Why Americans Feel So Poor | CNBC Marathon
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- เผยแพร่เมื่อ 19 ม.ค. 2023
- CNBC Marathon explores why American workers’ budgets feel so stretched.
The middle class was once a symbol of the American dream. It meant financial security and an opportunity for a better future. But that portrait of the American middle class is quite different today. A survey in 2018 found that a third of middle-income adults don’t have as much as $400 to cover an unexpected expense. And while the middle-class lifestyle grows more expensive and uncertain, it’s also moving beyond the reach of younger generations.
Maybe the cause is related to American workers’ income? When adjusted for inflation, wages have remained virtually unchanged over the last 50 years, with workers today earning just 12 cents more than they did in 1972. And with inflation at its highest since 1971, Americans are feeling the pain of slow wage growth. Two-thirds of American workers said that inflation has outpaced any salary gains made in the past year. But some economists argue that the concept is merely a myth politicians use to promote their careers. So, how real is wage stagnation in America today and what does it mean for American workers?
And CNBC takes a look at why Americans have so much debt. Household debt in America reached $16.15 trillion during the second quarter of 2022. And debt is likely to grow even further due to soaring inflation. 43% of Americans are expected to add even more debt within the next six months. So why are so many Americans in debt today and what impact does it have on the U.S. economy?
Money can be stressful in the U.S. Americans are more worried than ever about money and the economy. In a survey by the American Psychological Association, 87% of Americans said inflation and the rising costs of everyday expenses were causing them stress. Roughly two out of every five U.S. adults said money is negatively impacting their mental health, according to Bankrate. Watch the video above to learn what’s causing this anxiety around money and how Americans can deal with their stress.
CNBC Marathon brings together the best of CNBC’s coverage of American workers’ financial woes.
Chapters:
00:35 Introduction
00:37 Why The Middle-Class Is Disappearing (Published February 2022)
13:20 Why Americans Aren’t Paid Enough (Published July 2022)
27:34 Why Americans Are Drowning In Debt (Published August 2022)
42:01 Why Americans Are So Stressed About Money (Published May 2022)
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Why Americans Feel So Poor | CNBC Marathon
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
The 1% of rich Americans think of how to invest their money to increase their wealth during the recession. While the 99% of struggling hard-luck Americans think of how to survive without food and daily necessities in the recession and the coming hyperinflation. I am just about to make my first index fund purchase via vanguard. I intend to invest long term. just getting slightly stuck on how I balance my percentage portfolio between equity vs bonds. Low risk is good for me. Any tips
You are absolutely right ,firstly I believe money in the bank is not money because it is bond to inflation and losses values overtime, You have to be well disciplined to achieve success and save before you spend Lastly success does not happen overnight it takes time, dedication and self discipline
money is a liability, not an asset. You have to exchange it for assets that represent real VALUE. Real estate - properties for rent. Stocks (dividends). Bonds (interest), funds, REITs (interest), intellectual property, The aid of an institutional or basic financial advisor's cannot be over expressed. I started saving and investing in 1989 at the age of 20... I am 54 today and have 2.2 million in my retirement account, 135k liquid and I trade securities with 50-55k
I'm bombarded with the don't sit on it during the inflation, I wanted to jump in 8/22 and did nothing. So far this year I think I need to get my feet wet but I stopped listening and taking financial advise from TH-camrs, because at the end of the day, I end up with a bunch of confusing stories. Have you always had guidance?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in US.
Inflation can have a significant impact on individuals and their cost of living. As a result, it can cause negative market sentiment. It is important for individuals and businesses to find ways to navigate and potentially mitigate the effects of inflation on their finances. The current economic climate, including underperformance of financial markets due to fear of inflation, has led to a decrease in the value of my portfolio. I would appreciate any recommendations on how to potentially increase returns during this market downturn.
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over $250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look.
I learned from past mistakes not to rely on rumors and hearsay for market judgments. In 2020, I held worthless positions until I revamped my portfolio with the help of an advisor. Since then, I've scaled up $450k in 2 years, regardless of market conditions. It's all about where you're looking.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?
The advisor that guides me is Vivian Carol Gioia, most likely the internet is where to find her basic info, just search her name. She's established.
If you're a struggling adult still living with your parents there's no shame as long as long as you are helping around. We as a society need to being back the sense of community where everyone helps each other if they can.
Sometimes its the opposite. Parents NEED their kids to survive because of how old they are.
One answer might be to move back into the economically depressed regions of the Rust Belt I saw a documentary on Frontline about three cities and one was Youngstown OH where a refurbished 60 yr old house went for sale for $45k.......yes 45k in 2019!!!! The same as a average new car. That's dirt cheap..... I would consider that since i don't belong in the South.
@@SeudXeexactly!!
@@richardalvarado-ik9brthe houses are cheap because only crappy jobs in the area.😅
I think it's about time the wealthy AKA the parasites, maybe pay their fair share of taxes and pay decent wages. And universal health care. I was doing ok until I got sick. Now I have around 50k in medical debt. Will never have a house or a loan for anything, I'm F'd, and getting sick is pretty common, and trust me, your health insurance is not good.😢
Being poor is one thing but being poor and working 75+ hours is another thing.
Facts I work 70 hours right now, that's because I want to pay off all my debts.
I was surprised that Corporate Media made something like this
I work 85 hours a week 2 jobs 7 days a week & every 2 weeks my bank account is STILL negative hundreds after i pay all my min payments rent car ins car payment etc. its a never ending cycle & i have NO free time or life at all
@@ashleybonitz I feel you! It's a Neverending cycle living paycheck to paycheck.
Being poor is everything. You lose everything. It can easily cost you your life when you health goes into decline.
It's being poor and surrounded by money that really messes with your mind. I'm working to be an electrician (~3 years now) and I am absolutely surrounded by EXTREME wealth. wiring houses that sell for $8+ million dollars, installing Tesla car chargers, multiple guest bedrooms, 9 bathrooms, etc and I see absolutely no way of having anything like these people. My work gets harder, my hours get longer, I know more than I did in the past, and I'm still stuck at like $20 an hour. It feels bad working to build a townhouse who's monthly rent is more than twice my monthly income...
that wealth is only surface level for 80% of people.
I know how you feel as a house cleaner. Most houses that I clean are worth millions and I also clean a lot of houses that are used once a month or even a couple times a year. It drives me insane because I make $14 an hour and probably won't be able to move out until I'm in my early 20's.
Take your journeyman test for that pay bump
Exactly! America is the worst place to be if you're poor. At least in poor countries you don't feel like a failure.
@DatingMatis156 Dont feel bad... I would almost put money that 85% of those people can only afford to put 5$ of gas in at a time. I bet its rare they ever have a full tank. It also has to do with the fact that most people want to "floss" like they have alot of money so they get the high end model. All the while their interest rate is sky high will remain in debt longer... They end up buying the BMW when they can only afford the Camry LE and not the XSE.
My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.
As with any big financial decision, it’s important to keep your guard up for economic risks. However, smart planning, time management and seeking advice from a financial adviser can help keep you and your money safe.
@@HelenaBonham-pz4ly
@@margaritasbunny
Don’t waste your money on balenciaga or concert tickets or OnlyFans
It is a wonderful comment, but meanwhile are you aware of her Wall Street is part of your problem and that wonderful word expectations. The expectations are that you get poorer and they get richer that’s the expectation and will buy a couple of governors to make sure this happens.
The moment I realized we are poor is the moment I asked "why am I paying $1000+ in taxes every month and I got nothing back?!" We are truly struggling and no one is helping.
1000+ in taxes? Lol. Where do you live?
Ukraine NEEDS this🤣
Something has definitely changed. A generation ago, one wage earner could easily support a family of two to four children. Now, two wage earners are hard-pressed to support a family with one child.
