In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
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.
Did my grocery bill just jump 10%? Feels like I'm working harder for the same amount of stuff. Gotta find ways to stretch my budget further or this inflation thing is gonna flatten my wallet.
I hear you. Curbing spending is key. Look for cheaper alternatives, clip coupons, and maybe even consider a side hustle to boost your income. Every bit helps fight inflation's bite.
Firstly, rack your spending, identify areas to cut back, and free up money to weather inflation's storm. A financial consultant can help you analyze your budget and identify areas to cut back without sacrificing your lifestyle.They can also explore ways to boost your income through strategic investments. One client I worked with saw their portfolio grow by 12% last year, allowing them to build a buffer against inflation.
“SONYA LEE MITCHELL” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Being poor costs more in so many ways. The additional stress put upon so many people day after day thinking and worrying about how to feed their families and pay the next electric bill, etc leads to mental health problems and effects them physically as well do to lack of proper nutrition. You're right Nate, people who need money and help the most are the ones who are taken advantage of most often.
Many have inadequate cooking access, rent a room that doesn’t allow cooking. They don’t know how to feed their family inexpensively with good nutrition. Infestations in an apartment building of rats, mice or roaches that gnaw through containers and contaminate food.
Being poor is litterally a drawn out death sentence while being tortured the whole way down. Can't afford the $150 to fix your tooth cavity? Guess you'll just have to wait until it hurts more and costs $3,000 for a root canal. Can't afford that? Guess you'll just die of an abscess in pain. Funeral bill to your family - $15,000 to bad you didn't have that initial $150 bucks.
Shop at Aldi, use a credit union, keep track of finances and have a plan. Buy a cheap new car with 0% financing and save. I’ve always been poor but never ignored reality.
The only case where I could see that a poor person has a car is if they bought a car when he was not poor. But usually the poor cannot afford their own car and use public transport instead.
I’d point out that if you’re poor then you have to buy cheaper stuff, like clothes, phones, cars, food etc… all of which will cost you more in the long run. Buy cheap clothes and phones multiple times, cars have issues and always in need of repair, food will make your health worse if you’re not wise with it and cost you in life value and monetarily
i disagree with the cars. the real problem is the car loans that kill wealth. i buy cheap clothes they seem to last as long as the expensive stuff and never get the latest and greastest phone as its not finacially wise. i can agree on the food as its bigger % of budget.
In living the poor life in europe but not because i have to but because im trying to live on the bare minimum to afford hoarding silver and stocks this also made me better at handling money this video is worth gold
@@jasoncasey583It is hardly that easy elsewhere either. In Finland, there was just a report that the poor can no longer afford to go to second hand stores, thrift shops and flea markets because the prices have gone up there as well and some customers have started stealing used clothes without paying. And previously, the problem has also been that although women's and children's clothing has always been well available, there has been a shortage of men's clothing.
It's been a rough year with losses from failed banks, real estate crashes, a struggling economy, and downturns in stocks and dividends. It feels like everything has been going wrong. What a terrible year it is…
I really appreciate you using your platform to showcase some of these issues; especially since this doesn't necessarily affect your target demographic. Other similar ideas that you didn't explore include: - The extra cost for paying bills monthly instead of annually (such as car insurance) if you can't afford one massive payment. - Poor folks not having the money up front to buy in bulk to save money in the long run. - Interest rates being higher for used cars than for new ones. -Medical issues getting worse and costing more in the end since you couldn't afford to promptly take care of them (i.e., a cavity getting so bad that you now need a root canal and crown. A $200 issue is now a $1200 issue.)
Lack of education for multiple reasons. Higher incidence of being illiterate and having poor math skills. Property taxes that are disproportionate to their income. Little to no financial training. Cashing a paycheck can cost 3% of their pay or more, with little access to banks. It’s estimated that 30+% of Americans don’t have bank accounts.
Business avoid the areas known as food deserts because of crime... its a vicious cycle. People turn to crime because the are desperate... but the same crime they commit hurts them and others like them more.
The numerous government programs also keep people poor. If the government is giving you 10K a year if you make below 40K a year and you find a job that makes 45K you are going to stay at your same crappy job because of that free money you get from the government. I know of several people that will purposely look for a low paying job just for collecting money from the government such as food stamps, free medical, rent assistance. All this stuff can easily add to 20K in government assistant. The solution is to get rid of that poor mindset and learn a skill that can give you a healthy paycheck. It is up to the individual not the government to fix this. Government intervention just makes it worse.
