The Recession Has Finally Begun, But Only For America's Rich
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- เผยแพร่เมื่อ 25 มิ.ย. 2024
- Sticky inflation, white-collar layoffs, and surging interest rates are all putting pressure on a certain type of American - higher-income earners.
'What we normally see in an economic recession is that lower- and moderate-income households really bear the brunt of it in terms of job losses and financial hardships," said Greg McBride, senior financial analyst at Bankrate.com. "We haven't seen that."
The stock market, a source of wealth for the rich, struggled in 2022. The S&P 500 sank more than 19%. The same year, 1.8 million Americans lost their millionaire status, according to UBS' 2023 Global Wealth Survey. Despite the stock market's summer rally in 2023, the U.S. economy faces several headwinds.
Bank of America's Consumer Checkpoint Survey for September 2023 found that high-income households have become more pessimistic about the economy. The same group also appears more cautious about spending because of soft wage growth and job creation for high earners.
Watch the video above to find out more about how the so-called "richcession" could affect the entire economy.
Chapters:
0:00 - Introduction
01:30 - How did the 'richcession' happen?
02:56 - The wealth effect
05:26 - How is the luxury consumer holding up?
07:00 - The return of the millionaires?
Produced by: DeLon Thornton
Edited by: Evan Miller
Additional Camera: Kate Sammer, Sean Conlon, Brad Howard
Supervising Producer: Jeff Morganteen
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The Recession Has Finally Begun, But Only For America's Rich
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.
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.
I was able to diversify my $550K portfolio across different markets with the help of an investment advisor, and in just a few months, I was able to generate over $950K in net profit from high dividend paying stocks, ETFs, and bonds.
I was able to diversify my $550K portfolio across different markets with the help of an investment advisor, and in just a few months, I was able to generate over $950K in net profit from high dividend paying stocks, ETFs, and bonds.
We cannot overlook the possible influence on portfolios. Since bonds are frequently seen as a safe haven, investors like me would panic if they collapse. My $1 million fund has never been this empty in my eleven years of investing; how can I hedge this?
A strategy to protect against inflation is through the U.S stock market, especially the S&P500 & various ETFs. Investors must know where to put their money and how to distribute it in order to protect it against inflation while still making a profit, especially during a recession.
Asking for advice or assistance from a consultant or investment coach is the best line of action if you lack market understanding. Even though it sounds cliche or apparent, talking to a consultant has helped me stay afloat in the market and increase my portfolio to roughly 65% since January. That, in my opinion, is now the most successful strategy for entering the market.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind
Amber Dawn Brummit is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
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, l'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio.
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
Although equities may continue to decline, if you're an experienced investor, it shouldn't be too difficult to make significant gains during this downturn. It all relies on how long you're ready to hold and your strategy.
That's accurate; I've been receiving help from a financial advisor for about a year. I began with less than $200K, and I'm currently only $19,000 short of making a half a million dollar profit.
Impressive can you share more info?
Vivian Carol Gioia is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
There is an equal market chance associated with each crash or collapse. I have seen people accumulate up to $1 million during a crisis, and even make it work in a strong economy if they are prepared and well-informed. Without a doubt, the bubble/collapse is making someone wealthy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
You are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
It's sad how difficult things have become in the present generation. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to use what's left to invest, but I don't really know which way to go.
Yeah, things may be hard right now, but I've come to realize both bear and bull market, recessions and economic boom, all 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
I agree. I've been working with a financial advisor since 2020, and I return up to 15k every month, and I don't even have to lift a finger. Although I also think the reason I make this much is because I started with significant capital.
That makes a lot of sense. To be on the safer side and not second guess your market decisions, I’d suggest you reach out to a proper investment adviser for guidance, they’re better equipped at understanding market patterns/movements and adjusting portfolio to match up with these market trends
I'm hesitant to make recommendations like this online so I can't drop her contact here, but you could look her up yourself and contact her if you wish. Her name is *Sharon Lynne Hart.*
Thank you for this. I'll send her an email, and I hope I'm able to make something out of it.
May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well.
What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit.
Thank goodness i came across this: Have been in need of an Adviser for long now..
It alright "Angela Lynn Schilling" look up on that and thank me latter!
""Angela Lynn Schilling"" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.!
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip""
Instead of trying to predict and prognosticate whether or not we’re going into a recession, a better strategy is simply having a portfolio that’s well prepared for any eventuality, that’s how some folks' been averaging 15% every 7week according to Bloomberg
It is really quite hard to predict short-term fluctuations in the markets. The investor needs to be correct twice: Fundamentally, the reason why people hire professionals who offer appropriate market navigation tactics
We're not used to such volatile markets, so the widespread panic and frenzy are understandable given that the US stock market had just completed the longest bull run in history. However, opportunities are still there if you know where to look. In the last ten months, I have made almost $850,000.
To be safe and not second guess your market decisions, I’d suggest you reach out to a proper investment adviser for guidance, they understand better market patterns and adjusting portfolio to match up with these market trends.
You seem to have the Market figured out. Who is the advisor you could recommend and trust
*Natalie Marie Gentry* is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I recently inherited almost $500k. I REALLY need to make this money work for me, and not just disappear over time. I've been scrambling for somewhere to put the money, where I can make an effort to use the gains to pay bills so I can quit my job or should force early retirement. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? We have a 13% RPI rate so cash is tough.
Yep great question and that’s always the one - where would you rather be if you have an option. Personally I’m always invested aside from a small emergency fund. Financial-market for me seem the only way forward with my long time horizon (accrued almost $1.4m in gains since 2020 ) but if you don’t have that fortune of time it’s a tough market out there almost nowhere feels safe! . Just know the risk you're comfortable with . Mistake is expensive
I fully agree; I'm 60 years old and recently retired with approximately 1.2 million in outside retirement funds, no debt, and very few dollars in retirement funds in comparison to my portfolio balance over the last three years. To be honest, the financial advisor's role can only be ignored, not dismissed. Therefore do your research to get a reputable one.
A million dollars in profit is a fantastic achievement; how can I contact this advisor of yours?
Julia Hope marble. You can easily look her up, she has years of financial market experience.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
You cannot cut your way out of recession you've got to invest your way out of recession, the Conservative party are in the dark ages on policy they've got to think again. My primary concern is how to maximize my savings/retirement fund of about £170k which has been sitting duck since forever with zero to no gains.
