Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
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 ‘’AILEEN GERTRUDE TIPPY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal". '...don't have $500 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards. One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
I believe everyone could benefit from having a personal financial advisor. They can assist you in reaching your customized financial objectives at any point, ensuring you remain profitable.
First off, the belief that the Federal Reserve would stop raising interest rates was the driving force behind the entire economic chaos. What should we do now that we have a situation where interest rates are crashing? At this point, how would you suggest that I safely allocate $300k?
Although the market is currently volatile, aren't the current valuations a result of the Federal Reserve's monetary policy and low interest rates? Therefore, my recommendation is that you consult a financial advisor who can give you entry and exit points for the shares or ETF that you are interested in.
Agreed, my portfolio is well-matched for every market season yielding 85% from early last year to date. I and my CFP are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
@@AlexiosLairback then it was. That can get you roughly about 4 gifts nowadays. I don't mind giving out some of my artworks as a gift, but it takes so much time and I'm not sure my friends will like it
What you’re describing is an integral part of the fabric of American society. It can’t and won’t change. You have to project an image of success by showing off, at ALL times. Even if you don’t have the money. Superficial as it may sound, this is the reality.
I'm Gen X and things are so very different from when I grew up, not just social media. P,eople spend so much on things we never did before. Daily stops at Starbucks, Jamba Juice, or Panera Bread. Subscriptions for Netflix, Spotify, and RUclips. And all these foodies wanting to try the latest Gastro Pub or Food Truck. I went with a friend recently to try out a place for lunch and spent $22 on a pastrami sandwich, onion rings, and a drink!
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
When I was 22, I was fortunate to work at Citibank in customer service in their credit department. It opened my eyes to the industry. Credit cards exist as a service, yes, but they are also a responsibility that the customer is bound to contractually. The banks issuing credit cards actually profit from irresponsible users with late fees and interest rate hikes, and are happy when people screw up. Even if the money is not paid back to the crediting bank, some of the loss is insured, and the rest of the debt can be sold off to debt collection agencies. That's the nature of the business, and it's dirty.
And they hate people like me. I pay my credit card in full at the end of every month. I use one in conjunction with my offset account against my home loan. Never spend money you don't have. Going into debt for Christmas is just stupid beyond reason.
@YFZriderdude15 oh, don't worry I know they still make money, they just don't make as much money. If everyone did what I did their profits would be so much lower. Yeah, they don't want people like me.
The financial sector and derivatives may have a Hindenburg moment if the US Treasury market collapses. Rising market illiquidity in the $14.8 trillion U.S. Treasury market, according to Bank of America, might affect other financial markets.
There are many opportunities to make fantastic profits, especially in this depressed market, but such complex transactions can only be carried out by seasoned market professionals.
wholeheartedly concur, which is why I like giving an investing coach responsibility for making everyday decisions. Given their specialized knowledge and study, as well as the fact that every one of their skills is aimed on leveraging risk for its asymmetrical potential and limiting it as a buffer against certain unfavorable turns, it is practically impossible for them to underperform. Over the course of more than two years, I've worked with an investment coach and earned over a million dollars.
@@Jaffcardwell I've been considering taking that path. I've kept a lot of stocks, but they're starting to depreciate, and l'm not sure if I should stick onto them or sell them. I believe restructuring my portfolio would be facilitated by engaging your investing coach.
I encountered Julie Anne Hoover through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.
@@Jaffcardwell I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Julie up and send her a message. You've truly motivated me. God's blessings on you.
Doesn't help that consumers are paying ~40-50% of their take-home pay on housing. That leaves you about 50% of your net pay for groceries, utilities and literally everything else. When you're facing a pit that large, you'll reach out for whatever "help" is out there. Here come the credit card defaults. 😢
don't forget, your mortgage, checking and savings, credit cards, are ALL controlled by the same few banks, all gambling with everyone's money. the bank wins, everyone else loses. Somehow this is normal. so the government takes its taxes, 10-35% depending on income, and most people cant buy a home all cash, so 5-8% mortgage rates resulting in people paying more than double the value of the home over 30 years which should be criminal [like you say, tons of ppl spending 40-60% income on a home], insanely expensive health insurance, plus now inflation and stagnant wages, plus sales taxes. so you can rest assured the avg american is probably losing at least 30-40% to taxes [income tax, fed and state, SS and medicare, sales tax, all of that] overall, and another 40-60% for a home these days. There is almost nothing left for people to use for anything else. all in the name of bank and investor profits and the government trying and failing to keep everything running correctly. If we could just keep our income and pay a realistic price for a home, we would be rich!
I paid off my last credit card a year ago. I refuse to ever let myself fall into that trap again. I’d rather go bumming on the street corner than get a credit line. Edit: so I’m catching a lot of flak. Yes I’m aware that I’m the problem not the credit card itself. For those that are responsible, credit cards are a good thing. Getting that cash back is the bomb. However I’m not responsible. I have bad depression and got into the bad habit of buying things to make myself feel better. Bad idea.
Chill us govt is in 34 trillion debt , 1 trillion is a drop in the bucket. When everything collapses nothing matters anymore. I don’t believe US govt can ever pay the debt.
It shouldn't be, though. Chances are you probably believe the government should be an agent in the economy, as do most people, and this is the result. People spending what they can't afford is just them doing exactly what their government has been doing for over 100 years now, especially in the last 50 years. Most people don't know how this happens because it takes a relatively long time, and mainstream economists are quick to label criticism as slippery slope, despite history showing otherwise, and this is the result. America's bankrupt in lots of ways, but the reason that's not pronounced is that at the very least, so is every other country. The US economy has been living on borrowed time for too long, and the bill always comes due, especially if you're constitutionally impeded from defaulting. All of this reflects on the people. So it's not a crazy notion if you have a slight idea of what's happening.
Bunch of idiots to be honest. They should be called on their credit cards to no more than 5k, if they ever carry a balance. They need to figure it out. They make half my income but spend more than me.....
Credit cards can be a powerful tool if used correctly. I dont spend money on my cards I don’t have in my bank account and I only get credit cards with rewards and benefits paying the full bill at the end of the month.
Debt has been an incredible tool helping Americans to kick the burden of inflation down the road, while simultaneously helping them to ignore the fact that their wages have not kept up for decades. The elites have done an incredible job of fooling the average working consumer into financing there day to day needs and their futures.
BS. When people say inflation, it is their fcking lifestyle inflation. I have known people who hop jobs and got like 50% pay raise then live paycheck to paycheck again. Bigger car, better and higher rent houses, eating out more, ect. Unless you can prove to me that inflation is 50% that year, the only explanation is the cost of their lifestyle inflated as they upped their living standards
I wouldn't necessarily blame the elites on convincing people to finance. I remember thinking credit cards = horrible debt when I first graduated. But then I read a credit card offer and thought there must be some mistake. How did no one else know that you could use them and not have to pay interest? How did no one know that you could not pay interest and still get rewards? It doesn't take a genius to figure it out. It just takes basic literacy and self control.
@@crackkillspuppies I agree with you too a point, but do some research on credit card marketing with credit cards first appeared. I think you will be very surprised.
Literally this, the thought of not getting the latest iphone, the nicest clothes, the newest car is just beyond thought for some people. Don't get me wrong you have legitimate emergency where people fall into debt but once you continue to fall into debt for years then you have no one put yourself to blame.
Not sure about it being specifically American, China and Korea likewise hold crippling household debt loads because of how ingrained it's become for status and opportunities to be linked to ownership of real estate and luxury goods.
@@Pete.across.the.streetI agree. The only way using a card makes it harder to understand how much money you have left, is if you literally don't look at your balance. There's so many simple ways these days to manage your budget effectively while still using a debit or credit card. Obviously a debit card is safer for those who are not so good at managing debt. But there's no reason to have to walk around managing paper money just because it helps you "watch" your balance. But hey, if it works for them, then keep doing it.
Said this before on a related video and ill say it again. Credit cards are not bad nor are they the issue. People and their uncontrollable spending habits are. Aside from the small minority that go into credit card debt because of a real necessity, most get there because of frivolous spending and spending well beyond what they can repay and they knows this but choose to ignore it
False. The economy requires ever increasing consumer spending. If they stop or slow down, the economy crashes. The problem is that the economy gradually switched away from producing useful goods, adding value to raw materials, and export- to purely financial products. These add no value. Only debt. After the 2007 financial crisis, the fed dropped the usual 7% interest to 0-1%, and held it there for a decade. This economy evolved to easy and cheap credit and now we’re stuck. They can’t increase it back to 7% without crashing all markets. They can only print money.
