1 in 5 Are Financially Doomed!
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Today, we're diving into a shocking reality: 1 in 5 Americans are financially doomed! With credit card debt skyrocketing by $117 billion in 2024 alone, the financial landscape is looking grim. Inflation is out of control, and everyday expenses are pushing people to their limits. Restaurants are closing, and it's getting harder to make ends meet. #maxedout #creditcarddebt #restaurant #iallegedly #BankWarning #BankRun #jeromepowell #uber
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thehill.com/business/4665135-...
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nypost.com/2024/05/15/busines...
www.dailymail.co.uk/yourmoney...
nypost.com/2024/05/14/busines...
nypost.com/2024/05/15/busines...
t.ly/oRiLo
www.cnbc.com/amp/2024/05/15/h...
www.investing.com/news/econom...
www.msn.com/en-us/money/marke...
www.the-sun.com/sport/1137505...
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commercial real es
All the best,
Dan
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2024, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an analyst
Could you possibly recommend a CFA you've consulted with?
My CFA ’Melissa Terri Swayne’ , 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.
Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted her full name into my browser, and her website came up first in search results. She looks flawless.
A set of 4 tires that cost $600. 5 years ago, now cost $1100. People are being left behind and will never catch back up. A lot of people are doomed!
No joke man, tires up 50% is lunacy. Need a loan to buy tires these days!
Up to 65 percent of adults don't even have $1,000 for any emergency.
I bought 2 sets of tires for my 1970 Toronado a couple of years ago, put 1 set on the car and have 1 of them stored in my garage. I figure they will outlast me!
I buy used tires. The last set for my Suburban cost $235 for 4. The set before that were $180 and lasted for 4 years (Bridgestones). The tires come from car dealers taking trade ins or leasing companies selling they're vehicles. They have to put new tires on the cars before they sell them.
Don't worry, im the pro in tires my friend, Michelin tires are excellent 👌, a new 1 is $200 size 17 for my lexus, I just buy used in great condition almost like new for $70! So $70 x 4= problem solved
I Have always subscribed to the car buying mantra of 100% down and monthly payments of $0.00.
I do that now, but back in poorer days 5 year loan should be the max. These 8-10 year loans are nutz
Unless they give me 0%, I’ll use their money thank you
@@jonmontgomery9412 I was lucky to get my Jeep Liberty in 2006 0% - I still have it
Old world
If I can't pay cash I can't afford it.
I own a cleaning company, and air bnb cleanings have been stalling for months.
ty for commenting
@@fullofhope2222 you are welcome
In which case, adapt, instead of moaning. That's how business has ALWAYS worked.
In fact I bet that your cleaning "company" is just you, a bucket and a chamois leather. LOL!
@@bobjames6622l
@@bobjames6622Why be mean? She is saying that business is off.
Dan my daughter consolidated her bills under a consolidation program. she has been paying them since September. They never paid a payment on behalf of my daughter. They have themselves filed Bankruptcy. The money is gone and my daughter is literally screwed. Get the word out. Thank you!
Did your daughter let you vet out the company?
@@virgierutledge3004 No, I just found out today that she had done this. No backing up now. Take care, Stay safe.
Damn !!!
You’re better off using another credit card to consolidate debt.
Which consolidation company?
I think it’s more like 1 in 3 are financially doomed!
95% off statistics are completely made up...including this one😂
That sounds more likely if you include those folks with crushing car payments and mortgages.
Exactly!!!!!
My Auto Insurance doubled in the last 4 years. No tickets, same vehicle.
I doubt it it's all doom & gloom. No difference in any other time😮
75 percent of working adults are living from paycheck to paycheck.
30% of all statistics are false. 90% of people stating statistics are fools. 2% of people can produce an aspirin if asked. And you just gave me a headache.
The percentage went up. It's now 78%. Horrible.
And the sad fact is many can't help it😮
💯💯
Doomed????Why????Living high on the hog,spending and living over your means,that's the problem.Spending on starbucks,vacations,dinners out,concerts,and living on credit cards,hitting casinos,that's the problem.Were the only country you can wait in a food line in a brand new car.Remember,,,gas stations,grocery stores,and banks don't accept gold or silver,cash is still king.Been out of the market for years and doing just fine.Be smart with your money,and hang on to it.
I was going to date this girl when they were handing out stimulus, she went straight to the tattoo parlor and spent all her money. Never talked to her after that 😂 I was like man this girl is just gonna be a liability.
