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 480k 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.
The continuously changing economic conditions in our society have made it necessary for people to find additional sources of income, thus I am looking at the stock market to fuel my retirement goal of $3m, my only concern is the recent market crash.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass wealth amid economy crisis, and even pull it off easily in favorable conditions. That should be the least of your concern. Also explore the option of working with a CFA to reduce greatly your chances of loss.
You're right, I and a few Neighbors in Bel Air Area work with an Investment Adviser who prefers we DCA across other prospective sectors instead of a lump sum purchase. As a result, my portfolio has recorded significant improvement even during the most unfavorable market season.
I'm intrigued by this. I've searched for investment advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation??
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a call.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
That’s more than my SS and extra income. I save $1500/month on average. My largest bill/sinking fund is insurances (home/auto) and taxes. Annual expenses vary driven largely by energy costs and planned things (travel, house repairs/necessary upgrades, tires, glasses). But I fundamentally changed my budgeting strategy about 7 years ago. And I keep doing so to keep the impacts of inflation, aging, etc. manageable. Lifestyle choices, broadly defined (and unexamined) can be leveraged through awareness, planning, and discipline.
I think your analysis in this video is SPOT ON! The biggest thing that has helped me (although I’m not perfect) has been severely limiting my social media use. It’s much easier to forget about keeping up with the Jones’ when I don’t see them everyday. You’ve earned a new subscriber!
The ironic thing is if Americans start living within their means, it would crash the economy. Here in the Philippines it's still a cash economy and the family culture is still strong. I love my adopted home and hope it never becomes the United States.
I hope for you that Philippines does not turn into a moral/financially bankrupt hell scape known as USA. most jobs pay garbage in USA the life they advertise to the rest of the world is for the .000000000001% of the population.
As an American who is familiar with the Philippines I agree. I have a lot of respect for Filipino people and their values. Spending some time there next year.
I would add that we, as a general population, are UNEDUCATED in finance and economics as well as skills, trades, and even social skills that could help us become wealthy.
You work 60 hours a week to afford Your house in the suburbs, made of timber and drywalls, miles away from shops or whatever, a pool you never use because you are too tired. Your wife and children see You as an ATM, if You socialize it is on the surface small talk, where You are desperate to avoid all interesting topics to be politically correct. Fear of job loss, fear of taking your holidays if You have some, fear of getting sick, fear of your neighbor, shootings.......... This is close to my definition of hell
We work to consume and then have to work to pay for all that we have consumed and consume more to numb the stress because we have consumed beyond our means. I jumped of that hamster wheel about 8 years ago.
Isn't it funny that if we see someone with an old car, we get the impression they have no money. If we see someone with a new, expensive car, we assume they are pretty well off. Actually, the reverse is true. The old car owner is not paying a lot in car payments and insurance. So he/she has more money to keep and invest. The expensive car owner is saddled with huge car payments and horrific insurance, often paying over $1,200 a month for both, which kills his/her extra money that could be earning more money for them in investments. Cars are a depreciating "asset," but they aren't an asset at all. They are a liability and an anchor around your ankle. That money, whether in payments or all cash purchase could have gone to work for you in making even more money. A new car doesn't tell anyone who you are, it tells them you spend too much on things that don't matter.
I always vomit a little in my mouth when I see an advertisement of what is generally a sentimental human "moment" between family and friends, and that moment is commercialized to sell something (soft music, smiling compassionate eyes in the actors, etc etc). Nothing is off limits when it comes to consumerism. It's so gross.
Sldo a bucket is born every minute ,hallmark sappy sales, father abandons kids for his mistress and then they forgive the guy skank after mom dies from working so hard@!
Years ago, my husband and I decided that we weren't that interested in 'stuff'. We didn't care what others had or if they had a better car. We didn't buy excessive amounts of clothes and didn't care about name brands etc. We didn't eat out much and we didn't especially like takeout. Our mortgage was small, we had no debt. We decided we could work less if we were sensible. So we sold the 2nd car and managed with 1, I went on the hunt for the best deals on Internet, insurance, mobile plans, electricity etc - surprising how small savings added up. We got back some free time and TBH, the economies we made didn't lessen the quality of life.
