I remember back when applying for credit or a loan seemed like a blessing if I got approved, I still believe it was a blessing just not for me. other than a mortgage I don't see myself ever owning money again, that includes credit cards, autos or anything. if a car rental place won't allow me to pay cash or use debit, I guess I'll be walking or taking a cab.
I remember not understanding as a child why my dad made so much money and we lived in a regular house. He explained to me that if something bad happens he wants to ensure we will always have a place.
Exactly what we did 10 years ago. Deliberately bought a house we could afford on only 1 income despite both of us working. Hard to find houses in that price range now in my area!
I lost my condo in 2009 and had to move in with my folks with a new baby. Man,I learned my lesson. Got my cdl bought a semi and am investing whatever is left over. The sht storm that is coming is worse than 08 I feel. Stay safe everyone and never stop growing in all aspects of life
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.
A 2022 Northwestern Mutual study found that 75% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.
@@hunter-bourke21 Very correct; the bear market has contributed significantly to the growth of my investment. I was able to quickly increase my portfolio from $180K to $472K. Essentially, I was just doing as my financial advisor instructed. You're good to go as long as you get competent assistance.
@@edward.abraham Would it be okay if I asked you to recommend this specific advisor or company that you used their services? Seems you've figured it all out.
@@edward.abraham Thanks, I just googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.
My advisor is ‘’Natalie Lynn Fisk’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
I literally JUST graduated high school in 2007 when this started. I couldn't go to college bc I became responsible for keeping the house afloat that we were living in. It was my aunt, my mom, little brother, and grandmother at the time living all in the same house. There was nothing I could do with my 10$ an hour job. There was no way that I was going to be able to save the house from Foreclosure. My mom, aunt, and grandmother all started to cry and just fall apart and my little brother had no idea what was happening. We ended up getting foreclosed on and we all became homeless for a good month. Thank goodness for friends bc some of my friends of mine took us in and my moms friends helped take them in so the family got split up between all of us. It was the saddest part of all of our lives and bc of all the stress my grandmother ended up with a brain tumor and she passed away literally 2 years later. We had to sell her house and try and get all of our money together to find another house to buy and by this time it was 2010. I finally was able to grab a decent job but my mother and my aunt still weren't working bc of their medical condition of having paranoia schizophrenia. My little brother couldn't help bc he was only about 16 at the time. Fast forward to the present and I was finally able to move them into a condo that we BOUGHT and OWNED so we didn't have to worry about any more stupid mortgage payments. It was such a sad time in our life and we weren't able to celebrate any birthdays or Christmases like we wanted to. And now with the pandemic going on, it's like life is just throwing another curveball at us to see if we can survive again. I'm happy to say that we are surviving but I don't know how much longer I will be able to keep my family afloat. I haven't been able to date or start a family of my own because of all this bullshit. But I wouldn't change it for the world bc we all became so much closer and happier in the long run. My mother and aunt are still sick but they finally were able to retire and not have to worry about finding a job again so it made it easier on me with payments. Not much better though but we made it. I just want to say if there is anyone out there that thinks they won't make it and our thinking of just giving up. DON'T. It WILL get better I promise, as long as you keep going and keep on trying to do your best. I can't tell you how many times that I went outside and cried silently alone so no one could hear me bc I was the rock of the family. The strong male figure for my little brother because none of the men that use to be in our lives were ever able to be found. Keep family first and always know that love heals all wounds...it really does. It may no seem like it at first but it does. If you read this far just know that I love you all and if I can get through it, through all the tears, all the sadness, the homelessness, everything...you CAN DO IT! Please keep your heads up and realize that whatever doesn't kill you, makes you stronger. And THAT is the new American Dream. Not the full house with a white picket fence and a golden retriever. But being able to say, Hey I saved my family from utter destruction, and we are happy. I wouldn't change it for the world. I'm crying right now as I type this because it was so hard on me as the solo supporter of the family...and everything was on my shoulders. It was so rough man...so damn rough....but I made it...I. fucking. Made it.... :..(..
Yes, I feel you. And my story is not exactly the same as yours, but it's a parallel. I agree with you that it's the family that is the only thing important. The only thing that is worth it, and lasts. Everything else by comparison is worthless. Everybody knows the high cost of stuff, but not the real value of the priceless.
Linda it sucks yea. We all make mistakes and want a Mulligan here and there. But if you have really good work ethic, you can bounce back. I was 100k in debt and 25 during the recession. Now I make 100k with a pension.
The United States as we know it is no more. All signs point to 2024 being a year of significant economic hardship for the entire nation. Put your cash to use straight away to increase its value. I was aware that I needed to invest. I had no idea how quickly a few thousand dollars a month would go up. Though it is. Since 2023, I've made about $600,000.
Congrats. Your ability to control the whole risk profile of your investments and prevent irreversible capital loss will be your actual financial unlock. A plan must be in place to take advantage of opportunities to profit when they arise.
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
@@maryHenokNftbravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Fortunately I have no debt, own my home and have 4 pension checks a month (V.A. Disability, Social Security, Florida Retirement System and an annuity I purchased from Prudential). Plus, I have 4 retirement accounts I have not touched yet (401A, 401K, 403B and IRA). And, I am still working as a self employed independent contractor.
@Snarl Crook that doesn't mean that they will. For years people have been warned that most Americans can't weather an unexpected expense of $500 - $2000 and yet nothing has changed. There was a report earlier this year that there are 7 million cars loans that were at least 3 months behind.
@Buttercup interest rates will skyrocket on most debt ... so if one has debt at the moment, esp. credit cards, then now would be a good time to pay off asap .... I personally believe the downturn is in motion, and anytime in the next 4-5 months, a (very severe) recession will begin, IMHO.
Me. Sorry in advance for the excessive backstory and for my formatting issues, I am typing this out on my phone. I feel that the background information is necessary to give context to my anxiety. I am experiencing a growing anxiety about job security for myself and my Dad. In September 2019, my parents sold their old, rundown homestead and moved into a nice house in a town where they could get more house for their money. Their credit is less than stellar, so their mortgage payment is pretty high. Mom is on SS disability due to chronic illness and a debilitating neck injury. Dad works as a maintenance supervisor for a nursing home and draws pension from his first career. I have no idea about the state of their emergency savings. I moved in with my parents to escape an abusive relationship in October 2019. I am a Math teacher. I was new to my district this year so I have no seniority. There are going to be budget cuts for the next school year, presumably due to dramatic loss in sales tax revenue during the quarantine. I have very little savings because I had to keep myself and my now-ex-fiancé afloat during an extended period of underemployment. If Dad has to quit his job and I still have a job we will be fine. I can easily pay all of the bills with my current income. If Dad quits his job and I lose my job we are screwed. In sum, I am worried for my Dad’s job and worried for my job. No job for Dad, I can pay the bills. If I lose my job life will be pretty bad until I am able to find another job, but the family will be okay. No job for Dad or myself and we are TOTALLY SCREWED. My parents are such wonderful people and I don’t want them to lose their home. Their old home was in shambles and they are so proud of their new home. I have so much anxiety about this situation. If you stuck with me until the end, thank you for reading. I apologize for any grammatical errors I may have made. E
Don't be apologetic for your hardship. I hope they don't cut your position before the superintendent gets a pay cut first. In worst case scenario, I hope you can find some online tutoring work to do and gig job too. Also, getting another tenant might be some idea you can explore.
@The Grim reaper Please stay strong, stay safe and healthy always ! Life is not easy but we must have hope ! We can not lose hope as a spiritual fighter in this difficult moments . I believed in order to create a better world, all peoples in the world should have awakening from now and think what we want for our lives and our future ??? We need to promote compassion and unity , so that everyone can help each others in their own communities. We should have take the responsibility to change and create a better world through wisdom and peace by now , it starts from each and everyone of us!!!
@@DiamondTurtle - 1) You say your Dad may loose his job, but you don't say why.. 2) Then you say, your Dad may quit his job.. but you don't say why? 3) You need to be proactive and start taking on students to tutor in Math, you can meet in a mutual place such as the Library, or to Virtual tutoring. Set yourself up as an LLC and get a business license, NOW before things go south. You can also look online for companies that hire teachers for virtual learning. You need to ditch the anxiety and get going on being PRO ACTIVE. Anxiety and emotions solves nothing.
LOL! This country doesn't want an educated populace. They don't teach how to how to vote in civics classes, why do you think this country wants educated consumers?
The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
A common oversight is that banks operate solely in the service of yield. Personally, I am hesitant to keep substantial sums of money in a bank. Instead, I opt to invest under the guidance of experts, reap the advantages, and diligently save for my retirement.
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to send a mail to her and let you know how it goes.Thanks for sharing truly!
A lesson to be learned. Live on what you have today, not on what you may not get tomorrow. Sometimes living on less makes you realize that you never really needed more.
@@stupoc6715 I totally get it. By no means am I trying to say everyone here made bad decisions. Sometimes the circumstances you’re dealt don’t give you great opportunities to be self sufficient financially, especially when those career opportunities are not in your area left because of the economy, or financial education lacks. Not to mention most things in society are almost impossible to attain when you need them without going into some form of debt (unless you inherited money or become financially secure through other means). All I was saying is that although this documentary would lead you to believe that the problems these individuals faced were solely out of their control, we can’t leave out being accountable for ones own decisions. For example, having kids early on when finances aren’t right is one example, or buying things way above what your discretionary income allows. Again, I’m not saying that’s good or bad, just saying that there are multiple factors that lead people into poverty majority of which can certainly be put on the economy but not all of it.
It’s not how much you make, but how much you get to keep and save. Have a saving cushion of at 6 months to a year worth of expenses. Most expenses are foreseeable, but medical expenses is a whole another ball game. If people have the courage to live honestly with themselves and define themselves by other values instead of what they could own. Like the clothes you wear, the car you drive, the phone you have, the foods that you eat etc.... They come to realize that you don’t need 70-80% of the crap you have in your current room or house.
I recommend saving for a lot of sequential rainy days, like 365 to 720 of them in a row. "3 to 6 months of expenses" is a common piece of advice for emergency reserves but I recommend being prepared for 1 to 2 years of lost income, especially if you are an older worker as it can be harder to find new employment. It doesn't all have to be fully liquid, but you should have a series of contingency plans in place for an extended loss of income. It can, and does, happen to people. A Roth IRA is a good mechanism for this, because you can withdraw your contributions (but not the gains) early if needed without penalty for an emergency, but otherwise they stay invested in a tax sheltered account for retirement. A taxable brokerage account could also work though. So I recommend something like 6 months of expenses in a savings account and then a Roth IRA or similar asset that you could tap if absolutely necessary for an extended period of 1 to 2 years.
What these people never understood is that they never lost their home, when you take a 100% mortgage the house is not yours, you are simply leasing it from the bank on long term uncancelable lease.
When you take ANY percentage mortgage the house is not yours. You can have one mortgage payment left but if you don't make it the bank can move to reposes it.
Not yours until you pay it off.. So every spare dollar I had went to pay down the mortgage. Never had a car loan I just drove junkers and fixed them myself.. Credit card debt.. Whats that? My 30 year was paid off in just over 6 years. Ya I'm cheap but I'll never borrow money ever again. Oh and 9 kids? Are you crazy?
At least now I'm prepared. I've been socking away $800/mo for 72 months waiting for this Capitalist moment I knew was coming, since we now know the game. Ready to pick up foreclosed prop when it again hits rock bottom! "Those who don't know history, are condemned to repeat it."
Turn off the TV! Ignore our leaders an media. Learn how to live like the Amish, sustainable, and leave the cities and live a life of service. Learn how to live for free globally! FreeHousingProject.com
Except this time it will be a lot lot worse. Either you are going to have country destabilising levels of unemployed and homelessness which will cause revolution level disorder and chaos (and in the US you are already beginning to see the beginnings of that with the dangerous Marxist mobs on the streets) or they will print currency and give it out to keep things going. However that will only last so long before you see a hyperinflationary collapse and the same chaos and disorder but probably worse. So it’s about a serious as it can get. Current paradigm ending level threat. Out of it something new will rise and either people will be better and freer or even worse off.
Some people still haven't recovered from the Recession. For example, young people who graduated from school during that time couldn't get jobs and failed to get their career started. That effects them even today because the lack of experience with a degree means the degree is worthless to employers. So many people simply gave up trying to find work with their diploma and so they basically still owe debt for a worthless degree. A terrible waste.
There is a lot of student loan debt. A young adult just starting out in life is already burdened with debt. This is getting yourself into debt slavery. You don't need a degree to do well in life. For example one boy apprentices to be a plumber while the other goes to college. At 22 the boy is now a new plumber who's job is in demand and is making decent money he can keep. The other boy now must break into a new job and has 80k loan to pay and only making a little more than the other IF he finds a job. The plumber will be making more take home pay and be able to get a house. College for most nowadays is not worth it.
All of these stories are heartbreaking, but I am particularly sickened by that neighbor who bought that elderly woman's house out from under her and then evicted her in 48 hours. What kind of a heartless, sick monster do you have to be to do that to someone, much less your neighbor? If that person had enough money to buy the house, they could have offered to renegotiate terms so the elderly couple could stay there. I don't know how the people who did that can live with themselves.
@@chechou714 I'm check to check like a lot of people. I have a heart, I just don't have the means. I will say that if I had been the neighbor, with enough money to buy that property, I would have handled that differently. At a minimum, I would have given those people more than 48 hours notice. I guess I'm a little biased in that I have worked with elderly people for many years in the healthcare field and I just can't imagine even tangentially being responsible for making someone, let alone an elderly person, homeless.
a slave is a slave if you dont use biblical sound financial principals. you cant expect others to bail you out of your deliberate financial legal irresponsible mistakes. if i would of been the lady that purchased the property from the bank foreclosure, I would of handled the situation in a more loving biblical way like leasing it to the elderly couple and maybe later selling it back to them later, the lady was cold hearted and i dont agree with that. much love all ❤
The 08-09 financial crisis was a hard lesson learned. No matter how well the economy is doing we should always strive to live below our means, avoid debt, and keep an emergency fund on hand.
Good thing we punished those predatory bankers, devious rating agencies, and incompetently managed corporations by showering them with tax dollars. I'm sure they've all learned their lesson and we'll never see anything like this again!
See when I think of emergency fund I think of things like 1000 ounces of physical silver being put away. What's $1000 going to do in an emergency. If the emergency is less than $1000 it probably isn't even an emergency more like a dis comfort. Heck when my car broke down I kept my silver stack and just walked everywhere for a year.
This was a contrived plot , called the Powell memorandum in 1971 thanks to greedy Republicans it has devolved the United States of America into two camps, the learned and the ill informed, just what they wanted while they continue to pilfer the wealth and treasure of the middle class right under your eyes..........Since the end of WWII, the government increased wages every year to keep up with inflation. It was a rare year that the government didn't raise wages because of fears of deflation/stagflation. It was one reason we were able to weather the DECADE of double-digit inflation in the 1970s, caused by the Vietnam War and geopolitical embargoes and upheavals in the Middle East. Almost ten years of inflation that climbed over 14%. And Americans are whining over eight months of 8.2% inflation. I can understand why.....! In 1980, Republicans entered with trickle-down economics and filibustered yearly wage increases. We've only had SEVEN wage increases in 42 years and just one in 13 years. Meanwhile, Republicans have given corporations and the mega rich three massive tax cuts, bailed out Wall Street and corporations TWICE using tens of trillions of taxpayer dollars, given corporations over-generous subsidies and cut estate taxes for the wealthy. Republicans have transferred 38 trillion from the middle class and the poor to corporations and the Uber wealthy in the last four decades. That's why Americans can't buy homes these days and why a piddling 8.2% inflation rate is driving people to their knees.This should be the last time a Republican runs for anything, this cancer is about to eat itself !. RUN the Republicans completely out of American Politics, they have earned nothing and stole the American Dream from all of us.
There is a segment of society that is not represented in this story: middle-aged people who lost their jobs in the recession, and even when the economy recovered, could not get any type of job because of age-discrimination. Still can’t.
That is what hit me. And i was a mess...had no debt. Plenty of savings, but no work. Too old, single, no one to assist me. ...life turned upside down for 5-6 yrs...but i landed on my feet...of my own doing...struggling...but NOT IN DEBT....THANK GOD
Thank you Morris. I have not recovered and at 70 years old it's doubtful I will. The Bush Wars, greedy dishonest banks, bailing out auto industry. and then my life imploded.
