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Living Paycheck to Paycheck is BAD FOR THE ECONOMY

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Living paycheck to paycheck is bad enough for the people that have to endure it, but there are consequences of this situation that spread far beyond the household and into the overall economy. These consequences can take years to see the full effects and could lead to a further economic collapse in the future.
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Опубликовано:

20 авг 2024

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Комментарии : 652

@RichardMeikle 10 месяцев назад

Bought a house 4 years ago. When we got it. Electricity bill was 300 now its 600-700. Oil was 500 now its like 3k. Groceries doubled if not more. No major changes. All major repairs cost more. Insurance is more also. Medical doubled. Raises have not kept up with any of these increases.

@stormchaser419 8 месяцев назад

Raises!!?? We haven't got raises in decades due to inflation.

@nicolasbenson009 10 месяцев назад

Handling finances is distinct from amassing wealth, and the absence of investment education in schools may elucidate why individuals encounter difficulties in preserving their financial achievements. The instances you mentioned hold relevance, and personally, I found value in the market crisis. I tend to embrace challenging times, unlike many who prefer to steer clear of them, a perspective I share with my advisor, even if it's in a lighthearted manner.

@maiadazz 9 месяцев назад

Researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.

@azmike3572 10 месяцев назад

I remember back in 1979 my friends and I were saying, "If only we could make $1K a month we'd be doing great!"

@wayward03 10 месяцев назад

That's high schools wages 20 years ago....

@Norm475 10 месяцев назад

Yep, I remember in the late sixties my goal was to make five figures, $10,000 and I would be on easy street. I retired in 1999 and I was then paying more than that in income tax. Inflation is insidious.

@bigb6046 10 месяцев назад

Yeah but you could buy a car for 10K and gas was .80 a gallon.

@kevingrantonic8812 10 месяцев назад

I am still saying that.

@Norm475 10 месяцев назад

@@bigb6046 I bought a '65 Chevelle new for $2,300, of course, that was 6 months' wages then. In 1957-59 I could buy a perch plate for .75 cents, now it is twenty dollars.

@B-rad303 10 месяцев назад

I make over 100k a year, that said, not bragging at all!! I work my ass off. I'm tired of working 75-80 hours and literally not having a life what so ever, I'm paying off all my crap by the first of the year, getting completely debt free, and finding a way easier job with less hours in a different state and living within my means and doing more stuff outside and living a less stressful life, everyone else can "chase the dream" and go make the big bucks, I'll be fishing and working a brainless job were i work less and am able to go to the gym everyday and enjoy living more

@DIVISIONINCISION 10 месяцев назад

I also make over $100K/year, but only work 4 days per week (4 x 10's) and still hit the gym every day. I live below my means, and still have everything I want.

@ScottishTerrorsInLA 10 месяцев назад

Good luck in your goal of having a much less demanding job. I swear this shit will reduce one’s lifespan so not worth it. Hope to join you in living the dream asap!

@patriciawightman4561 10 месяцев назад

Good for you..peace, serenity and a beautiful natural environment is worth more than dollar bills..

@B-rad303 10 месяцев назад

@DIVISIONINCISION well I guess you don't drive a truck 3000 miles a week

@B-rad303 10 месяцев назад

@ScottishTerrorsInLA good luck

@alminci6622 10 месяцев назад

I worked construction putting in 50 to 60 hrs a week to get a head decades ago. House is paid etc. Still driving my 2003 Siera Gmc. Live and learn.40 hrs a week working dont cut it.

@Vera-dg3hf 10 месяцев назад

amazing :) im working on paying off my house

@simonefeaster5131 10 месяцев назад

My family has deep ties to Coral Gables..my great grandmother owned a coral rock home on the edge of the country club grounds, my dad and his siblings learned to swim at the Venetian Pools, and my folks had a house on Pizarro Street when I was born…back in the day when the Gables was middle class…😂Thanks for your videos on the state of home buying and economy..I currently live in WA state in a manufactured home (and grateful to have it)…I am an educator with a masters degree and I’m fighting to stay above water financially..not due to carelessness but due to inflation and no wage growth. And I’m one of the lucky ones! Thank you for the walk down memory lane and for the honest commentary!

@codyeynon8467 10 месяцев назад

The weird thing about living in a resort area is that people come here and just spend, spend, spend. It's a parade of wealth and consumption that makes everyone look wealthy until all the tourists leave for the season and everyone hunkers down in their camp trailers to wait for better times.

@AKATenn 10 месяцев назад

I barely make 25k a year and I'm able to save a few hundred dollars a month at worst... I don't smoke or drink alcohol, don't eat fast food, don't own a car, don't buy name brand clothes, etc... you need to be willing to not buy things, and learn to live with what you need, not just what makes you feel good... that being said, if I lived in an area where the cheapest apartment was like 2000$ a month to live in, my situation wouldn't be doable.

