The Great Pay Cut Has Begun
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- čas přidán 10. 07. 2024
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Impossible to know if the worst inflation in America's history from 2021 to 2024; will lead to the worst deflation in America's history since 1929
Now all I need is your credit card information...
Your job doesn't care about you. It never cared about you. It will never care about you. Save your self.
Do you really mean, I don't care about my job.
"jobs" have no feelings. The job you do has some degree of importance to your employer (or he wouldn't pay you).
Only you can make your job important to you.
Yesssss!!! ,💯💯💯
@@reasonablespeculation3893 I care about my job but…
…I work to live, not live to work.
@@reasonablespeculation3893 I think he means the "employer" they don't care about you. and at most jobs that is the case. They only care about the company making more money but not you.
I think large companies feel that way. However, as a business owner myself I care deeply about and consider my employees in every decision I make. I’m captain of the boat and if I make a decision that causes the business to fail, we all go down. Small businesses used to make up a majority of the country but are a dying breed and that’s why we have corporate overlords.
A slowing economy does not appear to effect CEO pay and pay raises.
Probably means we need to become a CEO🤷... If not get to work.
@@robertbrown1021everyone can’t be CEOs bro or the system would collapse
You're right...they take MORE and vote themselves pay raises.
@@milleniallgt9715 CEOs are helping to collapse the system.
CEOs take MORE pay.
When you seeing job posting for 10 yrs experience and masters degree and it’s pay $30 and hour, it’s crazy.
😮 I can get that as a CDL truck driver, and I wouldn’t even take that 😅
We are sick of jobs demanding our best while giving out the bare minimum.
Start your own company and change the trend.
Supply and demand. Joe Biden just brought in millions of new job seekers.
@@magnumcharger3340Not everyone has the skills or ability to start their own company.
Collective bargaining :)
@@magnumcharger3340There is an active agenda to destroy small companies and prop up massive corporations. Your idea only works in an uncorrupted society.
Fun fact: thus is why illegal immigration has been allowed and they have been given sanctuary, work permits, etc.
To drive down wages and standards if living in the United States.
Love how you say thar but look at the jobs migrants are taking its the jobs that you USA native see beneath you, either work the menial jobs like the migrants or stop complaining the job market is a lot more complicated then just migrants but it's this mindset of let's blame the migrants, not the migrants fault that many us residents don't want to work and would rather sit on unemployment but then blame the migrants for their failures, if I wanted to I could go and get a bin collection or janitor job in less then a day don't blame migrants when your to good to work blue collar jobs
Yep, the democrats even used to say that illegal immigration was something pushed by the right wing. Oh how the turns have tabled.
Yep but your racist if you notice the plan crazy clown world 🤡
This. Low wages, particularly at the bottom of the wage ladder, are government policy, at least for the current andministration.
Citation needed
Except for CEOs
Haters gonna hate.
My CEO received a 3 million dollar raise due to record profits. But wage increases got canceled because we are struggling...... this was on Monday.
@@fatmanmillionaire3318 Just become a CEO and all will be right.
@@thadoc5186 Indeed!😆
I can afford another yacht, you just need to pick yourself up by the bootstraps.
And the cost of living continues to raise. Rent, food, gas prices continue to go sky high. People keep saying "live within your means" but don't realize those same "means" continue to inflate but workers aren't getting pay increases to cover those same exact "means" that keep going up.
To survive, you need a job and a half. Parents don't have time for their kids.
You need to begin stratifying your priorities. Right now you need to see what you can jettison from your daily spending.
Exactly! We were living off half of our income and it has crept up to almost 2/3 and that is with nothing added, no vehicles, no subscriptions or added enjoyments. Thats just the basics of home and car insurance, phone, Healthcare premiums, electricity, food and general home goods. We would have been considered living within our means but there is no such thing when you can't cut back on things you have to have!
Live within your means, eat mud pies and live in a dumpster.
@@lzkrishmomDINK is the way to go unfortunately
Apparently they have plenty of money for stock BuyBacks, CEO pay, and to brag about record profits. Yet nothing for decent wages.