Lmao if it was on you we wouldn't have a economy at all.
Bread and water.
That's all you need😂
@@dylanvanhoorne3191bread LOL
A bowl of gruel and a cup of dirty dish water
@@overk1llz Speaking as a woman, you dodged a bullet! Congratulations, she needs her butt kicked! 😂
Cash in your gold to use it, silly.
I purchased a regular whopper no cheese & small drink in Ft Payne, AL ( No fries ) . It was almost $9. I’m done with fast food!
There's a local Mexican fast food chain in my area that raised the food prices a little (10%), but the biggie was raising the drink prices by 50%. Now I buy food there but no drink, I'll stick with my water bottle from home.
@@crosslink1493 normally I always drink water but I played 36 holes of golf yesterday and needed a Dr Pepper to make it home.
uh, but you bought it...
can't do arithmetic?
They did that to me I said you have to do better on the price. Didn't respond I walked out I would not pay that
Understand that McDonald's is coming out with a new $5 Meal Deal. The meal will consist of a half eaten hamburger, a small bag of cold fries past their throw out time, and a small drink with a straw that already has lipstick on it.
and a used pair of panties for a napkin !!
The "burgers" will have 50% filler, 25% crushed bugs, and 25% meat.😂😂
Silver is $31.34 and climbing 🎉🎉🎉🎉
Gold over 2400
it will come back down, its being manipulated
I got my silver at $18 😁
@@Media-gh9ojI got in at $12😅
One of Dan's best lines ever:
"RED LOBSTER IS THE DENNY'S of SEAFOOD"
I listen to your program every day. I haven’t been to Sherman gardens in many years and now live thousands of miles away. Thank you for taking us there. OC was my home town.
If Gruesome Newsomw ever becomes President we are doomed!!
Yes, California needs a governor who will give tax breaks to people who don’t need it.
I know people who are over leveraged in the Airbnb market where the properties are in oversaturated vacation areas. They haven’t had guests in months, both properties. They bought the properties in 2021 when rates were low but prices sky high. Both mortgages in the 2k’s. There’s no free ride in this world!
Joe Biden’s amigos pouring over the southern border would disagree with your “no free rides” statement.
They were greedy.
Bnb got way too expensive!!!!
@@topicalstormofficialNot necessarily. There is nothing wrong with trying to invest in things. It won’t always work out. I almost went that AirBnB route but I wondered “ What if folks are tapped out at some point but my bank does not care and still wants their money? Nah. I’ll pass.” Here we are now! WHEW!
@@FraaaaaankRizzo There is no real need for Airbnb. There are hotels out there, stay in those. People got greedy because they thought they could make a fast buck. They didn't realize how expensive the hospitality business is. There is no way staying in most Airbnbs is cheaper than a hotel once you add in all the fees.
Hey Dan
My son works for Panera Bread in Colorado. Not sure if all Paneras bake their bread fresh daily as they did here in Colorado but my son said they no longer use their bakers in house and it’s all being shipped in frozen. More jobs lost and freshness out the window for how expensive the food is!
I'm a baker in a grocery store (chain) and one of the last things I still make from scratch is our bread but we're one of the only stores in our region that doesn't use frozen dough. There's a huge SKILLED labor deficit in this country.
By having a bakery in California, Panera got out of the $20 an hour state mandate.
Good to know. I’m not paying their high dollar for frozen bread.
Yeah Newsum the governor owns a bunch of Panera breads this is the reason they don’t pay the $20
Their
Thank you for showing us the gardens. Very lovely backdrop to very unlovely economic information.
Better than hanging out with Metal Leo in Beverly Hills and seeing all the storefronts that are Fir Leeeeese
Very little compares to the Interest paid on the $34 Trillion debt we owe as a Nation.........Yipes!!!
Between deficit and compound interest on debt we are borrowing $1 trillion every 100 calendar days.
The debt is so large it can never be paid back.
And rising, Thanks FJB
Brrrrrrrrrrrrrrrrr goes the money printers . While the Clinton's Bush's Obamas Trumps and Bidens laugh at us .
Add people still believe their crap@@kwaichangcaine8234
Thank you Dan for the tour through the gardens. It was very uplifting and enjoyable
I watch his videos everyday.
6:39 Governor hair gel. 😂
It should read...... 1 in 5 isn't financially doomed
So many people are broke
@@IAllegedlyI don't believe it where I live everybody here has money nobody here is broke. Even the bad neighbourhoods people are pockets full of cash. At all depends what state you live.
