority. But when everything is a crisis, nothing is… People have seen the headlines, and they just don’t care anymore.
Crisis fatigue is a real problem and it’s costing you thousands of dollars every year (whether you realize it or not) for three different reasons.
A survey of two thousand [2,000] young Americans conducted by Harris Poll for USA today found that sixty five percent [65%] of Gen Zers and SEVENTY FOUR PERCENT [74%] of millennials believe that they are starting further behind financially than earlier generations… AND according to a poll run by the New York Post one in five [1/5] Americans now believe they will never be able to afford a home.
More Americans over the age of seventy five [75] are working than ever according to data from the Labor Department these were the people that had an opportunity to buy homes before they were several multiples of the average income, so if they couldn’t escape the rat race, what hope do you have?
When people resign themselves to never achieving their financial goals then there is less pressure to avoid taking on bad debt, spending recklessly or putting off enjoyment. According to the same New York Post Survey FORTY PERCENT [40%] of young Americans surveyed said they think that hitting the jackpot was the best chance they had of ever being able to afford a home. Lottery companies, online casinos, and get rich quick gurus have tapped into this desperation as an effective marketing strategy to put those that fall behind… even further behind…
Giving up and being financially irresponsible has in a way become something that is highly fashionable. Trends follow young people and since young people are giving up on long term financial goals in favor of short-term experiences, that has become the new normal. Luxury fashion is marketed as a way for affluent people to show off their means, but according to a survey by Bain Consulting the largest group of customers shopping at luxury clothing stores are millennials followed by GenZ’s.
The people who have the LEAST financial security are spending the MOST to try and fake the appearance of doing well that they will never be able to really achieve. Young people with basic jobs and no assets wearing LV and Supreme are cosplaying as people with financial security when all they are really doing is hurting their financial situation even more. The terrible reality is that your life probably won’t be as comfortable as the lives of older generations and if that makes you want to stop playing a rigged game that’s fair, but it’s only going to make your financial situation worse…
So it’s time to learn How Money Works to find out how financial crisis fatigue is costing you what’s left of your financial future…
It’s not a crisis, a crisis implies a temporary state. This is just the new reality. A shitty reality
It’s called late-stage capitalism, when capital, ie money, is valued above human life.
The capitalist system is working as intended the same way late-stage cancer is working in human body.
Na, just a crisis. Eventually it will get better or completely collapse, giving space to a new thing to grow and start anew. It has happened, is happening and will happen always.
Amen. A new reality
as the old hegemonic power elites start to lose their power, they get ever more desperate - thus they bring in bioweapons to force on people and create viruses with the help of Wuhan - to kill off the weak, ill and elderly - thus reducing the burden of those that are not productive in society - what Yuval harari of the WEF calls useless eaters - which, in the WEF eyes is most of us
The Climate's changed. No longer a tropical climate, it's a tundra
I've been saying it for years, millennials and gen Z will never have a midlife crisis, because our whole lives have been one crisis after another.
I shall keep repeat this quote from now on, thank you.
At 18 I got out of a month in the hospital three days before 9/11. I graduated from college and joined the job market in time for it to flatline in 2008, worked on a farm for room and board. I started a small business in September 2019, just as COVID was being whispered about. 41 and finally making enough to invest for retirement, very cautious with where I put it.
@@Foma_Stuppaget some (physical) bullion, especially silver! 😏👍💯
Who else is tired of all these, "Once in a lifetime events" that happen every couple of years?
@@justinfowler2857 crisis-fatigue
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
At a point like this, when the pressure is already on you to retire, its best recommended you seek the services of an advisor, as this allows you make smarter investing decisions.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
This is definitely considerable! think you could suggest any professional/advisors I can connect with? I'm in dire need of proper portfolio allocation
*Jennifer Leigh Hickman* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her if you want excellent collaboration.
Too responsible to throw myself into a debt spiral, too irresponsible to get myself financially stable. Just in time to watch the system fail me regardless of my choice. Thanks America...
I agree that USA may be shit these days, but still, you are the one with victim mentality. (NoHate)
I feel ya...
Not just America. As bad as the house prices are for you there, most of Europe is even worse off because of less available land per capita, and more stupid regulations.
damn, I wonder what globalized and precarious system could be causing all those issues@@256shadesofgrey
Trust me man, it's not just america or even the west. The east isn't faring much better
It turns out that something can be at crisis levels and then just... stay there. Pretty much indefinitely. You'd THINK something would have to give but nope, this is just how things are now. Record corporate profits though!
All of this crisis are artificial and engineered to last
the crisis is getting worse, but it takes ten to twenty years for a global hegemonic superpower to collapse, especially when they can print the global reserve currency - however, eventually the more fiat currency they create, the less effect it has on productivity and projecting military power around the world - the same aspects of collapse occur each time - Roman Empire, Venetian Empire, Spanish, Dutch and British - eventually their currency collapses - ie inflation gets worse and worse - this has happened every time and we can start to see it occur in the US right now - but it happens slowly at first and then there's a tipping point when it happens very quickly- such is the nature of the exponential curve.
What I find odd though is that most index funds don't exactly mirror the "record corporate profits".. It seems like there's something in there that we are missing. If it was only greedy corporations doing this, my portfolio should have shot through the roof, not simply grow 18 % in the last 3 years.
@@GermanTopGameTVwho would be reaping these supposed Record Corporate Profits?
