I mean, they all talking about cashless society next ten years? RIGHT NOW, My village is somewhat of a cashless society, because you can’t even get 10 dollars from someone borrowed, because things are so tight with everyone. I see it, I know it. Making scene now; The rich would get richer and live in abundance right, and the poor will stay poor and live in a cashless society.
I dunno, I could sell my house now for more than I bought it for 3 years ago... and probably within a day or two. There are simply more buyers than sellers (in places people actually want to live) and I don't see any desperation other than people trying to find a place to live and can't find an affordable house. I agree, there is a huge affordability crisis in housing, but it's because there simply isn't' enough construction of affordable housing. Around where I live you can't buy a new house for less than $450k and that's just not within reach for most families. The problem is the greed in the building industry - they wont' build houses they don't make 50% profits on. It's basic economics, supply and demand, and right now the demand for housing is far higher than supply.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned 180k savings to turn to dust
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
Credits goes to " Vivian Jean Wilhelm " one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
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
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.
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k 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 choices I have made recently.
The adviser I'm in touch with is 'Margaret Johnson Arndt' she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. she provides entry and exit point for the securities I focus on.
The shock of being in debt when the 2008 Great Recession hit changed me. I paid off my credit cards slowly and now pay off the one credit card I use twice weekly. That way I’m fully aware how much I have to spend each month. I grew up poor and had to learn about the pitfalls of exceeding my income the hard way.
Scary times we are living in right now..... mind blowing how fast and how much literally everything has gone up over just the past year or two. Even 2 full time incomes are no longer enough :(
Ok friend, a sincere question: why are you "mind blown" over price rises? What was the first thing Joe did in office? He shut down pipelines and went after the energy industry with a vengeance out of the Old Testament. Do you realize oil (fuel) moves everything - tractors, trucks, etc? The police have been thoroughly demonized by some privately owned thing known as "the media". Did you think crime would go down??? I can go on and on but why are you "mind blown"? Can you add and subtract? Do a little extrapolation? Thought it was just a vague "them" that should give you $1 a gallon gas while the party in power goes after oil producers?
The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies
The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again
The adviser I'm in touch with is 'Julie Anne Hoover' She works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
All of us old fogies who grew up and worked at jobs when the minimum wage was between $1.60 in 1968 and $2.75 an hour in 1985 still believe $100,000 or a million dollars is a huge amount of money.
My mother bought her brand new home in Miramar FL back in 1969 and paid about $20,000 for it. She bought a brand new Mercedes 220 Diesel in 1969 and the total price on the invoice was $2,500.
Also what is totally unjust is the fact that what you earned back then when minimum wage was that low is the number that Social Security uses to calculate your monthly check when you retire 30 or 40 or more years later. So the inflation rate between then and now isn't taken into account. I believe they count your 3 or 4 highest years of income and the wages back then were miniscule compared to today.
I'm a realtor and live in southern California. I bought my home in 2014. Rate of 2.75, 30 year fixed. My mortgage payment is $1,860. If I were to buy my home right now with an FHA loan, I would be paying around 6k a month. When people ask me if it’s a good time to buy or sell, I tell them I don’t know. I’m here to help them do whatever they want to do. They should buy when they can afford it. No one knows the future, don’t listen to anyone who pretends to know.
@@marcopolo3109 I own this home. My interest rate is 2.75 my payment is $1,860. It’s 4 bed 2.5 bath 2100qft with a pool. If I sell my home to a new buyer using an FHA loan they would be paying almost 6k a month. Buy if you absolutely have to and intend to hold for a very long time. Truth is no one knows what the future holds.
In 2008 I had just graduated highschool and was living at home. I was completely oblivious to the economic situation going on at the time. My parents didn’t tell me anything going on if they were struggling. Unfortunately, my economics teacher was an alcoholic so he didn’t teach me much anyway lol. I had destroyed my credit (and my credibility) with credit cards by the time I was 21. I was definitely one of those people going out and buying experiences regardless of any thought of how I would pay them off. I paid for the consequences of that irresponsibility until I was 28. I paid everything back and paid everything off. Now that I’m seeing how our economy is going, I’m glad to have learned that hard lesson before this crisis. This time I have a family to support. This time I won’t be going down with the ship because I don’t charge anything that I can’t pay right off. I cannot imagine how badly my household would be suffering if I was charging up everything and also fighting price increases. Our household bills increased by $650 PER MONTH from last year. 😳 This is crazy.
