Good advice. 15 years ago I made the decision to make sacrifices to pay off my mortgage and get out of debt. Today I own three houses debt free and zero credit card or personal loan debt. Getting out of debt in this economy is the most important thing someone can do.
Paid off my 30yr mortgage in nine years 16 years ago and criticized for it. Bought second home and two rentals with cash after housing crash in 2008 as well and people thought I was nuts. Just didn’t want debt and a lot of payments. I think many understand why now.
In the US mortgages are usually 30 years. Not so in other countries where it is usually 5. And most people by for cash though they earn about 10% the wages of Americans.
I’m buying food and that is putting me over my spending limit. I stopped going out to eat, I stopped using my credit cards. I have a car payment rent electric and insurance then gas and food. Food puts me over and I don’t buy junk food. I buy meat once a month. Prices are wayyyyy too high
Groceries are more expensive than before 2019 but they have dropped in the past six months. I think prices are starting to normalize. But you might want to ask is it the food that is putting you in the hole or the loan payments you have to make. Average car payment is 600 now. You can buy a bunch of groceries with that
Can you look for a better paying job ? My husband today is starting a new job.. $2.50 more an hour. That will really help us. Sometimes you can only cut back so much and now you need a better job, or pick up a part time side hustle. Rent a room or share an apt rent. I’ve found a really good food salvage store and they sell food 20-90% off the retail price because the food is just past that magical “best buy “ date. It’s all good food. But it sounds like you’re doing a lot of really good things. 👍🏻😀
@@pewpewimbobyes the groceries have “normalized” to their high prices of 6 months ago but they’re still 25-80% higher than they were 2 years ago. Ridiculous !
We shouldn't have to choose the type of chains that bind us into slavery. A better solution would be to create a new type of currency that the globalist bankers can't control or counterfeit.
@@darekm6859 you can’t create business without debt? That doesn’t make any sense there’s been plenty of businesses that have been started from the ground up with no debt. That’s the problem people believe all these financial economic lies.
Interest and inflation are correlated. High inflation, high interest. This is why the FED must stop inflation. Some are saying the FED should just abandon their 2% inflation target for something higher, like 3%. But what these clowns don't seem to realize if the FED does that you will see a 100 basis point spike in yields (and massive crash in bond price) before Jerome Powell even finishes the sentence.
@@darekm6859 Rates are not set by decree. The FED only has direct control over one rate - The overnight rate, but the FED has no direct control over the bond markets. You mentioned rates being hiked or lowered to either stimulate or restrict the economy and that is true to some extent.. .but the power behind the bond markets is "Real Yield" and investor demand for that debt. This is why inflation is in charge. You can't have 4% inflation and the 10 year UST paying 1.5% because the real yield on that investment (1.5 - 4) is negative and investors don't like a guaranteed loss. The point being rates don't really "go up to be restrictive to slow the economy".. the real reason they go up is to find buyers for the debt.. slowing the economy down is a secondary effect, not the reason. This is important because we could have a recession and inflation- stagflation. and thats really bad because rates will remain high (to find buyers for the debt) despite the recession.. but high yields/interest rates do slow the economy.. so you will have two forces both pushing the economy down and the FED can't do anything about it.
So these sellers think that in 3 years, that home's "market value" has increased by 250%??!! Driven by a supposed DOUBLING in "Land Value" from 2022 to 2023??? Is land in S Florida vanishing so fast that the value doubled in ONE YEAR? Seriously?
It just goes to show how sophisticated social programming is to the masses on how debt good. It was the complete opposite 40 years ago where is was shameful to recklessly spend. Thanks Micheal
Totally insane housing costs in the US. I rent a 7 bedroom/5 bath house with 4 car garage on 23 acres for $153 a month in Costa Rica. Rent has remained the same more than 4 years. Since retiring in 2013 I have lived in Panama, Ecuador and Nicaragua as well, never paying more than $180 a month for a 3 bed/2 bath free standing house. I have no debts nor credit since 1984.
