Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
That's the literal meaning of quantitative tightening. My portfolio just broke $50m yesterday, added more shares to VOO, SCHG & SCHD. Started growing this portfolio from $2m 2022. Real estate is next, I’m not waiting for interest rate I make my own moves.
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
The thing is the US government is the one spending and the Fed Reserve only acts accordingly. So in reality the US is in trouble. We are forced to spend because our government is trying to keep its hegemony. Military aid for all but nothing to balance the economy. We are truly in trouble.
A perfect storm is brewing in the United States. Housing prices, Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund which has been sitting duck since forever with zero to no gains.
There are lot of ways to make a killing right now, but such high-volume near impeccable trades can only be carried out by real-time experts with ISDA Agreement. An agreement that lets investors sit at the “big boy table” and make high level trades not available to amateurs. Trying to be a high stakes trader without an ISDA is like trying to win the Indy 500 riding a llama.
I'm sure the idea of an investment-Adviser might sound controversial to a few, but a new study by Motley-fool found out that demand for Financial-Advisers sky-rocketed by over 42% since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch. I've accrued north of 880k within 16-months from an initially stagnant Portfolio.
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 Marisa Breton Dollard 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 greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa Breton Dollard up and send her a message. You've truly motivated me. God's blessings on you.
This is in no way shocking to me. Many people have the insane idea that they can spend every cent they have OR can borrow as long as they can just barely afford the payments. The state of financial literacy is just that bad.
Every website from Walmart to Amazon are offering buy now pay later. This is so insane. I have never nor will ever do a buy now pay later. I was raised if you don’t have the money don’t buy it. Prioritize the wants and needs. I always pay the needs aka water, electric, insurance etc. I save for the wants aka movie, Restaurant, concert. Pay in full never on payment plan.
My friend works 19/hr, but she travels twice/year. She has so much expensive jewlry and designer bags. When she travels, she always rents Tesla car for $100/each day. Her travel is up to 10 days. 😂.
I paid cash for my last house. I had two houses completely paid for. Sold one. I pay cash for my cars I put money away first then buy. My FICO score is the highest. I use one credit card and pay within 30 days. I use cash wherever I can including buying food. I live below my means but I do live comfortably. I have no debt.
Me too! I try to pay cash and usually have zero debt, including today. On occasions when I do use the one credit card I have, I pay off the entire balance within four months, if not one month. No massive debt, no multiple debts and no living beyond my means for me.
Christmas bonus , tax time , that's what pulls the numbers twice a year . Bonuses are gone and so are the high taxes that stimulated the economy . Inflation has killed this country and COVID , 😢
We have a big problem. Companies are used to are milking consumers for all they got since the pandemic and now they addicted to the greed. While consumers are so used to getting want they want cause of all the money they got from the pandemic, they're willing to let these companies keep taking advantage of them.
What my bank statements tell me is that I’m spending more on the mandatory stuff: taxes, groceries, and utility bills have all gone up. Since I save aggressively, that means I have a lot less left over for fun. I guess I’m one of the lucky ones since I can pay my bills and save money.
Govt is encouraging debt because they want to spend without limits but the world doesnt work like that. Govts need budgets but healthcare and education should come first
It’s the Instagram effect. People have to continue posting content with or without money. Influencers and regular joes alike. A big trend now to is purchase clothing, bags, makeup, etc, make a “haul” video and then return it all and get your money back.
Back when the government was handing out stimulus checks, I saw people all over town partying and spending. Well, now the party is over, and all the lights are on, and we can see what everyone really looks like. 😮 It's gameover for the average American. By late 2025, you'll see.
The cynical take is that those in positions of authority are actively encouraging 1) BNPL, and 2) taxpayer backed debt-moratorium deals on student and home loans in order to bring the personal finances of a majority of the electorate into alignment with the government... that is to say, indebted up to their eyeballs. When both the government and average people have debts far beyond what their incomes can support, you can get a plurality of votes behind policies to actively inflate away the debt at the cost of purchasing power. This will only hurt those of us who have been financially responsible enough to have no debts.
I wonder if this is like the rent to own gimmick. They charged a daily interest charge. I payed my daughters off I thought but they came back on me and said I still owed the interest for the next day. Had to threaten them with a lawyer to sue . Didn’t hear from them again. For each piece of furniture your charged a daily rate. Vultures out for the poor.
One of the arguments I used to get into with my mom was her RTO TVs, back in the late 90s. They weren't even very good TVs, not even 27" inch, just 20" ones, that she was paying $19.99 a month each for, for 2½ years. They maybe would have retailed for $220-250 tops... but each one cost her over $300, because of late payment fees that regularly happened when she couldn't make the $40 monthly payments. And sure enough, a few months after she finished paying them, one broke. And she wanted to start all over again. But I gave her one 25" TV for her bday present that lasted until 09 when I replaced it with a Christmas present lcd one.
Oops meant to say $500, each, not $300. A freaking $1,000 for two 20" TVs, talk about a ripoff. And they kept calling her to see if she wanted newer TVs.