I can’t agree more to anything you said. Greetings from Germany. Americans (and we all) should take a look outside our country and culture and question anything told.
Yep, that is the most important thing, ever. The problem is that Americans are taught from Kindergarten that America is the best in everything, so it does not come up in their minds to look somewhere else as it can only be worse in other countries since we are the best.
@@gloofisearchI totally agree. I was born and raised in America and didn't realize this irony until I started looking at other countries and learning other languages.
There is truth to what you say here, Austin, but there's more going on than just individual spending habits. Inflation is extremely high and wages are not keeping up. The cost of housing (first and foremost: we all need to live somewhere), transportation, healthcare, and higher education are rising rapidly. The "overclass" (the super-rich) are squeezing the population: they're the ones calling the tune and our government, dependent on donors, listens only to them -- indeed does their bidding. It is they, the super-rich, who are making sure costs stay high to ensure high returns on their investments in pharmaceuticals, oil, REITS (real estate investment trusts), insurance companies, and of course, the military. Their ability to control government policy means we will never have single-payer healthcare, first-world transportation infrastructure, or publicly funded higher education (which we used to have). We're not the only consumerist country out there but our population is in worse shape because our social safety net has been eroded for fifty years. This is why so many Americans are suffering, and it's only going to get worse as the dollar gets weaker in the years ahead. The rich will always seek higher returns on their investments and it will be at the expense of everybody else.
But that’s when spending habits are even more important. I say this because it’s happened to me. I know available funds are lower but I didnt lower my spending accordingly. Some spending is unavoidable. We have to pay bills but there’s areas in which we can exercise better control
Plus regular working Americans are taxed into oblivion! Our incomes are taxed and EVERYTHING we consume (food) and use (trash bill) is taxed. Each American pay at-least 50% in taxes monthly.
So what are the other 35p million doing to stop all of these 'wrongs'? No-one forces you to finance a new car...buy less and the government receives less taxes, stop shopping at stores/ using services owned by the bad guys....
I spent 10 years in Central Asia…trying to explain how I can buy a house, pay on it for years and the bank has the ability to take it back if I miss 3 months payment blew their minds…they had NO understanding.
The problem is us. If we didn't consume at the levels we do and keep taking on more debt to keep it going it would clear the system. All of life comes down to one basic economic process, supply and demand. No spending like we do? There would be no Amazon, Apple, Tesla etc. Governments would not have all the tax money to wage wars around the world in order to give more and more money to the military industrial complex. If you want to make a difference lead a simple life, get out of debt, stop wasting money buying crap.
Stop spending is the first step right on! People need to treat money for what it is. Can you tell a time when money or a number referring to a cost wasn't brought up in a conversation? The centralization of money is the very reason for why inflation is skyrocketing. It's not a big deal!
And if you are single with no children or pets, live in a rented room somewhere. And bringing back traditional rooming houses could begin to make a dent in our huge homeless problem.
I agree people in USA consumed way too much who needs a 4,000 sq ft house USA threw away family in exchange for $$$ take my toxic family they literally died with the first dollar they ever made family never made the list of things that matter, it is disgusting that some old boomer is worth millions when they die when that $$ could of been used to keep the family going reproducing to replace the deceased ones and have your little legacy a multi generation home would work perfect if it was not for the sociopath boomer generation.
@@ironuckles There are no good restaurants in the USA. NOT ONE! Try my homecooked Yankee Pot Roast. Totally awesome for $25.00 and we eat dinner for two for two nights.
Its not a standard to have a large house. Its a standard to have a stable life, your own house place your own car, kids a family. I wont even be given the opportunity throughout my life to own a tralier....I dont have a stable car...or anything. This is what happens when your born in poverty
I totally agree with you. Not only do most Americans live paycheck to paycheck in perpetual debt which leads to stress, and illness but is a vicious cycle that never ends. We in America need to slow down and find contentment bin the simple things and not be propelled into the whirlwind created by consumerism and we'll enjoy life more, and have time to spend with family eliminating a great deal of the problems we experience. You are very astute. I hope they're listening.
I lived in a small apartment in a 1960's era high rise for 20 years, about 10 blocks from work and walked most days. I can't tell you how many people said I should buy a house. By not buying a house (and all it's related expenses in addition to the mortgage) I was able to retire at 62. Actually could have gone at 61.