Yeah, I also have a cc (not usual in Germany, we have mostly debit cards here). But this card is paid fully at the end of the month and I check every few days how much I spend totally, so I won't go into debt.
@suspendedhatch its this kind of thinking is part of the reason why we are where are at right now. No one is forcing people to spend. You also don't need a finance degree in order to know how to budget. Almost everyone has a bank account and that's all you need and an afternoon to figure out your recurring expenses and habits to get your monthly expenses and your monthly average income. From my experience, a lot people don't budget because they don't want to face the reality of knowing what their cap is. It's easy to continue doing something if you stay ignorant of the consequences
I have 3 credit cards and use them to buy everything I purchase. The important thing is that I only buy what I could pay cash for if I wanted to. I collect the rewards and put it in savings. Discipline is the secret and unfortunately many people do not have it!
Hate to break it to you but you are unconsciously spending more with a credit card than you would with a debit card / cash. If you don't believe me, spend a month without using a credit card and watch just how much more carefully you consider your purchases.
@@Beekeeper8011 I have a budget, I use credit to buy anything I can already afford with cash on hand, increase my credit card score, collect benefits and never have to carry any debt. Being disciplined with discretionary spending is very much possible.
@@Beekeeper8011depends on the person. I'm going to buy it regardless of whether it's credit or debit card. I'm thoughtful about every purchase I make.
In the right hands, credit cards are an excellent tool for getting rewards and protecting your purchases in case of fraud. Unfortunately, many people use them irresponsibly and dig themselves into unimaginable debt.
But also, taking advantage of those rewards is only possible because so many people can't manage their own credit cards. If everyone were perfect with credit cards, those rewards couldn't exist as they do. It's a bit weird, innit?
@@x86G It is sad but very true. All those little financial perks that responsible people get to enjoy, all comes as a benefit provided by those who aren't as responsible and go into debt. It's kind of a sick system, but it's certainly not going away.
institutional buying into PbatesLTD could totally break the cycle and the peak expectation of end of 2025 will likely spectacularly fail to appear. If the last double peak was odd, the next one will catch most people out again.
I love my credit card. It's great for travel and I accumulate a lot of reward points for free toilet papers but I always pay off my balance before the grace period ends.
The more you spend the less thought it means you put into it. My most treasured things are things my wife or kids have made for me. When they ask me what I want the answer is nothing.
In every crisis, an opportunity arises, as the saying goes. The 2024 recession, though challenging, offers unique ways to build wealth. Following Warren Buffet's advice to be cautious when others are greedy and bold when they are fearful, investing in undervalued assets like stocks, digital assets, real estate, or businesses during the downturn can lead to substantial returns in the economic recovery. Aligning with Robert Kiyosaki's wisdom, it's not just about making money but investing wisely. Prioritize financial education, cut unnecessary expenses, and leverage emerging opportunities.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience stead demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can't be made by an average joe, a financial advisor is highly recommended in making this decisions..
I've shuffled through a few financial advisor in the past, but settled with John Desmond Heppolette. The strategy he use is recession-proof, more specifically profit-oriented, and most likely, you'd find his basic info on the net, he's a renowned advisor.
Live within your means people! I have had a credit card since the age of 17 in 1991. I have *never* paid a single cent in credit card interest. Being cheap pays off very handsomely.
“1991” says all. The Silent Gen holds 13% of all wealth, Boomers 53%, Gen X 28%, Millennials only 6%. You benefitted from a different economy than current generations face. You hold a senior job position that isn’t available until you retire. Your tuition was dirt cheap. Today’s youth may never have the opportunity to pay off their exorbitant student loans. Early generations hoarded up all the income and throw shade at their children who compete with what little is left.
That's impressive. I'm imagining there weren't nearly as many rewards programs back then. I suppose air miles were becoming a bigger deal, right? What were the common credit card perks in the 90s?
@@tribaltroll I started with a secured credit card. $300.00 and after 6 months of use I graduated to a real one. I was unaware of perks back then; I just used my bank's credit card for 4 or so years. I then heard of the Visa Toys Я US credit card issued by Chase. In my late teens to early 20's I *used* to like video games and the card's perk was 1% cash back at almost all businesses that accepted VISA. And 3% cashback at Toys Я US. I honestly didn't read about perks from other credit cards. Also, back then, they used to send the real paper coupons by mail to spend at TЯU! Come to think of it, it seems like it's the same. And also, I'm so cheap that I will never pay for the privilege of using a credit card. I got on top of the perks game about 2000. I use my cards wisely and maximize their benefits. I have literally gotten thousands of bucks in cash back rewards and again, *never* paying a single cent in interest. To be honest, I'm the one who feels like I'm robbing the bank, legally, of course. 😀
You should do a new video about Pbatesltd ! I really like you’re mellow delivery and you seem like you’re very knowledgeable. I watch lots of influencers and you always seem very calculated and know exactly what you’re talking about and understand it. You’re better at explaining complicated things simply, than any other person on youtube keep it up brother!
We have been on a recession since the beginning of 2022, but big media and governments all over the world didn’t want to admit it. We need to be wise and use our brains. Knowledge is power and I’d like all the family to be powerful! Just purchased some PbatesLTD Thanks for keeping us informed during this times of doubt?
No credit card debt, no student loans, I rent. I have a $12,000 auto loan(dang it!), which I plan to refinance in 6 or 7 months. I have just applied for a credit card to improve my credit score, more than anything else.
My heart goes to the entire community for PbatesLTD building up something even my grandpa can understand. This is so smart by them to launch it to shatter the doubts and fears of the common folk which is not even correct to begin with. Everyone knows the state of inflation and recession now and the way out is already in progress. Now it's just about catching the big fish
I asked the same question once and someone said they get alot of points and rewards from credit cards. But even cheque and saving debit cards give you similar benefits. Some of them have multiple cards and pay interest on it while they rent a home, they could have taken a home loan instead brought a home and saved money but I think that it's all about materialism for most.
@@elainelindsey1306 Cheques and debit cards don't even give you close to the same benefits credit cards do. Also, cheques are pretty much outdated these days.
Capping credit cards at 18% would simply mean a reduction in the availability of credit to consumers. The credit card companies are just going to tighten lending standards so they retain the same margins. That bill is well intentioned, but could actually have perverse consequences. The biggest one being more consumers falling into the hands of even higher cost non traditional lenders, aka payday loans. I'm not defending banks or 29% rates, that sucks, but people and politicians need to understand that the world is complex.
Learned my lesson about credit card debt, but it took 25 years. Have no credit card or any other debt now besides my $396.00 per month house payment. Hope more people can work their way to the sense of freedom that comes from being financially disciplined.
@michael7054 - Columbus, Ohio. Have 3.5% interest rate and this $396.00 includes taxes and homeowners insurance. Owe $40,000 and was recently valued at $144,000, I feel this is ridiculously inflated like most things these days. 20 years ago I had over $20,000 in credit card debt, that was a hot mess.
@@michael7054 Nowadays $600.00 is pretty good for rent. If you can get a low interest rate buying is good but I have had maintenance cost and still more work needs to be done.
I’m not sure why they haven’t cap interest rates in general.. It’s insane for someone to repay 2-4x’s what they actually spent or borrowed. And I mean that across the board - car loans, credit cards, personal loans etc.
It's actually worse than that. You might pay 2-4 times what was borrowed but that also means that you lose out on the growth you could have gained by investing that money elsewhere. When all is said and done, it's closer to 10 times the amount borrowed.
@@privacyvalued4134 That's true too but that really depends on the person's outlook on money.. But what's really sick is how these companies charge ridiculous interest rates and then lock you into long terms with a relatively low monthly payment. So it seems like a good deal but after the term is up you've still paid an exorbitant amount. Not to mention all of the fees; early pay off fee, late fees, payment processing fees or a fee if you don't have auto pay set up, and all of the other nonsense fees they come up with. It's insane.
Since the start of 2022, we have been in a recession, but major media outlets and governments around the world refused to acknowledge it. We must exercise wisdom and intelligence. Since knowledge is power, I want the entire family to be strong! I recently bought some Pbatesltd . We appreciate you keeping us informed during these uncertain times.
That is not true. Learn the definition of a recession. It’s when the GPD has fall for 2 consecutive quarters. Look at the data www.bea.gov/data/gdp/gross-domestic-product
US people keep saying how poor / struggling they are, but the figures dont show they are, living luxury gigantic house, buying brand new cars, high fed rate but strong economy, record high sales, raising rent, everyone keep spending. These are not what poor people would do.
In all these videos, it's always about the big bad companies or governments. Not once did this video mention personal responsibility of the individual in debt.