Yes But now Thanks to Uber if you want to keep up with your bills, You Just have to Work more Drive more l, have 3 Jobs, And believe when midia Blame Immigration mean while Billionaires Only Get richer and ends Minimal Work safety conditions, and who doesn't like, they Always can switch for a cheaper, until everybody feels the pain and react together, they'll keep "squeezing "
"Middle class" and making them believe that's Imigrants or Government fault...
That is not correct. You have to go back about three generations before a single income could support all that family. Things changed with equal rights in the late-60's.
@@TomcatSTL Your mileage may vary depending on where you grew up. My dad was the sole breadwinner in my family in far western North Carolina and he could not read or write. He was a heavy equipment operator at the local power company.
@Dan G my partners grandfather was sole breadwinner and he had a fairly regular job and 3 kids. They always had an extra kid living with them whose parents were struggling too.
@@BobbyCoggins Your point is good.
It's not a feeling, it's an economic reality.
Exactly!
There are ways to find relief
Fr, it's not a feeling that you buy 700-800 dollars of food and you barely have money left to spend on something you want, the middle class the media projects is a household of 4 people who have their professional careers and work their asses off.
@@angelachanellehuang5663 unfortunately… help is only offered to the extreme poor. Middle class has to suffer
Go sell drugs then. At least you’re not paying too much money when you’re in jail, and bury your money.
I moved to St Thomas in 2013 to be a bar tender after getting my bachelor in engineering and working at a $85k job. I was scared at 1st the I suffered a mental breakdown. I couldn't take it so I left America.
THE BEST DECISION OF MY LIFE!
I no longer have anxiety nor depression. I have real friends whom I call family, we play soccer every weekend plus Tuesday evenings, video games every Thursday and Friday nights, plus party Saturday nights at nightclubs where folks dont flex. I'm really Happy. I wish I've done this earlier. 😊
Sounds great😁 Congratulations.
And you live on a tropical island paradise. Meanwhile its freezing cold and snowing here in NJ
Good for you!
@@ClearGalaxieshe said ST Thomas
I went to St. Thomas when I was about 10. Always thought my ideal dream job would be to take people out charter snorkeling. We did that there. Seemed like the coolest chillest job ever!
Every adult I know(40 to 50 years old) have been in the same situation they were in for DECADES, a lot in worse situations now than they have ever been in before
Very true. I'm in my 40's. I grew up poor. I got my Bachelor's degree last year and have two jobs, one is salaried and the other is hourly. I worked while getting my degree therefore my student loan is very small, $3k. However I still can't afford a home and have not saved enough for retirement. I believe I will work until I die. Born poor, live poor and die poor. This is depressing.
Middle class to me means we are stuck paying all the taxes but don’t qualify for any of the benefits. So it’s paycheck to paycheck and all of our paychecks are smaller than they should be, but costs go higher all the time.
Seems like it
Middle Class has morphed into "Upper Lower Class".
There's a lot of truth to that. Depending on the state sometimes you may be better off earning a bit less so you qualify for benefits.
t@@Foomanlol I'm in california and thats the reality. I know plenty of folks who intentionally keep their hours low so they can keep housing, food, utility, and medical benefits. When we're penalized for working, the system is messed up..... anyone who is on benefits is taught to spend every penny and never keep savings either, because if your assets are too big they cut benefits.. but one can only save $1k before suddenly that's too many assets. And considering the cost of home or car repairs, $1k isn't much. It's a mess.
@@inlongingso you all choose to be poor.
As a younger 30 something, I have been saving all my life and I STILL cannot move out of my parents house. I know many people in my exact situation. Life is tough right now.
It's been that way for over a decade now. We need to stop taking boomers at their word that hard work will reward you. Hard work can get you disabled and denied benefits. You can die as a result of your work environment. Warehousing and trucking industries have a higher rate of illness and injury than the military. Its literally worse than a war zone. It's not an exaggeration to say it that way. It's a war against equality and it's being waged by employers to extract money for the short term wealth of those who already have too much. The poor no longer just stay poor. They become homeless or die. That is the reality. It is nothing short of that.
Don't move out from your parents you will only regret it in the future. Stay as much as you can, if you move you will feel like a sucker because you immediately have to pay so many bills and rent, you will not afford to save anything.
Go and get a crash course from the asians and indians
If I could afford the bills I would. I pay my parents rent money and buy groceries for them so it works out but buying in this over priced market right now is hard to pull the trigger on
Try to have multiple side hustles on top of your primary income job! You can do it- me (27) gf(24) are planning on getting a 500,000 house in Florida this summer.. We will be putting down roughly 300,000 , and mortgage the remainder of 150-200,000. You can do this !
I switched to Progressive Auto Insurance as a 25 yr old male and my bill went from $317 to $97 a month. And a $280 phone bill is crazy! Switch to Mint Mobile. There are things you can do to lower your overhead costs.
I pay $60/mo simple mobile.. simple!!
Yeah, i do both of those things. Geico and State farm were going to charge $250 -$350 for my new to me car from 2018. Progressive charges about $210 (raises rates on me by about 10% for no reason). Mint saves great money as well. Have a roommate as much as i don't like him, I am paying about $650 w/ utlities. Still feels like I'm on the edge though unless i cut my retirement savings down
glad someone else called this out because it sounds like a simply budgeting issue she's having.
When she said she has a $800/month payment for two vehicles is what got me.
100,000 a year isn’t enough…? Lady at 4 mins is living way above her means. 2 car both 800 a month payments, buy a cheap better and save. Horrible example of middle class, she is wealthy but make bad financial decisions
What bothers me about this situation is the fact that the news and media are all going about a recession which is understandable due to the war and pandemic but still the same media still publish articles about folks in the same economy pulling off hefty 6figure profit(Averg. 200k in barely 8weeks) in this downtrend how is that possible?
I've come to realize both bear and bull market provide opportunities to make high gains, I used to call bluff on folks that bragged about making a fortune from such down-markets until I happened to do so myself
Well the US-stock market has been on it’s longest bull-run in history, so the mass hysteria and panic is understandable seeing as we’re not used to such troubled market, but there are opportunities lurking around if you know where to look while everybody’s been screaming falling sky, I’ve netted over $850k in the past 10months.
The adviser I use is actually quite known, you might have heard of her, Ingrid Cecilia Raad, she's been featured on several platforms including CNBC and Bloomberg, you can search her name.
I lost $7,000 investing with Ingrid Cecilia Raad. It was my entire life savings 😢
There are too many useless laws and regulations. They are invisible taxes.
I love their term "squeezed". If you're barely paying your necessities, even if you do make good money, you're poor. They said it themselves that middle class is living check to check. To me living middle class means you can afford to take vacations every so often, and can handle the occasional bump along the road.
Exactly so basically the people they are calling middle class are not middle class they are working poor. Middle class means you can live comfortably and you can u have disposable and discretionary income, if you have little to none of that you are not middle class you are poor. What I see is a lot of poor working-class people due to inflation and the rise of the cost of living.
They also said standard of living. I know way too many people struggling but they make great money. They want to live in cool cities, close to the cool things. That’s expensive. They have nice new cars they are paying like $500 a month on. Young adults aren’t having kids, they make good money, they want to live in cities and they are willing to and able to pay high rents further hurting others.
@@johnmorrison5502 A lot of the jobs available in those areas are not available for those who are in the more rural areas there is a reason why towns exist people kept moving to them even centuries before why people flock to cities
@@Introvertsan The problem is these people have built an identity over their lives that "other"ed working folks like fast food workers so they cant admit they too are poor workers
@@jaad9848 that's a good point too because I realize in some office jobs people act very extra and look down on people who work outside even when they are coworkers some extend that treatment to trade workers which is funny because while they are on their high horse being broke and poor with their noses turned up at them so of the people who work outside or are trade folk make more money in one week than several months of their salaries and have assets which they do not have
Its crazy to me how an american can earn 100.000 a year and still struggle, in Europe you would be living a very decent life on that wage.
Unfortunately us Americans are addicted to spending and financially illiterate haha
Yeah. Earn $100K/year sounds a lot, but we bring home not much because we pay a lot of income tax. Expensive rent, food, childcare, health insurance, and other multiple bills.