@@GermanTopGameTVlook into the pentagon and the black rock/industrial complex circular job system. 20+ billion being taken out of the market every year. Where’s it going? I agree with you.
HMW: "people are buying overpriced/luxury goods and they are yolo-ing their money away due to crisis fatigue"
Also HMW: "heres a brand of undies that sell for 44 a pair"
Everybody is profiting off the crisis and everyone has their own way lol
Good point lol. Thing is, best quality for its price stuff doesn't need promotion, people learn about it from the word of mouth and from positive reviews. So it's the stuff that tries to be luxury that needs to advertise itself.
I was looking for this comment lol, I thought the same thing
"You're s***ing yourself over to try to look more successful than you actually are... so please do it with today's sponsor!"
So true haha.
He never said not to buy luxury goods, just to not do it irresponsibly. Buy whatever you want, just make sure you can afford it.
Rich Dad Fraud Dad absolutely needs his own video.
Yes, need this ASAP
That cracked me up :)
Grift Dad Fraud Dad would be the best title for a video on the book lol
he got1. verified bankrupt multiple times, fools still listen
I know a lot of people with over a million dollars net worth who praise this book.
everybody wants a cheap home, but when houses are cheap, a wise investor like Warren Buffett buys them all up and you end up paying him the rent he's asking for ...
why don't the people who want to buy the homes when they're cheap just buy them when they're cheap instead of renting from Warren Buffet? Do rich people have first dibs on homes?
So what you're saying is ban commodity housing
Governments can apply bigger taxes to each subsequent house owned to deterr hoarding.
@@FunkyJeff22 because they can offer more money, or to pay in cash, or buy several units at once if the seller is the developer, or they can get information on listings before they go live for regular people
many reasons
Not true... when houses are affordable, rates of new homeownership go up because they are affordable. When homes are unaffordable, then enormous investment firms scoop them up because they can and charge you rent, which is what we're seeing now with corporate investors like Blackrock and Zillow.
We aren't living through one or two crises, we're just living in a dystopia.
Why do we continual labor in vein?
@@lunarflare6113 If only more normies asked that question, but political bickering dominates the public speaking sphere. So the march continues as it always has.
@misbegotten3508 the only thing we should work for is our own food shelter etc but like food in a farm sense and not having to get barely any sleep and and going in sick just to pay the rent or somethin like that
That’s what big dystopia wants you to think
Exactly as planned.
You will own nothing…
It has been proven that positive reinforcement works while negative reinforcement makes everything worse and society has shifted more to negative reinforcement as time goes on. “Better work harder and harder or you’ll be homeless with no food” only works for so long before those living in fear all the time get tired of it all.
It sure does suck 😢
And when you reach the point where you can't afford food and housing even while working then why bother? I expect to see the whole fucking system collapse (or at least undergo cataclysmic change) in a couple decades, once we reach a critical mass of people who can't provide for themselves no matter how much they work, and so just stop working.
And then people are like "ya know what let's just be homeless instead of struggling with rent" and then the government writes a law allowing the police to kill homeless people.
Eventually insurrection becomes less painful than trying to work with a system rigged against you.
The human brain is built to adapt and problem solve, but it will always take the path of least resistance, eventually the path of least resistance is gonna be breaking through the problem rather than trying to fix it, either things get better or people will give in, humans are adaptable as hell, so it will take a long while for them to give in, but they will, unless things get better.
@@yautl1we already are at that critical mass the majority of people can't even own a house, the most basic necessity for survival, food is somehow super expensive despite the fact that we literally throw millions of tons away.
We make TOO MUCH food and it's still expensive, there's more money than there's ever been but we're still all poor save for like 500 people worldwide.
The only reason people still work is because of the belief that being ""lazy"" is morally wrong
This video loses so much seriousness with the underwear ad in the middle. I think I’m starting to hate YT, everything comes off as generic influencer bs.
ad blocker ftw
@@michaelsmith4904 bro he is talking about the sponsor
He made really good videos his first year on CZcams but he started to run out of ideas and he already put everything into this channel including leaving his job so its more of a job now for him which is why everything is so formulaic, I would say his content is just mid, not nearly as bad as jake Tran though
what would yu suggest as not mid and better than this yt channel? I was watching from the beginning but lately im just losing track of what the video is all about, and what is he even talked about. If there is any more channels that are less confusing, pls lemme know.@@mr.alkenly889
I will just call it a Masterbriefs ad 😂
It's not about investments... Young people don't earn enough to even be able to afford saving or investing anything.
I don't even earn enough to eat and have a car. Living on my own sure is a blast. 27 yo btw
I essentially had to start from scratch at age 37 after a failed marriage left me with what fit into my compact economy car. It is scary how fast you can find yourself couch surfing and look at the last 80 bucks in your bank account.
And even if you do manage to save say 20 grand which is difficult, how will it really make your life better with the current cost of living? Can't get any interest, nobody cares. It's not like Pamela Anderson from the 90's will be your girlfriend if you do that lol.
I think i saw a video where millenials earn moré than the other générations at comparable âge. So they earn more and spend moré, like Everyone before them
Me after living through 4 once-in-a-lifetime-crisis while not even being 25 when someone tells me about yet another one: "Whatever. Wake me up when something actually newsworthy happens."
I have found inheriting more money than you could earn in a lifetime the best way to retire.
Yep, it's right up there with just being born into a rich family
"People are stressed about money. Buy this expensive underwear!"