I would mention to you before I have an house in Arizona and I am having so much trouble running it because everybody’s credit is so bad if their credit is bad, how can you rent it? It is really bad in California. They’re letting the border wide open there’s a lot of Chinese and people from Turkey coming in that is scary. They interview one turkey illegal. He said this country better worrybecause they’re letting people that they don’t know who’s a terrorist. It is amazing. This isn’t Fox News. He mentioned himself that we have to worry that the illegals are come in. He says you don’t even know your country. Don’t know if they’re a terrorist or not it’s amazing.
I remember a time, because way back when 30ish years ago, when my fico was 650, and that was considered barely passable credit wise, for a credit card, but now that's been lowered to get more people into credit cards, car loans and other debt.
The taxpayer and the middle class, of course. BNPL is NOTHING but a stimulus check program for the ghetto, make no mistake! No lender in their right mind would sign up for that kind of obvious time bomb unless they KNEW that bailouts were waiting on the side of this "experiment". There's a reason why layaway programs HELD ON to the merchandise!
Many will keep paying that ?30% interest plus accumulate fees just like credit cards til they can't. Been there following 08-09 crash. I repaid borrowing 3x over 10 years and the balances were just as high. They don't really lose, probably sell packaged deals to the markets where people buy shares for dividends. Half at triple plus and half pay some they aren't losing.
Yet the news is like “ target has a new savings plan, save 6 cents on your purchase wow ! “ …… that’s not savings 2-3 dollars needs to drop off all overall prices to be considered “savings “
I remember back in the early 90s My mom would use Lay-away, but they held the merchandise until she paid in full. I thought that was like this BNPL, but I guess not.
I used BNPL for a vacation last year. The reason was that it was 0% interest and 0 fees. I had the money but 0 interest makes sense sometimes (if you’re careful)
It's not that bad of an option to have. Some services have 0% interest if you pay it off between 6-12 months. I used to buy a few higher-priced items I didn't want to pay for all at once, even though I had the cash.
I have been using affirm for the last year or 2. I always do the no interest payment plans and I only use it when I have the cash to buy the item out right so that I can keep more of my money in the bank.
Yes there are ways to use the credit sensibly. Like I bought my mother a birthday present with it. An irregular expense and well taken care of. I think people get into trouble when they use it for essentials, and lose track. Then they end up paying late fees and it starts to snowball. Irresponsible lenders IMO.
At 9:14 you should show the credit card delinquency rate pre-2008. It was much higher before the GFC than what it is now. This is why that number rising has people "scared" yet nothing is happening, because the number is still historically low.
This video is a public service that America has to hear. Make it a PSA. People don't believe me or/and are in blatant denial of how broke the majority of us are. Some saw this coming for quite some time and could feel it in the air. Even the ones that prepared are caught off guard on how quick we're sinking. I've lived in the same neighborhood 41 years and we are seeing family consolidation into homes like never before.
I have never used buy now pay later to purchase anything. Also I have never had a credit card balance. My credit card is automatically paid off each month out of my checking account and I make sure my checking account always has 50 times as much as my biggest credit card balance so I know I can always pay it off each month.
BNPL has always been big, but it was likely how Sears, Montgomery Wards and other retailers went belly up, from offering their own BNPL credit plans. As far as I know K-Mart didn't offer BNPL until after it was aquired by Sears. Has everyone forgotten K-Marts Layaway Plans, the pay now buy later plans? Many a Christmas for my family were only possible because of Layaway.
I think you should really be calling it “Buy now. NEVER pay later.” Most people are so far in debt that they just keep buying without any ability to ever pay for things they are buying. People using buy now pay later have no intention of ever paying. What is going to happen when one half or more of the families in America declare bankruptcy?
It will be more than half. The folks that have done everything "right" are getting screwed with prop taxes and insurance cost increases. I work for one of largest landholders in US. Record # of non renewals and/or mandatory improvements, though not necessary by tradesmans' opinion. My bosses can afford it where most can't. They will pass increased cost to tenants in the apartment complexes. It won't be your neighbor's bankruptcy that brings down the deck of cards but the government's economic mismanagement.
4:14 - Lets not act like credit scoring agencies do anyone any favors. Four years ago I had oral surgery, paid everything off - then randomly about 6k worth of debt showed up on my report. It ended up getting removed because it was incorrect, but my score stayed down in the 600 range and i had to figut for two years to get it back up into the high 700's - I literally did nothing wrong, but was made to pay for it financially for over two years. They are literally useless.
Fortune 500 companies only employ 15% of work force. The other 85% of companies about 6.9MM companies (SME's and large private companies) are hurting. There will be mass layoffs, and business closures. Let's not even talk about how Private Equity owns thousands of companies that employ millions.
Not everyone is behind. I am not. I appreciate the flexibility it offers me but i dont do the 6 month loans. I pay mine in 4 payments or less. There is no interest with that option. Idk, I love it for myself but i can understand how others may be behind. It works for me. No different than a credit card in my case but i dont pay interest and pay it off on time, every time. I feel sad for people who are continually usung BNPL without repaying, that's scary.
Bonkers! I'm trying to figure out why people would use BNPL instead of a credit card... the only logical reason I can come up with is that their credit card already has a super high balance they can't pay. There are literally no advantages to PNPL over a credit card unless you just don't plan on paying it back.