Those profits are our wages. They are collectively stealing from the workers. Companies want to maintain those record profits so they’ll layoff people, and the workers remaining will have to work a two person job with no pay increase. Which will maintain those sweet sweet profits for the companies. Normal people are using credit and getting into debt so that’s why it looks “good” so far, but then there will be no middle class once the debt is called.
This channel is making wage theft seem like the workers fault.
Watching this channel made me completely cut out eating out and excess trips to the store. I’ve saved so much! Keep doing what your doing, great videos.
At a glance, I read this comment as “Watching this channel made me completely cut out eating” lol
Employers took back control. This is why I don't bother going the extra mile anymore. If Im gonna be poor, may as well be poor on my terms.
And have energy to enjoy your free time
@@ft9kopexactly
Pretty much what a loser would say.
Its all greed. Thats all its EVER been.
Then rebel
Let's not forget about all the outsourcing & illegal immigrants.
All currency and money have imaginary value.
The only real commodity on the planet is your time everything else is based off of that.
If you can manage your own basic needs, Your wants become more negotiable.
Happiness is key & relative!
You nailed it!
Its time for the rich to absorb these higher costs.
Executive pay cuts.
Executive position cuts.
They're the ones creating these artificial price gouges.
I unfortunately, work for a company that doesn't believe in raises. I should have jumped ship when companies were desperate. My company raised prices and increased profits but then expect the employees to lose value and quality of life.
i tried to jump ship to the tech co's then who were overpaying folks to just sit at home. They're all laid off now and I'm at a DoD co that requires US citizenship, no off/near-shoring my job, less pay but way more stable, so the pay is actually more bc i'm employed. it's give/take
Never work at a company that doesn’t believe in raises. A company that doesn’t believe in raises either expects high turnover or is betting on their employees being so desperate that they have no place to go.
I'm in my 50s and I'm more interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
You're not doing anything wrong, you just don't have the required skillset to profit off a down market, folks that are making profit in this market are pros and experts with in-depth knowledge and skillset.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
Actually it’s a Lady. Yes my go to person is a ’Melissa Jean Talingdan”. So easy and compassionate Lady. You should take a look at her work.
Thank you for this amazing tip. I just looked the name up and wrote her
up, to schedule a call. many thanks
Everyone is stingy except the federal government who will do a 4% raise
Because the government is not a business. They can piss away endless money and just raise taxes.
Yet the federal government is the reason for the poor economy.
They doing a 4% raise??
I work for the state government here in CA. We just got a 4% raise on 7/1. The previous July we got a 2% bump. It doesn’t even come close to keeping up with the ridiculous increase in the cost of everything in this state.
At the cost of inflation
Of course, them being stingy with pay cuts is the exact reason why they're not receiving revenue, employees don't have the money to spend, freaking geniuses or not?
Yep, these issues are self-fulfilling prophecies. Money keeps accumulating with those who are less likely to stimulate the economy. 😂
Genius take. Love it. Ageee 💯
8:18 Hey Jaspreet, You are not a random guy anymore! We like your keen insights about making and multiplying our finances. Thank you so much for your continuous efforts and for sharing your thoughts publicly. You may not understand the impact you are making now, but this impact will substantially influence the upcoming Google generations. Keep up the excellent work, even with your busy schedule.
Just happened to me. Applied for a job and put my expectations in the middle of what they offer; denied my app and said my expectations were unreasonable
Should have put below minimum wage and see what they'd say. Ps I work as a plumber and we have commercial contracts with big restaurant chains and they are some of the stingiest people. It's not even their money and they want me to cut my price so they can get their annual bonus. I tell them they're welcome to do the nasty job themselves 😂
@@joe-zj8js all about bonuses. I am getting laid off while our VP got a promotion
Grocery Inflation is kicking my ass 😮
One of the things we are seeing is outsourcing to low cost or best cost countries as some of them like to put it. The way I see it, this is coming from the work from anywhere or work from home trend. Some upper management has seen the remote work function well and decided there is no difference between an office worker in a high cost country and a low cost country.