TLDR; Use the system to your advantage, kids. I just came here to say CCs are NOT good debt to have but they’re excellent for revolving purchases that get paid off every month. The purchase protection and fraud shield alone are the reason I put all my purchases on a CC. Add the rewards and cash back and it’s a no brainer.
I’m 53 and I’ve had a credit card since I was 16 (my mom signed for me to get it back in 1986). I’ve NEVER paid a dime in credit card interest, ALWAYS paid my bill IN FULL every month, and have an 810 credit score. I have ZERO SYMPATHY for my fellow Americans……ZERO.
Yeah !! With the current problem around the world today I think it's best everyone invest more in digital asset than Saving in banks and real estate . Just my thoughts
Traders should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional
Quality predictions always. Really helped trading with William G Berkman analysis and services, even with the market in a downward trend. Definitely riding the market wave is a good perspective.
Living within your means gets harder with each passing day, wages don't rise with inflation, what was within your means 5 years ago is no longer. This is how people get stuck in situations they can't get out of, it's not always a conscious decision as so many know it all commenters like to pretend.
National debts are different in that unless you're in a straight up kleptocracy, they're very much invested on durable assets and economic development as opposed to personal consumption.
So, let me see if I understand this. If I pay off a loan, my credit score drops and experian encourages me to take out another loan just to boost my credit score. Soo I need to keep taking out loans at higher interest rates and if I don't spend and remain frugal, my reward is lesser points which I can redeem and a lower credit score ? Not sure if you want me to fry the chicken or the egg.
A 0% balance transfer is a great option.... IF you also follow it up by making sure you pay it off during the 0% term... If you can't / won't be paying it off, you are just adding another credit card and more debt... Seen that happen...
I've seen that happen time and time again. People make minimum payments on it, because why not, but then the 0% expires and they don't have enough in savings to pay it off, because they didn't save responsibly during the 0% period.
The banks also gets a customer that carries credit balances, as opposed to a diligent payer, and adds an additional limit above the balance transfer to temp that customer type.
american consumer: i can't afford anything so i have to use credit card debt also american consumer: [always has latest iphone, buys $5 starbucks every day, eats out all the time]
Idk how people willingly live in credit card debt & accept it/are okay with it. I’ve never carried a credit card balance. It’s one thing if you don’t have any other choice, because you need *essentials* but just to buy things you don’t really need & go into credit card debt for it is just wild to me. Especially this holiday season when people are going into debt for GIFTS. 🤯
I agree I would never go into debt for Christmas and if you really need help with food or utilities check with your local government agencies or food pantries
Imagine how good the country would be if we weren’t robbed of our money. I pay taxes on my income. Taxes on my vehicle in yearly tags. Taxes on all my purchases. Property taxes. Fees on everything. Insane interest rates. Meanwhile companies just keep breaking records
Well then you would be literally living in a jungle and things such as roads/parks/ water fountain/ public restrooms and many other things Americans take for granted would be non-existent.
I'm DCAing in Pbatesltd as well. ETH heavier DCA and ALGO. I'm taking your advice and starting Google tomorrow with a 50 dollar purchase and continuing Microsoft and Apple. VTI and VOO on another app and longterm portfolio. Here we go family!
I am from Spain, my friend in Texas referred me to this channel you make a lot of sense but I do not understand anything until she referred me to a financial consultant in USA that help me to craft my portfolio and over a year we have been working together making consistent profit enough to get me a new apartment and care for family.
That's right Kate. I’m being guided by Laura Marie Keilman. Look her up online, she’s quite popular in the united states and she’s a certified financial adviser. She guided me through the basics and all before i invested. I've been investing with her for a year, and have accrued approx. 1.4 million in net-profits this far.
I will never understand the credit card "trend" in the US! I have always used a debit card, not buying anything I could not afford. We bought my wife's car cash after saving up for about 3 years. I fully paid back my student loan already, and my only debt currently is the mortgage we took on our second flat which is partially paid back by the rent we receive from it. It always looks to me like people in the US spend instead of investing... 30% off of $6k that is $2k per year you could be saving up for later rather than spending it on interest for buying useless stuff while believing you are saving up money from a good deal...
Hmmm, revolving debt (including those paid on time) is included in the 1 trillion dollar number. This can also be increasing because less cash is being used. For me I have a lot of credit cards for various perks but every card is autopay statement total...you should treat credit card like a debit card.
All I am hearing is that people are broke. The last few years of heavy spending has finally caught up with us. I know it has for me. After Christmas I’m done - back to saving every penny to rebuild my nest egg.
The average American has the ability to easily retire a millionaire at 65. Lack of discipline with credit cards is one of the most damaging factors for hurting your financial future
Lack of money. I've been an adult for 10 years now and not once have I been able to save any money. Anytime I put some away another bill comes and swipes it all away. If not the car payment, the car insurance and if not that, the rent.
@@RefreshingShamrockmost people don’t know their own finances nor do they know how money or credit cards work. I’m a millennial and it’s only because my parents taught what little financial literacy they had and me taking the initiative to further teach myself is why I’m not heavily in debt along with self discipline. We know the credit card companies are slim balls, the question is are u dumb enough to fall for their trap.
@@RefreshingShamrock median salary is about 45-50k. Its very possible to become a millionaire on that. Americans are just generally spoiled, myself included to some degree
I'm very financially literate, but I've been a business owner since 2008 and almost went bankrupt in the beginning. I didn't have a choice but to figure out how money works and how to save, budget and invest. It was my only way out of the hole I had dug myself. I can't imagine how most people figure out their finances and become good at budgeting. We certainly don't teach much of that in school. I've seen a lot of my friends growing up struggle with money, for no reason other than not knowing how to make sound financial decisions. I wish we had a better culture around educating our kids on how money works. Then again, I know I wouldn't have given a crap about that when I was a kid, so who knows.
Most people with money got their money from their parents. They got a good education from their parents. Poor people start their lives off immediately in debt.
I knew someone who had a 78% interest rate on a retail credit card. The moment a payment would post they were at that store maxing it out again, and usually not on anything they actually needed. When they told you how much money they had available they were really telling you how much credit they had remaining on various cards. I tried on numerous occasions to highlight how much money they were hemorrhaging on interest and fees, but they just did. not. care.
People have credit card debt because they are irresponsible with their spending. I have a wallet full of cards, but I have no debt & a score of over 830. People don’t stop & rethink how much they are going to lose through interest. I use them, but debts get paid every two weeks needed or not. Therefore I pay no interest, but still pocket the rewards. That’s how you do it.
I really appreciate that. I’m on the same page❤. I use it for my daily expenses, etc and pay off by end of month. However situation are different from each and every individual. It depends upon distinguishing between a Need and a Want based on a economics. Lesson to learn: Buy what you can afford not beyond that.
@@Fluffy_Rumples 1. Get a card with 3-6 percent back for groceries. 2. Sign up for store rewards. 3. Stack store discounts with merchant coupons and rebates on apps like Ibotta. 4. Meal plan and stick to a list. Don't buy unnecessary items and junk food, but things that you can make into meals that can feed you for days. 5. Pay off your card in full so they pay you instead of the other way around.
Very misleading. I’m sure some people have lingering balances but since this number includes balances that are paid off at the end of the billing cycle, its not showing the true picture of how much people are spending what they can’t afford. A lot of credit cards have 0% for 18 months and there is no reason to pay those off early.
Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stocks and oil trading, it seems that a new multilateral world order is on the horizon.
It's important to keep in mind that investing is a zero-sum game with both good and bad days. However, by spending and investing wisely and diversifying your holdings, you can minimize risks and maximize gains. Hiring a knowledgeable investment advisor with a wide range of options can help you achieve this and leave little room for regrets.
Very much appreciate it Scholars who study the stock market’s historical performance estimate that over time, the payment (and reinvestment, and compounding) of dividends have contributed anywhere from 30% to 90% of the S&P 500’s total returns. I want to spread across $400k into profit yielding dividend equities but unsure of which to get into.
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 ‘’ Natalie Noel burns” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Not true. Credit card points have paid for all of my vacations, 3+ a year, for the past 15+ years. Plus lounge access in airports and upgrades at 5*hotels.
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
Investing in many sources of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.
Sure, investing is essential for maintaining your financial stability, but making any kind of legitimate investment without the correct advice of a professional can result in a significant loss as well.
It's really not easy trading this market. I read a lot of books, tried to study, watch some tutorial videos, did a little demo before funding my account and I still lost a lot. The financial market could be very tricky
I also keep seeing lot's of people testifying about how they make money investing in Stock, Forex and Bitcoin and I wonder why I keep loosing. Can anyone help me out or at least advice me on what to do.