The lady making 6 figures needs to be much more grateful for the position she’s in. She’s literally able to save and put money aside for SEVERAL things, on top of paying insurance for her household. I get it, a few years ago that money went much further, but she def not struggling like the rest of us…
Similarly* yes, but not to the same extent 😅
Glad someone called her out her case just sounds like budgeting issues or living above their means. I dare her to live on 26K a year.
Childless, debt free, stress free, and live alone. I lived frugal for years. I’m living better than ever right now.
i walked your path. Im 36 living as recluse its lonely but its the only way to go now
It’s not the only way….if you find the right spouse /partner …you have someone who can share your financial burden as well as life….my husband and I split the mortgage, bills which lessens our burden by half ..if we stayed single we would still have to pay for a roof over our head , food, car etc…but now we share those responsibilities
@scarletlady3727
It's sad but I'm 36 and haven't dated since my early 20s. I joined the mgtow movement.
Modern men who refuse to be involved with women because of the risks involved. Not to be arrogant but I'm a decent looking guy I could get a girlfriend but it's too risky.
@@davidcook680
brother you are speaking 100% truth.
I was raised in a middle class family,
went through school and college, followed the path most americans did, and at some point, you just get it. This entire system is owned and we are all pawns. I am jewish and turned to my roots and following the torah law. We all were meant to live for so much more than this materialistic, capitalistic, hell called modern america.
the tide is turning, one day we will be free with g-ds help.
@@davidcook680 Blame the border.
Employer-provided healthcare is a culprit here. If your comfort and health depend on your employment status, employees will always feel on edge. This has to end!
That is so low on the list tbh. We need higher wages that are actually liveable. If we have money we can choose what we want to do with it, but wages haven’t kept up with inflation for 40 years
Some things should never be privatized... Energy, Healthcare, Housing, and Education. IMHO.
Why is America so poor? Ask the landlords that charge 4k per month for a studio in San Francisco or New York. The middle class meanwhile gets paid $7 per hour. All the shopping places charge $50 for a tea cup just to pay rent of $10k a month.
United States capitalism is working well for the landlords and politicians that charge $$$ and exorbitant taxes to own property so they can keep people on Welfare and voting the crooks to stay in power.
@@BrightWendigo If we have healthcare for all then we will be in a stronger position to negotiate for higher wages. And we will feel bolder about starting small independent businesses without the spectre of financial collapse if your kid breaks his collar bone.
@@markharmon4963 you get that with higher wages too, and I’d rather get higher wages before adding more taxes into my wages
Being from the middle class I can tell you from experience that any increase in pay we get is eaten up in more taxes. The government forgets that for every extra dollar we make we have to pay more in taxes which means that we don't have that we still can't afford anything extra, because even if our wages go up annually thanks to a tiny raise the cost of everything is still out pacing our current wages. We should all be able to make a living wage which hasn't happened since the 70's
I don't think you know how taxes work
COL isn't outpacing wages
Yes - we are making a living wage lol. Since the 70s? What?
The American dream is now a nightmare!
It's really not though
Joe? 😊
You need to travel..
@@DamianBadalamenti I have been to Mexico, Canada, Korea, French Polynesia, and China (3 times). The US is the worst of all of them
@@midori6756 your American privilege allowed you to travel to those places easily..
American problem is they lost industrial base, and they have nothing to trade except weapons and overprinted money. I'm glad i had liquidated most of my major assets on the financial market at premium price before i call bad investment!
A recession will occur whenever there is a disturbance in the supply chain or if consumers start to cut back on their spending.
Do you think selling is a wise decision? I wonder if selling is the right move despite the recession and impending recession, as I am a huge pro-economy person. But it is also dependent on your risk limit.
@@mvanwie Interesting. Nonetheless, I stand corrected. Did CBCC recently highlight Yvonne Annette Lively? She discussed how the economy is fuelled by debt and credit. Despite the fact that she is quite expensive, it is better to be cautious than sorry, right?
Reason why China also rose up because that's where our jobs have gone. Combating communism while funding them. 😂 Americans are funny.
No, you're just feeling what it means to always need GROWTH GROWTH GROWTH OR ELSE when you have finite resources. Capitalism has failed a long time ago, Reagan just accelerated it. We dutch did this with tulips, now do it on a grander scheme with a more macro vision and wait, it won't happen in a decade, but the signs are becoming more and more apparent.
What is rarely mentioned is we worked harder, longer, and better, while going nowhere. Medical insurance is a factor $1850 a month, car insurance $300, taxes, high home prices, and now food is scary high.
Food prices is killing me
No problem for compliance demanding goons..
$300 for car insurance? I paid less after a DUI.
@@favor4afavor823 you're probably not in Florida then, the road rage capital of the US
Well stated.
poorness isn't an emotion. My REALITY is that I'm poor, my feelings about it are rage, depression, anxiety, hopelessness.
Exactly and now it’s to the point my rent has gone up so much and I can’t even move because you have to make three times the rent but the rent prices in my area are even higher than where I live. This is ridiculous and regulations need to be placed on apartment complexes.
I think saying things like "middle class lifestyle" is the problem. There is no "middle class lifestyle". There is a statistical middle class and what they can afford today is different than what they could afford back in the 50's and 60's. Being an average earner doesn't buy as much. That lifestyle that the 50's middle class enjoyed is now only enjoyed by upper middle or low-tier upper income earners.
Is it? How big were the houses in the '50s? Did they have 2 cars in the driveway? What about mobile phone bills for hundreds of dollars? Did they travel often and far?
People had a different life back then and it is difficult to make a real comparison. I do think that middle class today, even with all the struggle, still has a more prosperous life compared to 70 years ago.
@@Hans-gb4mv well even if they do today, statistically their Millennial and Gen Z children will be poorer than their parents.
Also, the phone thing is such a stupid thing to include, as if people who have jobs and lives today can function without a cellphone. Plus people buy phones on credit or payment plans all the time.
This isn’t true. Look at the average middle class home in the 50’s. Most middle class people would be repulsed to be seen living in them.
@@Hans-gb4mv if you think the reason why people can't afford big houses is because of cell phones and travel, I suggest you look at the cost of housing relative to the wages over time. That explains it all and it has nothing to do with the small perks of participating in modern life.
@@SU1C1D3xPR4D4 this is completely false because those houses still exist and are still occupied. The issue lies with developers who in order to maximize profit, decided to build bigger houses.
Love to see how college education costs 50x more than when I was in college 20 years ago. Classes are almost all the same, lectures, large group classes, labs taught by TAs, and I’d like to see where legitimate exponential rising costs can be rationalized by these institutions.
College is a fraud. I've seen so many young employees come into the workplace with degrees that have NOTHING to do with the job they have. Most are straddled with high tuition bills. They assume that high paying jobs would be lined up at their feet. Most don't realize that you need to continue to work on yourself well after college to get that good paying job.
Not just TAs for lab but many of the lectures are taught by adjunct professors. The universities pay them almost nothing with no benefits.
Because the GOVERNMENT got involved in college tuition....make college loans illegal and sit back and watch as tuition costs plummet ...
College and universities make so much money they could pay the tuition for everyone in the country and probably have enough to pay their bills for the year
My experience right now is that my university has big brand new buildings, spends money on the most useless stuff and professors don't teach at all and just confuse students more, thus hindering learning. All of this is not good for student morale.
Every time I'm getting ahead something happens that sets me back. One step forward, two steps back.
I'm 38. I've been working 50+ hours a week since I was 20. I'm burned tf out and my mental and physical health are paying the price for it. I always find myself making yesterday's great money and today's just enough to cover a mild inconvenience. I live frugal. I save when I can. My 401k contributions are paused because I need the money now. I don't expect to retire, buy a home, buy a new car, or any of that. Given the state of dating now, I don't expect a family. I expect to go to work and fall over dead one day. That's what I see as a very real possibility.