We found out what our problem is - it isn’t a spending problem, it is an earning problem. We already are frugal and still homeless and poor and with bad credit.
Respectfully I disagree. Spending is and has been a problem for Americans for decades now. That's why marketing generates the amount of revenue it does, and that is to drive the consumerism to the max.
@@josephjames259We don’t even have the money for food and the medicine I need to treat my 3rd time getting strep this year and we are still homeless. We don’t spend money on wants. We haven’t done so in a long time.
@@Matt_KThat’s not the case for my family. We only spend on what we need and even then we can barely afford food and medicine I need for my chronic deteriorating health and don’t get me started on the ongoing plague of the plethora of false churches and corrupt charities and homeless shelters, which corrupt and destroy what’s left. Please educate yourself. God bless.
I'm sorry your family is going through hardship but your situation, although not unique, is different than majority of Americans who have spending problem rather than earnings problem. I hope and prey you will overcome your difficulties and live a nice life with your family.
Its not 10% left over not having considered BNPL, as that statement is formulated roughly 50% has used it, and 40% of the remaining roughly 50% can imaging doing so, so total 50% has used it and 0.4*50 = 20% has not, but can imagine doing so. So the total of the surveyed people 70% has used or can imaging using it. So there are 30% left over in our group, not 10%. Or close to it anyway, as roughly half is probably 40-60% in that group.
We are also at the mercy of bone headed decisions of the private sector. The thing I see coming is the private sector is going to replace record numbers of jobs with ai systems that will ultimately not be adequate to do the jobs they replaced. It will be a devastating move for many companies and in the mean time less people working will be less people spending real money.
AS I said glad I lost the bid for house I was looking at. Company bought it, tore it down building a new home. Now attempting to sell it unfinished for 3x the price it was going for originally. So it’s back to renting till either companies realize have to drop or relax in a very well made apartment priced at a 1/3rd of the price for almost same size dwelling just shared with other neighbors and watch the house market burn.
Damn Travis. I live in Denmark and I love your vidoes! Yes this is also important for people over the Atlantic ocean:) . As alwasy, Thank for a great vid and take care of your health!
Since the purpose of bankruptcy is to discharge all debt, it’s fairly difficult to declare bankruptcy if you have no debt. I suppose it’s possible to be bankrupt with no debt, but it takes a special skill that appears to be very rare since I’ve never heard of anyone that clever.
I do buy now pay later. I put the money aside in a high yield. Gotta just keep it balance and not be in more debt then you can pay at that time excluding car/ mortgage.
I have always been able to save when I set reoccurring withdrawals and deposits from my checking account into my investment and IRA accounts, etc. Easiest way to do it. No thinking involved. I have had to go in there and pull some money out in bad months, but, after years of doing this, in my experience, you end up saving a good amount. Easier said than done for folks who are barely scraping by. I get it, but even if you can only save $5 a week, do it. As you go, as your income increases, as you budget better, go ahead and increase that number per week. Hopefully, you're putting it into an account that pays dividends. Reinvest those dividends. Then you're on your way.
Top priority issues for 2024 voters : 1) Economy. 2) Border. 3) Crime. We The People... Stand up to save America!!!! 🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲 USA USA USA USA USA USA
None of these charts are up to date, we all know that they change and erase data... so whatever conclusion we come to based on using the information at hand is not even correct. Most likely, it's 100x worse.
I don't drink, but yeah, we went over this with our child last night. Our "mad money" spending adds up to about 500$ a month. That's picking up fast food while out. Stopping to get something or going into a cheap clothing store and buying 1 or 2 items, the skating rink. The other 500 was groceries, that number seems reasonable, but it's not. That 500$ does not count spending at sams, costco or restaraunt depot, where we buy meats or bulk items at leat once a month. So, altogether it's 1000$ a month. That's why alot of young men are opting not to have a wife and child.😊
Home owners is crazy. Less here in Missouri, than it was in Colorado (and that’s with a lower valuation on the new home). I’m just waiting for “deflation.” A sale is coming, but will anyone have anything left to spend?
Today Memorial Day we went to Raleigh N.C to mall, bored at home so we decided to go to mall, a lot of people were not buying too much clothes or shoes or anything else, just few were buying just few items, mostly of the people were just eating at the mall restaurants, but not buying that much anymore, even the mall have big sale( buy one get two free) item, we did not buy anything either, we just walked in the mall like everyone else were doing. I can also tell American people really have no money to shop, they could only afford to eat at mall I guess. I felt sorry for retail stores, we saw many stores were closed. What we noticed is mall stores saying we are hiring, how could they hire people when a lot people are not buying clothes, something is not right with the retail, their window signs says we are hiring when people apply they are not hiring, I don't get it. If the mall stores are hiring, then it means they are making good sales, but no one are buying too much anymore, even on holidays, how the stores retail survive if they are not selling a lot, how they sell their items is it online they sell a lot, otherwise it is impossible they are still alive!!! I remember in U.S.A, during 1980's &1990's-2000's people were buying all kinds o retail, now no one buys even one item anymore, where do they get their merchandise if they are not buying a lot at malls??? I don't think in U.S.A in the future there within 10 years there will be no more mall at all, really.