We became a nation where we compare ourselves to the betters, and look down on those who don't have those luxuries. My teens and 20s was spent being laughed at mopping floors and cleaning bathrooms in a nursing home while paying for college since my folks were NOT smart with money or kept a job. It honestly made me bitter for the decade that follows as I watched those same people skirt by in life, start families. take over a relative's business, and buy houses and cars while I'm just now catching up to them 10 years ago.
I'm off the consumerism train 😌with no debt, a 1,300 sq/ft paid off home, and an 18 year old paid off car all I really need to consume is food and to be honest to stay healthy you don't even want to consume that much of it either.
Our situations are about 95% identical. We must be related or living in our own parallel universe. Ha ha. Congratulations!! It’s an awesome feeling and accomplishment.
I thought about taxes the other day because we are totally debt free too. We pay taxes on EVERYTHING. Property taxes, sales taxes, there’s taxes on utilities, gas, phones, income taxes, etc. I think if we spend a dollar on any purchases almost 10% is taxed (at least in my state, and I am very frugal on my spending even before prices got absorbent). I wondered if I calculated all the taxes I pay out monthly how much would we really be paying in taxes. Some of these taxes we don’t even recognize because they aren’t clearly visible if we aren’t looking at everything carefully (which I do) but I haven’t taken the time to calculate how much I spend in taxes. I think I’m going to do it for one month and see how much I’m actually spending in taxes. I may not pay interest on anything I purchase/own, but taxes will never go away, and in some senses may be just as much as some ppl pay in interest payments. But I do recognize that we are still blessed to be able to live better than some ppl in other countries. We donate monthly to an organization called Voices of the Martyrs and when I read some of their stories, I have to repent of any complaints I’ve made.
There is a lot of truth in this video. I'm 60 y o and can tell you 1st hand there is no sense of community in my area. Surrounded by thousands of people but all alone. No one flibs a guck about their neighbor
The family structure is such a HUGE point. It's the main reason my wife and I are moving from the US to Peru to be with her strong family. My family gets together a couple times each year, her family gets together almost every single day.
YES! We are so spoiled and just expect everything! We do not understand the importance of self-denial & discipline. Worst of all, most Americans are poorly educated in healthy & frugal money management.
I met this one English person who told me that the US is like the UK's young nephew that's trying to take over the world and UK's like, "We tried that a while back...you don't want to go down that road."
Such a good video. So much truth. Thank god I discovered minimalism about 5 years ago. I’m not a true minimalist, but I’ve incorporated so much of that concept into my life. Paid off all debt except for the mortgage. No credit card debt or car loans. I still work hard, but I have a decent amount of free time and lots of retirement savings. American culture is broken. I watch all these people around me spending everything on “stuff” and desperately trying so hard to show everyone else how successful they are, and I just shake my head. They’ve got it all wrong.
I agree with all you say… but, I can say (from Italy) that it’s not only in America. I think that this situazion is common in most of the industrializzed Countries
While that is true about family structure in Ecuador preventing homelessness, here in Finland there’s no homelessness and it’s the most individualistic society. However, the government does ensure everyone gets a home and their def of homeless is even different. If one needs to stay in a shelter that is homeless. People also live in smaller homes, but if quality like sauna in each own apartment, triple glazed windows, and heating is free included with water bill which is 12euro-19 euro per person. Housing is super affordable here and people don’t take out much student loans as universities are free. America is expensive, while slightly higher salaries but the cost of everything is insanely high, I.e. housing, healthcare, insurance, universities, car as the main mode of transportation, foods, eating out, etc.
Homelessness in America is a lie for the most part! These people living in tents on the streets are drug addicts! They don't want to change because they like living on the streets where they can remain "high"!!
Thank you, for sharing your insightful comments. As an African American male in his early 60's, not sure that, I agree with your comments about culture. However, I do see many Americans buying things they either do not need, or cannot afford. In my 20's, I had to learn ... who am, I really trying to impress: if my automobile is paid for but outdated so what, if my apartment rent is low but, it does not have air conditioning so what, if I still own an old VCR and a DVD recorder so what ... etc. Now retired, I have a fully paid-off home, no automobile loans, no college student loans, no credit card debit, a net worth of $1.4 million (with half in the value of my home and the other half in retirement accounts and personal savings). However, none of these funds are needed to pay my monthly bills because, I receive a monthly pension, annuity, and social security (smile...smile).
