My main indicator that I believe in for the stock market shows the same exact thing it has since Thursday. So tomorrow the markets may not have such a wonderful day also.
@@Angry_Bob The bottom feeders will be moving in first thing in the morning. You're going to see a pop until around noon. After that it levels off, but the day ends green. Book it. This isn't even close to 2008. Most of the pain was today.
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
As someone who has gone through hard times, currently unemployed, had to become a single dad to two girls when their mom ran off, I know how difficult and depressing it can be. If I had lost everything including my children I would have given up. But because I had two children I had no choice but to keep going. For them. When I see a homeless person, on drugs or alcohol, part of me wants to condemn them for their choices but not all choices are up to us. If I had lost everything would I keep going to work every day, day after day, year after year or would I give up? If not for my children and my faith in God I would probably be out there on the street living under a bridge too. My kids needed me but I needed them too. A man needs a purpose or life isn’t worth living.
Bless your big heart. I was raised by a single father. He past in 2015. I miss him with all my heart. Mom ran off & eventually married next store neighbor, when I was 3. All my dad did was work, work, & work.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
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.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Finding financial advisors like Annette Christine Conte who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
This is why people shouldn't have bought starter homes for $800,000. But when I said it 2 years ago I was delusional, and this is the reality of the market now.
I’m sure people who bought those houses had money from the start. Most people who bought $300k homes (or less) are doing really good. Their payments are probably cheaper than rent.
@davidwilliams4498in fact, a friends husband has a woman outside and a son. He ONLY works at post office, and their first home together is $850K. 😮(few yrs ago)This was the first time I found working at post office wasnt bad ha ha😅
My name is Jeff and I really enjoy your channel. My wife and I are both retired law enforcement. I retired three years ago, here in California. We did an experiment and kept all receipts for a year including eating out, groceries, and incidentals. The experiment was between November 2022 to November 2023. Our overall increase in the exact same lifestyle/ purchases came out to a 32% increase. We didn't eat more, didn't increase entertainment, etc. It is absolutely insane. Retirees are really feeling this economy right now. We've received just over a 2% avg. cost of living to supposedly offset this crazy inflation. It is not working. We can't afford to stay in California, and plan a move by the end of the year. Thank you for what you do. Keep it up!
So sorry to hear that Jeff.🥹 I just read your comment to Mike. We are both really sad about what’s happening to you guys.🙏 He will probably mention about it on one of his videos. Best of luck to you guys.❤
@@MichaelGiordano777As some one that grew up in Puerto Rico I can understand wanting live near a beach. But there is a one big difference between PR and FL. And that is the amount of good fertil land you can buy were you can potentially grow your own food. That's something that can easily be done in places like Tennessee. The reason I say this is because I have been hearing from several different prophetic sources and even peoples dreams that there is a big economic collapse coming. It's going to be so bad that people are going to have to resort to growing their own produce.
Im glad that we are all on the same page. It would be very nice to be out of debt. The problem is that we are in super high inflation. Getting out of debt is a nice dream for most Americans right now.
@@MereAYT Yes. she is right, Real People can NOT be in "Debt", they are Creditors. You'be been duped and flipped into a Debtor, while all debt already prepaid and Gov Obligations Pursuant to USC 18 & 8. So you have to choose either start reading or go find 5-th "Job" to pay these fake bills and alleged "Taxes".. Good luck.
Nowadays? It’s has always been that way with me . I was saving/investing since 15. Living within means and avoiding debt since 18. Retired before 50 and debt free now. Most people just didn’t do this and even ignored the Great Recession/housing crash. People had 16 years to prepare by paying off home ,eliminating debt,saving,investing,planning,etc.. Even 2020 shutdown and crazy housing pricing frenzy should have been a wake-up call but many ignored it with continued spending, debt, and buying overpriced homes among other things.
@@blackworldtraveler3711 true. People don't want to have to sacrifice for long term money goals. They don't want to have to distinquish between wants and needs.
We have been renting, the house we live in now, since 2009. Our rental agreement says our rent is $950 per month. It’s a 3 bed, 2 bath older home. Really older home, built in the 1950’s with hardly any updates since. We live in Montana and rents are $2500 a month, so we are lucky, since our landlord has never raised our rent. Last year, January 2023, we raised our own rent to $1300 a month. Our landlord called, when he got the new amount, and was crying. He said we are great tenants and that he hasn’t wanted to increase the rent but was so thankful for the extra money.
Since the debt crisis could unleash carnage on the stock market leading to economic downturns. We need to be prepared for potential market volatility. how can I secure my $80K stock portfolio against declining?
Partnering with a financial advisor has transformed my approach to investing. Their expertise and personalized guidance have not only helped me navigate complex financial markets but also optimized my portfolio to achieve my long-term goals efficiently.
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
An economic depression is a steep and sustained drop in economic activity featuring high unemployment and negative GDP growth. We've had negative GDP growth since Biden took office despite how the government redefines recession. We are definitely in a depression.
My brother lived in Palm Springs. He bought his house years ago when it was $350,000. He had completely paid it off. As a business owner, he lost his business during the lockdown. Needless to say, he could not pay his property taxes, and they took his house. It was put up for auction, and it sold for $900,000. It makes me sick that a person can pay off their home and then lose it. What is it? As a so-called owner, you never own the property. It's just theft as far as I'm concerned. On the last day, he had to move out it was 117°. He was driving his truck and must have had a heat stroke and ran into a rocky hill. Paramedics came and could not get his body temperature down. He was transported to the hospital and they could not get his temperature down. He died an hour later. If he could have kept his home, he would still be alive. My sister and I are devastated. That was my baby brother. He was only 56. He died July 25th 2024. There are no words to express my sorrow.
What a sad story. I am truly sorry for your loss. That's why I already made up my mind to move out of this country and move back to Asia and retire there for good.
It was criminal what they did to your brother . Moreover , most tax dollars spent are misrepresented to appear one way but truthfully, spent another . I’m sorry for your loss of your brother .
@@Istjennea5I'm retired here in SE Asia. Life is comfortable here. I made sure to become debt free before moving here. I keep getting the I miss you texts from friends and family. I'm going back for 2 weeks in October then headed right back here. Pick up a new phone and some other stuff while I'm there. I'll be counting those 14 days 😂
It is. I've been trying to warn people for years. I told them that shutting down sectors of the economy for "covid" would have long lasting consequences, and same with all the money printing and handing it out for free. Anyone who hasn't been preparing for this is going to feel the pain.
@@davidwilliams4498you don’t remember the late 70’s? I’m younger and remember it well. Interest rate on a 30 year mortgage was 17%. Folks bitch about 6%. It can get a lot worse.
I think we are heading into something far worse than the great depression. I think we are heading into an unprecedented economic collapse. We are going to find out how many people and businesses are total scams and how horrible our governments have wasted money. We are so deep in a hole right now with debt it will take a catastrophic event to undo it that will take generations of suffering to recover.
We are heading into an unprecedented economic collapse.... Correct, because debt cannot be paid using another debt instrument. The math doesn't work. The economy needs debt-free Treasury money.
Being a retired banker...it takes the lowest form of life to be a debt collector...just listen to the manner which they speak to debtors
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Debt collectors can't get a normal banking job because of the abuse they would deal with...so they work as a bill collector spewing hate because they are the ones that r miserable and can't cut the abuse leveled on a real job
No. I was a debt collector for a major company where they allowed me to be working with people in a kind and solution based manner.. I was a top producer... It was a major retail company and I did things in a fashion that made sure that the people continued To Do business with us while they were reducing their debt.
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@@Joce123 In my 50 odd years experience debt collectors due to their personalities can't exist in the sometimes abusive customer atmosphere...and choose debt collecting as a way of making a living ..the only way possible is to sink to the abusive customers level
No. Wherever I go.. there I am. I am a kind & solution based person. I both realize the purpose of my employer and the constraints of our debtors. People in debt are not all deadbeats. If we can strike a balance everyone wins. It might be it's a very difficult challenge.. There's never a reason to disrespect the debtor.. Even if the debtor uses their foul words in talking to me, I realize that they often are at the lowest point of their emotional life. Anger is based in fear. I try to keep that in mind.
No, it takes the lowest form of life to run up debt for good and services and not pay for it. To make payment promises they know they aren't going to keep. To hide their cars, provide incorrect contact info, hang up or refuse to make reasonable arrangements to get caught up. To get defensive and belligerent about it when they're the one who set the ball rolling in the first place. Signed, an old skip tracer from the 1990's.
I treat debt like the plague. I am old enough (62) to remember past recessions and refuse to borrow money. I pay my credit card balance in full each month. Everything I own is paid for. Severe recessions however hurts everyone.
I learned the lesson you described from my father....he experience hardships growing up in past his financial literacy on to me.. you as well as my dad are absolute geniuses and I'm glad I took that timely advice when I did
Maybe a minor inconvenience but it won’t hurt everyone. I plan to travel more. Been expecting this since 2020 and preparing since I was 18 and even more after 2008. I’m completely debt free as well and always saved,invested,and lived within means since I was 15 so a “pullback” on spending doesn’t even apply to me. Only debt I ever had was my 30yr mortgage I paid off in nine years 16 years ago. I also don’t understand the big deal over not being able to eat fast food since I have always prepared and cooked food from home 95% of the time. Have a well stocked pantry and deep freeze and still eating food pre covid. I’m a shareholder of McDonald’s since it was $2.50 a share but not a consumer.
