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The Secret Shame of Middle-Class Americans / Summit on the Economy
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- เผยแพร่เมื่อ 17 ส.ค. 2024
- Neal Gabler, Writer
With Scott Stossel, The Atlantic
For more on this event, please visit: TheAtlantic.com/EconSummit2016
Find AtlanticLIVE online: www.TheAtlantic.com/LIVE
Facebook: / atlant. .
Twitter: / atlantic_live
One must admire Mr. Gabler's candid revelations. However, the basic roots of his problem (and mine as well) go to very fundamental financial issues: spending four when you bring in three. It is so easy to make certain decisions (funding expensive educations instead of local higher education options), and of course, the end result is disaster. Poor choices made on the basis of rosy economic forecasts are very hard to own up to when the inevitable results occur. In analyzing my own situation, my financial problems were exacerbated by choosing to ignore the warning signs right in front of me. When the bottom fell out for us, I finally woke up and realized I had to scale back. We lost our house, I had to rent a modest place, we made decisions based on current income, and after ten years, we weathered the storm, with both boys fully educated and no debt. It was not easy, and we had to ignore what our "friends" would think of us. (By the way, they really weren't friends, anyway...just mere acquaintances).
I have worked 2 minimum wage jobs ever since I was 16 to barely scrape by. My dad, who was the sole breadwinner died when I was 19. My mom lived with me and she got a small social security check and just died recently.
To me the saddest thing is when someone can work 2 jobs for 30 years and have a social security check on the side barely lives better than those on the welfare system.
Needless to say I'm exhausted and don't know how much longer I can keep up.
I wonder if anything has changed?
God bless you, hang in there.
Too funny! I'm on Social Security and a union pension of $90.49 a month (they claim they are broke). And I'm better off than most Americans. I have $800 in my safe, at home, in case of an emergency, so I can afford two emergencies. I'm getting rid of all my credit card debt by August and owe just over $10,000 on my property which includes a cottage, asides from the house. My vehicle is 20 years old and in perfect condition. All of a sudden I feel great. Yes!!!
Great job!!!
Still doing alright? I hope so😊😊
Being frugal is great! Good job!
Just wait till that day when you wake up and don't owe anyone so much as a penny. You'll feel you can really, finally, take a huge sigh as the debt monkey on your shoulders is told to foxtrot oscar.
you live worse than most rural africans lol many of them have cows worth hundreds of thousands
"I saved nothing, and spent all of my income. I am a victim of external forces. I am a brave, hero."
-This guy
He is a financial illiterate. He is a good example of what not to do. Listen to him for what not to do. Instead of commiserating with him people should watch a Dave Ramsey video. Drive a paid for car, save 15% of your money, never pay interest on a car loan, never pay credit card interest, pay off your house, NEVER go to a payday loan establishment, and over your lifetime you’ll be a multi-millionaire.
This guy plays the victim.
he admits that in other, better interviews. He said he's financially illiterate and has come to understand that later in life. If you didn't have someone pointing you in the right direction, you may not have understood it. I was lucky with my Dad: always keep the gas tank over 1/2 full, never buy a new car, save 10% of even the smallest paycheck, always pay off a credit card every month. Served me well.
Wendy's Garden
Good point. He is coming out as a financial illiterate. Hopefully people can listen and realize that we should be living within our means, saving, and investing.
For those who have read Rich Dad Poor Dad, Neal Gabler is the perfect example of Poor Dad. Thumbs up if you agree
Live within your means.
Get the hell out of dodge!
Move out from the Hamptons dude!
21:02 He refuses to take responsibility for his mistakes. He doesn't understand that "working hard" includes saving and investing. I dislike what he is preaching. He says he worked hard and didn't get ahead. Well, anyone can make a million dollars and then spend more. Many athletes make millions quickly and then lose it all. It's not what you make but what you keep. Pay yourself. He does help point out how horribly financially illiterate most Americans are.
I really like Neal, but he has no clue or concept of investing for retirement. It's manifestly obvious that he completely failed to plan. He has done many foolish financial decisions that doomed him to poverty. On his own admission, he is ignorant of finances. One must work intelligently as well as working hard. If you do not save and invest you'll end up broke in retirement. That's the bottom line.
