50% of Americans Don't Have $1000 in the Bank
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- เผยแพร่เมื่อ 22 พ.ค. 2024
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The older I get, the more I realize that it’s not how much you make, but rather how much you keep.
75% don't have $1,000. It's far worse than 50%
1/4 have at least $10k though, which is good.
I don't believe that. I earn less than the average U.S. income and, admittedly, live frugally...but I still have been able to retain a 3 to 4 month emergency fund, as well as invest a few dollars every month into retirement savings.. This is also based on a 9 month yearly income in an expensive state. If people can't cobble together $1000, they are spending carelessly. Full stop.
It’s because people don’t wanna work and they’ve been brainwashed everybody can be rich without working 🤣
No. They just don’t have a bank account, they are hiding their assets . Just not using a bank. ( which is smart)
Come on. Get serious. America still has the richest middle class.
$1,000 doesn’t buy as much as it used to and doesn’t even cover a months rent on an apartment.
Im living 6 pack to 6 pack.
How can one be INTELLIGENT enough to make 100k and DUMB enough to not have a 1k emergency fund.
Poor financial literacy and impulsive behavior.
100k in nyc is nothing and most make urder 50k
its becuse of cheap money lots of those 100k earners are good for nothing clowns... it just happens that the industry they are working is benfiting from cheap money and can afford to pay high wages.
lifestyle creep..it happens slowly..people wake up and realize they cant keep up with their lifestyle.
We have an outoor hot tub heated with a submersible wood stove. We like to watch the Northern Lights at forty below zero.
It's remote rural Alaska so no light pollution. Even without the northern lights, just under the stars is wonderful.
And we have lots of money stashed away. Our gold is sure doing well too. Living frugally without debt is a stress free life.
They won't raise wages to livable levels or reduce the cost of living but the government has billions and billions for other countries and illegal immigrants.
The biggest lifestyle creep is a mortgage
Ive been trying to set aside 500 bucks for 6 months now🤣🤣🤣
Beautiful house and beautiful pup! I remember starting off my adult life with credit card debt, student debt, and even payday loans. It was very painful to dig myself out.
Mortgages and rent is burying people in debt with no relief.
Because they spend so much already on credit cards, cars, and eating out at restaurants. 😂
At least they have their net worth in home equity
Mortgages, Rent, Car Payments, phone payments, going out to eat, shopping, are burying people in debt.
Home equity? 🤣 see how much that helps when the bank takes the house back because the borrower was laid off and missed a payment.
No, wages are burying people. Employers must increase wages. The greediness must stop.
Even these numbers are severely watered down. I'd wager the real statistic on current poverty levels would shock everyone. More likely 80-85% of working US citizens dont have $1,000 in the bank. A generation of slaves. People Seriously need to Wake up ⏰️.
I saw 78 percent from a recent Dave Ramsey post
I started out in life with 20k + in CC debt. It was a horrible time being 21 years old with that kinda debt. Worst part was thinking I was the only loser not realizing that so many more people had it. Not I’m blessed almost 30 years later with a 10 million dollar real estate portfolio. What a journey it was
When mimum wage is still $7.25 are you surprised people don't have $1,000 when they're spending all their money on maintaining their existence? 40% of full-time workers still cannot afford an apartment or a house to rent. Want to fix these problems? Raise wages, higher wages means people can do things like invest, but right now everyone is having their wages confiscated from them because they're having to barrow at 30% interest when the lender is only paying like 1% or 2% to originate that loan. Our economy is an uroboros of failure.
Almost nobody makes minimum wage. Raising wages just raises inflation. Weve already seen this over the last few years with government funny money being given out.
Want to solve housing affordability? Remove housing regulations that have been put in place within the last 60 years.
The fact is even you have $1,000, you never tell anyone you have $1,000, but only $100.
I loved snow as a kid. Now I hate it as an adult.
Congratulations on your newest family member! Such a cute puppy! Thanks for sharing
Thank you!! 😊
Lifestyle creep?? C'mon its not the consumer's fault. Banks held interest rates too low for too long. Now inflation and interest rates are soaring while wage growth is stagnant.
I'm not living paycheck to paycheck, but I act as if I am. Build wealth my friends
Great job Ben! -31 here in Lander, WY... better than last year's-40s.. thanks for covering the debt situation (personal, commercial, and government) a problem nobody is addressing
Thank you neighbor
The thing is most people have their equity in their homes so they are house rich cash poor.
Dude, you can keep the weather. We love the channel.
America is not really a "wealthy" country, despite the propaganda about our nation's economic performance and standard of living.
You don’t really believed what you wrote. Correct?!
Same as the U.K. (probably worse) a few very rich and the bulk of the population living on scraps
Even those who have ‘wealth’ have it in property or pensions whose value can disappear overnight
Wrong, compare the US to any other country by per capita GDP. People do not know how to accumulate wealth and live with no debt.
My Neighbor Sold his house and moved to the Philippines, buy properties and to live with his girlfriend. He said it’s much cheaper to live abroad enjoying his retirement years and staying young..
Agree; moved to P.I and considering selling our properties in the U.S and make Philippines our permanent home.