Sold my 2023 paid off truck a month ago. Took the money and paid off my wife's car, bought a truck for cash, and put a little away. I saw this coming a mile away. Now I sleep much better at night knowing the only debt i have is a house on a 3.5% interest rate.
Did something somewhat similar. Bought a Camry in 2011 and paid it off in 2017. Bought a beater car so I can keep my paid off car looking nice. Decided to sell the Camry when the recession hit and people wanted a boatload of money for cars. Sold the Camry and managed to find another dirt cheap beater. Now I own two beaters and both beaters have thankfully been nothing but reliable. I will never make the mistake of buying a new car again. Good on you for making that choice for you and your wife.
tons of scams watch out most of the things out there are crooks I sent an ecard to a friend by american greetings they started to take money out of my acct every month for nothing they said well if you buy a card you have ordered a subscription for the year so I buy ONE card they charge me 80.00 watch who gets your cc number have a card with little cash on it so they cant start stealing money every month for NOTHING CROOKS!
People so surprised we in a recession right now even though we going into a depression. Lets not kid ourselves Also: to all the people on the comments that think they’re better than you they arent. Rich people dont brag about how rich they are
It's just a recession, there's no depression coming. The government already learned it's lesson from the 1930s. Plus we have something today we didn't back then, computers, technology, no more attachments to gold or silver, endless money printing, they just walk up to a computer and create money from thin air, they move money from one account or product into another, there's so much manipulation it's not even funny. Every 10 years or so we have one of these which coincides with about how long it takes a bankruptcy filing to fall off a credit report.
It grinds my teeth how these losers get on here and being the make 1,000 an hour. They are not and if they are their gain is an illusion. It is bits in a computer. This the problem with the world: they think gain is investment. Playing the stock market is like money inside a video game. It is not real.
The banks make money on credit card debt, overdraft fees, bank fees etc. They make money off a bad economy. Then they try to threaten you with bad credit.
Not to mention when you owe a bank money, you don’t even owe money because they never gave you real money as soon as you got that credit card or that loan it was sold off to hundreds of trustees so no single entity owns your debt on top of that, the bank gets to write this off is a loss so they’re really not losing anything and then they turn around and sell it to a debt collector for pennies on the dollar I think debt collection businesses should go out of business because most of them are doing it illegally And if your credit card company wants to sue you or another company wants to sue you I think it should be the original company because their triple dipping they’re getting money from the trustees. They’re getting money from the IRS then they’re getting money from the debt collectors, they’re not losing anything.
That’s just common sense and why I invested in Visa and Mastercard over 15 years ago. They were $8-$15 a share when I started buying them in my 401k and Schwab account. My credit card was just a tool to spend cash. I never spend money I don’t have. I get around $800 a month dividends from these two companies so they make money off any economy.
If you 🤔 think a political leader are going to save you. You are sadly mistaken. It's to far gone for any president to help you no matter what party they belong too.
Paying off my house this month. Pulling it out of my 401k. Experts say this is stupid. Ill make more in the long run keeping that 28k in my 401k. But the experts can't guarantee a market return. They can't guarantee the internet doesn't crash. They won't be there if i get sick and then worry about making my house payment. Which is almost doubled because my house insurance has almost doubled since 2011. Never made a claim. So I've decided my peace of mind is worth 28k 😅. Im gonna live like its 1969...like my grandparents...debt free.
What I am wondering about is the Dodd-Frank Act “bail-in” clause. This means during a down turn the banks can take your “cash” and give you “shares” in the bank. They passed this in 2010. I want to pay off my house in October because of peace of mind, also.
Good for you! Once you own your house, you won't have to buy insurance for it. 'Windstorm' insurance is a scam. Ever try to file a claim? First the adjuster screws you, then you'll need a lawyer to fight for your claim. In the end, the insurance company might pay out 70% of it if you're lucky...and with the lawyer expenses, it's just not worth it. Flood insurance is cheap though.
Thank you. I know you spend a lot of time on this, and many of us appreciate having someone who has similar views, not always just going along with the narrative that all is well.
@@codyeynon8467as a woman I can say personally I’ve had to give up professional manicures, hair coloring, and beauty treatments due to inflation. It used to be $30 for a dip manicure it is now $75. Same thing with getting hair partially highlighted, it used to be $175. Last time I got my hair highlighted it was almost $500!!!! Fuckkkkk that and I haven’t had my hair professionally colored since October 2023 bc I felt so ripped off. I have no idea how other women are affording regular services at these prices. Nails should be maintained every 2 weeks and highlights at least every 8 weeks unless you want a bad root like how are other ladies affording it all, I need to know😭
Outstanding video. My wife just had a lot of medical bills and we are going know where and buying just what we need when we need it. We are paying our bills.
This correction will make 08 look like nothing. Everything and everyone is leveraged to the max. Since 08, they printed over 20 trillion into existence, so there's going to be NO bailout. The market is going correct by at least 40% and in some areas, property will collapse 50% or more. This is setting up for a "lost decade"
Overgeneralizing. I didn't over leverage. I live two levels below my means, and that has allowed me to save money this whole time. My stock portfolio too a minor hit today, however I'm not panicking. Being diversified is the best hedge against a recession/depression. I also have a great career, low mortgage. Much of this is planning.
Japan's economic bubble burst in the early 90s and they were over a decade getting back to normal. If things are as bad as people are saying buckle up this is going to a rough ride.
I've cut back on all of my spending. I'm debt free and only pay the regular bills. I've also cut back on auto insurance, quit paying property insurance, lowered my auto insurance like Michael did and cut way back on my food bill. I'm paying $120.00 per month on food and eat very healthy. The ticket to eating and not spending much money is to eat the same things every day so that the food doesn't go to waist and cook simple meals. I eat a lot of homemade tacos, pasta, rice and tuna sandwiches.
There is absolutely nothing that you will need that cannot be purchased at a thrift store . . . NOTHING! If you're not thrifting at this point, you're wasting money . . . so later for designer anything!
@@joseenoel809310% tax on thrift store purchases where I live. And, the prices are *very high. I stopped going. I buy nothing, absolutely nothing outside of food and gas.
I'm in the UK (currently burning). However, even though it's US based info, I find your commentary fascinating and highly informative. A struggling US will affect the rest of the world. We need a strong US economy!
@EvelinHolmes The UK is falling apart socially. There have been riots in a number of cities. The government is run by the recently elected Labour Party with a huge majority (Socialist). They will bring in draconian laws for sure. The economy and inflation have been rampant (allegedly back to 2%). Taxes will need to rise. Illegal immigration is out of control. They need to build 300K houses. Apart from that, it's all rainbows and unicorns 🤣
How long will it take this time before everyone that's in debt, including the government, to start telling everyone that's out of debt... "We're all in this together"?
Folks don't want to do the work. They want someone to save them. I always told folks the same... become debtfree. Now, I'm quiet, minding my debtfree business.
@MsMaxinejoy You make it sound so easy but when I was in school they were telling a bunch of kids to take on 10's or 100's of thousands of dollars in debt to go to college and to use credit cards to pay for the books. And when I say everyone, I mean EVERYONE. Parents, teachers, mentors, you name it. What are a bunch of kids supposed to know? By the time they figure out the scam, the damage is already done. Not like they teach you this stuff in school anyways lol
Never said it was easy. It’s hard work and discipline. We were there as well with 10s of thousands of debt in school loans. Had very little wiggle room in our budget. Didn’t go on vacations, didn’t eat out hardly ever except on our anniversary. All our extra money went to paying down debt.
I have a lifetime experience on how to be poor. People are really hurting everywhere.I'm just trying to help my grown children and grandchildren. Your advice is usually right on.
Imagine that, a 2/2 house built in 1925 with no upgrades is now worth $650K. The appraisors and the assessors must pulling these numbers from somewhere because the house IMO is worth maybe $150K? It's like magic.
I find it unbelievable that used houses go for more than new houses. Once someone lives in it, it's used. Price should reflect that. If it was built in 1925, that house has had at least 3 mortgages on it. It's paid for and then some.
@@bobjames6622 The market is not rational. Indeed, the market is often very irrational. The market is often a poor measure of intrinsic value or real tangible worth. This is what many people don't understand and why so many people keep purchasing overpriced real estate. It happened prior to 2008 and it is happening again.
High inflation, High unemployment, 35 trillion dollar debt, unsecured borders, stock market starting to crumble, etc ..., But hey, we don't have mean tweets
similarly my dad called 2000 and 2008. howevever, you would get ridiculed back in 1999 and 2006. Anyway, we are in stagflation already. not many want to admit it.
I did too. I was teaching the great depression to my daughters and part of their lessons was learning about the stock market and watching the Grapes of Wrath. I got so worried during these lessons in 2006 that I tried to sell our house.
That was the Obama days he bailed out the car dealers in the banks in the bank screwed all everybody on their homes 55 million people if not more lost their homes then he started in with Obamacare nobody can afford medical insurance so they started finding 55 million people if not more lost their homes then he started in with Obamacare nobody can afford medical insurance so they started fining people on their taxes for not having medical insurance during a recession I'll never forget those days and now we basically have the same corruption!
I have a friend in San Diego. She lives in a decent neighborhood near one of the Navy bases. Her house cost about $850K or so. She will not pay it off before she dies. I can't imagine being a prisoner to a property like that.
@@crlaw75those buyers were just “hedging themselves against the market”? That’s how I have heard it justified when people I know bought at historically high prices, not sure how effective it is in practice…
@@crlaw75 That was large corps like Blackrock and Vanguard, they can afford to do that and also when they do it drives up the property values and taxes of all the properties surrounding them so they get their money back immediately.