@Otsenre0 10 месяцев назад

I would call what you're doing living below your means, which is awesome. I'm able to save around a grand minimum 2600 on the high

@manuelmach86 10 месяцев назад

@@Otsenre0Amen! Americans are use to living a glutenous lifestyle, living within your mean is basic

@Alex-jx5bx 10 месяцев назад

This is not fun

@CarMaintenanceGuy 10 месяцев назад

You have to move. You can't live in $25k in the US anymore. Those days are over. Better off earning affiliate income so you can earn $500/wk and then move to SE Asia and rent a nice apartment there for $200-300/mo.

@Alex-jx5bx 10 месяцев назад

@@CarMaintenanceGuy will it come with maide service?

@katiekat724 10 месяцев назад

Walmart grocery sales are down and the government was trying to imply that the reason was due to ozempic , the diabetes medication. They are saying that due to decrease appetite from the medication, people are buying less food. When the real reason is that many of us are cutting back and eating less because we can't afford the same amount of groceries that we were able to purchase in 2019. I am hoping for better days in 2024, but I am not too optimistic.

@pdkrace 10 месяцев назад

Sad to think their are many people who will believe the government. Shopping carts are half full at best where I shop.

@JNoMooreNumbers 10 месяцев назад

We're having to do it differently. Cheaper brands, etc. We fill it up but look for cheaper options plus like having a stocked pantry. Never know what will happen. Don't need another tp apocalypse. 😂. I had no problems finding it at office supply.

@davidmann2524 10 месяцев назад

Wall St is desperate for any reason to be bullish my man.

@judiashley5818 10 месяцев назад

Lol what BS you just postef😅

@cicicorleo 10 месяцев назад

You'd have to actually have medical insurance to get ozempic 😂 what a joke.

@pootsplasencia4846 10 месяцев назад

I believe Michael is the best in the business this man knows his stuff

@daynajoe 10 месяцев назад

Much to my surprise, I’m enjoying these S. Florida walking tours as much as I did the California ones! ✨💯✨ The scenery was so beautiful in the places you visited in CA, I didn’t think I’d appreciate Florida much, but I’m actually glad you’re back home☺️. Enjoyed the real estate information as always. ✨

@JeffreyWillis800 10 месяцев назад

Don't forget that the purpose behind stimulus payments wasn't for people to save money, but to spend money and keep the economy stimulated during shutdowns.

@glennbeadshaw727 10 месяцев назад

Wrong again my friend stimulus money was provided in order for you to have a debt to the government which will add to all of your other debts and then you will own nothing and be happy

@HH-uq6ft 10 месяцев назад

Everyone I know had lots of money. It just went into investments.

@junserafin5241 10 месяцев назад

It's people that hunker down and don't spend is what causes recessions and economic stagnation. Money is like oil to the economic engine. Hats off to the people like myself out there spending, keeping things going 👏 👍 ❤💯

@yl6128 10 месяцев назад

let's be honest - the companies were the ones who got most of that sweet sweet stimulus money. the average joe got like 1.2k. that shit doesn't last for more than 1 month of not working due to covid

@joeyork9891 10 месяцев назад

No. Keep people from turning against people in government 💯

@toddprater14 10 месяцев назад

We as a nation are in bad times… the best thing anyone can do is get out of debt.. no car payments, no credit card debt, no loans At furniture stores/Best Buy etc… food is killing everyone as well as rent going up /or property taxes rising … all you want is rent/ mortgage, utilities for your place- use free streaming apps-food and insurance… this is enough … adding unnecessary other monthly expenses will kill you and keep you up at night.. we’re back to the old days .. save cash to buy toys- you’ll appreciate it more, cause there won’t be a payment attached to it…

@garyhall5397 10 месяцев назад

What.........I can't go get the new I-phone, the new Hellcat or new truck, the newest fashions, eat out all the time, and get a house or apartment I don't spend any time in? How dare you? P.S..........................Can I borrow some money, I'm struggling a little here.

@foodchaser716 10 месяцев назад

The last part of this was gold thank you

@fraudsarentfriends4717 10 месяцев назад

People need to learn that just because you can buy something doesn't mean you can afford that something.

@iworkout6912 10 месяцев назад

Its the old saying, is it a need or a want....

@basha0810 10 месяцев назад

OR, when you have a lot of money and have the mindset that you can buy something, anything you want, it's not so much that it doesn't mean you can afford it, it just begs the question, do I want it. I have that problem.

@ScottishTerrorsInLA 10 месяцев назад

If they’re buying it on credit, they probably can’t afford it in the first place.

@charlesphilhower1452 10 месяцев назад

My father always said what you do with you money is more important than what you make. This is true once you make a certain level of money. My father became of age during the Great Depression of the 1930s and he was able to do alot with a low salary. The majority of people that are alive now never experianced an actually Depression and take many things for granted.

@faustinreeder1075 8 месяцев назад

So true. My grandfather ( died 20 years ago) never made more than $10 an hour. He worked the assembly line at a General Electric factory in Ontario, California. He got this job after WWII ended. When he died he left my mother $1 million dollars in cash and GE stock and a beautiful house ( that he owned) in Redlands, California. Looking back he never flexed a Visa. Never bought a new car. Are leftovers and clipped coupons. He retired at 55 and spent the next 25 years bowling and fishing and taking a cruise every year. He was always happy. Being frugal and enjoying the simple things in life worked for him.