😂😂😂😂😂
For real, I feel like HMW just enjoys seeing how miserable he can make people feel
"Rich Dad, Fraud Dad" ... YES! Please do this video!
How is he a fraud?
@@lunarflare6113 By selling fraud books and seminar?
My mother bought another audiobook about “finances” and it referenced “Rich Dad, Poor Dad”. So I guess that book must be a grift, as other grift content mentions it
@@lunarflare6113Probably because he is. His book wasn’t bad, but he often times contradicts himself, goes against what he preaches, and finds ways to screw over his followers for a quick buck. His ethics should really be called into question with some of the stuff he has done. The video already provided one example.
8:45 ... I remember when it dawned on me that: "Wait. He's getting rich on selling books/seminar, not on using his own advice"
Do both thats my strategy
We are spending MORE because prices have gone WAY UP!! We're buying LESS, not MORE. 💸💸💸
Just stop buying. Crash the system.
There’s also the smaller fact that saving seems even more impossible, so people just forfeit trying.
Buy less, live more. Stifle the whole economy.
@@trenomas1Live more doing what? The only thing that's free is sitting at home alone and doing nothing.
Try going to a park or the library.
All I know is the *worst time to buy gold* is when there are commercials about buying gold on tv and radio. 😂
We’re getting dangerously close to the point where there will be less to lose for most people if they decide to hell with it all
That might be the point. We are in a cold war right now.
If you cant attack a country because it has nukes, making its population give up is basically the only option.
You can already see it with the way people drive these days.
I have two retirement plans. The first one is to pass away before I’m too old to work, and the second one is to go back to my hometown in Mexico and live on my dad’s land.
I would go with plan two.
Thats a really solid plan2
It's sad when the only real way to succeed in retirement is to not make it to retirement age. It is what it is I guess
There's a joke among the poor elderly that goes "my retirement plan is a colt401k" referring to the pistol
@@NoMoreCrumbsDamn, that dark. I think I'll just work into my 80s like a good little citizen to afford retirement in a rest home/hospice.
Every day I ask myself, surely the housing crisis can't get worse..? And yet it does. I'm at a point where I'm not even mad about it, I'm impressed. It's been interesting to watch it all unfold, even if it means certain homelessness and suffering for myself and many of my friends.
One thing you can do is to start bothering your local city council about loosening zoning restrictions. That causes a lot of our problems.
Have been thinking it had to pop and get better since I was 15. Guess what...
I'm calling it "outrage fatigue" and I have it !
I stopped most news and most media.
I'm just done. No one gets my clicks and not about news ... over it.
Absolutely this! I have no chill when it comes to clicking 'not interested' on videos in my recommendations. I'm just like "Naw, I don't want to be mad today" lol
I think that's especially true with our current politics. It's all outrage, and it's really all just more crap to keep us distracted.
The reason that everything sucks is that there just aren’t enough full time jobs that actually pay enough anymore.
It’s kinda weird they say their “dying” for employees and we are saying we don’t have jobs bc there is none
They are straight up lying (the employers that is).
Well tbf there a lot of jobs. Just most of them are In states that no one wants to live in
"no one wants to work anymore"
*No one wants to pay enough anymore.* (and everyone wants a slice)
I work full time in California making almost double minimum wage, and the best price I can find for a one bedroom apartment in my area (San Diego) is 2/3rds of my income. The only way for that price to make sense is to have more than one roommate. How do you split a one bedroom apartment three or four ways? I'm going to have to figure that out, because I can't live with my parents forever.
Another exaMple of crisis fatigue is the constant headlines about death threats and bomb threats etc. hard to care when they happen everyday and rarely result in anything
Remember when there were school shootings like every week for over a year straight and it was a surprise that they stopped (because of covid)? Wasn’t that insane? We just accepted it as a reality of life when it’s completely ludicrous
Yep- I no longer bother to look up the latest school shooting or Mass Shooting. Its just "oh, another one?"
I love the "people are spending so much money on luxury brands" thing immediately followed by sponsor spot for luxury brand :DD
that is luxury ?
@@cocoon418 You don't buy your underpants from the supermarket?
@@cocoon418 Anything better than Tesco or C&A is luxury for me :DD
A one time purchase that costs $500 isn't the main causer of poverty for someone whose rent is 2k a month before additional fees (usually to the tune of "HOA fees" "admin fees" and "fee fees" to the tune of $400-700 a month) by their landlord. And that's before food, insurance, car, and medicine/doctors bills. Nearly 3k a month on shelter, even *with roommates* is pretty normal nowadays. The PS5 or designer clothes isn't what's driving poverty. With the exception of folks who have actual mental health problems affecting their ability to track money, poverty is *never* a "bought too much stuff I don't need" and is almost always, "I'm underpaid and overcharged for the basics I need to survive."
No, but buying a bunch of expensive stuff on top of overly expensive livings costs certainly doesn't help.
@@TheMohawkNinjaIt doesn’t help, but it doesn’t make the situation much worse either.
Add an extra zero to that $500 for the amount people are spending on a single luxury good they can't afford.
A lot of luxury brands have nothing under $1000 for sale and going up.
Someone had to say it, it's like when people say homelessness is a choice
Its just a more "creative" approach to "stop buying avocado toast"
Please make a video on rich dad fraud dad. I read his book and found it insightful then decided to try out listening to his podcast and he was pushing gold so hard, while also talking about how invested he was on it. Seemed shady right from the get go
Precious metals are a LONG game regardless of any assets.
Even guns and ammo can fall in the same class.