Michael!! I’ve been a fan, watching your channel for years now. I’m so happy to see your channel’s success. 22k views in 2 hours! I’m still a fan. You are an evening staple instead of watching the national news. Thank you, and your community, for all you do. I’m sitting here in NE FL, on the coattails of Debby, loving your scenery.
If a debt collector calls you, it's because you used someone elses money and haven't paid it back. Like Rachel said, live below your means and you won't get harassed. Don't be so entitled to think you don't owe anyone anything after spending money that wasn't yours to begin with. Trust me, I'll get my money back one way or another if someone owes me. Then again, I don't lend it out to begin with because people are entitled.
Jeff again. One more thing... As a prior law enforcement officer I can tell you what I've seen / saw for the last 25 years. We (law enforcement), depending on your department, hand out pamphlets, and make homeless aware of MANY available programs. From housing, to food, to relocation, rehab assistance, bus fare, medical assistance, job application assistance, transportation, DMV license renewal, and many many more. In all of those years (moreover in recent years) I have only EVER seen one person take advantage of said programs. The reason is that virtually all of these provided programs require the person benefitting to be clean and sober. My personal belief is that only two things change human behavior - Divine intervention and a catastrophic event. With the lack of efficient drug laws and current safety nets in place, they will never reach the level of "catastrophic event" and never change their behavior. Just my opinion.
Same here. Our church has plenty of programs however few in our city take advantage of them. Why... because you have to be clean and sober. They do not want to stop the drugs or stay off the drunk. There are ways to make our country better but there is a segment of the population that does not want to work at it.
Aren’t there wait lists for a lot of these things??? So you literally saw these people through the whole process? There’s always a little more to the story
Really appreciate,& enjoyed this video. It’s like you’re in my head, relaying my thoughts. I like,& respect the way you tell it like it is! I’m not wealthy, but I’m living frugally. I know the difference between want,& need now. It’s not as difficult as I thought it might be. Thanks for sharing your perspectives w/o sounding preachy, or condescending. Stay safe, healthy, happy, productive,& blessed.💯👍🏾😀🫶🏾💜✝️🙏🏾🇺🇸
I earn ~$250k and I have cut back on spending. No vacations planned this year. I have cut back to continue to hit the savings goals I set that were much easier to hit 4 years ago.
My sis in law was laid off in June from a company that provided car financing. She was able to get another job 4 weeks later from a similar type company but she was already late on her car note. Her car got repo. Good thing she was able to secure a new job as a credit bureau specialist!
I went to a major grocery store in a Minneapolis suburb. only to find that noticeably they have fewer groceries on the shelves... I know that you should avoid ultraprocess foods but I'm stocking up on canned vegetables and canned meat
Your channel is my best morning routine when getting ready for work. You're like a good rock ballad! Cool talking, smooth walking, easy listening voice of economic intelligence and common sense. During the pandemic, despite being an American abroad, I received stimulus checks. Instead of treating myself to any single luxury, I paid off my Citi credit card. During this time, the money saved by not having to pay London's Council Tax, nor my gym fees...that money was doubled or tripled by my own contribution and - as a result - I paid off all my debt! That was much more satisfying than going crazy buying online and wasting money, or not paying a bill. I have always been diligent in paying bills, but I used that time to springboard myself to zero debt. It's a shame others didn't adopt this strategy, as they'd be a lot less stressed and buried under debt they'll probably never be able to pay unless they win the lottery!!
How about collecting the back taxes that the 5,000 IRS agents owe the US Treasury? Then fire them because they violated their oath of office for their job under the Office Of Professional Responsibility Rules.
I'd love to pay my debt. Since I can't, I guess I'm going to be broke with no assets when I don't pay the debt. Oh wait, I'm already broke with no assets. No change in my situation other than more calls and mail.
It's like you had my car bugged this weekend when you were talking about stupid people raising idiots. My friend and I - verbatim. It was unbelievable. Thank you for your awesome channel
Another BAILOUT for dummies! I had to pay ALL MY BILLS, ALL THE TIME, including my student loans. I NEVER GOT A BREAK LIKE THIS IN MY LIFE!!! I lost everything in 2008 , I mean everything! So I did what one does , I started over and bought and paid for another property, in less than 18 months by living in a tractor trailer for a bit over a year and paying cash for my new home. Where is my refund???
My story mirrors yours. These government handouts sickens me. We relied on our own perseverance to get through the hard times and is something to be proud of at the end of the day.
Same here. I lost everything in 08, went to a negative net worth. Just now back up to where I was, maybe a bit over. VERY concerned and nervous, that it may happen all over again. I am 63 years old and there is no way I can work like I did over the last 15 years to pull myself back up. I don't know if I should try to liquidate and go to all cash and just sit it out or what.. Know what I mean?
Truth is though that the people who just stopped paying their bills and demanded the loan modifications plus filed bankruptcy on their credit cards were way better off. I saw lots of people do that who were than able to sell the home in 2016 netting well over $300,000 in profits. If they held all the way till 2022 they would have made over $1 MILLION in net profits. (this was Southern CA)
I lost everything in 2008 now I’m debt free have a small home fully paid and no financial interest in the stock market to be honest it’s great to see things going downhill the whole world needs a big correction especially housing
I think we are right on the edge of that whole world big correction". Japan just shaved of 1/4 of its stock market. Liquidity is going to me a very apparent issue soon.
I have been pouring my money into silver..costco has some great deals right now.I am at 25% of total and want 50% the dollar is going to crash, count on it brics is a real thing when trump wins and removes the fed and goes gold/silver standard it will hurt for a while but eventually it will be better. I am hedging ...also I just bought 1000 shares of tesla bit coin at .95 per share !!!!!
Replies are delusional and cultish. Trump floated by on a debt built economy and when the pandemic hit he had no clue what to do. He didn't save anyone. I'm voting for Trump so it all falls apart, AGAIN. This time permanently.
@@Zzus321 That's because she's hoping they'll vote to keep her in power. That way she'll have time to finish hammering the nails into America's coffin.
Michael I agree 100% on what you said about the homeless drug addicts. You can't help people that won't help themselves. I do have compassion for the homeless that just can't afford a place to stay anymore. Some have been priced out of a home (rent), lost jobs, poor health or some other reason. It is a problem that is not going away, it is on the increase everyday and everywhere.
The elephant in the room folks are not talking about is the amount of money being blown on concert and sports tickets. People still have this fear of missing out that rather than pay bills, they will blow so much money on these items. They say they are broke but I have made money from them blowing cash on these things.
Your channel is fantastic; exposing how capitalistic greed has eaten away the infrasturcture of our society to the point of collape.. please stay with us with your support
I'm glad you finally addressed the elephant in the room. There are people that you can't help. Families have to decide they're not going to put themselves in harm's Way trying to pull people out of squalor that they want to live in. People who are addicted to drugs that's their mistress. That's the only thing they're worried about. They want families to jump in and help them all the time, but it becomes the same analogy as being thrown out of the lifeboat yourself. You can only help someone so long and then you're in danger. I don't feel sorry for drug addicts that are in the street. I'm trying to keep things going on my own. My husband's dead. We didn't have a huge life insurance policy. I can't take care of other people anymore. Unfortunately a lot of people are in the same boat as me. They have family members who are homeless but if you try to help them you're going to go homeless to.
You say that, but I have people in my neighborhood that invited their extended relatives in to their home. 7 cars parked at a residence? That's not a normal thing in Texas. So, yes, they definitely do help people.
I used to work in the mortgage biz along with having plenty of friends still involved in it. They told me the past year they been having a huge uptick in people remortgaging their houses (at much higher rates than previously) and taking money out just to pay off the massive credit card debts they accumulated these past few years due to the cost of living and inflation. It started towards the end of Covid where a lot of people were doing it due to being layed off or less money prior just to pay off debt and increase in 22-23 this year has been even worse, but hey orange man bad.
@@DIVISIONINCISION it’s not that, most people simply couldn’t do anything about it. It makes a huge difference when all of a sudden you’re paying hundreds more a month than you were 5 years ago. I imagine most like people I know who actually have done the remortgage thought it was gonna get better over time but it didn’t. I myself was making less money 5 years ago than now due to yearly raises and getting more OT since my company won’t to keep costs down along with higher costs and haven’t hired. My mortgage is still the same, car payment actually went down but here I am still having less spending power due to this economy. My energy bills went up, property tax increase, gas, groceries ect. So I can imagine someone who isn’t as lucky as me paying hundreds more a month for basic living has to start using credit cards just to make ends meet
I’ve paid off 2 of my 3 credit cards this year and should be done with my last by the end of September. All I will be left with is my car loan which is at about 9k. Paying off debt is hard but it’s so worth it. I’m much less stressed and anxious already. Once I pay off this last credit card, I’m going into aggressive savings mode. 2025 seems like a very unsure year
well you can do that or be flat broke like me and they cant do anything to you about the debt. If your under poverty line and making close to poverty wages, they can try to collect but yeah its like 5 bucks to phone numbers and those calls go away. Hell, you can get your address taken off the USPS system and you will get no bills either.
I can see a trend that has been going on since the Great Depression. Whenever things or going very well if the average person all the sudden you have a recession or a depression. But those in control at the top just gobble up the lower competition. Instead of the government fighting against these monopolies they join hands with them. I am looking for a second job as my primary full time job is cutting hours including any overtime which has enabled me to feel like a real person being able to pay the bills and still save up some. The job market is a joke. All low paying high responsibility jobs that don’t allow second jobs. Terrible.
