Exactly What NOT TO DO Right Now...
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- เผยแพร่เมื่อ 7 มี.ค. 2023
- It is becoming more and more apparent to me, that no matter how big the mistakes humans have made in the past, that the people of today are bound to repeat them at some point. Usually that comes for a lack of knowledge of history, carelessness, negligence or all of the above. But, the good thing is, one persons loss can become anothers gain.
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People FINALLY ADMITTING The Housing Market is CRASHING th-cam.com/video/PqDVkmIHw_w/w-d-xo.html
can't stand the fucking TEXT ME scammers on here..Grrr. i know it's not you,,
I am still recovering from millions of dollars in loans, BUT :... I am living abroad so being a deadbeat is just fine. Those loans left me sitting on a huge pile of assets abroad.🤣
Most Americans are ignorant idiots who dont know shi* about history. Their parents failed them and every media outlet and school.
The most important thing to share with your husband/wife or partner is ANY debt you have, it will make things alot less anxious. Be thrifty, work hard or overtime, pay off what you can, put money aside, buy your home/condo to avoid interest rates and stop buy useless shit.
I bought a condo with 2 floors and a huge basement. The guy initially asked for $192k, in a very expensive area which was surprising. As soon as we said that no inspections were needed (my husband knows about buildings/electrical/plumbing/construction) and we paying in cash....he dropped the price to $182k and we closed the next day.
Walmart deserves closing stores and so the people around there. They support BLM and Antifa goons with $$$, so fu*k them. I hope every store goes out of business in those "diverse"/"inclusive"/equitable areas......
I am 65 , so I've been through this cycle several times. Back in my early 40's I got into significant credit card debt. I didn't declare bankruptcy (I finally got out of my denial before I had to do that) but it was still very painful getting out of it. From getting out of that financial hell I got an appreciation about living below my means.
My dad impressed upon me his experience with the great depression. He worked(railroad) at every opportunity. I asked him late in life what he felt he had accomplished. "I raised 4 kids" he said. He had his priorities straight and didn't take things for granted.
Sounds like he was a great man who loved his children. Truly rich in his soul.
My dad is the same. He came from nothing, foster kid, depression. He is very proud he bought a home, raised 3 good kids, and still married to my mom. 87 this April. Respect. He worked so hard and I remember him folding up his brown paper lunchbags and reusing them. My parents rarely ate out. Fast food never. Probably why they are so healthy at 86. Prayers
Wise man..
Are you sure you and I aren't brothers? My Dad the Steelworker who was born in the great Depression and raised 4 children said the exact same thing.
I’m 58 years old. I do feel sorry for the younger generation. It was so much easier in my era. One of my daughters (34) passed away, my other daughter (36) is single with 3 kids. I have the means to help her when I can, and I do since she’s the only daughter I have now. You’re doing a wonderful thing by trying to get people to open their eyes. God bless everyone ❤
I remember history. My grandparents taught me all about the value of money many decades ago. They were already married during the Great Depression. As young adults, they knew people who fought in the Civil War. I knew my great grandmother when I was young and she was born in the 1880s. Compared to what my grandparents and great grandparents lived through, most people today are extremely spoiled and self-entitled.
Each new generation is a clean slate: it believes the world began with them and that the past is irrelevant.
Generation connectivity is very important.
Yes, many of us didn't know grandma's or great grandparents to hear the stories, pass down the values...let alone parents who do so....the results of that are sadly evident now. It's not the kids fault that they didn't have those role models
@@jean-louislalonde6070 so true. The past is such a valuable lesson
NONE of these tik tokkers know crap about history nor do they care. None of them realize how much it takes to maintain freedom or the cost of it.
Winston Churchill wrote, “Those that fail to learn from history are doomed to repeat it.”
The days of being high on cheap capital are done. It’s going to be a sobering time for some.
Great videos! Thank you.
Millions
that quote is so over hyped and not applicable here
The world runs on cheap debt. Power people need it to keep making millions.
Inflation will come down, recession will happen, rates will be cut and the moon boys will be back.
This is our reality now.
In my life what I've learned ... if you decide to have a girlfriend/wife, she should align with your spending habits/lifestyle ...If you don't spend much money, don't be with someone that likes to travel and have nice things .... Also, just because you can afford something it doesn't mean you should buy it
Absolutely!!
A lot of divorces happen because one wants to spend (usually the wife) and the other doesn't.