@@amberstone7737 Always someone else to blame. Never any personal responsibility. I would be very interested in you tying the 3 things you mentioned in a line back to you personally and demonstrate how they made your life "implode".
All my friends have bought houses and they keep asking us why we haven’t bought a house yet. We rent cheap and we save a lot. In a couple more years we can buy a house in cash and they will still be struggling to pay for their mortgages. Good things come with patience.
U rent cheap? Where? I have to live where the money is to be able to work so of course the rent is higher too lol I cant afford the newer car and gas to be able to drive from cheap areas to where the money is. To say nothing of the huge time lost commuting. Time can never be replaced, esp with your kids.
Live in Elgin near Chicago. Perfect city. Lots of jobs (even after the covid-19), relatively cheap, and if you want to you can take the train to the city on weekends 1:30 hrs, otherwise there are enough shopping places around to spend your money every day.
I left the country and couldnt be happier. I always lived a minimalist lifestyle and didnt fall into any of the major American traps (student loans, maxing out credit cards, buying homes, getting married/divorce, having kids, etc)
I left a good paying job in management in Alaska recently. My quality of life was terrible. I make less money now, but I'm closer to my family, and a lot happier.
America is never going to learn it’s lesson, until middle class sick together, Black, White,Mexican,Latino, Asian, college degree, non college, we are all in this together.
I remember reading about farmers buying each others land for a penny and then giving it back to the original owner for another penny. That was in the dust bowl times. I was thinking when they said that, the guy would at least rent their own home to them. NOPE GTFO Just...heartless and the older man grew up with the neighbor to boot. People have no compassion anymore. Things were more tough in the dust bowl times if you ask me, and they still had eachothers back more than I feel we do now.
@@armagarepwnsyou5904 Yeah, I came here to show outrage over the douche-bag neighbor. Maybe I'm judging unfairly from a business point of view but it just sounds like a dick move.
DJRonnieG Dayuuuuuuum...they could ha e at least rented it to them....unless this lady was 🤔an asshole neighbor... we don’t know his side of the story.
Makes sense you have be at least 3 months behind before you're eligible for help. Don't you think everybody would just call and say they can't afford it?
My wife and I are in our mid 30s and we paid off our home in July 2020, which we bought in 2013. Don’t get me wrong, it took a lot of hard work and dedication. We have no car payments, no credit card payments and paid off or student loans several years ago. Moral of the story, just because the bank qualifies you for a $500k mortgage, it does not mean you have to buy a home for the price.
It's seems as if everyone wants a mansion instead of something fitting a person's, couple's, family's needs with a little room to grow. My husband and I's (he's since passed away) wants were simple .. 2 bedroom, a driveway and garage and a nice bit of a yard.
Need to take neighborhood safety into account. Midwest vs west coast for example is very different in regards to home price and safety. You are basically paying a premium for safety.
@@mabatommy your so right ! but We the 99% CAN change all that. After all the government are supposed to be working for us not the other way around. Time for a change, starting with no more Billionaire politicians and big corp pac supported puppet politicians for me.
Many in that 99% have not learned to tell themselves NO. NO to eating out AGAIN, no to another pair of shoes, no to that vacation this year. They whine they're broke, but can't distinguish wants from needs and refuse to learn to budget to live beneath their means. I see it every day in our society.
I was one of those who got hit really bad during the 2008 Financial Crisis. I single handedly dealt with the loan modification and foreclosure for a year. The only time I didn't feel anxious was when I was asleep. I learned my lesson and made a promise never to find myself in that situation ever again.
Hey, are you old enough to remember the commercials where people are in line at the checkout and everybody has a credit card except one poor slob who has cash? The line comes to a screeching halt and catastrophe strikes everybody in line as things go flying through the air? I believe it was Master Card? That was brainwashing to the Nth degree!
@@SandcastleDreams I remember that commercial very well. 2006 I believe. At the time credit cards were still trying to capture the under-$20 market. They really don't like cash, because it can't be tracked very well. But the credit cards have won that battle. I've seen people use a credit card to buy a 44-cent banana at 7-11.
Paid off one house loan today ! Great sense of relief . Two more to go! Watching documentaries like these make me do it. They motivate me immensely. I have no urge to travel or doing whatever besides paying off my mortgages.
Why the he’ll did you take out not one not two but three mortgages ? It’s that kind of irresponsible behaviour that lead to this disaster. One aspect all the documentaries leave out is the individual actions of all the individual people pulling into housing for greed
HaveBad Day its business... if he is renting out the 2 other houses, he isn’t only paying them off alone, rent money helps him and he keeps the house at the end! Use ur brain
Just think of these evil bnkers scheme.. even if u paid them all... They will sabotage u so that u will ended up applying for a new mortgage.. cause they own the military.
@@havebadday7850 what i mean is.. have u read a book about economic hitman? well libya seems to be well off until the bnkers storm the country take its gold.. n after all the devastation set up a central bnk to force trap the new government in debt.. bnkers love wars.. they profit during n after the war.
Having more of your income confiscated,your entire life in exchange of substandard government run service isn't anything to brag about. its actually embarrassing..
"Live on less!" The best advise that I've ever been given. Busted my butt to get out of credit card, auto and student loan and now debt free except a mortgage. Don't care what the Jones has and never been happier. This is coming again in some form so we all need to prepare for it.
Ditto........... Covid-19 Pandemic just hit us right in the Face!!! Gotta continue to live within our means........ atleast most of us should!!!! Life is A rollercoaster 😳😳 & Financial Literacy is sooo vital!!!
Same here. Worked two jobs and 7 days a week to pay off student, auto loan, and save enough for a down payment for our house within 5 years. Now, working toward paying off the house and truly be debt free. Nothing feels more free then debt free.
I'm in the military and I remember in 2006 seeing fresh new Airmen straight out of basic/school training getting mortgages approved for new homes. I knew there was a problem then, just didn't know how widespread it was.
Dangic23 I remember illegal immigrant unskilled laborers (landscapers and hod-carriers) buying up houses like candy for no money down.?.. as early as 2005. ... Thought it a little strange, but had no idea what was looming.😭😡😠😠😠🖕You BANKERS!!! Next time it happens, you will be 😆 🔫
Every year, the government and Senate put up a show of economic discipline, but wind up lifting the debt ceiling to pay their bills. They continue to accrue debt without a repayment strategy. The worst of all is the financial market. the most uncomfortable teenager with the most extreme mood swings. I have $183,000 in life savings that I want to invest, but I'm afraid to take the risk.
@GarrettDills Is there any chance you could recommend who you work with? I've been wanting to make this switch for a long time, but I've been hesitant. I would appreciate any recommendation you can provide.
No the worst is how we bail out banks that have been irresponsible, and provide stimulus to companies who don't need it, over and over and OVER. This is how the debt has accrued, that and that there is a colossal amount of tax avoidance. It's a revenue problem and a tax problem. Once you solve that and stop bailing out irresponsible banks and let them burn instead, we will be on a pathway to recovery. Instead we're going to hell in a hand basket. This time it will be worse because the governments don't have any room to move. The banks are calling the shots and they want high interest rates and that's the end of this part of the story.
BUY PROPERTY ❗️❗️❗️ No matter how bad the economy.....buy a piece of land for yourself. If time is so bad....AT least you can live on your own land and NO LAND LORD can push you out ❗️❗️ You can buy a used container....make it as your temporary home and live there till time is good ❗️❗️
Saving in the long term will make your net worth shrink due to the fact that inflation and low interest rates eat it up. If the banks gave you a five percent savings rate then I'd understand it, but this isn't the 90s anymore. We're in a perma low interest rate time. If you want to save, then invest in stocks or buy gold. It's safer than to let your bank take your money and loan it off to some mortgage holder who makes 25k a year.
Wow...don't you know the cabal is doing this intentionally to make way for a cashless society? Jeez...some people are just blind to the way the elite are working.
Do you have enough cash to buy a house? Mortgages are normal. PEOPLE DON'T REALIZE HOW MUCH THE GOVERNMENT INTERFERES WITH BANKING AND LOANS. THE GOV'T doesn't make it too hard, but too easy. Caps problem, sorry.
No there isn’t. You borrowed the money, now you have to pay it back. You chose to do it, no one forced you. That’s a choice, YOU made. It’s not predatory if you chose. Period. Just because you don’t want to follow through with what you signed on to do doesn’t make it predatory. You failed to live up to the contract.
I pray to never go back to the situation I had to endure i went through during the last recession. My mom passed, I lost my car, I lost my home, and then my job downsized so I was let go. It just seemed like money was worthless, and bad things kept happening. I tried to find a job, and couldn’t find one to save my life. I ended up living with family, and went through pure H-E-L-L! Family can be your worst enemy I swear. I was ridiculed, cussed out, screamed at, lied on, lied to, threatened to be put out the house just because they had the power to do so to make me the butt of jokes, and so on. The worst time in my life. Nobody intends to lose everything at all, and when you do hit rock bottom then your family should have your back. I got treated so poorly by them when I needed them the most. I am finally doing good for myself, but what my family did to me when I had nowhere else to go has scarred me for life. COVID-19 has brought uncertainty to our lives, and I am doing all I can to stay afloat because I never want to depend on family again. People don’t know what rock bottom feels like until they have went through it. Talk about a lot of hurt feelings, and questioning your self worth.
Don't let them make you feel that way, they should be embarrassed for acting that way towards you. Sometimes, family is the worst and we don't get to pick our family. some are better off without them, if all they do is judge and act holier than thou, let them go. Just wait until life kicks them in their asses, see how they like it, they would be the first ones to say don't judge me, etc., etc. Some people are so closed minded they cannot empathize or understand unless it happens to them, then they get a clue. I hate people like that, just because their lives have been so perfectly untouched does not mean everyone else's has. And life happens, just like posted. I'd rather be alone than deal with toxic people like them. I would stay away from them, that's not family. Eff them.
Don't you ever question yourself or your self worth again! You have endured all that, and yet, you are on your own and moving forward, perservering for a better life during a time of national crisis. You are worthy of every dream you have! Enjoy the journey! Enjoy the reward when you get there! 👍🎆
& yet people belittle and tell me I am stupid to want to pay out of my pocket to build myself a tiny house so I won't have a mortgage...This just furthers my justification on not being "house" poor
@Sheldon Cooper but the amount of rent you pay for an apartment will double thruout the years and you do not own the place even tho you are paying mortgage prices. By owning a self sufficient "off grid" tiny home you will be able to save for retirement and be able to move where ever you want and not have a ton of debt
@@aiahzohar5636 there are a whole community of people and farmers that will rent you land for cheap to put your tiny house on it just look around :) and when I say cheap I mean $50-$100/month cheap
I went through that time period. I was ok because I didn't lose my job. People that lost their jobs were in a tough spot. Even if you have no debts you still have bills. Even a paid off house has charges attached to it like property taxes. They don't go away. The cost is all over the board. Depends on were you live. Utilities they don't go away. If you have children they don't go away. If you lost the company medical coverage when laid off you have to pay for it now. I seen people get laid off during this time frame and they were traumatized. Even young people were because they have bills. Plus the job market wasn't wide open no matter what the skill set. There was a reduction going on. Many banks went out of business. I seen empty houses that prior to the crash were filled. I'm not talking mansion either.
Really? Americans are taught and encouraged to go out and spend and consume! Broken culture and society with all these fears of "socialism" when unfettered capitalism and the dominance of large corporations and their interests domainte American life and this is a disease spreading to Europe as well.
@@micster87 they didn't make any adjustments on a scam mortgage they gave me. Lost my life savings. They open accounts fraudulently. They freeze accounts if you go into bankruptcy so you can't get your $$. They are CROOKED. Google them and hit news to see all the scams and settlements.
Lots of people believe that "they deserve" more than what they can actually afford. I also know many who work every possible hour, every day just to do this. Amazing culture we've become.
Some people don't care about their health or their families....or just taking time to relax.....they just work too many hours to buy things, sometimes not because they really want them that much.....but to impress other people...."I got a $1,000,000 house" or "I got a $30,000 car"...."so I'm better than you"
Nathan , You are right.....Some people believe they deserve things that they cannot afford. I live how the BIBLE tell us to handle life also finances. No DEBT. Trusting in GOD is everything to me. Shalom.🍃⚘🍃
Best moment of all this 2008 crisis was one bloke with a plakard aimed up at the Lehmans brothers offices in New York. It read , "JUMP ! YOU BASTARDS" I loved that , sadly.
We are still on low interest rates and Trump is even talking about lowering them further and starting a new round of fresh QE. Of course people are going to be encouraged to spend rather than save.
The prices we are facing today, a freaking home and a freaking car is beyond means, yet it is a necessity nonetheless. To this day I still cannot believe your financial institutions actually advised you to pay late. What kind of idiots run their shop?
It is hard to believe isn't it? I clearly remember how people panicked and stated selling. Nothing has changed 10 years later except the levels of debt are way higher!
it's because mainstream media pretends it never happened, they just want us to know the next awful thing that happened and not how the majority of people in america are living
That's partly because many first-time home buyers today were just kids in '08. At age 15/16, you really don't know much about the economy, especially if the housing crash didn't affect your family.
@@inabina2925 YEP! I turned 15 in July '08, so Sep '08 - Feb '09 went completely over my head. I'm almost 26 now, and I just say "holy crap!" to everything I have been learning/watching/reading about it the last couple years. I was so clueless as to how much the shit had hit the fan.
I was fed the same lies, I was told to wait 3 month's ,I was told to send 4000 dollars to the bank of which I manage to scrape up barely , sent it proudly while raising kids on my own after a nasty divorce , and my mortgage would be lowered with a new mortgage I was told to be behind in my bills in order to get help, nope they took my money and then I received a denial letter, a promise in the dark, don't trust greedy business:(
I never knew they were doing that to people that's horrible. Imagine if you had taken the $4,000 and bought yourself a rv. Not admonishing just saying for anyone in the future, this is what you would probably be better off in doing in that situation.
I can’t understand why anyone would ever want to pay that much money for a home each month! But this is why financial literacy is so important. Most of these people didn’t really understand what they were signing up for with their mortgage
Yes exactly . Invest 40 percent (or more) of each and every dollar . You quickly learn to cut crappy expenses out . MAKE MONEY MAKE MONEY . MAKE MONEY MAKE MONEY.
You mean that, if I am an employee from a company which took some loan to reinvest in it's productivity, soon after, the crash comes, and hence, the massive unemployment as well, which in a way or another, will affect me and my family, therefore you are saying me that I should kill my children in order to save the money expenses with their education? Did I get your point straight enough or is there something I am missing? Excuse my poor comprehension of your point of view, once I am from Brazil, and here, things are a little bit deeper, in other words, I live in a poor country with the most wealth inequality in the world, indebted to the ceiling, record unemployment rates, whose the actual president doesn't have a clue what he will do to solve this huge, nevertheless old problem of being a country exploited by the allmighty Uncle Sam...
People are too focused on living “The dream”.... this life isn’t about that. Live within your means... live out of necessity not out of want! Stuff and status will not make you happy.
So far, at least two subjects had savings, so they were living within their means. Their savings dwindled when they had to use it to make mortgage payments when they lost a job. I get that people desperately want to blame people in a bad situation so they don't have to admit how easily the same thing could happen to them, but putting your head in the sand helps nothing
@coffeeinthemorning the sad thing is that people are all too willing to blame themselves for the financial disparities in the system. The middle class is disappearing and it is due to forces beyond the control of the middle class. Sophisticated investors like Banks and hedge funds as well as more naive middle Americans made mistakes during the financial crisis. You know who got bailed out? The people who not only should have known better, but helped to create the crisis. And many banks did everything in their power to continue to foreclose on houses. And after a foreclosure they could still go after the buyer for the loss. The people who should have known better got rewarded and the people who didn't ended up lugging around a giant financial burden. How is that fair or reasonable? I can appreciate taking responsibility, but I think that's exactly what moneyed players rely on.
I grew up in the UK and our parents taught us to be happy with what you have. We had second hand toys and clothes growing up. I'm in my fifties and paid off my mortgage 7 years ago and no debts and now retired. People who live in the " blue zones" always seem to say they are happy with what they have. They eat simple healthy food, exercise daily- this could be walking. They live amongst their families and seem happy and content. They do not chase the money and have simple lives with little stress. Capitalism has not poisoned their lives and they are living the " old way" like people in their area used to.