Eh yeah. And was sitting here wondering why millions migrate to Costa Rica and Nicaragua and don't bother to crawl over US border any longer.. Oh, wait...
@@geeeee8268 No millions do not migrate to Costa Rica or Nicaragua. Nicaragua with an average income of $150 a month is usually worse than the countries they left. And there is no employment possible to immigrants. As for Costa Rica, the population is just 5 million and 50,000 a year is the limit of immigrants that can be absorbed. Which it does. As to the US immigrants believe the US offers great wealth. But absorbed from television, cinema and celebrity lifestyle. And other than farm work or elder care they wont find employment. A false dream. The typical immigrant has a 6 or 8th grade education, far short of the high school diploma that is a minimal requirement for employment. About 180,000 foreigners spend over $200,000 a year attending college in the US. And are the majority of graduates in Medicine, Technology, Science and Mathematics. The cost of a coyote assisting in entry to the US is $8000. Few if any have that. So it is either crossing with drugs or being put in human slavery and prostitution. Thousands of immigrant children work as slaves in the meat packing industry as well as restaurants. And even if on farms few immigrants are paid over $4 an hour, while mo legal immigrants or US Citizen will do that work for less than $15 an hour.
@@geeeee8268 Were you a Venezuelan making $17 a month due to all the economic damage the US caused you would likely go to the US too. Prior to the mid 1990's Venezuela was the wealthiest country in South America with the largest oil reserves in the world. And Hugo Chavez gave free oil to heat the homes of the poor on the entire US East Coast. Citi Oil is a Venezuelan oil company I know over 2000 people in Panama and Costa Rica who Legally entered the US on Tourist Visas. Legally bought homes and Businesses, exiting entering every 90 days. The majority in time ended up deported for working in the businesses they owned. One was taking one of his limos in for servicing, saw an elderly couple in the rain and took them home free. But stopped by a cop who issued a ticket causing his deportation closing of businesses and over 260 US Citizens now out of work. Plus all the taxes he paid and continues to pay as Americans are subject to US Income Tax forever after paying 5 years. Only two countries that do that are the USA and North Korea. I have assisted all these people on their income taxes. Assisted, I answer their questions as they do it themselves on the IRS filing site. I am no longer a Certified Public Accountant as I have not lived in the US for over 11 years. And thus have no State of Residence. UK holds the record. Just in India some 80,000 a day apply for UK Residence. And about 75 years ago all Indians were UK Citizens.
@@geeeee8268 Obviously there is much you don't know. While I am well traveled having served in the US Army for 32 years. 79 countries in the last 11 years, 104 in my lifetime. And holding many post graduate degrees from 6 universities. The most important a Doctorate in Applied Nuclear Physics. Which I mothballed back in 1989 and will have nothing more to do with that field. One the history of England from Cambridge, which is considerably different than the American prospective. Most Americans are ignorant about the rest of the world. While Europeans are the most aware and traveled. And Americans are ignorant that the EU has a larger population as well as greater Economic role in the world. With its $34 Trillion Debt there is little hope for any improvements in the US. I teach Pro Bono at the National Universities of Bolivia, Ecuador, Panama, Costa Rica and Nicaragua. Mostly Advanced Mathematics and Chemistry. But also some economics and geology. I point out the countries that offer far better opportunities than the US and also more welcoming. New Zealand, Australia, Spain, Portugal, UK, Netherlands, Sweden, Germany among them. But like all employment a college Degree in Health, Science, Math or Technology is more likely to get them there. The only time NATO came together for common cause was when the US asked for help on 911. And now the US turns its back on those same NATO countries. While monthly income in Costa Rica is only $550, and Panama and Ecuador $450, and Nicaragua just $150 e live on that better than Americans at $2500 a month. And Canada has a problem with Americans illegally entering, living and working in Canada.