Good compliment to Nate, but you describe him as "comfortable" and I would"nt describe him as "comfortable " because I'm sure he works his tush off for whatever he has!
He's using scare tactics to make you continue to watch his tutorials. SCARE TACTICS WORK. I must say his narrative is also very well-organized. He tells you up front that he'll be discussing pitfalls and not solutions, which is really important to know right away. It builds trust with your audience when you're transparent which he is.
@@evelynzlon9492interesting perspective. Ultimately the viewer will interpret a video however it they see fit. As someone that was watched his videos since the beginning I have to respectfully disagree. Nate has mentioned previously that he isn’t huge on being a “social media” influencer. He does a lot of research and simply shares the truth. Most of his knowledge is through books, experience and school. I doubt he cares to “scare you” I feel that is a defensive mentality. Rather take in his advice and use it as fuel to NOT fall victim to the broken economic system and how divisive it can be. He started RU-vid at a very young age and quickly became successful by hard work not luck. Just trying to say Nate is worthy of more than just a fear mongering channel.
Nate, I was doing a return at a Walmart on a Friday night and there were 4 people in a row on front of me paying Walmart to cash their paychecks for them. I couldn’t even believe it!! Financial education needs to start at such a basic level.
This is also why it's important for businesses to continue to accept cash. There seems to be a growing trend amongst businesses to only accept credit cards and refuse cash
My favorite poor person experience was when my ten year old tire exploded and I needed to get a new one. Couldn’t afford to get the others replaced and it messed up the frame. The $800 fix turned into a $2000 fix and I only got to pay it off when I won at a casino. Had to pay taxes on the winnings later
@@SouLoveReal to be clear I don’t gamble really at all. I had $20 at the end of the month and it was my only option short of getting a loan I had no hope to pay off
Here's my reply to the people that are leaving negative comments like the one above. Don't put people down who are already down. Give them a hand up. If everyone helped someone less fortunate than themselves we wouldn't have poverty. Living in poverty creates a chain reaction of negative events. Those events pile up very quickly and make life pretty miserable.
If you can find a place to live for cheap where you don’t need a car, suddenly you have the freedom to save much more money. Used and new Cars are one of America’s biggest wealth killers.
In Canada, they cracked down on payday loans because of how detrimental to society. They made a law where the loaners can’t charge more than $20 per $100 borrowed, instead of traditional payday loan structures. Many of the payday loan companies now focus on other services like international money transfers, prepaid credit cards, cashing cheques and business services.
Graduate from high school, get a job, don't be an addict, and postpone having children until after marriage. Excuses are like buttholes. Everybody has one, and most of them stink.
I was in an uber , (unusually going through the posh Kensington area of London )and both the driver and I noted that there weren't any fast food outlets there, just dessert /patisserie venues , made us think that fast food places target the more deprived areas . Hadn't seen such a clear distinction until then.
Buying a home. If you don't have have enough to put a 20% down payment on a home mortgage, you have to pay the PMI (private mortgage insurance) on top of your principal, interest, and escrow(if you're doing this). You literally pay more for having less money because they don't believe you can pay off a mortgage.
I don't consider myself poor and I did put down 5%..paid $80 PMI for $300k loan and then eliminated it a year later. It still was cheaper than renting an apartment. This year there was a law that low credit score holders get better rate than those with higher ones. I think PMI in this case will be covered by lower % rate for "poor"
@@gulkinna I believe it was still cheaper than renting an apartment. How much total in PMI did you pay in that first year until you eliminated it? Haven't heard of the low credit score/better rate law. Is that federal or local to you? Good to know.
I mean, lenders need to protect themselves somehow. You can't just have everyone getting a loan that can't afford it for whatever reason and then they can't make their payments. As much as it sucks and is costly it makes sense. How would you protect yourself if you were the lender?
Price for soda is insane! Why would anybody drink it when it's so expensive and also bad for your health? Actuality, it makes be taxed you double: at the time you bought it and when you get medical bills to pay after what you've done with your body
Its some of the cheapest ready to drink drinks besides water and we are conditioned to want it from an early age with all of the advertising and how convenient soda is in fountain machines at food places and gas stations.