A strategy to protect against inflation is through the U.S stock market, especially the S&P500 & various ETFs. Investors must know where to put their money and how to distribute it in order to protect it against inflation while still making a profit, especially during a recession.
The truth is that people are finally waking up to the fact that our systems are breaking down in thousands of different ways all around us. Personally, the financial market seems like the only way to go with my long-term horizon (accumulated about £557,000 in earnings since May 2021), but if you don't have that time luck, it's a tough market out there down almost nowhere feels safe!
I've known I've wanted to start investing for a few months but just haven't been brave enough to start due to the market so far since mid last year. I have 60k i want to transfer into an s&s isa but its hard to bite the bullet and do it. £557k is a huge milestone , Please whats your strategy ? i will love to have an insight.
My consultant is Marisol cordova I found her on a CNBC interview where she was featured and reached out to her afterwards. she has since provided entry and exit points on the securities I focus on. I basically follow her trade pattern and haven’t regretted doing so
Thanks for sharing. I had to google to be sure.. her credentials are really outstanding!
In every crisis, there is an opportunity," as the saying goes. The 2024 recession, while challenging, presents unique avenues to amass wealth. First, it's essential to remember Warren Buffet's advice: "Be fearful when others are greedy, and greedy when others are fearful." During recessions, assets often undervalue. By investing wisely in stocks, real estate, or businesses during this downturn, you position yourself for significant returns during the economic recovery.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can’t be made by an average joe, a financial advisor is highly recommended in making this decisions..
Please who’s this Financial advisor that guides you?
Thanks, I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
We experienced the peak of our era, and now it is gone. Recession is tanking everything including 401K. My retirement equities portfolio of $750K is in the reds. I keep losing because of inflation. This world will fall to the corrupt rulers in the same way that Rome did. I'm sorry if you're thinking about retiring and you're worried that your pension won't be enough to meet the rising cost of living. Horrible foreign policies everywhere, bad regulatory policy, bad fiscal policy, and bad energy policy.
For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.
After the pandemic, things became extremely difficult, which is precisely when I sought a consultant's counsel. I've been investing on my own for nearly 3 years and have built up a stagnant reserve of $280K to $570K in just over 24 months.
Do you mind sharing info on the adviser who assisted you? I'm 39 now and would love to grow my stock portfolio and plan my retirement
Thanks, I just googled er I'm really impressed with her credentials. I reached out to him since I need all the assistance I can get.
Scammers
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
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.
The 1% of rich people think of how to invest their money to increase their wealth during the recession. While 99% of struggling hard-luck people think of how to survive without food and daily necessities in the recession and the coming hyperinflation.
I think investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I have come across him already. Yea I was a cook for 4 years and was going to start school to become a full chef and then the pandemic hit literally a week before classes were supposed to start. So yea being in the hospitality industry I lost almost everything. So I had to start over. Things changed when I came across Chris Ryan Stewart who is a disciplined trader. I have been able to make profits consistently. This pandemic helped me take my finances more seriously.
@@AbdoolLogodesign I hope you don't mind if I ask you recommend this particular professional you use their service?
I personally have my portfolio overseen by California-based wealth advisor and fixed income strategist at that 'Julie Anne Hoover' well established and you'd find her professional bio on the net. However I suggest you look closer to home, sometimes to move certain amount of money I am required to be in California.
@@AbdoolLogodesign thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
We can't ignore the potential impact on portfolios. Bonds are often considered a safe haven, and if they crumble, investors like me might scramble. I’ve been investing for 11 yrs and my $1m portfolio has never been this depleted, how i do hedge this?
In fact, markets have incorrectly priced in such a pivot six times over the last two years, according to Deutsche Bank, which sounded cautious about this seventh time. Still showing us why pointers from market experts are essential
A lot of folks downplay the role of advisors until being burnt by their own emotions. I needed a good boost to stay afloat, hence I engaged the services of a true market strategist to help rejuvenate my $700k portfolio and boost performance and returns by 40% in a little over four years.
@@yeslahykcim impressive gains! how can I get your advisor please, if you dont mind me asking? I could really use a help as of now
I'm being guided by “Leila Simoes Pinto’’ who is widely recognized for her competence and expertise in the financial market. She has a thorough understanding of portfolio diversification and is regarded as an authority in this field.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can’t be made by an average joe, a financial advisor is highly recommended in making this decisions..
Since the outbreak of 2020, which had a significant impact on the market, I've been running all of my investment decisions through an investment coach because their entire philosophy is centered around using a high-profit oriented blueprint while simultaneously going long and short, as well as reducing risk exposure as a hedge against inevitable downtrends. Underperforming is almost impossible when combined with their access to strange data and analysis.
Please who’s this Financial advisor that guides you?
Pamela Kay Regel is my Advis0r. She has since provided entry and exit points on the securities I concentrate on. If you want to check her out, you may do so online. I usually trade in accordance with her strategy.
Thanks, I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
My p0rtfolio is plummeting significantly, I’ve lost about $320k within a few months and I'm not confident about picking st0cks anymore. Are there really no other options for me to gain from the stock market?
Well the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals
Very true. Despite having no prior investing knowledge, I started investing before the pandemic and pulled in a profit of approximately $950k that same year. In reality, all I was doing was getting professional advice.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
There are a lot of independent advisors you might look into. But i work with Monica Amanda McClure , and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her
I just looked her up and her strength is very attractive, I will definitely write to her soon. Thanks.
I used to believe that everyone loses during a recession, but some make millions. Similarly, I thought everyone went out of business in the Great Depression, but some started new ventures. In short, tough times bring losses for some and profits for others, all rooted in the right mindset. Now, I've saved $220k for the future, even though I'm a complete beginner.
Absolutely, that's why I rely on a personal coach for my daily market decisions. They specialise in both short and long-term tactics, effectively mitigating risks as a hedge against inevitable downturns. With their exclusive information and analysis, it's incredibly challenging not to outperform the market. I've been with my coach for over three years, and my portfolio has grown from an initial $450k to an estimated $1.45 million today.
My CFA, Stacey Lee Decker, is highly esteemed for her proficiency and deep expertise in the financial market. She possesses an in-depth knowledge of portfolio diversification and is considered an authority in this field.