Depends if you are single, married or have kids. If you are single, no wife/kids, you're doing well making six figures. That's upper middle income for a single person.
@@DIVISIONINCISIONI see your point but Single people are taxed and billed harder. In some cases, they are the first to get laid off. Singles are held to a higher standard by society. It’s the houses with families that have multiple cars and TVs. Singles have to be careful how they spend money and often times there’s no big tax returns to save them.
Look at the foreclosure list.. interest rates that are too high and then increase in taxes and HOA fees are destroying communities. Real estate is the biggest problem.
Zero debt...Solid information & advice. People with large savings "please raise the interest rate." People trying to finance anything "I ain't buying nothing...the rates are way to high and I can't afford it." Now, which group has more people in it? That's why!
They are stating same thing here in Australia, house prices still robust, mortgage rates went up 13 times over 14 months, food and fuel prices through the roof, I’m sure all our politicians are manipulating the results, they say unemployment is low, people still spending… it’s so strange
I believe real unemployment is higher than 3.9. They are counting a part time person as employed, and counting part time jobs in jobs numbers. Since when do they count as FTE's?
@@hailandfire1822 Right, you are such a genius you know how someone you know nothing about will react to circumstances. What meds are you taking to accomplish this?
Stupid debt (CC, BNPL, student loans) are slavery. The 30 year mortgage with it's interest deduction is actually one debt instrument that works for pretty well for average hard working Americans.
I went debt free four years ago. Even then, my.wife and I were only paying interest on our home loan. There is no feeling like not owing anyone anymore.
Dude. You did not coin the term "Mickey Mouse" to describe something that is shoddy, cheap, or low quality. I first heard it from my grandfather many years ago. I am, however, pleased that you are keeping it alive.
Micheal agree 100% the rate increase was not aggressive enough and that is why we are stuck and not feeling good….we did not finish the process needed for a correction!
39 with zero credit cards and never even applied and threw away all the ones they’ve sent me. If I wanted to give away 30% of my money it would go to charity. Lol
I'm at a time in my life that I am fortunate to be debt free. Now no one will ever be debt free. I do now see young people struggling and when I was their age it was easy to make ends meet. Not anymore....
Good For you, it is hard work but it can be done I'm Zero debt NO BILLS 2 homes 5 cars and a Airplane and I save 40% of my income every month. I buy EXON stock with 10% of my income
But never before in history so younger people have the opportunity to make money. Sell things on line, have a RU-vid channel, many things thru their computers. Back in the 70’s young people could make extra money mowing lawns and babysitting. They can still do that but I don’t see that happening.
Never heard about this type of debt before. I can’t imagine having that much. I pay credit cards the week before they are due or even before if I a traveling. I use the CC company’s money for free. Paying 18 to 22% interest on that debt must never occur.
@@debbiec6216 I know it's a simpleton trope to throw, and I do happen to live below my own means, but you folks have to understand how our economic system is built up. It's not that simple. To wit, the economy is floated by personal consumption to the tune of 70% by GDP. The unemployment rate would skyrocket if Americans would curtail their spending to a degree that had them only spending below their means. Put in different terms, the material standard of living of americans if they spent only to their income level, would have them torching the streets. The system will always protect capital asset prices, and will do it on the back of wage earners (specifically currency devaluation/inflation), until wage earners revolt. Americans are heroin addicts though, they have largely already given up and signed up for a life of paycheck to parcheck precarity in working years, followed by a sudden and pitiful struggle on social security in non-working life, which is to say literal indigence the second they stop working. This is not conjecture, this is shown in the national median 401k balance of those over 55. Americans are a broke cohort as a national collective, completely retirement insolvent, so they choose the nihilist route, and commit to living large and borrowed in youth, and EFF it in old age. It's a bold move cotton, one that's going to lead to a lot of national recknoning starting at around the point where the 50% boomer reaches age 67-70. Living below one's individual means isn't going to fix that, getting pissed off and disrupting the status quo via direct action, will. But americans don't have the organizational ability (as a multi-ethnic nation) to pull that off, so it becomes a version of the Hunger Games where some Americans will have the system work for them , and the majority for which it does not, and will not. the latter will flounder all their life for no added benefit. I rather be working poor in smaller country with better social safety net, if I knew there was nowhere I could tolerate living in the US, where I could afford to live and thrive without the use of permanent debt.
