Social Security & Retirement Explained by Patrick Bet-David

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  • Опубликовано: 14 окт 2019
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    Why Social Security is Broken - Explanation by Patrick Bet-David. Subscribe for weekly content. bit.ly/2aPEwD4
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    Links mentioned in the video:
    www.ssa.gov/policy/docs/chart...
    ttps://www.ssa.gov/policy/docs/ssb/v70n3/v70n3p1.html
    www.usdebtclock.org/
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Комментарии • 935

  • @VALUETAINMENT
    @VALUETAINMENT  2 года назад +7

    Get the PDF here: valuetainment.com/social-security-retirement-explained-by-patrick-bet-david/

    • @moonovermiami9787
      @moonovermiami9787 10 месяцев назад

      SS is NOT govt money!
      Social Security was being deducted from our paychecks... which means WE & our employers payed for it.
      If government hadn't stolen 80% of our money (pet project appropriations), if govt. hadn't killed small business trying to socialize the system, the pyramid scheme would still be working. If government didn't add medicaid, Medicare, free food programs... and kept medical insurance private, we wouldn't be in the shits we're in with the SS program.

  • @TheStrategicKeys
    @TheStrategicKeys 4 года назад +64

    Do you ever just look at the chalkboard and wonder how long it took him to prepare the set for this single video? And that doesn't include all the research, the takes, the scripting. There is so much value in these videos. No wonder this channel is quickly approaching 2 million subs. Congrats on all the success PBD! You deserve every bit of it!

    • @rosalbadelriogarcia9598
      @rosalbadelriogarcia9598 Год назад +4

      Lol... there is art that is only understood by the artist.... #BE the artist

  • @MBB9394
    @MBB9394 2 года назад +13

    You’re missing something. There was a high infant mortality rate at the time Social Security was put into place. The number of children who died before they were 20 was quite high. Life expectancy is an average. Infant mortality has gone down a lot. But even in those days many many people lived far beyond “life expectancy .” If you lived to age forty the chance of living to 75 was quite high. All my great grand parents lived into their 80s.

  • @goldfishi5776
    @goldfishi5776 4 года назад +331

    You have been saying what my father and his father have been saying since I was a child. The majority of our voting population is completely irresponsible.

    • @blurglide
      @blurglide 4 года назад +26

      As soon as people were able to vote themselves other peoples stuff (New Deal), it's only a matter of time until we have poverty and tyranny

    • @2159money
      @2159money 4 года назад +15

      people should get a license to be able to vote, or even raise kids these are incredibly serious duties
      Don't we need a license to wash dogs these days?
      Society seems to be headed towards a huge crisis in the next 10-20 years

    • @mrcloyd3681
      @mrcloyd3681 4 года назад +3

      so fucking true

    • @johnlacambra6004
      @johnlacambra6004 4 года назад

      Ignorant is more like it.

    • @jameszhang1127
      @jameszhang1127 4 года назад +3

      Democracy don’t work when ur citizens are a bunch irrational idiots.

  • @MrMcfire2
    @MrMcfire2 4 года назад +18

    Valuetainment videos are simply brilliant! If only these critical lessons and the required mentality were taught in schools; we wouldn't have such large deficit

  • @miloauker8706
    @miloauker8706 4 года назад +16

    Screw Social Security....I will keep my money today and fend for myself later in life.

  • @arontesfay2520
    @arontesfay2520 4 года назад +47

    The founding fathers would get 5 heart attacks in a row seeing these numbers

    • @stuartking7431
      @stuartking7431 4 года назад +2

      They would grab a gun and take the GOV by force. Thankfully Trump is here now to fix it all.

    • @borisjoffe
      @borisjoffe 4 года назад +7

      @@stuartking7431 Except Trump is avoiding fixing it. He hasn't done anything about the federal debt, medicare, or SS. And he didn't even push for true Obamacare repeal when he got the chance.

    • @Alesedit
      @Alesedit 4 года назад +1

      Boris Joffe under trump we only went 3-4T down compared to Obama 8T

    • @borisjoffe
      @borisjoffe 4 года назад +1

      @@Alesedit Obama was in office for 8 years. At Trump's rate, he'll increase the debt by more than 8 trillion over 8 years even if you exclude the extra coronavirus spending.

