On the outside, they appear to be living well, but in reality, they’re financially stretched thin. I think a lot of it comes down to the high cost of living in those major cities and the fact that people are often taking on too much debt to maintain a certain lifestyle.
It’s a tough situation because property values in those cities were sky high for years, and a lot of people took on massive mortgages, thinking real estate would keep appreciating
But now that the housing market is cooling down and prices are even dropping in some areas, these people are stuck with huge debt and not much liquidity.
That’s the thing, right? It’s a mix of economic pressures and cultural expectations. In China, owning property is a huge status symbol, and there’s a lot of social pressure to "look successful." But the reality is, if you’re living paycheck to paycheck, you’re one financial emergency away from real trouble, regardless of how nice your house or car looks.
It’s almost like a financial illusion everything looks stable on the surface, but underneath, there’s so much strain. With housing prices dropping, it’s getting even harder to sell properties or get equity out of them
I'm Italian. From my parents I learned "not wish what you can't pay cash". Now my wife and me we have our apartment, a car, we can go some where for holiday. Most important we have no debts
15 วันที่ผ่านมา +18
Same for me. Do not buy what you cannot buy. I have an own house, car and can enjoy life without debts
'Never mistake debt for wealth' I could go buy a brand new porsche tomorrow.... I'd look insanely wealthy but I'd also have massive debt and zero left in the bank..
The problem is that politicians only care about enriching themselves and could care less about lifting up the standard of living for their citizens. Au contraire, they do everything to impoverish them by restricting their right to open their own businesses, over tax them; pay them low salaries, etc., especially in countries where the government is almighty.
Certainly not the Chinese. Given how they used Real estate as a giant savings income scheme, it was stupid for years. Especially when you needed to pay mortgage YEARS before you would be able to live in it.
But in America you still have human rights, there are laws and norms that society follows. You have the right to vote and so change the government and future of the country. In China you've nothing, you have to follow the rules of the CCP dictatorship, if you don't you're headed to organ market or re education camp.
So much pressure to impress people back home but in the end it's all so pointless. No wonder the "lying flat" and "let it rot" movements are taking off so much.
Pooh Bear had one shot post-pandemic. Dude was like, “ok, business as usual”. We’ll never know if it’s because he’s a zealot or is getting the worst data to make decisions. Probably a combination of both.
With Trump elected China will be hit with 60 percent tariffs and the Yuan will collapse meaning they can't leave China the exact same thing that happened to Japan with the falling Yen. Their money will be worthless outside of China.
That's the problem though. Americans can't live like Chinese or "3rd world" peoples. Americans have never hardened off to the natural world and America's laws almost guarantee Americans die if they don't have debts.
From the business point of view, liquidity shortage is a problem of the cost structure. Same happens with personal finances. That’s why you should be very careful with credits and mortgages, because until you fully pay them nothing really belongs to you.
This is exactly what Canadians do and it's driven up the price of real estate to unreasonable levels. You can buy a 50 year old trailer-home on rented land in a dead town an hour away from any city for 100K CAD.
In the United States of America we've had a term for this it's called being "House Poor and Ghetto Fabulous!" House Poor is owning a house while being up to your neck in debt. Ghetto Fabulous is living what would appear to be an upscale life of fine homes, cars and possessions while in truth having little to no real assets or cash and a mountain of liabilities. Welcome to the first world.
Moral of the story: Don't buy if you can't afford it. You can't afford it if you have to borrow or take out a loan to cover it. Seasons do have rainy days so save up during the summer as ants and bees do. And never, EVER, let other people's opinions push you into making decisions that you would end up paying for later. It's your responsibility, not theirs.
Come on, let's be realistic. You are starting a family and need a place to live. It will take you a decade or two to gather that much money. So you take out a loan. I don't think that's unreasonable. That being said, you can jump too fast into it. Take a bad offer; have no back up plan if you lose the income, etc. It can be a bad decision to take out a loan, such as taking them to buy fancy cars utterly unsuitable for the city streets, but it's not an unreasonable solution in itself.
In US, most people would put min 5-20% down toward the house. In Asia, most would try to save up at least 30-50% before they buy (at least that’s the old way). I dream of owning a house but I understand there’ll be a trade off. If I buy a house, I cannot save for retirement. Can’t have both with the current housing market and inflation. I guess the house will be my retirement fund in old age. But do you want your life locked in 1 place? If buy a house, it means I will have to live super frugally to pay off debt in the next 20-30 yrs and pray that I don’t lose my job or have any major health issue. There’s honestly just too much risks in that. I rather work and save and invest. Then live somewhere cheaper oversea in my retirement year. Sure, I will not have the same access to US healthcare here, but our is overpriced anyway.