Great video. Two things I'd like to add: 1. Parking ticket or even government tickets usually have this kind of incentive that if you pay in the first 10 days, you get 20 or 30% off. It take time for low-income people to find money to pay the tickets, so they are the people usually end up paying more. 2. A lot of low-income people don't use credit cards, let along good credit cards that offer cash back or points. So comfortable people can use the points or cash back to somewhat balance out the invisible cost you mentioned, but not those low-income people who pays cash.
If you ever get an overdraft fee or even a late payment fee you can call and ask them to forgive it. Typically they will, especially if it's your first time.
The thing about food deserts is so spot on, Walmart has more affordable things like bread, and milk but when you go to a dollar store it is much more expensive even though stuff is supposed to be "cheaper" but Walmart isn't in walking distance but the dollar stores always are.
I worked 5 years as a manager of a dollar general in general the food was competative and cheapest beer in town however home cleaning stuff etc medicines were priced pretty high those stores make more profit than you would ever imagine
@@jasonleatherwood2172 the profit margin these dollar stores 🏬 make are absolutely ridiculous and come from hardworking people who are honest and don’t steal hence the majority of humans.
Very important issue!! Thank you Nate! I'd like to mention education here. The poor often drop out of school to get a job to help their parents and has low or no access to higher education, they can only get into low paid jobs which keep them poor. While the rich get higher education, then get into high paid jobs and get richer
Some kid's in poverty can't get a legal job because if their parents are on social assistance that income is counted towards their household allowance and the family loses assistance.
@@moneycessity the other day my chase credit card went over the limit .. I was busy but ended up paying within a couple of days .. but that was enough to drop 35 points on the FICO score 🙄
Man I really expected you to cover the Dollar store "tax". It's best exemplified there, you can go get a dollar store specific size of laundry detergent, because all you have is the $5. The problem is you're paying way more per ounce of detergent than you'd pay if you could afford the $50 at Costco for the gallons size. Bulk purchasing in general is a huge thing with that but I think the laundry detergent is the best example you can use.
@wendytestaburger8321 food deserts exist in areas where there is little to no real food(fresh fruit/veggies meats) or even grocery stores within a community or within a reasonable distance.
As somebody who grew up in this type of environment, I can tell you one thing, there are tons of things that make it worse very for starters, sound financial management is not only not taught, Your tattoo avoid looking into that which further adds to the type of mindset that keeps you there. People are not to be resourceful and think from a scarcity mindset. That's something my parents instill than me and undoing that was extremely difficult. We weren't just poor. We were taught to stay poor and think poor
@@AnimeErudite Who’s to say they did? They are watching this video which does teaches something. Also, I just assumed based off of the comment saying “grew up in this type of environment,” that they were referencing when they were a kid and didn’t really have any financial control, so financial education may not have been as useful to them until they were old enough to work. They also used the past tense “were” in “We were taught to stay poor and think poor,” which to me implied this all happened in the past and may be better now. I can’t help but feel your comment is just a dig at their past which they didn’t choose, not an actual constructive question, as no one “teaches you to avoid looking into financial education,” lmao
You have an youtube channel with 1,31 millons followers. Pretty impressive. Don´t know why poor pleople are poor? Let me tell you. It´s not that poor people work less than rich people. No, as a matter of fact some of them even work more. Much more. They even have several jobs in the Unated States or have jobs with long hours in the rest of the world. They lift heavy things and work under poor conditions. Poor people are poor because ¨They think differently from rich people¨. That´s the reason. They see everything in terms of scarity instad of abundance. That´s why. People who either were born in a wealthy family or made their way up to the top, think complete different from poor people. They see opportunities where poor people see obstacles, they see money almost everywhere, where poor people as you said ¨live from paycheck to paycheck¨. It´s a matter of mindset. They have a minset of scarity. That´s why. Hope it has been usefull. Love. Good luck with your channel.
I have three answers for people who are having trouble with parking tickets, bicycle E bike or small motorcycle especially the bike and regular bicycle. You don’t have to register them so you should not be able to get a parking ticket plus bring it in your house there you go nobody can put a ticket on if it’s in your living room.
