the american dream is dead... this is why people are leaving the US.
ฝัง
- เผยแพร่เมื่อ 15 พ.ค. 2024
- In this video we are discussing why the version of the american dream that we grew up with, is mostly dead. Then we will get into ways you can still succeed in the world today.
0:00 The American Dream is Dead
0:49 The traditional “american dream”
1:44 What the average person could afford in the 1960’s
2:08 What the average person could afford today
2:49 Wages VS Inflation
5:00 The American dream is dead for normal/essential jobs
5:43 Can a firefighter afford life in America?
8:17 Are prestigious jobs (doctor/lawyer) still worth it?
10:35 The American dream = generational wealth?
12:20 Income inequality is much worse now
17:40 Covid Inflation & Corporate greed
18:42 There’s hope: how to win at the american dream in 2024
19:14 People are leaving the US to achieve the american dream
22:00 People make a lot more money from their own businesses
25:34 student loans are keeping people poor
27:00 What do you guys think?
References:
www.researchgate.net/figure/T...
babel.hathitrust.org/cgi/pt?i...
aneconomicsense.org/2012/01/2...
www.tiktok.com/@humphreytalks...
Pretty Privilege and The Normalization of Plastic Surgery: • Pretty Privilege and T...
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My parents didn’t go to college but were able to buy a 2 story house in a middle class neighborhood for $180k that’s now worth over a million…
My father bought a few slices of LAND in the mid 90s for just a few 10's of thousands which are now like 400k. Its nuts.
One of my relatives was a doctor and bought a house in California for I think like 150k, now it's worth 1.6mil. They only bought it back in the 80s (I think).
@@maxosborn1018 Thats 45 years ago
immigrants POURING into the US
Dumb youtubers: the american dream is dead... this is why people are leaving the US.
So if you just drop the daily starbucks, you'll buy one too :D
"It's called the American dream, because you have to be asleep to believe it."
--George Carlen
Only a fool has a drean and not in sleep mode. :)
America was poisoned. Try to name the applicators and the autodelete system kicks in.
In Korea, they call it the Gangnam dream.
censorship is no dream. It is real.
My mom visited me recently. She helped me buy groceries for the next month. I cried with gratitude and relief. I asked her, “when I was little did you think your kids would have a better life than you did?” She sounded so sad when she said, “I really did.”
It’s all a result of globalization. The wealth of rich nations is transferred to poor nations in trade for goods, bringing the 3rd world up and the first world down.
I feel her pain.
If I was a mother, that would make me feel utterly terrible
Why im moving out the U.S. and raising my kids elsewhere. I domt have kids rn. I rather be apart of another economy, than this rising inflation.
@@rrrealqueen were is a place we can go to get away it's like this everywhere?
I left USA and bought a 2 acre land with a 3 bedroom house in south America for $30k total, including the land. I am mortgage free and living off my farm. I will never go back to the states.
but you will surely miss it once in a while?
if so, just go to US for vacation?
I plan to move to south America too
what country in South America? Brazil?
@@davidmoore5004 suriname
I'm moving to Colombia for retirement. Food and housing are cheap.I bought 2 steak dinners with potatoes and fried yucca,a salad,and a pitcher of squeezed lemonade for $17. That's easily an $80 bill in the USA.
A lot of people can’t even find a job now after studying at universities
i got a comp sci degree and cant find a job after graduating 🤣
They chose poorly. Remember young people have no life experience and moderns have been raised by silly fools to be silly fools. Meanwhile my trades students (those who made the effort anyway) have good jobs because they went to AFFORDABLE community college then became mechanics (who never starve), welders, electricians, controls techs etc.
@@AFollowerOfCanti You knew that field was crowded when you began so what make comp sci look like a wise move instead of a field where you can be a bigger fish in a smaller pond? Smart play is take your degree and commission in the Space Force or Air Force for an instant career and earlier retirement than your peers. Government jobs are secure but people don't think to look for them.
@Comm0ut
People in fact do think to look for them. There's plenty of completion in the public sector now
College is another scam better learning a trade and if you a student loan you are screwed
I don’t think there is a middle class anymore.
It’s just the rich & poor
smartest person in the room. vote Democrat they will fix any problem after they make the problem.
Everyone I know is middle class 😂 you aren’t the smartest.
@@sandblast5636 you're delusional if you think its a party issue. Neither party gives a fuck about average american
@@user-xd4pn9jz1i i dont know if I would believe that coming from an account name like yours
@@user-xd4pn9jz1i okay define 'lower class' and the specific mechanics that separate it from 'middle class'
‘America is too expensive. A house is 10x the average salary.’
A few weeks ago.
‘Lemme show you how I’m gonna landlord/airbnb this investment property, price gouging tenants rent equal to multiple of my mortgage.’
They start complaining when they realize this stuff also hurts them too.
Yeah I looked at her video history. Fuck this bullshit.
The state of the economy is due to the government. Not a small time landlord @@TL-ms6lp
Exactly 😂 the greed is haunting the rich. Like Paris Hilton said "who's gonna clean our toilets".
Vid OP really aged like fine mik
I left the US in 2016. Previously I was a public school teacher in South Carolina, and now I work at an international school in Malaysia. Even though my salary is lower, the savings potential is much higher.
Indeed.
I did the same in Moscow and made bank. Check out Moscow. They have several international schools. One of my friends even worked at the Saudi one. My friends still live there and love it.
With how much teachers are constantly being attacked and screwed over in the US I can't blame you. I don't know who in their right minds today would even get into teaching in the US with all the stress in the field, combined with the absurdly low pay.
thats how it is in southeast asia you earn less but you save more because low cost of living. here you earn more but you spend more and pay more for what you earned
@@ahnonymuz9921 Indeed. I agree...
The middle class doesn't exist anymore. The professional class is the middle class now.
Based on my observation in my 3rd decade as an adult, I think many people just have unrealistic expectations of where they should be based on their actual circumstances. I have a high-paying job but I see many of my coworkers and neighbors still living way beyond their means and taking on lots of unnecessary debt.