I agree with you everybody around here is money it's all doom & gloom. They just want you to buy gold that's all. Wherever I Go people are spending money people are pockets full of cash. I have no debt myself I'm in good shape.
Same with me I live on east coast, building of commercial buildings, apartments, homes being built like crazy, people buying cars (range rovers, bmw, trucks, Mercedes) and eating out everyday, so it’s always “doom and gloom” with these people went through the same thing in 07-08 and other economic downturns
@@whowantstoknow8492 most people live off debt
That plant that looks like moose antlers is called a Staghorn.
Staghorn fern
Thank you for the video Dan. You are so dedicated. I appreciate that. 😁
Dan, please come over here to the west side of Phoenix and investigate the insane amount of massive WAREHOUSE building and ongoing construction (along the 303 loop for example). These buildings are empty, 1,000s of truck loading docks, ….. it is very ominous…. The country is broke and we don’t manufacture anything.
Those warehouses are for the cartels
Is Phoenix a distribution hub for stuff coming up from Mexico? Similar thing here in the Los Angeles area where it comes in at the harbor, some comes into a transit distribution point near downtown L.A., but a lot of it goes to the Inland Empire area (Ontario, CA) where container loads get re-distributed in big warehouses for shipment out across the USA.
The 2 chip factories should be ready soon.
But we warehouse stuff we import
Also 2 chip factories almost complete. People will make $80I there. Houses built nearby in Surprise AZ. Trains to from Cali east thru AZ
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.Thanks to Laura Ferguson the lady you recommended me to...
I'll advise you to work with a financial advisor....Building a good investment portfolio is more complex so I would recommend you seek
I always wanted to trade for a long time but the volatility price has been confusing.
Wow. You know Laura Ferguson too? I thought I'm the only one she has helped work through the fears and falls of the forest. Her training last week was amazing and the strategy she applied were mind blown
I'm surprised you also trade with Laura Ferguson, she's the best at what she he does. At first i was afraid too before i gave it a try and realized fear kills dream more than failure.
Is there anywhere I can get across this woman for a startup???
People are their own worst enemy. Two sayings I like. 1. You can't protect stupid people from themselves. 2. We have seen the enemy and the enemy is us.
It's not me, it's every schmuck who lives their lives like there's no tomorrow
@@NoDaysOff-oz2zl😂😂😂
@@NoDaysOff-oz2zl It appears that nearly all humans can no longer assess risk in their lives.
"Life is hard. It's harder if you're stupid." John Wayne
Friend’s wife lost her job & they have two car payments and a mortgage payment. The worst part of it is that they live in Commifornia.
Being smart we own both of vehicles and home in another state. But we are affected because of home & car insurance went up with everything else.
congratulations to you. I own my car which runs as well as it did on the first day brandnew. I live in CA and own a tear down which is in move-in condition, according the definition that move-in condtion means 5 years without digging a new sewer line, redoing the roof, re-doing the electical.
My property taxes are less than $4000 a year. The new, $4,000,000 house on the corner will pay over $40,000 a year in property taxes. The new house coming to market in a month two doors down at $6,000,000 will pay over $60,000 a year in property taxes. Years ago, I could have moved out to Malibu and lived with the movie stars. I chose to live within my means, to retire with a decent savings account. And, in addition to that, I have paid attention to Dan's financial suggestions and benefited greatly from them.
California has it's problems - but what state today doesn't? I've lived in several different states and countries - and California is still my favorite place. It's beautiful. And this state has made me and so many of my neighbors rich.
Four years ago our house insurance was $1300, now $4800, Welcome to California, not😢
calling states names won't help. If I was in your friend's situation I would sell the highest expense car (probably the truck) to wipe out a payment and rent a room to get more income. I already go to work on my electric scooter most of the time and it's so cheap. I have a small car that gets close to 40mpg. My car insurance didn't change but I heard insurance went up a lot for trucks and the heavy motorcycles; my friend sold his Harley and is so happy he did.
You have to stop supporting wars and we gonna have that money
And who supports wars the Democrats so stop voting for what is destroying our country
"We the ppl here don t want a war"
17:20 .... California's Current Gas Taxes & Fees at of May/2024...$1.61 in taxes/fees per gallon of gas in CA
Federal Excise Tax; 18 cents per gallon
State Excise Tax; 54 cents per gallon
State Sales Tax; 9% to 10%
Low Carbon Gas Program; 22 cents per gallon
Green House Gas Program; 15 cents per gallon
Underground Tank Storage Fee; 2 cents per gallon
$1.11 per gallon in fees not counting the .55 cents sales tax.........$1.61 in taxes/fees per gallon of gas in CA.