WOW! POINT ON! What a great video that definitely needs to be addressed so thank you for being the person to speak on this subject matter. But WOW as I'm listening my mind and thoughts are all over the place of what I want to say, but I will keep or contain myself from posting political comments , very reason why I left Facebook ( well a lot of reasons why I left Facebook LOL) But you are right how being poor costs more. I know, I am age 58 , my income is Social Security Income , I only receive the yearly COLA increase, it helps but not enough . But I know there are many millions of Americans who are poor , live in rural areas and getting around is costly as far as transportation. For me I have had to give up a lot in my life seeing I live on a limited income. I did watch a video you posted I think about a year ago on how to spend $30 a week for groceries. That's me, I have a budget of $120 per month for food , I have had to cut out a lot of food options and choices. But I still consider myself fortunate, I am in a shared living situation with a friend , we share expenses and that makes it doable to live life a little , fortunately we both love nature so most of our entertainment is "outdoor" once a month we are able to dine out, and once or twice a year we are able to travel but only with in the United States. Any traveling aboard is not an option for us. The solution ? There's probably a million ways to address that, I lived most of my life in financial ruins and I worked , but no job stability , moving from place to place in the last 10 years took a huge financial loss, I have learned the hard way (and believe me it wasn't pretty) . My life is more stable now and a bit more financially stable, we learn from our mistakes especially when it comes to money. People do need to be educated about their spending, whether it be a financial consultant , make some courses , I like to believe there is always a way . But as far as food, food prices are taking a toll on all of us, I know, I have cut out so much food , but in a good way, no snacks, no processed foods, no pastries, or what ever junk food there is. I am also a Certified Health Coach , I specialize in nutrition for healthier eating. So it's a good thing that I cut out the "junk" and add in the "healthy foods" But I also know it's not as easy for those who have nutriition insecurity, this is a real thing here in the United States and these issues do need to be addressed. Every one has the right to healthy and sustainable food , a home , proper transportation etc.
I just don't understand why people wouldn't drink water - I guess maybe if you're in poverty you can't afford a place with drinkable water - but isn't water less expensive than soft drinks?
Being poor cost more. You can’t afford to go to the Denist. Can’t afford to eat healthy, can’t afford to go to the Doctor. Bank makes you more broke charging NSF Fees. Bad credit makes you have higher interest rates making you more poor.
Great perspective Nate and well done. My heart is with the people who just want to get by and live their lives in these food deserts. I also can't blame large stores who won't go into these places or pull out there existing stores due to various "reasons".
One woman, when she retired, in a medium sized city wanted to make a difference. She opened a very small grocery store. It was all generic, no name food, frozen meat kept behind the counter, cheese and dairy in a clear refrigerator next to the meat case. Fresh fruits and vegetables were available. Most food was kept in the back and restocked as sold. She kept prices low by having volunteer workers and being a non-profit. The store was small so only allowed about 10-12 shoppers at one time. This also allowed her to know her customers and them to know her. No candy, cookies, soda, bakery beyond sandwich breads.
Im sorry, but you can infact just not spend money when you would overdraft. You made a frustrating comment about people who say that never having been in poverty. but you know what people do in poverty? They go unbanked to avoid the fees. They always had the ability to "just not" overdraft, but stresses and various factors play into that. Overdraft fees are ofcourse inherently immoral. But to pretend that there isnt responsiblity in the individual is ridiculous and more infantilizing than anything.
Also, car dealership commercials. I always hear them say: BAD OR NO CREDIT? YOURE APPROVED! NO DOWN PAYMENT? NO PROBLEM! What they are hiding is that that person will be tried down to high monthly car payments for a long time! I hate it!
I’d like to point out for anyone who didn’t know, the government considers 29k annual NET income per person as the poverty line now. So it’s getting out of hand when most jobs pay around or less than that
In Canada, recently vendors have been given the right to charge credit card fees to the clients using them. On a large purchases paying cash, cheque or debit can essentially be a discount. This was legislated because the credit card companies forbid cash discounts in the vendor agreements. About time.
Yep. I live in a small town in Minneapolis. It is really common for all local businesses to charge a 3% fee for non-cash purchases to cover the processing fees. It’s kind of annoying because I prefer to earn points with a credit card, but I admit it is more fair for me to pay the fees than in being past on to someone who may be more poor than me.