And this is US economic "growth", PMSL! It's consuming more (junk), eating more (junk), and racking up more debt. Meanwhile, Asia (particularly China, but also India, Vietnam, Korea, etc) is actually doing productive things like building infrastructure, expanding manufacturing capabilities, investing in batteries, semiconductors, robotics, etc.
I pay my cards off every month, just use them for the rewards. Car paid in full. $40k in bank earning interest to off-set inflation. My Mom taught me well. My biggest expense - taxes 😡
They are great for points and rewards, but they will sneak up on you quick if you don't already have the money to pay them off. The best financial advice I can give is struggle for the next year or two and pay off your credit card by making double payments. Being broke is expensive, don't let debt hold you down.
The economies of many nations are unbalanced. Governments need to prioritise making the necessities such as housing, utilities, food, fuel, clothing, healthcare as cheap as possible. Only then can an economy thrive.
$1T credit card debt feels like clickbait when it also includes the "debt" people just pay off monthly. Credit card usage has also risen, since more and more people are replacing cash and trying to improve their credit score, so I imagine a lot of that $1T isn't debt so much as short-term monthly borrowing.
A million in debt, no delinquent payments, great credit rating. A million in liquid funds, no debt, low credit rating. Wonderful system, I do declare!!
This piece should have broken down the 1 trillion into revolving debt and debt that is paid off monthly. That would give a clearer picture of the true consumer debt burden. My wife and I purchase nearly everything with credit cards. We also pay off our entire credit card debt each month. Debt like ours, that doesn't include interest on it and is paid off each month is quite different from revolving debt that incurs interest each month and may even increase month to month. In the future please include all their pertinent data so your views can understand the entire picture, not simply a part of it.
I just owe $70 on the two I have combined and I am just going to pay them off next month and put them aside. There is really nothing I am wanting for this Christmas.
Credit tickles that greedy feeling. It makes you feel like you can get something without paying, even though you know you'll have to eventually. "Spend spend spend, I'll pay later" just kills us. The corporations know how to tickle that feeling.
@@PaulADAigle they are definitely not. And it's not in their interest for people to understand that. But it is still primary responcibility of people themselves to be in charge of their finances and no corporation is going to teach you that, ever.
When family and friends don’t pay their credit cards and it kills their credit, they always come to me and I get whatever card account removed from their credit reports without issue. It’s not just a simple dispute and it’s more elaborate than that. But I always get it done.
I saw a lady at the grocery store today, a cart full of food. Poor woman, pulled out about 20 credit cards and was shuffling through them like they were a brand new pack of Pokemon Cards. After about a minute of waiting, she finally got out the one she needed, and her face looked so tired.... Sad state that Americans are living in, the majority of us anyway
@@JogBird no doubt that poor choices are a part of it, but i cant help but shake the feeling that her environment and opportunities (maybe lack thereof) got her there....
It is difficult for people who don’t make much and fall into that trap or the undisciplined. It really is something that can be dangerous in the wrong hands. We do have to figure out our financial health ourselves and cannot blame others.
Neither the U.S. and its partnership with privately owned central bank is incapable of assuring the participants of their monetary system that they won’t decrease the value of each unit of currency from counterfeiting more of them. This is unacceptable!
Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
as most investing-related questions, the answer is, it depends.. my best suggestion is to consider advisory management
Agreed the role of advisors can only be overlooked, but not denied. I remember in early 2020, during covid-outbreak, my portfolio worth around $300k took a slight fall, apparently due to the pandemic crash, at once I consulted an advisor in order to avoid panic-selling. As of today, my account has yielded big fat yields, and leverages on 7-figure, only cos I delegate my excesses right.
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 ‘’AILEEN GERTRUDE TIPPY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal".
'...don't have $500 for an
emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards.
One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Congratulations on taking the steps necessary to get yourself out of the financial bind you were in.
Facing your medicine can be difficult. However, with commitment, you'll ultimately reach a highly satisfying place. It's all about the actions you're willing to take.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success? Your insights would be invaluable.
Samuel Peter Descovich that's whom I work with
I believe everyone could benefit from having a personal financial advisor. They can assist you in reaching your customized financial objectives at any point, ensuring you remain profitable.
First off, the belief that the Federal Reserve would stop raising interest rates was the driving force behind the entire economic chaos. What should we do now that we have a situation where interest rates are crashing? At this point, how would you suggest that I safely allocate $300k?
Although the market is currently volatile, aren't the current valuations a result of the Federal Reserve's monetary policy and low interest rates? Therefore, my recommendation is that you consult a financial advisor who can give you entry and exit points for the shares or ETF that you are interested in.
Agreed, my portfolio is well-matched for every market season yielding 85% from early last year to date. I and my CFP are working on a 7 figure ballpark goal, tho this could take another year. IMO, financial advisors are the most sought-after professionals after doctors.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
I’m spending no more than $200 on Christmas gifts. If people are upset with small gifts, then they might not be people I need to spend time with.
We are in horrible economic times! Keep your jobs no matter how bad it is
Only kids get Christmas gifts in my family. We've done this for as long as I remember.
I'm spending $0 on Christmas gifts. 😎
200$ is already quite a lot for a gift...
@@AlexiosLairback then it was. That can get you roughly about 4 gifts nowadays. I don't mind giving out some of my artworks as a gift, but it takes so much time and I'm not sure my friends will like it
I believe social media made this worse. Too many people “try” and act rich to impress people no one cares about them.
What you’re describing is an integral part of the fabric of American society. It can’t and won’t change. You have to project an image of success by showing off, at ALL times. Even if you don’t have the money. Superficial as it may sound, this is the reality.
Social media didn't change people. It just showed us who we truly are. Morally and financiall broke narcissists.
That and marketing sells this idea that we constantly need "more" and need to give the best (*cough* expensive) gifts.
I'm Gen X and things are so very different from when I grew up, not just social media. P,eople spend so much on things we never did before. Daily stops at Starbucks, Jamba Juice, or Panera Bread. Subscriptions for Netflix, Spotify, and RUclips. And all these foodies wanting to try the latest Gastro Pub or Food Truck. I went with a friend recently to try out a place for lunch and spent $22 on a pastrami sandwich, onion rings, and a drink!
People here love to ACT like they're rich when they're not really rich
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
who is your advisor please, if you don't mind me asking?
Her name is Amber Dawn Brummit can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
If you carry credit card debt you are only hurting yourself! 20+% interest is stealing your future from you
Not if you earn rewards and pay off the statement balance each month.
@@IamDrDeethats not what he said
@@IamDrDeesaid! if you carry credit debt! Word you're looking for is carry! Paying off every month is not considered carry!
we need those debtors to pay for our reward miles! I want business class
Take a 14% personal loan to pay 30% credit card.
When I was 22, I was fortunate to work at Citibank in customer service in their credit department. It opened my eyes to the industry. Credit cards exist as a service, yes, but they are also a responsibility that the customer is bound to contractually. The banks issuing credit cards actually profit from irresponsible users with late fees and interest rate hikes, and are happy when people screw up. Even if the money is not paid back to the crediting bank, some of the loss is insured, and the rest of the debt can be sold off to debt collection agencies. That's the nature of the business, and it's dirty.
And they hate people like me. I pay my credit card in full at the end of every month. I use one in conjunction with my offset account against my home loan.
Never spend money you don't have. Going into debt for Christmas is just stupid beyond reason.
@@lukeclarke267you are what the CC companies called, “A deadbeat”😂
@@lukeclarke267 I don't think they hate you, because the merchant still has to pay a 3-5% processing fee on every purchase you make.
@YFZriderdude15 oh, don't worry I know they still make money, they just don't make as much money.
If everyone did what I did their profits would be so much lower. Yeah, they don't want people like me.
Xmas and other festive holidays are too commercised now.
The financial sector and derivatives may have a Hindenburg moment if the US Treasury market collapses. Rising market illiquidity in the $14.8 trillion U.S. Treasury market, according to Bank of America, might affect other financial markets.
There are many opportunities to make fantastic profits, especially in this depressed market, but such complex transactions can only be carried out by seasoned market professionals.
wholeheartedly concur, which is why I like giving an investing coach responsibility for making everyday decisions. Given their specialized knowledge and study, as well as the fact that every one of their skills is aimed on leveraging risk for its asymmetrical potential and limiting it as a buffer against certain unfavorable turns, it is practically impossible for them to underperform. Over the course of more than two years, I've worked with an investment coach and earned over a million dollars.
@@Jaffcardwell I've been considering taking that path. I've kept a lot of stocks, but they're starting to depreciate, and l'm not sure if I should stick onto them or sell them. I believe restructuring my portfolio would be facilitated by engaging your investing coach.