You are exactly right! I notice getting parts is very difficult on many cars now. My advice to people looking for a used car is to buy one that is plentiful in wrecking yards because something is changing in the parts market...
yup. blew the engine in one of my project cars. Pre covid I could find long blocks left and right for 1-2k. Now that same engine is 3k minimum. Likely 4-5. I fucking cant. We are being crushed.
$10 to $15 dollars an hour is 1980's wages. I was in the Military back then and I made more money than that. Given today's inflation rate and cost of living increases for the past 35 years $10 to $15 dollars an hour is a freaking joke. It is poverty level wages at best.
No one I knew made $10-15/hr in the 80’s unless they we a doctor or such. My first job as a Respiratory Therapist I started at $5.25/hr. We also lived through 18% interest. People lost their homes in the blink of an eye if they had adjustable rate home loan.
Even high school students make $18-$20/hour where I live and they still they can't fill a lot of the open jobs. As throughout history, you have to get jobs where they are available. If you love capitalism then you have to live by the rules of a capitalistic economy - you're a commodity to a Capitalist and it's your responsibility to make your labor of value to an employer. If you don't like Capitalism then vote for change.
Sad example, Michael: paid cash so no mortgage, no rent. I'm not making it. I'm going hungry. I was FINE two years ago. Thank you so much for letting us all know we are not alone. ❤
I'm sorry but how TF did you have enough money to pay CASH for a property but are now going hungry? Not trying to make light of your situation but you were able to minimum come up with lets just call it 100k for housing but now can't afford to eat?
Actually people, if you focused on paying off your previous house without contributing to a 401k to have an income supplementing your social security, this could happen. If you were a SAHM with a hubby who was the supporter of the family, you would only get half of his SS if he died. If you never worked but inherited a family property that you could sell to pay cash for a home, you might not have SS at all. That's why planning is so important.
Plenty of people use their credit cards as debit cards. The cash back and protection are worth it. The key point is paying them off in full each cycle.
" Well, I've been selling my soul working all day overtime hours for bullshit pay so I can sit out here and waste my life away, drag back home and drown my troubles away...." - Oliver Anthony
I agree, Im not happy people are struggling but it is a little vindicating. I've been calling this out since '08 but everyone wrote it off like everything was fine. The only silver lining is that those of us who've been struggling for a decade, are used to it. We'll get through because we've been figting this silent battle longer than anyone else.
I’m in the Tampa area and it’s like that here too Middle upper class just spending like they getting it for free. I often think do all these people have drug money or trust funds ? What is going on
@@matthewsmith2362All those people have fraudulently obtained ppp loans and got free money from the gov. Especially in FL. Also FL had a massive influx of suddenly remote NYC and Cali workers keeping their same 200k plus paychecks (adjusted for their original locality) and moving to a state with no state tax. It is impossible to compete unless FL businesses start paying more to lifetime residents.
I'm interested in seeing how people are going to inherit their student loan payments into their budgets when most student loan payments or at least $350 minimum monthly foremost.
I'm a professional in the IT industry, I was laid off around mid-June. I am still interviewing and talking to recruiters. No solid work leads yet, after upto 2 interviews for over 6 opportunities. I have already exhausted my three months of reserves and hanging on by a thread. I spoke to many recruiters and every one of them see up to 50% less IT technology opportunities today than they did last year. Some shit is about to hit the fan globally. Hang on for the coming economic fiasco. Some investors may be taking money out of their 401ks and other investment accounts because the stock market has been on a downward trend the past couple weeks. Watch out here comes the dark clouds.
AI is going to take away a LOT of desk jobs. I feel for the younger generations. What’s left? Trades jobs? If everyone piles into those jobs, the wages in that sector will tank. We are all being squeezed.