The thing is, he's basically betting that the US dollar is going to collapse.
And at this point it is evidently imminent, but there lies the problem
1. Timing the market.
One ounce of gold buys a house in Venezuela.
One ounce of silver buys groceries for a single person for a month.
Things to consider, but trusting people who make money selling classes and books is shady
"Those who can't do, teach" -dodgeball
This quote is relevant always
HMW: Young people are spending money on clothes & fashion instead of saving, to give the appearance of doing well
Also HMW: Buy these fancy underwear!!
Install sponsor block my guy
I fully understand that channels needs to make some revenue, but that does not prevent my from always skipping the sponsor ad.
I like to believe that it's the sponsors that are getting ripped off trying to advertise premium underwear on a financial advice channel lmao
If Your underwear is impressing people you're doing something wrong, my man
The truth is Boomers and Genx spent just as recklessly. They just had more disposable income and if they hit a snag it was easier to get out.
If buying q house and saving were q real possibility people would change their sending habits in the blink of an eye
They had the income of every generation to the greatest generation sacrificed to build and add to, then boomers decided to have the equivalent of a decadent drunkin binge on it which is still going on to this day except everything is suffering making the crises we see today while the resources they hoard go parabolic from artificial scarcity
Has there ever been as much food delivered to homes? There have clearly been some changes in spending trends.
No, people simply went out, because food delivery wasn't available as it is now.
@@MyVanir a quick google will tell you which generation is keeping restaurants in business.
Honestly im at the point in life where im just going to isolate myself as much as possible from the economy, and become as self sufficient as possible.
It's a lot less to worry about, it's a lot simpler, and it makes life easier.
Yes my bro this is true the way forward, but to the majority truth means nothing
Taxes?
income taxes dont really matter because its always a portion of income, it's never going to kill you over it.
Property taxes and the other flavors are a bit of a tin can though.@@internet_userr
in many countries, having land and farming it is tax free - leave the US and western nations - they'll tax you for breathing as they get more and more desperate.
i've heard, unfortunately tax law is a nightmare, and it's not exactly succint. No clue how many states have full tax exemptions, if at all. For stuff like farming/homestead/offgrid property use.@@mikewood8695
My retirement plan as a marginally successful Millennial involves a living will, a do not resuscitate order (DNR) effective my 75th birthday, and enjoying all the vices that my more responsible younger self didn't enjoy.
Screw clinging on to life in befuddled agony at 92 when you could just die doing something you enjoy 15 years prior and save a lot of people the grief of watching someone they love wither away before their eyes.
Excellent plan ❤ 👌
Be careful with stuff like that. Not everyone lifes into retirement age. Life is now.
Same, tbh
Last 2 years i almost died like 4 or 5 times, really close to brutal car accident, poison by scorpion, covid, assault even then im saving but hell i started spending a bit too oo.
Rarely you find so much wisdom in a single CZcams comment 👏👏👏👏👏👏
2 rules when it comes to gold:
1. If companies are paying to try to sell it to you, it's the wrong time to buy
2. Companies who advertise have to have higher markups than your local pawn shop to cover the cost of the advertising, so you shouldn't buy from them
So if they say I should sell my gold, silver, and other investments, should I buy?
@@phillipk.dennison9131If a company is spending money to ask people to sell them their gold (or anything), it means that it is significantly undervalued. So yes, wait until you haven't heard a sponsorship from a gold company anymore, then go buy from a local pawn shop. When the gold companies start trying to sell you their gold, go sell your gold back to the pawn shop
@phillipk.dennison9131 yes, although I've never seen an ad saying, "we desperately need gold! Sell us your gold!" like some ads for cars do
Pro tip:
When it comes to resource investment, aka gold silver etc.
Always look up the all time historic value of it. You will see that some have had DECADES of losing value as well as gaining because of supply.
If you have gold, just like most Indian citizens, there being an economic downturn means you might want to sell your gold. So will most Indians in the same situations, so gold prices fall, as one example. This notion resource based savings will always beat the market is a MYTH!!! It is not true.
this is one of the problems with fiat currency, precious metals no longer have an attached worrth
Anybody promoting trading money for metals has money in it themself and/or is directly trying to sell you to their immediate profit.
They are hucksters who at at least huck physical objects, but are still grifting you.
The US government also already forcibly took everyone's gold 100 years ago, they can do it again and in that case you are just a target to rip off.
You are better off buying empty land for cheap on the far edges of up and coming towns or cities, paying minimal taxes over time to protect your claim, and then selling it when development creeps up on it.
@killingtimeitself Foat currency is specifically NOT backed by a resource. It's backed only by the legitimacy of the issuing entity. So no, this is not one of the problems with fiat currency, it's actually one of the arguments in favor of it.
I agree that fiat currency vs backed currency is a debate worth having, but knowing how both of them work is required before you can pick a side to prefer. And honestly neither of them are fantastic, they both have major downsides.
@@slimjim2584 Problem is the "minimal taxes" part. If the economy enters hyperinflation, your tax amount will be calculated off the nominal market value of the land. And you'll most likely have to sell it just to cover the tax debt you've accumulated, if not have the property seized by the government directly to cover the tax debt. Most people won't be able to afford the skyrocketing land tax burden long enough to for hyperinflation to stabilise. Even if they sold their land for millions, it wouldn't be enough to be considered rich by the time hyperinflation ends. The only ones that win are the ultra-rich who already have so much diversified wealth that no matter what happens, they'll be able to weather the storm and gobble up more land and capital while us peasants are forced to sell what little we've managed to scrape together just to stay alive during the crisis.