Hey, a spender and a saver create a nice balance ✨️
@@cindyireland3394 It figures a female would think this way! LOL
Be careful which daughter of Satan you decide to marry
You know its bad when Walmart can't even deal with the theft and is closing stores in Portland.
Portland defunded their police.
It’s not just Portland. It’s 296 stores nationwide mostly in blue areas
@@ld9044 Exactly! I was just talking to my partner last night about this... I don't doubt that is one of the main reasons at all!
That's what they voted for. Bonappetit....
And Chicago! Many stores are closing. Tons of lay offs. My sister has worked for bed bath and beyond for about 6-7 years. She has worked up and earned raises and full time hours. she was scheduled for 5 hours this week! They are reducing hours and staff big time. Scary times for some coming. Thank goodness she has been smart financially, been saving and limiting debt. She already has interviews lined up. Best wishes to everyone. Times are hard and could be bad for so many with this high debt across the country.
I pretty much only watch You Tube these days, and your channel is at the top of the list! I watch everyday! You are doing a fantastic job, Michael! You are intelligent, laidback, and walk us through beautiful areas, while sharing important information with us. Keep up the great work!
There are too many videos I want to watch on YT that I can't watch them all.
So why would I waste my time watching hours of commercials on paid television when I can invest my attention here?
Most people can't think 5 minutes ahead to save their life much less remember history..
This is why a lot of people love Michaels videos. He covers a lot of very important topics, the scenery is unbelievable, and most importantly warning people that we are already in a recession. Great videos Michael. KEEP THEM COMING PLEASE….
Same here in Minnesota stolen cars everywhere. Police don’t go out looking for the theft. Don’t take any fingerprints never look at cameras. Hard working people got car damaged left to right. Nobody hold those criminals accountable. Very sad and scary
Blue states are pitiful.
At a place I used to work at, I had a co-worker who one lunchtime was railing against "The eeeeevil company who won't pay me enough to live on". He was getting $32 an hour ten years ago, and any overtime paid time and a half. So I got tired of his complaints and asked him "What about that new pickup you're driving? And that ATV you brag about, or your snowmobiles? And that cabin up north....you have so many things and toys, and you spend 3 or 4 days a week at such-and-such a bar after work. And I've seen your house....." "I DESERVE those things!"
I gave up and let him live in his fantasy world. Not three years later the company closed that plant and laid everyone off. I'm willing to bet he was in a financial bind after that!
✔️ story you might enjoy.
I work at the Power company.
One night thugs cut the fences and hit the overnight employee parking lot. Lotsa Nice trucks full of expensive goodies.
We watched the security footage the next day. When they saw my POS geo metro they actually laughed and never touched it.
15 years taking all kinds of jokes and jabs about my shit bombs.
Not one word outta any coworkers after that. 😂😂
Hate showoffs.
None of them even know I got a nice truck and boat ( both 20yrs old and paid for) ✌️
It has played hell on peoples mental health for sure the best we can do is keep the faith! I still have hope!
Michael this is a great video
You are exactly correct
Young people nowadays live like there is no tomorrow. I was raised by parents who grew up in The Great Depression and so they taught me to be conservative and always plan for bad times. My wife is eight years younger than me and I am constantly teaching her about saving money and planning for tomorrow. I am 61 and she is 53. Now the younger kids are even worse . I tell my wife not to live like there is no tomorrow because tomorrow is coming and you don't want to be broke when it gets here.
Michael, I like your videos. I don't like 90 seconds of "fancy" intro BS that I have to skip through just to get to the information. Your vids are all info and the walk and talk format is relaxing and entertaining. Don't change! 👍👍 Edit to add that the picture is crisp and in focus and the sound is clear and well modulated.
YES! I love how he gets straight to what we came for
Portland only had 2 stores in town
In the real estate, walk and talk world of TH-cam creators you are by far one of the best! 0:08
Thanks a lot, really appreciate that!
I lost my ability to work 25 years ago and lost my home it took twenty years to get back to normal and get another house.
the american dream is 100% DEAD. The american dream was literally about being able to own a home, now we can't even have that.
Don't give up.
Cash on the side waiting to deploy! 💰
It’s a casual walk on a sunny, warm day having good conversation with a good friend.❤
I am much much older than you but I remember my father always telling me that my house doesn't define me and to live without a mortgage, albeit in a smaller house.
In Phoenix a small starter home in a crappy neighborhood is still $500K - and that house was $250K a couple years ago - and that $500K is already down 14% from its peak last June. Real estate is local. In the bubble states its best to wait.