Not trying to. be picky - I love your channel. If 50% have used buy now pay later, and an additional 40% of the remainder might consider doing so, leaving 30% of the total who have not and would not consider buying now and paying later. The 40% is of the 50% who have not already bought with the intention of paying later. That is still a horrible number, but based on how I see the world, only about 30% of the population is smart.
Not going to lie.. it’s better than a credit card because at least you know exactly how much interest you’re paying if you’re making the minimum payments monthly.
Cool stuff, it's bonkers! on the BNPL, I wonder how much of it is a valid debit? How much is identity theft? How do you know someone has stolen your identity, if it's not your credit report?
15 U.S. Code § 1602 - Definitions and rules of construction (b) Bureau.- The term “Bureau” means the Bureau of Consumer Financial Protection. (2) Exclusions.-Except as provided in paragraph (3), the term “consumer report” does not include- (A) subject to section 1681s-3 of this title, any- (i) report containing information solely as to transactions or experiences between the consumer and the person making the report;
![PASULOL รามเกียรติ์ ตอนที่ 4 นนทกพบรัก [Ramakien Ep.4: Nonthok in love]](http://i.ytimg.com/vi/tMUQgmZzf_A/mqdefault.jpg)
One guy from Valutainment channel called it "Broke Now, Poor Later" 🤣🤣
😂🤣🤣
😂
😂
No, it's poor now, poor later, but with an iPhone and Jordans to show for it.
(Taxpayer funded, of course)
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed, the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around 300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
this is huge! mind if I look up the advisr that guides you please? only invest in my 401k through my employer for now, but enthused about diversifying my investments for a prosperous financial future
Carol Vivian Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
They raise interest rates, but then continue their obscene overspending and money printing. Such a mess
That's the literal meaning of quantitative tightening. My portfolio just broke $50m yesterday, added more shares to VOO, SCHG & SCHD. Started growing this portfolio from $2m 2022. Real estate is next, I’m not waiting for interest rate I make my own moves.
That’s great growth, are you an expert/Pro ?
No i am not, My expert is well known as - Hannah Susan Jennings. please do your own research for one who is suitable with your goals.
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
The thing is the US government is the one spending and the Fed Reserve only acts accordingly. So in reality the US is in trouble. We are forced to spend because our government is trying to keep its hegemony. Military aid for all but nothing to balance the economy. We are truly in trouble.
A perfect storm is brewing in the United States. Housing prices, Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund which has been sitting duck since forever with zero to no gains.
There are lot of ways to make a killing right now, but such high-volume near impeccable trades can only be carried out by real-time experts with ISDA Agreement. An agreement that lets investors sit at the “big boy table” and make high level trades not available to amateurs. Trying to be a high stakes trader without an ISDA is like trying to win the Indy 500 riding a llama.
I'm sure the idea of an investment-Adviser might sound controversial to a few, but a new study by Motley-fool found out that demand for Financial-Advisers sky-rocketed by over 42% since the pandemic and based on firsthand encounter I can say for certain their skillsets are topnotch. I've accrued north of 880k within 16-months from an initially stagnant Portfolio.
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 Marisa Breton Dollard 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 greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa Breton Dollard up and send her a message. You've truly motivated me. God's blessings on you.
😂 No one is saving because they can't afford to pay their bills.
Buy now pay never. Imagine the creditor trying to repo the groceries
Obviously that's impossible. But I suppose that when the BNPN loans go bust, that's when the creditors start reporting the issues to credit bureaus.
@@Matt_K Doubtful, BNPL is really just a stealth stimulus check program, but no one sees it yet. The picture will become clear in retrospect.
What I do, with buy now pay later. I round up the payments if my payment is $30 bucks a month I round it up to $100 and pay off quickly.....
They are shutting down cards that show Essential purchases like food and utilities
@@kwell2307Seriously ????😮
This is in no way shocking to me. Many people have the insane idea that they can spend every cent they have OR can borrow as long as they can just barely afford the payments. The state of financial literacy is just that bad.
Folks are just mimicking the government's way of managing $. Even all those that have done everything "right" are getting robbed blind with inflation.
The consumer needs to stop consuming. It's not good for businesses but it's good for the "consumer".
Every website from Walmart to Amazon are offering buy now pay later. This is so insane. I have never nor will ever do a buy now pay later. I was raised if you don’t have the money don’t buy it. Prioritize the wants and needs. I always pay the needs aka water, electric, insurance etc. I save for the wants aka movie, Restaurant, concert. Pay in full never on payment plan.
We’re broke yet I see people shopping all the time spending and no one working with their kids who are not in school.
If everyone is so broke, how are places like Disney and concerts always filled with countless people?
Credit cards
Went to the mall yesterday and it was packed. People buying all this stuff they don’t need. I bought a used book for 5 bucks.
I say the same thing. I really believe it's debt. I have friends with 10k+ limit for credit cards but couldn't afford a 1k emergency in cash.
Middle income out there on credit
Because people buy the tickets for those with credit cards and spend money they don't have.
