5 Reasons Americans Feel So Broke
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5 Reasons Americans Feel So Broke
If you’re feeling broke and stressed about money lately, you’re not alone. About a third of Americans said they’re either struggling or in crisis with their finances. So in today’s video we’ll go over 5 reasons why Americans feel so broke and what you can do about it.
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
1. Inflation
2. Cost of living
3. Stagnating wages
4. Lifestyle
5. Debt payments
slava ukraine
My family loves to tease me that I live with my dad. My rent is a $500 grocery bill every month. I'm less than a mile from work in downtown Seattle. By moving in with my dad I freed up 1k to pay off debt 🤟🏽🤟🏽
Intelligence
Yeah we live in seattle area & we are renting to own our property from family. Everyone has to live with family here hah! You’re not alone.
We went from $1,400 a month in a 2 bedroom 1 bath house to a 1 bedroom 1 bath apartment thats $900 a month including utilities......then i changed my line of work and increased our income........now we are knocking out our debt every month......
Good for you!
Shoot 1 bedrooms go for 2000 near me. I remember when they were 1000 just a few years ago.
@@AmericanWears yeah I know people who lived in Apts for $800/mon before and during covid to $1900-$2000/mon 2 years later and they are in shitty areas and havn't been updated in decades.
That’s an amazing sacrifice!!! Hope the best to you 👌🏽😊
@@TogetherForeverOct09 thank you....I have some of my journey on my CZcams channel Fearlessfly100
When you get the biggest raise you’ve had in years, but it doesn’t cover inflation
And when your employer raises their prices by 50% and gives their employees 5% raises.
@bobbysbicycle you do know your employer is getting rekt by inflation 2 right
@@bcjammer87as a business owner this inflation is hurting my business badly.
81 million magical people don't seem to care and won't next November either
Right there with you
Car payments are absolutely a problem. The amount of people I've heard say "were barely making ends meet" that have 2 2021 or newer cars in their driveway is insane.
Not really a weird take at all. Sometimes it's better to pay for a newer car than constantly have to repair an old car that will constantly break down on u
@@deathdealer13catThe cost of repairs are still way less than the depreciation on those newer cars. You can do a low of repairs compared to the value you loose. Plus, cheaper older cars have lower insurance costs. Also, after a few repairs, they are usually fine for a long time.
I deleted my Amazon account and I buy what I need from my local target. Now I don’t feel the pressure to spend enough until I get $35 free shipping.. it also forces me to drive to Target which creates a little friction forcing me to think about whether what I’m about to buy is actually worth my time going to get it. I now spend less money shopping for household staples.
Been completely debt free for last 3 years. Inflation is an inconvenience not an emergency. Still manage to max out both of our 401Ks and set money aside in HYSA. Financial peace ROCKS.
@@JasonBourne-lt6oo you are correct. And who’s fault is it that someone makes $35,000 per year? I can easily be in debt to my eyeballs if I chose to live like everyone else. It’s not about what you make. It’s about how you live with what you make
@@JasonBourne-lt6oo well, there is always option of working multiple jobs. Been there done that
Inflation added an extra $1000/month in my expenses and I run a tight ship. It’s not an inconvenience.
Would love to see a Ramsey channel devoted to teaching good financial stewardship for kids, particularly teens and pre-teens.
They have products for kids and teens. Both of mine went through their Foundations in Personal Finance class. 😊
That’s your job as a parent because it’s part of basic living
They tax the hell out of our wages, there is almost nothing left.
Lol. i laugh at comments like this cause why don't you go into private investing?
You need more on debt and money creation.
It is always good to have a bal financial plan. I work with a professional planner and fixed-income strategist in NY, Loren. the fixed income portion of your portfolio won’t simply serve as a buffer to the volatility of the equity portion of your portfolio, but will provide legitimate income.
how has that worked out for you so far?
Great actually. I am one of many private clients under Loren, with private investing I made approx 500 thousand in the past 10 months, 200 is ready to redeploy back into the equity and money markets in the ratio as rebalanced by Loren. You are welcome.
And the prices aren’t going to go down in general. We are adjusting our lifestyle. Looking at sales, debt free, no is an answer,etc.