It's not a protip if you're wrong.
It's not an investment, it's a hedge.
1 ounce of gold is one ounce of gold. Same for crypto
1 BTC = 1 BTC
The problem is that with fiat there is no pegged price, so the price to trade is always fluctuating.
The fact that many are financially stupid is why they recklessly buy hoardes of assets then panic dump it and blame the market.
This background music is ridiculously distracting😞
Spending on stupid shit is costing you your financial future. Now here's an ad for specialty underwear
I inherited a small home from my grandparents, and man it’s probably been the biggest boon I’ve gotten, maybe even more so than my degree, since you can go back to school whenever
The best investment you can make is choosing your birth to the right parents.
Take good care of that thing so you don’t join the rest of us anytime soon!
most boomers are homeowners . Aren't your parents as well?@@doujinflip
@@ludicrousreality0Not everyone's that much lucky
Financial advisors are a scam if they're not a fiduciary. Find a fiduciary, NOT just a generic financial advisor. Idk how much I can stress this.
I do love how people say it’s a lot harder than previous generations but they are really talking about like 2 generations who grew up between the 50s-90s. Like I personally believe we have it much better than people going through 2 world wars and the depression.
don't forget the cold war
tldr; both world wars and the great depression ended before boomers were born, and that is the generation most talk about haivng it easier.
We aren't talking about the Vietnam war. Purely the economic structure of the United States. We assumed that to be simple enough a concept to not need explaining.
Also, The Great Depression ended in 39'. Baby Boomers are typically classified as being born in 46' almost a decade after The Great Depression ended.
And World War I and II ended before Boomers would have been born. I'm not sure why you were so confident about this when you clearly didn't look this up.
@@matthewhungerford1861 Boomers would have lived through the cold war, sure. But so would have millennials. What's the baby boomer excuse for that?
@@dezh6345 the first millennial was born in 1981. Most of those any millennials would experience were the dying days of USSR. they weren't alive when USSR was at its peak. By 1984 most agreed centralized planning was a dud as the gap between capitalistic countries and communist countries became black and white.
Don't ruin the pity party
Well, i do have my reservations about the economic crisis. Wall Street pitched so-called quality stocks with high profitability and low debt, as a kind of insurance against whatever the economy might throw at you. Quality stocks have underperformed the S&P500 this year, My $650K portfolio is down by approximately 20%, any recommendations to scale up my ROI before retirement will be highly appreciated.
It's a delicate season now, so you can do little or nothing on your own. Hence I will suggest you get yourself a professional that can provide you with entry and exit points on the securities you focus on.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
“Millennials are spending too much on luxury goods “
One minute later :
“Buy this luxury underwear”
It's interesting how people will "wait for the right time" in real estate. The fact that our monetary system aims for controlled inflation and avoids deflation means the best time to buy was always yesterday.
When everything's a crisis, nothing is...
Millennial Here. Speaking with most of my friends over the years most of our "retirement plans" involve death.
We will never afford a home. We can barely afford rent.
We can't afford to move, and when we do try, to most of us end up homeless.
We have about 6 years until AI hits the point where most of us are unemployed or working dead end Low Pay, High Labor jobs.
When faced with working yourself till your body fails you and living on the street in agony.
We choose drugs and death.
You can't get your debt back from a corpse.
Everyone I know has one of two retirement plans. Something like this.
Or something involving a manifesto.
I wouldn't get that worked up about AI. Unless you are working something like HR, corporate artist or basically being a living information kiosk you aren't going to get replaced. The actual practical use of AI has mostly been implemented already with less expensive and more honed algorithms. The recent media frenzy is mostly dumb hype.
@@cryptbeast3222 Tech Support, Software Eng.
Get help and Jesus dude
yeah, clothes and accessories are super important to me. i can’t afford anything else and pretending everything is fine and dressing nicely is the only thing that makes me happy atp. getting a job is impossible yet everyone is hiring. rent is actually batshit insane. i give up atp ngl 😭😭 if shit changes then i’ll go be responsible but until then? i’ll keep buying off amazon :|
"younger generations believe they are starting financially behind than earlier generations"........well yeah isnt that how it usually goes?
What usually goes is applicable for middle class and upper class, lower class is generations behind the other classes
This video presents some shocking realities that many are facing in the current economic landscape. The financial stress is tangible, and we should collectively work towards increasing financial literacy to counter this. The role of influencers in spreading panic or false information is concerning. Let's all aim to educate ourselves properly to make sound financial decisions.
Why increase fiancial literacy? If you know whats going on you can make so much money off the ones that doesn't know.
And most of it is not even that complicated, spend less, save more, improve skills, have self control, don't get into debt
There was some sort of clicking sound all through the video, and I think it's meant to be background music? It was very distracting though. It's just quiet enough compared to the voiceover that it sounds like constant static. I had to play other videos just to confirm my speakers weren't going out.
Yup born in 1991 and I've been thru multiple once in a lifetime crisis
At this point it's starting to feel it's more like a "once in a lifetime quiet time".
@@Dexter01992Yeah, I thought things were going to be chill for a while after the pandemic while the world recovered...
I definitely got caught in the youtube financial doom spiral of recommendations recently, despite the stock market dancing with an all time high.