@charlesphilhower1452 8 месяцев назад

I have not heard, what you do with your money is more important than what you make, but my father said the same thing. He graduated high school in 1932. He also never made alot of money but was able to do alot with what he made.

@melvinfisher643 10 месяцев назад

I lived paycheck to paycheck for years and spent far more money than I spend now. I have more money in savings than I ever had before and now I am more frugal than ever. I am terrible for the economy because I refuse to take on debt 😅

@Emmas-Studio 10 месяцев назад

Well if the education system would address these issues by teaching a math budgeting class and incorporating real life tech skills maybe it would actually be useful.

@iworkout6912 10 месяцев назад

This has been talked about for years. Do you remember while in highschool anyone teaching about credit and spending money. I don't remember anything like that in the school I went to.

@martykott450 10 месяцев назад

School is not there to educate. It's there to indoctrinate.

@ScottishTerrorsInLA 10 месяцев назад

I had an eccentric accounting teacher that yelled at us about balancing our check books. He was probably trying to fight the good fight man. He smoked a lot of cigarettes. But nah that doesn’t sound like today’s schools. Where did the mature teachers go? A lot of our society is a bunch of babies in old bodies who can’t even conceptualize mature concepts like financial responsibility let alone have the urge to teach it to younger people.

@Ja56780 10 месяцев назад

Financial literacy is nonexistent in this country. No one is showed how to budget and what they can realistically afford. This is why we have so many people purchasing a home way out reasonable affordability. No one should be paying over 40 percent of what they make towards housing, yet so many think it’s ok because a lender approved them.

@alterfloyd1 10 месяцев назад

No time for that stuff, gotta focus on gender and PC agendas

@gwtube1000 10 месяцев назад

Well said. Sadly, there's little to no financial education. Pay cash for everything. Budget yourself. Grandmas' envelope system rent, groceries. fuel. fun etc. A rainy-day fund (savings). If you can't pay for it don't buy it. consumerism fails again. 1929.

@markdyrhaug 10 месяцев назад

This advice is blaming the consumer who is having all their money taken away instead of the capitalist whose pricing strategy is designed to extract the maximum money from American citizens.

@tomcripps7229 10 месяцев назад

Sadly I think the majority of us have to learn through starvation. There are some who seem to be born with it and it's not genetic.

@thetapheonix 10 месяцев назад

@@markdyrhaugIt is the consumers fault though, they make the decisions that lead to their own financial troubles. They make the bed so they must lay in it. Bad decisions should be punished.

@mr.frandy7692 10 месяцев назад

If everyone was extremely frugal, the economy would collapse. Sad truth.

@tomcripps7229 10 месяцев назад

@@mr.frandy7692self destructive behavior sells.

@janejustice859 10 месяцев назад

Until prices come down, doesn't matter how many programs they put in place.

@blessedgraceindeed 10 месяцев назад

The income raises 3-5% per year. But the increase to rent in apts have risen 200% since 2013. You just cannot keep up 💪.

@CarMaintenanceGuy 10 месяцев назад

I wish I could get a 3 to 5% raise. I am making the same income as I did in 2015. LUCKY YOU!

@ruffian-wl1nd 10 месяцев назад

I'm lucky if I get a 2 percent raise every year.

@khatdubell 10 месяцев назад

@@CarMaintenanceGuy Gotta change jobs to get a good raise.

@toddprater14 10 месяцев назад

I just figured my area in Michigan a 630 apt raised 45% since 2013… where I’m at they used to be 600-630 back then now are 900-935… nothing compared to New York or California. My area is nice suburbs 1977 built.. the newer built ones that have washer dryer off kitchens are like 1200-1300..

@blessedgraceindeed 10 месяцев назад

@@toddprater14 My was 500- 1500 now I'm in Texas . Can't move because they require 3 x the rent. You can find 1000 in unsafe areas..

@MCC876 10 месяцев назад

Since the 1970s income has not kept up with productivity. It is no wonder more people are living paycheck to paycheck, and yes, it will get worse.

@terrybusch5088 10 месяцев назад

I live in BF Idaho. Every one from Utah, California, Oregon, Colorado and the like are moving here selling their homes there for 1 mil plus, and buying home here which in 2018 were 150K and are now 450K or higher. Idaho salaries are crap unless you bring a pile on money from the house you just sold for super bank. SO these native Idahoans are all having a hard time with rent that is now 2500 a month or higher, cars that are now 20K for a 10 year old vehicle, food that has more than tripled in price, utilities that have doubled or more, gas that is up 40 percent. I for one feel sorry for them, they need to just move out to I don't know maybe rural Nebraska.

@thomaschew2191 10 месяцев назад

7 years ago our household income was $140K and we were close to pay check to pay check. It was all due to dumb decisions, getting and doing what we wanted not considering that our income had linits. Hard work and a change in mindset we turned it around debt free mortgage paid and 8 months income in an emergency fund. We put 30% of our income into retirement funds. It is getting to the point where we have forgotten what pay check to pay check feels like.