This may be true for front end I.T. jobs in certain parts of the country. But I can tell you there are lots of jobs out there for back end developers such as oracle. It probably depends on what your skill set is.
Some credit card debt is due to "Keeping Up With the Joneses"--by the time I caught up to the Joneses, they'd already moved to a ritzier neighborhood! 🙂
I don't understand how people are buying $300k+ homes with 7-8% interest rates. I also don't understand how so many people are driving around in $60k+ vehicles. I make $93k/year and have outstanding credit, and I wouldn't buy these things. Are all these people making $120k+/year, or are they house/car poor? If people in the top 12-13% of earners in the US can't comfortably afford to buy the average home, something is seriously wrong.
I don't get it either unless they are overextended and it is a matter of time before they miss a payment or of course it is a 2 income family and they are just getting by.
I've brought down my credit card balances by quite a bit recently because I feel a crash of some kind is coming. I close on the sale of my rental property soon and its going to nearly wipe out all my debt minus my personal residence. I wasn't in a good financial position when 2008 happened and so I don't want to be in that position again.
Freind wanted to go out of town with buddy, big college games coming up, he is always in debt, was treating his pals, gsme tickets , food ,drinks, car rentals, well several thousand dollars in the hole again, now needs a part time job to pay for 48 hours of trying to impress so called girlfreinds, well, we stayed home, ,made hot dialogs, homemade pizza and had a great time 48 hours, never touched a credit card, mmonday my freind didn't have lunch money, treated him to leftover pizza, guy is living in dreamland, will feed him, that is it, his credit cRds are all maxed out! His side chick deserted him, sorry@😮
In the past it was very easy to finance your lifestyle due to money that cost next to nothing for over a prolonged period of time. People simply got used to this and thought the rates would stay low forever. The sad part is that you could easily see this coming years in advance and most just kept on spending.
It's not that. People HAVE to. For over a decade, everything we buy is hot garbage. A $40 sprinkler is garbage a month later. Jeans garbage 10 washes later. Sheets shredded after 8 changes. Shoes broken same year.
@@andreaberryman5354 You would be amazed at what you don't have to buy. If I do have to buy something I focus on getting deals on decent quality essential items. I find great deals all the time and buy multiples of non perishable things I will need in the future if I can get them for the right price. I used to have over 200k in CC/other debt as well massive payments on multiple vehicles. I owned things that made no sense financially. I got rid of everything except what I required and changed to a more minimalist lifestyle. Now my credit is in the 850s and the only debt I have is my mortgage. Once you escape the trap of materialism/debt and live well within your means life becomes easy.
@@andreaberryman5354. Planned poor quality from China. I’ve noticed that the Chinese steel screws I buy at Home Depot are of such poor quality that you can’t even screw them in without breaking them in two. It is pathetic.
'Protest broke out at a 55+ Florida community over skyrocketing home insurance premiums: ‘We have no choice, we have to sell’ -- Fortune article that's new. Very interesting.
Just wait. . I joke around that Florida will soon return to the Seminole days - a Florida with no old folks. It will be so nice. Insurance premiums jumping and hoa s will be required to have enough $ to actually do repairs, no more deferred maintenance and pray. No more special assessments. Cash upfront every month.
@@xyz987123abc It’s the old folks who still have the money to keep going, in general. They’re the boomers. Wait till they’re gone and you’re dealing with GenX and younger. None of them have two Pennie’s to rub together. I’m in Florida, as well. Insurance is out of control, I have to say. At least we have the option to self insure in a pinch.
Never made more than mid 70s and then only at the end. Retired at 56, debt free. 60 now and really haven't felt inflation much since house and cars paid off before retiring. No debt. That's the key for me. Earn interest, don't pay it.
@@odoylerules4503 I lived and worked through recessions just like this one. I had a college degree and the first three years made less than the factory janitor. First house was junk, put 18k and three years of hard work fixing it up, sold it for twice what I bought it for. Took that profit and bought a bigger house, paid off in 12 years. My kids were all raised in the 90s and 2000s, on one income, 4 kids. I've never owned a new car. I can buy anything I want, and don't
Here's my plan: rice and beans, pasta, powdered milk, canned tuna, peanut butter and other products that can be stored for a long period of time. That can save a lot of money.