Your example...
In October 2020 he put his house in the Hamptons on the market for 1.7M. This guy needs to live beneath his means.
I don't understand how someone who doesn't have a few hundred spare dollars on hand at any time could call themselves "middle class'. If you don't have any disposable income, then you are poor. This could be titled "The secret shame of poor people pretending to be middle class", or maybe "who used to be middle class". This is almost as strange a redefinition of the term 'middle class' as in Asia, where the rich people are called 'middle class'... Opposite meanings for the same words. Weird...
I dont understand how poeple who won on lottery go broken...
@@diogofarias1822 Breaking Bad.
I live off less than 30,000 a year with 3 of my kids still at home. I have a cell phone because my employer gave me one for Christmas. I have a 2012 car because an AMAZING family member bought it for me as a gift. I bought a house 6 months ago because my sister let me and my kids live with her for a solid her so I could save a years salary for a downpayment. I dont have a single piece of furniture on my living room. I have a washer left behind by the previous owner but I cant afford a dryer . I work all the time . Its not that we are a wasteful family I just dont make a lot of money
He lives in the Hamptons! One of the most expensive areas in the country. He's a writer and could live anywhere. He feels sorry for himself when he's swigging expensive red wine in the mansions of his peers in the Hamptons. As he looks around in envy and he says to himself "I deserve this a lot more than these people who haven't picked up a book since high school". He's not living within his means. Plus he's supporting himself as a writer -- most writers can't survive without a day job. He's not working in factory or digging ditches, but he's sad that he's such a downtrodden proletariat.
Did you fall asleep? He mentioned he had a hard time making ends meet. Plenty of people have families who have been there before it became a playground of the rich, they serve them and clean their toilets. To be honest you sound like one of "those people who haven't picked up a book since" you took a social studies course in college before flunking out. Comrade Mao, died in 1976 and you are still talking about proletarians? I did not see you mention that you dig ditches either. LOL .
He’s being blatantly honest why are you dissing him? I have so much respect how outspoken he is. Soooo many people live above their means and would never be honest enough to admit they are cash short
Truth Love111...He chose a profession with low pay, he chose to live in an expensive area, he chose to pay for his kids education. He admits he knows nothing on economics. As a very well read educated man, the moral of the story is that he needed to read more on personal finance and apply those proven compounding strategies.
@@acrobizer1238 either that or we all could give him money so that he can live the lifestyle he's accustomed to
This.
He’s eloquent, and I’m sure I can appreciate his writing talent. But his whole presentation smacks of envy for those around him. Just because he can write dies r mean he’s entitled to money. There’s plenty of ways he can leverage his skills to earn more, but this is the life he chose. You gotta lay in the bed you make.
I have a 12 year old Honda with 200,000 miles and put away $20,000 away for retirement every year. I'm planning for my financial future today... not 10 years before I retire.
Dave Smith my best friend always says to me if I made your kind of money, I would have this or that. Im an lpn. i make a decent living, but I live below my means. I am scared to death of unexpected expenses. I save my huge ass off lol
Dave Smith just curious, are you married with kids?
Yeah. Married with 2 kids and living the 'American Dream' .
Good for you Dave Smith.
Unfortunately many Americans only make 20,000 to 30,000 a year. It doesn't mean they can't save something after expenses. It just isn't very much and won't put much of a dent into any type of retirement.
Dave Smith how much do you make a year? you obviously don't make $7.50 an hour
So grateful to hear Neal Gabler say this. The cost of a Middle Class life is much more than the majority of jobs pay. Wage stagnation has existed since the mid-70’s. The economy isn’t working for the majority of us.
How much of it is because he can't manage money? Try working smarter and not harder! Someone making between $100k to $150k a year and can't afford a $2k emergency needs to look at how they spend!
The only retirement crisis I've seen is the money managers trying to convince Americans to pay them more money. I retired in Mar '13 at 62 with a 7 year old Harley (bought new with cash), new inexpensive high mpg car (bought 2 months earlier for cash), a small ($400/mo) pension, nearly free healthcare and about $30K in cash. Only I retired in Europe.