The stock market means absolutely fucking nothing
If you asked "Do you think you will ever be able to afford a house you actually want?" I bet that number would be closer to 4 in 5.
A lot of the younger people working for my agency are buying condos and townhomes for 400-550k. None of them want it, but they think that's what they're supposed to do when they start a career
Two Cents has a recent video arguing that millennials have caught up, and are totally OK now. I could not even get that to nice with the fact that most of my friends live at home, and several are homeless or nearly so.
Two cents is PBS, so they'll way whatever the neolibs want them to say
arguably we have caught up in absolute terms. It's just many expenses like housing have become disproportionate. I earn more than my father does, but he has a house while i dont because he earned less in a more favourable economic environment.
@@danycashkingyep all the cheap consumable disposable 💩 is available in abundance. The important stuff like housing is not.
@@danycashkingI would make the argument that you can't measure "caught up" in terms of wages, simply because the success of a generation isn't ever measured only in wages. Savings, life milestones, and home ownership are all major factors that have always been taken into account when measuring Millennials vs Boomers/Gen X before, so removing them now is disingenuous at best. I haven't seen the video, but I'd also be interested in seeing how everything lands after inflation is accounted for, because I can imagine that also won't show Millennials as having caught up.
You can always learn from your loser friends
You know what's cooler than designer clothes and trendy mugs?
A house.
What would you rather do. By a trendy mug and designer clothes that makes you somewhat happy or buy a house that you aren’t going to pay off till your 60s(which you may not even be alive by then) to still be working until you die?
It's definitely not only in the USA but in the EU as well. Prices of houses are skyrocketing. Most younger people stay longer at home to save money.
And by "save money" in most cases we mean "barely make it at the end of the month saving something only to having to waste it all on some unexpected primary expenses due to accidents, malfunctions or government deciding you didn't not pay enough taxes this year already".
You are very honest and I respect that about you
People are spending bc if everything collapses, money will be worth nothing 😂
Oddly enough a channel named "How Money Works" hasn't made a video explaining how money really works...
nope, instead we continuously get very well produced, high quality explanations on how money actually in fact doesn't work lol
@@GlitchedVisionit's a rigged gsme
@@GlitchedVision Hilariously enough this video explains it in a nutshell: czcams.com/video/Gxj5xG2Gu3o/video.html
So many youtube videos are so cringy with stupid titles and images with opinions about the topic at hand. It's also funny that they are longer than needed to try to gain revenue from youtube which tells you how shitty the entire system is...
you give it and get something in exchange for it - how money really works
9:41 good to see good people promoting other good people.
I believe in the long run that's what makes society better.
One small comment that's not often discussed:
Buying is no longer worth it in a HCOL area where all the jobs are because HOA fees have been steadily rising, which makes the math of buying not add up. If you're paying 600-800 a month on HOA (as good as throwing money away), it doesn't make sense to buy ever. So maybe it's time to redefine what financial stability looks like? We might be a generation of forever renters - and we should focus on protecting renting rights.
If investors want to provide housing, let's atleast make the market rules fair.
Investors nowadays have no form of ethics of any sort. All they want is suck dry anything they're involved into and move to the next business to ruin.
100%. Although, I’d love to see laws passed that make it impossible for anyone to invest in housing in the first place. That’s such a disgusting practice.
There have also been a lot of licensed and 'legitimate' financial advisors/managers who were found to be committing major crimes with the money invested, so even if you had the money to see a licensed professional, are the next FTX/Madoff/Enron/Lehman Brothers/Nortel? You never know, so maybe that little startup could be more legit than the current major players. Trust (or the lack of trust) in financial institutions is a major reason why people choose to get financial advice from youtubers. And there are some people giving legitimate advice, The Maverick of Wall Street is imo the best, but his language is SO dense I have a hard time understanding it, so I don't watch as often.
Download the transcript and highlight the passages. That's what I do. Or take notes.
@@BigHenFor That's really good advice, thanks.
Also the concept of paying someone, for investment advice is kinda just stupid. If im paying you upfront, you have no real accountability, and no real responsibility there.
You've already got my money, all you have to do is go "sometimes the market sucks" shrug, and then walk away.
Great!
...
And... what should we do? What should anyone do? What's a realistic investment in times like this? I'm good on underwear though, thanks.
Same as always. Maximize your primary source of income by finding a good career with potential for advancement.
@@zacharysilver911 any thoughts on investments for excess income? S&P 500?
You should keep your anxiety at its max by continuing to watch this guy's videos where he does exactly what he's criticizing others for doing.
@@Andy-rv9wm yea I mean there's a ton of bullcrap content creators out there publishing garbage, but there's also a ton of bullcrap content creators out there ripping on the garbage but offering nothing else either. This isn't always true of this channel's videos, but I feel it is true of this video in particular.
While your laid back attitude makes possible for me to recover from the sheer shock and laughter when I've seen your underwear sponsored ad, if Patrick Boyle decides to work with the same sponsor, my soul will just leave my body 😂
It's horrifying that I have to become rich if I EVER want to do something as (previously) common as buying a house. The gap between the haves and haves not is widening so damn much.
"you need to stop buying expensive things"
"anyway, here's an ad for absurdly priced underwear you should buy"
Love your content, keep it up.
I dropped out of college to become a trucker so I can afford to go back to college eventually.