@@alexs1864 thank you
It's funny the comment says the middle class doesn't exist but yet the professional is now middle class. That would mean a middle class exists.
Throughout history this is how life goes. There will always be people who don't make enough or barely get by.
The middle class definitely still exists. Y’all just be saying anything on this site. 🤦🏾♂️
@@beatbuildersstudioI think what she’s inferring is that the professional class used to be the upper class, but today they’re the middle-class. This is especially true for tech hubs such as the Bay Area, Seattle, San Diego
Millionaire is the new middle class.
Yup. A good home in a city is close or more than one mil
If im a millionaire im not living in the us lol
@@sparker.24 Some of my relatives are in the Canadian Who's Who that is made the list. These higher interest rates have been a godsend for all of us.
Ima look into El Salvador. That country is making a 180
@@parkerbohnnur an idiot. Learn how to form a coherent thought before chiming in…
The American dream is getting the hell out of America! Ironic.
IKR? I have become the primary caretaker for my 86 year old mom. If I could get her to get on an international flight, I’d sell my house and be gone by Christmas…
Me too bro. I take care of my 74 yr old mother. I'm the same way. If I could afford the flights 4 us, we'd be gone. Our cost of living is not sustainable as americans.
@tonyjones1560
You are still required to pay US taxes though.
@@GengoSenmon True…unless or until you renounce your US citizenship. If that made social AND financial sense for me, I’d do it in a heartbeat…but I’m not in that situation yet. May never be there.
@@sean8514 I’m lucky that my house is paid for and I have almost no consumer debt. I’m just beginning to understand how much planning is required to take such a big step! I have to expand my timetable to Christmas of 2025…!
I have a friend that moved to Germany and never regretted it. After her parents passed she moved.
She had an expensive mortgage with 3 bd 2 bath 1 car garage and sold it for 3x she paid for it in the 2000s.
The country has a flat tax where everyone pays into. Health care, dental and retirement is taken care for and
invested in the economy. There are no homeless people in the streets everyone has a job and rewarded well.
Her apartment cost $256 dollars a month plus expenses. Her wages around $3k a month. She saw this coming
after the 2008 bubble she prepared herself and left the US.
What does she do for a living?
Yes come guys! Its is now easier than ever and people speak english well on average, so itll be easier to settle in! But of course, to really feel at home learning german is important. But dont worry! It is related ro the english language :)
Greetings from germany!
Hard times in Europe as well. In Germany too
There are definitely homeless people in Germany
@@conniedaisy2278 I really don't get where they get this info when most Germans are unhappy with their country, burreaucracy and immigrants. Another lie that all speak English in Germany
i came to US from Taiwan in 1999.
i am now thinking about going back to Taiwan. on top of the absurd living cost in the US, the crime and general social implosion is just getting scary.
in the last 4 years, 5 people i know already left to go back to Asia, 2 back to Thailand, 2 back to China, and my sister went back to Taiwan last year.
and we are still young. i cant not imagine living in the US as 70 year old. no job, no saving, and expensive medicine that would render you homeless
In California many Chinese are buying homes left and right. I see it increasing a lot
It's never to late to return home. As an American, I say go for it. I'm trying to leave the US myself. I know that as an American with a developmental disability I could be homeless by the time I reach my father's age, who will turn 63 by this Saturday. I don't want to retire broke, homeless and living on the streets in the US because big corporations are making everything expensive for those who are not rich or make a six figure salary. I knew for a long time that I will never obtain the American Dream. It's out of reach for me. I plan on going to an Asian country myself. My best bet would be to marry someone from overseas.
@@jessicasmith5728 where you gonna go if i may ask?
@@Dragon-mv6vy I'm thinking of going to Malaysia maybe Singapore. I've been practicing my Mandarin Chinese for about six months now after I stopped learning it to learn Japanese in 2016. I don't think I'll ever use my Japanese despite getting good at it for the past seven years. I should've stuck with Mandarin Chinese since I first started learning it at 17. I could've started learning some Korean too. But, I'm focused on my goals now and I'm not gonna let anyone or anything drag me away from what I really want to do with my life.
Welcome to china!!!❤@@jessicasmith5728
Registered nurse here. I worked hard in school and am 4 years into my career..I budget and don’t overspend and life is just toooo expensive. Its disheartening.
RN here. Thank God I was fortunate enough to buy a house in 2017. I could NEVER buy my house today on my salary. Not even close. 😢
@@StripMallSanta kicking myself for not buying in 2019.
I’m an RN and the pay for hospital nurses on med surg floor was not great, especially for all the stress, no time for even a bathroom break. My last year working as a med surg nurse they decided to do a bonus for Christmas, full time received $50.00 and part time $25.00. The CEO bonus of course was in the millions. I would never recommend anyone in my family to go into nursing. It is just a business like anything else and they wonder why nurses are leaving. Doing 12-13 hours days or nights and then on call with terrible patient to nurse ratios.
@@StripMallSantaSame, I bought my house in 2017 and my home value has sky rocketed to where I wouldn't be able to afford mine. Also my HOA fees are so high that I'm still getting kicked.
@@mwilson3602 all my RN friends also have similar sentiment regarding their pay, but they only work 3 twelve hour shifts a week (considered full time). OT is offered but they dont take it. If they were genuinely struggling as bad as they claim they would work at least one additional shift a week which would be a 25% salary bump (or more depending on OT pay). Most people would kill to have a 3 day work week! Even if it is 12 hr shifts. 4 days off a week? Thats cushy
I'm 38, with a bachelors degree, make $54k a year, and I live in an RV because I can't afford an apartment on top of all my other expenses. Germany is on my horizon within 5-10 years, depending on how much I have saved to afford expatriating there.
Well save lots and lots of money so you can pay for your energy costs in Germany, 😆 Good luck
It only took me 4 months in Warsaw, Poland and Sofia, Bulgaria to realize a different location/country can absolutely bring you more happiness. As long as it aligns with your values, lifestyle and budget.