I’ll never forget the recession. I was 22 years old. Im from the Detroit area and when the recession hit, all the auto makers laid off thousands of people. The whole area is dependent on the auto industry and when they almost went under it was devastating for everything around here. I was out of a job for over two years. I seen half the homes in my neighborhood go vacant. I seen entire strip malls go vacant. Maybe if I was lucky I could work one or two days a week at a temp service making $9.00 an hour. Kids in their 20’s today have it so much better than I did back 10,11 years ago. Today I’m 33 and I’m doing much better. I work at a steel mill making over $20 an hour and have no debt. I’m very fortunate to have this job and I won’t forget where I’ve come from and hope I never go back to that. Over the years since I’ve worked different jobs and am in a much better position where if I needed a job I could get one or if I had to leave the area I have the resources to do that where as back then in 2008 I didn’t have any resources or connections to help me. I’m still not a home owner because I haven’t made any real money until the last 6 months but I think one day I will be. As for having a wife or kids I seen how unstable things can get and still are and am not gonna put myself in that position. And it breaks my heart to know I’m condemning myself to a life of solitude but it seems better than the alternative.
Wish you well, like they say live beneath your means and it's not what you make it's what you keep. I try not to use credit and pay everthing off asap. Never say never.
+Blue Collar- You are NOT condemning yourself to a life of solitude by not getting married. You are AVOIDING a life of servitude! Come home to a life of solace and serenity! Class dismissed.
You don't have to get married or have kids, I'm 48 and been in a long term relationship for close to 10 years now, I decided in my 20s I didn't want to get married or have kids. I'm a servant to no one and I'm definitely not alone. It's kind of nice to have someone who has my back in life, we're a team, but we don't have the same responsibilities a married/childed couple has. My boyfriend is from Detroit, it's always sobering when we go back to visit his parents. I also have family in MI so I wouldn't be opposed to moving there but the jobs haven't come back yet. I really hope that area can recover, lots of good people there.
You think 2008-2009 crisis was bad, wait til you see whats gonna happen this time. Sad to say it, but we're about to experience a depression the world hasn't seen before.
There could be more mass layoffs coming due to the economic aftershocks of the coronavirus even though the media says the worst wave of mass layoffs have passed.
Well, not "hasn't seen before." Actually, this cycle is repeated so often that it's kind of astounding that no one in this age of information bothered to try to do anything differently. In any event, the collapse of the Roman Empire was fueled by corruption, political instability, over expansion, military overspending, and finally attacks by outside forces that eventually rose to challenge Rome's legions. The collapse led to the Dark Ages, so naturally, we followed the Roman plan the the T and now look what's happening. We've always had corruption, military overspending, and an over expansion problem (though we opted for influence and monetary control instead of territory ownership), but now we have severe political upheaval at the exact same time other nations are starting to test our military resolve in earnest. History always repeats itself, so it won't be worse than anything the world has ever seen; it'll just be exactly as bad as every other horrific piece of post-collapse history.
Um, that just doesn’t happen by surprise. They got a lot of notice first. Plus, Sheriff’s sales were absolutely glutted at that time, so they had a lot of notice.
Neighbors buy neighboring properties all the time, when they come up for sale. If the neighbor hadn't bought it, someone else would have. Regardless though, whoever buys the house has to make it pay, and they have to charge enough rent to pay for their expenses (repairs, property taxes, insurance) and for the mortgage that they have incurred as the new owners, plus hopefully make some profit! There is no "free lunch". The new owner, the new purchaser is not necessarily the bad guy.
Be content with what you have. Be thankful. I always thank God for food, clothing, a home, a new car, my husband's job, the ability to be a blessing to others, and comforts, modern convenience,etc. I can remember when my hubby and I first got married we rented many years, any didn't not have anywhere near the blessings we have now. We also have 0 debt and own our home. I give God the glory. Always be thankful for whatever you have, little or much. Many in US are still blessed.
Sharon, This is what I have been saying in many comments. People have left GOD , who gives us all things, breath etc., out of their lives. It will crumble without GOD. Like you I have no DEBT , own my cottage....all because of the LORD. GOD BLESS You all. 🍃⚘🍃
@grumpy old fart if it all goes down silver is gonna be worthless. it is just as worthless as those paper except the industrial value (and some negligible detox properties), which in a SHTF is gonna be worthless. no one is gonna trade a truckload of food or a crate of medicine for metal bars. tools, ammunition, know-how is gonna be the best bet. look at the prison economy, if you have know-how you are gonna be well off. skills such as first-aid/medicine are gonna be valuable even legal knowledge would be valuable. in peak health condition before SHTF is of course the most important goal, which is also beneficial needless to say if SHTF does not happen. but, whatever floats your boat. ;)
@grumpy old fart what is the cost of living on a boat? docking fees and such? I also heard they need to be lifted once a year to be painted? I guess you also need license. hmmm lots of sacrifices I would say. don't know if I will ever acquire the letting go mentality. don't think it is an age thing. but anyhow good luck.
Next time it will be much much worse. They play this peaceful music at the end of the video but nothing has changed and people are in much more debt, working useless jobs, and totally unprepared for things to come.
The worst of this documentary is the fact that ALL banks were saved from any accountability to the harm and misrepresentation for these individuals that lost their homes.
It wasnt THEIR homes because they never paid for it, that would be the whole reason this nonsense started. People taking DEBT to live in SOMEONE ELSE HOUSE. When they give you something, they can TAKE IT AWAY. No tragedy, just idiots
Yup they got bailed out meanwhile us? They kept that bailed out money meanwhile they still took our homes . They should’ve done something like when COVID happened .
That lady with 2 weeks to pay and the neighbour bought the house from under them.... That has broken my heart. Broken my heart. Packing photographs of her pets into boxes. Two days after Christmas and I'm bawling like a lost calf! I know business is business but there are things you don't do.
Well note they had been staying rent free for over a year before the bank was trying to rob them. Wells Fargo sold it while refinancing. Not sure on the legality of that but we are only hearing one side of the story.
we only have one side of the story, the fact bank waited for 1 full year showsdetails are missing. This woman did not downsized, bottom line, likely also living over her means anyway. Greed + low IQ.
My bank called me just before it hit in the UK. They said we want to offer you a loan now because soon I wouldn't be able to get a loan because of the upcoming crisis. I told them I wasn't interested, a conversation that lasted 45 mins while I drove to Manchester. They just wouldn't take no for an answer. Eventually I told them I would think about it and they said ok we will call you tomorrow to set things up. £8000 they were offering me without question. They called the next day to set it all up. I never answered the call. Ridiculous!!
I was in private school in Florida in 2008 and thought my parents were all good and all set. The financial crisis destroyed everything. We lost our house, dad lost his job, parents got divorced, dad got to drinking, all my siblings moved out. I turned to weed and alcohol as a teen sitting waiting for the bank to lock the house up, after that got an apartment. I wonder how my life would have turned out had all that never happened. They just kept building and building these subdivisions around town, I knew it wasn't going to last. Tearing down all that beautiful forests to put new cookie-cutter houses up... waste. Humanity is a pestilence.
Sorry to hear that Joe. It's not easy when economic downturns affect your family structure. Hope you're doing okay now and although it's always a bitter lesson to learn, the valuable lesson that things don't always go according to plan is best learned sooner than later. I had to realize that at 18, when I was getting acceptance letters from college, that realistically, I just couldn't afford it. So I had to decline. Now I'm just trying to catch up with my schooling with a 40 hour job as well as an extremely dysfunctional family that collapses every year, it seems. The children that come from broken homes or family structures that were turned upside down seem to always get left behind, but the only comfort is that we're not all alone.
Looking back, think of all that time you wasted drinking and drugging while your world was collapsing in front of you. You can make choices that will enable you to avoid all of that. Make smart decisions. Invest in your education. Masters and Doctoral degrees pay off the long-run. Even during COVID, I don't know any of my peers with Master's degrees who are struggling to find work. You have to make it yourself in this world. That how it is.
Exact same happened to my family in Southern California. I refuse to be like my parents and have multiple savings accounts for hard times...even if I only add $10 in at a time.
It's ALWAYS time to be thrifty in ALL matters. I remember the poverty my family experienced in Europe so it is engraved on my conscience. The consumer society is just a con game.
I have difficulty feeling the woes of your economic troubles. If you had not wagered your income against how many mouths youd need to feed..how many square feet you felt needed to do so..which it appears you cant afford...Its very much your poor Breeding Math..Vote Smarter,according to your Needs..your ambitions appear unsustainable..
It's typical American. All living on credit while growing fatter than a wallrus. When you're fat you're not poor. I've been to poor countries in africa and nobody was fat there.
36:15 this is the 2nd time I've watched this documentary and it's amazing how this lady obviously doesn't understand the simple rule to financial success. You have a written budget. Inside that budget don't neglect a savings of 10% as you pay off your debt. You only buy what you have the money to purchase with cash without exceeding your monthly budgeted line items. After all debts are paid off check your savings and if you don't have 6 months of expected expenses saved increase your savings inside your budget to the highest amount you can until you have 6 months of expenses saved. You're back revising your budget now. Take your total monthly take home pay and divide it by 4 and that's the maximum you can pay monthly for a house payment including escrow. See what that buys in your area. Then you start a seperate savings for downpayment. You'll know what that number is because you take the home price of the home you plan to buy, run the numbers to see how much you'll have to put down as downpayment to have the mortgage payment including escrow no more than 25% of your take home pay. That's how you buy a house. That's the way to buy a forever home that doesn't become a burden. Never pay more than 25% of your income for housing....renting, leasing, or buying.
I don’t want to be poor in America, period. And definitely no where in Texas, Florida or Mississippi - poor, middle class or in my dreams - financially wealthy beyond measure. My family left Arkansas in the 40s and you know what, that area hasn’t changed a bit. My advice to her would be to move to the northeast or the west and apply for a state or federal job. But that’s just my $0.02.
@@aprilsno43012 I love being poor in America. I have food, a car, Cable TV, Central heat and A/C. Many kings in history would envy my life. Being poor in Zimbabwe is less appealing.
How many people watching the video noticed that the mortgage insurance company payed the bank in full after your foreclosures?? So the Banks got paid twice. After you default they mortgage insurance company payed the bank in full then the bank came in and took the house.
Homes were selling at a 3rd of their value. The homeowners punched holes in the walls and stripped the homes before they left. The ins companies made up the difference.
To make it worse, the banks argued with federal courts that they should NOT have to put those repo homes up for sake at "market prices at the TIME" -- called "mark to market pricing". the banks argued they should be able to keep the homes and WAIT for YEARS until they could get the price -- they wanted! There used to be a theory out here that stated- they banks REALLY don't want to own houses! That is a lie! They banks ALL BAD LOANS got PAID for by the FEDERAL RESERVE --- that WAS part of quantitative easing!!! The average person got their home taken and no bankers went o jail!
@@yakkyuu12 Quantitative easing was used to purchase bonds on mortgage backed securities. The purpose of that was to increase the money supply, which in effect lowers interest rates, which helps with liquidity in the credit market. Bad loans were paid for with TARP.
@@Inbal_Feuchtwanger Quantitative easing was mostly what you said -- a little adjustment in your definition and one BIG one ----- Those SO called bonds-- were ALMOST ALL made up of bad mortgages, wall street created them as bonds and sold them to other countries as AAA quality(yes, they LIED), the mortgage back SECURITIES are DIFFERENT( just as bad) - but they were purchased by the fed - like you said! NOW-- SOMETHING IMPORTANT you are wrong about--- I GUARANTEE THERE was ZERO - YES- ZERO INCREASE in the MONEY supply-- hard to believe - but TRUE; Here is how it IS true! the FED MADE sure that Quantitative EASING NEVER REACHED the STREETS( the public) they made SURE they BANKS ( ALL OF THEM) KEPT that massive amount of money --- AT the FED AND AS RESERVES- it NEVER reached YOU! the FED did STRESS tests to see if there were ENOUGH RESERVES to cover the banks bad loans and to make SURE the BANKS were solvent, this went on for a couple of years!! This IS the MAIN reason there is little inflation and poor to NO raises in wages!! Remember how Janet Yellen REFUSED to raise interest rates - she kept saying "wages have NOT caught up" so we are NOT seeing inflation!!! PROOF (guaranteed!!) THERE is LITTLE TO NO INFLATION today!!! That LITTLE to NO inflation was ALSO GUARANTEED by the FED actions in buying those BONDS and MBS-- BOTH actions have KEPT inflation DOWN ( or your dollar would be worth like the PESO!!)-- Another important side NOTE---- This was DONE at the EXPENSE of BOND COMPANIES AND SAVERS!! MORE PROOF--- LOOK at PIMCO-- it is a MESS! Incredible amounts refunding of money, BILL Gross ( the BOND KING) LOST his JOB- NO ONE thought that would ever happen. Bond YIELDS are HORRIBLE --- This IS BY DESIGN OF THE FED!!! they STILL ARE the sacrificial LAMB! Lastly --- it is IMPORTANT to KNOW this GIVING the banks money was DONE with VERY STRICT rules of keeping much higher amounts as RESERVES and HUGE amounts at THE FED! IT NEVER reached you!! --- LOOK up HELICOPTER MONEY( BEN Bernanke was famous for this) The Fed had to put some money in play, but the FED BOARD and PAULSON stopped Ben B. SHORT--- because they KNEW the EFFECT of TOO MANY DOLLARS in the economy!!! The FED is NOBODIES FOOL --- they have BEEN cleaning up their balance sheet,( LITTLE BY LITTLE) BUT, they KNOW too many dollars on the STREET could cause something they FEAR MORE than INFLATION ---- DEFLATION -- people hoarding money( out of FEAR, people have little savings, yet and they REMEMBER how POOR they were, so they hold on TIGHT) and not buying, NOW prices FALL FAST and DEFLATION is the FED BIGGEST FEAR, it is much harder to fix!!!
Claudia Marie Bermudez Maybe for you. American dream to me was something created in 50s and 60s when you can have 4 or more kids and get jobs with ease. I focused more on my personal financial abilities not mimic lifestyle from the past that no longer applies. I have nothing in common with these people in the video. What they seem to be figuring out at the end of this video is what I already knew since grade school. The last recession was actually the best thing to happen for me. Paid off my 30yr mortgage in 9 years at that time and never consumer debt. I even bought a $560k partially furnished newly remodeled short sale condo for $240k cash during housing crash. Cash was king. My 401k even tripled to 1.4 million since 2009. Doing fine.
For real, for real! Or is it that poor and middle-class people can't tap dance fast enough like the upper class?? Maybe that's who the American dream is built for as far as I can see. Can't help but think about how the Bible talks about poor people wanting to fit in with the prominent people so they'll go to Great extremes blindly grasping for what Avenue they can take to keep up with the Joneses. There's nothing new Under the Sun
Home ownership I guess offers a few things. Something that is yours that you can do what you like with without accommodation. And when you are older, it will be paid off and you will have a place to live when you have no income and an asset to leave your kids.
Wells Fargo is a horrible bank. From personal experience, I can tell you that they lied, had questionable accounting and only responded when they had something to lose. I was shocked at their incompetence and poor accounting. Because of the experience of my very close family member, whom I helped through this nightmare, I vowed to never have anything to do with Wells Fargo and to never buy a foreclosed property.
I heard they recently admitted to making "mistakes" and foreclosing on homes they shouldn't have. Can you imagine the lives they destroyed. Will never give them my business.
Their accounting is appalling. Their own people could not figure out what the numbers meant or where they came from. Their incompetence is still unfathomable to me to this day.
They haven’t done anything to me but I need to switch from them just because they’ve done wrong to others. But it’s so hard to reset everything. Getting new accounts is so annoying. Also all the banks are bad tbh except credit unions.
I'm completely confused by 2:24-3:55. How can you call those loans discriminatory when it is up to an individual to decide to take a loan or not, regardless of who offers it to you? The fact of the matter is (2:24) your finances were reviewed and it was objectively determined that you *did not earn enough money* to qualify for any mortgage, i.e, *you could not afford that house* and yet *you decided* to still sign that agreement after the company proposed to *straight up lie* about your income. Look I don't know what that person's other circumstances were, but she made the decision to make a purchase which she could not afford and eventually got burned because of it. I don't call that discrimination on the lender's part, I call that foolishness on her part.