It's referred to as corporate America, similar to China's shift towards corporatism. The focus often seems to be on profits rather than people. Americans continue to elect wealthy politicians who are perceived to prioritize corporate interests. Capitalism is often criticized for not valuing individual comfort but rather for seeking to capitalize on the most affordable labor worldwide. Wait til china exports all its jobs... Thats where it'll drive them crazy.
Ah yes, now they have imported the US's "house poor" culture. Nice. This is why financial literacy is important. If even Americans still fall prey to this, why would China, with their new middle class, not? Buying a house with a 15K mortgage, when your paycheck is 20k? Thats the definition of stupid.
Add in the Chinese mindset is to buy when the prices going up and up, the cultural/societal norm of taking on multiple credit cards(very high interest)so they can continue to consume lavishly to.keep up appearances, the issues of rotten tailed, unfinished, and tofu dreg construction projects and no real legal recourse. Now add the banked in issue that the Chinese economy is entering into stagnantion which is even worse then a recession.
You should do a video on me. I am a "rich" California Chinese landlord with several rentals. I make a lot of money, about -$20,000 a month. Yes, there is a MINUS sign in front. State of California said landlord suppose to provide FREE housing and pay all the bills. Because I can not evict them, some of the tenants also turn lawless. It is easier for me to keep the rentals empty. This is how Democracy works, the Democrats said "VOTE for me and I will give you FREE sh!t". Of course, those politicians don't have a penny in this. Elon Musk already took his Tesla out of California.
You can’t even keep it empty is SF bc if you do they charge like 5-6000./ a year vacancy fee now! This is a new law to discourage unoccupied units. And for people who don’t pay the rent to evict them sometimes you have to pay the scumbag to move out think it was 15,000. back then idk how much now( and elderly even more)! Then if you hire a lawyer which you need to if you take him to court that adds thousands more. In CA not worth it anymore to be a landlord bc they make it too hard on them and it is all for the tenants who are the ones not paying. Doesn’t make sense- in CA everything is backwards.
@@ellenm2873 This is because of the prevailing desire to have rental properties as passive income. Housing should be outside the realm of investment and speculation. Those who have money to share should invest it in active income creating wealth and prosperity for themselves and the community where they extract their profit.
Ummm... NO! No citizen OWNS property in China! 70 year lease MAX! NOT the same as legacy ownership (There are countless examples in America) Lease = Rent! That's it! No one knows what will happen when the Lease expires??
After 70 years they petition the govt to extend it another 70. Govt would not be grabbing their house at the 70 year mark unless it wanted a revolution. At most they pay a token amount for the extension.
"The New Poor" in my U.S. town make fun of others for not having fancy cars & / or a big house. Yet they want to at the same time, steal what they can from others.
yea image is pressed on people on the mainland far too much. and i watch it closely for a long time and warned everyone that this downtime would eventually come. Everyone disagreed but now, when I confront them with the 'i told you so', they don't say anything.
This has been going on in the US for decades. The majority of Americans can't come up with $500 cash in an emergency. Also, stop treating your home as a piggy bank. Just pay your mortgage and don't worry about the 'value'. It is your home.
Chinese look at houses as investing in an asset whose value would appreciate over time that they could profit from. That's why they prefer buying into places with relatively high upfront.
@@ronnelacido1711 Yes but he's saying that that approach is NOT sensible and people need to move away from such thinking. People here in the UK were also encouraged to 'invest' in property and to assume they would profit long-term. Now house prices are so high that most graduates can't afford a home and can barely afford to rent either. We should be less materialistic, move back to more traditional, modest values, and live longer with family.
If the system doesn't change, people will have to just adapt like they always have. Such as 1) No more housing; live in your vehicles and use public spaces for showering and cleaning your cloths. 2) No more kids; they can't live with you in your vehicle; let the population diminish and society might start working decently again when there's barely any people. 3) Your retirement is the booth from Futurama. Welcome to modernity.
The old way of thinking was and is never look over your fence, the grass may look greener but filled with troubles, save as much as you can and only go out on special occasions unless it's free access, grow your own food and cook it because you never know who washed their hands or didn't and last but not least. Love deeply, stand strong, and Keep your family close.
People are afraid of the judgement from their family and friends, what kind of culture is this? Family and friends should be supportive especially in bad economic times, if they are aren't supportive and caring, they are not really family or your friends.
Country side people all around the world please learn from big city people. Taking big mortgage is not sustainable. Go back to old life style it is good for the planet and you. I am double degree holder once i was working in MNC. I never took mortgage. I building my home but bit by bit whenever i have money. I left the job but in home i bring the value to the table. So please listen if you don't have money don't over commit. My sixth senses says whole world economy is going to collapse. At the same time i pray children around the should be fed well. Control your your greed. Main thing don't sell your country side agri land at any cost. You will understand after 5 10 years
I drive a $4000 car and I live in a old but paid off house. Many of my friends drive an expensive car and live in an expensive house. If I lose my job, I will be able to live happily for at least 2 yrs without problem. No debt is the key
12:02 "He scraped together his parent's savings." "Scrape together" implies some difficulty. All the kid did was say "hey ma and ba, I need your savings." No scraping required.