Here I sit 7 years later after an expensive move 2 years ago to eastern Europe with SS, a small pension, 13 year old Harley (128,000 miles), a 7 year old inexpensive car, inexpensive comprehensive health insurance, and about $20K in cash. I don't budget, travel extensively (rode the scooter 4200 miles on a solo trip through 7 countries last Oct and from 2-11 this Jan drove the same trip) and eat mostly in restaurants.
I do invest in 2 things every month. One bottle of Jack Daniels/mo and Harley parts.
You guys worry about saving more, more, more and I'll keep enjoying retirement riding around European secondary roads searching out forgotten castles, ruins, art, museums, history and cultures.
We all need to talk through this & work through this economic/financial stuff! It can wreck any one of us at any time. We have to be smart and work through it if & when it occurs. Can't let money or greed be our masters!
An incredible person and journalist. I hope The Atlantic gives him more stories so he can repair his roof.
I also believe he is right: While things have to change in America, we should not solely rely on the government.
Even though we need to drive them to do more, because it would be easy for them. Put in place rent control, make it illegal to skyrocket rent, put systems into place so it can only rise at a certain percentage and you can bring the middle-class back.
We need to remove government from our pocket book
I really like Neal Gabler. He is very well read and spoken.
There's a segment of this population that won't accept the realization they are broke. Its ok to show the broke people living in urban areas. But refuse to show those living outside of that which is far greater.
Why on Earth should people feel shame for their financially crappy lot in life? Being a college student, I'm poor as all get out. It bugs me because I know I can't do much other than eat ramen and do homework, but I'm not embarrassed by it. To be fair though, my family has never really lived hand to mouth. We've never really had to worry about where money to replace worn out shoes will come from. So I guess I'm one of the 20% who is doing okay.
I think much of this problem is lack of financial education.
I think it is all about our culture of having all the latest stuff.
He admits to financial illiteracy. Where were his parents, friends, and wife on this? Some financial folks live in the NYC area.
@@maccduff1602 You listen to too much AM talk.
THE DEMOCRATS COULD CARE LESS BRINGING IN 2000 POOR PEOPLE IN A DAY IS MORE IMPORTANT!
If Neal had put $5,000 of the money from his 1988 book in an S&P index fund, it would have grown to $60,000 today.
2001 was a crash 2008 another 40% loss maybe 10,000 at best
This is a prime example of financial illiteracy. As someone else mentioned, if he had put a little away into an S&P 500 index fund, his roof would be paid for and then some by now.
I've worked my whole life and never could make much because of things like seizures. still government always refused me help or even unemployment was refused. I learned to live cheap. so true, some of us have no chance. even though I worked harder than healthy people I've seen throughout my life. I'm 59 now.
Gary bigie, I'm with you, Gary! 😘
Thank you Gary. Your an inspiration to many.
I'm 62 and have made and lost/spent 2 fortunes. I'm working on my third now. This time I'm saving cash and gold. The majority of my savings is in gold in a safety deposit box. I also have a a few thousand in cash, silver, platinum and diamonds. I'm not touching any of it. I own a precious metals and diamond buying business so I'm able to buy everything below spot and make a nice profit. I will NEVER again waste my hard earned money on having a good time. Lesson learned. Although, I must admit it was fun being able to give my son the big beautiful home with game room, swimming pool, hot tub, vacations, etc. Yes, it did spoil him. He's 27 and not doing much with his life. People need to take responsibility for where they are financially in their lives.
Diamonds are a scam--entirely too subjective. Might as well buy rare paintings.
I agree about the precious metals especially since they are a screaming buy.
Africa is a continent, not a colony!
I make a quarter of his pay and have money in savings maybe he should move and scale down a bit and sell off some stuff... oh wait cant do that. His choice to suffer.
I'm sorry but in much of the country a $250,000 home is not a middle-class home but an upper-class home. Two generations ago most middle class families didn't think of owning more than one car (and this is still true in much of the rest of the world). It does not take $130,000 to have a middle class lifestyle in almost all of the US.
I'm guessing you live in a small town in middle america, but the majority of americans live on the east and west coasts.
yes it does. That number is calculated conservatively, if anything the situation is much, much worse.