@iworkout6912 10 месяцев назад

I have a nephew and his wife who make a combined total of probably over 200K a year. They seemed to be perpetually broke. New home, 2 new cars, an RV and I can't image what they pay out each month in payments. I believe they are starting to realize it has to end as they are approaching retirement age. The RV is for sale and the big truck needed to haul it will probably go next.

@CarMaintenanceGuy 10 месяцев назад

@@iworkout6912 My dream would be to make over $200k/yr. Pipe dream. I had to buy property in SE Asia since I'm priced out in the US.

@theslugg 10 месяцев назад

Watching your video makes me realize the only way out of this "recession" is pain and suffering, and the closer you are to the bottom the more you'll feel it. These programs only help in delaying the inevitable...how sad.

@dustygearhead 10 месяцев назад

Ya know i sometime felt bad for being 35 years old, single, and living in a small basement for cheap. But now I am very grateful, I can invest extra money and make it work for me.

@wxxw-pc7qq 10 месяцев назад

Or making it worse which is the case

@thomashess9874 10 месяцев назад

Social security will take back $10.00 of that 3.2% increase ,with a increase to the Part B Premium ,not really an edge against inflation with the increase as they say,Love our government!

@lindylou3519 10 месяцев назад

Michael, you are the best. You continue to help us so much with your knowledge & advice❤ Can’t thank you enough!

@L04w031 10 месяцев назад

I am a financial planner, time and time again, people live beyond their mean by adding unnecessary activities and expenses … most of the time it is the spending problem, and NOT income problem…. Bottom line: needs vs wants .!!!!

@oglee_ 10 месяцев назад

Living paycheck to paycheck and not being able to make ends meet causes depression, so many people will make impulsive purchases to make themselves feel good. It's never the answer but it's bound to happen.

@dustygearhead 10 месяцев назад

My impulse money all goes into a 4.9% interest account that pays me every month.

@RoulaHatzi 10 месяцев назад

“When have they ever sent us money?” What a comedian!

@margaretbradley6693 10 месяцев назад

Absolutely !!! People are living in tents frome East to West. When is somebody gonna help America ? The notion of America sending relief to anybody is beyond ludicrous .

@jimharrison3552 10 месяцев назад

Another concern about a person on SSI is that if you are signed up part B is increasing, so that is taking away from the 3.2% raise.

@AmericanConstellation 10 месяцев назад

I had a contact lens lab down there in Coral Gables on Lejeune road, right down the street from Coconut Grove. It's a crazy area. Some people are rich and right next door is poverty.

@gypsygirl9 10 месяцев назад

Same in so many areas of Dade. Even S. Beach.

@robbro3589 10 месяцев назад

If taxes go up, I'm fulfilling my dream of becoming a vanlife hippie.

@lrod312 10 месяцев назад

They’ll probably tax that too.

@mrbob19561 10 месяцев назад

It's not as glorious as you think

@ScottishTerrorsInLA 10 месяцев назад

Don’t buy a van. Buy an accountant.

@aahsimovieprojects 10 месяцев назад

just take your salary from the US and move to a cheaper country if you can work remote. I enjoy a great standard of living on just 1k USD a month in South America and I don't have to sleep in a van at night. Although if I was younger it does seem pretty cool to just travel around in a built out van for a bit and hitting all the different ski resorts and national parks on my days off.

@SO4JTV 10 месяцев назад

Nice video Michael Bordenaro.. always good common sense videos and more - and we so agree 💯 what you said about all the spending they’re doing for other countries and sadly not ours…. so much corruption etc. … while the hard working families pay the price … May we Keep Looking UP now more than ever!^ (Col 3:1-4, Luke 21:28) ❤️🙏

@iworkout6912 10 месяцев назад

The President announces more billions like its a nickle and dime thing. Does the WH have a gold mine somewhere, I of course know they have printing presses or just create money out of thin air.

@edge918 10 месяцев назад

$57 a month would not feed a pet for an entire month 😞 Hey Michael and Lisi! Love this video🧡💛💚

@DIVISIONINCISION 10 месяцев назад

You have never owned cats. They don't even cost me $20/mo. in food.

@katiekat724 10 месяцев назад

You must be feeding those poor cats garbage food. I make my own and that's $75.00 a month for 2 cats following a vet made recipe. @@DIVISIONINCISION

@missmartyjackson 10 месяцев назад

You must not take your cat to the vet. Two of my cats have medical conditions and we're paying about $1,000 a month. And no pet insurance does not cover pre-existing nor does it cover preventative care.

@ScottishTerrorsInLA 10 месяцев назад

That is a very poor pet diet. You must have done very poorly in your animal nutrition PhD after vet school.

@dianecrowther581 9 месяцев назад

Medicare price is going up, so there goes 3.2%. What a joke. Work all your life and get shit from government.

@aureliobjm 10 месяцев назад

Thank you so much for talking about how bleak our economy has become. This government has made life more difficult for its residents. We've seen major increases across the board for rent, food and utilities; they are at least twice as high as a year and half ago. This hyperinflation has left the less haves bearing the brunt of the burden. I'm concerned that the rising inflation may lead my entire $986k retirement portfolio to lose value. What else can we invest in?