Which is why they lost the lawsuit. Twice. Unfortunately there seems to be a flawed logic where "outcome" implies inherent discrimination. That something along the line must be discriminatory if Hispanics, say, are 5 times as likely to be foreclosed-on than another "race". And this seems to be perpetuated ad infinitum and even found it's way into legislation. As a guideline I can see it overall making sense - find a way to equalise the outcome - but this seems to be taken literally and as a logical argument. At it's worst it is used as justification for reverse discrimination. But again, sense prevailed and the lawsuit did not succeed.
@@DiscoFangThe reason why Hispanics and blacks are more likely to be foreclosed is not because brokers went after black people. They went after anyone who they could convince to sign. It is because, due to the aftermath of past inequalities, there is still a big gap in education, opportunities and poverty and hence income between blacks and Hispanics compared with Caucasians. That is not the direct fault of the brokers. That is more an ongoing issue in the wider community that can only be changed slowly than strictly with the banks.
I am an independent self-employed contractor. *AND I HAVE NEVER WANTED TO OWN A HOME* People always look at me funny when I tell them I rent, and then they give me the usual spiel about why renting is so bad. I have always felt. *GOD FORBID IF MY BUSINESS SHOULD SLOW DOWN / I GET HURT* At least with renting I can *downsize quickly,* as opposed to buying, you cannot get out of that house fast enough to stop the bleeding unless you just walk away from it. Well I did get hurt. What did I do? *I MOVED TO A SMALLER APARTMENT* My life didn't get turned upside down, I didn't lose everything. I just moved to smaller digs that matched my smaller income. No fuss no muss, not much anguish. Last year I started working on my bucket list : ) *( You can view my story and my new tiny apartment on my TH-cam page)*
Buying is only bad if you get a house you can not afford and have to take out a mortgage, if you get a house that is within your means and can pay it outright or just really quickly then thats still better than renting, rent especially in bigger cities is a fucking joke, theres always the chance and risk of eviction and the landlord selling it, you are basically paying your landlords mortgage, also if you have your house paid off its not legally required for you to have homeowners insurance, it says it on progressive insurances website, and it is dependent on where you live but if you live in the middle of nowhere or someplace that doesnt really get any bad natural disasters then you dont have anything to worry about and i am a contractors daughter and i know the ropes on how to keep a house standing, also you can lower your utility bills if you choose energy efficient systems if you own your own home, however if you rent there may be restrictions on that as well if you live in those dumb gated communities with HOA fees, also property taxes per year are still cheaper than rent in most places and lots of people i know get homestead exemptions to lower their property tax, what if you are renting and you lose your job? And youre old and cant work anymore and dont have as much in savings and are still renting? Renting is risky, and from a debt free standpoint its not smart thats why most people buy, and thats why lots of rich people these days still buy.
@B. Greene lol... I rented a home on your block I bet...cuz I know I was paying $1800 a month..lol... And I'm not mad at you, I can honestly say that home was the *House of my dreams* it was only for three years, but some people never get that.
@@michellemarie1197 ... I agree with just about everything you said...but for *some* renting is still the better option, especially if it's more responsibility than you really want to take on.
Buying a house is smart as long as you can rent it out and cover all of your costs if you should ever need to. Many real estate investors advise you to rent the house you live in so you can buy houses to rent out and take advantage of the crazy tax advantages.
My husband and I were married 22 years before we bought our home we saved and waited until we felt we could afford home. We lived below our means. We paid our home off early. It was worth the long wait and struggle. Just use your common sense. By the way my husband was laid off twice after we purchased the home but because we did not over buy we were able to make the payments.
Go over to Ice Age Farmer's channel and you'll see a reality that will scare the living daylights out of you because the MSM has actually hidden what's going down! Start back like about a year or year-and-ahalf ago and watch forward....you will be amazed at what is going on! We are headed for world wise famine! th-cam.com/channels/I-Am0t4qQaP_Do9FwMWw3Q.htmlvideos
Unless you were raised by financially literate or well off parents, you're not equipped to make life-changing financial decisions when you're 18. I remember that all the college counselors cared about was getting you enrolled and getting their financial aid money, there was no financial counseling whatsoever. When you don't educate people about how debt and finances work OF COURSE they are going to learn by trial and error. Let's not conveniently forget the absurd cost of healthcare and housing in this country in many places. The answer isn't pinching pennies, it's an overhaul of the system because it is not working and serves only those who benefit from keeping people underpaid and perpetually indebted to them. Welcome to modern day slavery, where the punchline is no one understands they are literal slaves.
I agree with the first part of what you said, My parents were careful with money and it prepared me well for being a young adult so I never got caught in any debt traps. I always used to think that people who fell for that kind of stuff were idiots but after seeing so many videos and reading articles about this kind of stuff it really makes me thankful that I had parents who set a good example for me because I think that's what made the difference. They don't teach you that kind of stuff in school, it was my parents who taught it to me. I agree that the system is fucked and things need to change but as far as pinching pennies goes it depends on what you mean because it means different things to different people, I think that in general most people should be cutting back on their spending. I don't "pinch pennies" but I also don't blow my money on a new iphone every time one is released, buy $500 purses/shoes, eat out all the time or go to disneyland every year. There are a lot of people out there who are tens of thousands of dollars in credit debt or simply have no savings because they waste their money on stupid things they think they need but don't who fall into that statistic of 40% of people who couldn't cover a $400 emergency expense. Luckily I live in Canada where we don't need to worry about crazy healthcare expenses I keep hearing about from the US. On the other hand you could probably die of cancer while you wait for months for your "free" treatment here.
I agree with parents teaching their children to be financially responsible. My dad wasn't around, & my mother was reckless with her money. Thank god I grew up during a time when they still taught basic economics/financial literacy, home ec., & shop in school. That, plus my natural frugalness has kept me fairly comfortable so far.
My Friends Father Was A Brain Dead School Teacher. After He Retired, He Got A Reverse Mortgage On His Home That Was Paid For. A Few Months Later He Died. The Family Lost The Home To The Banksters For Only A Few Thousand Bucks. TEACH MUCH ?
I grew up poor and oftentimes went hungry, my parents weren't good with money and didn't teach me about finances. Yet within me I knew that as an adult I didn't want to be like them. On my own I learned to care for and value personal belongings, to not be wasteful, to reject consumerism and to save, I learned more when I took a personal finance course in college. All it takes is discipline and initiative.
This TH-camr has put out an internet article (titled the same as this) and it gives information about these people's circumstances that was not fully discussed here. All the best to these people and us all.
When housing prices go up, the media publishes stories about the lack of affordable housing; when housing prices fall, the media publishes stories about the collapse of the housing market.
I have watched and re-watched so many of these videos - it terrifies me. The stress and anxiety associated with going through a foreclosure must be enormous and totally overwhelming. I remember when I bought my first home, I had a friend who was buying one with an ARM and recommended I do that too - I would save so much money, he said, I would be able to send in extra each month. I said no thanks, sounds kind of scammy to me, I'll just do the regular mortgage. Thank God! I could handle it if my payments went up a little bit, but if you are used to paying $1500 and it goes up to $3500, who can handle that?!
My dad tried to talk me into an ARM when I was looking to buy my first house. My understanding of it was that if prevailing rates went down, the house payment goes down. And if the prevailing rate went up, the payment went up. A very basic and crude understanding of it, but just my own understanding of it... I didn't like it. At the time, I didn't really understand everything that was involved with adjustable rate mortgages. I didn't know anybody else who had one and that alone was reason enough for me to stay away from them. I'm just glad I didn't listen. Never get involved in anything you don't understand. And if you have questions, ask REAL people what their experiences have been. Don't ask the clown sitting at a desk at the bank. They will lie to you every time. When it comes to telling lies, banks do not discriminate. They treat everyone the same.
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green.
As with an my big financial decision,it’s important to keep your guard’s up for economic risks. However, smart planning, time management and seeking advise from a financial adviser can help keep you and your money safe
yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ''Christine Jane Mclean'' she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
@@EllenAbrex Sure, the Investment advisor that guides me is ''Christine Jane Mclean'' and she's renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
@@duane_29 Christine really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a call session with her
Like my dad always said. $5000 is little to have and alot to owe. Nothing is more expensive than debt.
*BAD* DEBT ****
damn thats a good quote
Well said my friend 🙏🏽
Because you won’t find something that increases your savings as much as your debt will.
I remember back when applying for credit or a loan seemed like a blessing if I got approved, I still believe it was a blessing just not for me. other than a mortgage I don't see myself ever owning money again, that includes credit cards, autos or anything. if a car rental place won't allow me to pay cash or use debit, I guess I'll be walking or taking a cab.
I remember not understanding as a child why my dad made so much money and we lived in a regular house. He explained to me that if something bad happens he wants to ensure we will always have a place.
I concur
Exactly what we did 10 years ago. Deliberately bought a house we could afford on only 1 income despite both of us working. Hard to find houses in that price range now in my area!
Ur father made wise choices 🙏🏽👊🏽
Wise father
THAT IS A VERY GOOD DAD YOU HAVE ❗️❗️❗️❗️
LOVE HIM BECAUSE HE IS YOUR TREASURE TO BEHOLD ❤❤❤
I lost my condo in 2009 and had to move in with my folks with a new baby. Man,I learned my lesson. Got my cdl bought a semi and am investing whatever is left over. The sht storm that is coming is worse than 08 I feel. Stay safe everyone and never stop growing in all aspects of life
Great note.😊
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.
A 2022 Northwestern Mutual study found that 75% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.
@@hunter-bourke21 Very correct; the bear market has contributed significantly to the growth of my investment. I was able to quickly increase my portfolio from $180K to $472K. Essentially, I was just doing as my financial advisor instructed. You're good to go as long as you get competent assistance.
@@edward.abraham Would it be okay if I asked you to recommend this specific advisor or company that you used their services? Seems you've figured it all out.
@@edward.abraham Thanks, I just googled her name and her website came up right away. It looks interesting so far. I'm going to book a call with her and let you know how it goes.
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
Well, I suggest you make a diversification plan because it's been harder to build a good portfolio that stays afloat since COVID. Personally, I garner knowledge from a brokerage Adviser whom I work with, and I've actually made over $350K with their help since February. Very effective defensive strategies are used to protect my portfolio and make profits despite the ups and downs.
I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
My advisor is ‘’Natalie Lynn Fisk’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this Pointer. It was to find her handler, She seems very proficient and flexible. I booked a call session with her.
I literally JUST graduated high school in 2007 when this started. I couldn't go to college bc I became responsible for keeping the house afloat that we were living in. It was my aunt, my mom, little brother, and grandmother at the time living all in the same house. There was nothing I could do with my 10$ an hour job. There was no way that I was going to be able to save the house from Foreclosure. My mom, aunt, and grandmother all started to cry and just fall apart and my little brother had no idea what was happening. We ended up getting foreclosed on and we all became homeless for a good month. Thank goodness for friends bc some of my friends of mine took us in and my moms friends helped take them in so the family got split up between all of us. It was the saddest part of all of our lives and bc of all the stress my grandmother ended up with a brain tumor and she passed away literally 2 years later. We had to sell her house and try and get all of our money together to find another house to buy and by this time it was 2010. I finally was able to grab a decent job but my mother and my aunt still weren't working bc of their medical condition of having paranoia schizophrenia. My little brother couldn't help bc he was only about 16 at the time. Fast forward to the present and I was finally able to move them into a condo that we BOUGHT and OWNED so we didn't have to worry about any more stupid mortgage payments. It was such a sad time in our life and we weren't able to celebrate any birthdays or Christmases like we wanted to. And now with the pandemic going on, it's like life is just throwing another curveball at us to see if we can survive again. I'm happy to say that we are surviving but I don't know how much longer I will be able to keep my family afloat. I haven't been able to date or start a family of my own because of all this bullshit. But I wouldn't change it for the world bc we all became so much closer and happier in the long run. My mother and aunt are still sick but they finally were able to retire and not have to worry about finding a job again so it made it easier on me with payments. Not much better though but we made it. I just want to say if there is anyone out there that thinks they won't make it and our thinking of just giving up. DON'T. It WILL get better I promise, as long as you keep going and keep on trying to do your best. I can't tell you how many times that I went outside and cried silently alone so no one could hear me bc I was the rock of the family. The strong male figure for my little brother because none of the men that use to be in our lives were ever able to be found. Keep family first and always know that love heals all wounds...it really does. It may no seem like it at first but it does. If you read this far just know that I love you all and if I can get through it, through all the tears, all the sadness, the homelessness, everything...you CAN DO IT! Please keep your heads up and realize that whatever doesn't kill you, makes you stronger. And THAT is the new American Dream. Not the full house with a white picket fence and a golden retriever. But being able to say, Hey I saved my family from utter destruction, and we are happy. I wouldn't change it for the world. I'm crying right now as I type this because it was so hard on me as the solo supporter of the family...and everything was on my shoulders. It was so rough man...so damn rough....but I made it...I. fucking. Made it.... :..(..
That’s inspiring mate !
Yes, I feel you. And my story is not exactly the same as yours, but it's a parallel. I agree with you that it's the family that is the only thing important. The only thing that is worth it, and lasts. Everything else by comparison is worthless. Everybody knows the high cost of stuff, but not the real value of the priceless.
That is going to save someones life one day!
OMG, YOUR STRONG AS A ROCK. I read every word. You have my utmost RESPECT.
@home2 - From Nairobi, Kenya - Africa- I feel you. I have all the respect for you. God bless you and keep you.
I am not going to judge these people. I have not walked in their shoes. These stories are heartbreaking.
👍🏽
that way of thinking already puts you as an elite humanbeing! Wonderful
Linda it sucks yea. We all make mistakes and want a Mulligan here and there. But if you have really good work ethic, you can bounce back. I was 100k in debt and 25 during the recession. Now I make 100k with a pension.
@@alanlee67 things can change REAL quick
Bless you Linda for you emphasis and compassion!
The United States as we know it is no more. All signs point to 2024 being a year of significant economic hardship for the entire nation. Put your cash to use straight away to increase its value. I was aware that I needed to invest. I had no idea how quickly a few thousand dollars a month would go up. Though it is. Since 2023, I've made about $600,000.
Congrats. Your ability to control the whole risk profile of your investments and prevent irreversible capital loss will be your actual financial unlock. A plan must be in place to take advantage of opportunities to profit when they arise.
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
@@maryHenokNftbravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Wright promptly do a web check where you can connect with her *Gertrude Margaret Quinto* and do your research with her full names mentioned..
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
It's coming again. With a vengeance.
Pay off your debt now if there is time.
This time it's going to be bail in for the banks.
The downward cycle has already begun. 🔥
Fortunately I have no debt, own my home and have 4 pension checks a month (V.A. Disability, Social Security, Florida Retirement System and an annuity I purchased from Prudential). Plus, I have 4 retirement accounts I have not touched yet (401A, 401K, 403B and IRA). And, I am still working as a self employed independent contractor.
@Snarl Crook that doesn't mean that they will. For years people have been warned that most Americans can't weather an unexpected expense of $500 - $2000 and yet nothing has changed.
There was a report earlier this year that there are 7 million cars loans that were at least 3 months behind.
@Buttercup interest rates will skyrocket on most debt ... so if one has debt at the moment, esp. credit cards, then now would be a good time to pay off asap .... I personally believe the downturn is in motion, and anytime in the next 4-5 months, a (very severe) recession will begin, IMHO.
Who's here during the COVID19 crisis?
Me. Sorry in advance for the excessive backstory and for my formatting issues, I am typing this out on my phone. I feel that the background information is necessary to give context to my anxiety. I am experiencing a growing anxiety about job security for myself and my Dad. In September 2019, my parents sold their old, rundown homestead and moved into a nice house in a town where they could get more house for their money. Their credit is less than stellar, so their mortgage payment is pretty high. Mom is on SS disability due to chronic illness and a debilitating neck injury. Dad works as a maintenance supervisor for a nursing home and draws pension from his first career. I have no idea about the state of their emergency savings. I moved in with my parents to escape an abusive relationship in October 2019. I am a Math teacher. I was new to my district this year so I have no seniority. There are going to be budget cuts for the next school year, presumably due to dramatic loss in sales tax revenue during the quarantine. I have very little savings because I had to keep myself and my now-ex-fiancé afloat during an extended period of underemployment. If Dad has to quit his job and I still have a job we will be fine. I can easily pay all of the bills with my current income. If Dad quits his job and I lose my job we are screwed. In sum, I am worried for my Dad’s job and worried for my job. No job for Dad, I can pay the bills. If I lose my job life will be pretty bad until I am able to find another job, but the family will be okay. No job for Dad or myself and we are TOTALLY SCREWED. My parents are such wonderful people and I don’t want them to lose their home. Their old home was in shambles and they are so proud of their new home. I have so much anxiety about this situation. If you stuck with me until the end, thank you for reading. I apologize for any grammatical errors I may have made. E
Don't be apologetic for your hardship. I hope they don't cut your position before the superintendent gets a pay cut first. In worst case scenario, I hope you can find some online tutoring work to do and gig job too. Also, getting another tenant might be some idea you can explore.