P.S. these are two budget friendly countries. Your money goes longer in Eastern Europe.
As a Swiss person I was shocked about all the prices (restaurants, coffee, hotels) in America on my visit this January. I last visited America in 2019 and the difference was really staggering - so in a sense I had the exact same reaction like you, in reverse :D
Curious to know. I assume not much has changed in your country -- Switzerland?
@@denniszenanywhere We had inflation here (energy prices, amongst others), but it was the lowest from all OECD countries. There's probably many reasons for this, but from what I gather part of the reason why ours was comparatively low is that the Swiss Franc getting stronger at the same time was "cushioning" some of the impact as we are importing quite a bit, being such a small country. Also, inflation target (and therefore econ. policies) of 0-2% is lower than in other countries, previously already high energy prices meant that Swiss companies on average are also already more energy efficient than rest of Europa, so lots of various reasons :)
@@yvesjanett and health insurance, last year I had to pay 40CHF more, so 10% increase, this year the same so I had to change insurance company.
Well we don’t see so much increase in Switzerland just because we overpay 3x anyway 😂
Same here. Also from Switzerland.
I watched the whole video and really enjoyed it but was surprised you made no mention of institutionalized home ownership. As of March 2023 it was estimated nearly 30% of homes were bought with the intention of renting it out rather than using it as a primary residence. Having nearly 1,000,000 single family homes owned by private companies for the purpose of controlling and raising rents on entire sections of the country is absolutely contributing to this issue as well.
@@777trader8 There will never be a federal law prohibiting institutional buyers from buying homes- so presidents don't matter. It is up to each city who controls zoning laws that can make a difference. Some cities have cracked down on Airbnb (which Shebly and her sister own) but they need to go further and prohibit institutional buying
100% Agree! We ABSOLUTELY need FEDERAL LAWS BANNING this type of Predatory Behavior!
To those who think it'll never happen: Stay out of the way. Your mindset is unintentionally part of the problem. Stop perpetuating this bullsh!t. Yes, I GET IT that it's the current state of reality, but it doesn't mean that it HAS TO BE indefinite.
There is serious power in numbers, but our MINDSET has to be focused in order to get housing under control. It's f*cking ridiculous that one of the richest countries in the world has a housing issue. F*cking. RIDICULOUS.
We need to change our laws and make it illegal for absolute essentials like housing and food to experience radical change in a short period of time.
People think that when rates drop there will be more selling of their current houses which Im sure some might but not as much as people keeping their low interest rates and renting their old houses instead.
This is directly in ratio to the make up of the population. A good look at who made up the middle class in its hayday and who the major population blocks are made up of today.
immigrants POURING into the US
Dumb youtubers: the american dream is dead... this is why people are leaving the US.
I just stumbled across your channel and couldn't let go for 27 plus minutes! Very real, very informative, and very well done. I wish I could have seen it 60 years ago! I'll be back.
These long form videos of Shelby like this are incredible. I think this is your gift is commenting on these topics like a journalist. Thanks for doing this.
Shelby two weeks after trying to buy a condo in LA: "is it time to move to Mexico City?"
hahahahahaha
Many people are doing it
@@josephaugello1527 which makes the cost of living for mexicans even higher, so not really a solution
@@Bethechange Well, solution for us selfish Americans hahaha The left love destroying their cities and states, then moving, then continuing to their destructive voting.
@@ShelbyChurchyou're gonna have to learn the Spanish version jajajaja
Most people can’t even qualify to rent an apartment. Because the major complexes are requiring 3 times rent. So for an apartment that’s $1500 you’ll need $4500 in gross income. Most apartments in that range are studios. Not feasible for two people.
This! Most young college grads will have to live with parents, live with a roommate or two, or have their parents cosign on their lease for even just to live in a small studio.
Two people very easily ought to be able to make $4500 a month.
Two people each working 40 hrs/week at $15/hr is $5200 gross per month.
@@Norm-gw6kl you missed my point. A studio with one income
@@Norm-gw6klthen tax,utilities , ramen noodles and a few sodas and you're scraping through that last week till payday.
I really love your content Shelby, this one and the child-free by choice one really hit home. Great work!
This video was very well put together and everything you mentioned was SPOT ON!!!
I have been living in Mexico. I have met A LOT of people that went to the US and came back. They said they can make 5x what they make here, but the cost to live is 10X what they pay here so its not even close to worth it. The economy is starting to really pick up here.
Mexico City has gotten really expensive
I don't blame Mexicans for leaving. Some Mexican Americans have also moved to Mexico and are able to obtain Mexican citizenship through their parents or grandparents.
Where abouts?
y i got a few homes paid off in mexico over the years and retiring there.
@@slumy8195 where in mexico? i have one in baja?
Printing and distributing 7 trillion new dollars into the economy will have generational consequences.
For sure.
covidflation.
Sure corrupted fake President Joe Biden sends billions to Ukraine.
Probably $300 BILLION or more of it to Ukraine and Israel, before it's over. That "money" will not help Americans at all. Just the arms dealers.
@@JohnBrown-vn2qw Bidenflation
You’re killing it with these commentary vids!👏🏻
Your videos are so informative! Thank you for these! 💕
I’m single income 33 year old Paramedic and bought a 1200sqft house in Canada on 2 acres in late 2020 for $190k.. similar listings are now >$325k.. I got in at just the right time because I could never afford anything now and maintain the same lifestyle. I make a good living at $80k CAD and have no debt, but had I not bought in 2020, I couldn’t even afford to rent alone right now because that’s even more insane. I feel for people in that position, I just got lucky with timing.
Where in Canada?
@@stephanielake11 the Maritimes
I rent in Canmore AB (very expensive) and have a car loan but no student debt, on $60k ish and still manage to save. wtf are you spending your money on lol
Wife an and I pay 4800 a month. For a property we bought at 570k. It's worth about 660k today. We still have a 2 thousand left after all hills are paid for the month on the usual.