I really applaud you for saying the hidden part of the homeless problem out loud. I live in DC for 11 years now. I have seen 3 homeless people that just get worse and worse. The substance abuse is all over their faces. DC and Maryland have very generous homeless programs. And these "things" just would rather living in a tent by the 395 high way median puting chemicals into their system for a decade
My mom an aunt sold real estate for decades i worked building repair for a few real estate investors befoe i retired. Ive never seen insane greed home prices rise as fast an high last 4 years its simple math gonna be alot of upside down foreclosures etc. especially if a very bad recession leads to many job losses.
Luckily 43% people say they are financially good. It's an all time high. Unfortunately 29% are horrible with their money. Recessions make a lot of people money!
I moved across the country when I was seventeen. The plans that I had made it didn't quite go through. I ended up homeless, and it took me about eight months to get on my feet. During those eight months, I learned a lot about the people in those communities. I have been telling people for 20 years nothing can be done about the homeless situation unless somebody is not afraid of the optics and willing to do what needs to be done. The majority of those people prefer the lifestyle they are living.
It's both a Mental Health and Substance Abuse problem. They go hand in hand. An addict will not seek help until they hit rock bottom. Unfortunately, sometimes that bottom is death. Saw this firsthand in Texas State Prison. You can't force people to live the way YOU want them to live. They have to take action.
@DIVISIONINCISION I agree that people should be able to live how they want to live. If you wanna go out in the woods and do whatever, and you're not bothering anybody great. However, it should be illegal to be a public nuisance trying to supply your addiction through begging, stealing, prostitution, or whatever means that the people use.
Most homeless have dual or multiple addiction issues. They can't hang on to a job long enough to receive that first paycheck, money will be spent on smokes, liquor, and drugs. The cigarette is the gateway drug. The first step is to keep teens from becoming smokers, and those who can get to age 19 without smoking are very unlikely to start.
Stock Market PANICKING OVER RECESSION FEARS! th-cam.com/video/JwTFsCftevI/w-d-xo.html
My main indicator that I believe in for the stock market shows the same exact thing it has since Thursday. So tomorrow the markets may not have such a wonderful day also.
Yep, Shocky got rocked today!
You mean Depression fears. Bidenomics is working?! Trump in November.
@@Angry_Bob The bottom feeders will be moving in first thing in the morning. You're going to see a pop until around noon. After that it levels off, but the day ends green. Book it. This isn't even close to 2008. Most of the pain was today.
Michael why don't you work for a debt collection agency?
It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am 60 years old, recently retired, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Jessica Lee Horst who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
As someone who has gone through hard times, currently unemployed, had to become a single dad to two girls when their mom ran off, I know how difficult and depressing it can be. If I had lost everything including my children I would have given up. But because I had two children I had no choice but to keep going. For them. When I see a homeless person, on drugs or alcohol, part of me wants to condemn them for their choices but not all choices are up to us. If I had lost everything would I keep going to work every day, day after day, year after year or would I give up? If not for my children and my faith in God I would probably be out there on the street living under a bridge too. My kids needed me but I needed them too. A man needs a purpose or life isn’t worth living.
Bless your big heart. I was raised by a single father. He past in 2015. I miss him with all my heart. Mom ran off & eventually married next store neighbor, when I was 3. All my dad did was work, work, & work.
You got my respect, single dads don't get enough help or credit.
Respect 👍👍👏👏👏
This is true, keep it going... there are many single parents out there who understand
May God bless you n your family sir
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Instead of trying to predict and prognosticate the stability of the market and precisely when the change is going to happen, a better strategy is simply having a portfolio that’s well prepared for any eventually, that’s how some folks' been averaging 150K every 7week these past 4months according to Bloomberg.
The professionals presently control the market since they not only have the essential business strategy but also have access to inside information that the general public is not aware of.
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.
in times like these, it's crucial to be cautious and not rush into the market , Who is this your FA , my portfolio needs urgent attention , been a lot of loss.
Finding financial advisors like Annette Christine Conte who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
6 years ago when my father passed away I used my inheritance to buy his house, paid off my car and my condo. Being debt free is an amazing feeling.
You didn't earn it
That's great.👍
@marklane870 YET, they've made wise decisions with that inheritance.
Yes, it is. Kudos to making wise decisions with inheritance money.
You were fortunate, Shanester. Not everyone receives a fresh inheritance.
This is why people shouldn't have bought starter homes for $800,000. But when I said it 2 years ago I was delusional, and this is the reality of the market now.
I’m sure people who bought those houses had money from the start.
Most people who bought $300k homes (or less) are doing really good. Their payments are probably cheaper than rent.
Lol you call 800k a starter home. Must be more huge paying jobs out there then I ever thought.
Ca starter homes cost that much@@davidwilliams4498
If you’re buying an $800,000 house and you’re depending on a job that’s foolish
@davidwilliams4498in fact, a friends husband has a woman outside and a son. He ONLY works at post office, and their first home together is $850K. 😮(few yrs ago)This was the first time I found working at post office wasnt bad ha ha😅
My name is Jeff and I really enjoy your channel. My wife and I are both retired law enforcement. I retired three years ago, here in California. We did an experiment and kept all receipts for a year including eating out, groceries, and incidentals. The experiment was between November 2022 to November 2023. Our overall increase in the exact same lifestyle/ purchases came out to a 32% increase. We didn't eat more, didn't increase entertainment, etc. It is absolutely insane. Retirees are really feeling this economy right now. We've received just over a 2% avg. cost of living to supposedly offset this crazy inflation. It is not working. We can't afford to stay in California, and plan a move by the end of the year. Thank you for what you do. Keep it up!
Sir, you and your wife are welcome in Tennessee!
So sorry to hear that Jeff.🥹
I just read your comment to Mike.
We are both really sad about what’s happening to you guys.🙏
He will probably mention about it on one of his videos.
Best of luck to you guys.❤
U right I get Walmart to my house $100 so I keep track NO OUT just home..Move to AZ sister has 2 prison guards living next to her 😁😁😁😁
“Too new to talk smack about it” !!!
@@MichaelGiordano777As some one that grew up in Puerto Rico I can understand wanting live near a beach. But there is a one big difference between PR and FL. And that is the amount of good fertil land you can buy were you can potentially grow your own food. That's something that can easily be done in places like Tennessee. The reason I say this is because I have been hearing from several different prophetic sources and even peoples dreams that there is a big economic collapse coming. It's going to be so bad that people are going to have to resort to growing their own produce.
Best thing you can EVER do is get out & STAY out of debt! 🎉
Im glad that we are all on the same page. It would be very nice to be out of debt. The problem is that we are in super high inflation. Getting out of debt is a nice dream for most Americans right now.
@AshleysBallistics. Amen To That Girl!
NO private houses or cars by 2030!! THEGREATRESET
💯% 👍
Definately Mrs ,-
George Carlin said 30 years ago we are already raising a nation of idiots.
I just realized that I was a kid when he made that observation..😂
Try working with the public for 50 years
@@MereAYT Yes. she is right, Real People can NOT be in "Debt", they are Creditors. You'be been duped and flipped into a Debtor, while all debt already prepaid and Gov Obligations Pursuant to USC 18 & 8. So you have to choose either start reading or go find 5-th "Job" to pay these fake bills and alleged "Taxes".. Good luck.
Retail manager for 25 years. Some people out there ! Ugh !
CTD- Circling The Drain.
Nowadays eat less, spend less, live within your means, simple life and carefree...is the smartest way to live!
Nowadays?
It’s has always been that way with me . I was saving/investing since 15.
Living within means and avoiding debt since 18. Retired before 50 and debt free now.
Most people just didn’t do this and even ignored the Great Recession/housing crash. People had 16 years to prepare by paying off home ,eliminating debt,saving,investing,planning,etc..
Even 2020 shutdown and crazy housing pricing frenzy should have been a wake-up call but many ignored it with continued spending, debt, and buying overpriced homes among other things.
@@blackworldtraveler3711 true. People don't want to have to sacrifice for long term money goals. They don't want to have to distinquish between wants and needs.
yea im working on how I fast . more n more
Don't go to any events or anywhere, just stay home.
Trying telling that to people who were already doing this but are now falling behind..
We have been renting, the house we live in now, since 2009. Our rental agreement says our rent is $950 per month. It’s a 3 bed, 2 bath older home. Really older home, built in the 1950’s with hardly any updates since. We live in Montana and rents are $2500 a month, so we are lucky, since our landlord has never raised our rent. Last year, January 2023, we raised our own rent to $1300 a month. Our landlord called, when he got the new amount, and was crying. He said we are great tenants and that he hasn’t wanted to increase the rent but was so thankful for the extra money.
Since the debt crisis could unleash carnage on the stock market leading to economic downturns. We need to be prepared for potential market volatility. how can I secure my $80K stock portfolio against declining?
Partnering with a financial advisor has transformed my approach to investing. Their expertise and personalized guidance have not only helped me navigate complex financial markets but also optimized my portfolio to achieve my long-term goals efficiently.
This is definitely considerable! think you could suggest any professional/advisors I can connect with? I'm in dire need of proper portfolio allocation
'Sharon Ann Meny' is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible.