Stop thinking people are spending above their means. Let me educate you. 1.did you ever converse with people who have credit card debt and what puts them in a credit card predicament. 2. Increase in taxes for homeowners. Higher grocery prices 3. Lower salaries Just a few examples of why people use credit cards. And credit card interest should be tax deductible.
@@deborahheckstall1881 Really?? Let me educate you. When you drive by a Starbucks or Mcdonalds, look at the lines that are there. When you are at a red light, look at the kinds of cars that people are driving. Pay attention to what people are buying when they are at Walmart and Target. Most of that stuff that they buy, they don't need. So yes, most live way above their means, which is why they are in lots of financial trouble. There are a very small percentage of people that are in trouble without being a spender, but they are not the majority. If people quit spending like they are in congress, most would be out of debt and have a good emergency fund. Even without making lots of money. People don't want to live within or below their means because they want to keep up with the Joneses, or nowadays IG reels. People need to quit being victims and start taking control of their spending. Yes, some people are legitimately hurting, but the majority of those people made some really bad choices financially. And when you are in a mess financially, the last thing you want to do is dig a larger hole by using credit cards.
Being house four is never good. And I’ll bet you’re getting yearly increases in your property, taxes and insurance. Plus you have to pay for all the maintenance on the house yourself
I have only done it 1 time in 20 years because my roommate died and I had to pay for rent. It was a financial mess for a couple months but I never missed a payment.
I think housing tops taxes. By a fairly large margin. Not that I think taxes are low, or where they should be, but housing (rent/mortgage) is by far the largest expense.
Yes , they need to tax you in order to give the monies free to illegal aliens, I went to Cosco and the people in front of me had two carts full of everything you can think of , total to pay cero , they passed a box of beer last $21, they were charged for it .
I have about $6,000 in cc debt. I rent a small home in Pasco FL. I’ve owned homes in the past but sold them on the worst economical and (emotionally challenging) times. I pay more than my minimum cc payment (as of December not used cc at all) ONLY because I want to buy another home. Not rent. It’s taking FOREVER for my fico score to upgrade! I cannot afford to pay them off as I pay a lot in rent as well as basic utilities. Plus my veterinarians bills. I’ll live in my paid for car with my 2 dogs before I ever get rid of them. I’m seeing no end in sight.
The government does need to sell land. The Federal government owns like 80% of the USA... go look at a map of federally owned land.. especially out west they own nearly all of it.
@@killer2600it's all borrowed from us. The Treasury issues bonds and foreigners buy them. So yes you could say they are borrowing from foreigners buuuuuut those bonds get paid back. With interest. Where does the govt get the interest? Basically every penny the govt spends is a future tax or more inflation
Someone working a job, whether Mickey Mouse or not, gets my respect. Take what you can get now and keep your eyes on for something better. Figure out how you can improve your skills to be more marketable. There is opportunity out there.
Amen!!! I was told, over at a young age, always have more than one "Trade Skill" . If one job lays off , you have other skills to depend on , etcc. I always had two jobs, one was robotic programmer and the other one working for my brother, in his catering business on Saturdays. Fast pace jobs.
I totally agree with that. I’m not knocking people that are working these Mickey Mouse jobs. Just stating how they’re insufficient to pay for a decent life.
@@MichaelBordenaroalso keep in mind that we live in some of the highest COL areas of cour country. What we call “Mickey mouse” jobs is an awesome pay scale in rural Kentucky.