I wouldn't say that, but did you really think all of that PPP and stimulus money was going to be handed out for free? The government is broke they didn't have the money to hand out to begin with . Fokes need to learn to live off of their income and stop spending more than they make the whole country wouldn't be so stressed out during these times.
It's happening as we speak. The next 12 months are going to be a fucking disaster. I went through 2008 as a guy in his mid 20's. Now I have a wife, child and mortgage. I've done everything by the book.....our only debt is the home we bought 6 years ago and one car that is 10 months from being paid. And am honestly considering retreating to my retired parent's basement with my family.
Went to a bar when you see guys wanting to get into houses to flip at this market. The minute these int rates go to 9 and the economy doesn’t stop is when folks are gonna freak out first being the stock market this is just unsustainable period a refi costs 10 k easy now maybe more. What’s sad is you now need a partner to make these house payments
Everyone had several years of zero interest rates and smooth sailing and they did not take the opportunity to put the interest savings towards the principle. They just used the money for down payments on other stuff. You just dont need so much of the stuff you buy.
I'm not an expert on the economy but in my view the run-up in credit card debt is actually helping to hide the awful shape the economy is in. Some are no doubt stashing cash to cover car and mortgage payments and are willing to take the heat from credit card banks to keep their homes and cars. It is hard to explain the current economic situation, we all know it's not well, but it hasn't crashed. I think we are going to see widespread suffering. I just don't know when. The average Joe is in debt up to his eyeballs and sooner or later comes the crash.
Government plans on stealing the land basically and left people with a lousy 700 dollars. Blocked an exit out. Sent contaminated water. Supplies and help are pretty much regular people as usual. Possible 15 minute city plans. No one wants an open air prison. There are in other countries. Need permission to leave. Unless people stand up and volunteer rebuilding then they're out of luck. A lot of fishy things with that fire.
Dude, every generation is suffering ! I have a 21 year old friend who's got a bf same age...( I'm 53). They both work at Honda and can't find a place to live here in n.e. Alabama!!! They are facing homelessness ( I offered them to stay here) and I'm taking their cats in so they don't lose them. Humane societies , shelters and all rescues are absolutely OVERWHELMED. Animals being abandoned everywhere!!! Its crazy. I've been alive five decades and never seen anything like this. Its all controlled demolition! I predicted all of this and moved way out to The country to homestead seven years ago....but I lost my own job three weeks ago ...last time I job hunted was a year ago...boy what a difference! There were a ton of jobs...some great opportunities... Now all I see is gas station jobs . Crazy times
One could move and chase down a better life at lesser cost but so many - I think - like myself - are tied down by all our possessions that weigh us down. We don’t own the possessions -- they, in fact -- own us!
Excellent content. Retired, with no debt, we only buy gas and food. NO car payments. The crash is coming , too many people paying crazy rents. Eliminate debt, shop at Saver`s.
People try to wash commercial windows! My business is doing well..cannot keep up. Supplies are less than $500 to get started. Hardest part is getting the customer...but once you have them you get more because people see you and want their business windows washed....No one person can do all the windows...there are too many..
My wife just purchased another 30k in 4 week Treasuries. Mom is in the process of purchasing 156k worth. I’ve got over 200k in short term. We don’t have $ in my family.
I must be in the minority, no house or car payment. I pay my credit card bill every month. I am also retired. I live in Iowa & most of the people that I know are doing great.