"If you want a $18,500 a month mortgage bill and a $40,000 a year property tax bill, then this might the house for you." 🤣🤣🤣
That's a new realtor sales pitch. 😂
😂😂
😂❤😂❤😂
I'm so happy I never bought a house a year ago.
I've been buying a lot
of Ethereum Classic, silver & Bitcoin.
Yep and make sure you show off to your friends how much your payments are too because you don't own it ...the bank and the government does👍
I made my 3 teenage daughters get a job and learn to pay for their own stuff because I am running out of money
Same!
We are in a depression and not a recession
Yep…. They’re lying about how bad it is….. it’s horrible!
Half a day work today no work tomorrow
An economic depression is a steep and sustained drop in economic activity featuring high unemployment and negative GDP growth. We've had negative GDP growth since Biden took office despite how the government redefines recession. We are definitely in a depression.
My business down 90% yea it is bad. This is worse to me than 2007 and I was busy in 2008
Bingo!!!
They’re not helping the borrowers with that program. They’re helping lenders!
Paid all my debts off and made the last car payment this month. Took hard work , but it was worth it.
Congrats!
You need to tell this to a 21 yr. old kid who lives in Canada, that said he would commit suicide instead of working from 9 to 5. Absolutely insane.
Wow, well done!
Just started to pay more towards mortgage principle. Only 10 more years, if we can keep up with it…
But you have 0 savings
My brother lived in Palm Springs. He bought his house years ago when it was $350,000. He had completely paid it off. As a business owner, he lost his business during the lockdown. Needless to say, he could not pay his property taxes, and they took his house. It was put up for auction, and it sold for $900,000. It makes me sick that a person can pay off their home and then lose it. What is it? As a so-called owner, you never own the property. It's just theft as far as I'm concerned. On the last day, he had to move out it was 117°. He was driving his truck and must have had a heat stroke and ran into a rocky hill. Paramedics came and could not get his body temperature down. He was transported to the hospital and they could not get his temperature down. He died an hour later. If he could have kept his home, he would still be alive. My sister and I are devastated. That was my baby brother. He was only 56. He died July 25th 2024. There are no words to express my sorrow.
What a sad story. I am truly sorry for your loss. That's why I already made up my mind to move out of this country and move back to Asia and retire there for good.
Wow, so sorry for your loss. We are ruled by criminals!
It was criminal what they did to your brother . Moreover , most tax dollars spent are misrepresented to appear one way but truthfully, spent another . I’m sorry for your loss of your brother .
@@Istjennea5I'm retired here in SE Asia. Life is comfortable here. I made sure to become debt free before moving here.
I keep getting the I miss you texts from friends and family. I'm going back for 2 weeks in October then headed right back here. Pick up a new phone and some other stuff while I'm there. I'll be counting those 14 days 😂
U need to fight back if you can. There must be something u can do. my condolences
The sad thing is it’s going to get much much worse
Before it gets much, much, much worse
It is. I've been trying to warn people for years. I told them that shutting down sectors of the economy for "covid" would have long lasting consequences, and same with all the money printing and handing it out for free.
Anyone who hasn't been preparing for this is going to feel the pain.
How worse?
@@KingKong-li2lg unemployment goes much higher and stock market drops another 15 percent plus war between Israel and Iran.
@@KingKong-li2lg The collapse of the dollar, war and bad trade due to our national debt and hyperinflation.
Top jobs of 2024,coroner,debt collector,suicide hotline,drug rehab staff,and politician.thank you😁.welcome to america
Don't forget tyrant cops
Best business to start 2024: Cash Advance, Pawn Shop, Liquer store, Pay-Day loan, Drug Dealer
Don't forget stock traders... those that know how to short safely are about to get very rich... but lets not hold that against them
you forgot undocumented foreign national.
@@MrBob1984 Im 64 never in my life have I seen a liquor store go out of business.
Who would have thought that walking around spewing knowledge and truth would be a career. Great work man👍
No wonder depression in people is on the rise as well.
Time to buy life insurance. 😮
Yeah. I'll be 66 this month I've never seen inflation insane real estate greed as bad as now. Never... It is depressing literally..
@@davidwilliams4498you don’t remember the late 70’s?
I’m younger and remember it well.
Interest rate on a 30 year mortgage was 17%.
Folks bitch about 6%. It can get a lot worse.
I think we are heading into something far worse than the great depression. I think we are heading into an unprecedented economic collapse. We are going to find out how many people and businesses are total scams and how horrible our governments have wasted money. We are so deep in a hole right now with debt it will take a catastrophic event to undo it that will take generations of suffering to recover.
But the government keeps sending billions for wars. Why don't we get to vote on war spending? Only two parties that work for the lobbies.
You can back this up, or you're speculating based on a "hunch" or "feeling"?
Aren't you a ray of sunshine
We are heading into an unprecedented economic collapse....
Correct, because debt cannot be paid using another debt instrument. The math doesn't work. The economy needs debt-free Treasury money.
Damn that’s dark💀
Being a retired banker...it takes the lowest form of life to be a debt collector...just listen to the manner which they speak to debtors
Debt collectors can't get a normal banking job because of the abuse they would deal with...so they work as a bill collector spewing hate because they are the ones that r miserable and can't cut the abuse leveled on a real job
No. I was a debt collector for a major company where they allowed me to be working with people in a kind and solution based manner.. I was a top producer... It was a major retail company and I did things in a fashion that made sure that the people continued To Do business with us while they were reducing their debt.
@@Joce123 In my 50 odd years experience debt collectors due to their personalities can't exist in the sometimes abusive customer atmosphere...and choose debt collecting as a way of making a living ..the only way possible is to sink to the abusive customers level
No. Wherever I go.. there I am. I am a kind & solution based person. I both realize the purpose of my employer and the constraints of our debtors. People in debt are not all deadbeats. If we can strike a balance everyone wins. It might be it's a very difficult challenge.. There's never a reason to disrespect the debtor.. Even if the debtor uses their foul words in talking to me, I realize that they often are at the lowest point of their emotional life. Anger is based in fear. I try to keep that in mind.
No, it takes the lowest form of life to run up debt for good and services and not pay for it. To make payment promises they know they aren't going to keep. To hide their cars, provide incorrect contact info, hang up or refuse to make reasonable arrangements to get caught up. To get defensive and belligerent about it when they're the one who set the ball rolling in the first place.
Signed, an old skip tracer from the 1990's.
I treat debt like the plague. I am old enough (62) to remember past recessions and refuse to borrow money. I pay my credit card balance in full each month. Everything I own is paid for. Severe recessions however hurts everyone.
I learned the lesson you described from my father....he experience hardships growing up in past his financial literacy on to me.. you as well as my dad are absolute geniuses and I'm glad I took that timely advice when I did
Maybe a minor inconvenience but it won’t hurt everyone. I plan to travel more.
Been expecting this since 2020 and preparing since I was 18 and even more after 2008.
I’m completely debt free as well and always saved,invested,and lived within means since I was 15 so a “pullback” on spending doesn’t even apply to me.
Only debt I ever had was my 30yr mortgage I paid off in nine years 16 years ago.
I also don’t understand the big deal over not being able to eat fast food since I have always prepared and cooked food from home 95% of the time. Have a well stocked pantry and deep freeze and still eating food pre covid.
I’m a shareholder of McDonald’s since it was $2.50 a share but not a consumer.
Same, I seldomly use my cards and double up my payments every month.
Amen brother 🙏🏿.
same here, debt is slavery
Sold my 2023 paid off truck a month ago. Took the money and paid off my wife's car, bought a truck for cash, and put a little away. I saw this coming a mile away. Now I sleep much better at night knowing the only debt i have is a house on a 3.5% interest rate.
Did something somewhat similar. Bought a Camry in 2011 and paid it off in 2017. Bought a beater car so I can keep my paid off car looking nice. Decided to sell the Camry when the recession hit and people wanted a boatload of money for cars. Sold the Camry and managed to find another dirt cheap beater. Now I own two beaters and both beaters have thankfully been nothing but reliable. I will never make the mistake of buying a new car again. Good on you for making that choice for you and your wife.
Scammers are also on the rise. Beware they call as debt collectors.
tons of scams watch out most of the things out there are crooks I sent an ecard to a friend by american greetings they started to take money out of my acct every month for nothing they said well if you buy a card you have ordered a subscription for the year so I buy ONE card they charge me 80.00 watch who gets your cc number have a card with little cash on it so they cant start stealing money every month for NOTHING CROOKS!
Scams and cooruption is one of the indicators we are close to a top.
Thank you Professor Bordenaro for educating the masses!
Unlike last crash, there wasn't a retail theft problem like today. That will on speed up their closures.
Yeah I got my kids milk today for -$9.00 when you include retail theft. :)
People so surprised we in a recession right now even though we going into a depression. Lets not kid ourselves
Also: to all the people on the comments that think they’re better than you they arent. Rich people dont brag about how rich they are
It's just a recession, there's no depression coming. The government already learned it's lesson from the 1930s. Plus we have something today we didn't back then, computers, technology, no more attachments to gold or silver, endless money printing, they just walk up to a computer and create money from thin air, they move money from one account or product into another, there's so much manipulation it's not even funny. Every 10 years or so we have one of these which coincides with about how long it takes a bankruptcy filing to fall off a credit report.
It grinds my teeth how these losers get on here and being the make 1,000 an hour. They are not and if they are their gain is an illusion. It is bits in a computer.
This the problem with the world: they think gain is investment. Playing the stock market is like money inside a video game. It is not real.
The banks make money on credit card debt, overdraft fees, bank fees etc. They make money off a bad economy. Then they try to threaten you with bad credit.