There is no middle class, its the working class and the managerial class.
Working class and owning class. The owning class collects rent checks and dividends from the working class.
Princes and peasants.
And that's a good thing.
Doesn’t this just come down to not buying things you can’t afford? Don’t waste money on things you don’t need.
ha! managers are struggling too! the actual wealth is much further up the ladder. you're mad at the wrong set of people
Don't get me wrong, I know the economy is in shambles and in order to break even and make profit, we have to ride it out until stock recovery, but how are some folks in the same stock market as me still able to pull off substantial profits of as much as 650K within months, what am I doing wrong?
You're not doing anything wrong, you just don't have the required skillset to profit off a down market, folks that are making profit in this market are pros and experts with in-depth knowledge and skillset
@@edelineguillet2121 Exactly why i enjoy my day to day market decisions being guided by a portfolio-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not outperform, been using a portfolio-coach for over 2years+ and I've netted over $800k.
@@fresnaygermain8180 please who is the F/A guiding you
Here we go again. PSA - THIS THREAD IS A SCAM. REPEAT, THESE PEOPLE ARE BOTS AND THIS THREAD IS A SCAM.
It's on every single one of these videos.
You still think the current system is fair, you play buy the bourgeois rules.
One thing about the lower middle,and upper classes is how they view debt. A lot of my family (I grew up poor) avoided credit cards at all costs, and the rich see debt as leverage to build wealth. It feels like the middle class see debt as a means to showcase something- to have something to show for your own life, where the poor and rich see money as what you need to live and grow.
Well said.
Because the government is raising the prices on every and anything. THAT'S why.
With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly-which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio
Infarct, ever since Coronavirus, I've been in regular communication with financial examiners. Nowadays, buying moving stocks is quite easy; the trick is knowing when to buy and when to sell. The section and leave orders for my portfolio are made by my counsel. accumulated more than $550,000 from a $150,000 savings that was initially stale.
@@marcelrobert9569 Please let me know the name and phone number of the consultant who helps you with your investment.
How to profit in volition markets? Put options or swing trade.
one word gold
Liquidate and dump it into Inflation bonds from the government. You will make 12-15% over next 2 years most likely
We read news in the media that doom and gloom is coming and we just accept it, doom and gloom doesn’t always have to be coming, I’ve read numerous success stories of people that are pulling off tremendous gains of up to $250K within weeks in this crazy market and I just want to learn how to achieve such figures.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
This is exactly what happened before the Great Depression. Penny stocks in a Bear market bit the mass majority in the ass when it was time to pay on the losses
We need the UBI tied to the GDP get a petition. A dividend.
lol youre not making that type of money unless youre already wealthy.
Everybody can become rich 😂😂😂😂 goofy these are what people are going through this isn't a Rocky movie
Almost everyone, including the media, is anticipating a market catastrophe, and as a result, many are turning a blind eye to the opportunities in the market. I began investing in stocks and Defi earlier this year and it is the best choice I've ever made. My portfolio is rounding up to almost a million and I have realized that when a stock makes it to the news, chances are you’re quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, maximize it
What opportunities are there in the market and how do I profit from it?
@@Leighwilliams112 You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.
@@Randymanfred41 I will really like to know how this actually work
@@Leighwilliams112 All you need is a good capital and the service of a professional broker, with those your investment will most certainly produce high yields.
@@Randymanfred41 Do you have an idea of any good broker I can start with?
Thanks Reagan!
You're welcome Ukraine
The Savings Rate just collapsed down to 2.2%, the lowest level ever. Means Americans are running out of money. Last time it was this low was 2006-07. Right before GFC. Major Recession Warning. Expect a big decline in consumer spending in 2023. In five years, I would be retiring or working less hours, so I'm just curious about how people divide their income-specifically, how much goes to investments, savings, and consumption. I make about $165K a year, yet there is now nothing to show for it.
I can't tell from your post if you have a 401(k), but with $165K in income annually and nothing to show for it, it sounds more like you need to review your monthly budget because you are living beyond your means. Seek financial advice, reduce your monthly expenses, and any money you save should be invested wisely.
@@IAMBETTERTHANYYOU I'm self-employed, therefore I sponsor my 401k companies, and I'm open to multiple income streams. If you've worked with an advisor before, how was your experience with them? Is it as profitable as you make it out to be?
In other words, an advisor-managed portfolio would average 8% annualized growth over a 25-year period, compared to 5% from a self-managed portfolio.
@@Americanpatriot723 Yes, a Fidelity financial advisor named "LISA ELLEN SHAW" put an end to my fears about investing, and after making more investments, I was able to reach the seven-figure mark in less than 3 years. A licensing advisor satisfies the necessary security criteria; hence, reimbursement is guaranteed if I'm dissatisfied with the service, so I'm much better off hiring one.
@@IAMBETTERTHANYYOU Thanks for this advice. Finding your financial advisor was easy after looking her up. I found her website afterwards, left a message and hopefully she will reply soon.
I lost my job for a couple months and my entire world flipped upside down. I still have not recovered to a level I feel safe at. Right now I’m one paycheck from financial failure. All because I lost a job (due to a illness) and took months to get another job.
Thank the Democrats
@@izzybizzy9589 I’ve been an adult under 4 administrations. Neither have made a difference in anything.
You didn't save up an emergency fund, that's your fault. It doesn't take that long to get a job. You're applying for jobs in preference, that's your fault.
@@kylehuffman4096 you lack wisdom and you know not what you speak of
@@kylehuffman4096you’re dumb. Corporations are hogging all the money. Wages are stagnant and have been for decades. I’m right leaning and I see this
A quick point about that crazy high phone bill...if you can live with a capped data plan, you can get it down to around $15/mo per line. That's what I'm paying for unlimited talk/text with a 3G data cap. If you can live with a 1G data cap, it gets even cheaper. Most places don't advertise those plans, so you have to go into a store and ask for it. I'm using T-Mobile right now, but I hear Mint mobile is good too.
There are several issues that are rarely spoken about in these types of documentaries; because items are now made cheaply and I'm talking everything from small to big ticket items, we don't get a longer use from these products and we have to keep replacing them. I recently replaced my stove and refrigerator and these appliances are such garbage in comparison to those that I had for over 30 years. I have had maintenance done on both items and they are less than 3 years old. With cars, it isn't just gas and insurance but the maintenance of these vehicles is astronomical! My car has had five recalls! Every time I pay off a car, it's like the dang thing knows and it has a some kind of an expensive breakdown. I feel like I'm a catastrophe away from claiming bankruptcy.
I always thought middle class is someone who can responsibly afford payments on a less than 5 year old mid-tier vehicle, own a home, has decent health insurance, & a retirement fund. This is coming from someone who has none of that.
Payments on a car…that is your first messed up thing you typed. Buy used and use cash. If you can’t pay cash…don’t go over 5k for that car. I know a lot of middle class types that always buy used so they don’t have payments.
@@pistachiosandpopcorn7146 I can agree with that. I personally drive a 99 Honda and am having the engine replaced this very week. I running that thing until the wheel fall off. I've had car payments & hated every moment of it.
I a word: housing. Housing takes more of the budget than any item for most families. We have allowed housing to be financialized and let the media ignore the problem.
Ain’t it crazy how the necessities you need is the most expensive….
In San Diego it is absolutely insane. My sister tried to move here with a short list of reasonable requirements for a home with a budget of over $1 million. Couldn't find anything and gave up.
Lol, what the heck is "financialized" supposed to mean?
@@thedopplereffect00 It means housing is used not as housing, but as an investment vehicle - a place to park your money and get a good return on it. Like Real Estate Investment Trusts buy up single-owner apartment buildings and jack up the rents - so the investors who bought into the building can get a fat return on their investment. The same thing is happening to single family homes and even mobile home parks - instead of producing goods or services, now the deal is to sequester housing and rip people off for access to it.