I will say the same thing I said about New York. It's not a shame to live in California, but it is a shame to stay there. If you see the axe falling get out of the way
Not that easy for a lot of people though. They have jobs, family members, maybe sick elderly family members who need them. I live in a crappy blue state and I’d love to just leave it…. But I can’t right now because of certain obligations. Not easy to just pack up and move to another state for many people.
I've lived in several other states and countries - and California is much, much better.
@@peteybrian Yeah that's why they're all moving out
@@timothyadams9612 Yeah, that phenomenon is over now. As of 2023, California has actually grown in population. Agreed in 2020, 2021, 2022 California lost population for lots of reasons - but I blame pandemic shutdowns and work from home folks who took it out of state for a cheaper living and higher quality of life (while using California wages).
@@peteybrianthe increase in inhabitants is due to the 1000’s of people coming across the southern border & staying for a free paycheck.
I love the Red Lobster Restaurant. My goodness people are snobby. What’s so bad about Red Lobster? I’ve never had a bad experience there….
Well you're obviously not rich. Plus they don't pay that much.
@@Pleasemison huh? That comment makes no sense
I love Red Lobster!
Just sold our rent house proceeds going on our mortgage. Getting the house paid off in the next couple of years before we retire.
nobody cares.
That's awesome! You'll get there...we paid our 15 year mortgage off in 4 years.
Thanks for the tour!:)
if/when the banks go down 5/5 will be financially doomed
I HAVE NOT WATCHED the national felon league(nfl) since the failure to stand period. and nutflex is a waste zone!
Don't worry, it's not that bad being homeless. You'll get used to it.
What Dan doesn't tell you is the 1 out of 5 people that aren't doomed are probably already deceased. 😊
Aaargh
Jerome Powell says he sees No Stag and No Flation. Resign Now so I can see No Jerome. 😂
Checkhold’s are part of the regulations for banking. They’ve been in effect for over 20 years. Except now, banks are getting stricter with the checkhold probably because of fraud.
or because AI is doing the analysis
Yourself and the Ninja stepped up my financial security game starting a couple years ago, Thank you for your diligence!
Loved the walk! Thanks.
Great video. Great content. Thanks, Dan.
Good stuff Dan! 👍
BOA is the worst bank to cash checks. Capital One used to take a few days to process payments, now Capital One processes payments within hours. Thanks Dan.
I noticed the same thing about Cap One and Bank of America with our bank withdrawal payments. Probably reflective of the defaults, so they grab it as fast as they can.
I went to cash a check issued from a BoA account. BoA wouldn't let me cash it at one of their bank branches. I would have to open a BoA account, or go to another bank to cash it.
@@josephpurdy8390 That’s insane!
California, so beautiful. I lived there for ten years in the 90’s. I loved it. The flora was just exquisite.
I don't know why, but I have a feeling Mike will be knocked through the ropes.
I'll be routing for him because Mike's the man.
Thanks Dan
Stunning botanical gardens
Have a Fantastic Weekend Dan 🍻
I have been buying brand new quart sized jars for $1 /pc from yard sales,, moving sales,, etc.. We have been paying extra into our escrow account because we renew in June and it's going up by $400. We don't want a negative balance at the end of the year. We have also been paying extra on the principal. Almost done.
Great episode. Thanh you
Excellent true video, Well explained and very accurate.
Social programs, Dan.. people need find ways to be more sustainable 'on their own' The Gov. should not be an intricate 'baby sitter'
Governor Hair Gel!!! Ha Ha I laughed out loud at 5AM! I have been saying the same thing for months! Go Dan!
Dan they want to add another tax to gasoline in California. Another 50 cents!!
Newsome has to eat too.
Plus milage.
Scam'n Gavin is doing his worst to try to destroy CA economy
It's official - California is now the most EXPENSIVE STATE FOR PERSONAL TRANSPORTATION COSTS. That includes, DMV, Insurance, Vehicle Repairs, Gas Tax & probably more. SMH.😑
WE BROKE....PAPER DOLLAR HAS NO VALUE.
Give me all your paper dollars and I will throw them away for you. You’re welcome.
Gold up over 2400..silver over 30
What's worse is they get maxed on credit cards, then if they own a home they take a heloc and put their homes at risk
Good morning Dan!