I encountered Julie Anne Hoover through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.
@@Jaffcardwell I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Julie up and send her a message. You've truly motivated me. God's blessings on you.
Doesn't help that consumers are paying ~40-50% of their take-home pay on housing. That leaves you about 50% of your net pay for groceries, utilities and literally everything else.
When you're facing a pit that large, you'll reach out for whatever "help" is out there. Here come the credit card defaults. 😢
don't forget, your mortgage, checking and savings, credit cards, are ALL controlled by the same few banks, all gambling with everyone's money. the bank wins, everyone else loses. Somehow this is normal. so the government takes its taxes, 10-35% depending on income, and most people cant buy a home all cash, so 5-8% mortgage rates resulting in people paying more than double the value of the home over 30 years which should be criminal [like you say, tons of ppl spending 40-60% income on a home], insanely expensive health insurance, plus now inflation and stagnant wages, plus sales taxes. so you can rest assured the avg american is probably losing at least 30-40% to taxes [income tax, fed and state, SS and medicare, sales tax, all of that] overall, and another 40-60% for a home these days. There is almost nothing left for people to use for anything else. all in the name of bank and investor profits and the government trying and failing to keep everything running correctly. If we could just keep our income and pay a realistic price for a home, we would be rich!
There is no excuse for running up credit cards
I paid off my last credit card a year ago. I refuse to ever let myself fall into that trap again. I’d rather go bumming on the street corner than get a credit line.
Edit: so I’m catching a lot of flak. Yes I’m aware that I’m the problem not the credit card itself. For those that are responsible, credit cards are a good thing. Getting that cash back is the bomb. However I’m not responsible. I have bad depression and got into the bad habit of buying things to make myself feel better. Bad idea.
That’s awesome congratulations!
Maybe not a bum
Doesn't this say more about you than it says about credit cards? I pay mine off monthly. They are not the problem.
Chill us govt is in 34 trillion debt , 1 trillion is a drop in the bucket. When everything collapses nothing matters anymore. I don’t believe US govt can ever pay the debt.
If you are responsible for for paying monthly in full. then its not a problem.
I'm guessing "resilience" is referring to spending habits not the ability to survive an emergency (having financial impact)
As in propensity for consumerism even during an impending economic recession
Love the PbatesLTD content. I think this project is just as essential as HBAR and they both will be great movers
The idea that people are planning to spend money they cannot afford to spend is crazy to me.
It shouldn't be, though. Chances are you probably believe the government should be an agent in the economy, as do most people, and this is the result. People spending what they can't afford is just them doing exactly what their government has been doing for over 100 years now, especially in the last 50 years. Most people don't know how this happens because it takes a relatively long time, and mainstream economists are quick to label criticism as slippery slope, despite history showing otherwise, and this is the result.
America's bankrupt in lots of ways, but the reason that's not pronounced is that at the very least, so is every other country. The US economy has been living on borrowed time for too long, and the bill always comes due, especially if you're constitutionally impeded from defaulting. All of this reflects on the people. So it's not a crazy notion if you have a slight idea of what's happening.
Well, once you migrate to the US and join the crowd, it is not so crazy as it sounds
"but I worked hard so I deserve (insert frivolous purchase here)"
Being an Indian, i can't understand this too.
Bunch of idiots to be honest. They should be called on their credit cards to no more than 5k, if they ever carry a balance. They need to figure it out. They make half my income but spend more than me.....
Credit cards can be a powerful tool if used correctly. I dont spend money on my cards I don’t have in my bank account and I only get credit cards with rewards and benefits paying the full bill at the end of the month.
Thoughnyou are still getting nothing for free.
Debt has been an incredible tool helping Americans to kick the burden of inflation down the road, while simultaneously helping them to ignore the fact that their wages have not kept up for decades. The elites have done an incredible job of fooling the average working consumer into financing there day to day needs and their futures.
Technically, there were a couple years recently where wages grew.
@@KevinSmith-qi5yn nice! Now they just have to make up for the other 40 or so years.
BS. When people say inflation, it is their fcking lifestyle inflation. I have known people who hop jobs and got like 50% pay raise then live paycheck to paycheck again. Bigger car, better and higher rent houses, eating out more, ect. Unless you can prove to me that inflation is 50% that year, the only explanation is the cost of their lifestyle inflated as they upped their living standards
I wouldn't necessarily blame the elites on convincing people to finance. I remember thinking credit cards = horrible debt when I first graduated. But then I read a credit card offer and thought there must be some mistake. How did no one else know that you could use them and not have to pay interest? How did no one know that you could not pay interest and still get rewards? It doesn't take a genius to figure it out. It just takes basic literacy and self control.
@@crackkillspuppies I agree with you too a point, but do some research on credit card marketing with credit cards first appeared. I think you will be very surprised.
Living above your means is the American way
Getting rich by capitalizing on this spending is the American way. At least for smart people or people who work hard.
Amen
Literally this, the thought of not getting the latest iphone, the nicest clothes, the newest car is just beyond thought for some people.
Don't get me wrong you have legitimate emergency where people fall into debt but once you continue to fall into debt for years then you have no one put yourself to blame.
@@whothou It's not even close to as simple as you make it sound, but at least you feel better about yourself. Stay detached, my friend.
Not sure about it being specifically American, China and Korea likewise hold crippling household debt loads because of how ingrained it's become for status and opportunities to be linked to ownership of real estate and luxury goods.
Plastic money doesn't show how your bank account is getting empty. Cash money is safe choice for people with low self-discipline
Exactly
Plastic is a good back up
But it causes more impulse buying and with cash guess what it cant be traces and screw the digital dollar to control us.
It makes such a huge difference on the mindset. I find it so much more difficult to actually hand over cash vs tap'n a card.
It sure does show how. I get a statement every month showing exactly where it went. Using cash doesn't show how your bank account got empty.
@@Pete.across.the.streetI agree. The only way using a card makes it harder to understand how much money you have left, is if you literally don't look at your balance. There's so many simple ways these days to manage your budget effectively while still using a debit or credit card. Obviously a debit card is safer for those who are not so good at managing debt. But there's no reason to have to walk around managing paper money just because it helps you "watch" your balance. But hey, if it works for them, then keep doing it.
My credit score dropped because I haven’t used a credit card for years after it was paid off. What a joke of a system 😂
It even goes down when you pay off a personal loan!! I can’t believe this be
those drops are temporary
Same here mine went down to the 400s because I closed my credit card and never had to borrow
My credit score dropped by a whopping 70 points after I paid off my student loans.
It drops after because there is no longer current data on your ability to pay off active debt so you're slightly riskier to a lender.
Said this before on a related video and ill say it again. Credit cards are not bad nor are they the issue. People and their uncontrollable spending habits are. Aside from the small minority that go into credit card debt because of a real necessity, most get there because of frivolous spending and spending well beyond what they can repay and they knows this but choose to ignore it
False.
The economy requires ever increasing consumer spending. If they stop or slow down, the economy crashes.
The problem is that the economy gradually switched away from producing useful goods, adding value to raw materials, and export- to purely financial products. These add no value. Only debt.
After the 2007 financial crisis, the fed dropped the usual 7% interest to 0-1%, and held it there for a decade. This economy evolved to easy and cheap credit and now we’re stuck. They can’t increase it back to 7% without crashing all markets. They can only print money.
Yeah, I also have a cc (not usual in Germany, we have mostly debit cards here). But this card is paid fully at the end of the month and I check every few days how much I spend totally, so I won't go into debt.
People will still blame corporations for their own stupidity and not being able to control their spendings.
@@suspendedhatch what's the economy has to do with the fact that you went over your monthly budget and not being able to pay for it?
@suspendedhatch its this kind of thinking is part of the reason why we are where are at right now. No one is forcing people to spend. You also don't need a finance degree in order to know how to budget. Almost everyone has a bank account and that's all you need and an afternoon to figure out your recurring expenses and habits to get your monthly expenses and your monthly average income. From my experience, a lot people don't budget because they don't want to face the reality of knowing what their cap is. It's easy to continue doing something if you stay ignorant of the consequences
I got zero debt .. never paid 1 dollar in interest to a credit card but I racked thousands in cash back ...
This is the way!
Same here but I don't want cash back I get BTC back.
I have 3 credit cards and use them to buy everything I purchase. The important thing is that I only buy what I could pay cash for if I wanted to. I collect the rewards and put it in savings. Discipline is the secret and unfortunately many people do not have it!
Hate to break it to you but you are unconsciously spending more with a credit card than you would with a debit card / cash.
If you don't believe me, spend a month without using a credit card and watch just how much more carefully you consider your purchases.