Not to mention when you owe a bank money, you don’t even owe money because they never gave you real money as soon as you got that credit card or that loan it was sold off to hundreds of trustees so no single entity owns your debt on top of that, the bank gets to write this off is a loss so they’re really not losing anything and then they turn around and sell it to a debt collector for pennies on the dollar I think debt collection businesses should go out of business because most of them are doing it illegally And if your credit card company wants to sue you or another company wants to sue you I think it should be the original company because their triple dipping they’re getting money from the trustees. They’re getting money from the IRS then they’re getting money from the debt collectors, they’re not losing anything.
Usury is debt slavery. The bankers are plundering humanity and they don’t give a rats ass about anyone but themselves. That’s our “system”…
That’s just common sense and why I invested in Visa and Mastercard over 15 years ago.
They were $8-$15 a share when I started buying them in my 401k and Schwab account.
My credit card was just a tool to spend cash. I never spend money I don’t have.
I get around $800 a month dividends from these two companies so they make money off any economy.
Here's an idea.. don't buy more than you can afford, and you won't be charged fees.
@@tlindsay1007 except in the pandemic years many of us had no choice to save our jobs and businesses. Banks capitalized on that.
You work hard
Michael.
We always appreciate your hard
Work, research
And input on things
❤❤❤❤
My discretionary spending this month was $14 for 16 new drinking glasses because we had too many break in the past 25 years.
You got me beat. 😊
Body cams for politicians.
And you think that they would not turn it off when visiting the restroom, and when taking bribes and for their back-room deals?
bags instead
If you 🤔 think a political leader are going to save you. You are sadly mistaken. It's to far gone for any president to help you no matter what party they belong too.
Trump will save us. Watch how it going to play out and also read the 2025 project plan. Inflation can be solved with price caps.
That was funny.@@yfvbmj😂😂😂
I think we'll see Trump invoke the Insurrection Act to dissolve this government. It's the only way to save the country.
@@yfvbmjhe will be a speed bump at best
@yfvbmj I guess you think Kamala will save you?
Paying off my house this month. Pulling it out of my 401k. Experts say this is stupid. Ill make more in the long run keeping that 28k in my 401k.
But the experts can't guarantee a market return. They can't guarantee the internet doesn't crash. They won't be there if i get sick and then worry about making my house payment. Which is almost doubled because my house insurance has almost doubled since 2011. Never made a claim. So I've decided my peace of mind is worth 28k 😅.
Im gonna live like its 1969...like my grandparents...debt free.
GOOD FOR YOU‼️Pull out enough for all those fees associated with paying off the house.
Sone States, if it's paid off, you can self-insure!
Nice 🎉
You might be right for your situation. You have no idea what the markets will do or what your 401K will be worth in the future.
What I am wondering about is the Dodd-Frank Act “bail-in” clause. This means during a down turn the banks can take your “cash” and give you “shares” in the bank. They passed this in 2010.
I want to pay off my house in October because of peace of mind, also.
Good for you! Once you own your house, you won't have to buy insurance for it. 'Windstorm' insurance is a scam. Ever try to file a claim? First the adjuster screws you, then you'll need a lawyer to fight for your claim. In the end, the insurance company might pay out 70% of it if you're lucky...and with the lawyer expenses, it's just not worth it. Flood insurance is cheap though.
Thank you. I know you spend a lot of time on this, and many of us appreciate having someone who has similar views, not always just going along with the narrative that all is well.
❤❤❤❤❤❤🙏🙏🙏🙏
I just wait for this podcast with anticipation of what other commenters are going to post
@@Joce123thank you so much!🤍
You wouldn't know there is an economic problem when you see the arenas are full at the NFL games and basketball games.
And women lined up for fake nails, eyelashes, and tans.
And all but 4 MLB teams have broke the million mark for attendance,6 have broke the 2M mark.
@@codyeynon8467as a woman I can say personally I’ve had to give up professional manicures, hair coloring, and beauty treatments due to inflation. It used to be $30 for a dip manicure it is now $75. Same thing with getting hair partially highlighted, it used to be $175. Last time I got my hair highlighted it was almost $500!!!! Fuckkkkk that and I haven’t had my hair professionally colored since October 2023 bc I felt so ripped off. I have no idea how other women are affording regular services at these prices. Nails should be maintained every 2 weeks and highlights at least every 8 weeks unless you want a bad root like how are other ladies affording it all, I need to know😭
@@hifijohn Bread and circuses.
@@codyeynon8467 Exactly.
Outstanding video.
My wife just had a lot of medical bills and we are going know where and buying just what we need when we need it.
We are paying our bills.
I am in the same boat as you. Good luck with paying that off!
Thank you for your channel, Michael! It is much appreciated.
This correction will make 08 look like nothing. Everything and everyone is leveraged to the max. Since 08, they printed over 20 trillion into existence, so there's going to be NO bailout. The market is going correct by at least 40% and in some areas, property will collapse 50% or more. This is setting up for a "lost decade"
They are setting Trump up big time.
Do you know where all of that 20 Trillion is pooled right now? I am wondering about that.
The VIX (volatility index) went up above 50 today. That has not happened since 2020 & 2008.
Overgeneralizing. I didn't over leverage. I live two levels below my means, and that has allowed me to save money this whole time. My stock portfolio too a minor hit today, however I'm not panicking. Being diversified is the best hedge against a recession/depression. I also have a great career, low mortgage. Much of this is planning.
Japan's economic bubble burst in the early 90s and they were over a decade getting back to normal. If things are as bad as people are saying buckle up this is going to a rough ride.
I just Love the Interactions in this Community! Im happy to be a part of this great Community!
I've cut back on all of my spending. I'm debt free and only pay the regular bills. I've also cut back on auto insurance, quit paying property insurance, lowered my auto insurance like Michael did and cut way back on my food bill. I'm paying $120.00 per month on food and eat very healthy. The ticket to eating and not spending much money is to eat the same things every day so that the food doesn't go to waist and cook simple meals. I eat a lot of homemade tacos, pasta, rice and tuna sandwiches.
I can't eat rice or pasta. I do eat healthy, and usually the same foods, though.
@@Omonike88 My pasta usually has vegetables and meats in it. The pasta is just a filler.
I had tuna on wheat crackers for dinner tonight. Very cheap.
@@DIVISIONINCISION That's just a healthy snack.
You can’t beat a good taco 😋😋
People don't have the money to pay for everything anymore
Don’t matter. Let them eat cake!
Maybe they shouldn’t have everything ?
@@JasonBourne-pd4mk
I’d settle for my savings keep its value.
Or anything * like a good education
Those who save do.
What does it take to blow $10,000 a year? Just $27.40 a day in miscellaneous spending. Yep. Let that sink in………
That really makes the point that many people are just wasting a LOT of money on lattes and junk food etc.
There is absolutely nothing that you will need that cannot be purchased at a thrift store . . . NOTHING! If you're not thrifting at this point, you're wasting money . . . so later for designer anything!
That's me, so easy, no tax, just my style and you're not given too much of a hard time should you not a bag!
@@joseenoel809310% tax on thrift store purchases where I live. And, the prices are *very
high. I stopped going. I buy nothing, absolutely nothing outside of food and gas.
… pennies on the dollar for great things, and a great way to recycle ♻️ too 😮
Thrifting and bartering in FB “buy nothing” groups.
Truth, My old thrift store couch is going out now. Time to go back to the thrift store.
All poor people trying to look rich buying stuff they can’t afford
You are spot on, fundamental problem with some people is they have to have; ironically, there is always someone ready to make a loan to accommodate…
I haven't bought anything new in almost 20 years. Used and paid off is cool with me.
I'm in the UK (currently burning). However, even though it's US based info, I find your commentary fascinating and highly informative. A struggling US will affect the rest of the world. We need a strong US economy!
It's an election year. 😮
Let us know the UK version ,better or worse?
@EvelinHolmes The UK is falling apart socially. There have been riots in a number of cities. The government is run by the recently elected Labour Party with a huge majority (Socialist). They will bring in draconian laws for sure. The economy and inflation have been rampant (allegedly back to 2%). Taxes will need to rise. Illegal immigration is out of control. They need to build 300K houses. Apart from that, it's all rainbows and unicorns 🤣
I have noticed a lot of homes on Zillow in my area have a price reduction all in the last month or so. Shit is changing real fast.
How long will it take this time before everyone that's in debt, including the government, to start telling everyone that's out of debt... "We're all in this together"?
😂😂😂 Right every time
All I have to say is that stay focused and get out of debt ASAP. Debt snowball or Avalanche. Get it done. It is worth the hard work.
Folks don't want to do the work. They want someone to save them.
I always told folks the same... become debtfree.
Now, I'm quiet, minding my debtfree business.
@MsMaxinejoy You make it sound so easy but when I was in school they were telling a bunch of kids to take on 10's or 100's of thousands of dollars in debt to go to college and to use credit cards to pay for the books. And when I say everyone, I mean EVERYONE. Parents, teachers, mentors, you name it. What are a bunch of kids supposed to know? By the time they figure out the scam, the damage is already done. Not like they teach you this stuff in school anyways lol
Never said it was easy. It’s hard work and discipline. We were there as well with 10s of thousands of debt in school loans. Had very little wiggle room in our budget. Didn’t go on vacations, didn’t eat out hardly ever except on our anniversary. All our extra money went to paying down debt.