@@jasondrummond9451 Heard california had a huge tax for non residents to combat that, does that help i wonder
ALL Americans on both sides can come together on this issue of wealth inequality.
Billionaires should not exist and need to be broken up. The people who actually do the work deserve WAY more!
Inflation I think has effected a lot of people's buying power overall, especially within the last 2-3 decades or so. Housing prices are one indicator, example: A realtor who was selling a mobile home next door to ours here in LB CA. Bought a kind of fixer upper home around the year 2000, for about $120,000, he recently had it appraised at about $1.3 million, in a regular 1950's style stucco house neighborhood, a nice area yes, but not like a Bel Air or something like that.
The lady with 100k household was quite amusing because her breakdown showed they just lived outside their means.
Not to mention she talked about how getting married made HER get taxed more, completely ignoring the fact that her husband taxes were lowered because they are married and as a WHOLE they pay less taxes because they are married.
Then the LIFE insurance, $800 car payments (screams either a a short 3 year loan, buying cars way outside their means, or bad credit), $280 for phone (screams either paying off phones that aren't necessary or having a phone plan that is expensive and likely not necessary), $400 for car insurance is extreme if they get multi car/other discounts.
Not to mention, she mentioned her check was $3000 (weekly/biweekly?) but made no mention of her husband's salary which would have further shown that they just have poor money management.
this family is putting money into retirement and education funds, and buying insurance policies, and then acting like those are expenses rather than assets. they're just whiners who don't understand their own finances.
The only thing she made a mistake is car payments and insurance, that is too expensive
Why has she taken out life insurance on her child? When I worked in the insurance industry, one of our vice presidents said the company made a big profit off life insurance for children.
@@gbb82 Perhaps they have medical issues that mean life insurance is a necessity. Its also known that credit terms can be higher depending where you live, your job, your long term income, your contract of employment. The assumption is that she was paying it all. Her husband could be studying. She did not that what was going into the college fund was small (knowing the cost of even basic college and student loans). Middle class earners in the 50-70's also had retirement plans, college education saving and some had life insurance. Yet they had money at the end. Most often had 2 cars. Most owned their own home unlike the example.
@@stephendoherty8291 Okay thanks for explaining.
The cost of groceries is absolutely insane
Spent $50 on 8 items yesterday
It depends on what you get, rice beans frozen veggies and some fruit are not more. Buy meat on sale (close to sell by date) or frozen vs fresh, pork cheaper than beef, get creative as our grandparents would. Don’t buy it if too overpriced.
It is😊
@@lancasterpennhere’s the thing, a hard working citizen shouldn’t have to feel guilty and their wallet being bled dry for wanting to eat their favorite meal once in awhile
@@arekgalang5555
Hard work means NOTHING. Good money management is the answer
Amen to everything the lady from Texas said.
It's because of the cost of living. Some countries families are earning 10usd a day but they are happy. Because they don't have debt and enough to pay the daily needs. Cost of living is cheap on some other countries.
There is no such thing as middle class in this country, just working class and owner class.
Agreed 100%
I have to disagree. My wife and I are upper middle class for sure. We both have built solid careers. We save 50% of our income every month and still live in a very nice house with nice vehicles and even an RV. But we make sacrifices and tough Choices all our life. The opportunity is there. My kids both bought houses before they were 25.
We don't feel poor, we ARE poor.
👏👏👏
You do realize that Americans are one of the richest people on Earth right? Most of the world earns less than $10 a day. You sound extremely entitled.
@@lavaregion6968 How do you deduce me saying we are poor as me being Entitled? Not just entitled but extremely Entitled?? Lmao wealth is relative. Being poor in America probably is better than anywhere else but it just doesn’t change the fact that you still can be relatively poor within the USA. Your basing your rationality on skewed averages of American wealth that’s mostly held by the very few majority of millionaires and billionaires of the world which are indeed American.
lol just get a job at CNBC, bro
No- that is absurd. Our "poverty" is relative- we FEEL poor compared to our wealthier neighbors but that doesn't mean we are poor by any objective measure. The median household income (not the average, which is skewed by the millionaires) is about $77,000 in the US even after adjusting for recent inflation. That is not poor. In terms of disposable income (income left after taxes and including govt payments to low-income people), we are the highest in the world. We beat the #2 country by over $10,000 and #3 by over $15,000
Just turned 36, making the most ive ever made in my life with in demand skills. Im being absolutely beaten by this economy like mike tyson and evander holyfield are jumping me. This isnt working. Im looking at different cities in different states the entire situation seems grim just like the start of the movie they live. I can only imagine what others are going through
$280 for 2 phones and $800 for 2 cars... that's two things you can drop drastically.
We feel poor because the salary for my position didn't increase for 12 years. Medical bills, child care, health insurance, and everything else sky rocketed.
Go strike on your company or take it up to the ceo
Why would you stay at that company all those years and hurt yourself?
Did they compensate you with bonuses or stock options instead or salary?
If not they're saying you're worth less than when they hired you.
You have to job hop nowadays. If I don't get at least a 6% raise every year I start submitting resumes.
@@sniperhare it’s not a company. a University. Except big schools, most university professors and other staff paid peanuts.
Exactly 😂
The apartments I stayed at when I was 18 was 650 for the 2 bedroom, that same apartment complex wants almost 2k for 2 bedrooms. That was only about 15 years ago, the houses I pictured myself living in by now that were 200 to 250k are now half a million to 700k.
Dollar taking a nose dive.
Housing is why most are struggling as you can get around inflation by buying store brands or eating out less.
Thats crazy 💀 im 24 , and my bedroom that I rent, costs more than a 2 bedroom apartment at my age.
Jesus Christ!!!!! That's a huge jump. What did they add to your area to increase the value of properties that much?
@Desmond Joyner Austin, TX. But one of my uncles sold an empty lot next to his house for 200k.
Middle class is not middle income. If you are middle income and can hardly afford rent, much less a house then you are poor, not middle class. If you can't afford a $500 surprise bill, then you are very poor, and 60% of Americans can't afford $500.
How can 58% of Americans be middle class, if 60% are very poor? Your math doesn't check out.
Because 60% aren't very poor - that's how. Because your math doesn't check out - that's how
@@jsebby2284 Not having $500 is poor.
@abram730 you can make 500K but if you spend 500K then you don't have $500. That doesn't make you poor. It makes you stupid.
That's why those statistics are useless without knowing people's spending
60% aren't very poor. That's just factually incorrect
Well, i'm a member of the working poor. And i know i am not alone. I cannot afford a vehicle, and all the cost associated with it. I buy only ingredients at the supermarket. No, pre-made food. No restaurants or takeaway. No vacation in MANY years. And i bring a packed lunch to work. I'm just surviving. But, i see people living homeless. So i feel blessed. Lastly, that lady at the end with the Master’s degree. Proves a point i've always have said. Formal education, does not always equal intelligence.
Sounds like you're doing what you need to do. Keep your eyes on Craigslist and you'll get a free used bike sooner or later. Do you own a home?
I live in italy, I am a workers safety doctor. I worked 10 years (part-time) in northern industrial areas. I always lived like a working poor, because my education is "spartan". 400euros mono apartment, no vacations because my hometown was in south of italy so I was satisfied with the place and the sea. I dont feel the need of vacations, I tried it sometimes (south-east asia) but I think its a waste of money. It's normal here to buy ingredients to eat, it sounds strange and unhealty "pre-made food". I bought a good car (mercedes E) in 2011, just for the job and highways or weekends and I still have it. Its very healty with 150k miles. I DO THE routine stuff on it, in my garage, since 6 years now. I use everyday an old, cheaper and smaller 2003 car for daily stuff with 250k miles. I PREFER to use it, I feel better (spartan). After pandemic I almost retired from my job at 45 y.o. because now I have more than 400k in bank and I dont know what to do with them, I dont need to spend money to feel better. So, now, I work only on business trips, when I want (almost a week/month), just to make something different, a hobby. So I can choose only the best payed jobs, reducing working costs. Still, I put apart 2k every month, from 3-3.5k net. Money calls money, life is like a poker cards game: if you play poker with few money, you always lose even if you have the best cards. The first commandment is: NO DEBTS. Second commandment: you dont need to spend money to be happy. Happiness is the money you put apart, because you buy your freedom and, soon, money calls money. Even now, I live in mono apartment, in my hometown. I dont pay rent because my parents own it. I have a 4 times bigger apartment for free but I dont want to move, I just feel confortable here. Thats the way I am used. ps: this year I didnt renew Amazon Prime because I dont use it and it costs 50 euros now. 50 euros are insignificant for me, but I dont need amazon prime! Why should i need it? Morale: we are not poorer, we are just unsatisfied with life and affected by consumerism.