@@Beekeeper8011 I have a budget, I use credit to buy anything I can already afford with cash on hand, increase my credit card score, collect benefits and never have to carry any debt. Being disciplined with discretionary spending is very much possible.
It's not discipline, it's income.
People like bill Gates do not need credit cards. They even don't care about credit reports.
@@Beekeeper8011depends on the person. I'm going to buy it regardless of whether it's credit or debit card. I'm thoughtful about every purchase I make.
but some stuff you have to pay for regardless like food and bills why not use a credit card for that and get some cash back @@Beekeeper8011
We pay our cards monthly with no interest. And this holiday season, we're spending time, not money, on each other ❤
In the right hands, credit cards are an excellent tool for getting rewards and protecting your purchases in case of fraud. Unfortunately, many people use them irresponsibly and dig themselves into unimaginable debt.
Almost all shouldnt have em
Exactly
But also, taking advantage of those rewards is only possible because so many people can't manage their own credit cards. If everyone were perfect with credit cards, those rewards couldn't exist as they do. It's a bit weird, innit?
If only we were as smart as you 😢
@@x86G It is sad but very true. All those little financial perks that responsible people get to enjoy, all comes as a benefit provided by those who aren't as responsible and go into debt. It's kind of a sick system, but it's certainly not going away.
institutional buying into PbatesLTD could totally break the cycle and the peak expectation of end of 2025 will likely spectacularly fail to appear. If the last double peak was odd, the next one will catch most people out again.
scam
If you don't have cash, don't buy presents. If the people you're close to care, then find new people. Simple as that.
I love my credit card. It's great for travel and I accumulate a lot of reward points for free toilet papers but I always pay off my balance before the grace period ends.
The more you spend the less thought it means you put into it.
My most treasured things are things my wife or kids have made for me.
When they ask me what I want the answer is nothing.
In every crisis, an opportunity arises, as the saying goes. The 2024 recession, though challenging, offers unique ways to build wealth. Following Warren Buffet's advice to be cautious when others are greedy and bold when they are fearful, investing in undervalued assets like stocks, digital assets, real estate, or businesses during the downturn can lead to substantial returns in the economic recovery. Aligning with Robert Kiyosaki's wisdom, it's not just about making money but investing wisely. Prioritize financial education, cut unnecessary expenses, and leverage emerging opportunities.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience stead demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can't be made by an average joe, a financial advisor is highly recommended in making this decisions..
I've shuffled through a few financial advisor in the past, but settled with John Desmond Heppolette. The strategy he use is recession-proof, more specifically profit-oriented, and most likely, you'd find his basic info on the net, he's a renowned advisor.
Bots are working hard😂
Live within your means people! I have had a credit card since the age of 17 in 1991. I have *never* paid a single cent in credit card interest. Being cheap pays off very handsomely.
“1991” says all.
The Silent Gen holds 13% of all wealth, Boomers 53%, Gen X 28%, Millennials only 6%.
You benefitted from a different economy than current generations face. You hold a senior job position that isn’t available until you retire. Your tuition was dirt cheap. Today’s youth may never have the opportunity to pay off their exorbitant student loans.
Early generations hoarded up all the income and throw shade at their children who compete with what little is left.
That's impressive. I'm imagining there weren't nearly as many rewards programs back then. I suppose air miles were becoming a bigger deal, right? What were the common credit card perks in the 90s?
Same. Except I didn't start using credit cards until 2014.
@@tribaltroll I started with a secured credit card. $300.00 and after 6 months of use I graduated to a real one. I was unaware of perks back then; I just used my bank's credit card for 4 or so years.
I then heard of the Visa Toys Я US credit card issued by Chase. In my late teens to early 20's I *used* to like video games and the card's perk was 1% cash back at almost all businesses that accepted VISA. And 3% cashback at Toys Я US. I honestly didn't read about perks from other credit cards. Also, back then, they used to send the real paper coupons by mail to spend at TЯU! Come to think of it, it seems like it's the same. And also, I'm so cheap that I will never pay for the privilege of using a credit card.
I got on top of the perks game about 2000. I use my cards wisely and maximize their benefits. I have literally gotten thousands of bucks in cash back rewards and again, *never* paying a single cent in interest. To be honest, I'm the one who feels like I'm robbing the bank, legally, of course. 😀
You should do a new video about Pbatesltd ! I really like you’re mellow delivery and you seem like you’re very knowledgeable. I watch lots of influencers and you always seem very calculated and know exactly what you’re talking about and understand it. You’re better at explaining complicated things simply, than any other person on youtube keep it up brother!
Best to live within your means & budget your money. Many people living to impress each other which is causing them to sink deeper & deeper in debt .
We have been on a recession since the beginning of 2022, but big media and governments all over the world didn’t want to admit it. We need to be wise and use our brains. Knowledge is power and I’d like all the family to be powerful! Just purchased some PbatesLTD Thanks for keeping us informed during this times of doubt?
In Brazil credit card rates get to more than 300% and sometimes 400%. And we have basically a similar inflation rate than the US.
😮😮😮😮
No credit card debt, no student loans, I rent. I have a $12,000 auto loan(dang it!), which I plan to refinance in 6 or 7 months. I have just applied for a credit card to improve my credit score, more than anything else.
My heart goes to the entire community for PbatesLTD building up something even my grandpa can understand. This is so smart by them to launch it to shatter the doubts and fears of the common folk which is not even correct to begin with. Everyone knows the state of inflation and recession now and the way out is already in progress. Now it's just about catching the big fish
No one wants to join your Ponzy scheme
scam
this is why i stay away from credit cards
as a german i will never understand how people can have credit card debt
Als Schweizerin auch nicht...
I asked the same question once and someone said they get alot of points and rewards from credit cards. But even cheque and saving debit cards give you similar benefits. Some of them have multiple cards and pay interest on it while they rent a home, they could have taken a home loan instead brought a home and saved money but I think that it's all about materialism for most.
@@elainelindsey1306 Cheques and debit cards don't even give you close to the same benefits credit cards do. Also, cheques are pretty much outdated these days.
In my case I couldn't afford an emergency plumbing cost.
Soon you will see who you been involved with....😊😊😊
Capping credit cards at 18% would simply mean a reduction in the availability of credit to consumers. The credit card companies are just going to tighten lending standards so they retain the same margins. That bill is well intentioned, but could actually have perverse consequences. The biggest one being more consumers falling into the hands of even higher cost non traditional lenders, aka payday loans. I'm not defending banks or 29% rates, that sucks, but people and politicians need to understand that the world is complex.
Fed : interest hike will reduce consumer spending
Citizen : Try me
I don't understand why people spend more money than they have, especially when it comes to consumer goods
Learned my lesson about credit card debt, but it took 25 years. Have no credit card or any other debt now besides my $396.00 per month house payment. Hope more people can work their way to the sense of freedom that comes from being financially disciplined.
$396 a month house payment ? Where do you live ? My rent is $600 a month 😮
@michael7054 - Columbus, Ohio. Have 3.5% interest rate and this $396.00 includes taxes and homeowners insurance. Owe $40,000 and was recently valued at $144,000, I feel this is ridiculously inflated like most things these days. 20 years ago I had over $20,000 in credit card debt, that was a hot mess.
@vanceg4901 cool! I live in Ironton ohio and my rent is $600 a month. I might have to look into buying a house. Maybe get a fha loan.
@@michael7054 Nowadays $600.00 is pretty good for rent. If you can get a low interest rate buying is good but I have had maintenance cost and still more work needs to be done.
@@vanceg4901no offense, but that must be a really small house…maybe the size of a shoebox?
I’m not sure why they haven’t cap interest rates in general.. It’s insane for someone to repay 2-4x’s what they actually spent or borrowed. And I mean that across the board - car loans, credit cards, personal loans etc.
It's actually worse than that. You might pay 2-4 times what was borrowed but that also means that you lose out on the growth you could have gained by investing that money elsewhere. When all is said and done, it's closer to 10 times the amount borrowed.
@@privacyvalued4134 That's true too but that really depends on the person's outlook on money.. But what's really sick is how these companies charge ridiculous interest rates and then lock you into long terms with a relatively low monthly payment. So it seems like a good deal but after the term is up you've still paid an exorbitant amount. Not to mention all of the fees; early pay off fee, late fees, payment processing fees or a fee if you don't have auto pay set up, and all of the other nonsense fees they come up with. It's insane.
@privacyvalued4134 and if you count crypto, it's actually potentially 100 times the amount they borrowed
I paid all my credit cards off 3 months ago 36k. The interest rate and fees are ridiculous.
Did you buy a brand new car using your credit card?