Symptom of a misused (weaponized?) tariff system.
well, it's not like they "decided" that there is no difference, there may actually be not much of a difference!
I wish I had someone sit me down and teach me this concept when I was in my 20's. Please keep up the wonderful work!
The pay cut happened when everything doubled besides our paychecks.
I worked through the pandemic Those of us who worked should’ve received some kind of Tax breaks or stimulus checks because we ran the country while others stayed home.
I did too! Youre right. We shouldnt have had to pay any tax that year for carrying the load!
I vote that we that worked during that time get to stay at home all of 2026 while the ones that didn’t work during the pandemic take over for that year.
I run a small business and im having a slow busy season.
Come to FL. There are tons of rich boomers here. I work at the usps and business is booming. People are buying so much garbage. I'm sure they will like your stuff.
My employer praised how they were giving us a 3% cost of living increase with inflation going down (which it's not, only the rate has lowered)
My company actually cut everyone’s pay this year. They refuse to call it a pay cut because what they did was reduce our ability to earn commissions, but when my earning potential goes down, it’s an effective pay cut.
Here's the truth. Pandemic showed that only 30% of the country was needed to operate. 70% are not required.
You mean government jobs......
I don't know anyone who stopped working. Where I live we ignored the mental cases who said we aren't supposed to work. Turns out those people were never really smart. In fact they get their high positions in government from being not smart enough to be a threat to others.
@@nowere4579 very few seem to understand this.
that was only during the pandemic though when people were forced to shut down. many companies went out of business because the workers could not work. Jobs are still needed whether essential or not. If the company exist they need workers to function.
The fascist Democrats caused this shutdown. They don't like the citizens being independent!
Those profits are our wages. They are collectively stealing from the workers. Companies want to maintain those record profits so they’ll layoff people, and the workers remaining will have to work a two person job with no pay increase. Which will maintain those sweet sweet profits for the companies. Normal people are using credit and getting into debt so that’s why it looks “good” so far, but then there will be no middle class once the debt is called.
A lot of “earned income bag chasers” don’t realize the downward spiral we’re in. Economy needs a massive reset to rebalance wages, assets and policies.
Due to the gross neglect and financial terrorism of these ridiculous clowns in "charge" of the financial system
@@corrupted_realm 100% correct
I'm curious if the unemployment statistics are accounting for people who pulled out of the workforce from 2019-2022 and are re-entering due to cost of living increases? i wonder if over the past year these people are the reason the unemployment number have seemed artificially low while job gains were being made. and now that we've hit "stabilization" unemployment will spike since there are more workers than jobs finally>
The unemployment numbers don't account for that. It also counts the same person two times if they have a second part time job - further distorting the unemployment numbers as well as not accounting for the under employed (example: like the college graduate working as a barista).
@@stevenporter863 ok so things under the hood are worse than they seem! average Americans are getting close to being tapped out ... just minding my buisness in a MM account building Powder up waiting for asset price corrections to DCA into my investments.
I understand that on an individual level "Work good. Make money. Save money" should work in these times but companies seem to be in a sort of death spiral of:
"Raise prices exponentially to make number go up -> Buyers hit a limit so number doesn't go up as much anymore -> Cut wages and positions to try to make it go up -> Everyone else is doing it too so buyers still aren't biting....only one other thing to possibly try -> Back to first step"
Surely, this won't lead to an extremely large financial crisis where these businesses die instead of readjust their prices/strategy while simultaneously paying people less. Surely lol
Good post. Bravo. 👏
I look forward to each of your videos. You boil down the points very clearly. I don't see how you're able to make so many videos that are so full of useful information. But keep it up!
I’m a manager at a T-Mobile store the just cut all commissions about 30% 100k plus down to 70k
Wow! That can't end well. Cutting pay 30% when things are rising 30%. That sucks.
Nobody explains the economy and economics better than this man. Love this channel and his newsletter. Thanks sir.