We also live in a society that prioritizes a “treat yourself” mentality where we are justifying self indulgent spending due to an arbitrary amount we crossed over prioritizing our values.
I think you’re completely right. Especially the lack of strong family structures. People are so divided when it would be in peoples best interest to pool resources and talents to accomplish collective goals in life. It’s a shame.
Unfortunately this applies to a huge portion of the population in Australia too. Here we're also a culture that believes that home ownership is vastly superior to renting. Except that it leads to enormous debt that people can barely afford and then you basically lose all of your freedom. This is a big reason why Aussies live payday to payday. I'm not sure that renting is an amazing deal either, but I prefer to have no debt and quite a lot of financial freedom.
I’m Aussie as well and finally stopped the insanity with consumerism! Debt free now but, I see lots of mates still struggling being house poor and living paycheck to Monday ( paid Friday , pay bills, broke on Monday) then scrap the next 20 something days 😢
Regardless of where in the world you're in, home ownership is usually vastly superior to renting. Would you rather pay someone else's mortgage (renting) or pay your own mortgage (owning)?
Lived in Australia for 8 years New Zealand is the same the belief to live on credit, buy now pay later is why people live week to week. The basic save up until you can afford is mostly gone.
Much of the problem is poor money skills. Money is a subject sadly lacking in our public schools. You either learn them on your own or from friends or family. The information is out there all you have to do is let it in.
Five years ago, I moved to the small college town where I got my undergrad because I knew I could find a cheap apartment. My car was paid off two years ago. I took early social security. All these moves and more make me one of the 22 percent!
I am from England and its the same here. Me and my wife bought a modest semi detached house and a car that we paid off years ago that keeps on going. Because of this when we had kids one of us could afford to stay at home. We are not into going out drinking or buying lots of stuff from amazon we are happy with little (and good holidays each year). I do feel looked down on by people with a bigger house/ car etc that they spend all their time paying for, kids in nursery and no holidays abroad each year, but they dont see it! I do realise some are stuck in a bad situation though. Great videos!
You do not know what really goes on inside these homes or behind the facade. It is all vanity but not real. What they are really telling you is that they need to have validation to live their life. I did not know that British did these to other British. In the US, it is basically people putting in to your face because they want you to look at them. The Armenians in Los Angeles do this a lot and the vain upper middle or wealthy classes.
@@jacqueslee2592 See my stuff? I'm part of all of it, and therefore I am worthwhile, because my stuff is worthwhile. The more expensive my stuff, the more valuable I am. So sad.
I live in San Francisco. NEVER too hot - NEVER too cold. However, the ¢O$T of LIVING is OUT-EFF'ING-RAGEOUS. I feel for people who are "forced" (if you will) to make a lot of money because their jobs are HERE, and they cannot work from home, let-alone from another city or state.
Wonderful video. Myself after 25 years of consumerism have finally seen the light. I live in a wonderful, beautiful village in Somerset UK (think Hobbiton) and most of the folk around here lease big £150k Range Rovers, and I drive a little 1 litre Mazda 2. I drive it out of choice, because having zero car finance & nearly being mortgage free makes me happy. I find your videos so helpful at staving off the consumption itches. 😊
That’s changing in a lot of ways and places. In my area, a recent indicator is lowering of prices (not just sales) among retailers (grocery, etc). A massive shift in consumer spending is underway.
This is excellent, something I've not thought about, but you make a lot of really good points. Our sense of family and self is seriously broken so we look to stuff and things to fulfill our emotional needs. We are on a roller coaster and all of us need to get off. Definitely a lot of people stuck in a vicious circle. And yes, our comfortable way of life has made us slaves because we don't want to do without anything. Throw in current inflation rates and it's definitely a recipe for disaster for many.
The idea of "family" never really included a father back then. He was just a sperm donor. Women in the family and brothers/uncles are what comprised a family. We're a world consumed with sex. This has a bitter and brutal end
From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
That's really interesting! I've been thinking about investing in digital currencies lately but wondering how to do it, do anyone have any thought on that?