@georgeh.5126 10 месяцев назад

And its only getting worse. Personally, I would say have a mentor. Not sure where you will get an experienced one, but if your knowledge of finance management is limited, it seems like a good bet.

@josephbush 10 месяцев назад

Well, I recommend you make a diversification plan because it's been harder to build a good financial portfolio since COVID. My colleague suggested I hire an advisor. I did and I've actually made over $926K with my advisor's help during this market crash. She uses defensive strategies to protect my portfolio and make profits despite the ups and downs.

@MarvishaN 10 месяцев назад

@josephbush Very well said, that's impressive, I'm not much of an investor, I basically have all of my money sitting duck in my savings, been trying figure out what to put my cash into seeing inflation is at it's highest and I really would love to discuss with the coach that guides you

@josephbush 10 месяцев назад

@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.

@MarvishaN 10 месяцев назад

@josephbush Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

@hattiecampbell5375 10 месяцев назад

I benefited from a down payment assistance program in Texas as well!! I was able to make a down payment of 20k!! But I bought my house 9 years ago for 89k!! Houses were much cheaper and you had to have good credit not this mess they have going now🤷🏿‍♀️

@tarawalton6778 10 месяцев назад

❤

@epicmomentsphotography6181 10 месяцев назад

IRS just released new tax brackets. And they increased our income taxes. It's infuriating.

@johncarter5707 10 месяцев назад

Michael says it's Your Fault... you need to Budget Better.

@MarkNealJr 10 месяцев назад

How did they increase the income tax?

@thetapheonix 10 месяцев назад

@@johncarter5707The government needs to budget better.

@chrislastnam6822 10 месяцев назад

The IRS doesn't set tax brackets.

@aronrodrigues 10 месяцев назад

They increase the tax by not increasing the brackets properly…

@SensSword 10 месяцев назад

$100k is the new $50k.

@rillesttalk 10 месяцев назад

I’m so glad I don’t live like that anymore. Once I took ownership and control of my mistakes in life, it all changed for the better.

@theresa78201 10 месяцев назад

It's especially hard for people who run low on gas or food before payday. I would be a nervous wreck if I lived like that. Even small things, like delaying a haircut or a trip to the laundromat until payday, can become a nuisance.

@sjrmike 10 месяцев назад

I seen a meme today that said, if the government can afford to support 2 wars, that means the government is taxing too much

@theequalizer2727 10 месяцев назад

“You don’t care about our security, you very bad person”. /s

@gordonpotts753 10 месяцев назад

I luv two things about this channel. 1. Michael is very knowledgeable and entertaining. 2. Most of the listeners r very savy.

@ltserge3226 10 месяцев назад

Lol thanks for the kitty cam 2:57

@magicparkmemories 10 месяцев назад

I found this information about Florida and want to share it with your fans. The data showed people leaving Florida were most likely to stick around the area. The No. 1 destination was Georgia, with about 51,000 Floridians heading northward. Other popular choices included Texas (41,747 people moving), North Carolina (34,920), California (28,557), and Tennessee (25,318). The least likely destination for Floridians? South Dakota. Only about 300 people were brave enough to make that move last year, the Census said. Despite losing nearly 500,000 people last year, Florida still experience net positive migration, the Census found. The state gained about 740,000 residents from out of state in 2022.

@battletillvictory 10 месяцев назад

It's not how much you make it's how you manage what you make most don't understand

@mealsforlongevity 10 месяцев назад

I like the way you talk, I like the way you work hard to teach and to keep people aware of what's happening. Thank you

@glennbeadshaw727 10 месяцев назад

It doesn't matter how much money you give to a man what matters is the way he uses it you can take many examples of lottery winners ending up flat broke 5 years later

@sierrasky2491 10 месяцев назад

In today's world if they don't have enough for a down payment then they're not going to have enough to keep up any surprises down the road

@Crawfish411 10 месяцев назад

It's all about personal responsibility & not living above your means. Very simple & effective concept.

@khatdubell 10 месяцев назад

It would also be nice if the government weren't stealing half of people's paychecks and spending it on gender studies programs in foreign countries.

@dubonett8239 10 месяцев назад

Thank you! More people should have this much common sense!

@billredding2000 10 месяцев назад

@@dubonett8239 ...but as the saying goes, "Common Sense isn't common nowadays" -- so don't expect most people to have it. I know I don't. ;-) -- BR

@tomcripps7229 10 месяцев назад

1st grade arithmetic.

@nolongeranurse3369 10 месяцев назад

@@dubonett8239common sense isn't so common anymore

@DIVISIONINCISION 10 месяцев назад

I haven't lived paycheck to paycheck for decades, before the military. The military experience taught me the importance of saving, which set me up for my transition to civilian life.

@noreenn6976 10 месяцев назад

Thank you for your service.

@tomcripps7229 10 месяцев назад

Creditors are very predatory towards military. They know they have them locked in. And many members are pretty fresh, not knowing much about this.