@@gteixeira2 brand new cars lol
@@michael7054 You can't buy two brand new cars with only 36k USD nowadays lol
Since the start of 2022, we have been in a recession, but major media outlets and governments around the world refused to acknowledge it. We must exercise wisdom and intelligence. Since knowledge is power, I want the entire family to be strong! I recently bought some Pbatesltd . We appreciate you keeping us informed during these uncertain times.
We have been in one since the initial lockdown. They just hid it with money printers.
That is not true. Learn the definition of a recession. It’s when the GPD has fall for 2 consecutive quarters. Look at the data www.bea.gov/data/gdp/gross-domestic-product
US people keep saying how poor / struggling they are, but the figures dont show they are, living luxury gigantic house, buying brand new cars, high fed rate but strong economy, record high sales, raising rent, everyone keep spending. These are not what poor people would do.
1:45 holy crap, really? When you increase your CC balance it becomes harder to pay it off? I had no idea! I gotta cut back on my CC use.
In all these videos, it's always about the big bad companies or governments. Not once did this video mention personal responsibility of the individual in debt.
TLDR; Use the system to your advantage, kids.
I just came here to say CCs are NOT good debt to have but they’re excellent for revolving purchases that get paid off every month. The purchase protection and fraud shield alone are the reason I put all my purchases on a CC. Add the rewards and cash back and it’s a no brainer.
Think about it we’re paying 200 billion in interest at THE LEAST IN INTEREST
The government itself is in serious debt
FR
I’m 53 and I’ve had a credit card since I was 16 (my mom signed for me to get it back in 1986). I’ve NEVER paid a dime in credit card interest, ALWAYS paid my bill IN FULL every month, and have an 810 credit score. I have ZERO SYMPATHY for my fellow Americans……ZERO.
Yeah !! With the current problem around the world today I think it's best everyone invest more in digital asset than Saving in banks and real estate . Just my thoughts
Traders should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional
Wow, that's stirring! Do you mind connecting me to your advisor please. I desperately need one to diversify my portfolio
William G Berkman
Quality predictions always. Really helped trading with William G Berkman analysis and services, even with the market in a downward trend. Definitely riding the market wave is a good perspective.
How can I get in contact with him, please?
It's not only the people that are living above their means via credit card. Effectively the country is doing that - the national debt.
Walmart is doing pretty well for itself, by paying its employee so little that they have to use assistance from your government.
@@rasaecnai and Amazon, and many others.
Living within your means gets harder with each passing day, wages don't rise with inflation, what was within your means 5 years ago is no longer. This is how people get stuck in situations they can't get out of, it's not always a conscious decision as so many know it all commenters like to pretend.
if walmart ain't paying you enough find a better job @@rasaecnai
National debts are different in that unless you're in a straight up kleptocracy, they're very much invested on durable assets and economic development as opposed to personal consumption.
"STOP spending the money you don't have, for things you don't NEED, to impress the people you don't like" -Dave Ramsey.
I love Dave. The snowball method helps a lot
the Pbatesltd team do the heavy lifting, generating competitive returns for investors in the form of both cash and peace of mind
So, let me see if I understand this. If I pay off a loan, my credit score drops and experian encourages me to take out another loan just to boost my credit score. Soo I need to keep taking out loans at higher interest rates and if I don't spend and remain frugal, my reward is lesser points which I can redeem and a lower credit score ? Not sure if you want me to fry the chicken or the egg.
A 0% balance transfer is a great option....
IF you also follow it up by making sure you pay it off during the 0% term...
If you can't / won't be paying it off, you are just adding another credit card and more debt...
Seen that happen...
I’ve did it for years 😂, but banks have reduced limit on 0% apr recently
I've seen that happen time and time again. People make minimum payments on it, because why not, but then the 0% expires and they don't have enough in savings to pay it off, because they didn't save responsibly during the 0% period.
The banks also gets a customer that carries credit balances, as opposed to a diligent payer, and adds an additional limit above the balance transfer to temp that customer type.
Nice work. I’ve been on the PbatesLTD train for a while, never sold as they are always building.
Everyone is like "the economy sucks!" while at the same time spending like rich ppl.
End overconsumption. Bring in sustainable living. Don't be fooled by the mainstream.
american consumer: i can't afford anything so i have to use credit card debt
also american consumer: [always has latest iphone, buys $5 starbucks every day, eats out all the time]
I don't do any of those things. Why are there so many commenters so confidently wrong on this video?
This is beyond insane....
Idk how people willingly live in credit card debt & accept it/are okay with it. I’ve never carried a credit card balance. It’s one thing if you don’t have any other choice, because you need *essentials* but just to buy things you don’t really need & go into credit card debt for it is just wild to me. Especially this holiday season when people are going into debt for GIFTS. 🤯
I agree I would never go into debt for Christmas and if you really need help with food or utilities check with your local government agencies or food pantries
Home values are declining rapidly in Florida, and Tennessee. Many people will be upside-down. Scary.
Imagine how good the country would be if we weren’t robbed of our money. I pay taxes on my income. Taxes on my vehicle in yearly tags. Taxes on all my purchases. Property taxes. Fees on everything. Insane interest rates. Meanwhile companies just keep breaking records
Well then you would be literally living in a jungle and things such as roads/parks/ water fountain/ public restrooms and many other things Americans take for granted would be non-existent.
The problem is not taxes. The problem is how taxes are used. Right now, nobody is accountable for misusing taxpayer money.
Do you want to pave the roads you drive on yourself? 😂 Because you don’t need vehicle tags to drive around your own estate.
Yeah, the Beatles song was running through my head recently.
Now we get to pay billions more for all the illegals 😊
I'm DCAing in Pbatesltd as well. ETH heavier DCA and ALGO. I'm taking your advice and starting Google tomorrow with a 50 dollar purchase and continuing Microsoft and Apple. VTI and VOO on another app and longterm portfolio. Here we go family!
I am from Spain, my friend in Texas referred me to this channel you make a lot of sense but I do not understand anything until she referred me to a financial consultant in USA that help me to craft my portfolio and over a year we have been working together making consistent profit enough to get me a new apartment and care for family.
Have you guys tried consulting an account manager or PRO for help? Remember, you need to learn the basics before anything else.
That's right Kate. I’m being guided by Laura Marie Keilman. Look her up online, she’s quite popular in the united states and she’s a certified financial adviser. She guided me through the basics and all before i invested. I've been investing with her for a year, and have accrued approx. 1.4 million in net-profits this far.
Of course she can. Look her up on the internet.
You'll find all you need to know about her. she's quite popular for her services.
You know Laura too? That's nice, i started with her and still invest with her now. Her predictions are always right. She's a right choice.
I will never understand the credit card "trend" in the US! I have always used a debit card, not buying anything I could not afford. We bought my wife's car cash after saving up for about 3 years.
I fully paid back my student loan already, and my only debt currently is the mortgage we took on our second flat which is partially paid back by the rent we receive from it.
It always looks to me like people in the US spend instead of investing... 30% off of $6k that is $2k per year you could be saving up for later rather than spending it on interest for buying useless stuff while believing you are saving up money from a good deal...
I finished my Christmas shopping in September, I paid cash for everything, no debt
It can be fairly misleading to include balances which don't accrue any interest when talking about the credit card debt in the country.
Hmmm, revolving debt (including those paid on time) is included in the 1 trillion dollar number. This can also be increasing because less cash is being used. For me I have a lot of credit cards for various perks but every card is autopay statement total...you should treat credit card like a debit card.
All I am hearing is that people are broke. The last few years of heavy spending has finally caught up with us. I know it has for me. After Christmas I’m done - back to saving every penny to rebuild my nest egg.
The average American has the ability to easily retire a millionaire at 65. Lack of discipline with credit cards is one of the most damaging factors for hurting your financial future
Lack of money. I've been an adult for 10 years now and not once have I been able to save any money. Anytime I put some away another bill comes and swipes it all away. If not the car payment, the car insurance and if not that, the rent.
@@RefreshingShamrockmost people don’t know their own finances nor do they know how money or credit cards work. I’m a millennial and it’s only because my parents taught what little financial literacy they had and me taking the initiative to further teach myself is why I’m not heavily in debt along with self discipline. We know the credit card companies are slim balls, the question is are u dumb enough to fall for their trap.
find a better job @@RefreshingShamrock
@@RefreshingShamrock median salary is about 45-50k. Its very possible to become a millionaire on that.
Americans are just generally spoiled, myself included to some degree
If we did even an intermediary dive into your finances, there's a 100% chance we could find ways for you to have margin.
My CC went from 13% to 23% interest and never even notified me. What a fraud
We must learn to be financially literate so we don't keep falling into the same trap to save for our retirement and future.