Jeffrey Wilheim makes a good point. Yes, where you live matters, however, our expectations have changed DRAMATICALLY within one or two generations. Owning 2 cars, multiple smart phones, eating out, bigger houses, owning "stuff" in general has a completely different meaning than it did just in the 1970s.
There is simply no arguing that.
Infinity MFG no it's not just "expectations," it's the fact that living standards are not fixed over time - different incentives for different environments. Public transportation is bad in most of the USA and getting worse, while jobs/work are more distributed over physical space than before (along with paying less). In other words it TAKES MORE CARS to have stability where more people live at home (esp in suburbs very few in USA can walk to work even if they wanted to) and more family members work, it costs more to even stay afloat with 95% of the jobs since crash paying terrible wages, etc. This may not always be properly reflected in cost of living or inflation calculations but if so that is an error. Most Americans live one paycheck away from destitution (or extreme debt) and it's gotten much WORSE even as the economy "healed." You can't view "cost of living" in a vacuum, and you shouldn't assume American life is more free and happy than it so obviously is.
Of course expectations play a huge part in it. For most Americans, their largest expense is their home (rent/mortgage). That's just a fact. So why has the average American moved into a larger home?
Answer: expectations -- "I deserve as nice of a home as the Jones"
Look at the number of "toys" the average American has.
How many fast food restaurants do we have now versus just 30 years ago?
Who is going to college and what are they studying? People are going tens of thousands of dollars into debt for degrees that never pay off to work in jobs that aren't even in their field.
These things add up. People expect more and are willing to stretch themselves to unreasonable lengths to get it.
What part of ten second question did that last woman not understand?
I disagree with him about personal responsibility, it is your responsibility to pick a in demand field that has income potential over your "dream", dreams dont pay bills
Being a writer is not exactly the top of the financial earnings pile. It is hard work, and he does talking tours as well. But I want to say that his point, that many seem to miss (or will not look at) is that prices are not in step with wages. Wages have stalled, and many years ago, for many. I haven't had a raise in over 25 years, either, and I am in the medical field. The nurses get raises, but I do not. People I know who seem to be OK are working their tails off. But everything from car repairs to the vet, the plumber to the dentist costs an arm and a leg. And he is right. It used to be that it was a hard "patch" we would hit, then things would get better. Not any more. It seems it is one thing after another, and they are big ticket items. My handyman makes as much as I do now, and I have a masters degree. But he has saved me a lot of money, because tree trimmers charge six times what he does, just to cut off and chop up a branch. So that is why I keep him. It's all out of sync.
Bravo!
this guy has the life "style" with out the life itself
"I had to"...
"I had to"
Nope, you don't have to.
Man up and say no.
What's embarrassing about being broke or needing to spend money wisely?
Did you guys noticed the kissing shadows in the background ??? It's so funny....
American culture entails wealth flaunting and display with no regards to saving or investing. That's why their view of the world is so distorted for example when they see Asians living in tiny apartments or Africans in mud hut villages. Well some of those Asians and Africans are some of the wealthiest people in the region. Why should you live in a mansion that you can barely keep up yet you can live in low cost housing. Why have dozens of pairs of shoes/ cars/watches/ jewelry or spend so much on shopping, beauty, entertainment e.t.c There is no shame in being broke, it's not wrong just the unfair world we humans built for ourselves.
Excellent comment
What a whiner. "You can't work harder than me! It's not true that hard work will get you everything you want."
Ever heard the expression "Work smarter, not harder?"
Why does Neal think the bad decisions he's made financially mean the system is stacked against him? Because he's part of a large minority (47%)? What about the quarter of people he cited that make between $100-150K that can't handle a $2000 emergency? Is he saying that the cost of living is so high that people in this salary bracket can't make it? Or is there some truth that people are living beyond their means?
Recently, I read of a case where a family (two parents, two kids) making $500K annually can barely make ends meet and can't save for retirement. Is that further evidence to make Neal's case?! When is enough salary more than enough, and we can start to blame the individuals for their own financial incompetence and lack of discipline?