@worndown8280 10 месяцев назад

Ah you listened to the AFRTS minute. Always pay yourself first. Those little skits they had on TV uin the 90s always made me laugh.

@saleens330 10 месяцев назад

That’s good to hear. But with any job or career, you’ll have ppl that are smart with money and others that are dumb with their money. Military or not. I knew way too many ppl in the military that lived and bought around 2 ranks higher than they were. And it’s funny cause if you knew their rank n years in…you knew what they made. It was best to make that next rank but live by your old rank pay. Then save the difference. I almost always had a second job in the military but that’s what allowed me to have toys and not live paycheck to paycheck.

@jamesgibson4100 10 месяцев назад

Said it before, but will say it again. I don't watch Michael because I'm looking to buy a home, but rather to hear how he gives some very good financial advice to those who have the propensity to listen. Are a lot of people that are more than happy to increase their financial situation at the expense of others.

@rebekahwarriorspirit8110 10 месяцев назад

Im a new subscriber to your channel, you are very authentic and I enjoy the conversations it's nice to hear what so many know and are going through. ❤👍

@jeff4invest 10 месяцев назад

True story

@fmccloud 10 месяцев назад

Prepare to hear the same things over and over for the 2 years.

@BREEZYM6015 10 месяцев назад

I got $15,000 towards my down payment on a townhome. If I don't want to have to pay back the $15,000 then I have to live in the townhome for three years and I can't refinance during that time. My payment is $1,836 with a 6.8% rate on a $203,500 loan.

@Vera-dg3hf 10 месяцев назад

thats nuts!!!!!!!!!!!!! you'll end up paying 400-500k in interests!!!!!

@Vera-dg3hf 10 месяцев назад

dont do this!

@drscopeify 10 месяцев назад

@@Vera-dg3hf Your calculation is crap. The Zillow calculator spits out for me 274k in interest

@charletonzimmerman4205 10 месяцев назад

What? We Bluecollar workers have struggled - "Pay to Pay" ,for 50 years now. You just bringing this up, now that "White Collar"/ Tech has to do same!

@whiteangelskys 10 месяцев назад

The only reason why I'm not living pay check to paycheck is because I work overtime every week. If I worked a regular 40 ill be in the hole.

@dennistyler9852 10 месяцев назад

My OT has been cut so a PT job looks necessary soon.

@wayward03 10 месяцев назад

That's a dangerous place to be

@gravity-zero2917 10 месяцев назад

Paycheck to paycheck for 40 yrs now, nothing new to me until i cant work anymore and become a bum...smh.

@shannondavis5728 10 месяцев назад

High taxes on the middle class is why we’re living check to check!!!!….all that stimulus money went back to the government & all the businesses & corporations!!!

@lowkeygato2133 10 месяцев назад

Your a real one brother! Keep up the good work!

@vfine123 10 месяцев назад

I love your channel! The imformation is so valuable to average Americans that don’t get the truth in the media. Keep up the work. God Bless

@c.m.7037 10 месяцев назад

It's what they want, UBI (universal basic income). Just barely enough to survive while you depend on big brother.

@DIVISIONINCISION 10 месяцев назад

UBI will never happen. Paying people not to work? It didn't work during COVID and it wouldn't work now. All the stimulus payments did is devalue the USD.

@chrislambert2090 10 месяцев назад

Wouldn't surprise me if the political clowns in DC send out stimulus checks sometime around election time in 2024

@hakomii 10 месяцев назад

Can't because congress aren't united like during covid

@ryand4940 10 месяцев назад

Lol I see what you were getting at.

@pensacola321 10 месяцев назад

Why do people blame government for their own failures? I have always done well no matter who is in power .

@rineleff2009 10 месяцев назад

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement of about $750k. I want to know: Do I keep contributing to my portfolio in these unstable markets, or do I look into alternative sectors?

@user-fb2hk7vu3q 10 месяцев назад

Just try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.

@gilbertbrien2280 10 месяцев назад

I stopped listening and taking financial advise from these RU-vidrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice.

@maxwelltroy2375 10 месяцев назад

That’s impressive, If you don['t mind me asking I'm a newbie to the world of investing and i will love to know have you always had a financial advisor?

@gilbertbrien2280 10 месяцев назад

Not exactly, I started out with a financial advisor called "Camille Anne Hector ". Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.

@maxwelltroy2375 10 месяцев назад

Indeed! This is crazy I just searched this expert full name on the net and I was directed to her platform definitely email her, Thanks for sharing honestly

@lorenl9262 10 месяцев назад

This whole housing market situation is completely F*CKED!!! Thanks for another great real estate market update as things just keep getting worse and worse!! :)- Keep up the GREAT JOB!!!:)-

@iworkout6912 10 месяцев назад

Around where I live, new housing tracks are under construction everywhere. Miles of new homes, which I guess are already sold, as builders don't usually build and wait for a buyer, like they did in Vegas back in 2010 or so.