Housing bubble should burst in a couple years and prices will become more affordable in some areas. just hanging in there for now
Absolutely agree with you!! I think this concept relates to your other video on being lonely. We are all too busy working 40-60 hour weeks, still being broke wondering how we'll ever have what our parents did at their age. And we wonder why everyone is so lonely or unhappy? I believe it's because we are trying everything just to keep our heads above water, and for some it's still not enough.
Thanks for the info Shelby and so thankful to find your channel. I like your coverage of today’s economic uncertainty. You spoke facts, without much doom n gloom like others on YT. You gave great suggestions, as well. Keep on!
Your content is so good! Love the thought provoking videos you post.
Shelby, good for you for having your eyes wide open. Everything you said here is factual.
I did all my gen ed credits at a community college and because of that, I had only like 1/4 of the debt of the people I know who went the full 4 years at a university. It's so gross how college is unsustainable at this point.
It’s where you go to college, my wife and I graduated over 20 years ago and both our nieces university is cheaper. If you want to go to party school USA then yeah it’s going to be crazy expensive.
Because people keep agreeing to pay those college prices. Stop giving them your money and they can't charge that much. Stop complaining about prices and then going right ahead and paying it and taking out that student loan. Also when the government got involved with student loans it caused prices to shoot up. College prices went up too when interest rates went down, you have to look at the payment cost, not the overall balance. Lower rates distort the price.
And congats on making a good decision on what you can afford and going to community college. Too many people think they are too good for that. Well I guess those people can keep paying high prices and keep the prices high.
People forget that you can make a lot of money in the trades as well. College isn’t the only option
@@RichardsGaySon they really do. Going the military route as for me.
Apprentice for a trade. Make money working in that trade while learning that trade. Get your certification/graduate with $0 debt, make over $100k before year two, and before those 4-year college kids graduate with thousands in debt. Then vote Conservative.
great video. appreciate the stats and facts-based reporting. and the anecdotes are interesting
As an LA firefighter currently renting due to the challenging local housing market, many of my colleagues and I are considering relocating out of state and adjusting our schedules accordingly.
In the past, during major emergencies like earthquakes or wildfires, local off-duty firefighters would drive to their fire stations to assist.
Unfortunately, living out of state means we won't be able to reach our stations promptly to help those in need. Best of luck to everyone.
I moved abroad in 2009 after gradutating college in 2007 and strugging to find an even slightly decent job, I worked all kinds of construction jobs and odd jobs, then i moved Europe to teach English and suddently went to only working 25 hours a week and having lot's of extra income although my salary was lower. Every time I visit the US it's just depressing for me because everything just seems much harder and more expensive. It's important to realize that we have a government in the US who is absolutely not looking out for our best interests and they think they can ruin the middle class and the american dream and people will just accept it, one of the most powerful things that people can do is say hell no, I don't accept that, I'm out and I'm not coming back until the gov realizes it's got a major problem on it's hands and makes a drastic course correction. At this point the most patriotic thing you can do is leave.
I agree. France has a cap on campaign costs and it’s set very low. And enforced. US politicians are all bought. Doesn’t matter the side you are on.
How did you find all kinds of add jobs?
The US government has more important thing, like some rights...., how to get money from hard working people and send it to poor. How to make us to believe that we are all the same. How to make everything free. How to make us not to believe in god, but believe in them. You see, much more important things. Also foreign affairs has the same things but for people out of the US,. :) You see.... immature government. Or something much worse?
@@acamiln8354 Yes indeed, I see that it's very important and profitable for the people who are in government but not for the average american citizens unfortunately
I will warn you, however. Like communist governments do, the US too will stop people from exiting out. They are already making it very difficult to exit out and stay long term. Every time bootyhole Biden exits out and spends time in places like Thailand and others where Americans are leaving out to, a new visa law comes out or some kind of big must pay expense/i'e repressive measure comes out. Go out now, while you still can.
One thing that should be mentioned is foreign investment in residential. This is a huge problem in California (I’ve read in several states but I can only speak to this state). It should be against the law for a non-U.S. citizen to buy a home here as a non primary residence. This is more of an issue in California than generational wealth.
its a huge issue in canada! vancouver home prices are INSANE
Additionally, Corporations buying up residential real estate is also a huge problem. AND most people seem to be unaware that even the US based corporations that buy up Real estate are often FOREIGN OWNED on the back end. Worse, you cannot see the true ownership of corporate structures on the Secretary of State website, as there is usually a complex hierarchy of ownership which hides the true (foreign) ownership
The main problem in CA is that new construction of any type is incredibly difficult, so the supply of housing is much more constrained than places like TX leading to much higher of prices.
Why would they make it illegal ? Those people pay property axes and employ people to maintain them. The average American doesn't want to pay their fair share
@@beebee4334 most single family homes that are used as investments are bought by Mom and pop companies looking to make a quick buck. Not corporations
Loving this new series!!
Very well put together video, Shelby!
Great content as usual Shelbyy❤One point to clarify this, the wealthy do save up enough to buy their next assets. They do not save as a means of building wealth or as a retirement strategy..
The rich see economic crisis as a garage sale, that’s why investing right now will be the best decision
Crypto is a way of earning big this recent days.
Crypto is the future and way of earning money this days.
Trading right now will be at the of every wise individual’s list. In 2years you’ll be ecstatic with the decision you made today.
BITCOINS: IS ONE TRUE DEMOCRACY THAT HAVE EVER EXISTED IN THIS WORLD❤
In 1988 when I graduated high school, I had a pretty good job, and was able to rent a house with a pool with my buddy and we both had extra money no problem. Life was easy and fun then
This series is really good Shelby!! I enjoyed them
Love this series!!
Can you do one on the topic of finances and debt
I'm brazilian. I grew up upper middle class over here.