I know a guy who bought in Phoenix in 2019. He definitely sitting on some equity. Definitely happy for him
Mike keeps it so real he doesn’t even bother dying his hair. 😃
Haha!
I hope he never colors his hair! This is the REAL deal!
@@Maria-tq8ck nope I tried that in the past. Too expensive doesn’t last not worth the hassle👌
Like pink or green? Lol
I worked in the oil patch. It Bogled my mind, guys with $1000 to $1800 car and truck payments....wtf
Outstanding discussion. Thanks.
The biggest problem with Canadian mortgages, is that there is no fixed mortgages that can be locked in for 25 to 30 years. We can only get fixed mortgages for 5 years, so anyone who got locked in at 2%, will soon be forced to renew within 5 years to 7% and higher. It's going to be really bad.
Great video...Thanks Michael!
Exceptional material! Cheers.
Love this type of video ! You speak the truth.
Thank you for great video
Very much appreciated and agree 👍 with you are saying.
I watched that video last night. Interesting. People have short memories.. I have always been the type of person to either learn from seeing others mistakes or I have really screwed up once and learn. I'm amazed how many just don't learn. I think the covid lock down exaserbated this. People acted like that spec in time was hell on earth and then were released like wild animals who can't help but indulge themselves.
Great information my friend. Always on point.
Thank you Michael for your daily videos. Much appreciated. , Carlos
Nothing but the Truth !
Thank You Always !
My pleasure!!
I saw that video, wow if you ask any old timer they will tell you life is not anything like we all knew and loved. so much has change and not for the better.
Most things have taken a turn for the worse
your videos are really nice to view. Very nice views of Florida. Keep it up!!
Appreciate you Michael!
I appreciate you being here!
Thanks Mich
Your on point today! Excellent work thank You 😁😁😁😁😁😁😁
Your videos are excellent information and very educational. Keep up the great work.
Thank you very much!
Great walk about. thank you for validating what lots of people are thinking but haven't said out loud.
Yea, there are some great presenters on youtube, and I too try to watch the best of them daily. I never miss your videos, because you always bring forth interesting observations.
I can personally confirm what you are saying. My wife and I own an ocean front condo in Myrtle Beach and by this time every year we usually have it booked at 75% by now for the summer months (many Canadian visitors). This year so far the bookings are slow. Fortunately we paid cash for the condo so we will still have enough income to cover expenses (HOA, taxes, upkeep, etc.) All the info you give to us is sport on. thanks!
Sell Sell Selll
@Jamie Schmitz Sounds logical but I have it under contract with the condo in house management company and they set the nightly, weekly and monthly rates. To my benefit they have an excellent maintenance and housekeeping service which being 400 miles away is the only way to manage our unit and keep our guests happy.
@@kagnewcobra5228 We love it! You know when you are in love you don't think logically.
@Jamie Schmitz lower quality renters also come with the risk when you lower rates. They end up trashing the place.
I have noticed less Canadian snowbirds here in Florida this year.
You are so informative Michael. Thank you so much for all your videos.
Listening to that first story makes me so glad I used the pandemic to get out of debt and put money away. What a nightmare.
I really enjoy your videos. I love all the walking you do and the water takes is very relaxing.
Thank you very much!
Hello Michael , one of Favourite films is Margin call ,also the Big short , great stuff :}
I am 40 and remember my dad talking about how bad the late 1970s was. And honestly there are so many things that are happening now that happened then . Like rising interest rates that ended up over 11%. And crazy inflation as well. That ended up crashing the real estate market by 82. While it is true prices jumped over the 1970s it was only like that in a small percentage of cases. We are moving into a similar period.
I graduated from college in 1978 and remember how hard it was to find a decent job. It was the first wave of major de-industrialization since the 1930’sas well as large increases in energy costs especially gasoline that literally quadrupled in just a couple of years.
I bought my first house in 1982 and my mortgage was 13% interest rate.
So yes we’re all headed back again to that point. I’m just sorry that I’ll have to go through it at least one more time
I purchased my first home in the 70 ties it wasn't that bad !
I’m 66 and I grew up in America. This is not the America I remember. Has changed and not going back in my lifetime.
We love you 🎉 thanks to excellent ideas 💡
The game never changes. Only the players.
I'm a YT junkie too LOL
I patiently wait for your videos.
You are my TOP fav!
Its so great! Thank you Kim!
I love how Michael sees through all the BS and says it as it is. Greetings from the UK.
In NYC the Drug stores can't stay open because of shoplifting.
Great video, Michael
Thank you!