Neal says he's ashamed, humiliated, and wants to help his fellow man (ie. victim). I say Neal's an opportunist, seizing the chance to become the representative to a bunch of middle class financial fools, that aren't only entitled, but want to whine about their self-inflicted plight as well.
Kind of sounds like you're whining about Neal, Paul.
What was your salary and entitlements at time of this writing Paul?
Even the experts are in this situation
Expert? This guy is a schmuck in a suit.
@@JohnChoidotOrg Yeah, Neal's not an expert. Just because he's in the middle of a lake doesn't mean he's a great swimmer. He's about to drown after falling overboard. And he's chosen in his life not to learn about finances. You can only blame outside sources and not being taught things for so long. And he's still not learning. His middle class income dollar amount of $130,000 is based on what the average American think should be possible for a middle class income... 4 weeks of traveling vacation, two cars in a garage, a large house in the suburbs, sending your children to private colleges, etc., etc. That's never been middle class in America by any means.
There have been some rebuttals against the claim that ~40% can't afford $400 emergency fund. Some believe it was due a misreading of the stat. The Fed Reserve study that this stat comes from says 60% of adults can afford a $400 emergency cash fund, and that the other 40% have "more difficulty" in getting the $400. That doesn't necessarily they can't come up with it. Maybe their money is in a retirement fund that they can't touch, or in a real estate property that they can't sell, etc. There are many reasons why one can't get hold of money fast. The Fed study does make one stat clear: "12% of adults would be unable to pay the $400 expense by any means." That seems like a much better indicator of one's financial health. And 12% is a lot less than 40%. Other stats from the Fed study also suggest a better picture: When asked how a $400 emergency expense affects how they pay their bills, 85% say that doesn't affect them at all, and only 14% say it affects how they pay some bills. So again, it is not as gloomy a picture as believed.
What's frustrating about this and his article is that he never even explores the solutions! It's kind of like he's so ignorant that he doesn't even know where to begin. It's almost fatalistic in a way.
This is the reality for most people
I went and found the article online. I assume from what I read, that Neil makes on average more that 130k a year. Yet he can't figure out how to live on that. He also assumed his pay would go up every year. Why? you're a freelancer you're not climbing the corporate ladder of a fortune 500 company. The most important insight he admitted is, he's a financial ignoramus. THERE'S YOUR PROBLEM!
Thanks this is some good teach ing to live by.
Here's a question: So, how do we get out of this?
Life on less then you earn and invest the difference...It isn't rocket science...if you have a job look up on you tube Dave Ramsey 7 baby steps it's helping me and it can do the same for you...all the best
I know Dave Ramsey's stuff very well. I'm on baby step 6. Dave is my own personal hoxha, financial guru and shaman.
Yes he is amazing, now all we have to do is get the other 7 billion people in the world to do the same and hey presto! problem solved
Cut regulations and taxes
An easy little quote
" when your outgo, exceeds you income,
your upkeep becomes your downfall"
the advice given to david Copperfield by the w.c.fields character...'my boy if you earn 20 pounds and spend 19 it's bliss but if you earn 20 pounds and spend 21 it's misery'....
How is this guy doing interviewing?
Agree. He is terrible. Disorganized and stuttering.
I don't understand this guy, if he owns a house in the Hamptons then it's probably worth a few million, why doesn't he just sell his house and live a wealthy man elsewhere like Chicago, Atlanta, Miami etc. Also the stock market has gone through the roof and if he had invested just a little every month he would've been quite well off by now.
The problem with America is that when they see something they want they have to get it even if it means going into debt. The big house, the car, the vacations - all of it. I know so many that are taking vacations on their credit cards and taking on huge mortgages and auto loans as well. Live for the day seems to be the motto.
His house was shown on another video I saw in an interview with him on this same topic. The house appears very small, and is literally falling apart. It doesn't look like he's done any maintenance on it in forever. If he sold it, most of the price would be in the land/lot. But whatever it is worth, you are right, he should sell and move to something else, in an area not so expensive.
The middle class is gone. Inflation took care of that. I love the people that have kids they can't afford. And then blame everyone but themselves for living in poverty. Getting pregnant is a choice. If your not on birth control that was a choice you made.