Great video - thanks for giving real information that benefits people for the long term. Keep on making these
the underware commercial is just the cherry on top
Imagine hiring a financial advisor at $330p/h just to tell you to save money lmao 💀
Just lol 🗿💀
Just rob a bank lmao
@@prime_optimus banks got no money
As someone who is down thousands on those hot stocks, and yes, I am putting my stupidity out there for you all, it was a lesson well learned. The positions I am up on are the ones I bought after I learned the lesson. They are also the same positions that fall very softly.
Many people think I have lots of money, because I wear cashmere sweaters and wool coats, etc. I don't have lots of money. What they don't see is that the majority of my clothes come from thrift shops, gathered over time, or I saved money for a few months for a special investment piece. But when I tell them they say to me "oh I don't have the patience to go through a thrift shop, it's too much work!".... I also gave up my TV subscription, have a sim-only subscription on my cheap phone etc. But they only see the expensive bags, coats etc. I also don't have 10 different coats or something, I have just 1, yet they never notice i guess. I am shocked by the amount of new clothes people buy, or subscriptions they pay every month, and then they are surprised they have no money :P
I wasn’t saving money in my 20’s and 30’s because I was thousands, then tens of thousands, of dollars in credit card debt just trying to survive. Now, on my 40’s, I can finally save money, except I do still have debt; college loan debt, which doesn’t seem to be getting “wiped out” by the government any time soon. I’m also still technically on my ex-husband’s mortgage, because my credit is great and his is garbage, so the bank won’t let me off, but as he and his new wife are living in that house, I’m sure as heck not paying off his mortgage! I probably should pay off that student loan debt, though, just so it doesn’t come back to haunt me. And that’s the problem; “becoming an adult” involves spending your first decade or so as an adult going into a mountain of debt; easily over 100k in student loans, credit card debt, and a car loan, before even thinking about a mortgage; then spending another decade or two desperately trying to dig out from that. That’s why young adults aren’t saving! 🤦♀️
Living the exact same situation!
Living beyond your means is nobody's fault but your own.
@@YourPalHDee it is and it isn't. Yes, you make those stupid mistakes, but you will still find yourself being "forced" to make them all the same. Shaming someone for making mistakes that they kind of had to make in order to exist isn't exactly being truthful or realistic.
I'm in debt because of loans I had to take out for school and for my husband's medical bills. I have never saved money because every bit I save gets wiped out by a sudden expense like a car I need to get work dying. They're all *my fault* but I can't make a choice differently without information I didn't have. It's just a meaningless, useless thing to point out that these were the incorrect choices to make.
@@LG-pt5kt A loan is generally a secured line of credit, you took it out for a responsible reason and you picked a lower interest more responsible form of borrowing. Medical bills cannot be helped.
Credit cards are unsecured, high interest irresponsible borrowing and 90% of the time, they're taken out for vanity purchases, or to transfer debt from vanity purchases.
Your situation sounds very different to OPs.
@@LG-pt5kt Exactly. Adults push kids into the “best” (i.e. likely pricy) university they can get into, claiming it is the only way to survive. What 18-year-old is practically able to resist that? I learned about the resources that could have made me independent from my parents in the years AFTER I had already committed to a 5-year program of study (that I wasn’t able to complete). I didn’t know my first husband would become dangerous and violent at about the halfway point in my pregnancy; I didn’t know it would take over 5 years of trying for my second husband to get disability benefits; all I DID know was I wanted at least two kids more than anything else in the world, only had limited fertile years, and was willing to risk literally everything else to have babies of my own. Selfish? I suppose, but childfree women are accused of the same. Foolish? Living is foolish. Life is foolish. We all suffer and die. I acquired my debt just trying to live. Silly, I guess, trying to live… 🤷♀️
Patrick Boyle , plain bagle , and u created lot of awareness about finance to me !!
Was just thinking haven't seen a video from you in a while. Seen this uploaded 36 seconds ago. Nice timing
After watching your videos for years. All I've ever gotten from this is that we're doomed and there's no solution.
That's the same message I'm getting.
Like "hey, you're like is going to be harder, probably shorter, but don't make it worse by indulging in momentary spending because you're so depressed about the train wreck that is your life".
There's no path to success anymore, especially for those who have any sort of physical disability like myself (so a trade wouldn't work, plus they underpay trade in my area horrifically - another under talked about issue).
@neriah9969 I feel like this is on purpose because there are obviously people who know what the solution is. It's just about who you know, and CZcams is not financially incentivised to give you an answer... or else we would stop watching his videos.
@neriah9969 I feel like this is on purpose because there are obviously people who know what the solution is. It's just about who you know, and CZcams is not financially incentivised to give you an answer... or else we would stop watching his videos.
It's mathematically unsustainable but somehow we keep it going.
Stopped watching after 1min because of the music, hope I’m the only one who couldn’t handle it
I can barely hear the music with headphones on
Recently I've been discussing with several people what the underlying mechanics and reasons for this seeming loss of average participation in the overall generated prosperity might be. The observation being that while a median worker in the 60s could afford a family home and stay-at-home mother on a single income, today even over-average earning DINK-households have a hard time acquiring their first property. This appears to be quite a complex problem and I've been told several potential factors for this like large wealth accumulating over decades since WWII in some societal segments putting lots of demand-pressure on real estate markets which has an overproportional effect on peoples disposable income or that the level of expectations on the range of consumption or even personal investment goods has dramatically increased (you didn't need a mobile phone or various subscriptions and higher frequency travelling in the 60s). I'd be very interested to hear more explanations from the community and perhaps your take on this issue in a video!
The audacity of the sponsorship segment in comparison to the videos content....