Sounds like the fake rich in LA or NYC. People have fancy cars or jewelry, but live in a closet size room. Or have a luxury condo with nothing in it but an air mattress.
i mean, that is the normal in western world, too. poor people pretending to be wealthy, with mountains of debt. welcome to our reality.. they are called "middle class", though real word would be "debt class".
There’s plenty of people in the world living from pay cheque to pay cheque. Never spend all your monthly income and live within your means. Everything seems easy taking on too much debt and it soon catches up on you.
that's what's going on everywhere in the world. this is not a chinese 'special' problem. especially young people can't manage their money, because they don't know the value of the money.
this same scene happens in india because our ministers increase tax thats why middle class in india gets shrink which leads to decrease in purchase of cars most of the cars in india r abandunt if a car cost 10000$ then after tax t cost us around 15000$
This is also in Australia but with regular people. Houses in the millions, everything cost too much nowadays. The middle class is the new poor. Soon the world will have only 2 classes, the very rich and the poor.
That guy at the end did buy the house for status. He is making 20,000 yuan a month, that's $2,765.30 USD I never made that much money a month. His mortgage is 15,000 yuan & that's $2,063.96 USD a month. That's absolutely insane.
@MrGerdbrecht Od I understand corectly it's because people purchase the houses with a loan that is na amount that's very near what they earn. Then they need to have every penny just to eat something and have energy supplied to their house. They look rich but they live very poor.
You dont own anything in China till you have the red book. Until then the bank owns it. If the price of the housing market drops, you only lose if you sell. Residential property in China is a 70 year investment, so you better be prepared to wait it out when you buy. So why do they buy ehen renting is so much cheaper? Its because they can get hukou (family book) in a big city. This allows their kids can get into a good school in that city, as well as accessing better public health services there.
That’s why owning your income is so important. You’re either one paycheck away from the sidewalk, living life in the slow lane (paycheck to paycheck) and the determined few live life in the fastlane.
In Chinese cities, you don't need a car. The public transportation, buses and subway, are comprehensive. Didi (Chinese Uber) is very affordable. The biggest car problem: there is no parking anywhere. No parking lots or parking structures. In China, a car is meant for status not functionality.
I googled as I talked to someone from China, underneath all that gloss, the middle income are beggers all across the world. Best is to live simple and not chase big things in life.
I remember a song called "Too Much of Nothing". Seems like now the new poor have Too Much of Everything, but still no money. Barely surviving, with the prospect of losing everything looming large each day. I wouldn't be able to sleep at night. I honestly don't know how they have the strength to carry on. Trapped in a dead end world. They can thank xjp and the ccp for that. Meanwhile, the Little Pinks and the Princelings and all xi's cronies are living in the lap of luxury. I realize life is not always a bowl of cherries. The winds of change are being felt across China. Hopefully, 2025 will bring a new, more representative form of government. And no more of 9 9 6 worklife. Let Freedom Ring!!!!!
For those who dunno, china mortgage is a different kind of beast. Interest rates aren’t like the USA or Hong Kong where the government has special mortgage rates for first-time buyers. Nope. In China, their interest rates are quite high, which is why Chinese people have the concept of paying cash for their property, but not in a place like Shenzhen. Now of course, most Chinese would gamble and take on double digit interest rates to pay off that loan. As a result, property prices must increase in value year after year. But now, no one is buying in SZ due to the lack of cash, and people aren’t shelling out the kind of cash to buy properties anymore. That means people are holding out until property prices appreciate again, if ever. Now if they are thinking about renting their property to someone, I hate to say it, but the rental market is absolutely shit. For property that someone owns, suppose US$450,000, that person might be able to yield around $1,000 a month, if they are lucky. So, SZ is a renter’s market and will be one for the foreseeable future.
They are not buying “houses” they buy apartments which often, for multiple reasons, they become old in 15 years. And you left paying for a old apt in a conplex that becomes old and dirty and besides maybe they building a new one..
My brother is like that. He lives the life of a rich person, but in reality he is up to his ears in debt. He spends money he doesn't have. I on the other hand do not. I wish him the best though, but when it all comes down to it, I can't help him.
It seems like most of the industrial world is going through the same thing. We're all balancing on a tightrope, trying to avoid the whisper that will tip us over.
Welcome to what Americans have been feeling for the past 70 years. We used to have everything and now we have homes and cars but are becoming penniless.
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that help
*Julianne Iwersen Niemann* a renowned figure in her line of work. 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..
Looked up *Julianne Iwersen Niemann* after seeing this convo, and she might be exactly what I need to kickstart my financial journey. Thanks for the heads-up!"