Pretty much the same here..Most if not all my relatives are doing well. A nephew and his wife are both executives for a large company. One works in the woods cutting logs and makes good money, some are retired. But of course a few layoffs and things would change for some of them. I live in a cheaper housing area that is still nice, a million dollar house around here is unheard of. No beach front, southern Cal weather, but I'm okay with that. Lived in Florida for 5 years and glad to be out of there (right on the gulf)
Respectfully, if you’re retired, you got to skip dealing with the horror show that is the rapidly declining economy, which only barely bounced back since the recession, and it’s been in rapid decline. Covid made it all escalate/accelerate. You got to pay significantly less, and therefore pay off, all your bills with far more ease. Please consider how much easier your path was, the same effort had WAY bigger payoff. that’s the only difference between your generation and those that have followed (in the context of the workforce). Living in the Midwest is also significantly more affordable than coastal cities, where much of the population resides.
you're not in the minority you're just a boomer who benefited from the last 25 years of American policy, Literally the most growth/expansion ever (thanks to advances in production, not bc you worked harder than anyone else) . I pinky promise if you were 25 right now youre life would look a LOT different than it did when you were 25 in the 70's/80.
@@obomasinladenive heard that boomers had it easyer bs before. I worked every day two jobs for 15 years on the roof. No silver spoon here and i see the spoiled entitlement mentality of the younger people who never experienced hardship
I'm not worried about the rates, they were 13% in 1982. What i'm worried about is the price of the house crashing and when. It is 100% certain that it will and its starting now.
Does anyone remember the dread and fear that pervaded the years 2008-2011? We are no where near that yet right now; it's like the storm is almost upon us and no one is noticing.
@@andreaberryman5354 I agree with you; societal structure is much worse and people can't even live month to month because of inflation. But most people seem unconcerned, unprepared, and oblivious.
This country has passed the point of no return, we not only have a new set of actors for this American play, but we have a huge corporation buying houses intended for families that need to build generational wealth.
Flipping homes taking away entry level starter homes and airbnb's, corporations buying homes and all the people flooding our borders that need housing? Supply and demand way out of whack
Families are feeling the squeeze the most. Yes, CC debt is crazy. Heard about the 401k's. Things aren't great as they would want you to believe. Another Great Video, thank you. Hope you and Lizzy are enjoying.
This is happening all over the world 🌎 Educate yourself The elected officials do not own the homes people rent and buy all over the country They don’t own the farms, the grocery stores. The shoes and cloths you buy Nor the cars you buy. The richest people do. They dictate what you pay Not any elected official. It’s called Capitalism and Greed
Right now corporations are using inflation as a cover to raise prices far more than necessary to cover their increased costs. In fact, 40% of price increases are caused by companies gouging consumers. What's needed is a minor recession to bring prices back to earth. Nothing else will actually force companies to lower prices.
After the Bush-Obummer years we never owed a dime of consumer debt again. Now as retirees in our early 70’s we are just fine. We saved for retirement while we worked. We kept out of debt and in 2008 we made sure our mortgage payment was 412.00/ month so if one of us died we could still afford our home. We planned to never move. We love our home and area. Pay off your debt. Make this YOUR WAKE UP CALL. We did it the last recession/depression you can too!
Real Wisdom Mike, I am in Florence Alabama, and it was necessary to move here because I could not afford Asheville, N. C. were I was renting - I paid 88 K cash, and here in Lauderdale county, I have enjoyed the last two years .
Ten years ago Asheville had a magazine article written that touted that location as a great retirement area. The housing shot up many % points. It is super expensive up there. I live very close to there at the base of the Appalachians and now this place is super expensive.
I’m starting to notice houses going up for sale here in Sarasota county. And not selling quickly. Some couple months. House behind me went up for sale. No takers. Then they put it up for rent. Still sitting there. Lot next door which sold about 1.5 yr ago, is now up for sale couple months now. I believe an investment co bought it & now tring to sell it. Noticed a beautiful model home that sold about a year ago. Seen a moving truck there the other day packing up. Interesting. Just got my tax assessment today. My taxes went up $600 from last yr. Next month I’ll see what the renewal on house insurance is. Great vid Michael 👍
The credit cards are out of control. What’s worse is people try to do a balance transfer to a 0% card only to get maybe a 5k credit line. It’s the same for businesses too the banks are only buying maybe 10% of the overall debt. Not only are delinquencies rising but bankruptcies are also becoming more common. All is not well
Playing the balance transfer game is rather stupid and risky and you are correct. If you have a balance of let's say 5000 and the new credit card is only willing to give you 2000 because your debt to income ratio is whack and of course you're screwed.