Things changes so drastically in the last few years that I would be pretty much homeless if my parents haven't got me an appartment when I was growing up.
Things are so expensive it's crazy and salarys haven't follow up over here either.
I'm aware i'm very privileged but even this privilege isn't enough right now
I hope you go live in a favella
@@Drunkpilotflying Descansa, militante. Tá tudo bem kkkkkk
you are very privileged of having parents?
@@iwtbrandh7970no, for having parents that could give me a place to live
Familiar last name
In Britain we have the exact same issues. The only difference is that our salaries are way lower than USA and buying a house today is not even a possibility even for professional married couples.
That's the difference the salary rates, but it's a bit hypocritical for us to leave with our higher salaries and go to other places and keep our salaries
Agree, but I’d say only some parts of the UK, it entirely depends on where you live. I’m very fortunate to live in a beautiful part of the country where house prices are low. Me and my partner have somewhere between a middle and working class income and we were able to buy a house and so are most middle earners I know as long as they’re in a couple (which sucks in itself)
But it’s certainly not possible in cities where the higher paying jobs are. I’ve seen one bedroom flats in London with virtually no space for the same price as our 3 bed in the country.
you will OWN NOTHING an BE HAPPY comrade! - Klaus Schwab
@@dougdimmadimsdale9571 yes. this is obviously the leftist agenda coming to fruition, not like, you know, the hyper capitalist neo liberal policy we've been seeing destroy the working class since the 80s and Reagan lol but I'm sure it'll start trickling down soon. any day now...
@kgal1298 your salaries are not high compared to Australia. We are also getting a lot of Brits moving here because of low pay back in the UK. Fun fact: the only people in the world not to emigrate to the US are Australians - I wonder why 😅
Politicians often claim that making the rich wealthier will benefit everyone. However, even when it's proven otherwise in videos like this one, some Americans still vote against their own interests, hoping they'll also become wealthy someday.
“Trickle down economics…” I was 18 years old when Ronald Reagan was talking that bullshyt. I’m 61 and still waiting for that “rising tide that lifts all boats.” Actually, I’m not. I just didn’t think the BS would get THIS deep…
We bought our house in Wilmington, DE in 2016 for $125k. We just refinanced last month & the house was estimated at nearly double the price. It’s an old, 110yr old house. We haven’t renovated anything, or done any work at all to it. If anything, the (shoddy) renovations done by the previous owner have deteriorated quite a bit. But still, if we were buying now, this house would absolutely NOT be in our budget. We’d love to sell & move out of the city, but right now we’re stuck here.
It should be against the law for a non-U.S. citizen to buy a home or land or farm anywhere in the United States. Just as it is for an American expat in THEIR countries. RECIPROCITY is the only moral policy.
@@dissident112 These aren't even corporations in California. A communist Chinese individual can smuggle his corruption money out of CCP China, fly in on a TOURIST visa, and buy a $600k house with CASH. I know eyewitnesses who have seen his happen. Foreigners -- not only Chinese -- now own millions of homes in California. No other country in the world allows this.
@@dissident112 All real estate housing should be Owner Occupied by law which would free up more supply. The way it is now the masses are doomed.
Actually, In many countries, they WANT non-US citizens to buy homes. As part of their Foreign Direct Investment. Thats why I have overseas properties 😂
But nah I totally get it. There’s economic downfalls and upsides to this. For people living there and people like me who buy.
@@deyshajohnson1926 Nowhere in all of Asia does an American have a reciprocal property right to buy a HOUSE. Nowhere. You can buy a tofu condo, for example in Thailand (which I would never buy).
@@davidb2206 that’s interesting
I left the US in 2018 and I’ll be getting my second citizenship soon. I don’t miss it at all. I call everyone who refuses to leave “left behinds”. I’ll be retiring in the Mediterranean or Thailand.
Aye I might move to Israel or Italy because I'm Jewish and Italian. Good call 📞 👌 👏 👍 🙌 😌 📞
10:43 in many cases no one is buying the houses and everything it just empty and rotting away. Excellent video! You're a smart cookie!
This is well researched, documented, and facts check out. I appreciate all of the work you put into this while being fair and realistic.
I intend to leave the US and retire overseas. This is more affordable and I have no intention on coming back. I appreciate you stating the counterpoints for leaving, but I gotta take care of myself and my kids.
I don't think this necessarily is a unique issue to U.S. I think it's more of a mental awakening across the globe on work cultures, governance and economy. For example, I'd love to leave U.S. because I'm staying in U.S. but when I hear from my friends in Korea or Japan, their situations are also not the best and they still believe in American dream.
Yea those countries in particular have a similar situation it seems like in terms of income inequality!
You mean The American Dream of 1950-1980. Americana. When the American workers were compensated for their work and could buy their own little kingdom at age 25 with a bank and own it by age 55. Not the "Wolf of Wall Street" "Reaganism: wealth trickles down without the government interference" "Corporate Feudalism" American mindset.
@@ShelbyChurch No one is owed a job and a person's worth to an employer is individually negotiated. Despite a massive wave of illegal aliens who are being allowed into the US (and at the same time politicians refuse to accept their part in this) there is still a large shortage of seasoned professionals, so salaries are insanely high for people with experience. There is no such thing as income inequality. Pay is commensurate with demand.
@@TeddyLeppard You speak out of your arse! Lol
Hi @ShelbyChurch thank you for explaining the economical situation in the US. I live in LA and to be honest I was considering moving back to Europe. I’m originally from Romania and unfortunately the situation there seems worse than here. The prices went up in the past 4 years and the prices for groceries are similar to LA and the yearly income is lower than the average income in the states. Rent is cheaper but everything else is sooo expensive people still live paycheck to paycheck. The gas prices are also insane there!! Way more expensive than in California. I have friends in Barcelona and London and the situation is similar. Unfortunately we are dealing with a global economy problem so the best way to deal with it is to do the most of what we can with what we have and don’t sacrifice to much time or our health. We are definitely a very stressed generation because of all of this!