🎉great job
I've been swinging through the dollar store to see if there is anything I can get cheaper than the grocery store. It's mostly junk, but it make sense to buy some things there (cleaning products, tooth paste, hand soap).
And eventually does help. As much as it sucks to downgrade on products, sometimes you just have to do it to get by for a while.
The little things add up!
Honestly learning how to be a couponer has been sooooo helpful for me. I’m living off my stockpile for the past 2 years (detergent, soap, toiletries)
We choose to go into debt not because it is hard, but because it is easy!!
This comment is too sophisticated for the CZcams crowd 😂
Too based, you're on 🔥🔥🔥
How on earth do you pay cash for a house when you have other living expenses? It just makes common sense to borrow and pay it off on time? When you borrow you argee to pay it back and there is nothing wrong with that.
@@thesurvivalist8488Plenty of people go into debt for other things besides their home.
Ppl are different. Some live for future (tend to save or invest). Some live in the moment (not planning, just spending). Some love in the past (spent and regretted; wash and repeat). There will always be homelessness, bankruptcy, and poverty. There will always be savers and investors, and those who rise above their humble beginnings.
We all need to start thinking outside the box… We all need to do what is necessary to live under our means.
Zero debt! Live below my means! Life ain’t bad 🤷🏻♂️ Ramsey and the staff are awesome 😌 Jade is super awesome 😃
Except when it comes to credit cards.
They think their word is rule and anything else is dumb.
Hell jade thinks it's impossible that anyone could be using a credit card and pay it off in full every month.
I am so enjoying your videos! You tell it like it is. I recently started the snowball effect. I wrote out my budget with my last 3 months bank statements and realized I was spending so much money on groceries/Uber eats and CC debt! I’m about $42,000 in debt over more wants than emergencies.
You got this. And the more you watch the Ramsey show and their debt free screamers, the more motivated you'll be. Worked for me. Good luck! 👍🏼
George, my man - your content is incredibly valuable AND entertaining. Great work brother!
People have always struggled. The only difference, we now have social media to announce it
And a wider wealth gap with very few people hoarding all the wealth.
I swear, if this continues for a bit more decades, I can see this getting bloody.
@@eegernades I hate this mentality, so people that take on huge risks, work insane hours and live on little money should then share their money with broke people who just had to take out that 58k loan because you got to have that F150.
No, live within your means, eating out is a luxury. not a human right.
@@Yattayatta if they're making 50 million, and then get aulti million bonus, and then fire thousands of employees, claiming because it's not in the budget. Yea.
Look at the games industry, happens a lot.
Nobody needs to be making multi millions a year while they're lowest paid employee can barely get by, while avoiding all the luxuries you listed.
Nobody ahold be getting paid 30x the lowest paid employee.
If you, the executive, screws up, it should not be the employees who suffered. You and the tower executives need to take the heat first, before the employees do. No golden parachutes.
Companies, and you it seems, need to learn from nintendo. When they were floundering during the early 2010s, and losing money, it was the executives and the CEO who came up and announced they are taking a massive pay cut. All the executives cut their pay in half, Nintendos CEO is already one of least paid CEO in games industry.
They did that to not let go of any their workers.
More companies need to follow suit.
@@eegernadesSo you never ran a company, bad employees are dead weight, and since it's a free market, you will go bankrupt quickly keeping them around. The employees also don't take on risk, the owner does, at most you risk being fired and you can go somewhere else to work.
Look at the government for what happens when you never need to fire anyone, an endlessly growing entity that can only ever raise taxes.
VERY VERY VERY few are making 50m, and those that do employ so many people that you can't even imagine it.
So if you say "hey mr, you can only make 2 mil/year" okay, so I just won't expand anymore, why expand the company anymore, and because very few people are willing to take on the risk and the work hours required, and have enough intellect to run such a business you'd simply have more unemployed people.
And no, you shouldn't be able to spend on luxuries when you are providing something that someone else could be trained to do in 5 minutes, and that is comfortable enough to do that you have a multitude of people applying.
@@Yattayatta then it seems the current model is not suitable and needs changing.