Thanks for posting this video Nate. I think a lot of folks who are well off won't even listen to points like the ones you make here. They've already decided with little to no real evidence or experience that being poor is a choice. They just continue existing in their ignorant comfortable bubble. I also don't know the answers but it at least starts with everyone recognizing the problems you described here.
Decades ago, being poor was typically more "optional" than it is now. These days it's a lot harder to fundamentally improve your standard of living no matter how hard you work. The housing costs-to-income ratio is much higher than it was historically, and the cost of a college education has skyrocketed so student loans consume a much larger proportion of your income. The most reliable way to break into a higher class bracket is usually through lucrative blue collar jobs. Certain truck drivers earn a great deal of money, for example. However these drivers usually transport hazardous materials AND they're still held in low esteem by educated professionals. There's a price to pay for upward mobility, one way or another. America is actually becoming more like England whose rigid class system was hard to crack.
@@evelynzlon9492. F what thise so called "educated" people think about the job you do If you are making money.Especially more than them. Most those people are in debt up their arses and are just in an extended downfall themselves.
@@fugoogle5345 I have a B.A. in Economics but my academic performance was marred by apathy so I'm not actually competitive for related careers. However I think people can SENSE your course of study. Most people just ignore me on the street, but guys wearing business suits are usually cordial even if I'm wearing street clothes and a doo-rag and have nothing apparently in common with them. Isn't that weird?
@@fugoogle5345 My initials are also E.Z. So my collegiate apathy in my conservative major was largely born of despair. DO YOU UNDERSTAND ME? I once tried out to become a fashion model which includes illustrious success stories like Duckie Thot. However I lack the self-discipline to become anorexic. Now if you consider Nate's surname 2 different words contracted by an apostrophe, his initials are NOB. And he was a millionaire barely out of diapers. Isn't THAT something?
@@fugoogle5345 I also had a stint as a professional psychic. I had a low accuracy rate by industry standards, but when I AM right, I'm right to a T. Or an R, which is my guess for Nate's middle initial.
* Rent-to-own appliances. * High utility deposits due to credit scores. *Higher car and home insurance for the same reason. *High rental deposits because of past evictions (and bad credit). * High interest at the "buy here, pay here" car lot. I'm sure there are more. There is a long list.
I live in a food desert, which is in the ghetto right across the street from a homeless shelter. That is so disgusting for these greedy people to do that to others. But nobody changes things or gets a sense of morals.
I was just thinking about some of these topics when my vehicle registration renewal arrived in the mail. $100 or so in property tax and other flat fees when just registering a car can take a bigger chunk out of lower income individuals paychecks than higher earners who won't even notice it.
Yup, I worked for a business that was all cash. They had an ATM in the premises. At average, they made 10,000. Per month. A credit card company convinced them they would make more revenue if they offered credit card payments. Now the pay in fees 30,000. and up per month. And of course they had to raise their prices. 😢
Being content, and knowing how to cook, clean, and fix a few things make the difference. Actually the only way for most low income to survive with dignity.
Whenever I have less money than I planned to have or I want to save a bit more, a part from budgeting and trying to stick to it I get what I am going to use out of the bank and I have it in cash, I personally find it easier to lower my expending with cash in hand. Besides, in Spain they don’t really give us a lot of incentives for using the bank (they do using Revolut for example but I don’t want to pay monthly to a bank I mean, they are already using my money, what else do they want?! 😂😂😂) Please try to upload videos more often 🙏🏼
Here in the UK some banks offer accounts with no overdraft feature, so if you try making a payment with a debit card for say £10.00 but you only have £9.50, either the payment gets declined or the merchant will try taking it and the amount bounces back. My solution to credit card fees is just don't have a credit card. You'really borrowing the money from the card company, so clearly you can't afford the thing you just bought on credit, because you pay that ammount plus any interest fees every month or however often it is.
OK I like the comment where you were like. Oh people just say don’t overdraft and then you were like well they probably have an experience poverty. Yeah, I was a broke ass college student and I still didn’t overdraft my account. It doesn’t matter how poor you are don’t overdraft your account it will make you even more poor, so yeah, the answer is don’t overdraft or you could overdraft and then see what happens
Problem for poor people is if they dare use a credit card for anything then, well, you know, "We'll pay that bill next month" and next month never comes and they end up oweing LOTS of money on their card!