My friend works 19/hr, but she travels twice/year. She has so much expensive jewlry and designer bags. When she travels, she always rents Tesla car for $100/each day. Her travel is up to 10 days. 😂.
I paid cash for my last house. I had two houses completely paid for. Sold one. I pay cash for my cars I put money away first then buy. My FICO score is the highest. I use one credit card and pay within 30 days. I use cash wherever I can including buying food. I live below my means but I do live comfortably. I have no debt.
Living debt free is the ultimate comfortable life
Me too! I try to pay cash and usually have zero debt, including today.
On occasions when I do use the one credit card I have, I pay off the entire balance within four months, if not one month.
No massive debt, no multiple debts and no living beyond my means for me.
Christmas bonus , tax time , that's what pulls the numbers twice a year . Bonuses are gone and so are the high taxes that stimulated the economy . Inflation has killed this country and COVID , 😢
Oh boy Travis this is absolutely bonkers 😮 we can’t afford all the money going to foreign wars ether 😮
We can’t afford 11 million illegal immigrants .
Layaway teaches the right economic principle. You put away money to buy items. Buy now, pay later teaches the wrong principle. Go in debt.
Completely agree, as a kid i witnessed layaway and understood how you need to set aside money for what you want.
The consumer is absolutely not better off.
We have a big problem. Companies are used to are milking consumers for all they got since the pandemic and now they addicted to the greed. While consumers are so used to getting want they want cause of all the money they got from the pandemic, they're willing to let these companies keep taking advantage of them.
Living in a fantasy world at both ends.
I Absolutely understand when free money was flowing. Now four years later we are spending our salaries. Total greed.
When these people go from underemployed to unemployed they will be destroyed. Not partaking in this trap.
What my bank statements tell me is that I’m spending more on the mandatory stuff: taxes, groceries, and utility bills have all gone up. Since I save aggressively, that means I have a lot less left over for fun. I guess I’m one of the lucky ones since I can pay my bills and save money.
People dont have 400 for an emergency but airports are packed and taylor swift sells out?
Govt is encouraging debt because they want to spend without limits but the world doesnt work like that. Govts need budgets but healthcare and education should come first
It’s the Instagram effect. People have to continue posting content with or without money. Influencers and regular joes alike. A big trend now to is purchase clothing, bags, makeup, etc, make a “haul” video and then return it all and get your money back.
Greed caused buy now pay later which now results in inflation.
Back when the government was handing out stimulus checks, I saw people all over town partying and spending. Well, now the party is over, and all the lights are on, and we can see what everyone really looks like. 😮
It's gameover for the average American. By late 2025, you'll see.
Broke Now, Poor Later folks!
The cynical take is that those in positions of authority are actively encouraging 1) BNPL, and 2) taxpayer backed debt-moratorium deals on student and home loans in order to bring the personal finances of a majority of the electorate into alignment with the government... that is to say, indebted up to their eyeballs. When both the government and average people have debts far beyond what their incomes can support, you can get a plurality of votes behind policies to actively inflate away the debt at the cost of purchasing power. This will only hurt those of us who have been financially responsible enough to have no debts.
I wonder if this is like the rent to own gimmick. They charged a daily interest charge. I payed my daughters off I thought but they came back on me and said I still owed the interest for the next day. Had to threaten them with a lawyer to sue . Didn’t hear from them again. For each piece of furniture your charged a daily rate. Vultures out for the poor.
One of the arguments I used to get into with my mom was her RTO TVs, back in the late 90s.
They weren't even very good TVs, not even 27" inch, just 20" ones, that she was paying $19.99 a month each for, for 2½ years.
They maybe would have retailed for $220-250 tops... but each one cost her over $300, because of late payment fees that regularly happened when she couldn't make the $40 monthly payments.
And sure enough, a few months after she finished paying them, one broke.
And she wanted to start all over again.
But I gave her one 25" TV for her bday present that lasted until 09 when I replaced it with a Christmas present lcd one.
Oops meant to say $500, each, not $300.
A freaking $1,000 for two 20" TVs, talk about a ripoff.
And they kept calling her to see if she wanted newer TVs.
I would mention to you before I have an house in Arizona and I am having so much trouble running it because everybody’s credit is so bad if their credit is bad, how can you rent it? It is really bad in California. They’re letting the border wide open there’s a lot of Chinese and people from Turkey coming in that is scary. They interview one turkey illegal. He said this country better worrybecause they’re letting people that they don’t know who’s a terrorist. It is amazing. This isn’t Fox News. He mentioned himself that we have to worry that the illegals are come in. He says you don’t even know your country. Don’t know if they’re a terrorist or not it’s amazing.
Vote accordingly. Have never felt more unsafe and govt spending is like a baby with moms purse in a candy store
I remember a time, because way back when 30ish years ago, when my fico was 650, and that was considered barely passable credit wise, for a credit card, but now that's been lowered to get more people into credit cards, car loans and other debt.
"I will gladly pay you Tuesday, for a hamburger today."
He was always saying that... wonder if Tuesday ever came?
@@jkmarshall3553 He was a bum. He never paid anyone what he owed. On any day.