Absolutely, that's why I rely on a personal coach for my daily market decisions. They specialise in both short and long-term tactics, effectively mitigating risks as a hedge against inevitable downturns. With their exclusive information and analysis, it's incredibly challenging not to outperform the market. I've been with my coach for over three years, and my portfolio has grown from an initial $450k to an estimated $1.45 million today.
That's impressive ! I could really use the expertise of these advisors. Who is yours?
Probably can’t say much, Stacey Lee Decker is the advisor that oversees my portfolio. She's an extremely intelligent person, very thoughtful, cautious, and has an outstanding credentials, it's easy to find her on the web.
Have you heard about the unemployment applications surging recently? It's becoming a real concern.
Yes, it's alarming. Many people are struggling to find work. I hope there's a solution soon.
Provide financial planning services to help individuals manage their finances during unemployment and plan for the future.
So, diversification, a trusted brokerage adviser, and a cool head during the storm; that's my recipe for success. It just goes to show that smart planning can make a huge difference in the world of investing.. Since I adopted the services of an Advisor, I've attained my most measurable financial milestone of 500% ROI off initial capital after subsequent investments. `
I'm actually considering it. It might be time to reassess my investment strategy. much more info needed please, what did you invest in?
‘Debra Ella Nicholas’ oversees my portfolio, simply do your due diligence. She's an extremely intelligent person, very thoughtful, cautious, and shows a great deal of expertise with over a decade of experience in her line of work.
White collar jobs are NOT rich. You are still reliant on the job to survive, to pay rent or the mortgage. You still have to work regularly. You are still answerable to others.
The true rich have none of these concerns.
was looking for this comment. How could 125k salary be considered rich???
@@AS-kf1ol Well given that the average American income is $52K, that's pretty rich.
@@megan2349I agree!
Wrong. The living standards of people with 6 figures should be attainable for everyone who works, but that's not the case. If you're taking home 100k you have security and privilege that the vast majority of others don't.
lol no, after progressive tax its not that much more + consider someone with $20M in investments pulls in $1M a year in interest payments right now. absolutely not rich. There are a LOT of people with more than $20M@@megan2349
This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Let's face it, increasing stock and index fund purchases during downturns and bear markets is unnerving. Which makes it very difficult for most people, like me, to do. It's challenging to incur the risk of investing the $1 million I have in an S&S.
That is correct. For the past 23 months, I've been in daily contact with a financial advisor. The difficult part of investing these days is determining when to sell or hold a company when it is trending. My supervisor can advise me on points of entry and exit in the sectors in which I am now active. I can't say I'm sorry because my profits increased by 63% in the third quarter of 2022.
I've been considering taking that path. I've kept a lot of stocks, but they're starting to depreciate, and I'm not sure if I should stick onto them or sell them. I believe restructuring my portfolio would be facilitated by engaging your investing coach.
I wholeheartedly back financial counsellor Vivian Carol Gioia, who holds a US SEC license. She has been helping me for a long with my portfolio. You may look her up online because she has many reviews.
After carefully looking for Vivian online and reading glowing reviews about her professional background, I came upon her website. Thanks
If you are properly prepared and knowledgeable, every crash/collapse/inflation or recession gives an equal market opportunity. I've seen folks amass up to $800,000 throughout crises and even do it with ease in a terrible economy. Without a doubt, someone has become enormously wealthy as a result of the crash.
It's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly
I'll take rich people problems over poor people problems any day.
the rich people here are not real rich people, middle + people, they will lose jobs and savings and drop down to poor. so, poor people will have to share their benefits. so, this is not good for the poor people like me.
Problems are problems, if you had rich problems they would weigh on you the EXACT same as poor problems. Poor people don't actually have problems, all the poor people I talk to talk a bout their issues but yet always seem to overcome it eventually. Which tells me, they are manufactured problems, for the sake of having problems.
When rich folks have problems, it's not a good sign for poor people.
@@lancerussell755 Poor people don't have have problems? LMAO wtf are you smoking dude? The problems between rich and poor are so vastly different that this comment has to be satire
Poor people problems: How am I going to pay rent this month? Do I have in my bank account to feed my family? How am I going to pay for an unexpected expense?
Rich people problems: my multi million dollar stock portfolio is down 20% :( I can't afford that second lake house now :(
That's why it is hard to be rich.
I have an undergraduate degree in Economics and I remember through lectures and academic research, that the middle class, and not the rich, are the primary drivers of economic growth. Heck, my final papers is about expanding the middle class to sustain an country growth and I got a distinction for it! What the hell is CNBC smoking over there?
Is it because the middle class is buying up all the consumer goods the rich produce?
So there is logic to it, it's just not very good logic. It basically says, the upper crust drive so much consumption by simply being able to spend such exorbitant tons of money on bullcrap, that if they begin to hoard their money, their lack of spending will slowly drag the economy down. Some of that is true, sure. But one dude buying a Bentley is a blip compared to the 40mil people buying groceries.
That line of reasoning also fails to take into account what rich people actually do with the money they have: AKA, absolutely nothing, sit on it like dragons in a hoard.
They are paid very well so they get the good stuff!
That ALIEN OG hits different frfr
poors are allowed to buy macbooks on credit card but can't afford home rent 😂😂but can end up in 100000$ student debt
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point.
It's best to seek an advisor right now, unless you're canny yourself. As a business owner in both the service industry and eBay reseller of all product categories, I can tell you we’re in a deep recession and everyone is running out of money.
I agree, having a brokerage advisor for inveesting is genius! Amidst the financial crisis in 2008, I was really having inveesting nightmare prior touching base with a advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
There are a lot of independent advisors you might look into. But i work with Carol Pasol Lewis and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly
The “rich” are relying on credit cards? Give me a break. Anyone relying on credit cards is not rich. They are broke. Plain and simple. Stay out of debt in times like these people!!!
Never seen a billionaire complain about monthly grocery
hello
Talk to a lot of billionaires do you?
@@YouPube_X Are you?
You haven't seen "Dr" Oz at the grocery store? I can't even remember what he was trying to get, but it was funny.
Do worry everything is alright. If you play your cards right? You might become rich one day
This global recession/collapse might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $680k which has been sitting duck since forever with zero to no gains.
I'd advice you read up some good books on finances and investing, or just you get yourself a financiaI-advsor that can provide you with entry and exit points on the shares/ETF you focus on.