A Six-Digit Passcode Secures a Two-Digit Balance! Savage 😂
That was bars lowkey
Dude, I have like 2 thousand in the bank and it's the worst!
😭😭😭
@@SevoraLF🤡
Well that was my ATM salary card for 15 years of working. Money come and go so fast.
On the outside, they appear to be living well, but in reality, they’re financially stretched thin. I think a lot of it comes down to the high cost of living in those major cities and the fact that people are often taking on too much debt to maintain a certain lifestyle.
It’s a tough situation because property values in those cities were sky high for years, and a lot of people took on massive mortgages, thinking real estate would keep appreciating
But now that the housing market is cooling down and prices are even dropping in some areas, these people are stuck with huge debt and not much liquidity.
That’s the thing, right? It’s a mix of economic pressures and cultural expectations. In China, owning property is a huge status symbol, and there’s a lot of social pressure to "look successful." But the reality is, if you’re living paycheck to paycheck, you’re one financial emergency away from real trouble, regardless of how nice your house or car looks.
It’s almost like a financial illusion everything looks stable on the surface, but underneath, there’s so much strain. With housing prices dropping, it’s getting even harder to sell properties or get equity out of them
People who bought at the peak are finding themselves in a precarious position, especially if their incomes aren’t growing as fast as their debts
🤔🤔🤔Congratulations the Chinese are now true Americans!🤣🤣🤣
This means the Chinese will soon all be fat and have beer bellies.
Came here to say that 😂
Or true Canadians 😂
Lol ikr 🤣
Or true south korean 😊
I'm Italian. From my parents I learned "not wish what you can't pay cash". Now my wife and me we have our apartment, a car, we can go some where for holiday. Most important we have no debts
Same for me. Do not buy what you cannot buy. I have an own house, car and can enjoy life without debts
Same
Debts make you poor.
Same
@@ishaks8152 wives make you poor
Americans have been doing the "new poor" thing for a long time.
It's called the middle class!
'Never mistake debt for wealth'
I could go buy a brand new porsche tomorrow.... I'd look insanely wealthy but I'd also have massive debt and zero left in the bank..
Debt is the money of slaves
So basically China is learning what being an American today is....
But of course, personal bankruptcy doesn't exist in China so far worse
Unfortunately you are totally correct 💯
The problem is that politicians only care about enriching themselves and could care less about lifting up the standard of living for their citizens. Au contraire, they do everything to impoverish them by restricting their right to open their own businesses, over tax them; pay them low salaries, etc., especially in countries where the government is almighty.
Came here to say the same thing
Literally, and they used to revel in the fact that America was going through turmoil
I remember back in the day, when Asians spent conservatively and were fiscally responsible. Guess this is the new generation.
The perils of getting rich quick without financial literacy: spend, spend, spend.
Herd behavior
Certainly not the Chinese. Given how they used Real estate as a giant savings income scheme, it was stupid for years. Especially when you needed to pay mortgage YEARS before you would be able to live in it.
Everyone is drowning bud, asians seem to be doing better overall
@Tom-zu1ss They're not. At least not in terms of debt. Thais for example are among the most debt laden population in the world.
It sounds like most of the Americans today, they live from hand to mouth…it’s tight everywhere
They have caught up with us in America.
My brother, this is all over the world. Im in Switzerland and its the same. Living from paycheck to paycheck and trying to get by.
But in America you still have human rights, there are laws and norms that society follows. You have the right to vote and so change the government and future of the country. In China you've nothing, you have to follow the rules of the CCP dictatorship, if you don't you're headed to organ market or re education camp.
The main difference in china is that they don't compete with foreigners moving in to their country
@ yeah it’s really bad here in America the rich are
getting richer and poor are getting poorer…👍
So much pressure to impress people back home but in the end it's all so pointless. No wonder the "lying flat" and "let it rot" movements are taking off so much.
Yep care too much about face or materialstic
@@williss1192In the U.S. It is or was called "keeping up with the joneses"
I am sorry to say that the worst has yet to come for the Chinese economy.
Pooh Bear had one shot post-pandemic. Dude was like, “ok, business as usual”.
We’ll never know if it’s because he’s a zealot or is getting the worst data to make decisions. Probably a combination of both.
With Trump elected China will be hit with 60 percent tariffs and the Yuan will collapse meaning they can't leave China the exact same thing that happened to Japan with the falling Yen. Their money will be worthless outside of China.
u mean for entire world ryt??
I ain't chinese.....and basically all big countries are competing for which one will be the first to not collapse.
Their population number is about to slide off a cliff edge. That Will be disastrous on its own.
@@NoOne-kx7zs why do people keep saying this? Lol yes the entire world nobody is singling out china lol😂
You named off 90% of Americans 😂
That's the problem though. Americans can't live like Chinese or "3rd world" peoples. Americans have never hardened off to the natural world and America's laws almost guarantee Americans die if they don't have debts.