@@ronsmyth2005 Figures!
I’m old enough to know who you are talking about. Wimpy!
@@ralphholiman7401😂
If you can't pay now, you can't afford it.
Its moments like this that make me glad I live in a semi truck
I used to work at Yellow Freight 😭
@@myd0gr3x were you able to get another trucking job?
@@xkcd5676 I was scheduled to retire last December, but it really began in August 23'; been trucking since 89'...
@@myd0gr3x were you able to retire?
I'm one of those 10%. No way Jose. Bad Deal..If you can't afford it, DONT BUY IT!!! Total Scam!!!
Who eats all this debt once people start going bankrupt and these BNPL companies go belly up?
The taxpayer and the middle class, of course. BNPL is NOTHING but a stimulus check program for the ghetto, make no mistake! No lender in their right mind would sign up for that kind of obvious time bomb unless they KNEW that bailouts were waiting on the side of this "experiment". There's a reason why layaway programs HELD ON to the merchandise!
Taxpayers prolly on the end
@@jaredhighlands4604 Yes and it's limited to the middle class
the super rich dont bail anyone out, they line up for bailouts.
Many will keep paying that ?30% interest plus accumulate fees just like credit cards til they can't. Been there following 08-09 crash. I repaid borrowing 3x over 10 years and the balances were just as high. They don't really lose, probably sell packaged deals to the markets where people buy shares for dividends. Half at triple plus and half pay some they aren't losing.
Tax payers, every freaking time.
Yet the news is like “ target has a new savings plan, save 6 cents on your purchase wow ! “ …… that’s not savings 2-3 dollars needs to drop off all overall prices to be considered “savings “
Materialism ends with the end of credit given!
I remember back in the early 90s My mom would use Lay-away, but they held the merchandise until she paid in full.
I thought that was like this BNPL, but I guess not.
I used BNPL for a vacation last year. The reason was that it was 0% interest and 0 fees. I had the money but 0 interest makes sense sometimes (if you’re careful)
It makes sense, because you don't need to carry around money at your destination.
It's not that bad of an option to have. Some services have 0% interest if you pay it off between 6-12 months. I used to buy a few higher-priced items I didn't want to pay for all at once, even though I had the cash.
Why not use a credit card and improve your credit rating? PNPL is unreported...
@@joeltaylor1209 0%interest. Did you not read that part? I also have an 800 credit score.
@@joeltaylor1209and pay the >22% interest over 12 months that credit cards cost to use?
@@joeltaylor1209They have no intention of paying back.... They are not going to pay
I have been using affirm for the last year or 2. I always do the no interest payment plans and I only use it when I have the cash to buy the item out right so that I can keep more of my money in the bank.
Yes there are ways to use the credit sensibly. Like I bought my mother a birthday present with it. An irregular expense and well taken care of. I think people get into trouble when they use it for essentials, and lose track. Then they end up paying late fees and it starts to snowball. Irresponsible lenders IMO.
At 9:14 you should show the credit card delinquency rate pre-2008. It was much higher before the GFC than what it is now. This is why that number rising has people "scared" yet nothing is happening, because the number is still historically low.
This video is a public service that America has to hear. Make it a PSA. People don't believe me or/and are in blatant denial of how broke the majority of us are. Some saw this coming for quite some time and could feel it in the air. Even the ones that prepared are caught off guard on how quick we're sinking. I've lived in the same neighborhood 41 years and we are seeing family consolidation into homes like never before.
It's crushing. Thank you so much for sharing your story!
this establishment must be abolished
I have never used buy now pay later to purchase anything. Also I have never had a credit card balance. My credit card is automatically paid off each month out of my checking account and I make sure my checking account always has 50 times as much as my biggest credit card balance so I know I can always pay it off each month.
You nailed it, that is the only way it has to be, period(.)
The only way to live is DEBT-FREE!!!
I would NEVER use on of these services.
Avoid debt when you can hard to dodge a mortgage but the rest is!
These numbers are crazy AF!!!
BNPL has always been big, but it was likely how Sears, Montgomery Wards and other retailers went belly up, from offering their own BNPL credit plans.
As far as I know K-Mart didn't offer BNPL until after it was aquired by Sears.
Has everyone forgotten K-Marts Layaway Plans, the pay now buy later plans?
Many a Christmas for my family were only possible because of Layaway.
Credit debt is a trap, I promise we will see debtors prison very soon.
I think you should really be calling it “Buy now. NEVER pay later.” Most people are so far in debt that they just keep buying without any ability to ever pay for things they are buying. People using buy now pay later have no intention of ever paying. What is going to happen when one half or more of the families in America declare bankruptcy?
It will be more than half. The folks that have done everything "right" are getting screwed with prop taxes and insurance cost increases. I work for one of largest landholders in US. Record # of non renewals and/or mandatory improvements, though not necessary by tradesmans' opinion. My bosses can afford it where most can't. They will pass increased cost to tenants in the apartment complexes. It won't be your neighbor's bankruptcy that brings down the deck of cards but the government's economic mismanagement.
Buy now pay later. Also known as a credit card/ loan 😂😂😂
Layoffs starting for upper level and to accelerate as year goes on.