Ty
Great video as usual 👌
Thank you for this. I had never heard those facts about Canada. Super interesting.
Glad you enjoyed it!
"You can Lead a Man to knowledge, but you can't make him Think "
Your doing very good product, man. Thanks.
He gets it. He understands it. He is helping alot of folks who are willing to listen 🎶
"You have the right to remain financially stupid. All debts may be used against you in a court of bankruptsy law..."
Love the good morals and values from a young person!
Hey Michael, our reserve bank here in Australia has just hiked the cash rate up ten consecutive times since May last year, add that to the fact the medium price of a home in Sydney is close to a million Aussie bucks, this is causing a fair amount of financial pain. This is definitely a world wide problem
@MichaelBordenaro you are my favorite content creator. You tell it like it is.
Thanks Rodrigo!
really enjoy hearing your take on the economy. your sincerity and sense of humor makes you easy on the ears. thanks for sharing your thoughts.
Good video, good advice!
Thank you!
I have to say I envy your weather. I live in Southern California and I dont think we have had more than two days above 60 this year. I train outdoors doing calisthenics and this cold weather makes this tough for me.
We have another big bunch of rain coming in, too.
100% right on re Portland.
Michael you are the best.....Regards...
Thank you so much Mike notin is written in stone i respectful say i have acquired electrical plumbing carpentry skills that in my opinion is a great st😊
One of your Canadian viewers here. I've been salivating, waiting for everything to crash. It's coming.
You're in luck!
Few 100k on the sidelines and still stacking and licking my chops for the red tag sales coming! Your sub count is doing great. Let's git 'er done!
I'm Canadian, I really like your videos and I am NOT in debt. BTW, also waiting for RE to crash so I can buy more on the cheap.
Sound advice.
That chihuahua comment cracked me up! Thanks for the chuckle! 😂
I have lived in south Florida since 1968. Changes here have only been for the worst, especially since 1980.
love your content man, keep educating people. youngsters today no longer have mentors. you're doing good work here.
I have a video suggestion that I think people would really benefit from. Could you talk about what to do when your debt goes to collection and how you can settle with the debt collector sometimes for half of the debt you owe?
Yes, and great idea!
I'll what I can, can only lead the horse to water...Thanks for the suggestion, I'll look into it
@@MichaelBordenaro I've done it before. Your debt goes to collections. They call you and call you asking you to pay. Thing is they don't tell you they bought your debt for 10 cents on the dollar. This is the key. They will profit even if you pay half of your debt.
So every time they call you, give them a sob story about how you're broke and have no job, etc etc. Tell them you were just laid off, tell them whatever, but be consistent and remember your story.
Tell them you only have half of what they owe and offer to settle your debt for that amount. They will refuse to accept it and they will threaten you, etc... Just tell them you can't pay what you don't have.
This will go on for a few months. Maybe even 6 months. But eventually, they will accept and they will settle with you. Make sure to get paperwork from them that clearly states they are settling with you for $X.XX. Pay them whatever you agreed to and make sure to keep that letter because they may try to sell your debt off to some other collections company and you will need that letter saying your debt is settled if that happens.
I once got out of $2500 by paying $1100. Took about 4 months of telling the collections agent the same story over and over again. Eventually they realized getting $1100 was better than getting nothing and they settled. You can do this with any debt that goes to collections. Just remember - they bought your debt from whoever you initially owed it to for probably 10-20 cents on the dollar, so they will eventually be happy to make even a small profit off you.
The American Dream has been sold as consumerism for decades. It's why finance and basic economics should be taught in school to young adults. I'm thinkingas soon as they turn into teenagers and overexposed to advertising and merchandise.
I was raised understand that declaring bankruptcy was a disgrace. I'm talking 30 years ago. An acquaintance told me they were going to declare bankruptcy because of debt. A year later, they were fine . A new car, house They told me lenders were chasing them because.... You can only declare bankruptcy once in I think they said 8 years. Rather than foreclosure they declared bankruptcy. I don't know how. I just thought I would mention it.
I think that has to do with a moral decline in society and lack of accountability. People seem to have zero shame.
You're either an ant or a grasshopper. I used to envy the grasshoppers because they were so carefree and having so much fun; now, they envy me.
I am almost 70 yrs. old. The culture, atmosphere in the U.S. is QUITE different than in my childhood.
I’m 41 yrs old. I truly wish I was born in a different generation. This country is toast.
Thanks to our “ leaders” clueless chumps
We’re experiencing the “hope and change” of a former president.