@kumarsingh I agree, having a portfoIio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $620k with the help of my advisor from an initial $120k investment thus far.
@josephbush It's a good time to buy and basically I've just got cash sitting duck in the bank too and I’d really love to put it to good use seeing how inflation is at an all time-high, who is this coach that guides you, mind I look them up?
@aureliobjm HEATHER LEE LARIONI guides me. She works with Empower FinanciaI services. But there are a lot of independent advisors you might look into. For me, her strategy works hence my result. She provides entry and exit point for the securities I focus on
@josephbush She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I am aware that continuing to invest during this periods of volatility can be a smart way to build wealth. I’ve heard testimonies and even seen comments of people accruing over $250k this period of downturn. But what actual measures can I take to ensure this? Looking to build up a really good portfolio ahead of retirement
You’re right! The current market might give opportunities to maximize profit, but in order to execute such effective transactions, you must be a skilled practitioner.
@tommyers Very true, I diversified my $400K portfolio across multiple market with the aid of an investment advisor, I have been able to generate over $900k in net profit across high dividend yield stocks, ETF and bonds in few months.
@georgeh Who is this individual guiding you? I lost over $9000 just last week, I’m in dire need for a reliable guide.
@marvishaN 'HEATHER LEE LARIONI' guides me. There are other good FAs online too, if you look around. But for me, Heather's honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI.
@georgeh Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
I am so sorry for the rich people, its been tough year for you guys. I hope you can buy those Gucci jackets next year. Our heart is with you, please stay strong 😢😢😢😢
🙏
As a poor person, this breaks my heart.
High earners are just more aware of the possible downturn ahead so they're preparing.
😂😂
poors are allowed to buy macbooks on credit card but can't afford home rent 😂😂but can end up in 100000$ student debt
Don’t be, do something to change it into a an amazing opportunity ( just like the rich).
😂😂😂😂😂😂
Aww poor millionaires won't be able to afford another vacation home in Naples, Florida
The typical millionaire isn't what you think. You are imagining the top 10% of the top 1%. Most millionaires drive 4 year old vehicles, have a single home, and a retirement fund. Most millionaires don't become that until their late 50s. 8/10 millionaires invested in a 401k. 79% of millionaires received no inheritance and the remainder that did were either millionaires already or it wasn't enough to make them millionaires.
@@zachjones2346amen!!
@@zachjones2346 Yep. Having a million was once special, back in the 1930's. Now it just means you followed your parents advice and invested 15% in an IRA for 35 years from a skilled blue-collar wage so you don't need to move in with the kids or be on the dole.
It's time to change up your revenue streams.The best choice anyone can make is to pursue passive income. Investing in crypt0 turned out to be the best choice I've ever made.The best way to ensure financial security is to diversify your sources of income.
How does this crypt0 stuff really works and how do I make good returns from it?
@@GabrielWyatt-yj3bqI would recommend you get started with a professional broker that will trade for you while you get the profit,I have been investing in stocks cks and crypto for over 6 years now and I was surprised to see i made over $473k in just the past two quarters
@@RyanMurphy571Do you have an idea of any good pro I can start with that's trustworthy and how can i get in touch with this professional you talked about ?
@@GabrielWyatt-yj3bq
I would recommend my current broker Alice Lee chen financials. She is currently earning a lot of profit for me and het services are top notch,most likely, you can find her basic information online; you are welcome to do further research.
+162
The recession is hitting everyone not just "the rich".
Totally agree! I also believe that it touches everyone
So true. these people act like high interest rates dont impact poor people’s credit in terms of the amount they owe and buying opportunities.
Not really. Small people suffer from inflation, not "crash of richconomy". Stock market affecting you personally? Good job buying the scam.
There is no recession. The economy is growing strongly.
@@Buck9s No it's not.
Video summary: "richession" is happening rn because the rich aren't spending money. This could soon lead to an actual recession. However, a recession allows for the rich to buy cheap assets.
This video is way too long for something simple smh
Other problems with the video.
1. A recession doesn't happen just because 'the rich are not spending money' it is an economic downturn in which the nation as a whole GDP isn't going up. 1 rich person eating out doesn't eat more than 10 poor people eating out.
2. Video needs to define rich. It did show a graph of peoples income so I guess it is implying people above 125k/year?
It sounds like the ending conclusion is 'rich people aren't spending money and that is why we are heading toward a recession so that they can buy more assets cheaper and become more rich'
Like all the rest for CNBC
Thanks a lot!
This video is too long and didn't say anything
Economic waves are tools for wealthy/prepared people to buy things on sale.
Who writes ✍️ these blatantly disconnected video titles?
How the elite divide the middle class. Call one portion of the middle class rich. I'm sure CNBC's editors and bosses aren't sweating any recession.
Exactly! If you do not own the source of the majority of your income and simply work for a wage/salary (another way to divide the workforce) - you are just a worker. There are two classes: the owners and the workers.
note nowhere in marx's classe struggles are aristocrats or elites ever mentioned, just for the prols to crush the bourgeois. I guess elites just dont exist!
This video discusses those whose net worth is above $1 million. That's far above what many consider to be middle class.
@@onemanmob6756Great video! I really do have a question. For someone with less than $5,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach?
Precisely!!! They're painting upper middle class folks as rich.
If you have to show up to a job every day, you ain't rich. The rich have their money make money and live off PASSIVE income.
With world markets tumbling, inflation soaring, the Fed imposing large interest-rate hikes, the treasury yields rising rapidly, markets manipulations, and many other factors makes me wonder if people still make profits from all these investing BS.
Hi nimhe, do you use spreadsheet... Can I see?
Hi nimhe, Thanks for the pointer. I will try out maybe for a month or two. I hope I am convinced.
Wont someone please think of the rich!
They literally are pulling out trickle-down and "WON'T SOMEONE THINK OF THE RICH" on our starving asses and think they're softening the message with a black narrator. That is literally 2023, struggling With Representation ™️
Exactly! Yet none of the industries they mention have any bearing on my life. But the artificial housing bubble does indeed impact me, so let their wealth be destroyed.
The recession wouldn’t be that had on us if only most people took out their time and finance to venture into investment opportunities, most people live in comfort of savings which won’t cover up for much on this recession
My first investment was with Shanita Creswell, it gave me profit of over $80,000 Us dollar...