What surprises me the most is the people that work in finance and still fall for these trends. My FIL and one of my BIL both work in finance (in actual reputable companies) but they always have some of their investments in stupid stuff like bitcoin; they see the hype when they're anxious about "the next crisis", fall for it and then complain when they loose that money. I think anyone with enough anxiety, even people that should know better, can get into this trap
2008 anyone? I have no faith in the skills of people that work on high paying positions in finances to have an ounce of common sense
Take every information on youtube with a pinch of salt. I got nothing against youtubers but sometimes they can be full of crap.
I’m an old millennial. I’ve been driving the same (used) paid-off vehicle since 2003. It looks like garbage but is mechanically-sound.
Bought my house in 2009. Paid it off in 2021. I’d been paying extra towards the principal the whole time.
I pretty much only buy my clothes at thrift stores. Lived frugally my whole life. Put anywhere from 7% to 20% of my income into a retirement account most of my adult life.
I’ve had years where I rack up huge debts, followed by years where I live like a monk to pay that debt off. I am now debt free.
I feel very fortunate. But I also know I’ve made good decisions. It takes both.
The point is that you should have not had to tighten your belt so much in normal circumstances, but we live in the era of perpetual artificial crisis and billionaires just keep squeezing
Stop flexing
@@hobocyclistlol imagine calling a sound life, flexing.
@@cpK054L be real. keep stacking. we all trying to get there
11 years is _quick_ to clear the lien on a house. That's a massive flex.
Love the keyboard fight scene.. nice..
THANK YOU! Ive been saying this since I was a kid, my *ENTIRE LIFE* has been one long "recession"
I was born in 1991. Since 2001 I hear that we are in a crisis of some sort, what's the point stressing about?
If I were a real estate investor like Stephen, I too would tell everyone that a "housing crisis is coming" just so they don't buy so I can buy everything up first
He's a landlord in a dying state full of illegals
He even said he makes more on youtube.
Bro is a train ride away from bankruptcy. Especially when most of his properties are not even his
would love to see that rich dad poor dad video
It’s full of lies. Robert claims poor people take crappy jobs because they are selfish.
I actually disagree with the gold part, it is not a get rich quick also golf coins likes the Britannia has less than 10% premium (bars with just serial numbers are the the lowest), anything with 40% markup would obviously be absurd but I don't imagine people just not googling for price comparisons.
The ones with huge mark-ups usually have special designs or uses intellectual property ie the John Wick / Star wars one. Premium is indeed a lot higher in silver. Personally I sell the metals so I may be a bit biased.
We're in a Crisis Crisis
'Rich Dad, Fraud Dad' made me laugh way too hard.
i laughed at the real book 20 years ago..
Thank you so much! This is alarming and eye opening. I really like these videos, they are very nuanced and grounded
Cosplaying as people with financial security 👏🏻😂
This is why I absolutely removed the last finfluencer that I followed from even being recommended in my feed. He's always bearish and cost me more money than he's really worth, and then bashes the people calling him a perma-bear, when his overall thesis is effectively a full-blown collapse of everything.
Meanwhile since May I was seeing that the behavior of the market was "we're going up and you're going to like it." The only thing that didn't catch on was the risk tolerance and continuously using options when they did nothing for me but negative returns constantly.
Now... I'm just mostly tapped out. Slowly forgetting about the market, only have it as a venue where I make money but I tend to just shut the voices up when they predict either 300% returns or total collapses cause at this point, credibility in these people is in the floor.
My CZcams recommendations got stuck in a doom and gloom feedback loop and I missed out on the last few years of stock market growth while convinced everything was going to crash.
My retirement plan is a revolver I keep in a cigar box in the back of my closet.
Shout out Aswath Damodaran 6:38 cool to see this legend referenced
Who knew Syndrome from the Incredibles was basically the modern era's Nostradamus.
I'm... one of the "fortunate" ones where we're hanging in there. But my partner and I have to be careful with our finances and not spend too much on frivolous stuff to avoid getting in a bad situation. Vacations, fashionable clothing, and even brand soda and the like are so out of the question. There's a benefit to being boring adults with trauma of bad times.
Regardless... when I DO spend money on stupid crap, it's either A ) an unnecessary yet minor stress purchase or B ) sometimes we wonder if WW3 is just going to happen so what's the point? I can just get a factory job making ammunition or something and make end's meat, I imagine. Sometimes though I worry option B is going to happen regardless and devalue our humble savings. Regardless, it's best to stay cautious, I feel. I'm just regular working class.
Shit you didn't have to think about in the year 2000, eh?
If it helps, what you describe isn't outside the realm of normal. Taking cheap "stay cations" like camping, getting store brand stuff, and not buying new clothes constantly is how many people just live, and live happily. You may be doing better than you think you are, even if there's room for improvement 🤷🏾♀️
@@vulpixelfulOh, 100%! I just enjoy embracing the mindset to remember our position. :) Granted, that could just be me using my guilt complexes to make sure I stay a good husband / provider. You too btw! 🏳🌈🏳⚧
Just a Thought, the severity of the problem is realy great, and is a good and informative video, the sponsorship about underware realy undermines it, i know tha the channel probably needs the add revenue of the sponsor and i dont know where to put the add to keep the message relevant, just hope sharring a thought would help find a solution.
I’m close to 50 and honestly have never worried about finding a job or another job if current employer shat themselves… Then again I’m a tradesman and live in a rural area …