@@giorgiogiorgi932 What you're doing is called the FIRE ( financial independence retire early) movement in the USA. I agree, the best thing you can buy with your € is your freedom. I think a lot of people find out that when their investments have grown and they have to work fewer hours, they have less stress to "get away" from on vacation.
It's not just in the US. Even as a child I understood the value of investing and passive income.
If you are financially independent, you truly have the freedom to reach your potential. The reason we are so much better off and richer than humanity ever has been was because of the Industrial Revolution viz that we automated most of our work and so have more free time to actually do what we want.
AI is supposed to replace human beings and I always thought of it being a future like WALL-E where it takes care of basic human existence and we have the freedom to do whatever we want. There are many magnates, including Elon Musk, who think the same way.
But instead of AI being used for charitable and philanthropic purposes, it looks like it is simply being used to fire and get rid off as many employees as possible to reduce operating costs. The few who remain have to be EVEN more knowledgeable and capable in order to keep their jobs.
@@3namechangezalowdevry90day7
@@Leanzazzy AI is taking the creative, intellectual work and then we'll compete with IAs (Illegal Aliens) for the dirty jobs!
In my opinion, the definition of being middle class needs to be changed. It should be based on spending power, and not just income. Being middle class should depend on whether a family could afford to pay all their bills(mortgage/rent, electric, gas, etc..)every month, and still have money to save for an emergency, fund a retirement account(s), and still be able to go out spend on things like dinners and shopping.
Being able to afford it vs actually covering those expenses are two different things. I'd be considered middle class but I only make about $65K.
@@mscott1997 ,
$65,000 a year is good income depending on where you live and what you do to spend your money on
I'm no longer middle class because my only income is social security but because my mortgage is paid for I have a small car payment no other debt I live better than when I had a house payment and a bigger car payment and was working . I'm still able to put a set amount of money into savings every month. I dine out more times a week now that I'm not working because I have more time. I still shop the same way I did when working buying markdown meat and other markdown items shopping for clothing and household items at thrift stores and garage sales the only big difference is I'm not putting money into a 401k or Roth IRA just a savings account. I guess it depends on where you live and your lifestyle
I think the definition has been wrong for a while. You rarely hear of anyone being called 'working class' in America, but it is a common phrase in the rest of the English speaking world. If you work in factory, mine, shipyard, mall, office you are probably working class. I would go as far is saying if you earn a salary or hourly wage you a working class (I know there are obvious exceptions to this rule, but in generalities it is true). The middle class is term that should be reserved to upper level professions, doctors/lawyers etc. and owners of businesses, with 10 or more employees. I think because the working class in the US was doing so much better than the working class in the rest of the world for a couple of decades it has skewed the term. I don't believe it really matters if you have 2 cars and a picket fence, if you clock in at work, you are working class. @blongshankss77, your definition could still be working class.
There is NO set definition. It is a term used as a rhetorical trick.
Yup while ceo income increased by 40 percent each year. While us workers didn't get crap.
What is ignored is the rise in divorce and broken families. Instead of one home, you now have to have two homes. This has substantially increased the housing costs, due to competition.
Also ignored is feminism, and women competing for jobs mostly held by men. With more competition, wages are driven down.
Ignored is excessively easy credit. Student loans are truly a cash cow for colleges. Without any financial restraint, these non-profit organizations are making billions, and their director's live a very good life.
Alas, comparing 1970's with today is truly apples and oranges.
I grew up on welfare. Joined the Marine Corps, had decent take home pay, decide to go to college bc you know you get paid more! I graduate with an engineering degree and end up having less take home pay than I had as a Marine. There are very deep issues which will take a lot of effort and time to make it so that a grown man doesn't get paid like a kid who lives with his parents.
I was reading this hopeful (using the GI bill rn) but then got to the end and got sad lol
@@Steinwagner15 There are plenty of opportunities! Apologize for the discouragement. I took a job I shouldn't have. Wait for the opportunity you want, even if it's a small setback. I'm making the move into Software now using VET TEC. If you put in the work, being a veteran will only help.
I got out of he Army after four years to go to college. After college, I worked for 15 years before deciding to join the Army Reserves at age 41. Did 5 deployments, paid off the house then retired at age 60. Pension is not a whole lot but it pays all the bills and leaves some over. Best decision I ever made.
@@gbb82 Damn. I need to get on your level. Happy that you made it up to this point. God bless
@Unknown Comment Hasn't happened to me yet! Let me know when you meet that Marine
I feel like when people talk about middle class they only talk about families. No one every talks about middle class single people with no kids.
I know. Not my fault I knew not to have kids I couldn't afford.
There's huge discrimination against single childless adults. You get treated poorly at work. Treated with contempt by coworkers.
@@rpmartin8650💯💯
That’s because we don’t matter to them, we shouldn’t have any problems since we only have ourselves is what they think. We don’t get nearly as many incentives as married people or those with kids.
@@rpmartin8650 Exactly!
They talking about wages and how much ppl bring in but they not talking about the constant increases in prices for everything. Gas keeps going up, utility bills, car prices and home prices, cost of daycare. Everything is getting more and more expensive. Even simple luxuries like Netflix is twice as expensive as 10 years ago. It’s the prices that are killing us in my opinion
People will be like "bro just get rid of the internet, and all your clothes, and never buy anything besides water and beans and youll be happy"
The rich are money minded. That is one thing I learnt from the start. I have always wanted to build wealth. I have set out $167k that I had been saving since 2020, and I want to put it in the stock market so I can grow my wealth. Any recommendations?
It is really good that you do. I know a lot of people who have made a lot from the stock market. But you need to spend a lot of time studying the market if you want to be a pro, or you use a stock advisor who really knows what they are doing.
For real, people underestimate how much they can rake in from the stock market. Started with $127k just before the pandemic hit. Many people's portfolios tanked, but I rode through with my financial advisor, and even made more than $86k within just five months of starting, and it's been an awesome ride since then.
This is something I've heard of severally, but I just don't know how to find an advisor. If you'll be kind enough, can I ask who your financial advisor is?
The thing is that I really don't like making such recommendations. But there are many freelance wealth managers you could check out. I have been working with ''Eileen Ruth Sparks'' for about four years now, and she's made decent returns. If she meets your discretion, then you could go ahead.
Thanks a lot! Definitely gonna check her out. I have an existing portfolio. Do you think she could help me manage that? I've been in the red for a while now.
Uniquely american problems like:
-Car Dependency
-Medical Bills
-Few Workers rights
-Hustle / Gig Culture
Just to name a few
Nothing unique about these problems except for the first one. It just sucks, because we're supposed to be the country of freedom but once you peel back the curtains you see it's all a lie.
gig culture is not uniquely american, europe and asia are adopting it too but some countries are already in the process of banning it
And gun violence.
Workers has more rights than employers, they can conspire against employers, employers can't. I'm for equal rights.
@@XOPOIIIO 😂😂😂😂😂 everything you just said was blatantly false.
I just left a job to be closer and less drama and bs. Gas was killing me getting there every day I was paying about $100 or more a week in gas and all my bills have went up. I make good money but with the cost of everything it’s unreal. I have cut up all credit cards and I’m paying them off and we are saving to buy a fixer upper home with out a loan. Done being a financial slave. You can’t afford to work your life away and live in poverty to stupors the rich and famous lifestyle people need to wake up and get a clue. Your literally working your life away to make theirs more comfortable and that’s not okay!