I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market l'm grateful to Mrs Shanita 🙏🏻
O' Yes I'm a living testimony of Mrs Shanita Creswell.!
A common mistake we newbies make is venturing into the market without help and legit guidance
Job will pay your bills, business will make you rich but investment make and keep you wealthy, the future is inevitable.
The title author and editor believes this is a recession for the rich in isolation, when in fact-in relevant terms of lifestyle and mere survival, the poor and middle class are more severely impacted. Rising prices always means everyone but the rich is hurt.
Sure, but the job market for the poor is still holding up better than that for the rich.
@@qwertyca The rich are better positioned to take pauses and take risks in entrepreneurial endeavors rendering them less reliant on 'jobs'.
@@qwertyca one class of people has passive income and doesn't have to work while their money makes money for them. The other class of people can't afford the goods they are producing
The idea that white collar is rich is ridiculous. White collar is working class just the same. There are Americans making tens of thousands of times as much money in year without having to work. Those are the ones that are rich, and they absolutely are not hurting in this economy
What many people are oblivious to is the fact that since 2020, there has been a war on the Middle class...The elite have been using inflation and cost of energy to reduce savings of those in the Middle classs. Their plan is to create a two tiered system of the super rich and the poor...Only two classes....This is happening globally including here in Africa... It is all by design....By making rent, energy, food and even transport expensive, they aim to reduce family disposable incomes as many become poorer...That is why Americans should elect Donald Trump..
Yeah, it must be really stressful deciding whether to ski at your chalet in Switzerland or just tough the season out at your sprawling home in the Rockies. The amount of passive income described in this clip highlights the exploitation in the world.
Even more stressful deciding which private school or Ivy League to send their children to - they must have the best education because public schools and community colleges are only for poor people.
@misterfunnybones' Wow' any one with money is always out right evil, said the poor person! I would love to see you not stressed out trying to decide between the "Bugatti Bolide' in Roya Blue or the "Bugatti La Voiture Noire' in Brunt orange? It must cost you a small 'Fortune" to feed that green dragon every day?
Only peasants say things like that
You're right, it's darkly funny to hear that people who rely primarily on the stock market to maintain and expand their wealth are suffering.
Like, damn, the return on choosing someone to take your money to pay other people to actually produce everything that keeps society going isn't high enough for you to stay among the top 0.5% wealthiest human beings during the most resource-abundant period of history, in the country with the global reserve currency, which injected trillions into the market and externalized most of the related costs, leading to inequality surpassing that of the Gilded Age? Sounds like a skill issue.
It is actually concerning, though, that the class of Americans whose economic interests are most consistently defended in government and finance (i.e. where real power lives today) is struggling despite this globe-spanning wealth funnel pointed at their wallets. The measures taken on their behalf since 2008 are unprecedented and still not enough to insulate them from "recession". They can't live on financial fictions forever, and if/when that class feels genuine economic pain, their ensuing fury will be harnessed by the worst kinds of politicians. Maybe in time for the 2024 election!
Yeah, if someone says "passive income", they're definitely exploiting someone for free labor, but is steps removed for them to care.
Gotta give CNBC bonus points for trying a new approach to running cover for their billionaire paymasters.
Are you kidding? They are doing the opposite; just trying to flame the class wars.
LOL.
They are always trying😂 they can't help but cover the rumps of the same that pay to keep the corporate media's lights on.
@@Global.TH-cam yep.
I'm poor but receive no media coverage.
How is an income of $125k+ considered “rich”? Sounds like it’s still the middle class suffering
Six figures used to mean something. I remember when making $60,000 a year meant that you were living good.
@@SigFigNewton You talk like you've got a cushy life.
It might have been rich at some point, but not today…
@@SigFigNewton Good for you. Whatever you're doing, you're doing it right. Keep it up. Things're rough these days 👍
recession for america's rich only? bruh... if america's rich is going through a recession, the average american is going through a DEPRESSION!
My yacht is almost two years old. !!! Now I can't even buy one w a helipad, to land My helicopter. ! 😢 Do I have to take the bus? We need justice
Ain't got very far to fall when you're already at the bottom. Thoughts and prayers to the billionaires.
These corporate presstitute clowns are out of touch. The working class is getting killed by inflation.
🤣🤣🤣🤣🤣
Aw we feel so sad. We should have pity for the rich people while they TRICKLE DOWN their tears 😢 on us
The rich have profited for years from low interest rates. However, what about the poor and the middle class? Low interest rates meant that their wealth, especially retirement funds, grew much slower then needed. Also housing prices got massively inflated and excluded them from the market. What we will see is a redistribution of wealth back to the Middle class.
The poor and the middle class can eat cake…
@@kvall4088or eat the rich
@@kvall4088 The poor and the middle class "can have the cake"
I doubt we’ll see much redistribution. They’re not talking about the true “wealthy” here. They’re confusing upper-middle class tech workers with CEOs
Annualized S&P fund (say FXAIX in the IRA or 401K) since the interest crashed in 2008 was 12%---that's not bad. The once in a lifetime interest also allowed more investments by middle-class homeowners. Alas, interest is back to normal. Maybe bonds will come back in vogue. Probably a renewed interest in starter-homes that no one bothered building for so long. So many changes so fast.
We love talking ourselves into recession
Love to finally see it 🎉
Yeah right. You know if you keep talking about it then eventually it's gonna happen.
I didn't know words could hurt financial bubbles!
@@iwiffitthitotonacc4673 people are easily manipulated just look how they spend on bull💩they don’t need. Advertising recession works just like advertising goods.
It’s all for the clicks!
Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stocks and oil trading, it seems that a new multilateral world order is on the horizon.
It's important to keep in mind that investing is a zero-sum game with both good and bad days. However, by spending and investing wisely and diversifying your holdings, you can minimize risks and maximize gains. Hiring a knowledgeable investment advisor with a wide range of options can help you achieve this and leave little room for regrets.
I personally worked with an investment advisor to diversify my $200k portfolio across multiple markets, resulting in over $580k in net profit from high dividend yielding stocks. With the right guidance, you can also make informed investment decisions and achieve your financial goals.
@@ThomasChai05 I'm pleased to have come across this conversation. If you're willing, could you please share the name of the investment advisor who assists you with your investments and provide information on how to reach out to them?