🎯
The narrative needs to change from 'buying a house' to 'got a mortgaged property' because one isn't the same as the another...
Well, it's just semantics. They did buy a house, but with someone else's money. And now they'll have to actually work for it and pay the debt.
@@Rhadoo89so they basically sold themselves into slavery
@@smokejumper749 thats life, or u could choose to live in a park
Exactly, I payed for my land in my country and built a little house (more an apartment) in cash; no debt, no mortgage.
Always the lifestyle. Stay out of debt if possible. It will strangle the life out of you.
i cut up all my credit cards 30 years ago and never got another. being poor sucks ass but being poor and in debt is worse.
The term isn’t complicated. It’s called “house poor”.
Option of living in a basic van and camp by an organic farm.
@@TJChanctjctjctj Sounds peaceful.
Having debts is a curse. Always pursume a simple life. No matter what. And never try to impress anyone.
Think poor grow rich
Think rich grow poor
"House poor" where your mortgage and utilities eats up most of your monthly income has been a thing in the U.S. since forever.
1000% facts!
not forever, more likes after 70s...
From the business point of view, liquidity shortage is a problem of the cost structure. Same happens with personal finances. That’s why you should be very careful with credits and mortgages, because until you fully pay them nothing really belongs to you.
even after you pay them, they still don't belong to you if u are unable to pay your taxes.
At 12:45, the new groom made 20K, with a mortgage of 20K. He even asked his parents for 5K each month. Not new poor, but stupid poor.
This is exactly what Canadians do and it's driven up the price of real estate to unreasonable levels. You can buy a 50 year old trailer-home on rented land in a dead town an hour away from any city for 100K CAD.
In the United States of America we've had a term for this it's called being "House Poor and Ghetto Fabulous!" House Poor is owning a house while being up to your neck in debt. Ghetto Fabulous is living what would appear to be an upscale life of fine homes, cars and possessions while in truth having little to no real assets or cash and a mountain of liabilities. Welcome to the first world.
Moral of the story: Don't buy if you can't afford it. You can't afford it if you have to borrow or take out a loan to cover it. Seasons do have rainy days so save up during the summer as ants and bees do. And never, EVER, let other people's opinions push you into making decisions that you would end up paying for later. It's your responsibility, not theirs.
Well said. Exactly. 👍
Come on, let's be realistic.
You are starting a family and need a place to live. It will take you a decade or two to gather that much money. So you take out a loan.
I don't think that's unreasonable.
That being said, you can jump too fast into it. Take a bad offer; have no back up plan if you lose the income, etc. It can be a bad decision to take out a loan, such as taking them to buy fancy cars utterly unsuitable for the city streets, but it's not an unreasonable solution in itself.
In US, most people would put min 5-20% down toward the house. In Asia, most would try to save up at least 30-50% before they buy (at least that’s the old way).
I dream of owning a house but I understand there’ll be a trade off. If I buy a house, I cannot save for retirement. Can’t have both with the current housing market and inflation. I guess the house will be my retirement fund in old age. But do you want your life locked in 1 place?
If buy a house, it means I will have to live super frugally to pay off debt in the next 20-30 yrs and pray that I don’t lose my job or have any major health issue. There’s honestly just too much risks in that.
I rather work and save and invest. Then live somewhere cheaper oversea in my retirement year. Sure, I will not have the same access to US healthcare here, but our is overpriced anyway.
I live like this here in America. Welcome to the world normal
Lol me to 😅
We here in Germany and actually the majority in all of Europe feel the same way.
It's referred to as corporate America, similar to China's shift towards corporatism. The focus often seems to be on profits rather than people. Americans continue to elect wealthy politicians who are perceived to prioritize corporate interests. Capitalism is often criticized for not valuing individual comfort but rather for seeking to capitalize on the most affordable labor worldwide. Wait til china exports all its jobs... Thats where it'll drive them crazy.
They're not poor, simply normal. If you can buy assets in major cities, you're much much better than most.
they can't afford the "assets" they've bought.
so they are liablities!
Ah yes, now they have imported the US's "house poor" culture. Nice. This is why financial literacy is important. If even Americans still fall prey to this, why would China, with their new middle class, not? Buying a house with a 15K mortgage, when your paycheck is 20k? Thats the definition of stupid.
Only works in Japan. If you want to remodel an old one or buy a ghost house.
Agreed..this is what l don't understand, so many of them do that..have a 20k monthly mortgage while earning 30k a month..who does that?
Add in the Chinese mindset is to buy when the prices going up and up, the cultural/societal norm of taking on multiple credit cards(very high interest)so they can continue to consume lavishly to.keep up appearances, the issues of rotten tailed, unfinished, and tofu dreg construction projects and no real legal recourse.
Now add the banked in issue that the Chinese economy is entering into stagnantion which is even worse then a recession.