I see two or three families living in one house. Sharing cars, food, etc..
it is so true.
You must walk the walk before you talk. Neal knows what's he's talking about. About time someone point out the elephant in the room
You either believe this man or you don't. Either way none of us are in a position to judge him.
Ah, the Federal Reserve: 100 years of putting water in the milk. Eventually the baby catches on.
To the extent this is true, it indicates that people are coping in ways that are long term detrimental
to them personally and to the country as a whole. When tough times hit, the smartest response is to
cut back and tighten your belt. Not spend as always, juggling finances to keep up a facade because
somehow you are entitled to it. Lots of these people are going to crash and burn, bitching and
excusing all the way down.
Individuals cannot cope with massive societal changes on their own. That's classic American propaganda, re-framing massive social disasters as "individual responsibility." That's bullshit.
Wobo that's the Republican way! The poor need to simply "pull themselves up by their bootstraps and quit complaining."
I can't say it better than he did. "It's Not True"
Why don't his daughters help out the parents now that their careers are launched? Why doesn't his wife work?
Dead...good enough reason?
In his essay, he stated "masculine pride" prevented him from allowing his wife to return to work.
I will be 67 in May I live off 1069 a month Social Security no pension from job I do have a small 401k and Roth IRA I have more than a Year's liquid Savings in the bank I paid off my mortgage in 14 years drive a 2011 Ford Escape no credit card debt I have friends who have twice the income with no house or car payments yet they would probably tell you they don't have $400 in the bank. One friend has had to borrow money from me for stuff like new car battery tires for her car or a couple times has been short on money for her real estate taxes. Unless a person's income is real low I don't understand how someone would not have $400 saved even if you put $10 away here and there.
Well said Neal......
For most people economics and investing are the same as magic. There is only one group of people to blame for the decline of the middle class since 1980, which is the time frame he is referring to: corporate leaders. Corporate leaders are still unrelenting in their drive to send jobs out of the country. They are laser focused on doing this even now. Obviously, no matter how much education an American gets they cannot compete with a worker in a country without basic human rights where workers, who are treated as slaves, are located.
Free trade: a code word for easy corporate access to labor camps in countries without basic human rights.
And, to make matters worse, corporations have the deep funding needed to hire public relation firms to convince Americans that free trade is a good thing using unrelenting ad campaigns, donations to universities which hire professors who promote free trade, payments to authors who promote free in articles and books, and influence over advertisers to the news media which prevents news media from running articles on a regular basis that oppose free trade because, if they do, they will lose advertising revenue.
It's so difficult out there in the world, 1971 when can of the gold standard
The viagra for financial impotence is called Dave Ramsey
Sadly, Neal probably has no clue of who Dave is.
I think he needs some cheese with that wine
18:14 That is the pot calling the kettle black! i.e. look a little closer to home for the source of your troubles.
The interviewer is asking good questions, but this writer is not capable of answering these questions. You don't ask a man in hell for water, do you? I hope this writer is doing better with his finances, but it sounds like he's trying to live beyond his means.
I think Neal has struck upon a great role, casting himself as the Kim Kardashian of the middle class whiners. Look at me, see yourself in me, give me your money and attention... I commend his opportunism, if not his financial acumen or maturity.
While I do believe both the middle class and lower class have a worse deal than previous generations, it's a function of a capitalist society where the rich get richer. Along with the wealth comes power, and the use of that power to craft laws and refine a system to aid the rich, at the expense of everyone else. The alternative is communism or socialism.
Still, there are plenty of examples that show people can make better choices, curb their expenditures, increase their skills and income, and build equity and momentum toward financial independence and security.
The fact Neal disagrees with the interviewer that he's made poor choices by describing the trappings of a middle class existence and how he doesn't partake in those things, only reveals his attitude is the exact source of his financial issues. That attitude is one of entitlement. I "have to" pay for my kids education, I "have to" live in the Hamptons, blah, blah, blah... I don't enjoy these middle class trappings, and I didn't "blow through" money. Yes, you did Neal.
He can't believe that 47% of those surveyed can't meet a $400 emergency with available funds, and implies that's what's wrong. That means that 53% CAN meet this emergency, which implies those people made better choices.