4:14 - Lets not act like credit scoring agencies do anyone any favors. Four years ago I had oral surgery, paid everything off - then randomly about 6k worth of debt showed up on my report. It ended up getting removed because it was incorrect, but my score stayed down in the 600 range and i had to figut for two years to get it back up into the high 700's - I literally did nothing wrong, but was made to pay for it financially for over two years. They are literally useless.
So I’ve “used it bc the interest rate was 0% and I could easily afford to pay for that item in cash”
Fortune 500 companies only employ 15% of work force. The other 85% of companies about 6.9MM companies (SME's and large private companies) are hurting. There will be mass layoffs, and business closures. Let's not even talk about how Private Equity owns thousands of companies that employ millions.
now that the savings rate is down, big business wants americans to tap house equity. smh
Not everyone is behind. I am not. I appreciate the flexibility it offers me but i dont do the 6 month loans. I pay mine in 4 payments or less. There is no interest with that option. Idk, I love it for myself but i can understand how others may be behind. It works for me. No different than a credit card in my case but i dont pay interest and pay it off on time, every time. I feel sad for people who are continually usung BNPL without repaying, that's scary.
Everything he is saying is true ,im a landlord my tenants have hard times paying ,my taxs are up ,insurance up ,repairs up ,
Buy now, pay later is called that because how to become more broke didn't poll as well.
Bonkers! I'm trying to figure out why people would use BNPL instead of a credit card... the only logical reason I can come up with is that their credit card already has a super high balance they can't pay. There are literally no advantages to PNPL over a credit card unless you just don't plan on paying it back.
Buy now pay later isn't new furniture stores have been doing it for decades, you could argue so have cars.
“81 million” people voted for this….
Illustrates the failure of public school education in this country.
😂
Totally legitimate 81 milly too
😂
It has taken decades of overspending by countless politicians to get things into this bad a shape. And every one of them was elected.
We found out what our problem is - it isn’t a spending problem, it is an earning problem. We already are frugal and still homeless and poor and with bad credit.
Respectfully I disagree. Spending is and has been a problem for Americans for decades now. That's why marketing generates the amount of revenue it does, and that is to drive the consumerism to the max.
Most people buy wants and not needs.
@@josephjames259We don’t even have the money for food and the medicine I need to treat my 3rd time getting strep this year and we are still homeless. We don’t spend money on wants. We haven’t done so in a long time.
@@Matt_KThat’s not the case for my family. We only spend on what we need and even then we can barely afford food and medicine I need for my chronic deteriorating health and don’t get me started on the ongoing plague of the plethora of false churches and corrupt charities and homeless shelters, which corrupt and destroy what’s left. Please educate yourself. God bless.
I'm sorry your family is going through hardship but your situation, although not unique, is different than majority of Americans who have spending problem rather than earnings problem.
I hope and prey you will overcome your difficulties and live a nice life with your family.
Its not 10% left over not having considered BNPL, as that statement is formulated roughly 50% has used it, and 40% of the remaining roughly 50% can imaging doing so, so total 50% has used it and 0.4*50 = 20% has not, but can imagine doing so. So the total of the surveyed people 70% has used or can imaging using it.
So there are 30% left over in our group, not 10%.
Or close to it anyway, as roughly half is probably 40-60% in that group.
We are also at the mercy of bone headed decisions of the private sector. The thing I see coming is the private sector is going to replace record numbers of jobs with ai systems that will ultimately not be adequate to do the jobs they replaced. It will be a devastating move for many companies and in the mean time less people working will be less people spending real money.
AS I said glad I lost the bid for house I was looking at. Company bought it, tore it down building a new home. Now attempting to sell it unfinished for 3x the price it was going for originally. So it’s back to renting till either companies realize have to drop or relax in a very well made apartment priced at a 1/3rd of the price for almost same size dwelling just shared with other neighbors and watch the house market burn.
I'm part of that 10%.... never doing but now pay later
Damn Travis. I live in Denmark and I love your vidoes! Yes this is also important for people over the Atlantic ocean:) . As alwasy, Thank for a great vid and take care of your health!
Building back better isn't cheap. 😒 President Biden estimated in a recent interview that " Inflation has only gone up 1 inch"
Since the purpose of bankruptcy is to discharge all debt, it’s fairly difficult to declare bankruptcy if you have no debt. I suppose it’s possible to be bankrupt with no debt, but it takes a special skill that appears to be very rare since I’ve never heard of anyone that clever.
I do buy now pay later. I put the money aside in a high yield. Gotta just keep it balance and not be in more debt then you can pay at that time excluding car/ mortgage.
Here's you BONKERS bro. Than you for all you do for us
Absolutely BONKERS
I don’t know about all of them but Affirm will put it on your credit report if you don’t pay off in 90 days. So it’s not all phantom debt.
I really want the American corporate world to create “ buy now, pay never “ !!!