To obtain financial freedom, one must either be a business owner, an investor or both, generating passive income particullarly on a weekly or monthly basis. That's the key to living financially stable....
I’m from Ukraine 🇺🇦 moved on my own to USA 🇺🇸 at 18 yo… totally agree… love USA but we need to be more connected with family and church ⛪️ and others- people are matter the most !
Hi Austin - thank you for video content. You brought up many true things about other counties vs. our culture here in America. My family came from the Philippines and we have many similar traditions as South America and Mexico. I do want to say though that living here is such a blessing. My extended family and I have been able to build a comfortable living here that could not have happened in the Philippines. If you are frugal and work hard staying out of debt - you can live a comfortable life here. Many Filipinos would love the opportunity to come to this country. Living in both countries - I am so thankful to be here. It’s choices and hard work- everything Dave Ramsey talks about that changed our economic condition that would not have been possible in a 3rd world country.
I’ve never felt like I belonged here for the reasons you are giving. I never really thought about it. I grew up in a multi-generational home. I’m still living in it. I’m still using the things my grandparents bought decades ago. My family only ate out once or maybe twice a week when I was growing up. I still do the same thing as a treat. I drive a car that is older than me and I also ride a small motorcycle for most of my commuting. I have gotten so much flack for all of it and pressure to buy new things from friends and coworkers. However, I have no debt.
Drug addicted and the mentally people living on the streets have smart phones. Your point about a cultural breakdown is right on. Even in this country… When is the last time anyone has seen someone living on the street who is Hispanic? An Asian? Rarely or never. And the question needs to be… Why is that? It’s not because of a lack of homes.
Great video Austin. You often provide unique perspectives regarding money not often discussed anywhere else. I can tell a lot of research and careful thought is done by you to produce your videos. Keep up the good work.
It's amazing that with all these financial advice videos over the last two decades, Americans are still living paycheck to paycheck. We need more of these videos and some expensive online training education about finance to spend our paychecks wisely.
ive minimalised a lot of stuff. even the kids summer wardrobe is 12 items of everything except shoes. 2 pair shoes, gymshoes and 1 croc. not doing all this laundry
Great video but if you wanna be successful, you most take responsibility of action and your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life, Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life 🙏🙏🙏
You're absolutely right you've remind me of what someone once said "The mind is the man, the poor is in it and the rich is it too". This sentence is the secret of most successful investors. I once attended similar and ever since then been waxing strong financially, and i most tell you the truth..investment is the key that can secure your family future.
I agree with you had a senior colleague at work who was doing well but never had an investment. Unfortunately he lost his job and went from living a comfortable life to hardship. There would had been something to fall back on if he had an investment
that's why I always urge everyone to start investing somewhere now no matter how small, this is literally the time for that, forget material things, don't get tempted,i became more better the moment i realized this.
Starting early is the best way of getting ahead to build wealth, investing remains a priority. I learnt from my last year's experience, i am able to build a suitable life because I invested early ahead this time
yeah investment is the key to sustaining your financial longevity but venturing into any legitimate Investment without a proper guidance of an expert can lead to a great loss too
Good luck with that in Phoenix. Even with air conditioning, in the peak at 115 F. degrees in the summer, you need not only air conditioning but all the thick plantation window shutters closed. Maybe this is a crazy site for the 5th largest metro area in the USA, and the fastest growing.
The Americans who were denied the American Dream for years definitely have a sense of culture and identity because our fellow Americans don't want us to feel like Americans. However, we have no plans to leave and will stay and pursue our dreams like everyone else and see you in a courtroom if you try to stop us.
It’s always been odd to me that generational wealth was not the standard in a capitalist country. People move here from other countries just to build generational wealth. Even a family side hustle could grow.
You forgot two huge components. Americans are very over taxed! And the rising cost of living. There are many minimalist non consumer focused people that are still having a hard time.
American cultural identity comes from our European ancestry: English, German, or Dutch, but isn't really replicated in American culture except in emigrated pockets of small cities (in Michigan that would be Frankenmuth or Holland) or in immigrated communities (again, in Michigan that would be Dearborn). The reason Americans live paycheck to paycheck is a direct result of living in a capitalistic society with competitive roots and the effects of a culture of debt.