You know what would make alllllll their issues better? Having 3+ kids according to the gov
This New poor has been the Old poor in the Western world for years
this is the middle class in USA exactly
You should do a video on me. I am a "rich" California Chinese landlord with several rentals. I make a lot of money, about -$20,000 a month. Yes, there is a MINUS sign in front. State of California said landlord suppose to provide FREE housing and pay all the bills. Because I can not evict them, some of the tenants also turn lawless. It is easier for me to keep the rentals empty. This is how Democracy works, the Democrats said "VOTE for me and I will give you FREE sh!t". Of course, those politicians don't have a penny in this. Elon Musk already took his Tesla out of California.
You can’t even keep it empty is SF bc if you do they charge like 5-6000./ a year vacancy fee now! This is a new law to discourage unoccupied units. And for people who don’t pay the rent to evict them sometimes you have to pay the scumbag to move out think it was 15,000. back then idk how much now( and elderly even more)! Then if you hire a lawyer which you need to if you take him to court that adds thousands more. In CA not worth it anymore to be a landlord bc they make it too hard on them and it is all for the tenants who are the ones not paying. Doesn’t make sense- in CA everything is backwards.
@@ellenm2873 This is because of the prevailing desire to have rental properties as passive income. Housing should be outside the realm of investment and speculation. Those who have money to share should invest it in active income creating wealth and prosperity for themselves and the community where they extract their profit.
Ummm... NO!
No citizen OWNS property in China!
70 year lease MAX!
NOT the same as legacy ownership (There are countless examples in America)
Lease = Rent! That's it!
No one knows what will happen when the Lease expires??
After 70 years they petition the govt to extend it another 70.
Govt would not be grabbing their house at the 70 year mark unless it wanted a revolution.
At most they pay a token amount for the extension.
@@mtrest4 "At most they pay a token amount for the extension.
"What the hell is wrong with you!"
@@mtrest4 Hearsay or conjecture? It remains to be seen!
No one owns property in the US either. Don't pay your property taxes and watch what happens.
At least there’s no property tax. Am I right? Try not paying property tax here in US. 😂
debt has become the new indentured servitude
"The New Poor" in my U.S. town make fun of others for not having fancy cars & / or a big house. Yet they want to at the same time, steal what they can from others.
They spend money they don't have, to buy things they don't need, to impress people they don't like 😂
exactly ! its their own fault
yea image is pressed on people on the mainland far too much. and i watch it closely for a long time and warned everyone that this downtime would eventually come. Everyone disagreed but now, when I confront them with the 'i told you so', they don't say anything.
Rice has become porridge. @@yomammo
@@WhoIsLikeHim and porridge has become?
@@yomammo that's saying from my country. It means it cannot be reversed.
Call it the Noodle economy ...
Why?
This has been going on in the US for decades. The majority of Americans can't come up with $500 cash in an emergency. Also, stop treating your home as a piggy bank. Just pay your mortgage and don't worry about the 'value'. It is your home.
Chinese look at houses as investing in an asset whose value would appreciate over time that they could profit from. That's why they prefer buying into places with relatively high upfront.
@@ronnelacido1711 Yes but he's saying that that approach is NOT sensible and people need to move away from such thinking. People here in the UK were also encouraged to 'invest' in property and to assume they would profit long-term. Now house prices are so high that most graduates can't afford a home and can barely afford to rent either. We should be less materialistic, move back to more traditional, modest values, and live longer with family.
ofc they can, covid showed that.
The same from paycheck to paycheck here in Russia, while someone's spending into specops.
Don't buy what one can't afford. Common sense.
Welcome to the world where you can have everything, but also lose everything overnight, like we
If the system doesn't change, people will have to just adapt like they always have. Such as 1) No more housing; live in your vehicles and use public spaces for showering and cleaning your cloths. 2) No more kids; they can't live with you in your vehicle; let the population diminish and society might start working decently again when there's barely any people. 3) Your retirement is the booth from Futurama. Welcome to modernity.
Skip me to 3 please
Thanks Obama!
they talk about 35 year olds like some geriatric people
Well when you compete with millions who are in the 20s and cheaper for the company to hire then it is like our 50s
They have 1.4 billion people. Fives times population of USA.
The old way of thinking was and is never look over your fence, the grass may look greener but filled with troubles, save as much as you can and only go out on special occasions unless it's free access, grow your own food and cook it because you never know who washed their hands or didn't and last but not least. Love deeply, stand strong, and Keep your family close.
People are afraid of the judgement from their family and friends, what kind of culture is this? Family and friends should be supportive especially in bad economic times, if they are aren't supportive and caring, they are not really family or your friends.
Agree, but sadly you can't get a new family if you find that your own family are like that.