I have always been able to save when I set reoccurring withdrawals and deposits from my checking account into my investment and IRA accounts, etc. Easiest way to do it. No thinking involved. I have had to go in there and pull some money out in bad months, but, after years of doing this, in my experience, you end up saving a good amount. Easier said than done for folks who are barely scraping by. I get it, but even if you can only save $5 a week, do it. As you go, as your income increases, as you budget better, go ahead and increase that number per week. Hopefully, you're putting it into an account that pays dividends. Reinvest those dividends. Then you're on your way.
Buy now, pay later is what everyone does when you finance a car. Why is that so surprising?
Of course no likes. 😂 very good point. Diverging thinking.
Top priority issues for 2024 voters :
1) Economy.
2) Border.
3) Crime.
We The People...
Stand up to save America!!!!
🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲
USA USA USA USA USA USA
Biden 2024! We don't want evil criminal Trump.
A few years ago, when the tchotchke mail-order company Fingerhut began its own credit cards... the fork was stuck in because it was done.
Congrats on 100,000 🎉
None of these charts are up to date, we all know that they change and erase data... so whatever conclusion we come to based on using the information at hand is not even correct. Most likely, it's 100x worse.
Add up every dollar you spend at the gas station convenience store, the drive thrus, and eating out and drinking at restaurants - it will shock you.
I don't drink, but yeah, we went over this with our child last night. Our "mad money" spending adds up to about 500$ a month. That's picking up fast food while out. Stopping to get something or going into a cheap clothing store and buying 1 or 2 items, the skating rink. The other 500 was groceries, that number seems reasonable, but it's not. That 500$ does not count spending at sams, costco or restaraunt depot, where we buy meats or bulk items at leat once a month.
So, altogether it's 1000$ a month. That's why alot of young men are opting not to have a wife and child.😊
Bonkers! Happy Monday! 😊
Oh goodness I finally stopped using and paid them off. For a month or two I completely lost control over my spending.
Alright, no need for emergency savings with buy now pay later. And miss all the payments you want as it won't hurt your credit report.
Tightening is better than loosening and causing inflation to go higher and higher. No pay increase and inflation is worse than we got right now.
Home owners is crazy. Less here in Missouri, than it was in Colorado (and that’s with a lower valuation on the new home). I’m just waiting for “deflation.” A sale is coming, but will anyone have anything left to spend?
I haven't watch the vid yet, but I'm pretty sure it's gonna be bonkers.
The entire biz world is buy now pay later, its just called net30, 60 or 90. And in a way, credit cards are no different either
consumers are better off because only when they hit rock bottom can they start building themselves back up
That's not true i need more proof in that case eligiblity is required as well within credit check
Can anybody lend me any money? I’m broke. I need a hamburger.
we have entered the decade of Yolo spending. buy now pay later will need a bailout
Today Memorial Day we went to Raleigh N.C to mall, bored at home so we decided to go to mall, a lot of people were not buying too much clothes or shoes or anything else, just few were buying just few items, mostly of the people were just eating at the mall restaurants, but not buying that much anymore, even the mall have big sale( buy one get two free) item, we did not buy anything either, we just walked in the mall like everyone else were doing. I can also tell American people really have no money to shop, they could only afford to eat at mall I guess. I felt sorry for retail stores, we saw many stores were closed. What we noticed is mall stores saying we are hiring, how could they hire people when a lot people are not buying clothes, something is not right with the retail, their window signs says we are hiring when people apply they are not hiring, I don't get it. If the mall stores are hiring, then it means they are making good sales, but no one are buying too much anymore, even on holidays, how the stores retail survive if they are not selling a lot, how they sell their items is it online they sell a lot, otherwise it is impossible they are still alive!!!
I remember in U.S.A, during 1980's &1990's-2000's people were buying all kinds o retail, now no one buys even one item anymore, where do they get their merchandise if they are not buying a lot at malls??? I don't think in U.S.A in the future there within 10 years there will be no more mall at all, really.
Not trying to. be picky - I love your channel. If 50% have used buy now pay later, and an additional 40% of the remainder might consider doing so, leaving 30% of the total who have not and would not consider buying now and paying later. The 40% is of the 50% who have not already bought with the intention of paying later. That is still a horrible number, but based on how I see the world, only about 30% of the population is smart.
46 billion dollars in BNPL debt is a low number tho. That's less than 1/20 of credit card debt which is over 1.1 trillion.
Not going to lie.. it’s better than a credit card because at least you know exactly how much interest you’re paying if you’re making the minimum payments monthly.
99percent of the entire world is thy horrific broke down
Cool stuff, it's bonkers! on the BNPL, I wonder how much of it is a valid debit? How much is identity theft? How do you know someone has stolen your identity, if it's not your credit report?
Some people are losing money but it doesn’t effect me. So I don’t really care.
15 U.S. Code § 1602 - Definitions and rules of construction
(b) Bureau.-
The term “Bureau” means the Bureau of Consumer Financial Protection.
(2) Exclusions.-Except as provided in paragraph (3), the term “consumer report” does not include-
(A) subject to section 1681s-3 of this title, any-
(i) report containing information solely as to transactions or experiences between the consumer and the person making the report;
🎉🎉🎉🎉 Hey Travis 👋🏼
I’m just curious 🧐 Does this term buy now pay later also include credit cards?
Thank you Sir. , Carlos