Sure, the Financial advisor that guides me is “Mary Onita Wier” and she is renowned and has quite a following. So it shouldn't be a hassle finding her. Just look her up.
Thank you for this tip , I must say, Mary appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
“In short, bad news is an investor's best friend, ”Buffett wrote in the op-ed. “It lets you buy a slice of America's future at a marked-down price.” That rule is still as relevant now as it was 15 years ago, during the height of the Great Recession.
Isn't the "wealth effect" simply trickle down economics by another name?
As in it's not real.
Which means we'll be better off without it
no, the wealth affect is that people will spend more money when they get unrealized gains, despite them being unrealized.
There's great examples in this comment section about people talking about how much their home has gone up in value. That's an unrealized gain that doesn't increase how much money you have to spend, until you sell your current house and buy a replacement for less. However people will spend more from that seeing their paper gains.
Same is true for the stock market.
@@uncreativename9936 @uncreativename9936 That makes more sense to me. Human psychology at work. The video did a poor job of explaining that, as it alludes to income being down, as it specifically mentions lower wage growth, job creation, and debt, not unrealized losses.
Well said!@@uncreativename9936
When the middle class and the poor discontinue spending it's over. It's the poor and middle class the hard working folks that's holding the liitle economy we have left together.We are being priced out of everything. It's getting extremely difficult to survive these days and there's no end in sight. The bible tells us already how all of this will end. Brace yourself!
Amen!
I’m not even religious and I agree 🙄 amen
a job is a job. take the one you're happy with
I work for a candle supplies company here in Texas. We’re a very small business - literally 4 employees. The owner of the company has always had multiple streams of income, and while he paid attention to his company, ultimately it was never a huge concern for him. During the pandemic business was booming, even with supply shortages, but in 2022 business slowed down by a lot. The owner’s multiple streams of income, his investments were no longer as profitable or failing. Now his management style has always been bad, but holy crap him being barely present, to constantly stretching his pennies and breathing down our necks, has been a shock. It’s really annoying.
Maybe because he's worried and feels like his life is on the line
@@mikemike5973 Absolutely, but his family is still taking 2 trips out of the country every year, his wife doesn’t work, and he still manages to pay thousands of dollars for his kids’ private school tuition. It was completely bonkers to think that the insane amount of business we got from the pandemic was going to last and grow even further. We, the employees, knew that, and it took him nearly two years to admit it while riding our asses and making stupid business decisions that came back to bite him in the ass.
4 employees and the owner's never at work? What is he smoking?
Yeah don't feel bad for him. Just find a better job where you don't need to deal with that.
@mikemike5973 let's throw a welcoming party as an invite to the group!
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
Investing in many sources of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.
Sure, investing is essential for maintaining your financial stability, but making any kind of legitimate investment without the correct advice of a professional can result in a significant loss as well.
@@sanggu3423It's really not easy trading this market. I read a lot of books, tried to study, watch some tutorial videos, did a little demo before funding my account and I still lost a lot. The financial market could be very tricky
wanted to trade, but | got discouraged with the market price fluctuations~>
@@helinabrooks7461Trading under the guidance of a professional is the best strategy for beginners.
Sure when groceries near double only affects the rich. This makes total sense.
Near?😂triple
There is only a limit to the propaganda being pushed by NBC before the whole thing collapses before our eyes. All memo reading supposedly journalists.
In a recession prices drop due to lack of demand.
@@tindrums I hate to break it to you, but the demand to not starve isn't going away.
@@tindrums Prices drop when there is a lack of demand and the currency isn't being debased through endless printing of money.
Problem is ~10 trillion dollars was conjured out of thin air over the past 3 years with little to no productive capacity backing the money in circulation, hence inflation. With all that money chasing few goods and services, prices go UP despite economic activity slowing down. People still need to eat, have a roof over their heads, go to and from work (if they have a job).
This is not a situation of text book Econ 101. Text book Econ 101 says you don't hold interest rates artificially low at near ZERO percent for 15 years and expect capital to not be misallocated like we have now.
Because we're in an unusual situation expect unusual things to happen, like stagflation.
The audacity of you worrying about the rich instead of the poor you should be ashamed
You clearly didn't understand the story. Rich people spend the most money, so rich people stop spending that car salesman at the Porsche dealership is out of a job, The guys that work at marina's and work on boats are out of jobs.
@@1personalt well in your example its the porsche dealers fault for marking up their cars thousands of dollars over MSRP. People cant afford stuff from inflation, people dont buy things, rich people dont get money, people get laid off bc rich people cant pay them, and so on
U.S. stock futures rose Tuesday as equities were buoyed by a sharp decline in bond yields, while earnings from some of the largest technology companies loomed in economic data. renewed buying strength in markets in September and October. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Predicting short-term market movements is extremely difficult in reality. It also essentially requires the investor to be right twice: they must perfectly time both their entrance to and exit from the market.
Agreed, instead of panic or following a hearsay, I simply adopted the service of an advisor early 2020 amid covid-outbreak, and so far, I've attained my most measurable financial milestone of $650k after subsequent investments.
Impressive can you share more info?
My consultant is NICOLE DESIREE SIMON She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $508k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choi
that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s your financial advisor or coach, do you mind hooking me up?
The adviser I'm in touch with is *CAROLINA MELINA PHERSON* she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me she strategy works hence my result. She provides entry and exit point for the securities I focus on.
nah man, its a lack of capital investment in america, in good paying jobs that is causing this. turns out the wealthy 'geniuses' look great if they are getting 0% loans, if rates are reasonable not so much.
My home has doubled in value since 2018. If you own a home you are doing well, if you are renting then you are getting destroyed right now. If you had money in the stock market then you are doing well, if you didn't then you are getting destroyed. These two things seem to make the biggest difference in the quality of people's lives around me.
In summary, if you have money you are OK (if you have money, you can invest and buy a house).
It’s only worth more if you sell it so be careful
@WillR-Cincy gets it
Some people stock portfolios fell and haven’t recovered. It’s all subjective.
My stocks are the only thing that have been destroyed the last 2 years
More like, finally, this has reached the rich, who usually aren't affected or even benefit
Don’t buy this sham they’re trying to push onto the middle class. $125K a year is not the threshold for the rich.