That's why I sold my Rentals their entitled to my House .😂😂😂😂
Yep. Walmart is closing its last 2 inner city stores in Portland. There are are still some 20 other Walmarts outside of central Portland.
One or two takes in the video. Good work
Yes, good to explore things like this in life. We are preparing and continue to learn. I love the Canadian analogy as Americans may actually be able to relate to them and SEE what is happening to our closest neighbors. Very light today on the 'real estate' (a good thing for this video) itself but spectacular on the circumstances that affect the end result of our real estate affordability. As this continues, for several more quarters, we will surely continue to see prices drop further (in general). The same lifestyle has been going on in America to a lesser extent, but still far out of control for a decade plus. You stated that potential future buyers are "feeling okay" with $350,000 (standard family home) and I'm hoping folks don't get comfortable until the median (or even avg.) is expected to be @ $230-$250,000ish for the same properties.. Thanks again for another comprehensive, coherent, organized, efficient, informative, and entertaining video. You "WORK" it every second you're on (and work towards a productive show every second you are off) and EARN every thumbs up you get. By the way, you mentioned on a video, a day or two ago about your "I told you so moment" and you didn't have to do that. It's fine but your real fans and viewers were thinking that and saying it out loud before you said it. Though, I have to admit I did like seeing you gloat, for a micro moment, a bit. Your viewers pay the naysayers no mind at all so no need to ever refresh the real viewers.. Also, are you ever heading back to the little street in South Beach (I think)i that had the affordable cars on the streets and the 100 year old Spanish/Hispanic theme stucco type houses. Was hoping you would find one for sale but those places just had to be affordable. Nothing was empty, apartments, small homes were full, lots of activity. I like those busy, little, inner city, neighborhoods. Sure wish all my favorites TH-cam folks were at least 1/2 as thorough and efficient as you are.
You sir,have a broad sense of knowledge that most folk including me can only hope for,,,,thanks for sharing,,maybe some will rub off by osmosis….
YES IT HAS in the past two years especially!
Thank you for a dose of reality and being truthful FYI Im in Canada we are a Financial Illiterate Country Are Finance Minister Could not sell popcorn at the Super Bowel Zero Na/Da No Experience in Finance Never Ran a Company or even sat on a Board of Directors for a Company.
I remember when the oil field bust happen in the early 80's! People held on to their houses, helded on, and keep hoping until the bottom fell out. That was way before people had huge debt like today. I remember town houses selling 20 cents on the dollar and the only people buying them were for cash. Add into this picture student debt that is crazy high with income not even coming close to the cost of living.
Was telling someone the other day that it's sad that society created the greed, the social status to look important and other things they believe. Then, when they get in over their heads, the same ones that created the problems punish those who give in to the culture of having stuff.
There was a guy on here made a comment a few days ago, that he has an LLC and is buying up properties for AirBnbs. He has 4 and wants 28 for his 'retirement'. In the meanwhile he has misplaced 28 working families who now have no place to live.
The level of greed and greed 'mentality' out there is sickening and all I can say is judging from history this will end badly for EVERYONE and that time is not too far off.
already have boat money ready to for next year!! just need to learn how to buy repossessed stuff.
we watch you from Canada i am in Toronto
Thanks! I love my Canadian viewers, you're all so kind 😊
Steve Antonioni !!! The kid is brilliant. Everyone could take a lesson or two from that Canadian.
Antifa central is losing its Walmarts. Freakin hilarious. After they pause call of duty, they kiss mom on the cheek and go steal from Walmart before protesting America for their own laziness. Sorry if that was too much truth.
Sooo true Michael, good to share all aspects
Of this recession. So many people walk with their eyes shut , time to open up ! Also, it is world wide not just the U.S. of America. And you are also correct, smart people can sit back and wait (they will) for opportunities to snag once the people walking with their eyes shut...fail , unfortunately in many ways . They can only hope to sell before the banks take them to the cleaners! Sounds terrible, but someone's loss is another treasure!
16:28 lol thats what we call "Word Salad!"
Hi. I'm from Toronto Canada 🇨🇦. We are definitely seeing the financial crisis.
I was walking around on a Ford dealership today and looked at several F150s for 82K! the "less expensive" ones were in the 65K range. What is next the 100K F150?
The F150 lightning
The thing I heard about Walmarts closing is that the sale of their high ticket items has gone down, and people are mostly buying food, which is not where the bulk of their profit comes from.
I also read that those empty Walmart stores will be used as FEMA detention centers. I do not know much about that last part.
Great common sense info video, Michael!
I appreciate that!