Have you tried Heresy Financial? He's great too.
I was laid off from my job in May. I was able to find an equivalent level job immediately, albeit at a 30% payout. I happily took it, knowing that some of my colleagues have been out of a job for 6+ months.
Honestly we've been due for a real recession for a bit now. COVID kinda started it but the fed just pumped the economy. It's quite unhealthy for the economy to have been going the way it has.
The depression we are In is being hidden from us
Folks will work and do a fine job when they are payed well and treated with respect.
It’s not even all about pay raises companies now are cutting employees hours cause the business is not bringing enough money
As an older person I didn't see this coming down the pipe at all (sarcastic eye roll).
A friend told me I ought to look for work elsewhere after I got my hours cut. It took me years to find work actually willing to keep me on and I have no doubt I'll face similar problems in time, if not right away, if I do find work elsewhere.
Great summary, thanks for the video!
Thank you Jaspreet!
Your an expert...luv the info
You make your boss half a mill and he gives you a $0.25 raise
EXACTLY.
It has already started at my company. Salary hiring freeze and early retirement packages.
Good stuff Jaspreet, I have joined to receive the news letter!!
It's extremely difficult not only for any manager to have to tell an employee they are not an asset, let alone when the idea is even hinted at I have seen an instance of a liability becoming unhinged. If you are an asset to your company and don't feel your getting enough money hint at taking another offer, if your pay goes up you are correct you were in fact an asset if they let you walk out the door, you are most likely a liability or in their eyes cheap ineffective labor. It's a hard concept for emotional people to understand but it's reality.
Excellent advice!
Love your motivation
You always have great content. Thank you sir.
Just had this conversation with our main manager today, we have had two increase to our work rate in the past month while cutting staff.
The second rate increase the manager decided not to tell our staff about which is causing a lot of issues, many of us are noticing what they say doesn’t match what they do, we are wondering why we are getting told we’re under producing for the time we are allotted like wtf are you talking about?
“Work harder and they’re going to pay you more” yea right buddy.
Layoffs are accelerating.
Id take pay cuts if the dang prices go down like was way before covid
Not gonna happen. It never goes down.
We will never see reverse inflation.
@@JackRalph96no but inflation can slow and wages can increase so it evens out. Unfortunately that requires competent leadership that actually wants that to happen.
Quiet qutting is a trend? Ive been doing it 20 years...😂
It all comes down to corporate greed. The rest is just smoke and mirrors.
The great pay cut has been going on for half a century, at least, my friend; just look at how much land, property, or gold the average hourly wage can purchase.
@MinolityMlndset I'm sorry; I not sure if I know what you mean, but maybe it's better if you keep your digits to yourself
Thank you, I commented something similar
@@chrism8180 Found it. Yes, 50 years cos of the dollar being disconnected from anything real (gold)? Baldguymoney created a graph displaying how real earnings have plummeted since then.
100% 💯 right on. I am an employer and this very true.
I got a pay cut at my commission based job. They changed the whole structure and now everyone is making roughly 1k less a month. It’s rough out here
I think now more than ever, it's a dangerous proposition to put your eggs into one basket. Either always have an updated resume and networking strategy that will allow you to turn jobs on a dime, OR, have a secondary / tertiary income stream that allows you to at least whether any potential storms in the job market.
This is not a problem in skilled trades, most companies have more work than workers.
Exactly!
They blew all that free money on crap I’m invested in.
That breakdown in the first five minutes was cleeean
Your reporting and analysis is at the top of its class and is presented with clarity. Your investigative skill is bringing hope for the future of our country. Please what could be my safest buys with $400k to outperform the market in 2024?
I agree with you on the ten year sacrifice
Businesses are cutting pay to avoid bankruptcy...
Already over 6k retail and restaurant closures...
It's getting worse.
I don't envy retailers! Most everyone I know has cut back on spending to some degree. If they lack mad retail skills they are going under.
@@antilogism, it's bad. We've cut back because we are moving and saving to buy property and build a house. Can't buy a house in this market. Need to build my own. Thank Goodness I grew up in a family of tradesmen.