I just moved back to the States last May after spending most of my adult life in the UK....its everywhere! And it was just announced the UK economy is officially in recession. I am a single mother so 1 income coming into my house and everything went up so much in the year before I left, I was concerned I wouldn't be able to afford my house anymore. (which by the way my mortgage was half of the price of the rent for the exact same home)..Sometimes it feels like the only way you can possibly start to save anything to get ahead even a little financially is by living with other people who can all contribute to the costs of one household....I could go on and on about this subject...
😢thanks for your comment I'm originally from London UK I live in Dallas Texas I think it's a bit cheaper sainsbury's Marks & Spencer Asda and Waitrose seem to have cheaper food than New York. But the house is a cheaper in the South Texas. Healthcare is free in Europe
Hi Shelby! I recently found your videos and really enjoy them. For this video I did want to mention an academic outlier that saves money: Oftentimes students getting PhDs in engineering or the sciences can receive an annual stipend (example: $35,000 min in 2024) and fully covered tuition. But that of course is after they get Bachelor's Degree. Although the stipend may seem low to some, imagine being paid to attend school and not accruing debt.
I am so glad you articulated this. I was beginning to think I was imaging that the American dream was nearly impossible to achieve. I also love that you mention where there is hope too. I am working on building my own business. It's the best way I see.
I think this should be your new thing Shelby! I’ve been loving all these journalistic/opinion videos
Yeah, but it's a bit out of touch for her to be shooting a video about how unaffordable homes are...in an amazing home that's in LA. That home she's in probably costs $5 million, and she looks barely old enough to be out of college.
@@fuzzypanda1684 She said throughout the video that she's an exception bc of her TH-cam earnings. Otherwise, she'd pretty much be in the same boat.
@@moviefiend44 It's still tacky. It'd be like doing a video on how no one can afford cars, and filming it in your Ferrari.
I grew up lower class, child of immigrant parents, youngest of 5 children. I went the community college and transfer to state route. I was able to pay for college with part time job income and living with my parents. I am an RN in California and husband has a blue collar job. We were able to save up by living with my in laws and was able to buy our condo last year. We have one kid, try not to spend excessive amounts and started investing in our adulthood. I really enjoyed this episode and found it very insightful, definitely agree on your stances/view/recommendations!
Yea you need dual income just to have the opportunity but unfortunately a lot of us don’t have a significant other, congrats to your family tho
I'm currently following the same path
I love your channel! This video is absolutely accurate. Two years ago, I relocated to Spain from San Francisco, where I was running my own company and earning well over six figures. Despite my income, I felt like I was barely scraping by due to the high cost of living. Moving to Madrid was an eye-opener. I now enjoy a lifestyle that is very similar to what I had in the US, but with much more comfort at a fraction of the cost. For instance, a "very good" salary in Madrid is around 50,000 euros annually, which feels equivalent to making $150,000 in the US. I'm always amazed at how much more affordable life is here compared to the US. Regarding the American Dream, I believe it's somewhat diminished. However, for entrepreneurs, the American Dream thrives since our society in the US highly values entrepreneurship. This mindset is less prevalent in Spain. Starting a business here is more challenging, as I've been experiencing firsthand, but there are certainly trade-offs. Anyway, fantastic video!
I'm thinking of doing the same.. I will graduate from a trade job related to the auto industry, do auto trade jobs people get paid well over there in spain?
Great video, I wanted to add that not all boomers are financially sound. A lot of them that didn’t invest in their future are now struggling to make it off of social security and are now leaning on their millennial children for financial help which is also straining millennials especially if they have kids to provide for as well.
I believe the American dream of home ownership was destroyed by the investment market competing for home real estate as an investment. Inflation happens when more money is chasing fewer goods. I frequently dream of leaving the country but I’m perpetually too broke to afford paying for my past mistakes. I may never dig my way out. I feel like an indentured servant 😢 Great topic! ❤
The problem with the American dream is the fact that home ownership is the prize. We have all been cajoled into thinking buying a home (which by the way is a bank product) should be the goal. I kind of understand why they don't teach financial literacy in school. But that's the problem. The reason why most people (the middle class) feel left out is because we don't own anything. We have been conditioned to just be the consumer. Work like a dog and save up to put 90% of your money into a mortgage for 25 years. The American dream is for home ownership. Not for owning rental property. Huge difference. When you invest into the market or real estate. You will grow with America. You can't take part of the rise of America if you're only the consumer. The American dream slogan was just great marketing targeting the masses. And it worked flawless.
This! Private equity firms buying off residential properties and converting them into long term high rise rentals!
Inflation only has one definition. It is when the government prints more money.
@@Kyle-li8wi That’s not true. You have companies contributing to inflation by artificially increasing prices as well.
@@DiamondFlame45 Thats not inflation. Its not the same thing.
Over the long run, prices should actually go down and purchasing power should go up. This is because we become more efficient at production (see tv's for example.). Purchasing power should also go up as the population increases (same amount of money per less people).
Yet despite this we still see a loss in purchasing power and prices go up. Why is this??
It is cute that she is like holding a hair dryer when talking! Good videos! Thanks 🙏 Good job as always!
i just revisited SF / Bay Area after 12 years. Goodness gracious. Everything you said is true. Most ridiculous experience was when I ate at a restaurant, the suggested minimum tip was 20%. On top of that there is "living wage surcharge." there were no such thing 12 years ago. just crazy.
I can relate to working side hustle. I used to work anywhere between 60-80 hours a week for years. Then for a bit over a year I was a full time grad student. The mental toll that all that work took… I was extremely burnt out, and it took me at least a year to recover. Going back to a regular full time job was nearly impossible after years of sleep deprivation. I couldn’t function. I was able to buy a house with the money I saved in a rural area outside of Austin, Texas, but I don’t think I’d recommend overworking yourself to anyone. Side hustles are necessary now to achieve your goals, but for those that choose to work extra, be mindful of how much time and energy you spend working. There needs to be a balance, and it’s very easy to lose that.