Country side people all around the world please learn from big city people. Taking big mortgage is not sustainable. Go back to old life style it is good for the planet and you. I am double degree holder once i was working in MNC. I never took mortgage. I building my home but bit by bit whenever i have money. I left the job but in home i bring the value to the table. So please listen if you don't have money don't over commit. My sixth senses says whole world economy is going to collapse. At the same time i pray children around the should be fed well. Control your your greed. Main thing don't sell your country side agri land at any cost. You will understand after 5 10 years
One thing I noticed about the China Observer, he takes what is happening in the US and says that is what is happening China!
I drive a $4000 car and I live in a old but paid off house. Many of my friends drive an expensive car and live in an expensive house. If I lose my job, I will be able to live happily for at least 2 yrs without problem. No debt is the key
That is the American way too! No saving! When they lose their jobs, everything goes.
12:02 "He scraped together his parent's savings." "Scrape together" implies some difficulty. All the kid did was say "hey ma and ba, I need your savings." No scraping required.
78% of Americans live paycheck to paycheck too
chinese are living 100 yuan to 24 yuan monthly
@@bluedrakken dont forget their 20,000 monthly mortgage ontop of their 100 yuan monthly salary.
Most Americans piss away half of their money on needless stuff.
@@Enigmatic22 still no one lives on the street like the american
Doubt it bro. USA has a bigger middle class.
Mortgage 80-100% of current income? Hell yeah, I can affort that! Thought the Chinese were good at math.
Sounds like the fake rich in LA or NYC. People have fancy cars or jewelry, but live in a closet size room. Or have a luxury condo with nothing in it but an air mattress.
Don't buy anything if you can't pay it in cash. The root of all our problems is debt.
i mean, that is the normal in western world, too. poor people pretending to be wealthy, with mountains of debt. welcome to our reality..
they are called "middle class", though real word would be "debt class".
I have a cheap phone, drive an old reliable car and have savings. Dont spend it if you cant afford it.
Asset rich but cash poor !
Over committed in debts for asset. Back to basics.
Live wisely in a foolish world folks. !!!
This is the reality now not just in China but in fact in the whole world. 😂
In America, we call it "house poor."
There’s plenty of people in the world living from pay cheque to pay cheque. Never spend all your monthly income and live within your means. Everything seems easy taking on too much debt and it soon catches up on you.
Did any older people advise the younger generation to only buy a house or car with saved up cash? Who told them to apply for loans?
Savings are eaten away through inflation at a faster rate than savings are added to the account.
The result - people are saving their way to poverty.
They were pressured to do so. Owning a house and a car is a must in China (as elsewhere) to win the nod of your future in-laws.
I think this happens on all over the world. The price of necessities becomes too pricy until your income is just enough to survive until next payday.
I don’t know, I am here in Thailand and we are seeing tens of millions of Chinese tourists plus a whole ton of Chinese expats
that's what's going on everywhere in the world. this is not a chinese 'special' problem. especially young people can't manage their money, because they don't know the value of the money.
people are not saving in cash they investing it because of inflation.
this can also be a major reason
I am 6 th generation Singaporean.
We share same Dictator government where only their cronies can enjoy life
I relate to this so much, it’s the same with the American middle class.
They should have elected Trump.
LOL.
Despite hardcore poor childhood, I retired at age 31.
The wise grow food, never breed nor marry but mingle, free and easy.
👽
Everyone should take your advice and then we'd go extinct in 90 years. You aren't half as wise as you think you are.
Live paycheck by paycheck is normal for Americans, but is abnormal for Chinese.
In the 90s, millions of chinese still died from starvation in the countryside
These 2024 chinese problems are minimalistic...
Pleasding for "inside deal or flavor" flat out is wild
this same scene happens in india because our ministers increase tax thats why middle class in india gets shrink which leads to decrease in purchase of cars most of the cars in india r abandunt if a car cost 10000$ then after tax t cost us around 15000$
This is also in Australia but with regular people. Houses in the millions, everything cost too much nowadays. The middle class is the new poor. Soon the world will have only 2 classes, the very rich and the poor.
That guy at the end did buy the house for status. He is making 20,000 yuan a month, that's $2,765.30 USD I never made that much money a month. His mortgage is 15,000 yuan & that's $2,063.96 USD a month. That's absolutely insane.
What’s more insane is he could rent it for 6-7K.
THEN...he goes and buys a LEXUS???
:-0
Unfortunately for China , they basically can’t get married without a house and car, literally it’s the first requirement to even date a person 😂
@ltreylukwesa it's not a requirement it's a cultural thing
@@ltreylukwesa
Dowry?
dont buy too far from your typical lifestyle
Same for most middle-class everywhere, not just in china. Trapped by decades of debt (cars, houses, lifestyle).
that's me in Toronto Canada. millennial here with 2million dollar home with no mortgage and also no savings. the new poor (sarcasm)
channels like this and sky news australia can be refreshing - why pay for your subscriptions on anything but your internet provider?