FEEL POOR!!!! We ARE poor. Prices of everything have skyrocketed but wages have stagnated. Plus most jobs require degrees but pay the same rate as those that dont require them. There is no way to save up money with rent.
We aren't poor though. Objectively speaking.
Wages haven't stagnated. They're outpacing inflation.
The stock market is a no-called-strike game. You don’t have to swing at everything - you can wait for your pitch.”
I made it to middle class at the beginning of 2020. Inflation put me back in poverty. Basic expenses are very hard to afford nowadays.
You: gets to middle class
Inflation: "Im about to end this man's whole career."
Im sorry for your situation. Its sickening.
Same here. I saw a glimmer of hope in 2020.. now I'm nearly to tears week after week
Hello everyone, I'm here to inform you about who helps people who are in need of financial help kindly dm on telegram for help❤❤
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@HACKERWEALTH
I’m in the same boat. I finally got my career, and it feels like aim back making minimum wage
Im 50 years old my Grandparents were definitely upper middle class. They owned their home owned comercial buildings they rented out and several acres of land that they had inherited from THEIR parents. Myy grandmother lived to be 96 commercial buildings were sold to take care of her Myy mother inherited the primary residence and my mothers brothers inherited the land . My mother is in her 70's but could easily live another 20 years. She will need the money ffrom her inheritance even though she has a good retirement.. So third generation ME) will never see any of that money
Greedy capitalism is crushing millions of Americans. Businesses and companies have the power to eliminate this insane increase of products, shelter, and services.
My parents bought a house in their 30s. They are just regular ass people. Mechanic and a day care worker. Now you basically have to be a PHD couple or C level management to get something. The bar has risen very high.
Feeling poor? My bank account confirms it.
The bank app lists where and what my money is going, to shove it my face
So many professors are discussing the middle class, even not guessing the middle class never existed.
It has always been well paid proletariat. There is no more reason to pay them well.
The middle class literally exists right now
Interesting how 2% inflation has been a concern when central banks and the Fed begin to hike interest rates. I consider the rising interest rate to be a very serious issue since it will undoubtedly cause more investors to withdraw their money from the stock market. This may have worked when I was only using a few thousand dollars to invest, but it is more challenging to decide to withdraw more than $365,000 from my account at this point. Despite the severe bear market, I am aware of certain investors that continue to earn that amount. I wish I could accomplish that.
sure there are loads of ways to make a killing right now, but such high-volume near impeccable tradess can only be carried out by real-time experts.
Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K during this dip, that made it clear there's more to the market that we avg joes don't know
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
I only work with one financial consultant AMY JEAN ANDERSEN, a financial consultant I came across on a business insider interview, to get in touch with her, just search her name online for all the info you need about her.
@@VanPelt54u7fcyde57 Thank you for this amazing tip. I verified her and booked a call session with her. She seems Proficient.
We don’t feel poor, we are poor. I wouldn’t even consider myself middle class. But I do own my home, I knew I wanted to be a home owner young so I had somewhere stable and I wasn’t paying nobody else’s mortgage. So I worked hard at 19 and built my credit for 5 months to get it. Now, I do get behind on my mortgage. I was in forbearance for over a year. But if I were renting, I’d be homeless. Thankfully I can be late on my mortgage and there’s options.
As far as car payments go, y’all, sell them expensive a** cars. With insurance and car payment, I was paying $500+ for a 2017 honda. I said f that, sold it, and insured two old cars that my dad helped me get for under $1000 each (very very fortunate to have him). The insurance yearly for two cars is less than it would be for me to keep that Honda for just 3 months!! Go on Facebook marketplace and find a beater Honda Accord for $2500 and figure out how to do the regular maintenance on your own from TH-cam.
Do what you can to bring your debt down. I know these things won’t work for everybody, and again I do struggle and live paycheck to paycheck and I’m still behind but at the end of the day make sure you’re living within your means.
I completely agree most Americans are living paycheck to paycheck. And most people have more than one job.
Yes you would think this would be common sense, but it isn't. I purchased a 2012 used Honda Accord for $2900 a couple years ago.
@@erickn7985 got 2016 Honda accord 60k miles in 8k dollars
Person got divorced and don't want to give biaatch a penny sold me car in cash
Made my day
Owns a house and thinks they're poor lmao. There's a difference between feeling poor because you're struggling and actually being poor.
@@Zordiak you can be poor and own a house. I come from poverty. I just used the US credit system to my advantage. I try to teach my friends this all the time. You can buy a house with literally $0 down if you just educate yourself.
We are suffering. look on the streets. do you see the increase of homeless on the streets. Stop the B.S. middle class is shrinking.
That background music is not necessary
This is a video describing how the middle class who used to think they had worries of the upper class and would side with the upper class politically against the lower class are suddenly realizing they arent actually part of that upper income class.
I recently had a death in the family and got an inheritance which I used to completely pay off all my debt, and I STILL feel poor. My expenses now are only 35% of my income but everything is so damn expensive i'm constantly paranoid that something catastrophic is going to happen and put me right back where I started. Even the rare surviving middle class american such as myself is still just one medical emergency or pandemic or financial crisis-induced job loss away from total financial ruin. The only thing keeping me going is the thought that, at least for now, money I used to be putting toward debt repayment is instead going into savings and investment and maybe, just maybe, the next time life deals me some BS i'll actually have the funds to cover it instead of having to resort to credit.
If you have more debt than on you bank account, then you are poor, living from paycheck to paycheck. The loan for a house is an exception as this does not degrade.
There should absolutely be no way that foreigners are allowed to purchase American land & homes, and there should also be a limit on how many homes people can own to leave some for others.
When I moved to the US the spending culture really shocked me. Little things like eating out instead of cooking, buy a coffee and seasonal decor. I don't say that is all, I know student loans, rent and more, makes it hard. I feel for the people who cannot pay health and housing.
The ‘seasonal decor’ gets me too and I’m American. The people that do a different Christmas theme every year and spend so much money buying all new decorations. Why?
@@pholliez I promise you moronic foreigners from across the pond that people finding the smallest amount of happiness by putting lights on their houses and candy canes in the lawn is NOT what is causing poverty and suffering for the lower and middle classes. It's not.
Same the decor is the decor das it. This year I splurged and bought a small plastic Christmas tree and dollar store decorations. I’m gonna use that every year till it turns to dust
But they aren't comparing Americans with other nations, Americans have been able to do those things for decades but bad policies and regulations have driven up the cost of everything. If you make something and the government puts roadblocks up it makes that thing cost more.
Our consumerism is off the charts. I have a friend who makes a modest income but leases a $50k + car every 3 years and they've redone their living room furniture twice that I know of just for a "refresh". They can certainly afford to do this kind of stuff but should they, especially when it comes to detriment of other things? Not long ago this same friend was stressing about having to chip in for her parents retirement home soon and complaining about utilities bills increasing so much in the winter.
I guess I'm boring, I prefer to maintain my reliable car, keep my perfectly good furniture, and sleep really well at night. Helped my dad retire at 61 since I had a big chunk of savings, he was in position to do so but stressing about medical I pretty much wrote him one big check and said this covers all of your medical until you are of age, no excuse now to not retire and chill.
I make sure my car bills and rent get paid before I eat. Been under 100 lbs since March 2023
💯
The food prices hit the hardest. Every restaurant nowadays has meals over $10 and even Walmart is becoming unaffordable
These are the CNBC videos I love. Economic mobility is slowing in the US. Life is harder.
Country with most millionaires 🇺🇸
Country with most billionaires 🇺🇸
Country with most small businesses and start ups 🇺🇸
Best hospitals 🇺🇸
Best universities 🇺🇸 we run the world
I’m sorry this is a dumb take of good ole American exceptionalism. Look, nothing wrong with earning a billion dollars, but when you hoard hundreds of billions and cannot find a way to use that insane wealth to help others and find more purpose in a wider lens, it’s nothing to be proud of it makes you a bad person.