I wish they would end this experiment already so we can go on with our lives!
@The Grim reaper Please stay strong, stay safe and healthy always ! Life is not easy but we must have hope ! We can not lose hope as a spiritual fighter in this difficult moments . I believed in order to create a better world, all peoples in the world should have awakening from now and think what we want for our lives and our future ??? We need to promote compassion and unity , so that everyone can help each others in their own communities. We should have take the responsibility to change and create a better world through wisdom and peace by now , it starts from each and everyone of us!!!
@@DiamondTurtle - 1) You say your Dad may loose his job, but you don't say why.. 2) Then you say, your Dad may quit his job.. but you don't say why? 3) You need to be proactive and start taking on students to tutor in Math, you can meet in a mutual place such as the Library, or to Virtual tutoring. Set yourself up as an LLC and get a business license, NOW before things go south. You can also look online for companies that hire teachers for virtual learning. You need to ditch the anxiety and get going on being PRO ACTIVE. Anxiety and emotions solves nothing.
This should be taught in school..mortgages, taxes, loans, and percentages
Enrique Alvarado and how to understand your money and know how to invest
This is the parents responsibility not the school
LOL! This country doesn't want an educated populace. They don't teach how to how to vote in civics classes, why do you think this country wants educated consumers?
Nah..they don't want educated people. Then crooks would be cooked
Instead we get Kardashian classes in HS😂😂😂
The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
A common oversight is that banks operate solely in the service of yield. Personally, I am hesitant to keep substantial sums of money in a bank. Instead, I opt to invest under the guidance of experts, reap the advantages, and diligently save for my retirement.
I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.
Her name is “VIVIAN CAROL GIOIA” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to send a mail to her and let you know how it goes.Thanks for sharing truly!
A lesson to be learned. Live on what you have today, not on what you may not get tomorrow. Sometimes living on less makes you realize that you never really needed more.
Well said.
It's gonna be funny when it happens to you.Cuz you dont get it yet.
@@stupoc6715 I totally get it. By no means am I trying to say everyone here made bad decisions. Sometimes the circumstances you’re dealt don’t give you great opportunities to be self sufficient financially, especially when those career opportunities are not in your area left because of the economy, or financial education lacks. Not to mention most things in society are almost impossible to attain when you need them without going into some form of debt (unless you inherited money or become financially secure through other means).
All I was saying is that although this documentary would lead you to believe that the problems these individuals faced were solely out of their control, we can’t leave out being accountable for ones own decisions. For example, having kids early on when finances aren’t right is one example, or buying things way above what your discretionary income allows. Again, I’m not saying that’s good or bad, just saying that there are multiple factors that lead people into poverty majority of which can certainly be put on the economy but not all of it.
Well said buddy.
Dondrey where were you when I needed you.
And yes; you get it.
You can feel richer if you want less!!! don't buy that 30 grand new vehicle!!
Great comment.
On my block a lot of people have obviously forgotten about the debacle of 08
I see big brand new expensive trucks everywhere
It’s not how much you make, but how much you get to keep and save. Have a saving cushion of at 6 months to a year worth of expenses.
Most expenses are foreseeable, but medical expenses is a whole another ball game.
If people have the courage to live honestly with themselves and define themselves by other values instead of what they could own. Like the clothes you wear, the car you drive, the phone you have, the foods that you eat etc....
They come to realize that you don’t need 70-80% of the crap you have in your current room or house.
Great advice. I have been doing that for a while .Of coarse in a males case it helps to be MGTOW .
@@dondressel4802 Yup and come the next recession I am going to be buying a couple for pennies on the dollar and for ca$h.
Anyone watching this during the COVID-19 pandemic? :(
🖐 Yep! We thought '08 was bad...strap on your seatbelts...
Yep. Watching from Scotland ❤
@@mariecoyle6882 watching from Germany
Watching from Thailand
Watching from Philippines.
This is precisely why I am trying to save for a rainy day. I feel blessed to have a job and I won't take it for granted.
Lakeska Kelsey me too but I’m saving for both rainy and sunny days. It makes saving more fun and easier and delays instant gratification 🤗.
I recommend saving for a lot of sequential rainy days, like 365 to 720 of them in a row. "3 to 6 months of expenses" is a common piece of advice for emergency reserves but I recommend being prepared for 1 to 2 years of lost income, especially if you are an older worker as it can be harder to find new employment.
It doesn't all have to be fully liquid, but you should have a series of contingency plans in place for an extended loss of income. It can, and does, happen to people. A Roth IRA is a good mechanism for this, because you can withdraw your contributions (but not the gains) early if needed without penalty for an emergency, but otherwise they stay invested in a tax sheltered account for retirement. A taxable brokerage account could also work though.
So I recommend something like 6 months of expenses in a savings account and then a Roth IRA or similar asset that you could tap if absolutely necessary for an extended period of 1 to 2 years.
What these people never understood is that they never lost their home, when you take a 100% mortgage the house is not yours, you are simply leasing it from the bank on long term uncancelable lease.
Yup
people had 9 to 25 homes
When you take ANY percentage mortgage the house is not yours. You can have one mortgage payment left but if you don't make it the bank can move to reposes it.
@@ariefraiser140 Banks getting 75 billion a day for 3 mo 2019 .
Not yours until you pay it off.. So every spare dollar I had went to pay down the mortgage. Never had a car loan I just drove junkers and fixed them myself.. Credit card debt.. Whats that? My 30 year was paid off in just over 6 years. Ya I'm cheap but I'll never borrow money ever again. Oh and 9 kids? Are you crazy?
And now it's 2020 and the bottom is dropping out again.
hundreds of 2018 BMWs at Food banks. Didn't learn lessons from 2008
At least now I'm prepared. I've been socking away $800/mo for 72 months waiting for this Capitalist moment I knew was coming, since we now know the game. Ready to pick up foreclosed prop when it again hits rock bottom! "Those who don't know history, are condemned to repeat it."
Turn off the TV! Ignore our leaders an media. Learn how to live like the Amish, sustainable, and leave the cities and live a life of service. Learn how to live for free globally! FreeHousingProject.com
@teronnie richardson and what job could that be?
Except this time it will be a lot lot worse. Either you are going to have country destabilising levels of unemployed and homelessness which will cause revolution level disorder and chaos (and in the US you are already beginning to see the beginnings of that with the dangerous Marxist mobs on the streets) or they will print currency and give it out to keep things going. However that will only last so long before you see a hyperinflationary collapse and the same chaos and disorder but probably worse. So it’s about a serious as it can get. Current paradigm ending level threat. Out of it something new will rise and either people will be better and freer or even worse off.
Some people still haven't recovered from the Recession. For example, young people who graduated from school during that time couldn't get jobs and failed to get their career started. That effects them even today because the lack of experience with a degree means the degree is worthless to employers. So many people simply gave up trying to find work with their diploma and so they basically still owe debt for a worthless degree. A terrible waste.
Yeah the useless college degree / student loan fiasco is another huge SCAM ! ..... sold to the sheep ..
There is a lot of student loan debt. A young adult just starting out in life is already burdened with debt. This is getting yourself into debt slavery. You don't need a degree to do well in life. For example one boy apprentices to be a plumber while the other goes to college. At 22 the boy is now a new plumber who's job is in demand and is making decent money he can keep. The other boy now must break into a new job and has 80k loan to pay and only making a little more than the other IF he finds a job. The plumber will be making more take home pay and be able to get a house. College for most nowadays is not worth it.
I was working but got laid of investment management. It really damaged me even today.
This is why you get a degree that can be monetized, from an in state public school. Going to community college the first 2 years is even better.
Yep. Im in a STEM field, graduated top of my class (2009) then boom it all came crashing down. Still clawing back.
All of these stories are heartbreaking, but I am
particularly sickened by that neighbor who bought that elderly woman's house out from under her and then evicted her in 48 hours. What kind of a heartless, sick monster do you have to be to do that to someone, much less your neighbor? If that person had enough money to buy the house, they could have offered to renegotiate terms so the elderly couple could stay there. I don't know how the people who did that can live with themselves.
Why don't you buy the house and give it back to her? Dont you have a hearth?
@@chechou714 I'm check to check like a lot of people. I have a heart, I just don't have the means. I will say that if I had been the neighbor, with enough money to buy that property, I would have handled that differently. At a minimum, I would have given those people more than 48 hours notice. I guess I'm a little biased in that I have worked with elderly people for many years in the healthcare field and I just can't imagine even tangentially being responsible for making someone, let alone an elderly person, homeless.
THEY WILL BE JUDGED BY ALMIGHTY GOD ❗️❗️❗️
a slave is a slave if you dont use biblical sound financial principals. you cant expect others to bail you out of your deliberate financial legal irresponsible mistakes. if i would of been the lady that purchased the property from the bank foreclosure, I would of handled the situation in a more loving biblical way like leasing it to the elderly couple and maybe later selling it back to them later, the lady was cold hearted and i dont agree with that. much love all ❤
Yes what a two faced neighbour!
We can't dream anymore!!! Live minimalist!!
Moral of the story is: Never, and I mean NEVER, keep up with The Joneses. It will eventually come back and bite you in the ass.
Yep, the Jonses are running for the cliff.
You keep up with the Joneses ....you go down with the Joneses....
@@ifukill7538 Bravo! Great Comment!!
How about banks and bankers just stop breaking the law and actually get thrown in jail and prosecuted for it.
How about we end centralized banking?
The 08-09 financial crisis was a hard lesson learned. No matter how well the economy is doing we should always strive to live below our means, avoid debt, and keep an emergency fund on hand.
Brad Barber amen. This is the best advice.
Get into as much debt as you can then let r' rip.
Good thing we punished those predatory bankers, devious rating agencies, and incompetently managed corporations by showering them with tax dollars. I'm sure they've all learned their lesson and we'll never see anything like this again!
An emergency fund of 1000$ doesn’t cover a 5 year recession you nobhead. LOL
See when I think of emergency fund I think of things like 1000 ounces of physical silver being put away.
What's $1000 going to do in an emergency. If the emergency is less than $1000 it probably isn't even an emergency more like a dis comfort.
Heck when my car broke down I kept my silver stack and just walked everywhere for a year.
Go on college, find a job, take a loan or mortgage, live rest of your life like a slave without health insurance. AKA American dream.
I went to college, got a job, got a mortgage, lost the job and got housemates for to survival. I have a house and car but not the American dream.
Happening again in 2022
This was a contrived plot , called the Powell memorandum in 1971 thanks to greedy Republicans it has devolved the United States of America into two camps, the learned and the ill informed, just what they wanted while they continue to pilfer the wealth and treasure of the middle class right under your eyes..........Since the end of WWII, the government increased wages every year to keep up with inflation. It was a rare year that the government didn't raise wages because of fears of deflation/stagflation. It was one reason we were able to weather the DECADE of double-digit inflation in the 1970s, caused by the Vietnam War and geopolitical embargoes and upheavals in the Middle East. Almost ten years of inflation that climbed over 14%. And Americans are whining over eight months of 8.2% inflation. I can understand why.....! In 1980, Republicans entered with trickle-down economics and filibustered yearly wage increases. We've only had SEVEN wage increases in 42 years and just one in 13 years. Meanwhile, Republicans have given corporations and the mega rich three massive tax cuts, bailed out Wall Street and corporations TWICE using tens of trillions of taxpayer dollars, given corporations over-generous subsidies and cut estate taxes for the wealthy. Republicans have transferred 38 trillion from the middle class and the poor to corporations and the Uber wealthy in the last four decades. That's why Americans can't buy homes these days and why a piddling 8.2% inflation rate is driving people to their knees.This should be the last time a Republican runs for anything, this cancer is about to eat itself !. RUN the Republicans completely out of American Politics, they have earned nothing and stole the American Dream from all of us.
Didn’t go to college, found a job, make 100k+, took a mortgage, bought a second home, living life as best I can.
There is a segment of society that is not represented in this story: middle-aged people who lost their jobs in the recession, and even when the economy recovered, could not get any type of job because of age-discrimination. Still can’t.
That is what hit me. And i was a mess...had no debt. Plenty of savings, but no work. Too old, single, no one to assist me. ...life turned upside down for 5-6 yrs...but i landed on my feet...of my own doing...struggling...but NOT IN DEBT....THANK GOD
How about then not being able to get a job due to low credit scores? What a scam.
Thank you Morris. I have not recovered and at 70 years old it's doubtful I will. The Bush Wars, greedy dishonest banks, bailing out auto industry. and then my life imploded.
Yes. It sucks. I just want to swallow a bullet at this point
@@amberstone7737 Always someone else to blame. Never any personal responsibility. I would be very interested in you tying the 3 things you mentioned in a line back to you personally and demonstrate how they made your life "implode".
"The American Dream...you have to be asleep to believe it." - George Carlin.
Try going to the third world !
@GMOTFP You can leave anytime you want to. I'll chip in on a one way ticket, but you have to promise to stay gone.
@svetla ... so you are also posting as "GMOTFP"? Otherwise not sure why you replied. In either case, stay in your mountain cave in Shitslavia.
@@avasmith235 awesome comparison! you really are setting the standard. hurray!
Charles Bukowski before that, i'm sure he wasn't the first.
All my friends have bought houses and they keep asking us why we haven’t bought a house yet. We rent cheap and we save a lot. In a couple more years we can buy a house in cash and they will still be struggling to pay for their mortgages. Good things come with patience.
U rent cheap? Where?
I have to live where the money is to be able to work so of course the rent is higher too lol I cant afford the newer car and gas to be able to drive from cheap areas to where the money is. To say nothing of the huge time lost commuting. Time can never be replaced, esp with your kids.
How do you find cheap rent? My studio costs a fortune
@@grizzlybear4 I found cheap rent,by buying a 2 family house.With rental income,I pay less than when I was renting.
Live in Elgin near Chicago. Perfect city. Lots of jobs (even after the covid-19), relatively cheap, and if you want to you can take the train to the city on weekends 1:30 hrs, otherwise there are enough shopping places around to spend your money every day.
True
I left the country and couldnt be happier. I always lived a minimalist lifestyle and didnt fall into any of the major American traps (student loans, maxing out credit cards, buying homes, getting married/divorce, having kids, etc)
I left a good paying job in management in Alaska recently. My quality of life was terrible. I make less money now, but I'm closer to my family, and a lot happier.
Amen.
Good for you
Good decision
I recently moved from Illinois to Indiana and a lot happier and less cost of living
America is never going to learn it’s lesson, until middle class sick together, Black, White,Mexican,Latino, Asian, college degree, non college, we are all in this together.
We are alli n this individually.Do not borrow money without a contingency plan!
Well Said !!!
Wise words.
You mean communism??
Yes. We the people are who have the power to turn this thing around and drain the swamp!
"Our next door neighbor had purchased our house." Wow! That's brutal!
I remember reading about farmers buying each others land for a penny and then giving it back to the original owner for another penny. That was in the dust bowl times. I was thinking when they said that, the guy would at least rent their own home to them. NOPE
GTFO
Just...heartless and the older man grew up with the neighbor to boot. People have no compassion anymore. Things were more tough in the dust bowl times if you ask me, and they still had eachothers back more than I feel we do now.
@@armagarepwnsyou5904 Yeah, I came here to show outrage over the douche-bag neighbor. Maybe I'm judging unfairly from a business point of view but it just sounds like a dick move.
DJRonnieG Dayuuuuuuum...they could ha e at least rented it to them....unless this lady was 🤔an asshole neighbor... we don’t know his side of the story.
Makes sense you have be at least 3 months behind before you're eligible for help. Don't you think everybody would just call and say they can't afford it?
Probably 2 bad actors.