So you're telling me rich people ran out of ideas on how to be even more richer, thus a recession is going to hit them?
I currently make £84k/yr. No investment and I work from home. I need to do something quick. What can I do?
Making £84k/yr and working from home is awesome. If you're looking for quick investment options, consider exploring cryptocurrencies or real estate crowdfunding. They offer potential growth and diversification. Just make sure to do your research and consult with an advisor
I’m very much aware of the great benefits of working with a pro but I haven't found one for myself.
@@danielwright4931 I totally get you! Finding the right pro can be challenging. I partner with Olivia charlotte Oswald on various projects, I found her on the CBNC interview, looked her up and we began our awesome partnership. Her services are exceptional.
Definitely grabbing this opportunity. Thanks so much, just found her webpage
Taking the first step is always tough, I made over 120k USD with a start of 30k in the last 7 months. Importance of investing cannot be overemphasized
There is no recession. It is not a recessiot. It is structural crisis. System is done, recessions passes, structural crisis means that you either change the economic system which is scuffed Bretton-Wood, or you going down with the system
😂 1929 will be again for longer
Yeah, kick Biden out of office……he’s the problem
They want the ledger. Ripples make waves and what is set in stone cannot be changed. Bretton-Woods III, Big Bang Migration, on demand liquidity will flood the world in the time of need. An 'over night' transfer of wealth.
You the problem.
Americans will vote for this again next fall.
Oh no rich people aren’t buying as many lambos….. how the economy will suffer
We've been in a stagflation economy for 2 years, despite what some people want to redefine things into to suite their political ambitions. Go to the grocery store, look for a new job, try to purchase a home, or do virtually anything that normal people do in life and it is very difficult to do it. A lot of people living off credit cards and buy now, pay later FOR GROCERIES. Debt through the roof and getting more expensive for all debtors, including the US government, to pay back. This won't end well.
Record credit card debt combined with historically low personal savings in indeed scary. Many won't realize how shackled they are to the usury debt slavery until the reaper comes knocking. We are in for hard times and it has been fueled by our government working hand in hand with these fat cats to milk us for all were worth.
All I know is that we need laws that prevent parasites from buying up multiple houses and making housing unaffordable for the middle class.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
In Florida we have a severe housing shortage and one million vacant homes that are owned by hedge funds and other parasites! In the meanwhile rental rates have increased by more than 40% in certain populous areas. You are absolutely correct!
Housing prices reflect supply and demand. If there weren't so many laws restricting and disincentivizing building housing, ownership type wouldn't matter.
@@justliberty4072 There are less than 4 million unattached houses in FL; 1million is a significant percentage to be sitting vacant. New housing starts in FL have grown exponentially in recent years. Our main problem is affordable housing and we do have an affordable housing fund which has been seriously abused by our republican legislators who have "borrowed" $6 billion from the fund over the last 20 years. Twenty years ago you could purchase a 1500 sq ft home with a 2 car garage for $100,000, including the lot and "impact fees" that have now been lifted. There is no concern in FL for the impact on the environment or local traffic etc.
@@justliberty4072 Who lobbies legislatures far and wide to get their favorite laws passed, pray tell?
Can’t imagine this wouldn’t affect everyone. And the rich are always going to land on their feet and be ok, while we bear the brunt. As always. I don’t care about the rich. They should have plenty of money since they get so many tax breaks that we all have to pay for.
Don’t blame them for using what’s available to them
Someday you may be in a higher income bracket.
@@DASWEDE420 I will be- I’ll happily pay taxes if I’m making more- but you can bet I’ll look for ways to minimize it
The rich have habits that make them rich. Poor people blame other people for their failures while rich people actually do something to make life better. If everyone started with $`100,000, the same rich people would be rich again and MOST of the poor people would be poor again.
😂 half of the country pays absolutely NO net taxes. So in no way are poor people paying for the tax cuts of the rich.
We’ve been in a recession by definition since July of last year yet people still refuse to acknowledge it.
You know you are in a recession when people pull back on leisure travel and flying and cruise ships and buying cars and RV's. When car prices get too high----people stop buying expensive cars----but that hasn't happened so far. When gas prices got too high-----but cars and SUV's stop selling----and people go to the smallest cars they can find---but that hasn't happened yet. It will-----just hasn't happened yet. The funny thing is that Trump predicted that we'd hit a bad recession as soon as Biden became president. Instead the Fed had to raise interest rates 10 times to try and slow down the economy. Raising the interest rates has started to slow up the ecomony----and was necessary----but not to recession levels yet. When you have 9% unemployment----we have hit a recession. Yes----the economy is slowing----and has to---but people are still filling airplanes. That will stop in a recession.
Totally agree recession started mid next year because things had slowed by 50% that time. And whole 2023 was complete recession thank you
@@Ak47149 When they start Lowering the interest rates----we are in the recession. We will get there-----because the Fed has raised interest rates a record 11 times to slow down the economy. It will eventually take effect----. That's why we have the Fed.
This video seems to promote trickle down economics. Problem with rich supposedly not spending is that not everyone works in luxury goods or services.
Correct. Its a very small market and the majority of it isn't even a part of the American job market. We won't feel them not spending their money
According to Bloomberg as of yesterday, more people have fallen behind on their car payments than ever before. This video is BS.
I still don't understand why CNBC says the richsession affects the lower income classes. Luxury brands, high income jobs and the stock market take a hit but lower income classes barely have discretionary income. Sure, those retiring now will take a hit but the stock market always bounces back....so unless you are retiring right now, the richsession is irrelevant to lower income classes who are still being hit with inflation.
Also, the rich are NOT the drivers of economic growth. Sure, they spend the most but they also use those purchases to evade taxes. The drivers of the economy are the lower income classes who cannot afford to hire accountants who know how to hide their money without the government going after them.....and therefore, spend everything they have.
That's a problem when so few people have the lion's share of the wealth. Now econonic growth is being held hostage by a few.
That's by design, you get what you earn in life. Poor people are poor because they choose that lifestyle. Every broke person I've ever met is actively doing NOTHING and have done NOTHING to change their situation.
Wealth is created. It isn't held hostage. Everyone is richer today than 100 years ago. If wealth was hoarded, you would still be using a horse and buggy and begging for a loaf of bread.
Amen to that. @@lancerussell755
@@lancerussell755 You don't understand how low rates and inflation hurt the working class.