    • @Alesedit
      @Alesedit 4 года назад +3

      Boris Joffe it’s about same I guess but no president will have the balls to destroy the benefits and SS especially if the boomers are in power , they depend on your taxes

  • @fishtaylfertility
    @fishtaylfertility 3 года назад +7

    Agree with you completely. People are also having fewer children which leads to more difficulties when those people retire, both in funding social security and the family element of retirement.

  • @granthill2980
    @granthill2980 2 года назад +4

    Man, you got people like me that worked in manufacturing for 40 plus years that are just wore out! I didn't sit in a cubical! I suffer with nerve pain in my feet, am 65, and I just don't have it in me anymore. And it's not because I'm lazy!! I lose SSA, I'm fooked!!

    • @briangarza7532
      @briangarza7532 5 месяцев назад

      Government keeps printing money.. that's why we are in the hole were in. We should look what happened to Russia in the 70's, they printed money like it was going out of style, today they are still paying that price.

  • @Tengobaila3
    @Tengobaila3 2 года назад +14

    You're awesome! We should not have to adjust our lives so drastically after paying into Social Security all our lives. We really need to DRAIN THE SWAMP!

    • @secaustinisaposzelazny9518
      @secaustinisaposzelazny9518 2 года назад +2

      FJB and every dem o rat. Vote them all out

    • @georgeholewik6531
      @georgeholewik6531 11 месяцев назад +3

      Imagine how much money we still would have if the politicians did not give it away to 100 plus countries around the world?

    • @Tengobaila3
      @Tengobaila3 11 месяцев назад +3

      @@georgeholewik6531 Every American would and should be wealthy by now. And the contrary is all by design.

  • @dsl121dsl121
    @dsl121dsl121 4 года назад +16

    When I was 45 years old I said to my self when I reach 62 years I'll retire for sure, with my SS benefit I will be ok. I WAS GROWN !!!!!!!, and only by chance and for income-tax purposes I start using the company 401k and take advantage of the company's free money, my money is NOT invested in the stock market, ( I'm to old to risk it ) it's invested in like a CD type I get small earnings but my money is secure. that and a few IRAs are my savings, not for retirement but for transition ( like PATRICK said ) because I don't have a retirement age in my head any more. I'm 63 yrs. now and sometimes I don't work full time but I'm still working because if I retire I'll die. So please pay attention to Mr. BET-DAVID about the future of SS and don't believe any politician that promise you free this and free that, nothing is free in this world. THANKS PATRICK.

  • @probro2035
    @probro2035 4 года назад +5

    15 year old watching this video. Thanks for the advice of not having a retirement age in my mind. Now I'm not afraid of retirement because I realize I don't have to retire and that continuing to work isn't a bad thing : D

  • @ideasarepowerful-mickdemi9424
    @ideasarepowerful-mickdemi9424 4 года назад +31

    The life expectancy was lower largely because of infant mortality rate. Many people who became adults lived a lot longer than to 65 years of age.

    • @greenraider44
      @greenraider44 3 года назад +2

      That’s and we weren’t getting into so many wars, also technology and medicine have advanced so much

    • @natnup
      @natnup 3 года назад +3

      Hi, i thought it was a good counter argument, so I checked out. It seems the infant mortality rate went down in the 19th century, long before FDR.

    • @ericpowell4350
      @ericpowell4350 2 года назад +1

      They didn't base the retirement numbers on those numbers. In this case life expectancy was based on insurance actuarial that were more accurate.

    • @jackjack4412
      @jackjack4412 2 года назад

      @@ericpowell4350 interesting, I'll look into that.

    • @jackjack4412
      @jackjack4412 2 года назад

      Exactly, that fact discredits this video.

  • @TinkerPrepper
    @TinkerPrepper 4 года назад +5

    You hit the nail on the head when you shared the story about your Dad. We can legitimately blame so many things on this massive problem, but when it comes down to it we need to drastically do something now. Thank you Patrick for another great video

  • @TS-or1mu
    @TS-or1mu 4 года назад +27

    You're a great motivator! Thank you and I'd vote for you in a hot second

  • @FinancialShinanigan
    @FinancialShinanigan 4 года назад +1

    How does this video only have 20,000 views?? People need to watch this & realizs they need to put their financial lives first because no one will do it for them!