I think in US they call it house poor.
Yeah, but why?
@MrGerdbrecht Od I understand corectly it's because people purchase the houses with a loan that is na amount that's very near what they earn. Then they need to have every penny just to eat something and have energy supplied to their house. They look rich but they live very poor.
You dont own anything in China till you have the red book. Until then the bank owns it. If the price of the housing market drops, you only lose if you sell. Residential property in China is a 70 year investment, so you better be prepared to wait it out when you buy. So why do they buy ehen renting is so much cheaper? Its because they can get hukou (family book) in a big city. This allows their kids can get into a good school in that city, as well as accessing better public health services there.
That’s why owning your income is so important. You’re either one paycheck away from the sidewalk, living life in the slow lane (paycheck to paycheck) and the determined few live life in the fastlane.
In Chinese cities, you don't need a car. The public transportation, buses and subway, are comprehensive. Didi (Chinese Uber) is very affordable. The biggest car problem: there is no parking anywhere. No parking lots or parking structures. In China, a car is meant for status not functionality.
Karma...
"The more that you carry, the heavier it is- Chan Master Sheng Yen.
I googled as I talked to someone from China, underneath all that gloss, the middle income are beggers all across the world. Best is to live simple and not chase big things in life.
Their future is what we see now on Hastings Avenue in Vancouver, Canada.
Chinese salaries are higher than in Sweden today.
oversupply of housing units that are so overpriced
I remember a song called "Too Much of Nothing". Seems like now the new poor have Too Much of Everything, but still no money. Barely surviving, with the prospect of losing everything looming large each day. I wouldn't be able to sleep at night. I honestly don't know how they have the strength to carry on. Trapped in a dead end world.
They can thank xjp and the ccp for that. Meanwhile, the Little Pinks and the Princelings and all xi's cronies are living in the lap of luxury.
I realize life is not always a bowl of cherries.
The winds of change are being felt across China.
Hopefully, 2025 will bring a new, more representative form of government.
And no more of 9 9 6 worklife.
Let Freedom Ring!!!!!
Bankruptcy Again 😌😌😌😌😌
Just like middle class in most developed country especially America. So China and America have common ground.
For those who dunno, china mortgage is a different kind of beast. Interest rates aren’t like the USA or Hong Kong where the government has special mortgage rates for first-time buyers. Nope. In China, their interest rates are quite high, which is why Chinese people have the concept of paying cash for their property, but not in a place like Shenzhen. Now of course, most Chinese would gamble and take on double digit interest rates to pay off that loan. As a result, property prices must increase in value year after year. But now, no one is buying in SZ due to the lack of cash, and people aren’t shelling out the kind of cash to buy properties anymore. That means people are holding out until property prices appreciate again, if ever. Now if they are thinking about renting their property to someone, I hate to say it, but the rental market is absolutely shit. For property that someone owns, suppose US$450,000, that person might be able to yield around $1,000 a month, if they are lucky. So, SZ is a renter’s market and will be one for the foreseeable future.
They are not buying “houses” they buy apartments which often, for multiple reasons, they become old in 15 years. And you left paying for a old apt in a conplex that becomes old and dirty and besides maybe they building a new one..
Your assets do not make you rich. Only living a life for the glory of God, for Jesus is the way, truth and life.
In Vietnam same. They buy Big cars but are broke.
My brother is like that. He lives the life of a rich person, but in reality he is up to his ears in debt. He spends money he doesn't have. I on the other hand do not. I wish him the best though, but when it all comes down to it, I can't help him.
It seems like most of the industrial world is going through the same thing. We're all balancing on a tightrope, trying to avoid the whisper that will tip us over.
Welcome to what Americans have been feeling for the past 70 years. We used to have everything and now we have homes and cars but are becoming penniless.
In America when I was younger in the late 90’s early 00’s we had a saying called the $30,000 millionaire!
I'm hoping there will be a housing crisis so I can buy cheaply when I sell a few houses in 2025. As a backup plan, I've been thinking about purchasing stocks. What advice do you have for choosing the best buying time? On the one hand, I continue to read and see trading earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Investing in real estate and stocks might be a wise choice, particularly if you have a sound trading plan that can get you through profitable days.
You're not doing anything wrong; you simply lack the expertise necessary to make money in a bad market. In these difficult circumstances, only really skilled experts who were forced to witness the 2008 financial crisis could expect to generate a large wage.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that help
*Julianne Iwersen Niemann* a renowned figure in her line of work. 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..
Looked up *Julianne Iwersen Niemann* after seeing this convo, and she might be exactly what I need to kickstart my financial journey. Thanks for the heads-up!"
This is OOFconomy!
Stop getting conned by French Haute Couture. Stop buying luxury goods.
It's the biggest scam!!
many chinese middle class lost alot of money from the recent flash crash of stock market