Retired to the Philippines 7 years ago and have not really looked back. Life is simple and relaxed here, not perfect but better for me than I could have there. The people, weather and food are great.
It depends what part of the Phil. you will settle. Cheap in the boondocks but expensive in nice major cities. No place is nice and cheap at the same time.
Beautiful view. Thank you
I hear the argument a lot --the Fed is planning to cut because it sees hard times coming--but that presupposes that the FED can accurately forecast a down turn, and months in advance. I have yet to be impressed with the Fed's predictive abilities, for or against the market and/or economy.
That's a beautiful dog who will thrive in cold weather as he grows up.
Also. Thanks for sharing your expertise!
Thank you Paul
Warm greetings from Florida Mr.Ben. Love that you got a dog hope it brings you great joy and warmth in cold Montanna.
Thank you
Congrats , Ben. Enjoy your new pal.
Its cold here in texas too.
The culmination of different dynamics that influence our market conditions, are quite fascinating. The ability for consumers to pay things responsibly and the factors of paying things back has been an egregious mindset. Consumerism with the fallacies that are in peoples minds has lead us here. Principal, default risks, inflationary premiums to protect investors will rise. I agree, in the life cycle of economies have a particular rollercoaster diagram. Much different from lets say, yield curves, which slope one way or another. But in these cycles, these yield curves have a tremendous impact as to where one invests.
I don’t believe it. I think more people have more money.
Thanks Ben .
That’s nothing how many got over $20k put away for retirement?
Beautiful. The mountains are stunning.
I never get tired of looking at them. Thank you.
Thank you Mr. R.
Thank you Helen
What a beautiful pic of the snow-covered mountains Ben. In regards to interest rates are they needed for the economy or needed for political purposes?
Probably the latter
Beautiful scenery and puppy!
Got down to -6 here in the lower mid-west this time. We had some -20 temps last year. It's amazing how warm the +20s feels when you've experienced negative temps like that; especially with wind.
Agreed. Is +11 right now. Huge positive change
New Subscribers ❤. Great video 😊Thank you
"It's all good" best outlook ever! I've enjoyed spending time watching your videos and your smiles in this episode show that you know the true meaning of happiness. Thank you for your balanced approach in content, it's refreshing!
Thank you
Thanks for the curated clips; and I appreciate that you include both optimistic and pessimistic views. However, when Hugh Johnson stated baldly that "this bull market has a lot longer to go" I felt he had exceeded ethical bounds for a financial analyst by virtually stating a 100% certainty of rising stock prices.
Thank you
Congratulations on your new pet and happy playtimes with this weather !
Thank you
I don’t know if it’s how I was raised but the “lifestyle creep” thing makes no sense. And im 21 now so I know id be paying more taxes due to a higer income so why would I want to waste the money on useless nonsense like “luxury” stuff that is designed to drain your money overtime in operation costs
Seems to me when $6 trillion is doled out, it needs to go somewhere. I think much of this money is still feeding equities no matter if the company is in the black or not…so I think we’ll see the markets to continue for a while. Then the reality of the bottom line will then take over and we’ll see rates having to come down. We’ll see.
Agreed. Good point
I don't have $1000 in the bank - I rent storage for my millions off shore where the tax burden allows me to afford my various castles, private jets, fleet of cars, yachts...
I have $0 in the bank. But have over $1000 on hand. Because I don't trust the banks.
Your 🐶 dog is so cute. So lucky he doesn't pay rent taxes roof assessment property taxes insurance. You get the picture. 😊😊😊😊. Oh I am retired. Own my condo. Bought it cash. No debt. No kids. No husband 😊. No college loans. Paid that off. No pets. Getting ready to move. Cash buyer 😊. Live in Tampa Bay area. No snow 🌨 here. Stay warm. Spring is less than 8 weeks ago. 😊
But sports venues and concert halls are packed and people are paying threw the roof ticket prices! What wrong with this picture?
Very valuable. Reiterates what I’m seeing and, I can’t even, so imma post, “yep”
Good evening, great video, thank you in advance for the past knowledge, I would like to ask a question, with bitcoin ETFs being traded within traditional markets, is there a possibility of suppressing the price of the asset by the government through holy black-rock? possibility of the asset being able to do this. Thank you in advance.
Hadn’t thought of that. Entirely possible
50%?? A study was done a few years ago said 80% of americans cant afford a 400 dollar emergency. Meaning almost everybody doesnt even have 400 bucks on hand at any given moment. Think about how bad that is economically? How awful the government is that this is what its driven the people to. Our parents had houses and new cars and owned their houses in 10 years. Think about how huge of a standard of liveing drop that is from them to today!
Meanwhile, tax dollars has funded refugees from Ukraine to come live in South FL for free which resulted in higher cost of living on 'Mericans. These migrants are never mentioned in the MM
I live in Michigan, and this winter my car has developed all sorts of problems, and I haven’t even run out to buy a complete set of new tires like some other people do. For February m any extra income is probably directed to the car, which isn’t even that old!
Because many people a re trapped in credit card debt/payments with astronomical interest rates. How many people can realistically save $1,000.00 or more in this climate?