Working on snowballing now 🙏🏽🙏🏽🙏🏽
But but but we’ve got to have the boat and the vehicle to pull it that costs as much as the house!?!?!!
I have a lifetime experience on how to be poor. People are really hurting everywhere.I'm just trying to help my grown children and grandchildren. Your advice is usually right on.
Imagine that, a 2/2 house built in 1925 with no upgrades is now worth $650K. The appraisors and the assessors must pulling these numbers from somewhere because the house IMO is worth maybe $150K? It's like magic.
Ridiculous. Rents are even worse. Everything is 1500 and more in every state.
It’s worth what someone is willing to pay you for it… supply and demand 😮
I find it unbelievable that used houses go for more than new houses. Once someone lives in it, it's used. Price should reflect that. If it was built in 1925, that house has had at least 3 mortgages on it. It's paid for and then some.
Foolish to pay that. It's just wicked real estate greed . Though sadly many will buy it.
@@bobjames6622
The market is not rational. Indeed, the market is often very irrational.
The market is often a poor measure of intrinsic value or real tangible worth.
This is what many people don't understand and why so many people keep purchasing overpriced real estate. It happened prior to 2008 and it is happening again.
High inflation, High unemployment, 35 trillion dollar debt, unsecured borders, stock market starting to crumble, etc ...,
But hey, we don't have mean tweets
Those baby tweets hurt some feelings! 🤣
My dad used to talk about the economy like this. He called the 2008 collapse.
I called 1982.💀💀💀💀💀
similarly my dad called 2000 and 2008. howevever, you would get ridiculed back in 1999 and 2006. Anyway, we are in stagflation already. not many want to admit it.
I did too. I was teaching the great depression to my daughters and part of their lessons was learning about the stock market and watching the Grapes of Wrath. I got so worried during these lessons in 2006 that I tried to sell our house.
That was the Obama days he bailed out the car dealers in the banks in the bank screwed all everybody on their homes 55 million people if not more lost their homes then he started in with Obamacare nobody can afford medical insurance so they started finding 55 million people if not more lost their homes then he started in with Obamacare nobody can afford medical insurance so they started fining people on their taxes for not having medical insurance during a recession I'll never forget those days and now we basically have the same corruption!
@@bobjames6622 weird bro.
Bankruptcy is what's gonna skyrocket.
Houses sitting in san diego. They are getting pulled off the market and relisted like they are brand new listings
Homes aren’t lasting long in the northeast. Still getting multiple offers.
Agree. I live in East County.... 20 min outside of San Diego... i have watch Zillow price cuts for months now. The Top of the market was 6 months ago.
If you own one sell now...... I get tired of people who think they are special. @@Francisco-po1cf
I have a friend in San Diego. She lives in a decent neighborhood near one of the Navy bases. Her house cost about $850K or so. She will not pay it off before she dies. I can't imagine being a prisoner to a property like that.
Wish I can say the same about the Central Coast. Homes up here are still selling like it's 2021.
Thank you Michael!! We love you!!
$133,270,000,000 in debt interest in 1 week is insane, the dollar is doomed.
Imagine not paying each illegal alien $20K a month for doing nothing? We lose houses, they are given houses. Looks like we have already been replaced.
It’s not that much I can assure you.
I think the US national debt is 35 trillion, going up a trillion every 100 days.
You mean all the idiots who purchased houses during a time they are most expensive ever wasnt a good idea?
Even the ones who stupidly overbidded on them?
@@crlaw75those buyers were just “hedging themselves against the market”? That’s how I have heard it justified when people I know bought at historically high prices, not sure how effective it is in practice…
They do the same with vehicles, everyone has a new vehicle now so prices won't ever come back down. Yes, people are stupid.
@@crlaw75 That was large corps like Blackrock and Vanguard, they can afford to do that and also when they do it drives up the property values and taxes of all the properties surrounding them so they get their money back immediately.
@@crlaw75 Plus we also support those same companies through the stock market and our 401K's.
I see people in neighborhoods with brand new trucks that are bigger than their homes. No wonder they have debt
80k trucks are just stupid
Yep. See how they park them with tires on one side hanging off the driveway which isn’t big enough for two cars…….
@@richardcranium3579 exactly.
Michael!! I’ve been a fan, watching your channel for years now. I’m so happy to see your channel’s success. 22k views in 2 hours! I’m still a fan. You are an evening staple instead of watching the national news. Thank you, and your community, for all you do. I’m sitting here in NE FL, on the coattails of Debby, loving your scenery.
NE FL.....I'm going to be in Daytona next week. Worth the trip? Or is there much flooding/damage?
Except for grocery stores, most stores are almost empty where I live, very few shoppers if at all. People aren’t buying stuff like they used to,
I make over 6 figures and started cutting back late 2022. The more I saw my spending and investing money went, the less I bought “wants”.
I’ve been making six figures since the early 90s and always save,invested,avoided debt,and lived within means since high school.
@@blackworldtraveler3711 smart....it took me til age 50 to start getting smart with money.Better late than never.
If a debt collector contacts you thank them for paying off your debt and you have no contract with them for anything.
Or just pay your bills and live below your means so no one is calling to demand money that you should’ve rightfully paid
@@rachelesmith3342 But that's not the american way. We are only doing what our government taught us
Meh😅😅😅😅@@rachelesmith3342
If a debt collector calls you, it's because you used someone elses money and haven't paid it back. Like Rachel said, live below your means and you won't get harassed. Don't be so entitled to think you don't owe anyone anything after spending money that wasn't yours to begin with. Trust me, I'll get my money back one way or another if someone owes me. Then again, I don't lend it out to begin with because people are entitled.
@@shaehatfield1899 Yea governor Newsome says its fine!!!! Live beyond your means so we can collect our part from you .
Jeff again. One more thing... As a prior law enforcement officer I can tell you what I've seen / saw for the last 25 years. We (law enforcement), depending on your department, hand out pamphlets, and make homeless aware of MANY available programs. From housing, to food, to relocation, rehab assistance, bus fare, medical assistance, job application assistance, transportation, DMV license renewal, and many many more. In all of those years (moreover in recent years) I have only EVER seen one person take advantage of said programs. The reason is that virtually all of these provided programs require the person benefitting to be clean and sober. My personal belief is that only two things change human behavior - Divine intervention and a catastrophic event. With the lack of efficient drug laws and current safety nets in place, they will never reach the level of "catastrophic event" and never change their behavior. Just my opinion.
Thanks Jeff for this insight as you have seen for years.
Same here. Our church has plenty of programs however few in our city take advantage of them. Why... because you have to be clean and sober. They do not want to stop the drugs or stay off the drunk. There are ways to make our country better but there is a segment of the population that does not want to work at it.
Truth spoken. Sadly many won’t hear it
Aren’t there wait lists for a lot of these things??? So you literally saw these people through the whole process? There’s always a little more to the story
Really appreciate,& enjoyed this video. It’s like you’re in my head, relaying my thoughts. I like,& respect the way you tell it like it is! I’m not wealthy, but I’m living frugally. I know the difference between want,& need now. It’s not as difficult as I thought it might be. Thanks for sharing your perspectives w/o sounding preachy, or condescending. Stay safe, healthy, happy, productive,& blessed.💯👍🏾😀🫶🏾💜✝️🙏🏾🇺🇸
I earn ~$250k and I have cut back on spending. No vacations planned this year. I have cut back to continue to hit the savings goals I set that were much easier to hit 4 years ago.
My sis in law was laid off in June from a company that provided car financing. She was able to get another job 4 weeks later from a similar type company but she was already late on her car note. Her car got repo. Good thing she was able to secure a new job as a credit bureau specialist!
It is so sad if she did not tell you that she needed help with her car payment until she got a job... Or did you ask her or did you help her?
I went to a major grocery store in a Minneapolis suburb.
only to find that noticeably they have fewer groceries on the shelves... I know that you should avoid ultraprocess foods but I'm stocking up on canned vegetables and canned meat
The government should stop rescuing defaulting borrowers and let the market reset. Responsible people get screwed in the meantime.
Thanks Michael! Another great, informative, current & honest news of our world today.
Your channel is my best morning routine when getting ready for work.
You're like a good rock ballad! Cool talking, smooth walking, easy listening voice of economic intelligence and common sense.
During the pandemic, despite being an American abroad, I received stimulus checks.
Instead of treating myself to any single luxury, I paid off my Citi credit card. During this time, the money saved by not having to pay London's Council Tax, nor my gym fees...that money was doubled or tripled by my own contribution and - as a result - I paid off all my debt!
That was much more satisfying than going crazy buying online and wasting money, or not paying a bill.
I have always been diligent in paying bills, but I used that time to springboard myself to zero debt.
It's a shame others didn't adopt this strategy, as they'd be a lot less stressed and buried under debt they'll probably never be able to pay unless they win the lottery!!
Great and pretty important video Michael. Well done
How about collecting the back taxes that the 5,000 IRS agents owe the US Treasury? Then fire them because they violated their oath of office for their job under the Office Of Professional Responsibility Rules.
I'd love to pay my debt. Since I can't, I guess I'm going to be broke with no assets when I don't pay the debt. Oh wait, I'm already broke with no assets. No change in my situation other than more calls and mail.
They can’t do shit if you have nothing.
It's like you had my car bugged this weekend when you were talking about stupid people raising idiots. My friend and I - verbatim. It was unbelievable. Thank you for your awesome channel
Another BAILOUT for dummies!
I had to pay ALL MY BILLS, ALL THE TIME, including my student loans.