I'm French, all over europe we also do have Fix rates as in the US. Only difference is that in Europe there is no way you will get a 30 years fix rate if you are in your 50's
We purchased a dishwasher from Lowe’s 1year same as cash. The first invoice came in and the interest if we don’t pay it off in a year was 31%. We have 800+ credit scores so I assume this is just what it is now. Ridiculous.
It doesn't matter what the private FED does with interest rates because no matter what they do the system is going to collapse. That will be a great thing for we the people.
Agreed but why should we the people suffer because of it? Why don't we create a new type of currency that these globalist bankers can't control or counterfeit?
It’s too bad that a consumer economics and finance course isn’t a requirement in all high schools. If it were, more people would have a strong foundation for good decision-making in life and wouldn’t be getting that knowledge by daily screw-ups in their choices.
It's easy to say get out of debt. With everything doubling and no pay raises, unexpected car, med, utils, vet bills, it's a battle. Who really likes debt !!! Ppl are cost cutting, but it's so hard !!!
In 2012 I was making 90k and it was great. Every time since when I landed a new job I had to take a paycut and build up again. 12 years later today, I make 135k but it doesn't allow me the kind of lifestyle that I had with 90k in 2012. I feel like I'm making the same and pay more out. It's discouraging.
Radient Barrier, reflects the UV Rays, away from entering the house. It will cut out cooling cost, of the home. It’s shiny 2 layers, of shiny Aluminum Foil with a Mylar plastic center, it doesn’t have, a R Value. Normal insulation, is spun glass, and absorbs heat, like a sponge. Jerry from Anaheim, California.❤
Michael, the problem with raising interest rates is that the US is already adding a trillion dollars of debt every 100 days. The higher the interest rate the more the debt payment. We are caught between a rock and a hard spot.
Interest payments on mortgages is hundreds to thousands percent in the beginning. Now you know why the banks are always looking for you to refinance or buy a home.
I don't think generational debt is something we should admire. I'd rather adopt the Muslim bank method of buying a home for a seller then selling that home at about 20% higher price with payments over many years. This is because their beliefs consider usury a sin and it's not allowed just as the bible also says.
Michael, Feds have to lower rates because the Govt can't afford its own debt. The current maturity structure is such that most of the current debt will mature within the next three years. Thirty percent of this outstanding debt, amounting to $6.7 trillion, will mature and need to be refinanced during fiscal 2024. Every year 1/3 of the debt is refinanced. Unfortunately we're screwed either way. When interest rates inevitably go down, inflation will go right back up. They have long run out of tools.
The Fed isn't as in control of the rate as you think. Remember, it has to keep the debt it's currently selling as competitive as possible with other investments. And as the US's debt continues to grow, those debt instruments become more of a risk which suggest a higher more attractive rate.
My mom bought her home at 11% interest rate and she was lucky. Now she has paid off her mortgage and living off the rental properties. Interest rate doesn’t matter. It’s whether you can afford it .
Cash is king. It means you cannot spend more than you have. For many people the more access to debt they have the more they'll spend... It's actually an addiction and a huge proportion of society have it!!
@@John-ou4rm example. If I use the c.c. I just pay if off at the bank, before the statement arrive. people who pays the credit card games, to keep their credit scores up 800+.
I hare, flat roof houses. There’s no insulation. A Radient Barrier, can reflect the heat away, like a mirror. It’s sold, at Home Depot. Easily installed, by home owners, with a staple gun. I used to sell a similar product. Jerry from Anaheim, California.❤
The craziest thing about credit card debt now is that the average interest rate is like 24%, 18% if you have really good credit. I have had credit cards that the interest rate was 5% . That is a thing of the past. We have been enslaved by corporations and greed.
You will own nothing and be (un) happy! I can understand large debt for a home , and some debt for a reasonable car (but not for the super expensive vehicles people are buying and leasing now), there is some argument if you are getting a stem degree and are smart about it with going to community college first then going to Uni and living at home, however, credit card debt is just the dumbest thing a person can do.