I'm a web developer, currently running a AI based startup.
If 2 million a year, hell, a quarter, is not enough to get these people running, then the system does not work and needs changing.
Or these are the people that do not belong in a position and detrimental to society in that position. Greed causes issues, camt have them in a position like that.
We need more people like Nintendos Ceo.
You mess up, you suffer the consequences, not the employees.
And read what I said. It's not the need to never fire people. But if your amazing workers, do what you told them to do, despite them telling you it's a bad idea, and they turn out to be right. You should be getting the consequences. Not the employees who warned you agasint it.
Great video. At 50, I wish this information would have been pushed out 30 years ago. Us Gen X'ers grew up in a time of taking out loans for everything....
Love this channel. You are informative and entertaining. In this video I particularly enjoyed that you acknowledged Inflation, it is a huge factor for many, but, you did not stop there and make everyone a victim. Lifestyle and debt are huge problems right now. The amount of money we think we need to spend on fun, eating out and well basically junk is out of control. Influencers and FOMO are such an issue with our current way of life. Everything we see and do is designed to make us want to spend our money and feel like we are missing out if we do not buy it. Thanks George. Do not be a victim, it is hard to stay in control, but, being in charge of your finances even if it is bleak is empowering.
That's the strange thing about cereal these days. Cheerios is now charging around $1.50 more for flavored kinds (same size box) than the plain. Might apply to Captain Crunch too with a possible upcharge for the Oops All Berries.
Let's be honest here the overwhelming majority of people refuse to live within their means because they're trying to keep up with their favorite "influencers "😒
I'm still trying to grasp why anyone relies on influencers... why not just think for ourselves! I'm just not buying into attempts from people who aren't even experts trying to make easy money by persuading others. Sick of all those annoying merchandising/marketing/consumerism attempts.
Who are your friends or social environment? I don't really see this behaviour in real life, and we are all between millennials and gen Z.
Smh
The Water really did Run Dry on the Boyz II Men jokes. But I can't blame you for reminiscing, because we all know It's So Hard to Say Goodbye to Yesterday. So Thank You for the video!
This was your best opener to date!
George your videos are fire 🔥
Good stuff George
Loving your content. I've been listening to Rachel for years but it wasn't until your show that my partner finally got on board. I'm debt free but still working the baby steps butnow he us finally on his own debt free journey and we have a plan for our future. Thank you!!!
Uncle Dave is our saviour. We are so glad we take on board his principles. We no longer have consumer debts! 🎉
Thanks George! I appreciate the constant jokes, and the occasional financial advice ;)
Great information! The entertainment clips are hilarious. 😂 Kind of helps with the seriousness of it all. We’re in a pretty good place but want to make better decisions about retirement so I’ll be listening. Thank you George!🙏🏽
Giggling through this whole video- thank you George 😂
thank you George! you make me laugh !!
George Kamel for president 😂
He's too young.
The current president is too old.
@@amireallythatgrumpy6508after a quick Google search, it seems as though he's 33. So not this election cycle but next cycle 🤷♀️
George, you are absolutely the best! Ramsey Solutions is lucky to have you because you can deliver the message and do it in a fun way. Keep it up!!
George works very hard! He is my favorite host. Fun too.
Keep it going man, this videos are awesome.
Is It bad that I enjoy videos like this cause it makes me feel better about myself? Lol😂
Love the encouragement starting at 6:06 on actions and considerations that can be beneficial. When I was a young adult, I rented a spare room from a widow who welcomed the extra income and companionship. There were two of us who rented rooms and her daughter still lived there also. It was a great experience to be part of that family home... win-win for everyone.
GEORGE.... Just when I thought I couldn't like you any more you mention my favorite cereal... Should I be embarrassed at 54yrs old lol to love OOPS All Berries Capt. Crunch? Finally they figured out the best part of the cereal and I never looked back.. One thing that is different though with me is that I WON'T go broke over cereal and red bull... Thanks for the IMF - Intelligent Money Fun George. 🙂
👍 Just for the "State of our union is broke" intro.