Hehe, yeah talking about culture. I'm Dutch I was tought to be frugal. Frugality is ingrained and encouraged in my culture and we take pride in our Frugality and directness of communication. A dutch person will brag about getting something as cheap as possible to friends and family. (don't deny it fellow dutchies, we've all done it.) The word Debt itself just makes me have chills. We talk about which supermarket chain is cheapest or even........that some things are cheaper in Germany and that it might worth it to buy certain items across the border. Like you said it's deeply ingrained from our time as a world superpower in trading. we have quite a few sayings/proverbs/idioms around money/trading and sailing. For example: (englified of course) -(only)The Sun rises for free. -Throwing money over the railing. (waisting money) -Choosing eggs for money. (Settling for less) -Money doesnt grow on my back. -Even if you pay me! (I would never do that) -To ask is free/ Asking something costs no money
You are too kind in your assessment. We are a spoiled rotten culture. Families don't stay together hense children running amuck. Our prisons are full because most are men and most all have no fathers, or good male role models. People are selfish, greedy, and no one seems to be thankful for the many many riches and blessings that they do have. It is staggering and almost unbelievable how ridiculous we must look to other nations. America needs God. They said Rome would never fall, well America, the land of opportunity may see its fall very very soon.
To my knowledge America's prisons are full by an intentional design because it still uses slave labour, only it's been rebranded. It's easy to get sentenced for some marijuana in a car, taken into custody for possibly speeding then get incarcerated, and they can never get out of jail because they can't financially support themselves. Nearly all of them become antisocial after being in a hostile environment where violence was a necessity and they'll have missed essential development milestones. It'll be down on the records making it more difficult to generate a sustainable income and many end up in a jail again for minor offences. Something is fundamentally broken when America has a larger distributed population of prisoners than China who have confirmed sources say they use Uyghurs in detention camps for labour because they're mimicking what the US has done. The system is made more obvious because the electoral college that heavily favoured slaves states now favour high prison populations and all those prisoners convicted of felonies lose the right to vote. Ultimately Greed is but one component, the real issue is often not caring for people which is what allows the selfish behaviour to persist. In America there's a push from government and journalism to have a lot of apathy or even elation at someone else's suffering, people go along with it for a sense of belonging, and to feel strong and superior. Best answer is to have communities working together and to stop seeing everyone as a constant competition because resource guarding wealth results in no one having anything by the end.
America has always lived paycheck to paycheck. The only difference now is that unaffordability of housing is now a nationwide situation. There needs to be much more construction of low cost housing to make at least the minimal living condition affordable to someone that makes minimum wage.
Luckily, I am from the generation that had a great family structure - Mom, Dad, Siblings, Aunts, Uncles, Cousins, Friends - the one parent household was the exception when I grew up. It was very rarely seen.
Ecuador's population in 2024 is about 18. 28 million. The United States population in 2024 is about 341,591,034. This just might have something to do with the higher level of homelessness in America. Your point is well taken, but the numbers are likely more telling.
This is so true imagine when when you're an American and you're a kid and you live with your parents and you turn 18 your parents kick you out what kind of s*** is that
As of 2020, it's not happening that much anymore, as long as the parents and the adult children get along. The parents can charge a "cheaper" rent to their kids while the kids are working and saving up to move out. I first moved out of my parents house at 21, had a flaky room mate, then I moved back with my parents at 22. In exactly 3 YEARS later, after lots of planning and saving (at 25), I move out and never looked back. Had a few "lean" years, but I made it on my own. Strength, smarts, and pride... (oh, and prayer, too). I tell people: I've been poor before, I've NEVER been rich, but one thing I've known since I was a child - *_RICH is better!!!_*
Oh yeah, the famous family structure of third world countries mostly known as leeching off of one family member who is able to actually earn money 😂 ironically enough, I moved to the land of opportunities and now support that whole family structure of mine back home.
Thank you. A daughter is married to a young man who does this. I’ve been admiring it but looking more closely, it’s clear that his family’s choices (his mom never being married with her sisters the same) are playing out less than optimally out for my daughter’s financial future. That said, family help, had my parents had it, would have been life-changing.