I'm sure many will now attack me and the comments I made. Those that don't want to look in the mirror will blame others. To be clear, I'm not talking about people that have had financial disasters befall them that they can't overcome, a group that Neal sneakily confuses himself with during the course of the interview. I'm talking about people like Neal, who made conscious choices all along the way, then whine they don't like where they ended up. Many Americans thinks socialism is a dirty word, but it seems that a socialist society is exactly what they want to take care of them. It's clear they can't take care of themselves.
You mad, bro?
LOL.
Well, here you are "whining" about Neal again, Paul.
This is what happens when you spend more than you earn.
He bought a mortgage in an expensive area -- how much does he spend on food, entertainment, clothing, furniture, etc?
Just spend less than you earn.
try $250 000 a year to be truly middle class for a family of 4. The speaker's daughters didn't need to go to such expensive private high schools / colleges. His daughters could have joined the military for the GI bill for college. His wife should have been working. Why didn't you save. YOU, and the rest of the entitled complainers should be quiet, you all cause your problems, admit it.
Here's how you live an easy life:
Live below your means.
Pay off your credit card each month.
Save at least 10% of your income and invest it.
Don't have children until you're settled with a good job and home.
Don't buy a new car and keep the one you have until it dies.
Don't make impulsive purchases.
Use coupons and buy food on sale and don't buy more than you need.
I'm curious. Did the author's children work and help with their own college expenses?
Why aren't his children helping him out? Since the kids moved out, why doesn't he rent out their rooms for extra income?
billsf94131, it must be so comforting to be able to predict the future...
Agreed with all, but you can improve on "save at least 10%...".
Save as much as possible, some say 50%. Search for the Warren Buffet HBO doc on TH-cam, where he expounds on the wonderful power of compound interest. Save/invest as much as possible, and someday your money will work so you don't have to. Save it as early as possible, giving your money more time to grow.
My parents lived below our means.
My parents didn't have a card balance.
My parents saved around 16-17% of our income.
My parents rode the same car for over a decade.
My parents never made impulsive purchases.
My mother clipped coupons, and my father would still yell at her for spending too much.
Then my father got diagnosed with cancer; he hit his lifetime maximum and got booted from his insurance; other insurers wouldn't touch him while he was going through chemo.
Then the markets crashed in 2008 and my parent's savings were obliterated.
My parents couldn't afford to help me out with college, so I had to join the Army.
Fuck you and people that think like you.
i've made 6 figures for several years, am single. saved close to 80% of my paycheck.
I would even argue not to have children at all but if you must.....Don't get married. MGTOW
The truth is that Neal lived his life as a beta male. Taking care of 3 females and never requiring that they pull some of their own weight. In the end they sucked his wealth, drained his resources, and rather than tell young men not to marry early or at all for that matter, he's using his last to warn the masses....admirable...but a little to late I think.
In Spain and it is the same. It is not only in USA that this happens unfortunately. Yes It is true that the underlayng problem of blaming China, Mexico and Obama of so many people is in fact the financial impediment that they don't talk about
Life is not fair. I joined the Army 24 years ago, deployed in combat, saved every dollars of blood money. I know I must put myself out there and do jobs others choose not to do. Now I have multiple rental houses, raising rents every year to be profitable. My kids will never join the Army again, but I thank the Army for giving me the opportunity to get shot at and carve out a hard living.
Writer for a living, really? Get a real job.
Military? Living off the government.
The moral of the story is, you cannot have everything you want.
No, the moral of the story is "American capitalism is a scam, your fellow citizens are LYING about their standard of living."
Wobbo is a loser! what system is better genious! wake up and get off welfare.
Ace1000ks1975, no, the moral of the story is that most people, no matter how long & how hard they work, can't afford to live a decent existence!!
Ace1000ks1975 Not about having everything you want. Would love for my kids to have it, in hindsight, as easy as I did which did not include everything that I want! That was the basics! And I was frugal, not into jewelry, makeup, etc.
NO! That's not the moral of the story. The moral of the story here is that there are many people in America struggling than we think. The greater point is the acknowledgement of the system we live under is flawed when a person who is as educated and valuable to our society is living in this state. It is a travesty and the economic system is warped and not working properly.