Unfortunately, personal debt is a drop in the bucket compared to our esteemed government debt. Aren't they supposed to be the adults in the room? The responsible ones? The example setter? The voice of reason? I just made myself laugh. I don't often do that.
Michael is right! Thank you Michael 🙏 why people went under water and I am not! People, you got to listen to what Michael said, Michael is talking about what is the reality! ❤ Love this channel.
I was laid off from a good job during the plandemic. It took me eight months to find a new job and it killed my credit. I’m at least paying 50% higher interest rates compared to 2019.
Shouldn’t that mean you were on boosted unemployment for that time period? And wasn’t there a hiring spree in the tech sector in 2021 and the energy industry in 2022?
@@andrewhiggins7102 boosted unemployment means nothing when you are making six figures. No amount of unemployment can equal. I was gainfully employed by 2021 but the tech hiring of was based on false demand, that’s why so many have been laid off from tech in 23 and 24.
@@andrewhiggins7102 Ive heard of some people who sat on the unemployment when employers needed people bad and when the unemployment was getting cut off some employers instantly refused to hire people with gaps during that time period. Some people were “rubbed” the wrong way when they saw people enjoying unemployment while they went to short staffed jobs.
I’m about to free myself. Taking money from my tsp to pay off my credit card. Phuck it! I’ll pay it off & change my behavior. My interest rate on my mortgage is only 2.375%. The credit card is ridiculous. I’m done. I’ll only owe mortgage. I can’t take it anymore.
Once the rate cutting starts, inflation will start to most likely pick up and then FED will start a MASSIVE RATE HIKE to 10% FED FUNDS rate; Hence this outcome will cause and start depression. Those buying groceries are well aware that the real inflation is much already over 10%. Its already catching up with my $220k stock portfollo
Rate cuts commence in June 2024, taking 6-8 months to complete. A potential crash, if any, might occur by March 2025. At this point, If you're not one who understands strategies to invest in the current market, seek a Financial advisor to guide you. safety first!
Agreed! this is why I work with one. My $420k portfolio is well-matched for every market season yielding 85% rise from early last year to date. I and my advsor are working on a 7 figure ballpark goal for this year. IMO, financial advisors are the most sought-after professionals after doctors.
Out yesterday Saturday and Holy Guacamole!!! Costco jammed to the rafters, Mall was completely Full, hit Tx Roadhouse and 2 hr wait. Im convinced people are LOADED w $$$. Carts was overflowin, ribeyes coming off grill faster than cook could sling them at $32.99 a pop. SPEECHLESS👉🏻🇺🇸🇺🇸
That's the same here in this region, Restaurants are packed, Costco always packed . Texas Roadhouse is one of my favorite place and it's packed Everyday x 7 . Mostly eat at home it's cheaper . I have moo cows (lol ) Grass Fed Grass Finished Angus Cows. And I don't eat a lot of beef anyways, I like chicken and fish.
Well being the fact I own 47 full Bitcoin shares valued at 3.2 million $, that steak cost is minimal. I had 3 margaritas also. Thanks for askin tho. ✌🏻
It starts with cutting out the 6 bucks at Starbucks every morning, the 20 dollar lunches the 18 dollar a pound steak, the high end clothing and shoes (go to Kohls or WalMart) the 200 dollar a month phone plans, lavish weekend get-a-way, etc.etc. Get on a budget! Good advice but 98percent won't take it.(PS: I am the millionaire next door that lives in a 240,000 house, drives a 2005 truck and thew wife's Toyota is 2018 so I live what I preach.),
Your friend Jack says ''A man with no debt is a rich man''. My only debt is the standard monthly expenses. I can't afford to move out of my Vegas townhouse because I would get 40% less house for the price I would get for my place. Damn California buyers. Their keeping pressure on prices.
I have been reading about Ghost jobs, jobs that are advertised but no job actually exists. Companies do this to look like they are expanding and doing well. Have you heard about these?