No, I don't believe all the banks will close down. However, marginal banks-those heavily into commercial real estate, will be the ones in difficulty.
One of your best shows, Dan!
9 out of 10 and that is being conservative. One percent have precious metals.
I love red lobster cheddar biscuits. I like their food. Better than my cooking 😂
The garden backdrop is inspiring. Artichokes 😀
Greetings, from Canada, Dan
Beautiful Gardens.
Fun place to film at
Do take the time to Pray to God .
Why? You mean Jesus, the selective savior? Save some, but not others.
2% will never happen for at least 10;years
The clearing houses are going DOWN ‼️‼️‼️‼️‼️‼️‼️ QFS is here
www.quantum.gov/
Amen 🎉❤
Nothing like 20 years of quantitative easing money... Now it's actually more normal 5% on savings
He keeps on complaining about California yet he still lives in the state. Must not be that bad then, huh.
O’ Charley’s restaurant chain in TN & AL is going out too. In my area, they’re auctioning off all the restaurant equipment at the end of May.
I've been bracing for the crash for some time now and I'm probably not fully prepared for what will happen when it does.
Yes you will, because you are aware..
I would say 4 out of 5 are doomed. Most just do not know it yet.
love governor hair gel lol 👍
GOOD TOPIC CHECK PROCESSORS YOUR VIEW POINT ON USING USPS MONEY ORDERS WHICH IS A CASH TRANSACTION
Despite California's infinite taxes they are now in a huge deficit and are forced by law to cut those liberal benefits . Factoid California has a 14% tax on Millionaires. ($150,000) / year. A millionaire can move to Nevada buy a house for 1/3rd the California price and also rent a condo on a California Beach for $5000 / month and save $90,000 on taxes ..
Not surprised when people are financial illiterates and no self control
That Arby’s thing WOW! Crazy
Dan, you really did have a good one for us today 👍
Lt Biden says: Nothing to see here.... Move along.... Nothing to see here... These guys must think we have the brain cells of a cantaloupe.
Bwa ha ha! That's great!
I want to live in that garden!
At this point everyone must realize that getting your running costs down is imperative. Sell your assets if they have a re-occurant cost.
lol “governor hair gel”!
We are doomed.
Since 1913
Finally, someone got it right ✅️
what a lovely garden , the same here in the UK , a lot of small businesses from the " lockdowns" our Gov forced on us , they knew what they were doing , so sad , a lot of UK people are leaving , i'm planning to leave , take care everyone xxxxxxxx
Frozen fish from India Vietnam China... Never eat that
That's a gruesome thought Dan 😂 he screwed up California
Lots of talk today on news channels in U.K regarding the amount of banks closing along with ATM's. Also a lot of outlets particularly in hospitality refusing cash. Regards from Chester U.K.
Yup been going on 2+ years
WEF had a meeting last week that now is the time to switch to CBDC.
Yes the last two years has seen some deficiencies in or cracks in the banking system. Fractional banking system, have a massive check “ truncating” and clearing system behind them. Plus fragile liquidity under “ stress” . It is the nature of the beast.
First. Thanks for your video today
A credit card is to conveniently pay your bills when they are due and then pay it all off (Statement Balance) every month. Never, never, NEVER carry a balance from one month to the next month.
No...gas on the front range in Colorado is 3.37 to 3.63 per gallon.
The same people that post videos on facebook of these great vacations that they took their families on are going to be the people that will be asking to borrow $ to pay their oversized house payment. I don’t feel bad for them .
Despite paying my cc off twice a month and having no late fees or overdrafts, etc, my credit score is dropping.... I'm hoping to buy a house but this is killing me.... Interest rates are insane, and now I'm looking at even higher rates due to a lower credit score.
Pass on watching the National Fellons League aka No FUN League. I have paint drying to watch! Thank you for the beautiful scenery!
CHEQUE IS THE CORRECT SPELLING FOR A MONETARY CHEQUE TRANSACTION.❤
People! see something !
Say something !
This is our real news for real
Thank You Dan
BRICS BABY... coming to a planet near you.
I am guessing BRICS is going to shit it's pants to an even greater degree than us. They are already having 'fake gold' issues
95% of this country still, still, couldn't tell you what BRICS means.
Instant payment Digital dollar will be marketed as the saviour of all these problems!!!
That's been the plan
Don’t worry, be happy now. 2:08
Banks are broke. Have to borrow money overnight.
Oregon is $4.29-$4.59 @ gal.