Michael, I think people are used to the higher prices and have accepted that this is the way things are now. It’s short sighted, because we know a crash is coming, but that is how people think. Toss in some hope and they’ll spend everything they have trying to maintain their lifestyle hoping next year will be better.
That’s exactly how people are living here in LA. It’s crazy and beyond sad. They haven’t any concept of what life is like to live below your means. Just spend spend spend. Especially under 40s.
I amazed at some of the cars people are buying right now. In my area, I see a lot of Range Rovers, and other expensive cars. Just up the street their is a corner that is in a business area and there are 6 banks and down on the other corner are 3 banks, all different. Chase, Bank of America (brand new building) etc, etc. So I guess there is either a lot of money around here, or those banks are making a lot of money collecting interest. I am poor as the church mouse, but have very little debt.
@@iworkout6912 I see that too. And the average car cost 40k now! My neighbor just bought a Kia EV for 48k and he’s an Apple IT guy. I have no idea how much his monthly payment is. But it ain’t cheap. I don’t get it. People are just living too large thinking it’s going to go on forever.
I think that the crash will come because the current environment is just not sustainable to normal people. The only question is that how soon the crash will come? Also, due to this un-certainty and growing nature disaster, buying a house looks just too risky regardless of how big the crash will be. My wife and I already gave up the idea of buying a second house, and focus on living a good life without exhausting ourselves for housing any more.
You are right on point; especially with the Escrow and Insurance issues. These are the areas that are out of control and not fair for Homeowners. You're speaking the Truth!
higher end grocery products are sitting for longer on the shevles, getting too close to their best before dates, or at least I am seeing this in the grocery stores where I shop, so yes I am pretty sure that the economy is contracting right now.
I noticed that a while back, my hippie-dippy, free range, triple organic foods were marked down first and cheaper than the cheap foods. That was cool but now I think they figured it out and there's been hardly any discounts for months. I was doing great for a long time (thank God!) but am finally affected just like everyone else and cutting back.
I go to a sports bar sometimes. A couple months ago, was fairly busy. All seats taken, we got the last table. I went again on Saturday. Crickets. Open tables everywhere, tons of open seats at the bar. Band setting up outside on the patio. Outdoor seating empty, outdoor bar just as empty. It's only pre-season, but the local NFL team had a game on. Could have been just a slow night. But it's really odd for a Saturday night. Especially end of summer when people are gearing up to head to school or to get that last drink, meal, and bit of fun in before summer ends.
I think you will be right about this, but right now people are still spending like drunken sailors. Everything, everywhere is still packed! People are STILL spending like crazy. I don't get it, but that's the truth on the ground.
It all depends on where you live .My house in Iowa is worth about $140,000. It is 2 bedroom with natural woodwork, fireplace , full basement, 1 car garage, walk up attic on a quiet street. A similiar house in California Or Florida would be much higher. My property taxes and insurance total is about $214 per month. Apartments here rent for about $600 to $900 /month.
I have noticed a lot more mail left uncollected in the mail room of my 400 unit apartment complex. I always check this mail to confirm none of it could be mine. I have noticed most of the mail are letters from credit card companies or bills from one of the nearby hospitals, but I have noticed lately that more are from personal loan companies like OppLoans. My guess is most of these letters did not follow the tenant to their new address as they likely did not leave a forwarding address and they are attempting to escape their debt...
Pretty sure anyone over the age of 18 understands you can't just "escape" your debt. Also fyi, I get 2-6 spam letters every week from banks/credit unions I'm my mailbox, doesn't mean everyone's being margin called and or sent to collections..
The crash is people finally unable to meet their obligations satisfactorily. But prices will continue to go up but certainly not come down. Tax increases are here to stay. People need to smell the reality and accept what it is.
I love how you went in on the amount of unfixed cars on the road and how you said people used to wake up to go to jobs that pay $10-$15 per hour those low wage jobs that people cannot afford to live on. I’m a millennial with no student loan debt, good credit and stable employment waiting to buy a home. It’s not safe to purchase right now. Thanks for keeping it real.