Another huge contributing factor that could’ve been mentioned is that our government decided to print 40% of the currency within the last four years and dump it into the system along with the largest transfer of wealth in human history that happened during Covid. Idk about everyone else but I know that that had a huge detrimental impact on real estate prices in my area and they have not come down since then.
YES this could be a whole. video honestly
@@ShelbyChurch please do this video! It feels so obvious but lots of folks could use more awareness on this one ❤
@@ShelbyChurch Easily an entire video and it's something that has impacted most people in the world. The pandemic was sold to us as a major health crisis but it was actually a cover for the largest wealth transfer ever. The 1918-1920 pandemic ended with boom times where the vast majority benefited. This time the vast majority were left shattered.
Thanks for mentioning this elephant in the room. Going back to Reagan is a stretch. The greatest damage has been done since 2020.
100%
hello Shelby I have had difficulty with some of the issues you discuss regularly and am looking forward to learning from your channel and getting a female perspective which as a man I have trouble understanding sometimes but I also respect.
Amazing work :)
28 been living in an apartment for 5 years now, I make a good salary and have no debt, houses are crazy expensive even for people like me, the only way to get into a house is to have a spouse who also makes good money as well and you are smart and make strategic decisions with your money.
Bingo! Don’t partner with anyone who is not close to or above your level.
That's why, you're competing with people who have more than you and have a two people going at it. When women went to work and there were two incomes it drove up prices. You can still do it though, back in the day younger guys would work an extra shift, get another part time job, and only rent a room not a whole apartment, or sleep on a couch, they ate ramen soup, and didn't blow all their money going out and on unnecessary things. yup people did that to get ahead back then, and it paid off. It wasn't all rainbows and skittles like younger generations seem to think. But that is unthinkable to do these days, they will tell you all about inequality and they deserve better, and how they are a slave. Life is not fair, someone is going to outcompete you if you let them.
This.
Good luck find an American woman like that. Third-wave feminism brainwashed them into calling a man like you "cheap" for even considering going 50/50 like that. American women expect you to pay for the housing costs if you are a man.
The cause of today's economic problems started many decades ago and is relatively complex. Low taxation of the wealthy and corporations is a very small element of the problem; one that some politicians like to push to deflect blame from themselves. The current problems started in earnest many decades ago when large manufacturers starting shipping manufacturing overseas to cheap labor nations where they also didn't have to deal with labor and environmental laws. This was done to benefit the "investor class" who own and profit from these large corporations. A few well placed bribes, I mean campaign contributions, and they were able to do away with the import tariffs that had been in place for generations to prevent foreign companies from dumping cheap goods on US markets, thus driving US companies out of business. (except in this case, it was large US companies dumping products made with cheap overseas labor). The net result was that many good paying US manufacturing jobs went away and the middle class started to crumble. The investor class tried to put the blame on US labor which they told us was too "greedy." AS more and more jobs went overseas, they told us they had to do this to compete with the other companies who were already doing it. The race to the bottom.
Another major element is decades of government overspending resulting in annual deficits and mind blowing long term debt. You could seize 100% of the profits of the corps and all of the wealth of rich individuals and it would not fix this problem. I believe the USA now has a debt exceeding $34 Trillion.
The 3rd major element of the problem is the policy of the federal reserve when they try to avert economic tough times by lowering interest rates to a point that it is essentially free money. All of this easy money poured into real estate causing a huge bubble which burst in 2008. Then they lowered rates further resulting in today's real estate and stock market bubbles. All of the free money doled out during the "disease of unknown origin" just pushed things over the top. And yes, I do believe in the case of the latter, many companies used this as an excuse to jack prices up.
Education also started to become more and more expensive as the government made money easily available to students. And as usual, the greed humans who ran the universities took advantage of the easy money coming their way and jacked up the prices.
This massive bubble of all bubbles we now find ourselves in has to burst, and probably soon. What we do after that will determine our long term future. If they drop interest rates back to near zero again, inflation will just resume again and probably be very ugly. Also watch for ugly moves by the government as they struggle to generate revenue (i.e. take your money) so they can pay the interest on this massive debt they created.
Good luck, everyone.
Fantastic Balanced Analysis considering multiple factors in a TH-cam video reply... Kudos
GOD HELP US ALL
The so called rich and all these major corporations pay all the costs and buy the debts of the military industry complex. The actual "rich" are none other than the government itself!
You magically left out the immigration effect and don't @me with bs, you can see its effects all over the west. Now a lot of the west is becoming thurd world as well.
Tax cuts for the wealthy and constant war spending are the biggest causes of the national debt.
Shelby, I must commend you on the exceptional quality of this video. It's evident that you've put in extensive research, and once again, you've delivered a highly thought-provoking piece. Keep up the fantastic work, and I strongly encourage you to explore the possibility of starting a podcast.
Your channel is refreshing. Some people get what's going on, some people don't. Thanks for helping me keep my sanity. At least I'm not alone.
My Dad bought homes in Pasadena for $30-70K in the 70s. Most were duplexes. He told me when he first visited Cali in the 50s, houses were $5K.
That’s about how much my grand parents house was in the 50s in South Jersey. The difference is his house is maybe worth 275k today and your fathers house I bet is over a mil.
Yes, that is true! 💯
My parents bought a house in Huntington Beach in 1971 for $28,000. Today it's worth over $1.5 million.
@@JamesG1126 The 1232 sq foot house we bought in Inglewood, CA for $80K in1982 is now appraised at $750K! The thing is, it is not sustainable. People have to have the $$$ to afford these houses. There will be a huge crash at some point.
Sounds everyone just needs to buy some houses and let them appreciate.
I got laid off at my 9-5 job and I'm starting my business. I get tired of the BS with the corporate world. Low pay, no respect, no job security....got to take matters into my own hand and secure my financial future.