There are too many generalizations in this video. We aren't a culture based on Broken Families. Most families in America help each other out and many are very close and stable. Homelessness is usually caused by Drug or Alcohol abuse. I know that's not Woke to say but it's true.
A great video! Spot on! A great analysis of the "American Way." Each of the seven cultural are true. Austin makes broad claims regarding culture, but they are easily validated by simple observation. A very intelligent explanation to the paycheck to paycheck life.
No, it's not on us spending too much. Rent plus transportation for most people is about 60% of their budget leaving very little for food and nothing for emergencies. As soon as one emergency hits, we have to go into debt and slowly catch back up.
While I agree with your observations, you ignore the system we live under. I made it to retirement because I didn't waste money but if anything had happened, I could have been homeless. My mortgage ($1,360 for 3B2B) is lower than a friend's rent ($1,800 for 2B1B) for an apartment. People working basic full-time jobs at the Orlando theme parks can only afford to live in hotel rooms or their cars. People move because there are no jobs (business moves or closes) or because the business relocates them. There is no job security so if the business closes, people may be forced to use up all their reserve funds while looking for work. People get sick and the insurance stops because of the loss of work or because of the cost of treatment. People cut their pills in half to make them last longer. Some areas don't have public transportation, so they pay more (interest to the lender) to buy a car. I grew up in the 70's with only one parent working, today most households need two incomes just to survive. We see the results. People begging for money, sleeping in tents or boxes, not able to take showers and searching for food. Most of these people are only trying to survive.
Love your thesis dude....its spot on Many ethnic families who moved to the United States are blessed with this familial support. ecosystem....i.e Equadorians, all Asian, Italian etc.
I agree with every point except the “no free time” point. Several hours laying on the couch counts as free time, it’s not an obligation. People statistically watch tv or doom scroll for 3 hours a day. That is a choice being made. If instead, they went for a walk or spent time gardening or etc, their perceived quality of life would be greatly improved. Personally I also attribute a ton of discontent to social media.
Capitalism and over consumption of and on things that are not important. Three years ago I bought a Timberland boots for $150 ,3 dress shirt(button down)three Polo style shirts, 2 pairs of jeans and 1 pair of dress pants. Haven't bought any new clothes since.
Austin, my man, you're waaayy overthinking it. Americans live paycheck to paycheck because of cell phone addiction and the price of unnecessary technology. Also, last year alone, Americans spent approximately $130 BILLION on domestic pets. Domestic pet ownership is an epidemic today. This number is DOUBLE what it was just 6 years ago. As more young people bury their faces in their phones and call it Life, they seek solace in an animal because they are lonely and unhappy, and also selfish, which is why they are not marrying. It cost more for a person to live alone, than it does if that person partners up with someone.
Young people are not selfish. They know they may never be able to afford a home and do not want to raise a child living in a vehicle or in a tent, in squalor, on the streets in the richest nation on earth. A nation that has lost nearly all sense of reality.
@@marianhunt8899 You are right. Boomers have a hard time rapping their heads around a reality they largely didn't grow up with, but caused. Millennials on the other hand watch their parents slave away and not get rewarded. At least not in real wages. Asset inflation gave them a boost and a lot of them think one hundred thousand dollar houses that are selling for a million dollars is a good thing if they own one. Unfortunately, it is a door slamming on the millennial generation and later generations. Your homeless child will reside in your basement forever. The boomers that lost their homes have a whole different version of reality. The trailing end of the baby boom bubble mostly. Homelessness is an economic problem caused by deregulation mostly. Economists call the process financialization. Housing prices go up and the lower rungs of the economic ladder get squeezed out the bottom on to the streets. The monetarists propaganda fills our head with images of mentally ill and drug use, but they are merely symptoms of the problem, but not the causation. Blaming homelessness on the mind set is just the haves waving their fingers at the have nots. I really is quite sad to watch.
@@marianhunt8899no. They won't ever be able to afford a home because they keep voting for politicians that tax them out of home ownership and call it fighting climate change.
we dont get married because we are selfish? We dont get married because we have became informed of the fact that marriage is a scam that benefits only the woman. When they inevitably initiatge divorce (80& initiated by woman), they get theirs and you get shit. No thanks