My wife and I are in our mid 30s and we paid off our home in July 2020, which we bought in 2013. Don’t get me wrong, it took a lot of hard work and dedication. We have no car payments, no credit card payments and paid off or student loans several years ago. Moral of the story, just because the bank qualifies you for a $500k mortgage, it does not mean you have to buy a home for the price.
It's seems as if everyone wants a mansion instead of something fitting a person's, couple's, family's needs with a little room to grow. My husband and I's (he's since passed away) wants were simple .. 2 bedroom, a driveway and garage and a nice bit of a yard.
Good job paying off a home in seven years. I just paid off all my Consumer Debt at 43; now I can finally start saving for a home.
Well done
Need to take neighborhood safety into account. Midwest vs west coast for example is very different in regards to home price and safety. You are basically paying a premium for safety.
That would never happen in my city. Our average house is 20x the median yearly income.
"We'll have another crisis, it just won't be housing..." Right. It'll be everything. This is the everything bubble.
So true!!
Nah
Sure changed my life.
Brettagher
Absolutely 100% “Everything will crash”... Way worse than the 2008 crash.
Oh your original.....how many times have I heard that oh so vague comment.
The American Dream - 1% living it, 99% still dreaming
Nightmare
Not true
What American dream,The dream is a lifetime of hard work and big expenses, and NO SAVINGS
@@mabatommy your so right ! but We the 99% CAN change all that. After all the government are supposed to be working for us not the other way around. Time for a change, starting with no more Billionaire politicians and big corp pac supported puppet politicians for me.
Many in that 99% have not learned to tell themselves NO. NO to eating out AGAIN, no to another pair of shoes, no to that vacation this year. They whine they're broke, but can't distinguish wants from needs and refuse to learn to budget to live beneath their means. I see it every day in our society.
I got a lot out of these personal stories. I appreciate the people sharing them.
I was one of those who got hit really bad during the 2008 Financial Crisis. I single handedly dealt with the loan modification and foreclosure for a year. The only time I didn't feel anxious was when I was asleep. I learned my lesson and made a promise never to find myself in that situation ever again.
How have you kept yourself financially stable?
I think that I know what you mean by. I have been through homeless and bankruptcy. I can tell you a story about survival!!!
Qualifying for credit has become the American Dream.
Exactly!
That's the lie they sell and they market it every chance they get!
Hey, are you old enough to remember the commercials where people are in line at the checkout and everybody has a credit card except one poor slob who has cash? The line comes to a screeching halt and catastrophe strikes everybody in line as things go flying through the air?
I believe it was Master Card?
That was brainwashing to the Nth degree!
@@SandcastleDreams I remember that commercial very well. 2006 I believe. At the time credit cards were still trying to capture the under-$20 market. They really don't like cash, because it can't be tracked very well. But the credit cards have won that battle. I've seen people use a credit card to buy a 44-cent banana at 7-11.
@@fazdoll Yeah! I know what you mean! I try to pay cash for everything except online purchases. Or stuff that has a warranty.
Paid off one house loan today ! Great sense of relief . Two more to go! Watching documentaries like these make me do it. They motivate me immensely. I have no urge to travel or doing whatever besides paying off my mortgages.
Why the he’ll did you take out not one not two but three mortgages ? It’s that kind of irresponsible behaviour that lead to this disaster. One aspect all the documentaries leave out is the individual actions of all the individual people pulling into housing for greed
HaveBad Day its business... if he is renting out the 2 other houses, he isn’t only paying them off alone, rent money helps him and he keeps the house at the end! Use ur brain
Just think of these evil bnkers scheme.. even if u paid them all... They will sabotage u so that u will ended up applying for a new mortgage.. cause they own the military.
Peace Corp well if you sign with the devil expect the devil to take your soul
@@havebadday7850 what i mean is.. have u read a book about economic hitman? well libya seems to be well off until the bnkers storm the country take its gold.. n after all the devastation set up a central bnk to force trap the new government in debt.. bnkers love wars.. they profit during n after the war.
Anyone else notice the drawing at 27:52.... AMAZING! Don't hate me for being off point but it is a very powerful drawing. Well done!
I just saw it, that was an unbelievable drawing. Amazing!
Yes and the artist is very young
Honestly I came to the comments just see if anyone else noticed it. Like a ray of sun in a storm
I saw it . She has talent.
What a well adjusted young woman. And a talented artist to boot.
Having more of your income confiscated,your entire life in exchange of substandard government run service isn't anything to brag about. its actually embarrassing..
@Chris Davis The central role of property rights in our system of government must be reinforced.
Property does not have rights. People have rights. The right to enjoy property without unlawful deprivation.
@@fredbailey5143 People ain't their governments, people are people. we have a lot more in common than you think.
The desire for profit was a powerful motivator to make man improve his condition (and thereby mankind's in general).
@@ericrobert4651 The creation of this property eventually allowed for exchange.
It's called the "AMERICAN DREAM" because you have to be "ASLEEP" to believe it! - George Carlin
He made out pretty well.
@@dbergerac9632 The average man doesn't stand a chance.
Carlin was brilliant!
rusco321 yes!
Yes!
"Live on less!" The best advise that I've ever been given. Busted my butt to get out of credit card, auto and student loan and now debt free except a mortgage. Don't care what the Jones has and never been happier. This is coming again in some form so we all need to prepare for it.
you been proved right...
We never would have suspected the way it happened,but I'm glad i was prepared for an emergency!
Ditto........... Covid-19 Pandemic just hit us right in the Face!!! Gotta continue to live within our means........ atleast most of us should!!!! Life is A rollercoaster 😳😳 & Financial Literacy is sooo vital!!!
Same here. Worked two jobs and 7 days a week to pay off student, auto loan, and save enough for a down payment for our house within 5 years. Now, working toward paying off the house and truly be debt free. Nothing feels more free then debt free.
I am debt free right now. Working on saving up for a house downpayment.
I'm in the military and I remember in 2006 seeing fresh new Airmen straight out of basic/school training getting mortgages approved for new homes.
I knew there was a problem then, just didn't know how widespread it was.
Dangic23 I remember illegal immigrant unskilled laborers (landscapers and hod-carriers) buying up houses like candy for no money down.?.. as early as 2005. ... Thought it a little strange, but had no idea what was looming.😭😡😠😠😠🖕You BANKERS!!! Next time it happens, you will be 😆 🔫
@@bonanzatime those arnt unskilled workers
@@elisscaliving4776 dude… anything could happen… like getting PTSD or injuries due to training etc.
Every year, the government and Senate put up a show of economic discipline, but wind up lifting the debt ceiling to pay their bills. They continue to accrue debt without a repayment strategy. The worst of all is the financial market. the most uncomfortable teenager with the most extreme mood swings. I have $183,000 in life savings that I want to invest, but I'm afraid to take the risk.
@GarrettDills Is there any chance you could recommend who you work with? I've been wanting to make this switch for a long time, but I've been hesitant. I would appreciate any recommendation you can provide.
@Garrett Dills Interesting, I curiously searched her full name on my web browser and I came across her site thankfully. She looks impeccable.
Then you will lose purchasing power to inflation. Fortune favors the bold my friend.
No the worst is how we bail out banks that have been irresponsible, and provide stimulus to companies who don't need it, over and over and OVER.
This is how the debt has accrued, that and that there is a colossal amount of tax avoidance.
It's a revenue problem and a tax problem. Once you solve that and stop bailing out irresponsible banks and let them burn instead, we will be on a pathway to recovery.
Instead we're going to hell in a hand basket. This time it will be worse because the governments don't have any room to move. The banks are calling the shots and they want high interest rates and that's the end of this part of the story.
BUY PROPERTY ❗️❗️❗️
No matter how bad the economy.....buy a piece of land for yourself. If time is so bad....AT least you can live on your own land and NO LAND LORD can push you out ❗️❗️
You can buy a used container....make it as your temporary home and live there till time is good ❗️❗️
Already started cutting back on my spending and increasing my savings.
Me too
When they do bail-ins this next time, the bank will thank you.
Amen. I've learned from my mistakes - SAVE, SAVE, SAVE, SAVE!!! and then save more!!
Reply to TheyRiseBand: SAVE YOUR MONEY INTO PHYSICAL CASH AND SAVE IT IN YOUR OWN PROPERTY. NEVER TRUST BANKS!
Saving in the long term will make your net worth shrink due to the fact that inflation and low interest rates eat it up. If the banks gave you a five percent savings rate then I'd understand it, but this isn't the 90s anymore. We're in a perma low interest rate time. If you want to save, then invest in stocks or buy gold. It's safer than to let your bank take your money and loan it off to some mortgage holder who makes 25k a year.
live on cash. Forget the big banks and credit cards, student loans. Cash is the way to go.
Don't wanna miss out on those equity returns though. Pretty solid
If you do that you will find it almost impossible to ever buy a house. Unless you plan on buying that for cash also.
Wow...don't you know the cabal is doing this intentionally to make way for a cashless society? Jeez...some people are just blind to the way the elite are working.
Do you have enough cash to buy a house? Mortgages are normal. PEOPLE DON'T REALIZE HOW MUCH THE GOVERNMENT INTERFERES WITH BANKING AND LOANS.
THE GOV'T doesn't make it too hard, but too easy. Caps problem, sorry.
Cash is the way to go if you have a job or a business that others haven't underpriced you out of.
Theres something predatory about the current financial system at the expense of normal people.
No there isn’t. You borrowed the money, now you have to pay it back. You chose to do it, no one forced you. That’s a choice, YOU made. It’s not predatory if you chose. Period. Just because you don’t want to follow through with what you signed on to do doesn’t make it predatory. You failed to live up to the contract.
I pray to never go back to the situation I had to endure i went through during the last recession. My mom passed, I lost my car, I lost my home, and then my job downsized so I was let go. It just seemed like money was worthless, and bad things kept happening. I tried to find a job, and couldn’t find one to save my life. I ended up living with family, and went through pure H-E-L-L! Family can be your worst enemy I swear. I was ridiculed, cussed out, screamed at, lied on, lied to, threatened to be put out the house just because they had the power to do so to make me the butt of jokes, and so on. The worst time in my life. Nobody intends to lose everything at all, and when you do hit rock bottom then your family should have your back. I got treated so poorly by them when I needed them the most. I am finally doing good for myself, but what my family did to me when I had nowhere else to go has scarred me for life. COVID-19 has brought uncertainty to our lives, and I am doing all I can to stay afloat because I never want to depend on family again. People don’t know what rock bottom feels like until they have went through it. Talk about a lot of hurt feelings, and questioning your self worth.
Don't let them make you feel that way, they should be embarrassed for acting that way towards you. Sometimes, family is the worst and we don't get to pick our family. some are better off without them, if all they do is judge and act holier than thou, let them go. Just wait until life kicks them in their asses, see how they like it, they would be the first ones to say don't judge me, etc., etc. Some people are so closed minded they cannot empathize or understand unless it happens to them, then they get a clue. I hate people like that, just because their lives have been so perfectly untouched does not mean everyone else's has. And life happens, just like posted. I'd rather be alone than deal with toxic people like them. I would stay away from them, that's not family. Eff them.
Don't you ever question yourself or your self worth again! You have endured all that, and yet, you are on your own and moving forward, perservering for a better life during a time of national crisis. You are worthy of every dream you have! Enjoy the journey! Enjoy the reward when you get there! 👍🎆
This sounds like I wrote it ❤
& yet people belittle and tell me I am stupid to want to pay out of my pocket to build myself a tiny house so I won't have a mortgage...This just furthers my justification on not being "house" poor
@Sheldon Cooper but the amount of rent you pay for an apartment will double thruout the years and you do not own the place even tho you are paying mortgage prices. By owning a self sufficient "off grid" tiny home you will be able to save for retirement and be able to move where ever you want and not have a ton of debt
I want to do the same. Notice how local governments make it hard (zoning) for us to build on tiny patches of land. Not enough in taxes for them...
@@aiahzohar5636 there are a whole community of people and farmers that will rent you land for cheap to put your tiny house on it just look around :) and when I say cheap I mean $50-$100/month cheap
Smart move!!! I made a house from a shipping container and will be adding to it soon!
@@mosesyang4222 But make your 'tiny house' at least 'transportable' so that you can move it if your circumstnaces change.
That family in the camper smh. They had so many children and they can’t afford them but they’re still having more. A mess
That is completely normal response.
I would like to know where they found the space and privacy to even make one.
It is normal, they cannot find a way to solve their housing problem but they can continue to have babies lol
India Blunt
How will they pay for the childbirth? And the child? They said they sometimes do not have enough food. It's nuts! Irresponsible.
i think for all the babies that they have they might get a credit in their W4 form and W2 tax filing from the IRS
Driving a truck is what kept my family going. I was gone six weeks at a time taking one week off But we payed off or home and car.
"don't buy what you can't afford." that should apply to everything, not just buying a house. the American dream is to be in debt. don't fall for it..
You r so right.
I went through that time period. I was ok because I didn't lose my job. People that lost their jobs were in a tough spot. Even if you have no debts you still have bills. Even a paid off house has charges attached to it like property taxes. They don't go away. The cost is all over the board. Depends on were you live. Utilities they don't go away. If you have children they don't go away. If you lost the company medical coverage when laid off you have to pay for it now. I seen people get laid off during this time frame and they were traumatized. Even young people were because they have bills. Plus the job market wasn't wide open no matter what the skill set. There was a reduction going on. Many banks went out of business. I seen empty houses that prior to the crash were filled. I'm not talking mansion either.
Housing should b affordable tho
Really? Americans are taught and encouraged to go out and spend and consume! Broken culture and society with all these fears of "socialism" when unfettered capitalism and the dominance of large corporations and their interests domainte American life and this is a disease spreading to Europe as well.
If you only listen to one piece of advice in your whole life make it this one: HAVE NOTHING TO DO WITH WELLS FARGO. TRUST ME.
lol, theyre my bank =(
Agreed, they get you with their cute horses and the spirit of the west... crap to them!
That the bank I do business with, please explain!
@@micster87 they didn't make any adjustments on a scam mortgage they gave me. Lost my life savings. They open accounts fraudulently. They freeze accounts if you go into bankruptcy so you can't get your $$. They are CROOKED. Google them and hit news to see all the scams and settlements.
George Urban they owned my mortgage and I asked them to help me refinance. They would not help me so I went through another company. They are evil.
Buy only when you can afford. Bigger is not always better, affordable is always better and keep you out from troubles.
Right on sir!
Human, they can not help themselves. left the fool be.....
Silas Yuen 👍
Silas Yuen I see these huge house and think about the electric and heating/ ac bills
many can't afford anything. And that's the issue really.
Lots of people believe that "they deserve" more than what they can actually afford. I also know many who work every possible hour, every day just to do this. Amazing culture we've become.
Some people don't care about their health or their families....or just taking time to relax.....they just work too many hours to buy things, sometimes not because they really want them that much.....but to impress other people...."I got a $1,000,000 house" or "I got a $30,000 car"...."so I'm better than you"
Nathan , You are right.....Some people believe they deserve things that they cannot afford. I live how the BIBLE tell us to handle life also finances. No DEBT. Trusting in GOD is everything to me. Shalom.🍃⚘🍃
Best moment of all this 2008 crisis was one bloke with a plakard aimed up at the Lehmans brothers offices in New York. It read , "JUMP ! YOU BASTARDS"
I loved that , sadly.
Don't live beyond your means. The next crisis will come, don't fall in that hole. Good luck.
Shawn Wilson People are encouraged to take on debt
@@Azhucabomb like blaming the drug dealer
Anyone who is fired is instantly living above their means.
We are still on low interest rates and Trump is even talking about lowering them further and starting a new round of fresh QE. Of course people are going to be encouraged to spend rather than save.
The prices we are facing today, a freaking home and a freaking car is beyond means, yet it is a necessity nonetheless. To this day I still cannot believe your financial institutions actually advised you to pay late. What kind of idiots run their shop?
These stories are sad, but also gets me thinking that it can happen to any of us. Hope things will get better for all these families. God Bless!
I wonder how they coped with the crash from the pandemic 1 year later.
I can’t believe how many people I come across on a daily basis that have amnesia about 2008 💯
It is hard to believe isn't it? I clearly remember how people panicked and stated selling. Nothing has changed 10 years later except the levels of debt are way higher!
it's because mainstream media pretends it never happened, they just want us to know the next awful thing that happened and not how the majority of people in america are living
That's partly because many first-time home buyers today were just kids in '08. At age 15/16, you really don't know much about the economy, especially if the housing crash didn't affect your family.