The Global South is definitely winning.
I can’t believe the first time we had corporations by the balls only lasted a few months.
Amazing how my automotive repair shop keeps raising prices and making more money and my paycheck stays them same
Can people stop with the stimulus checks Gave the average person a lot of money. 1400 is not a lot of money. People with businesses profited from ppp loans, not 1400 stimulus checks. Those payments went to credit cards and rent for average Americans 🤦🏾🤦🏾
When a youtuber admits that the road will be Challenging but worth it, you've struck gold. Great video 💯🔥
What if we eliminate the same competing products and have one product, stop international shipping and only state to state shipping? Just wanna hear your thoughts.
Spend less or earn more! Great advice!!!!
Bless you man
Time for a new high level skill to make more money
It's not a loss in broad based stocks like S&P 500 and the DOW if you leave the $ invested and buy more as the market drops. Only pull out at peak times.
Demanding the most compensation for the least amount of work isn’t “socialist.” It’s capitalism. Don’t let anyone gaslight you into believing otherwise.
The magic of wealth building lies in knowing the difference between necessities and luxuries.
That part! I remember being 18-19 years old and my manager asking me to come over and babysit for them...really luxurious neighborhood but when I walked in the house it was bare bones empty when it came to furniture. Compare that to me going back to my neck of the woods ppl living in rented shacks but when you walk in they have every high tech gadget and furniture you can imagine. I knew then something was really wrong with that picture. My mgr prioritized purchases that appreciated in value while my peers did the opposite.
Business is booming for the defense contractors. I chose the right profession in that regard.... for now.
Right on- makes sense
Maybe someone can explain something to me: why is it that every time I apply for a loan or credit card that I can afford and will improve my financial situation, I get declined for what I applied for, but approved for a different loan or credit card that I can’t afford and makes my financial situation worse?
I haven't gotten a cost of living wage increase since 2021.
There are no jobs, so what choices do we have as employees?
We're screwed.
Invest, start doing things, riskiness, yet it’s the only thing. Owning, good advice. All different stocks. Assets, stick with it.
We need higher federal funds interest rates. Makes consumer saving more worthwhile, and will help us invest in more kids for the future.
This also highlights the problem with a minimum wage. When the economy is doing well, great. When the economy is shrinking, employers can cut hours or sack you because they can't pay you less. And businesses need to do this or go bust. But sacking staff increases unemployment, which put less money into the economy, which means businesses make less money, so they need to sack more staff or go bust. It's starts a cycle.
Depending on the industry if you are in the engineering in industry field you will get a raised especially if there is not enough engineers
Always put in %100 on the job. Have the mentality that you are auditioning every day. Be as far into the asset column as possible.
I feel like I missed out on the covid money giveaway from the 2020-2023. How does one stay connected to such free money giveaways? Have an LLC as a basically a shell company?
It's wild out there!
I have a suggestion. Create a great website for employees. Where we grade corporations, on their contributions to the economy, to their employees, how much Governmental welfare they get. Then go by that list and see which products they sell or provide and only contribute the companies that actually have high grade economic scores. I say we make it an Economy with smart employees rather then overtly greedy hostile employers who are nothing but interested in their profiteering practices.
That was the whole purpose of the federal reserve to curb inflation. Raise interest rate, remove money from the markets and increase unemployment
I should know…..I went through it
Just look at all these dividend cuts even in aristocratic dividends. There is no money and many are exchanging interest for employees.
I love market briefs
@MinolityMlndset if I give you my life savings will you invest it for me?
Every little raise I get, the company raises health insurance monthly charge and union dues get raised.
False. Don’t simply make more money for your company. Focus on improving your skills then continue applying to other jobs to have leverage on your current company. I was lucky to pull this off recently and got 20% more from what I was earning.
I'm so jealous of your beard!!
Fix the cost of goods and supplies and suddenly ta-da, easier to build businesses, pay higher wages. Then employees spend more.