Another huge thing is the amount of poor people who have to live on disability. If you are disabled, you’re unable to work and receive healthcare through your job. If you make more than a certain amount (a very low threshold) then your medications and hospital visits will no longer be covered. People have to stay poor and continue struggling because their conditions (type 1 diabetes, MS, etc) require necessary medical care. It’s a hot mess.
On the overdraft fees or bounced checks, sometimes a person will deposit a check thinking the check has gone through, but it's either denied or delayed. So, people spend money when they actually don't have any. Then, depending on how the bank deals with this, there may be multiple overdrafts, each with their own fees or bounced checks, leading to a cascade of problems.
Payday Loans = Legal Loansharking Also being someone who is in the 'Extreme Poverty' level, I will say that there is no such thing as the 'trickle down' effect; The 'trickle up' effect, is 100% in effect everywhere though. The rich get richer, the poor get poorer. And those that are in power, have no intention of changing it, as those in power ARE the problem.
The solution to credit card fees would be a cap fees by law putting a price cap for merchants at 1% plus a 5 cent fee per transaction. Credit card processing fees are an essential service for businesses and visa and master card know it and charge 3% plus 30 cents and that cost is a top 3 cost for most businesses.
It sucks to live in the edge. I did live in relative poverty for a while, but our family always helped so we never had huge issues. Today, I work and provide for myself, and even invest. But yes, it costs more to be more poor... this is especially true if you rely on a car go get a job.
Thank you for the video. I live in low income apartments and have been denied disability. I earn less than 7000 a year working for my well to do family. They are benefitted in so many ways that people like myself are not. They're friends who are also upper class are even wealthy give then things frequently such as furniture, food, gift cards, concert tickets, tickets to sporting events, free admission somewhere, discounts at places they work are even own such as restaurants, dry cleaners, car dealerships, real estate companies, gyms, theaters etc. The rich get richer and the poor get poorer or you could say it's all in who you do or don't know. I see this type of thing on the daily and am just grateful that I am connected so I benefit a small amount compared to many in my financial bracket such as my neighbors.
@@wendytestaburger8321Disability in the United States is usually SSDI or SSI. The individual has to prove to the Social Security Administration that they are truly disabled and most people have great difficulty doing that. We have lawyers here to help fight for disability but even then getting it is hard. If a disabled person gets approved for disability payments it's almost always a low payment that prevents the disabled person from being able to live normally. For example, $1483 is the average SSDI monthly payment to a disabled person but I know many living on a lot less than that who can't work and are about to face homelessness. The system over here in the United States for the disabled is really sad.
Here’s one for you. Costco does a thing where you buy like $150 worth of certain type of grocery and get $50 back. I think the last one was cleaners. Laundry soap, dish soap and such. Poor people can’t participate.
I tried the dollar tree once but quickly noticed that the price per ounce on food was higher than Walmart. So I just use Walmart. I search for a bank with free checking, I am not paying for checking since they get money every time I use my debit card. If you replace the word poor with stupid, you begin to really see the problem. Stupid complains about being poor not being stupid.
The price increase due to benefits is so tricky. Because you feel like your getting money but in reality your just paying as much as you would if credit companies didn't exist.
insurance is a big one. You can pay double from just going monthly. end up more than a lot of peoples insurance. not to mention insurance is even effected from things that don't play into insurance. for example car insurance can be more expensive for getting a ticket going 8mph over, while statistically someone going 5-10mph under causes more axidents. Infact the whole transportation system is abusive towards poor people. The only way to have an advantage in it is by being fluent in cars. ie knowing whats reliable, cheap to repair, some repairs at home, etc. Most people opt in for the less knollegable option of buying a new car and paying more upfront, to avoid thinking of repairs. my car has 203k miles and I've only had to take it to the shop once, only time the CEL came on for a bad coolent line, which I've been topping off regularly up to that point.
I’m by no means rich, but I used to be barely scraping by. One thing I can add is when you get paid weekly, it’s really hard to budget a month ahead unless you’ve already established an emergency account. When I was broke that was a laughable concept on it’s own.