@@inabina2925 YEP! I turned 15 in July '08, so Sep '08 - Feb '09 went completely over my head. I'm almost 26 now, and I just say "holy crap!" to everything I have been learning/watching/reading about it the last couple years. I was so clueless as to how much the shit had hit the fan.
Heard! Like we not going into this again as we speak
I was fed the same lies, I was told to wait 3 month's ,I was told to send 4000 dollars to the bank of which I manage to scrape up barely , sent it proudly while raising kids on my own after a nasty divorce , and my mortgage would be lowered with a new mortgage I was told to be behind in my bills in order to get help, nope they took my money and then I received a denial letter, a promise in the dark, don't trust greedy business:(
Happening again in 2022
I never knew they were doing that to people that's horrible. Imagine if you had taken the $4,000 and bought yourself a rv. Not admonishing just saying for anyone in the future, this is what you would probably be better off in doing in that situation.
$4300 is more than I make in a month. I couldn't imagine having that as a mortgage.
Me too.
I can’t understand why anyone would ever want to pay that much money for a home each month! But this is why financial literacy is so important. Most of these people didn’t really understand what they were signing up for with their mortgage
I make 1000 a month
It's all you know why?why?why? DELILAH!!! secret, secret nobody knows it!!!
@@winstonprice9432 I would never attract that mortgage. Why attract debt?
Moral of the story: live within/below your means; spend only a fraction of what you can afford; be financially disciplined. Plain and simple.
sanjay reddy Exactly...Your a rare bird my friend. Debt IS slavery. And not to be taken lightly.
Yes exactly . Invest 40 percent (or more) of each and every dollar . You quickly learn to cut crappy expenses out . MAKE MONEY MAKE MONEY . MAKE MONEY MAKE MONEY.
RIGHT!
That’s right!
You mean that, if I am an employee from a company which took some loan to reinvest in it's productivity, soon after, the crash comes, and hence, the massive unemployment as well, which in a way or another, will affect me and my family, therefore you are saying me that I should kill my children in order to save the money expenses with their education? Did I get your point straight enough or is there something I am missing? Excuse my poor comprehension of your point of view, once I am from Brazil, and here, things are a little bit deeper, in other words, I live in a poor country with the most wealth inequality in the world, indebted to the ceiling, record unemployment rates, whose the actual president doesn't have a clue what he will do to solve this huge, nevertheless old problem of being a country exploited by the allmighty Uncle Sam...
People are too focused on living “The dream”.... this life isn’t about that. Live within your means... live out of necessity not out of want! Stuff and status will not make you happy.
Having shelter is not "living the dream" it's a basic human right! have a seat!
So far, at least two subjects had savings, so they were living within their means. Their savings dwindled when they had to use it to make mortgage payments when they lost a job. I get that people desperately want to blame people in a bad situation so they don't have to admit how easily the same thing could happen to them, but putting your head in the sand helps nothing
@coffeeinthemorning the sad thing is that people are all too willing to blame themselves for the financial disparities in the system. The middle class is disappearing and it is due to forces beyond the control of the middle class. Sophisticated investors like Banks and hedge funds as well as more naive middle Americans made mistakes during the financial crisis. You know who got bailed out? The people who not only should have known better, but helped to create the crisis. And many banks did everything in their power to continue to foreclose on houses. And after a foreclosure they could still go after the buyer for the loss. The people who should have known better got rewarded and the people who didn't ended up lugging around a giant financial burden. How is that fair or reasonable? I can appreciate taking responsibility, but I think that's exactly what moneyed players rely on.
I had an Englishman told me years ago you Americans buy what you want we buy only what we need
I'm happy with less.
I grew up in the UK and our parents taught us to be happy with what you have.
We had second hand toys and clothes growing up.
I'm in my fifties and paid off my mortgage 7 years ago and no debts and now retired.
People who live in the " blue zones" always seem to say they are happy with what they have.
They eat simple healthy food, exercise daily- this could be walking.
They live amongst their families and seem happy and content.
They do not chase the money and have simple lives with little stress.
Capitalism has not poisoned their lives and they are living the " old way" like people in their area used to.
I’ll never forget the recession. I was 22 years old. Im from the Detroit area and when the recession hit, all the auto makers laid off thousands of people. The whole area is dependent on the auto industry and when they almost went under it was devastating for everything around here. I was out of a job for over two years. I seen half the homes in my neighborhood go vacant. I seen entire strip malls go vacant. Maybe if I was lucky I could work one or two days a week at a temp service making $9.00 an hour. Kids in their 20’s today have it so much better than I did back 10,11 years ago. Today I’m 33 and I’m doing much better. I work at a steel mill making over $20 an hour and have no debt. I’m very fortunate to have this job and I won’t forget where I’ve come from and hope I never go back to that. Over the years since I’ve worked different jobs and am in a much better position where if I needed a job I could get one or if I had to leave the area I have the resources to do that where as back then in 2008 I didn’t have any resources or connections to help me. I’m still not a home owner because I haven’t made any real money until the last 6 months but I think one day I will be. As for having a wife or kids I seen how unstable things can get and still are and am not gonna put myself in that position. And it breaks my heart to know I’m condemning myself to a life of solitude but it seems better than the alternative.
Wish you well, like they say live beneath your means and it's not what you make it's what you keep. I try not to use credit and pay everthing off asap. Never say never.
Same here in Ireland I get exactly what you are saying
+Blue Collar- You are NOT condemning yourself to a life of solitude by not getting married. You are AVOIDING a life of servitude! Come home to a life of solace and serenity! Class dismissed.
Blue Collar - “The recession” never ended. We’re still in it, and it’s just getting worse.
You don't have to get married or have kids, I'm 48 and been in a long term relationship for close to 10 years now, I decided in my 20s I didn't want to get married or have kids. I'm a servant to no one and I'm definitely not alone. It's kind of nice to have someone who has my back in life, we're a team, but we don't have the same responsibilities a married/childed couple has. My boyfriend is from Detroit, it's always sobering when we go back to visit his parents. I also have family in MI so I wouldn't be opposed to moving there but the jobs haven't come back yet. I really hope that area can recover, lots of good people there.
You think 2008-2009 crisis was bad, wait til you see whats gonna happen this time. Sad to say it, but we're about to experience a depression the world hasn't seen before.
LOL I think it's safe to say we're experiencing it now.....
There could be more mass layoffs coming due to the economic aftershocks of the coronavirus even though the media says the worst wave of mass layoffs have passed.
The dark horse of the apocalypse
Well, not "hasn't seen before." Actually, this cycle is repeated so often that it's kind of astounding that no one in this age of information bothered to try to do anything differently. In any event, the collapse of the Roman Empire was fueled by corruption, political instability, over expansion, military overspending, and finally attacks by outside forces that eventually rose to challenge Rome's legions. The collapse led to the Dark Ages, so naturally, we followed the Roman plan the the T and now look what's happening. We've always had corruption, military overspending, and an over expansion problem (though we opted for influence and monetary control instead of territory ownership), but now we have severe political upheaval at the exact same time other nations are starting to test our military resolve in earnest. History always repeats itself, so it won't be worse than anything the world has ever seen; it'll just be exactly as bad as every other horrific piece of post-collapse history.
9 trillion missing in 2008
Imagine your neighbor buying your house and not renting to you for a decent price. Damn your neighbor must’ve been hating for a long time lmao
It’s just money honey
It’s nothing personal
your neighbor must be capitalist
Um, that just doesn’t happen by surprise. They got a lot of notice first. Plus, Sheriff’s sales were absolutely glutted at that time, so they had a lot of notice.
Neighbors buy neighboring properties all the time, when they come up for sale. If the neighbor hadn't bought it, someone else would have. Regardless though, whoever buys the house has to make it pay, and they have to charge enough rent to pay for their expenses (repairs, property taxes, insurance) and for the mortgage that they have incurred as the new owners, plus hopefully make some profit! There is no
"free lunch". The new owner, the new purchaser is not necessarily the bad guy.
i couldnt believe the neighbour bought their home lol
Be content with what you have. Be thankful. I always thank God for food, clothing, a home, a new car, my husband's job, the ability to be a blessing to others, and comforts, modern convenience,etc. I can remember when my hubby and I first got married we rented many years, any didn't not have anywhere near the blessings we have now. We also have 0 debt and own our home. I give God the glory. Always be thankful for whatever you have, little or much. Many in US are still blessed.
Sharon, This is what I have been saying in many comments. People have left GOD , who gives us all things, breath etc., out of their lives. It will crumble without GOD. Like you I have no DEBT , own my cottage....all because of the LORD. GOD BLESS You all. 🍃⚘🍃
I lived in a small house which I afford. I live simply and am happy even though I don't own a big house or a luxury car.
I would love to live in a shed but I cant even buy one because my student debt.
@grumpy old fart I hope you have your assets more diversified than a ton of silver on a very sinkable boat.
@grumpy old fart if it all goes down silver is gonna be worthless. it is just as worthless as those paper except the industrial value (and some negligible detox properties), which in a SHTF is gonna be worthless. no one is gonna trade a truckload of food or a crate of medicine for metal bars. tools, ammunition, know-how is gonna be the best bet. look at the prison economy, if you have know-how you are gonna be well off. skills such as first-aid/medicine are gonna be valuable even legal knowledge would be valuable. in peak health condition before SHTF is of course the most important goal, which is also beneficial needless to say if SHTF does not happen. but, whatever floats your boat. ;)
@grumpy old fart you are 137 years old?! literally or figuratively? because how on earth do you operate a boat at that age? no offence intended.
@grumpy old fart what is the cost of living on a boat? docking fees and such? I also heard they need to be lifted once a year to be painted? I guess you also need license. hmmm lots of sacrifices I would say. don't know if I will ever acquire the letting go mentality. don't think it is an age thing. but anyhow good luck.
The most important thing in life - a place to rest your head. If you have shelter - everything else is possible.
Next time it will be much much worse. They play this peaceful music at the end of the video but nothing has changed and people are in much more debt, working useless jobs, and totally unprepared for things to come.
We need the LEFT.
Yup three out of four is still struggling, although the ministry singing family is the smartest one i think, they had check out from the system..
They’re turning us into slaves.
@@joeldwest all they'll do is accelerate the collapse. Nothing I've heard from them is gonna help
The worst of this documentary is the fact that ALL banks were saved from any accountability to the harm and misrepresentation for these individuals that lost their homes.
It wasnt THEIR homes because they never paid for it, that would be the whole reason this nonsense started. People taking DEBT to live in SOMEONE ELSE HOUSE. When they give you something, they can TAKE IT AWAY. No tragedy, just idiots
Yup they got bailed out meanwhile us? They kept that bailed out money meanwhile they still took our homes . They should’ve done something like when COVID happened .
Why did they lose their homes? They didn’t pay their mortgage. How is that the banks fault? It’s not.
I don't want the american dream, I want my dream.
TRUMP GLITTER ROLLING ON THE TURD
That lady with 2 weeks to pay and the neighbour bought the house from under them.... That has broken my heart. Broken my heart. Packing photographs of her pets into boxes. Two days after Christmas and I'm bawling like a lost calf!
I know business is business but there are things you don't do.
Well note they had been staying rent free for over a year before the bank was trying to rob them. Wells Fargo sold it while refinancing. Not sure on the legality of that but we are only hearing one side of the story.
Exactly, there are things you don't do: don't live a lifestyle you can't afford.
Your neighbor buying your house is coooooold
@@IndigoBellyDance it was hateful
we only have one side of the story, the fact bank waited for 1 full year showsdetails are missing. This woman did not downsized, bottom line, likely also living over her means anyway. Greed + low IQ.
My bank called me just before it hit in the UK. They said we want to offer you a loan now because soon I wouldn't be able to get a loan because of the upcoming crisis.
I told them I wasn't interested, a conversation that lasted 45 mins while I drove to Manchester. They just wouldn't take no for an answer. Eventually I told them I would think about it and they said ok we will call you tomorrow to set things up. £8000 they were offering me without question. They called the next day to set it all up. I never answered the call.
Ridiculous!!
Anybody watching this Aug 2020? 2008 was a wake up call for me. I spent 10 years paying off house, car, CC debt and building some savings.
I was in private school in Florida in 2008 and thought my parents were all good and all set. The financial crisis destroyed everything. We lost our house, dad lost his job, parents got divorced, dad got to drinking, all my siblings moved out. I turned to weed and alcohol as a teen sitting waiting for the bank to lock the house up, after that got an apartment. I wonder how my life would have turned out had all that never happened. They just kept building and building these subdivisions around town, I knew it wasn't going to last. Tearing down all that beautiful forests to put new cookie-cutter houses up... waste. Humanity is a pestilence.
Sorry to hear that Joe. It's not easy when economic downturns affect your family structure. Hope you're doing okay now and although it's always a bitter lesson to learn, the valuable lesson that things don't always go according to plan is best learned sooner than later. I had to realize that at 18, when I was getting acceptance letters from college, that realistically, I just couldn't afford it. So I had to decline. Now I'm just trying to catch up with my schooling with a 40 hour job as well as an extremely dysfunctional family that collapses every year, it seems. The children that come from broken homes or family structures that were turned upside down seem to always get left behind, but the only comfort is that we're not all alone.
I can relate to almost everything you said...I hope you are hanging in there buddy...try and not self medicate with alcohol
Looking back, think of all that time you wasted drinking and drugging while your world was collapsing in front of you. You can make choices that will enable you to avoid all of that. Make smart decisions. Invest in your education. Masters and Doctoral degrees pay off the long-run. Even during COVID, I don't know any of my peers with Master's degrees who are struggling to find work. You have to make it yourself in this world. That how it is.
Exact same happened to my family in Southern California. I refuse to be like my parents and have multiple savings accounts for hard times...even if I only add $10 in at a time.
are you still a poor?
It's ALWAYS time to be thrifty in ALL matters. I remember the poverty my family experienced in Europe so it is engraved on my conscience. The consumer society is just
a con game.
👏👏👏👏 so true
paul broderick a con game that most fall for it.
So true. Stay out of the stores, unless it's the Dollar Store...😎
Yep making shop keepers rich
Well put Paul.
dont live on credit, live within your means
It might've been helpful to consider your means before birthing more children than you could care for.
I have difficulty feeling the woes of your economic troubles. If you had not wagered your income against how many mouths youd need to feed..how many square feet you felt needed to do so..which it appears you cant afford...Its very much your poor Breeding Math..Vote Smarter,according to your Needs..your ambitions appear unsustainable..
It's typical American. All living on credit while growing fatter than a wallrus. When you're fat you're not poor. I've been to poor countries in africa and nobody was fat there.
My mum always says: "don't buy *anything* on credit, except for a house/appartent, and buy that below your means." I think she's right.
Living on credit is fine so long as you can pay your monthly balance, NOT your MINIMUM BALANCE.
36:15 this is the 2nd time I've watched this documentary and it's amazing how this lady obviously doesn't understand the simple rule to financial success. You have a written budget. Inside that budget don't neglect a savings of 10% as you pay off your debt. You only buy what you have the money to purchase with cash without exceeding your monthly budgeted line items. After all debts are paid off check your savings and if you don't have 6 months of expected expenses saved increase your savings inside your budget to the highest amount you can until you have 6 months of expenses saved. You're back revising your budget now. Take your total monthly take home pay and divide it by 4 and that's the maximum you can pay monthly for a house payment including escrow. See what that buys in your area. Then you start a seperate savings for downpayment. You'll know what that number is because you take the home price of the home you plan to buy, run the numbers to see how much you'll have to put down as downpayment to have the mortgage payment including escrow no more than 25% of your take home pay. That's how you buy a house. That's the way to buy a forever home that doesn't become a burden. Never pay more than 25% of your income for housing....renting, leasing, or buying.
All those people trekking north from central America are screaming, "I haven't had a good nightmare in a long time. Let me in."
For the black lady in Florida!! GET OUT of that state! Florida is designed for RICH PEOPLE!! You deserve better lady!!
Hahaha
Where should the black lady in Florida live? Which state is designed for poor black people, Mississippi????
I don’t want to be poor in America, period. And definitely no where in Texas, Florida or Mississippi - poor, middle class or in my dreams - financially wealthy beyond measure. My family left Arkansas in the 40s and you know what, that area hasn’t changed a bit.
My advice to her would be to move to the northeast or the west and apply for a state or federal job. But that’s just my $0.02.