Bwahahahaha has to blame Reagan for lack of wage increases!
Yet the left says we need MORE immigration.
The idiocy of that line of thinking boggles the mind.
Yeah Muricans love picking fruits and vegetables. Not!!
Super in Australia shrunk wages since 1991
Their shadows are getting it on! Lol
sifrk omg! That is hilarious! I see it.
What world did this guy expect to live in where one never needs to replace a roof? Victim mentality. Things will never improve for him because he has decided they won't.
Bleet bleet bla bleet..thats all folks
What's a vacation?
Spend it all there’s no tomorrow
Anyone in 2020 feeling like 2016 was heaven? 😂😂😂😂
Neil Gabler the crying baby.
No comments here , because no one thinks about idiotic,wasteful consumption. They just follow the herd. Nobody wants to listen to this sort of program.Not in the USA.
Ed Denoy, come back, reply, we wish you would come back!
We are all screwed Jesperado . Are you as rich as Trump ? Then you are ok.
very simple you make no money therefore you save no money not hard to figure out
What on earth are you talking about? What fucked the MIDDLE class is living above your means. STUPID! The smart thing to do is live way below your means and save at least 20% of your money.
If the middle class had done that and saved at least 3 years living money. Most wouldnt have been living out of their cars after the shit hit the fan in 2008.
Democrats regulations and taxes doesn't help savings
Something just doesn't add up, he may need a new manager.
USA USA USA
Thanks, Federal Reserve!
Houses and cars cost money, he's at least spending money, there's people don't have those things in life and still don't have $400 dollars or money to spend. No pitty from me bud. I don't feel bad about rich people's problems or the middle classes. There's people working physical jobs that can't make ends meet. You people are richer then other people that actually deserve to have money, because you people get to systemically shit on other people. He systemically has an already privileged income and is still whining. You know what stagnated wages means, the governments ignoring people that work and only worrying about the government and government employees. Employers are against workers incomes and so is the government. Bullshit women are suffering more then everyone else, they are just better at making themselves look like the biggest victims. This society is being rationed. It's about order following like the military or a cult or something, it's not about people having rights or a standard of living or improving life for everybody. It's about certain groups that want more for themselves then everybody else and to grant themselves the power to control society and other peoples wellbeing. The fellowship has broken up and is falling.
DEAD MALLS HOTELS MOTELS RESSORTS ETC IS AMERICA NEVER GOING TO LEARN NEW SOCIAL NETWORK OR MAYBE CANNOT AFFORD IT?
i cant get past the nervous stuttering.
Don’t be rude. You don’t have to watch if it bothers you. Think how your comment might hurt other people
his telling a 400 dollar story to make a million dollar..smh.
lol. An article in the Atlantic pays very well for a writer, but something like $5000, not a million.
Neal needs an incredibly healthy dose of Dave Ramsey! Get educated, inspired, and get after it, man!
for some reason I just can't buy the $400 dollars story..
When is a personal explanation more of an excuse? And when is it fair to note it?
Ask Dave Ramsey...
''A colony, like Africa.'' If you don't know anything about something, probs best not to use it as an example to make your point with.
It's clear he meant "like the African colonies of the european nations," which were set up to do things like mine diamonds, using locals for labor, while the owners of those mines lived in comfort in Europe. People who work in a rich people's vacation enclave are similar: no benefits, low wages, often have to have SNAP in off seasons. Martha's Vineyard is another such place. The rich exploit the poor. And the best the poor can hope for is to "yessa, boss" them and get a good tip now and then.
like everything else on Facebook because the problem but never the solution always dance around everything seems like that's the whole internet nowadays false intelligence
Didn’t have to put your kids through college.
Sounds like a personal problem to me
The guest is a LIAR 🤥😡
Who is this guy and who cares?
Wow, what a whiner. You don't have to write anymore. Work hard in something else! What is in demand? What pays more? If no one wants this widget anymore, they are not going to buy it. So do something else. Move out of the Hamptons. If I wanted to get ahead and my taxes were half my yearly income I would move somewhere else.