Is a hospital really that good if you’re going to be in 10,000 in debt for a broken bone? Get over yourself.
@@bradIeyyy Having the most millionares and billionaires isn't a sign of prosperity. By that stupid logic having the most number of people means your the most popular country to live in. Wealth distribution, income to cost ratios are a better indicator of economic prosperity. Also fun fact, Billionaires and the ultra rich are just as much of a burden to an economy as people below the poverty line.
You love this video? It’s a parade of ignorance, stupidity and lies. I don’t know where they found a collection of imbeciles. It probably wasn’t hard and it says a lot about the plight we are in
@@bradIeyyy you must be Blundered.
$30k in credit debt from shopping?! That's an addiction, I hope she worked it out and stays safe
First, people. QUIT buying cars that are so expensive! Buy a 2 or 3 year old vehicle, have a mechanic check it out. When it is paid off, use the payment money to start saving for the next car & pay with cash. That lady’s $280 a month for cell phones is ridiculous. She can do much better - & she needs to look at the fool in the White House to recognize how much WORSE the middle class is vs. the prior administration. All can be connected to BIDEN’s shut down of Keystone pipeline which would have been finished a long time ago. Fuel costs are ruining everything & the blame goes to climate alarmists.
@@dunkmastercloud4818 Or a surprise rent increase with no other option but to put it on a credit card temporarily. My neighbor's rent increased 53% in September because the market supports it. It's looming.
time stamp?
30.000 over a a few years for groceries is not an addiction, that's cost of living.
but in truth, I wouldn't know what we're talking about, since this docu is almost an hour long.
@@brmbkl It's at 48:01 ... she said she was sad and spent 30k.
Yeah I think the point was that unrelenting financial stress makes us more prone to leaning into our bad habits, vices, and coping mechanisms. It's a mix of personal responsibility and inherent flaws in the financial system.
So, something is massively wrong which some of the numbers
If you make 100k, filling jointly with a child, fed taxes are about 10% (9,500) overall with child tax credit (standard deductions)
FICA is another 15% but employee only pays half … so. That’s about another day 8k … that’s 18k federal taxes on 100k. Average state burden is about 10% of which a third is state income tax, so $3,500 (likely less as lots of sliding scales and deductions for federal taxes paid)
So - that should be about 78k take home or about $6,500 a month … realistically closer to $7,000
That’s a solid income and with some managing likely should not be paying any taxes (pre tax deductions on college funds, health care, small business deductions, etc)
We don't feel poor, we are poor. There is a difference. We are all seeing the breakdown of wealth for everyone but the seriously rich. Life is becoming VERY one sided here
We aren't poor though. Objectively speaking
Honestly I was in this position for a decade. So I took control. I changed jobs every 6 months and went to the highest bidder for 2 and a half years. I upped my salary by 40% in that time. I made them pay me for my experience and skill level.
I work in HR and can testify that is the best way to get a higher pay..loyalty to a company just isn’t of any value anymore…a company will lay you off in a second if they need to for their financial reasons ….an employee is just a a number to them…people should move to a new job every year, unless they are being paid extremely above market
@@scarletlady3727 That's great advice Thank you
I do the same thing. My field has gotten start though and terms of employment are commitment agreements so that sucks. But for me, life still happened and my debt didn’t change.
@@JazzyJae88 I'm sorry to hear that things have been so difficult. I know in the State of Florida it is an at will state, so that an employee can leave employment at anytime for any reason, and the employer can terminate employment likewise. I don't know what field you're in, but maybe you can negotiate those terms before your next contract. Most businesses are struggling to find enough employees right now, so they will probably be willing to negotiate in order to keep you there. Praying that you will be paid more fairly in the future 🙏
easy to say when you don't have mental health issues or other health issues... must be nice to be neurotypical and healthy
I was definitely in the middle class while working in high tech industrial training, but then I experienced an accident caused by poor contruction of my garage (a national company) that caused traumatic brain injury and could never go back to my job. No one explained that I could have gotten Disability, so I had to use my IRA for 13 yrs to survive before I could get Social Security. So now, Social Security is my income, and since I couldn't work those 13 years, my SS payment is much lower than it would have been. I had to move from the city and live out in the middle of nowhere, the nearest Walmart is 45 minutes away. Thank goodness for Food Banks for Seniors and knowing how to home can food. I just hope that my car outlives me.
I'm so sorry to hear that Monica. That sounds like an awfully tough situation to go through especially to no fault of your own. I wish you the best in your retirement.
@@DOJODAR thank you! At least I no longer have to fight Houston traffic! Our local joke in our very rural area is when we get 1 car at each of the sides of the traffic light, it's a traffic jam! Luckily my parents grew up during the Depression so I heard their stories and learned how to adapt.
So sorry that happend to you, i know it sucks but in some countries nothing would be there for you to live....like at all.
@@JoeySav I understand and agree with you. Some countries see older or disabled people as throw aways. Luckily I ignored my boss and others who tried to convince me while I was working to do other things with my money. Being my stubborn self, I ignored them and had that money when I needed it.
ss will be gone repuke are getting rid of it im in the same boat
A good part of this has to do with what Chantel mentions. 6 figures used to be upper, is still taxed that way. The Bay Area middle class now starts with a 3, but tax brackets barely move.
And now everyone is “why don’t we just tax social security and remove the cap!” Hard no. Apply that to capital gains taxes if you must.
My household consists of two adults, we both work 40+ and we are absolutely broke. We can barely afford to pay for food, rent and electricity. My husband wants to have a baby, we can’t. We just don’t have the money.
Yes. I get it. I didn't have money for kids but if you have help you can make it work. Have an older relative or friend that can watch a kid for free or 60 bucks a week, while you work. Thrift and garage sale everything you can, get hand me downs from friends and relatives. It can be done with a plan.
$280 on phone plan is crazy high. Especially if you are already paying for internet. There are plenty of low data prepaid plans that are around $15-$40 a month per phone.
I pay $20 every 3 months.
Agreed. But i would argue that she is buying a new iphone every year or two so that increase you overall phone bill. Like how she has a car payment of $400/month while i have $0 car payment. Budget is just a term that means “i manage my money”, however it does not mean i live frugally bc i have a budget. I can live extravagantly on a budget too.
In India i pay 3 doller per month
I only pay $25 a month with Verizon!
For a family of 3 with AT&T is about right. I wish the lower costing plans had coverage in my area.
At this moment, it is crucial for individuals to prioritize investing in alternative streams of income that are not reliant on the government, particularly with the existing worldwide economic crisis. Investing in stocks, gold, silver, and digital currencies can still be profitable during this period. Therefore, it is advisable to explore these investment options to secure one's financial future.
Your money is stagnant when you save, I will advise you buy stocks with market-beating yields and shares that at least keep pace with the market for a long term. For a successful long-term strategy I recommend you seek the guidance of a broker or financial advisor.
@@elliot985 you're right! If you are unfamiliar with the market, I recommend seeking advice or assistance from a financial/investment coach.With the help of an investment advisor, I have diversified my $450,000 portfolio across multiple markets, We were able to generate over $1.2 million in net income from seasonally high-dividend stocks, ETFs and bonds. For me, this is the most ideal way to enter the market these days.
@@robertosaviano215 Please can you leave the info of your investment advisor here? I’m in dire need for one.
@@Zanrowe795 Sure, the investment-advisor that guides me is Laura Marie Ray, she popular and has quite a following, so it shouldn't be a hassle to find her, just search her
@@robertosaviano215 I just looked up Laura online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals
Someone has to say it. If you can't put 400$ together you arent even close to middle class. There's nothing wrong with being working class. Many people are.
Working class is middle class.
You can be upper class but if you spend all your money then you won't have $400 for emergencies. Doesn't mean you aren't making a lot of money