I dont have 1k because I moved it all to investments. It's easy enough to pluck it out if I need it. but a traditional savings account really isnt the best place for money these days
After paying off and closing my $2,600 Mastercard I have $576.00 left in the bank. Fighting the giant debt monster is hard.
Think theyll monetize it or default on it?
The puppy is SO Cute!!🐶
Thank you Nikki
I'm 39 years old and I have enough money to survive comfortably for 16-17 months without working. I also live in California which is super expensive.
Why are we not using coal fire generators, we should be installing capacity.
I have homestead creep. I saw a peacock and it was $1400 wth is that about.
In the bank? I have 5 times that just in my house for emergencies. Cash is only good if it it in your hands. If the
ATM's go down there is not much good in having cash. Be diversified.
Something has to break.
It's more than lifestyle creep, it's a cultural thing at this point.
It wasn't always this way. Bigger, more expensive homes and many more in HOA's. Vehicles have more tech, thus more expensive and less likely to be repaired by owners in their garage. People eating out more, daily Starbucks. Near instant gratification by ordering superfluous crap from Amazon. Few people using cash, so they don't feel the outflow.
i Dont make 100k a year and i have 1000 in savings i dont have credit cards either
Nice puppy!
Thanks Hal
Besides, most people not having a thousand dollars or more in the bank or squirrelled away.. Most people also do not have much put away for retirement. But if you look at a lot of people, they got new cars. And expensive new cell phones to impress people that don't even care
A bulldozer is needed on a shanty somebody thinks is worth 94k on 1/2 acre. A falling down ramshackle.
Safe amount of saving via 2024 is = 10,000, not 1,000 so if you dont have 1k 😢
Can’t have lifestyle creep if wages never match the increase cost of living.
Owning a Bitcoin ETF has nothing to do with owning Bitcoin. The ETF is a speculative tool to bet on the movement in the price of Bitcoin. Blackrock will be an intermediary that makes money off the retail investors who buy and sell the ETF.
Go try to pull your money out of the bank in cash and see what happens…
Should we feel sorry for them who don’t have $1k in the bank- no greed is killing them
Wall St. doesn't care. The Mag 7 are doing well so the world is an awesome place...
$1K feels like $300 right now.
According to wikipedia under "List of countries by Wealth per Adult", Americans are ranked no 15 in the world by "mean wealth". So Americans are not poor but just having cashflow problems. So maybe their money is stuck with equities or bitcoins that currently have bad prices. If they would use say use their iPhone for 4-6 years rather than change one every 2 years, buy new iPads/computers less often and eat out less often , then I am sure most would have at least US$1000 in their banks. Personally, I had little money in my bank accounts most of the time in 2023 because they were all stuck with equities and forced savings plans. I am still using an Android phone that cost me around US$70 brand new around 4 years ago.
Smart, bank doesn’t pay enough.
True.
Beautiful puppy! Congratulations! What did you name him?
Thanks Jean. I named him Dub. That’s what my Dad was called as a kid. His real name was G. W.
This doesn't mean they don't have 1000 dollars. It's just not in the bank
I was more interested in watching Larry Fink's body language, not what he actually said about what an opportunity it's going to be.
Good point
It all sounds like people love foolishness more than anything else, it's been 25 yrs. since my last car payment, no credit cards, I do know the difference between a need and a want, "If I can't eat it, I don't need it" what gives me joy cost very little I am happy, so I save it and invest it because I have no use for it, I don't need nothing my grandkids will piss it off for sure but who cares.
nope you got lucky!!!
And what exactly is the benefit to keeping money in a bank? They pay no interest🤷♂️
Go get new tires and observe some of the desperate faces in waiting room.
It's encouraging and motivating for me coz I have it and that's equivalent to 2months salary of mine
I can believe it because a large percentage of Americans are consumers! Make a buck make a buck!!! 🤑 💰 💵 Buy buy buy buy!!
Beautiful view
Thanks Jim
You need at least $10000.... To start. $100000 to be ok. $1000000 to be somewhat good....
$10000000....you know where this is goin.
It’s more then 50%
Not sure where you’re getting statistics .
How come no one talks about the four leading recession indictors???? LEI, GDI, yield curve and bond markets!!!! #smh A reckioning coming and it will NOT be a soft landing!
The people see the government stacking debt with no way to pay it back. Why are we surprised that that the people do the same? I'm not saying it's right, but people follow the example set by leadership, good or bad, in my experience.
How did you know how much I have? 😂
Great breed if the dog gets red on it note its probably not the dogs. Battle puppy.
I have a masters degree and I’m a fucking bank teller 🥰
Beautiful picture.....😊😊😊
Thank you
The average Western person has been so dumbed down deliberately by the system that he-she has no idea of what is really happening around them. Rabid and out-of-control Consumerism, lack of education (Most Americans hardly read anything of any worth and cannot write a paragraph correctly in the English language), hedonism, immorality, and the list goes on have all taken a toll. I really do not see much hope.
We are not greedy or corrupt. Nor do we sell our country out. High treason. All money is not good or honest money.
People don't trust banks anymore
People still buying houses, going vacations.. what we see in daily lives just so different than the data. What happened? Why?