@phannagan1able 10 месяцев назад

Being a home owner is like being a a mechanic. You be able to fix it it yourself. Or go broke!@😂😂

@gallen2101 10 месяцев назад

Thank you again Mike for your informative videos, I know too many people living paycheck to paycheck

@fmccloud 10 месяцев назад

They’re mostly Trump republicans, so no one should care.

@CarMaintenanceGuy 10 месяцев назад

Damn, this video has only been out 26 minutes and is already flooded with comments. That means nobody will even see my comment as it will be buried. This is why I sold my 3 bedroom house and downsized to a 1 bedroom condo. As long as I don't lose my job in the next year, I can hopefully pay the condo off in full. Next I will try to pay my car in full. Once I am debt-free, then I can help "stimulate" the economy by spending money. I have to get my net worth high first and get rid of 100% of my liabilities.

@vinnyboomba9948 10 месяцев назад

I read your comment 😊

@UncleMilty 10 месяцев назад

Me too

@gibboa 10 месяцев назад

Good plan

@theresa78201 10 месяцев назад

If the interest on your car loan is higher than the interest on your condo, consider paying off your car first.

@DIVISIONINCISION 10 месяцев назад

Why buy a condo, though? You could have bought a smaller house or lived in a less expensive area. You couldn't even pay cash for the condo, so you are financing that, too? Bad decisions.

@rl3810 10 месяцев назад

3.2% adjustment for 2024 is a total slap in the face for COLA recipients. FJB and his regime.

@muradshawar 4 месяца назад

dude some jobs dont even have COLA Adjustments

@belowsealevel8663 10 месяцев назад

Government is the great fiction, through which everybody endeavors to live at the expense of everybody else.” ― Frederic Bastiat

@EnFuego79 9 месяцев назад

MOST UNDERRATED COMMENT ON HERE! I'm amazed to find someone who even knows who Bastiat is on a largely NPC/normie channel. Don't get me wrong, I love Michael's stuff, but when you start scrolling through the comments it becomes obvious how Marxist/statist thinking has permeated the culture to the point that people don't even realize they're touting neo-communist/fascist economic and social ideas. Thanks for posting this gem.

@carolyngaide3915 9 месяцев назад

Coral Gables looks beautiful! Love the trees!

@christinecortese9973 10 месяцев назад

Regarding foreign aid - remember that airlines always say put the oxygen mask on yourself first so you can be there to help others. We are bleeding ourselves dry so the administration can look good.

@SC-or2ek 10 месяцев назад

I give up on living pay check to pay check Long time ago . After I start save money To start a business. A few year after open business. I bought home Closed to work and paid off mortgage in 9 years . Now I only paid 1k per month for property taxes , Insurance ,water,gas ,electric , Plus 5 car insurance cost $1100 for 6 month Cook at home food $800 Per month .

@matt7iron 10 месяцев назад

The paycheck to paycheck crowd always seem to find a way to fly to Barbados and party on the beaches.

@Alex-jx5bx 10 месяцев назад

Oh😁

@dennydude 10 месяцев назад

Shit, where is my ticket? I had no idea.

@DIVISIONINCISION 10 месяцев назад

They're racking up debt.

@Devinn504 10 месяцев назад

This would be more believable if you said miami or some shit lol

@Alex-jx5bx 10 месяцев назад

@@Devinn504 😁🤣

@Jeannified 10 месяцев назад

Yea!!! You finally made it to Coral Gables!!! Such a gorgeous area!

@ocsugar 10 месяцев назад

More of a problem is people living handout to handout

@user-po9lg7et4h 10 месяцев назад

I really enjoy these videos thank you for doing this

@tessramos8828 9 месяцев назад

Amen 🙏 Michael ! I totally Agree 🕊️

@johnkatrich2954 10 месяцев назад

You are so right. Nailed it!

@jimmyolsenblues 10 месяцев назад

We have all had moments in our lives living pay check to paycheck and that can last for years. But eventually if you stop drinking alcohol, doing drugs, partying every weekend, traveling, eventually you learn to save. Some people don't. Most of the world survives on rice and spices. Try it, and save your money.

@DIVISIONINCISION 10 месяцев назад

You said it. Some people learn, I did. Some people don't. I was so fortunate that I survived my youth to be where I am today. I made many reckless decisions.

@geraldcroft9020 10 месяцев назад

Cityfolk they’re doomed, they’re clueless, I guess ignorance is bliss

@theequalizer2727 10 месяцев назад

When rent is $2000 for 1bd apt in SoCal, most folks don’t have money left over travel to party it in Miami with drugs

@FAAMAN841 10 месяцев назад

Does anyone really need a $800/mo. car payment?

@Vera-dg3hf 10 месяцев назад

yes those who live for others and want to impress others@@FAAMAN841

@KristopherStidd 10 месяцев назад

Thank you for the video Michael 👍🏿

@kmlund42 10 месяцев назад

Some people also have health events such as cancer, injuries, and or disabilities that ruin them in this country and no, disability and social security are not enough to live on with dignity even if you did everything right like saved, prepared, payed off education loans, and worked hard. We are all one care healthcare crisis away from destitution.