  • @georgeholewik6531
    @georgeholewik6531 2 года назад +2

    Patrick - we need to teach these financial principles in high school before the kids start their careers. This will alleviate pressure from the Social Security and taxing people to death. That will capitalism into higher gear.

  • @jsimp4545
    @jsimp4545 4 года назад +38

    They take social security out of my check every week , question how much is the government bringing in - off social security taxes

    • @bearxbunny1835
      @bearxbunny1835 4 года назад +14

      EXACTLY!!! If you do the math, and seeing how the government taxes every working American separately for social security at a rate of about 6.2%, and there's about 158 million people paying into social security every week then there should be PLENTY of money to pay out to people!!! Someone has been cooking the books on a grand scale, greedy bastards

    • @briank10101
      @briank10101 4 года назад +1

      @@bearxbunny1835 Yes, please do the math, and you'll find out that there isn't plenty.

    • @TheSaidame
      @TheSaidame 4 года назад

      I agree with you, I normally like this youtube channel videos but this one I cannot agree, people will only not need social security when people have decent salaries .............. not a salary to keep to stomach full to work next day. And he saying " save up money" " don´t do that barbecue each week" woah people who own company´s buy Lamborghini's and mansions and make their employees live paycheck to paycheck and even say to save money and don't do that barbecue xD

    • @michaelmack6683
      @michaelmack6683 3 года назад

      @@bearxbunny1835 You also have to add in the employer matching your 6.2% meaning about 12-13% of your wages are being collected every week.
      The money paying out to people should be from the money they contributed over the years and not money we are paying in now. If the government didn't raid the account there should be plenty of money even as people live longer.

    • @michaelmack6683
      @michaelmack6683 3 года назад +1

      @@TheSaidame I agree. Normally PBD videos are very accurate but this one is riddles with flaws and using statistics in a misleading way to prove his point.

  • @omarsalam9166
    @omarsalam9166 4 года назад +52

    How about phasing out and ending social security, then the government pays (returns) back the money everyone paid in over the years so they can manage their money how they choose to?

    • @Panda_J1
      @Panda_J1 4 года назад +3

      im 30 years old. I rather social security not be taking out of my check since i know by the time i retire it no longer going to be relevant

    • @VaporeonEnjoyer1
      @VaporeonEnjoyer1 3 года назад

      No one will ever get elected saying that. The only way we get rid of this debt is by starting, and winning a war against our largest debt holder, China.

    • @em4227
      @em4227 3 года назад

      Here here if I had all the money I put into Social Security the past 30 years I could have invested it much better and be much better off now

    • @em4227
      @em4227 3 года назад

      I think we can all invest of much better

  • @LionOfNobility
    @LionOfNobility 4 года назад +2

    In Jewish thought and in the Bible, there's no word for retirement, there's a time for transition, but not to stop working, middle eastern thought, such as you brought up with your father, mirror's this. At our synagogue, we have discussed this concept at length, thanks for sharing Pat.

  • @qwertyuiop3656
    @qwertyuiop3656 4 года назад +4

    I love your content Patrick and think you're a great. Just remember money isn't everything. Love is way more important and fulfilling.

    • @qwertyuiop3656
      @qwertyuiop3656 4 года назад +1

      If they just reduced the unnecessary spending in the military alone, the country would be out of debt very fast.

    • @qwertyuiop3656
      @qwertyuiop3656 4 года назад +1

      I believe Bernie is the best candidate right now because he is the most uncorrupted politician and hes the strongest against climate change. If we dont tackle this issue all-in right now the odds are everything your talking about wont matter at all.
      BTW I'm not a far left at all when it comes to identity politics and immigration. Bernie is not either but hes smeared all the time but the news networks that are all bought buy the same companies that support corrupted politicians like Biden. I'm not sure I agree with wiping away college debt but I trust him to punch the numbers when in office with his support staff to see if they afford a compromise. He could make incentives, like paying for college tuition for jobs that are lacking in the country, etc. Anyways what im trying to say is there is no perfect candidate but there's a better choice. The most important this country and planet needs.