I'm very financially literate, but I've been a business owner since 2008 and almost went bankrupt in the beginning. I didn't have a choice but to figure out how money works and how to save, budget and invest. It was my only way out of the hole I had dug myself.
I can't imagine how most people figure out their finances and become good at budgeting. We certainly don't teach much of that in school. I've seen a lot of my friends growing up struggle with money, for no reason other than not knowing how to make sound financial decisions. I wish we had a better culture around educating our kids on how money works. Then again, I know I wouldn't have given a crap about that when I was a kid, so who knows.
Most people with money got their money from their parents. They got a good education from their parents.
Poor people start their lives off immediately in debt.
I knew someone who had a 78% interest rate on a retail credit card. The moment a payment would post they were at that store maxing it out again, and usually not on anything they actually needed. When they told you how much money they had available they were really telling you how much credit they had remaining on various cards. I tried on numerous occasions to highlight how much money they were hemorrhaging on interest and fees, but they just did. not. care.
People have credit card debt because they are irresponsible with their spending. I have a wallet full of cards, but I have no debt & a score of over 830. People don’t stop & rethink how much they are going to lose through interest. I use them, but debts get paid every two weeks needed or not. Therefore I pay no interest, but still pocket the rewards. That’s how you do it.
well the world don't revolve around you everyones situation is different
I really appreciate that. I’m on the same page❤. I use it for my daily expenses, etc and pay off by end of month. However situation are different from each and every individual. It depends upon distinguishing between a Need and a Want based on a economics. Lesson to learn: Buy what you can afford not beyond that.
Wish we were all as amazing and brilliant as you. Want a cookie?
People trying to buy groceries.
@@Fluffy_Rumples 1. Get a card with 3-6 percent back for groceries.
2. Sign up for store rewards.
3. Stack store discounts with merchant coupons and rebates on apps like Ibotta.
4. Meal plan and stick to a list. Don't buy unnecessary items and junk food, but things that you can make into meals that can feed you for days.
5. Pay off your card in full so they pay you instead of the other way around.
I pay off my cards. 30% interest is just ridonkulous.
Very misleading. I’m sure some people have lingering balances but since this number includes balances that are paid off at the end of the billing cycle, its not showing the true picture of how much people are spending what they can’t afford. A lot of credit cards have 0% for 18 months and there is no reason to pay those off early.
Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stocks and oil trading, it seems that a new multilateral world order is on the horizon.
It's important to keep in mind that investing is a zero-sum game with both good and bad days. However, by spending and investing wisely and diversifying your holdings, you can minimize risks and maximize gains. Hiring a knowledgeable investment advisor with a wide range of options can help you achieve this and leave little room for regrets.
Very much appreciate it Scholars who study the stock market’s historical performance estimate that over time, the payment (and reinvestment, and compounding) of dividends have contributed anywhere from 30% to 90% of the S&P 500’s total returns. I want to spread across $400k into profit yielding dividend equities but unsure of which to get into.
Amazing! I hope it's okay to inquire if you're still collaborating with the same fiduciary and how I can get in touch with them?
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 ‘’ Natalie Noel burns” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
Why would anyone go into debt to buy Xmas presents, that's just stupid.
cus you only live once you can't take the money with you when you die
@@jakoblarson4597 if you have kids or loved ones, they can take it.
the younger generation millenials and gen z isn't having kids though and a lot of them are not getting married @@Pete.across.the.street
Credit cards are scams. I will never get another credit card again. My two sons will never get credit cards.
Responsible spenders are the least rewarded participants in our economic system.
Not true. Credit card points have paid for all of my vacations, 3+ a year, for the past 15+ years. Plus lounge access in airports and upgrades at 5*hotels.
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
Investing in many sources of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.
Sure, investing is essential for maintaining your financial stability, but making any kind of legitimate investment without the correct advice of a professional can result in a significant loss as well.
It's really not easy trading this market. I read a lot of books, tried to study, watch some tutorial videos, did a little demo before funding my account and I still lost a lot. The financial market could be very tricky
wanted to trade, but | got discouraged with the market price fluctuations~>
I also keep seeing lot's of people testifying about how they make money investing in Stock, Forex and Bitcoin and I wonder why I keep loosing. Can anyone help me out or at least advice me on what to do.
And this is US economic "growth", PMSL! It's consuming more (junk), eating more (junk), and racking up more debt. Meanwhile, Asia (particularly China, but also India, Vietnam, Korea, etc) is actually doing productive things like building infrastructure, expanding manufacturing capabilities, investing in batteries, semiconductors, robotics, etc.
I pay my cards off every month, just use them for the rewards. Car paid in full. $40k in bank earning interest to off-set inflation. My Mom taught me well. My biggest expense - taxes 😡
Consumer debt is the destroyer of futures.
If it's just sitting in the bank, you're missing out on a lot of gains.
@@Pete.across.the.streetmaybe it was in a HYSA
@@bankai519 hopefully CD
If everyone is paying off their cards who the hell is contributing to the rewards points🤣
You’ve got to differentiate between balances that are paid off monthly, and balances that are carried into the next month and beyond.
They are great for points and rewards, but they will sneak up on you quick if you don't already have the money to pay them off. The best financial advice I can give is struggle for the next year or two and pay off your credit card by making double payments. Being broke is expensive, don't let debt hold you down.
most people will just file for bankruptcy and get it all wiped out
Apparently all these "college educated" consumers never were taught how to manage their money.
The world owes more money than there's actual money
Give me time ! I'm going to work! I will make that payment! I will have made the money in 30 years . Lol
We haven't printed it yet. Please be patient!
The economies of many nations are unbalanced. Governments need to prioritise making the necessities such as housing, utilities, food, fuel, clothing, healthcare as cheap as possible. Only then can an economy thrive.
100% agree.
$1T credit card debt feels like clickbait when it also includes the "debt" people just pay off monthly. Credit card usage has also risen, since more and more people are replacing cash and trying to improve their credit score, so I imagine a lot of that $1T isn't debt so much as short-term monthly borrowing.
A million in debt, no delinquent payments, great credit rating. A million in liquid funds, no debt, low credit rating. Wonderful system, I do declare!!
As a credit card debt lawyer im having the best times since 2008. Good times 😊
This piece should have broken down the 1 trillion into revolving debt and debt that is paid off monthly. That would give a clearer picture of the true consumer debt burden. My wife and I purchase nearly everything with credit cards. We also pay off our entire credit card debt each month. Debt like ours, that doesn't include interest on it and is paid off each month is quite different from revolving debt that incurs interest each month and may even increase month to month. In the future please include all their pertinent data so your views can understand the entire picture, not simply a part of it.
I just owe $70 on the two I have combined and I am just going to pay them off next month and put them aside. There is really nothing I am wanting for this Christmas.
One of the best thing I ever did was pay off my credit card balance with that pandemic aid. Never ever racking up that much debt ever again.
Credit tickles that greedy feeling. It makes you feel like you can get something without paying, even though you know you'll have to eventually. "Spend spend spend, I'll pay later" just kills us. The corporations know how to tickle that feeling.
And unfortunately many people go overboard
Buy now...cry later
But that's not corporations fault that people are buying into it.
@@AlexiosLair I wouldn't call them "blameless" in the issue.
@@PaulADAigle they are definitely not. And it's not in their interest for people to understand that. But it is still primary responcibility of people themselves to be in charge of their finances and no corporation is going to teach you that, ever.
When family and friends don’t pay their credit cards and it kills their credit, they always come to me and I get whatever card account removed from their credit reports without issue. It’s not just a simple dispute and it’s more elaborate than that. But I always get it done.
I saw a lady at the grocery store today, a cart full of food. Poor woman, pulled out about 20 credit cards and was shuffling through them like they were a brand new pack of Pokemon Cards. After about a minute of waiting, she finally got out the one she needed, and her face looked so tired.... Sad state that Americans are living in, the majority of us anyway
she chose to live like that
@@JogBird no doubt that poor choices are a part of it, but i cant help but shake the feeling that her environment and opportunities (maybe lack thereof) got her there....
It is difficult for people who don’t make much and fall into that trap or the undisciplined. It really is something that can be dangerous in the wrong hands. We do have to figure out our financial health ourselves and cannot blame others.
This is pennies compared to our government's out-of-control spending which is now $33 trillion and climbing. CNBC should do a video on this.
Neither the U.S. and its partnership with privately owned central bank is incapable of assuring the participants of their monetary system that they won’t decrease the value of each unit of currency from counterfeiting more of them.
This is unacceptable!
If the consumer has the savings to handle the debt then things will be ok, if not look out below!