@cHernandez6449 10 месяцев назад

Thank you Michael for visiting coral gables 👍

@silvioortega9741 10 месяцев назад

Michael you finally left your comfort zone. Good tl hear man, great video Brother.

@rainermoehring1240 10 месяцев назад

The country got on the wrong path financially a long time ago already. And has been on that path under both Democrat and Republican administrations. In the meantime, the financial situation is so far along that there is no way to turn it around anymore. It is mathematically impossible to do so. The debt is going up too quickly. So the stage is set. It is only a matter of time. And not a lot of time anymore. As for the stimulus payments, every penny of them was borrowed money. So they helped in the near term and will hurt in the long term.

@keithhults8986 10 месяцев назад

The cost of Florida has become so out of control that about 23000 people per month are moving north, to affordable states. The bank stocks rallied on their earnings announcements. The 1% paper is not a loss unless the bank sells like SVL was forced to in order to cover their obligations. The dead paper was reported as unrealized loses. Hundreds of billions. It will years by the time the 1% & 2% paper is sold at par and washed out of the system. People are not depositing in banks when a SPAXX account is yields 5% and a 10yr note yields over 5%. The liquidity crunch is becoming worse.

@Alex-jx5bx 10 месяцев назад

Thank you!! It is harder and harder to do not spend all money and live paycheck to paycheck nowdays.😢

@wizzyno1566 10 месяцев назад

Boo hoo.

@jeffreyenglert697 10 месяцев назад

The cost of Medicare and the annual deductible went up too,Michael. And that comes out of your social security first. We lose

@timothygrote 10 месяцев назад

Another enjoyable chapter on your channel

@CapriOne3 10 месяцев назад

I recently discovered you and I love listening to your commentary as you take me with you wherever you travel. Keep in mind the government isn’t a business, the federal government is here to serve the people. Which is why they threw cash at us while we were in a lockdown to keep the economy stimulated. I know a lot of people think the government is bad for helping but trust and believe they have been doing this since…ever. Even during the crash of 1800’s when speculators and cotton barons went bankrupt and refused to pay their debts, good ole Uncle Sam bailed them out or let them go. It’s the American way 🤷🏽‍♀️

@yl6128 10 месяцев назад

I saw this coming from 1000 miles away and have been preparing for a long time. The people want free entitlements all the dam time and they just don't care. I expect people to suffer paycheck to paycheck for at least 20 years, assuming the US stops giving free money away. I'm in my 40s and do NOT expect to retire and social security is nothing but a dream. I'd be lucky if it is still around when I retire. But frankly, I don't give a shit. The US citizen's attitude about money is just wrong. Barely anyone lives within their means.

@thetapheonix 10 месяцев назад

I’m in my 40s as well and totally agree. The plan for me is to retire out of the country. You can live the American dream everywhere except for America.

@drscopeify 10 месяцев назад

Social Security is not running out of money anytime soon, the fund actually has some 3 trillion in the pocket and they only pay out from the interest earned on those 3 trillion

@thetapheonix 10 месяцев назад

@@drscopeify It's a classic Ponzi scheme, eventually someone will have to be left holding the bag on social security.

@fsm12385 9 месяцев назад

Old school bought Homes New school buys a house , and flips for profit every 7 yrs as if other homes didnt rise in price , long term is equitable in a home .

@barnabusdoyle4930 10 месяцев назад

Another big catch of those down payment assistance programs is that you cannot refinance your mortgage for a pretty long term (5 years). When rates go down, you will be stuck with your 6-8% mortgage for years after you could refinance it and cut your rate in half.

@Mari-lv1rd 3 месяца назад

I remember hearing that someone made $200 per week and thinking "wow! wish i did!"

@magicparkmemories 10 месяцев назад

At the end of the day today, my employer terminated me effectively immediately. She said I did nothing wrong and employers have the right to terminate employment without cause or reasons. Again, she said I did nothing wrong. But I was employed less than a year and so I had to turn in my keys and badge. She said she felt bad and she said I was very professional about the whole episode. Mike, we are in a recession. This is the third time I have lost a job in 13 months. I am going to apply for jobs everyday . I am single and have no parents or spouse or loved one. So I hope people can say prayers for me . I really need some love . I am worried . Thanks

@alexeiwrd 10 месяцев назад

The only way i make it on my 50k salery is having a side gig that pays $100 to $300 cash every week. Then i apply for govt aid for my family. My side gig pays our utilities

@user-os3qm3nb2k 10 месяцев назад

Love your content Michael and love how you say your whole presentation in 1 sentence ❤

@john.johnb_online1438 3 месяца назад

As a people. Love it. “Persons “can be considered a corporation. Watch strawman the nature of the cage. Valuable information Thanks Michael

@bradleyo2098 10 месяцев назад

I have watched 95% of your videos over the past 2 years. I appreciate how you educate through new articles, spread common sense and give good advice. Keep up the good work.

@someitguy2175 10 месяцев назад

As someone that used to live paycheck to paycheck, but now has 10 months income saved up, I can indeed say that it's a bad idea to run out of money each month.

@someitguy2175 10 месяцев назад

@MichaelBordenaroPrivateMessage You're not my type