A video trying to be helpful but instead makes a lot of insulting assumptions for poor people. Food deserts and overdraft fees due to not having enough money to pay bills is understandable but everything else is not. The Soda Tax hurts poor people more because they love sugary drinks? Why not mention lottery tickets too? People with money would only play the lottery for fun while the poor might stake their life money on it to change their live. That is a pretty bad tax for the poor. Instead talk about a poor person might not have a job with decent health insurance or no insurance at all so when they get sick, it will cost them more. Especially if they get diabetes from all the sugary drinks they drink. The poor are getting higher prices because of credit card costs? That is true for everyone. Why not mention instead if poor people don't use credit card, they can't build up a credit rating so when they try to get a loan, they will get a higher interest rate. Everything in the second half of the video can be summed up as "Everything Cost More for Poor People Because It Takes A Bigger Percent of Their Paycheck to Pay For" or "Bad Behavior Costs People Money". Hard to make his point of poor people are victims if his examples are poor people get parking tickets and drinks sugary drinks. Listing things that are in a person's control instead of listing things that are not.
As a person with money and good credit the advantages for me are(not being sarcastic or brag btw): free Credit card points(free money) for spending money. 10% cash back in my gasoline and grocery. Buy in bulk and on sale to save money and store in my bigger house. Work from home to save gas and money and doing laundry and chores while at home. Able to pay more for a Toyota to avoid car issues. Tax advantage account and amazing growth on investments growing potentially tax free. My living expenses is very small compared to my income and net worth. I was raised poor and still live with a very frugal mentality.
Your first point is a huge stretch. I shop at the dollar store and the prices are very cheap compared to a normal grocery store. The two examples you used were Costco and Sams Club... both need a subscription and don't make sense unless you have a large family and shop there frequently. The biggest problem with people spending too much on food is "dumb shopping". Cereal, expensive meats, pre-made meals, etc. Or worse like you mentioned, fast food... which is not cheap. If I needed to save literally every penny. Large bags of rice and beans. Oats. Cheaper fruits and veggies. You can make a whole meal that's under 2 dollars. Any normal grocery store. Or better, the dollar store.
OK so if a bank is saying oh, we’re gonna charge you like 1015 bucks a month for you to have an account here go to a different bank their banks excuse me credit unions are better go to a credit union. Mine doesn’t have any minimum balance and I don’t have to have direct deposit and I don’t get charged a fee for having a checking or savings account, if you’re out of bank and they want to charge you for having an account it’s a shitty bank go to another one
I find it interesting how you said you don't want to get political - but money is very political and we shouldn't stray away from that. The wages low-income people make is political. The healthcare we pay for is political. The rent we pay is political. Thanks for shedding light on this topic.
Thank you for talking about this. Redlining is not just for residential real estate. It also applies to business real estate. Businesses in poor areas have higher insurance because of an increase in violence in these poor areas, so the big chains won't invest in those areas. Hence, the small stores who charge higher prices.
Nobody seems to talk about how lower paying jobs don't have contracts usually. I have zeros two years in the middle of my working career in my ss statement. Did I not work? Ofcourse I did. Employer chose not to pay us at all. It was just customers who did. We also didn't get paid for training. There was no break during the twelve hour shit and I ended up in ER few times. I was not in a position to question or argue any of it back then. The ones who were, got fired. I barely made minimum wage working and my boss chose not to pay the 2.77 an hour for two years. He went on to open a second restaurant with all the money he saved. This wasn't the only place that didn't pay. Some didn't even give you all the money customer's left. Two jobs cost me more to go to work that to stay home. While they paid with check, they didn't make it up to the minimum wage.
What very often causes food deserts are that the stores are getting robbed blind. Of course the stores will close and leave under those circumstances. But nobody wants to talk about that or crack down on the shoplifting.
Lived in poverty. Dont use your checking account as a credit card. If you dont have a bank account, you wouldn't have the option to overdraw. The biggest problem is banks require $500 or more in the account or they charge a fee. So many have to go to check cashing places that rob a large %
Tax are the buggiest problem. I have no problem paying tax on my pay check but it’s ridiculous when you have to pay tax too when you buy a bottle of water. And they will tax Reaturant and now Reaturant have a to raised a price they have on their menu and then tax you again. I feel like tax on food are keep getting worse as time go by