@@zachjones2346 I understand you thought that was a really witty statement. But 1) It wasn't, and 2) That's not how hoarded wealth works. But good try.
Too much BS in the first two minutes. Not watching.
Yes, it's difficult for the poor to get any poorer at this point.
take any job you can get
CNBC starts off strong saying they think we will have a recession in 2023, citing an article in March 2023, when this was released in on October 2023....
Good research guys!
A recession does not hurt the rich, it benefits them. They can buy a ton of undervalued assets. Then when the markets rebound they become even richer than before the recession
Their money is already in assets. They will not be able to afford undervalued assets, since they have to sell undervalued assets to buy new ones.
@@Pizzonia295 rich/wealthy people are not going to liquidate any assets during a recession to buy new assets. They have cash reserves laying around for this perfect storm, believe me…….
Yep
Only peasants say something like that
@@goforbroke2 I agree, and equity is definitely not their only income source. So they will keep making money even as the stock market crashes and buy those cheap stocks just before the rebound
Oh those poor rich people. Life must be so hard 😂
My wife told she needs to spend more to help the economy grow.....I took away all the credit cards lol
Oh my rich people will only be able to afford 2 vacations this year as opposed to like 5. We're truly doomed!
I say screw the rich, none of the listed things sound terrible for the middle class
rich people wanna try to convince you to care about this so they can stay rich
Time to buy shares at a discount
Not yet. Ten year boom must end with ten year bust.
@@notgrubu2179lol
The media loves rich people so we must all feel sorry for their bad luck.
Oh, look at those poor rich folks! 😔💸 The media just can't get enough of their "struggles." 🙄 But hey, who needs sympathy when you have private jets and mansions, am I right? 😅
Omg. Poor rich people they gonna go from 80 million yachts to 79 million yachts. Poor rich people
These people in finance and tech aren't rich unless they own the company or have shares. They are highly paid workers with debt who are laid off. How many of them? 100K in USA? That is hardly goiung to affect the economy other than drive down those IT hubs a bit like San Francisco. Will Austin IT area be affected? No due to Telsa growing. Yes, many IT and bank people they may need sell a house or car they bought on credit and spend less. They rich people, with assets over 5 million, aren't affected by recessions as they have money earning income, sitting in Treasuries at 5% and its a non issue for them other than stocks go down in price. They can wait or use the time to buy cheaper stocks or assets from those IT guys or commercial properties that are now cheaper. The poor as always will continue to suffer even though they will stay employed, but living pay to check to pay check and one medical crises away from homelessness.
This title needs review. Regular Americans have been living in desperation and using everything to keep afloat. Poorer Americans God only knows. This title should say, “now that the rich are affected we’re crying”.
Working class folk can barely pay their rent and buy groceries, let alone be avid consumers 😂
A number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth no less than $850,000 before I turn 60, I would appreciate any advice on potential investments.
There are many other interesting stocks in many industries that you might follow. You don't have to act on every forecast, so I'll suggest that you work with a financial advisor who can help you choose the best times to purchase and sell the shares or ETFs you want to acquire
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
@@AvaCharlotte-pn6ivIs there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation
My advisor is TERESA LYNN CARMI , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@@AvaCharlotte-pn6ivThank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her
The audacity of this video 😂 Ooo boohoo the recession that has been getting worse for 2-3 years is finally affecting them, I'm so sympathetic.
Wait, @0:40 all income levels are filing more for unemployment lol. And $50k - $125K isn't "rich" that's middle-income at BEST (
And then they argue that we need more rich people to buy luxury yachts to keep the little people employed. Which is just trickle down economics. And people making 125k aren't buying yachts. This "journalism" is painful to watch.
@@assumptionsoup Right! People making $125K, in some cities, are just renters with a Tesla at most haha Trickle down economics/Reaganomics was one of the worst things to happen to the American working class, but if you say that out loud "certain people" will take offense.
GDP grew at nearly 5% last quarter and we STILL can’t shut up about recessions
Recession has been here for 6-8 months. Congrats on finally realizing it though.
Well, good on them. It's about time they stopped hoarding all the cash! 🤢🤮🤑🤑🤑🤑... 🤢🤑🤑🤑
Sad that the stock market is such a giant linchpin in our economy.
Yeah it's really fun when your options are funding money for retirement, is something that is required (social security) that is on track to have solvency issues in the 2030s. Or, investing money in a system that believes in infinite growth in a world with finite resources (the stock market.) Not looking good.
I was thinking about this the other day.. all the money that the world has ever made and gathered just goes into a big gambling pit of stocks. The sweat and tears of all of us for 100s of years and goes to this big gamble game of stock market 🎰
@@gaberoyalllinto a house of cards. Apple the biggest company make no money intentions
The stonk market literally is all that remains of Western Civilization.
Nope. Stock market investments are used by companies to research and develop new products and new amd/or more efficient ways of doing business.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. A trader made over $350k in this recession influenced market
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with this person
Thanks for sharing, I just looked him up on the web and I would say he really has an impressive background in investing. I will write him an e-mail shortly.
Sleazy comment advertising set-up. Paid Shill.
We live in an oligarchy similar to the late 1800s. When will this country learn we need to tax the billionaires and 100m plus crowd more.
Oh boy, here we go! 🙌🇺🇸 Let's dive into this fiery topic of ours! 🔥 It's crystal clear, my friend, that we are indeed living in a modern-day oligarchy. 😲😡 But fear not! The time has come for us to wake up and recognize the power of taxation. 💰🕊 We gotta show some love to our billionaires and 100 millionaires and ask them to contribute a tad more for the greater good. 💪🏻💸 It's all about sharing the wealth, baby! 🌟😉 So, how 'bout we learn from history and start building a brighter, fairer future together? 💯🗽💙
Any negative impact on the stock market will surely cause the government to act. Despite their claims, governments care more about corporate performance than impacts to the individual.
And THATS what the problem is. The US government has always acted to boost the market. The problem is, the market is now over inflated. Its no longer worth its value because of government intervention causing everyone to think that it will never fall and thus investing even more even though it doesn't make sense !!!!! But of course you are just compounding the problem. The bigger the rise, the bigger the fall !!!
Yeah I don't think many of us are going to shed a tear for them..😂
Let me play a sad theme on the tiniest violin. 🎻