  • @traebien8972
    @traebien8972 4 года назад +3

    Would you ever consider doing a podcast as well? Your interviews are stellar but I don't want them to end.

  • @roula5656
    @roula5656 4 года назад +10

    Another fantastic episode, thanks for the continuous lessons Patrick

  • @marthakieffer3274
    @marthakieffer3274 4 года назад +1

    I agree with everything thing you said. I am 77 and did not know enough. I took disability at 58, physically broken could not work anymore and now can not live on what I draw for 54 years of my life energy. Thank you. M.k.

  • @theunvoicedvoice
    @theunvoicedvoice 3 года назад +2

    This applies across the board to many countries, not just the USA. I love the easy to digest explanations.
    Thank you, Pat.

  • @efexzium
    @efexzium 4 года назад +13

    I love your videos, it must be extremely hard managing a business and doing such huge research projects.

  • @hmb8801
    @hmb8801 4 года назад +3

    That is exact kind of message that we need in America & world . Thanks Pat for spreading out .

  • @TheThunderSound
    @TheThunderSound 4 года назад +3

    I appreciate how you break things down. You're a good teacher.

  • @mentalplane
    @mentalplane 4 года назад +3

    These explanation videos by Pat are the absolute best . Thanks Pat!

  • @DrBeauHightower
    @DrBeauHightower 4 года назад +6

    Amazing!!!

    • @shake4259
      @shake4259 4 года назад

      Dang I was just watching your videos

  • @scottmedes4817
    @scottmedes4817 4 года назад +4

    I'd love to see you and Peter Schiff sit down for an interview! God bless

  • @waqaspervaiz7677
    @waqaspervaiz7677 4 года назад

    Hey Pat, I’ve recently started to watch your videos and it has opened my eyes up to so many things. I follow numerous other “Value Adders” on RUclips and I appreciate all that you do. I am someone that was not financial smart and am slowly doing a few things that will help me 12 or 26 years from now. Thank you for your help. Keep making these great videos. Love the information.

  • @jamesjohnson9077
    @jamesjohnson9077 4 года назад +2

    First off hope you are having a great week, with peace of mind and positivity. I thank you for your time, wisdom, information, and research. I knew a lot of these things but not all, it is all true and people don't know what is going on around them which they would if the wanted or did research. America needs to do alot of things for not only ourselves but as a whole for this country we take for granted. Thanks again to the upmost much respect, best wishes, love, peace to you and all people. Take care and stay wise as wisdom come.

  • @leonoradompor8706
    @leonoradompor8706 4 года назад +5

    Our family is a minimalist and we give best to charities !

    • @leonoradompor8706
      @leonoradompor8706 4 года назад +1

      We are hiring carpenters,farm workers,teachers because our family owns a school,commercial center and a farm.I help fill up documents for illiterate persons !

  • @robertjosan
    @robertjosan 4 года назад +4

    Excellent and superb breakdown, keep up the great these insights and themes , Bravo Pat!

  • @CT-yc4gd
    @CT-yc4gd 4 года назад +1

    Regarding the retirement issue. A lot of people either can't or don't want to retire. The former because of..well...bills obviously. The second because work gives us purpose. Now there are certainly menial jobs out there. Things that mean nothing. But other people (like your grandfather) either build things or provide a necessary service or simply have a passion with what they do. When we feel useful to others, we feel accomplished and it's actually a bit easier for some to accept death knowing that they did their part in the world.

  • @thatmoose6339
    @thatmoose6339 4 года назад +1

    a thought ive been having, its not that i want to retire, i just want to work more and more for myself, like my reading writing or trying to make projects like a small hydro generator.

  • @simoncruaut7193
    @simoncruaut7193 4 года назад +4

    Hi Patrick and thanks for all your amazing videos!
    About your first point, you should adjust life expectancy for infant mortality. What you’re interested in here is “adult” life expectancy.
    This makes that retirement benefits haven’t changed in their purpose since their inception.
    Love from France

  • @liljrluvyaii6625
    @liljrluvyaii6625 4 года назад +4

    This guy is so awesome 👏
    Thank you for speaking the truth 😀

  • @MrInquisitor7
    @MrInquisitor7 4 года назад +2

    Wonderful, excellent video - The truth sets us free!