Here in Boise there is building and construction like crazy. Even 30 miles surrounding the city its the same. My wife and I are like how is it possible. Went to the lake big ass trucks with huge boats all over the place. Went to two restaurants last week where my wife and I split meals and they were packed. I saw a line of people at a new home development looking to tour 500k homes 2100 square ft on tiny lots. My son works the concert circuit in Boise and everything is sold out. A bunch of my neighbors in Europe. So where is this crash?
Credit card delinquencies are rising, Americans are making record emergency withdrawals from their retirement plans, restaurant chains have begun closing, shedding employees, car repos have reached more than 20 000 every day, student debt repayments will resume this fall, commercial real estate is being downgraded, inflation is almost out of control, several regional banks are going belly up, but keep moving, nothing to see here...
Despite being extremely poor, I have zero credit card debt. I have been living at bare minimum necessities for decades, so my biggest expense has been property taxes. Once I move out of Florida's septic tank, Miami that will be someone else's problem! By the way, that part of California is also depressing looking, dry desert so hopefully the storm coming will give them some rain.
Michael, I watch all your videos and I'm always learning from you. Thanks!!! A few months into the pandemic I was laid off and started collecting unemployment. Then when the government added more money to our weekly unemployment checks I started paying off all my bills including my car and all my credit cards. Fast forward a year everything was completely paid off for the first time in my adult life. After the pandemic I retired and got an offer from Carvana to buy my six year old Toyota for almost what I paid for it 6 years earlier. In total they paid me $700.00 less then what I paid for it brand new. Cha Ching!!! Fast forward to today I'm building up my savings for a down payment. I currently rent and will buy a house after everything crashes. Even if it takes years I'm in no hurry because of watching your videos. Even though I'm older you are a great mentor. Thanks Again
I like the way you are thinking , you said , you are waiting , that's good advice . Michael has good advice and I like the way he thinks , because I had a 30+ plan , retire , everything paid off . Live within or below my means , just not above.
i don,t know about buying a home in your sixties ..? mabe a mobile home...SS is a fixed amount...and ColA raises depent on the Inflation and the 10yr t bill..you could be stuck with higher costs and taxes above your monthly checks...find something cheap and enjoy your retirement...just a though...
I work in accounts payable for a healthcare company and I was not getting 5% raises.. only 3 or 4 %. Last year I asked about getting an increase due to inflation.. nope.
I was in telecom for 11 years and our entire branch was layed off. I’ve been job hunting in earnest for 6 months and EVEN DOORDASH is saturated / not hiring in my area, so I’m beyond depressed. I’m in my 50’s and eating into my savings. It’s grim.
I hope things turn around for you soon. Thinking all good thoughts your way. You are not alone. Sometimes just getting a job, a humble job, to keep life and limb together in the meantime can feel very positive. You will come out the other end and be well.
As an accountant/auditor who has had 13.75 6 month 20 year arm. Fixed rate was 14%. 1983. I chose the arm and it adjusted down every six months for 20 years. Final monthly rate was $198
New car availability is a good symptom, gas guzzling trucks--those big beautiful ones--cannot be sold, fill lots, and half new/repos are too expensive too: That usually means they will manufacture less next year, layoff workers and factories will close.
Mike, I think you would love Central PA. There’s mountains, hiking, waterfalls; Lots of state parks and it’s pretty temperate for most of the year. We usually have one hot month by Florida standards. But contrary to popular belief, we don’t get a ton of snow here unless you live in Erie or some of the higher elevations. The cost of living is really reasonable; I’m talking anywhere in the state except Pittsburgh and also the southeastern quadrant of the state. Traffic isn’t bad at all and housing is cheaper compared to most parts of the US. This is a place where working men and women can live relatively comfortably on 17 to 20 an hr
But the US Government is telling us that inflation has decreased…… I think that’s ditlrectly aimed at those collecting SSI retirement benefits won’t get a big increase next year like they did in 2023.