I NEVER GOT A BREAK LIKE THIS IN MY LIFE!!!
I lost everything in 2008 , I mean everything! So I did what one does , I started over and bought and paid for another property, in less than 18 months by living in a tractor trailer for a bit over a year and paying cash for my new home.
Where is my refund???
My story mirrors yours. These government handouts sickens me. We relied on our own perseverance to get through the hard times and is something to be proud of at the end of the day.
No more bail outs ...let's see the strong and smart people that stayed out of debt survive not the people that work the corrupt system
That's what I'm saying it's total BS that we will support these ideas of oh you made a mistake here is your house for free. F that.
Same here. I lost everything in 08, went to a negative net worth. Just now back up to where I was, maybe a bit over. VERY concerned and nervous, that it may happen all over again. I am 63 years old and there is no way I can work like I did over the last 15 years to pull myself back up. I don't know if I should try to liquidate and go to all cash and just sit it out or what.. Know what I mean?
Truth is though that the people who just stopped paying their bills and demanded the loan modifications plus filed bankruptcy on their credit cards were way better off. I saw lots of people do that who were than able to sell the home in 2016 netting well over $300,000 in profits. If they held all the way till 2022 they would have made over $1 MILLION in net profits. (this was Southern CA)
I lost everything in 2008 now I’m debt free have a small home fully paid and no financial interest in the stock market to be honest it’s great to see things going downhill the whole world needs a big correction especially housing
Same here, lost everything and it taught me a valuable lesson....... Save, save save and live frugally.
people are living in their cars because of housing costs are too high
I am double copy Steve 2577 went to same thing got back on same thing 🙏
I think we are right on the edge of that whole world big correction". Japan just shaved of 1/4 of its stock market. Liquidity is going to me a very apparent issue soon.
I have been pouring my money into silver..costco has some great deals right now.I am at 25% of total and want 50% the dollar is going to crash, count on it brics is a real thing when trump wins and removes the fed and goes gold/silver standard it will hurt for a while but eventually it will be better. I am hedging ...also I just bought 1000 shares of tesla bit coin at .95 per share !!!!!
Trump can't save you ! SAVE YOURSELF!!!!
Saved me.last time.
He literally did save everyone
Only the Lord Jesus Christ can save you.
@@JinglesforJesusDON’T BELIEVE any Bible printed in the last ten years!! Get one at least 20 years old or even older!!!
Replies are delusional and cultish. Trump floated by on a debt built economy and when the pandemic hit he had no clue what to do. He didn't save anyone. I'm voting for Trump so it all falls apart, AGAIN. This time permanently.
No matter what the news might have you believe, there’s not nearly enough shelter to offer the 172,000 homeless in California
Don't forget the 10 million plus the border CZAR let in the country
Where do 172k homeless go?
@@Zzus321 That's because she's hoping they'll vote to keep her in power. That way she'll have time to finish hammering the nails into America's coffin.
Makes me wonder where all the property taxes are going ? No money for the homeless !? No money for our vets ?!
We have plenty of inventory the problem is it's all being rented out by investors.
Michael I agree 100% on what you said about the homeless drug addicts. You can't help people that won't help themselves. I do have compassion for the homeless that just can't afford a place to stay anymore. Some have been priced out of a home (rent), lost jobs, poor health or some other reason. It is a problem that is not going away, it is on the increase everyday and everywhere.
And our border stays open
The uk is burning right now 😂
Michael is my page of sanity ❤❤
The elephant in the room folks are not talking about is the amount of money being blown on concert and sports tickets. People still have this fear of missing out that rather than pay bills, they will blow so much money on these items. They say they are broke but I have made money from them blowing cash on these things.
Your channel is fantastic; exposing how capitalistic greed has eaten away the infrasturcture of our society to the point of collape.. please stay with us with your support
🙏❤🙏❤
When are people going to take responsibility for their own actions? Living the high life on credit is not the government's fault
No, but creating double digit inflation is like the byeden administration did.
Blame the boomers who caused this bs
We call it champagne living on beer money😂
@@nanticokeroads8966how about tap water😢
@@nanticokeroads8966 lol people should talk....35 trillion in debt
Thank you to our host for this walk-around outdoor segment. Greeting from wet-and-wild Florida
I'm glad you finally addressed the elephant in the room. There are people that you can't help. Families have to decide they're not going to put themselves in harm's Way trying to pull people out of squalor that they want to live in. People who are addicted to drugs that's their mistress. That's the only thing they're worried about. They want families to jump in and help them all the time, but it becomes the same analogy as being thrown out of the lifeboat yourself. You can only help someone so long and then you're in danger. I don't feel sorry for drug addicts that are in the street. I'm trying to keep things going on my own. My husband's dead. We didn't have a huge life insurance policy. I can't take care of other people anymore. Unfortunately a lot of people are in the same boat as me. They have family members who are homeless but if you try to help them you're going to go homeless to.
We can no longer be "Captain-Save-A-Ho". Even for our loved ones.
Save yourself ‼️
You say that, but I have people in my neighborhood that invited their extended relatives in to their home. 7 cars parked at a residence? That's not a normal thing in Texas. So, yes, they definitely do help people.
Lol that masked guy with his Tesla... people never learn. 😂
I used to work in the mortgage biz along with having plenty of friends still involved in it. They told me the past year they been having a huge uptick in people remortgaging their houses (at much higher rates than previously) and taking money out just to pay off the massive credit card debts they accumulated these past few years due to the cost of living and inflation.
It started towards the end of Covid where a lot of people were doing it due to being layed off or less money prior just to pay off debt and increase in 22-23 this year has been even worse, but hey orange man bad.
Those people waited way too long to address their debts. No idea why. They will learn, though.
@@DIVISIONINCISION it’s not that, most people simply couldn’t do anything about it. It makes a huge difference when all of a sudden you’re paying hundreds more a month than you were 5 years ago. I imagine most like people I know who actually have done the remortgage thought it was gonna get better over time but it didn’t.
I myself was making less money 5 years ago than now due to yearly raises and getting more OT since my company won’t to keep costs down along with higher costs and haven’t hired. My mortgage is still the same, car payment actually went down but here I am still having less spending power due to this economy. My energy bills went up, property tax increase, gas, groceries ect. So I can imagine someone who isn’t as lucky as me paying hundreds more a month for basic living has to start using credit cards just to make ends meet
I’ve paid off 2 of my 3 credit cards this year and should be done with my last by the end of September. All I will be left with is my car loan which is at about 9k. Paying off debt is hard but it’s so worth it. I’m much less stressed and anxious already. Once I pay off this last credit card, I’m going into aggressive savings mode. 2025 seems like a very unsure year
well you can do that or be flat broke like me and they cant do anything to you about the debt. If your under poverty line and making close to poverty wages, they can try to collect but yeah its like 5 bucks to phone numbers and those calls go away. Hell, you can get your address taken off the USPS system and you will get no bills either.
I can see a trend that has been going on since the Great Depression. Whenever things or going very well if the average person all the sudden you have a recession or a depression. But those in control at the top just gobble up the lower competition. Instead of the government fighting against these monopolies they join hands with them.
I am looking for a second job as my primary full time job is cutting hours including any overtime which has enabled me to feel like a real person being able to pay the bills and still save up some. The job market is a joke. All low paying high responsibility jobs that don’t allow second jobs. Terrible.
How many of us settled for their first house needing work, not beautiful, and was happy?😢
Good content. Great views. Thank you.
I really applaud you for saying the hidden part of the homeless problem out loud. I live in DC for 11 years now. I have seen 3 homeless people that just get worse and worse. The substance abuse is all over their faces. DC and Maryland have very generous homeless programs. And these "things" just would rather living in a tent by the 395 high way median puting chemicals into their system for a decade
People are still human beings. Hope you never have something bad happen to you in life and you are called a "thing".
FACTS; REAL TALK
My mom an aunt sold real estate for decades i worked building repair for a few real estate investors befoe i retired. Ive never seen insane greed home prices rise as fast an high last 4 years its simple math gonna be alot of upside down foreclosures etc. especially if a very bad recession leads to many job losses.
Luckily 43% people say they are financially good. It's an all time high. Unfortunately 29% are horrible with their money. Recessions make a lot of people money!
I moved across the country when I was seventeen. The plans that I had made it didn't quite go through. I ended up homeless, and it took me about eight months to get on my feet. During those eight months, I learned a lot about the people in those communities. I have been telling people for 20 years nothing can be done about the homeless situation unless somebody is not afraid of the optics and willing to do what needs to be done. The majority of those people prefer the lifestyle they are living.
It's both a Mental Health and Substance Abuse problem. They go hand in hand. An addict will not seek help until they hit rock bottom. Unfortunately, sometimes that bottom is death. Saw this firsthand in Texas State Prison. You can't force people to live the way YOU want them to live. They have to take action.
@DIVISIONINCISION I agree that people should be able to live how they want to live. If you wanna go out in the woods and do whatever, and you're not bothering anybody great. However, it should be illegal to be a public nuisance trying to supply your addiction through begging, stealing, prostitution, or whatever means that the people use.
Most homeless have dual or multiple addiction issues. They can't hang on to a job long enough to receive that first paycheck, money will be spent on smokes, liquor, and drugs. The cigarette is the gateway drug. The first step is to keep teens from becoming smokers, and those who can get to age 19 without smoking are very unlikely to start.
This sheet is getting worse and worse!
Paper and Lumber prices definitely getting hit
It always gets worse before it gets better.