George you are the best my man
George’s joke about Buzzfeed is true. About 4 months ago, Buzzfeed said they were going to replace some of their writers with AI.
Rent high as hell, wages low as fuck, and prices on every single.product or food stays going up, while again wages stay stagnant
You've brilliantly tackled a complex issue with humor and clarity! Your breakdown of the reasons behind the feeling of being broke was both informative and entertaining. 🤣Now, here's my question: Among the lifestyle changes you mentioned, which one do you believe has the most significant impact on improving one's financial situation, especially for those looking to get out of debt?
I agree! When it comes to improving one's financial situation, especially for those looking to get out of debt, it's essential to prioritize the lifestyle changes that can have the most significant impact. While budgeting is a powerful tool, it's important to approach it with discipline and consistency.
Improving your financial situation, especially for those looking to get out of debt, involves prioritizing impactful lifestyle changes and maintaining discipline in your budgeting efforts.
I believe that budgeting and tracking expenses is the most significant.
We must live within our means.
Agreed! Prioritize impactful lifestyle changes and stick to disciplined budgeting to improve your finances, especially when dealing with debt.
I live in the Bay Area ca and I feel like everyone is super super rich. On any given day I see lines at a cafe where code is $7 and a slice of small cake is $10…people are buying 5 slices to try to 2 cups of coffee….young people too. So is everyone doing that well?
We love Every Dollar!
I love George! 😊
Part of it is your own habits, but the other part is the government. Between the devaluation of our currency and real inflation, your household has lost $8,000 of annual buying power compared to your buying power in 2019.
Your humour is top tier 😂😂😂
"Your government took away everything you own. Here's 5 steps you can take to make the sludge they feed you for breakfast last longer."
How about we fix our government?
The answer is similar. Get out of debt. Get self-reliant. That will give you a backbone. Then unite with enough other people.
This is the answer to our problem. Start those baby steps people.
Before even watching this, I’m going to say taxes, and especially inflation.
People complain about the price of groceries while weighing 300 lbs. It blows my mind the people who complain about groceries yet still buy all that junk food aka chips, soda, etc. They don't see if they went on a diet & got healthy- they would save a ton of money & lose weight- win, win!
My groceries increased $700/month and my wife and I eat very healthy (non-organic). I am in shape and so is my wife. You don’t know what you are talking about.
@@JasonBourne-lt6ooexactly. Sick of people thinking we are all stupid. $700 increase means he was spending nearly $10k on food every month assuming 7-8% inflation . I live alone and I barely spend half of $700 on food every month
🤣🤣🤣🤣🤣 the intro to this video!!! Luv it!!! Like the McDonald’s or cream machine and your case less I phone 8 🤣🤣🤣🤣
I’m obsessed with this channel
It is not lost on me that there are 🐫 on George's shirt!!! Love it!
You’re right about the lifestyle thing. Let’s chill out people with comparison!
I got the crunch joke. Well played.
I only eat out once a week and don't buy a lot of extra stuff. I live with family so I just pay a small amount of rent. I have an emergency fund and I'm saving cash for a better used car.
I love my consumer-debt free life... next step paid-off home!
Good freaken stuff. I’m ripping content out which hurts but also feels good lol
I need overtime and my employer hasn't allowed overtime for months. Last year they stopped overtime before July to the end of the year. It sucks.
Thank you George. Debt free scream on Sep 5th. BS7!🎉
Love the intro 😂😂🤣
The biggest spenders are in Congress
We lived in 563 sq ft 1 bedroom condo for 16 yrs with our kid and a cat. We made the median income combined but lived at poverty level for 16 yrs so we could cash flow the kid’s private school, put back into retirement and save for an 1100 sq ft paid for home using the Dave Ramsey plan. Even our frugal family thought we went a bit overboard. When we announced we would retire at 59 1/2 to do our charity work full time some jaws dropped 😊 if more young people would adopt the minimalist lifestyle they would lead a more peaceful and happy life.
I’m strictly here for the Boys 2 Men references…well done 👍❤️
I started over employing. Now I've tripled my salary from 3 months ago and I study while working from home. By January I will see a tax bracket I've only dreamed of
Our "friends" at the IMF may be a bit of a stretch.