It must be likely because my sister with a very well established career was looking for a new job. Applied at several companies and never heard back at all. She did eventually get another job. Same thing happened when my nieces graduated college and applied to 100 different companies and heard nothing. That’s really weird
HR recruiting is required to post a job opening for a min of 2 wks even if there's a person internally that will most likely get the position. This has happened when someone gets promoted into that position. It's unfair bc someone on the outside takes time to apply and hopes to get the position. Not all are like that, but many are already filled internally.
I am an insurance agent in Idaho and here is a comment from one of my carriers this morning Navigating the Insurance Rate Environment The Consumer Sentiment Index, an economic indicator that measures how optimistic consumers feel about their finances and the state of the economy, is hovering around 79.4.* That number indicates that consumers are feeling about the same as they did in early 2020, at the height of pandemic. We know that many of your clients are feeling this economic pressure, and insurance rates play a part. As you probably know, the insurance industry is continuing to be impacted by increases in claim severity, inflation, severe weather events, and other factors, driving rates up. your analysis about our economy is right on.. costs are out of control.. Steve
I've NEVER spent a dime on interest on a credit card. Paid off my home and rental properties when I was 44. You are a "the sky is falling" chicken little. The heck with them!!!!! The responsible ones succeed. We need people Like you! It makes our path to success more sweet
it's not just higher rates that need to be continued, but also reduction in entitlements and decreases in spending for countries like Ukraine, Israel, education, child day care and more. whatever the government decides to do, we can't take them seriously unless they attack the problem across the board.
The feds have always "cooked the books" when it comes to jobs, what is a job, who is an employee, who is employed and so on. Election year? Forgetabout truth.
It's not just a states thing, like in the UK when someone becomes unemployed and takes any sort of unemployment government benefit, they get statistically marked as back in employment ...(albeit to the government and they are not actually in work.) So the government there can boat about unemployment constantly going down while more people keep becoming unemployed.
The .gov is now over 50% of GDP. Raising rates has no effect on over 50% of our GDP. The fed can't destroy the private sector fast enough to account for the .gov baseline spending increases and their cost of living increases. A .gov cut would destroy GDP. An interest rate increase to 20% will still have no effect since the fed is buying .gov debt.
The focus is that the top 10 wealthiest people in this country are growing their wealth so fast as everyone else is broke. Politicians become super wealthy and are pretty much immune from the law and the wealthiest are vacuums to the money printer.
My mortgage interest rate has gone from 1.89 % to 6.29% and that is a good rate 😢I hate that we have variable rates in Australia. The irony is I just got a car loan and the interest is fixed as it’s only 5 years and the rate is 5.99 % so less than my mortgage.
Michael, you are correct. Fed should raise rates. Choke off spending, first, they gradually reduce rates. But toooo much politics involved. Kick the can, as usual.
Oh yeah, lots of canned kicking. It’s starting to look like they may sacrifice the dollar which would be a grave mistake but that could be the direction we’re headed.
We have record. Credit card debt in this country. We have the worst savings rate for americans ever because americans don't have the extra money. 64% Other americans are now living paycheck to paycheck. 67% All the americans do not have 400 dollars in emergency cash. These are devastating numbers
We have zero consumer debt, and that includes not having a mortgage. We’ve been building our house over the last 10 years. It’s 95% done now. Just some finishing touches, but all have been done one paycheck at a time. It sure beats 30 years of financing and ending up paying triple the value of the home because of interest. No thank you !
I have no traditional debt. I own my truck. I have no student loan debt. I eat Ramon noodles and canned beans and still yet I'm struggling to survive. I know you don't want to hear this but at this point, Self Controlled Alt Delete is now a viable option!!!!!
I ate cheap hotdogs chopped up in macaroni and canned tomato sauce. My rent was 65% of my minimum wage income. Now I own my home and a few rentals, no debt. Keep up your debt free lifestyle, keep working hard and set aside some amount for savings every single week.