@@aprilsno43012 I love being poor in America. I have food, a car, Cable TV, Central heat and A/C. Many kings in history would envy my life. Being poor in Zimbabwe is less appealing.
Haha! I don’t call that poor. I mean homeless living on the street.
How many people watching the video noticed that the mortgage insurance company payed the bank in full after your foreclosures?? So the Banks got paid twice. After you default they mortgage insurance company payed the bank in full then the bank came in and took the house.
So true.
Homes were selling at a 3rd of their value. The homeowners punched holes in the walls and stripped the homes before they left. The ins companies made up the difference.
To make it worse, the banks argued with federal courts that they should NOT have to put those repo homes up for sake at "market prices at the TIME" -- called "mark to market pricing".
the banks argued they should be able to keep the homes and WAIT for YEARS until they could get the price -- they wanted! There used to be a theory out here that stated- they banks REALLY don't want to own houses! That is a lie! They banks ALL BAD LOANS got PAID for by the FEDERAL RESERVE --- that WAS part of quantitative easing!!! The average person got their home taken and no bankers went o jail!
@@yakkyuu12 Quantitative easing was used to purchase bonds on mortgage backed securities. The purpose of that was to increase the money supply, which in effect lowers interest rates, which helps with liquidity in the credit market. Bad loans were paid for with TARP.
@@Inbal_Feuchtwanger Quantitative easing was mostly what you said -- a little adjustment in your definition and one BIG one ----- Those SO called bonds-- were ALMOST ALL made up of bad mortgages, wall street created them as bonds and sold them to other countries as AAA quality(yes, they LIED), the mortgage back SECURITIES are DIFFERENT( just as bad) - but they were purchased by the fed - like you said!
NOW-- SOMETHING IMPORTANT you are wrong about--- I GUARANTEE THERE was ZERO - YES- ZERO INCREASE in the MONEY supply-- hard to believe - but TRUE; Here is how it IS true!
the FED MADE sure that Quantitative EASING NEVER REACHED the STREETS( the public) they made SURE they BANKS ( ALL OF THEM) KEPT that massive amount of money --- AT the FED AND AS RESERVES- it NEVER reached YOU! the FED did STRESS tests to see if there were ENOUGH RESERVES to cover the banks bad loans and to make SURE the BANKS were solvent, this went on for a couple of years!! This IS the MAIN reason there is little inflation and poor to NO raises in wages!! Remember how Janet Yellen REFUSED to raise interest rates - she kept saying "wages have NOT caught up" so we are NOT seeing inflation!!!
PROOF (guaranteed!!) THERE is LITTLE TO NO INFLATION today!!! That LITTLE to NO inflation was ALSO GUARANTEED by the FED actions in buying those BONDS and MBS-- BOTH actions have KEPT inflation DOWN ( or your dollar would be worth like the PESO!!)-- Another important side NOTE---- This was DONE at the EXPENSE of BOND COMPANIES AND SAVERS!!
MORE PROOF--- LOOK at PIMCO-- it is a MESS! Incredible amounts refunding of money, BILL Gross ( the BOND KING) LOST his JOB- NO ONE thought that would ever happen. Bond YIELDS are HORRIBLE --- This IS BY DESIGN OF THE FED!!! they STILL ARE the sacrificial LAMB!
Lastly --- it is IMPORTANT to KNOW this GIVING the banks money was DONE with VERY STRICT rules of keeping much higher amounts as RESERVES and HUGE amounts at THE FED! IT NEVER reached you!! --- LOOK up HELICOPTER MONEY( BEN Bernanke was famous for this) The Fed had to put some money in play, but the FED BOARD and PAULSON stopped Ben B. SHORT--- because they KNEW the EFFECT of TOO MANY DOLLARS in the economy!!!
The FED is NOBODIES FOOL --- they have BEEN cleaning up their balance sheet,( LITTLE BY LITTLE) BUT, they KNOW too many dollars on the STREET could cause something they FEAR MORE than INFLATION ---- DEFLATION -- people hoarding money( out of FEAR, people have little savings, yet and they REMEMBER how POOR they were, so they hold on TIGHT) and not buying, NOW prices FALL FAST and DEFLATION is the FED BIGGEST FEAR, it is much harder to fix!!!
This is so sad. I hope all these families have had so kind of luck and are much better off today.
The American Dream has left the building.....
Yep...with Elvis
Claudia Marie Bermudez
Maybe for you. American dream to me was something created in 50s and 60s when you can have 4 or more kids and get jobs with ease.
I focused more on my personal financial abilities not mimic lifestyle from the past that no longer applies.
I have nothing in common with these people in the video.
What they seem to be figuring out at the end of this video is what I already knew since grade school.
The last recession was actually the best thing to happen for me. Paid off my 30yr mortgage in 9 years at that time and never consumer debt.
I even bought a $560k partially furnished newly remodeled short sale condo for $240k cash during housing crash.
Cash was king.
My 401k even tripled to 1.4 million since 2009.
Doing fine.
For real, for real! Or is it that poor and middle-class people can't tap dance fast enough like the upper class?? Maybe that's who the American dream is built for as far as I can see. Can't help but think about how the Bible talks about poor people wanting to fit in with the prominent people so they'll go to Great extremes blindly grasping for what Avenue they can take to keep up with the Joneses. There's nothing new Under the Sun
Claudia Marie Bermudez yes, decades ago!
Home ownership I guess offers a few things. Something that is yours that you can do what you like with without accommodation. And when you are older, it will be paid off and you will have a place to live when you have no income and an asset to leave your kids.
Wells Fargo is a horrible bank. From personal experience, I can tell you that they lied, had questionable accounting and only responded when they had something to lose. I was shocked at their incompetence and poor accounting. Because of the experience of my very close family member, whom I helped through this nightmare, I vowed to never have anything to do with Wells Fargo and to never buy a foreclosed property.
I heard they recently admitted to making "mistakes" and foreclosing on homes they shouldn't have. Can you imagine the lives they destroyed. Will never give them my business.
Their accounting is appalling. Their own people could not figure out what the numbers meant or where they came from. Their incompetence is still unfathomable to me to this day.
I had my mortgage through WF and they destroyed my life.
They haven’t done anything to me but I need to switch from them just because they’ve done wrong to others. But it’s so hard to reset everything. Getting new accounts is so annoying. Also all the banks are bad tbh except credit unions.
Mary Newton so sorry to hear that :( they put my dad through hell. He had a lot of outside support. Otherwise, he wouldn’t have made it.
I'm completely confused by 2:24-3:55. How can you call those loans discriminatory when it is up to an individual to decide to take a loan or not, regardless of who offers it to you? The fact of the matter is (2:24) your finances were reviewed and it was objectively determined that you *did not earn enough money* to qualify for any mortgage, i.e, *you could not afford that house* and yet *you decided* to still sign that agreement after the company proposed to *straight up lie* about your income. Look I don't know what that person's other circumstances were, but she made the decision to make a purchase which she could not afford and eventually got burned because of it. I don't call that discrimination on the lender's part, I call that foolishness on her part.
Which is why they lost the lawsuit. Twice. Unfortunately there seems to be a flawed logic where "outcome" implies inherent discrimination. That something along the line must be discriminatory if Hispanics, say, are 5 times as likely to be foreclosed-on than another "race". And this seems to be perpetuated ad infinitum and even found it's way into legislation. As a guideline I can see it overall making sense - find a way to equalise the outcome - but this seems to be taken literally and as a logical argument. At it's worst it is used as justification for reverse discrimination. But again, sense prevailed and the lawsuit did not succeed.
It was not discrimination, it was criminal.
@coptic777 the thing is that for blacks, the father is not in the picture and the female keeps opening her legs lmao
Exactly, my mom lost her home too. Greed is colorblind
@@DiscoFangThe reason why Hispanics and blacks are more likely to be foreclosed is not because brokers went after black people. They went after anyone who they could convince to sign. It is because, due to the aftermath of past inequalities, there is still a big gap in education, opportunities and poverty and hence income between blacks and Hispanics compared with Caucasians. That is not the direct fault of the brokers. That is more an ongoing issue in the wider community that can only be changed slowly than strictly with the banks.
Excellent content and coverage. Wishing all the hard working, intelligent and lovely people health, love and prosperity.
I am an independent self-employed contractor.
*AND I HAVE NEVER WANTED TO OWN A HOME*
People always look at me funny when I tell them I rent, and then they give me the usual spiel about why renting is so bad. I have always felt.
*GOD FORBID IF MY BUSINESS SHOULD SLOW DOWN / I GET HURT*
At least with renting I can *downsize quickly,* as opposed to buying, you cannot get out of that house fast enough to stop the bleeding unless you just walk away from it.
Well I did get hurt. What did I do?
*I MOVED TO A SMALLER APARTMENT*
My life didn't get turned upside down, I didn't lose everything. I just moved to smaller digs that matched my smaller income.
No fuss no muss, not much anguish. Last year I started working on my bucket list : )
*( You can view my story and my new tiny apartment on my TH-cam page)*
Buying is only bad if you get a house you can not afford and have to take out a mortgage, if you get a house that is within your means and can pay it outright or just really quickly then thats still better than renting, rent especially in bigger cities is a fucking joke, theres always the chance and risk of eviction and the landlord selling it, you are basically paying your landlords mortgage, also if you have your house paid off its not legally required for you to have homeowners insurance, it says it on progressive insurances website, and it is dependent on where you live but if you live in the middle of nowhere or someplace that doesnt really get any bad natural disasters then you dont have anything to worry about and i am a contractors daughter and i know the ropes on how to keep a house standing, also you can lower your utility bills if you choose energy efficient systems if you own your own home, however if you rent there may be restrictions on that as well if you live in those dumb gated communities with HOA fees, also property taxes per year are still cheaper than rent in most places and lots of people i know get homestead exemptions to lower their property tax, what if you are renting and you lose your job? And youre old and cant work anymore and dont have as much in savings and are still renting? Renting is risky, and from a debt free standpoint its not smart thats why most people buy, and thats why lots of rich people these days still buy.
@B. Greene lol... I rented a home on your block I bet...cuz I know I was paying $1800 a month..lol... And I'm not mad at you, I can honestly say that home was the *House of my dreams* it was only for three years, but some people never get that.
@@michellemarie1197 ... I agree with just about everything you said...but for *some* renting is still the better option, especially if it's more responsibility than you really want to take on.
Buying a house is smart as long as you can rent it out and cover all of your costs if you should ever need to. Many real estate investors advise you to rent the house you live in so you can buy houses to rent out and take advantage of the crazy tax advantages.
I thought the point of buying a home was to live in it. Pay it off and pass it in the family.
Consuming more than you are worth never ends well...
My husband and I were married 22 years before we bought our home we saved and waited until we felt we could afford home. We lived below our means. We paid our home off early. It was worth the long wait and struggle. Just use your common sense. By the way my husband was laid off twice after we purchased the home but because we did not over buy we were able to make the payments.
When that guy said (in 2018) "the next crisis is about to come and its going to be worse". Well, its 2021 and here we are.
This video makes you really want to prepare for the worst.
Exactly!
Go over to Ice Age Farmer's channel and you'll see a reality that will scare the living daylights out of you because the MSM has actually hidden what's going down!
Start back like about a year or year-and-ahalf ago and watch forward....you will be amazed at what is going on! We are headed for world wise famine!
th-cam.com/channels/I-Am0t4qQaP_Do9FwMWw3Q.htmlvideos
Very informative. The market is way over priced. This will happen again . It's inevitable.
Pretty much
Unless you were raised by financially literate or well off parents, you're not equipped to make life-changing financial decisions when you're 18. I remember that all the college counselors cared about was getting you enrolled and getting their financial aid money, there was no financial counseling whatsoever. When you don't educate people about how debt and finances work OF COURSE they are going to learn by trial and error.
Let's not conveniently forget the absurd cost of healthcare and housing in this country in many places.
The answer isn't pinching pennies, it's an overhaul of the system because it is not working and serves only those who benefit from keeping people underpaid and perpetually indebted to them. Welcome to modern day slavery, where the punchline is no one understands they are literal slaves.
Anen!! Very well said.
Saving, saving, saving is awesome until you lose your job and can't find another one.
The whole system needs an overhaul!
I agree with the first part of what you said, My parents were careful with money and it prepared me well for being a young adult so I never got caught in any debt traps. I always used to think that people who fell for that kind of stuff were idiots but after seeing so many videos and reading articles about this kind of stuff it really makes me thankful that I had parents who set a good example for me because I think that's what made the difference. They don't teach you that kind of stuff in school, it was my parents who taught it to me.
I agree that the system is fucked and things need to change but as far as pinching pennies goes it depends on what you mean because it means different things to different people, I think that in general most people should be cutting back on their spending. I don't "pinch pennies" but I also don't blow my money on a new iphone every time one is released, buy $500 purses/shoes, eat out all the time or go to disneyland every year. There are a lot of people out there who are tens of thousands of dollars in credit debt or simply have no savings because they waste their money on stupid things they think they need but don't who fall into that statistic of 40% of people who couldn't cover a $400 emergency expense.
Luckily I live in Canada where we don't need to worry about crazy healthcare expenses I keep hearing about from the US. On the other hand you could probably die of cancer while you wait for months for your "free" treatment here.
I agree with parents teaching their children to be financially responsible. My dad wasn't around, & my mother was reckless with her money. Thank god I grew up during a time when they still taught basic economics/financial literacy, home ec., & shop in school. That, plus my natural frugalness has kept me fairly comfortable so far.
My Friends Father Was A Brain Dead School Teacher. After He Retired, He Got A Reverse Mortgage On His Home That Was Paid For. A Few Months Later He Died. The Family Lost The Home To The Banksters For Only A Few Thousand Bucks. TEACH MUCH ?
I grew up poor and oftentimes went hungry, my parents weren't good with money and didn't teach me about finances. Yet within me I knew that as an adult I didn't want to be like them. On my own I learned to care for and value personal belongings, to not be wasteful, to reject consumerism and to save, I learned more when I took a personal finance course in college. All it takes is discipline and initiative.
This TH-camr has put out an internet article (titled the same as this) and it gives information about these people's circumstances that was not fully discussed here. All the best to these people and us all.
10 years later they didn't do shit about it.
When housing prices go up, the media publishes stories about the lack of affordable housing; when housing prices fall, the media publishes stories about the collapse of the housing market.
I have watched and re-watched so many of these videos - it terrifies me. The stress and anxiety associated with going through a foreclosure must be enormous and totally overwhelming. I remember when I bought my first home, I had a friend who was buying one with an ARM and recommended I do that too - I would save so much money, he said, I would be able to send in extra each month. I said no thanks, sounds kind of scammy to me, I'll just do the regular mortgage. Thank God! I could handle it if my payments went up a little bit, but if you are used to paying $1500 and it goes up to $3500, who can handle that?!
Who's paying $1500 mortgage payment and why?
@@DIVISIONINCISION 1350.00 rent Aug I will buy RV love in
My dad tried to talk me into an ARM when I was looking to buy my first house. My understanding of it was that if prevailing rates went down, the house payment goes down. And if the prevailing rate went up, the payment went up. A very basic and crude understanding of it, but just my own understanding of it... I didn't like it. At the time, I didn't really understand everything that was involved with adjustable rate mortgages. I didn't know anybody else who had one and that alone was reason enough for me to stay away from them. I'm just glad I didn't listen.
Never get involved in anything you don't understand. And if you have questions, ask REAL people what their experiences have been. Don't ask the clown sitting at a desk at the bank. They will lie to you every time. When it comes to telling lies, banks do not discriminate. They treat everyone the same.
These people didn’t do any research and are now blaming everyone else for their choices. Blaming race is disgusting.
I appreciate your approach to teaching.. To my understanding this just proves how much we need an edge as investors because playing the market like everyone else just isn’t good enough, we just need to hold onto our hopes and wait to see how things turn out because market movements are almost always unpredictable. In my portfolio, I'm noticing more red than green.
As with an my big financial decision,it’s important to keep your guard’s up for economic risks.
However, smart planning, time management and seeking advise from a financial adviser can help keep you and your money safe
yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, ''Christine Jane Mclean'' she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.
@@duane_29 please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
@@EllenAbrex Sure, the Investment advisor that guides me is ''Christine Jane Mclean'' and she's renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
@@duane_29 Christine really seem to know her stuff. I found her website, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest. So, I booked a call session with her