Housing for me. Monthly payments on "starter" single family homes start at $2300/month. That doesnt include insurance and utilities either. Then you have to eat, drive a car and pay for gas, pay for health insurance etc.
The opening😂😂😂😂
Thank you for those Boyz II Men references.
Wait a minute...I don't need a credit card to build up my credit score????
OK, so what I've learned from this video is...
There is a version of Cap'n Crunch that is all berries???
Where's my CC, I'm heading to the store!!! Better yet, I bet I can have it delivered...
;-)
Crunch berries that made me lol
I must be the sour one who really enjoys the info and dislikes all the memes and jokes, to me is just too much. I’m hooked because of the content though.
Why did your captain crunch have bananas inside of it? That is the question!
Currently watching this on a case-less iPhone 8. Not broke. 😂😂😂
That is a cost savings right there for some people, ditch the overpriced iPhone and get a cheaper one. My cell phone was like 30 bucks and does same stuff as an iPhone.
I just ran my 7 into the ground 😅 I invested into a 13.
Inflation is expansion of the money supply… The CPI expands because purchasing power goes down and the value of goods is correlated. CPI expands because there is more money available.
Morning Jorge I have a non related question and I do appreciate the feed back,I recently switch my Morgage to church hill on a 15 year bid paying 4430.76 on a 6.625 interest rate. ? If I was to pay this thing off within 10 years how much extra do I need to put towards the principle each month.
Search “Dave Ramsey mortgage calculator” and you can plug in the numbers and find out! 😊
Internet, electric, and insurance have all gone up. Just waiting for my rent to go up. Only wishing wage would go up.
Wishing is not a very effective strategy.
@@ordinaryhuman5645 that's my point
I appreciate George going to the Boyz 2 Men pun well.... Until the water ran dry.
I can get 80 corn tortillas, no joke, for under $3 at a store called La Fiesta! Lasts a long time!!! 😮
Capn Crunch is super-deelish! 😋
Kamel 2024!
It's all self inflicted period
99% of the people make between 25-50k per year. Only 18% of people make 100k per year. Only way to make 100k is in the cities because there are more jobs in the city. Also there are many survivor bias in the internet, that because they are more likely tell what they make in the internet. The other percent of people fail to make 100k per year that why they don't tell what they make because they didn't hit that.
Is it true that they changed the way they calculate inflation by not tracking some of the common consumer goods several decades ago?
No, it is not
@@JeanValjean875 Thank you :)
My favorite part about this video - George Kamel wearing a Camel shirt - This is hilarious!! I don't have a last name that I can build a wardrobe around 😛
George for President
Eagles: Hotel California 👍
Still haven't really felt the inflation and feel fine with my finances. Part of that is that all of the asset prices are also inflated, so I'm a millionaire now.
But the bigger thing is that I had a big gap between my income and expenses. If my savings rate dips from 50% to 45% or 40% because everything is a bit more expensive, that's barely noticeable unless I'm playing with a spreadsheet, and it doesn't really affect my life at all.
@@JasonBourne-lt6oo I don't spend a lot of money, so I identify as one of the poors for most practical purposes.
Yea, that $700/month increase in food isn’t a thing. Just a minor inconvenience
@@GabrielMartinez-sd8pcIt has been closer to $50/month for me, but your mileage may vary.
Sounds like the reason isn't an issue for you is because you have money. I barely do any shopping for groceries but even I've noticed prices have gone up a lot.
The voice you used to say "umm actually I heard on the news that inflation is down" reminded me of Ben Shapiro.
Stop taking the bait from TEMU...
For me I feel broke Bc I save too much and feel I can’t enjoy my money lol gotta chill out
I don’t know, I just got here
The job market is hot? I swear I’ve been seeing more news about companies reducing workforce and each quarter they put out less job opportunities.
He’s good looking!.!.
Inflation is cumulative. We’re just getting screwed in a less dramatic fashion than last year.
Wait a dawm minute. Can you live under a rock? 😂
Imagine that you are stressing about your finances. Don't add a wife to that 😂
This fluff is getting better and better