Ana Kasoarians imitation of your voice, when she said "passive income" stays with me still, Ive gotta say 😂
I love your channel. Keep making content. Unfortunately this is the scary reality of the US.
This series is EVERYTHING! I love your research and approach! Keep it up I loveeeee
no her research - she is just reposting someone else work
@@sterlingmarshel6299 which is what research is “the systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.” Shelby is great.
I'm such a big fan of yours, Shelby! Thanks for these thoughtful, well-researched videos. I'm learning a lot but I'm also sanity checking a lot which feels like a relief.
Why you copyrighted strike my boi Orlando!???
🥺
I had a buddy who had to go to Silicon Valley for a work trip. He said all the tech companies you mentioned, many employees live out of state and drive their campers to the work campus, sleep in them, work on site, and drive back home to Idaho for the weekend, because they can’t afford to live in Silicon Valley even on their tech wages.
I definitely agree that businesses do not pass down increased revenue to their employees. An economy is based on the productivity of its people. Personally owning a business is a good idea!
They do pass it down all you have to do is buy shares in the company. Which people refuse to do lol
@@ashishpatel350if you think you receive the benefits of owning a share you are mistaken. First, if it's in the US buying a share doesn't make you own a share. You have an entitlement to a share which is not the same thing as owning it.
Second, I've owned shares in various companies. The owners have a plethora of ways to screw the shareholders over. At which point, you will say sell. Basically, owning shares has become like loaning someone money who you don't really know but they could take it all at any given moment. Either way, moral of the story is you want to own the company, not own shares.
I won't go into all the methods they use for diluting your investment but two are; overpriced executive salaries including board members. Diluting shares by share investment schemes which undercut existing shares.
@@jeremystonell690 weird I've owned shares and they've done well . Seems. You are the problem.
Yeah, board of directors and company investors keep getting wealthier rapidly, specially in the last 5 years, while the company’s G&A remains at 2-3% increase YoY.
Nope, everyone cannot buy shares in the company
Brilliant video concept so much good information and presented well keep the hard work going 💕😀
Pretty good analysis for a young person with many salient points. As an old person, however, I'd pin the most blame on the computer.
I have a silly question for you, Shelby:
Why aren't you using a microphone stand, or a desk clamp-mount for it?
( I see you're holding onto the mic, so maybe the stand was too short, or the mic was
not picking up your voice well enough, without holding it? )
In any case, this is great video content though - "vanishing middle class" ! :)
I thought it was a hairdryer for the first minute of the video.
During Reagan years. We had a small family owned business. We were going to the bank up to 3 times a day to make deposits. Those were our best years in business. We had a Mom and Pop hardware store/lumber -flooring store.
Reagan was...an actor....but only in movies. Now a lot actors in politics. :)
I loved this. Thanks, Shelby.
Shelby mentions a dual enrollment thing for highschool and college. If this was in Washington state, it's called Running Start and is a great program if you wanna go that route!
A little bit about me: I'm 34 and have an MBA. I make $80,000 a year working for a prestigious accounting firm. I got my degrees with generational wealth. I live in a house that I bought with generational wealth. I still can't cover my bills. That's how expensive it is to live in America right now.
Switch jobs you will get a pay raise. I’m 24 with a bachelors making 90 at a prestigious scouting firm
People act like switching jobs is always an answer
This was a great video, I thought it was great that you gave some solutions at the end.
I LOVE your sit down and talk videos. Please don’t stop.
This is what late-stage empire looks like. Everything is starting to fall apart slowly. But as the collapse continues, it will speed up, like a ball rolling down a hill. We'll end up like Russia in the 90s, maybe worse. Sad.
Can you do an episode on the @federalreserve?🙋♂️
Are you kidding me , the cost of living in ,the UK is very high especially England .
Nowhere near as America
@@sumisumi-by8xvoh of course, I mean the fact that >90% of your mortgages are fixed is such an issue for you - Americans even trying to be No 1 in the poverty stakes 🤦♀️
@@joanneburford6364 what you are making in a month in England l, Americans pay that amount just for health care. We cannot even compare the cost of living. England is way way way cheaper to live in than america
The middle class is the poor people now and the professionals are the middle class. The poor people are now homeless.
20:50 - Where do you shop for groceries? Is Walmart more expensive than groceries in the UK?
Great content!
"The Federal Reserve System is not Federal; it has no reserves, and is not even a system at all. But rather an international criminal syndicate."- Eustace Mullins.
With headoffice in Israel. :)
As someone who grew up lower class / lower end of the middle class, I am pleasantly surprised how in touch you truley are with this. You are giving me faith in humanity 💗
she is just trying to hit the algo for views. this topic has been covered extensively for decades
This girl hits the nail on the head. You scored a bulls eye. Analysis is spot on. Bravo.
Hello just wanna share. I am RN in Alabama and work full time in the ER at a local hospital. I have a side hustle of cleaning houses when I’m not working at the hospital and make more from cleaning residential house than at my RN job. Now I do work almost 7 days a week but if I didn’t clean houses then my hospital pay wouldn’t cover my monthly expenses and I don’t have children.
That is because of Putin, Trump and Coronavirus. ;)
Hot take -- the middle class is dead for people who "followed the rules" without having any financial literacy. Taking out $100,000 in student loans but then seeking out a job with a $50,000/yr ceiling is not going to work. There are jobs that don't need college -- but the classism in the USA is astounding. People will ruin their financial future just to not have to be a "laborer" or "blue collar"
The biggest class clown I ever knew was named Billy Reardon. Least likely to succeed - yeah he owns a plumbing company he started after high school and he has 20 trucks and 10 crews. Makes a lot more than I do/did as an IT pro for 20 years. Next door neighbor same thing - started a landscape / grass cutting company. Guy now lives on the lake and has 30 crews - he still answers all the calls and schedules all his teams. I got a BS in hospitality management and I've worked in IT for almost 3 decades. You can do whatever you set your mind to. I wouldn't let "blue collar" define me. These guys certainly didn't let it define them.