  • @fredflintstone8003
    @fredflintstone8003 4 года назад +2

    Thank you for making these videos. A million thumbs up!

  • @angelokamugisha8682
    @angelokamugisha8682 4 года назад +3

    I love the content presented by @patrickbetdavid This is very valuable I believe one day I will be a multitrillionnaire from the subjects presented by you.

  • @themacker894
    @themacker894 4 года назад +3

    Another excellent video! Love the level of research and the honesty. Sad that a course taught by you at a university would be canceled after the first week. All your students would demand a safe space in the classroom where they could escape hearing the truth.

  • @walkerskii
    @walkerskii 4 года назад +2

    Thanks for your informative content 👍 I am going to watch the other two videos you suggested.

  • @MrDbeatty52003
    @MrDbeatty52003 11 месяцев назад +2

    It’s very hard to save money when your government takes over 50% of the money we earn. Between property,payroll,sales taxes,gw bridge =$20, Lincoln tunnel $20,triboro$12(both ways),garden state parkway tax was raised 3 times in a 6month period. The taxes don’t stop.

  • @KrakHouse
    @KrakHouse 4 года назад +6

    I like these segments where he takes time to teach us complex problems going on, kinda sad that this stuff isn't taught in schools.

  • @PurnamaABC
    @PurnamaABC 4 года назад +6

    Thank you for explaining it well. The best key for me is financial independence. I need to work on my own businesses instead of only working on someone else's businesses.

  • @Exploratorium360
    @Exploratorium360 4 года назад +2

    Thanks. Man. I know a little about this but you break it down. You right ! about that buddy. Good job.

  • @johnnymanning4920
    @johnnymanning4920 4 года назад

    This is a very important video. People need to see this and heed this advice.

  • @yasserpupo5505
    @yasserpupo5505 4 года назад +12

    Great video!! Very eye opening!! How about a video on how to succeed in US as an immigrant. How to deal with your feelings of you missing your country? How to overcome the disadvantages of being from a different culture? How about a video like the old ones, for those people that are still trying to figure it out. I feel like is been a long time since we got a great video like the “How to really become a millionaire” or “How to double your money”

    • @cscorp08
      @cscorp08 4 года назад +2

      That's good and all Yasser, but no one person has the answers. Its left for us to figure it out. I would start with finding side work hustles to get you started.

    • @codysimpson911
      @codysimpson911 4 года назад +2

      Best way to succeed for immigrants is to go back home.

    • @whopoopdinmycar
      @whopoopdinmycar 4 года назад

      @@codysimpson911 please back your statement with support if you're going to contribute in anyway.
      Thanks

    • @codysimpson911
      @codysimpson911 4 года назад

      @@whopoopdinmycar he says he's home sick

    • @codysimpson911
      @codysimpson911 4 года назад

      @@whopoopdinmycar Also, the guy is most likely on a h1b visa. Companies bring them in and pay half as much as their American counterpart. Hell sometimes less than half.

  • @freedomwillring6749
    @freedomwillring6749 3 года назад +4

    Pat I'm glad that I discovered your channel, you're advice and explanations are excellent. I plan on collecting a pension in a few years and even if my company does go bankrupt; which hopefully it won't; I'm not worried because all pensions are protected by the government pension insurance.
    Also I commend your father for still working. He's a wise man because he realized that if you stop working and keeping your mind and body busy, that's when you die. Thanks for your informative video's.

    • @williamfisk4841
      @williamfisk4841 2 года назад

      If Govt goes broke...which they already are, Govt will have not money for pension insurance.

  • @leonoradompor8706
    @leonoradompor8706 4 года назад +2

    I have not gone to expensive luxurious hotels and grand expensive vacations,i am contemplative,happiness is just under my feet ! I am always at Filipino Sari Sari stores simple humble stores,i go to mall 4x a year!

  • @marcoursi6062
    @marcoursi6062 4 года назад +1

    the pension was never meant to be paid to anyone ( hence the difference between pension age and life expectancy when first introduced). Pat did a very reasonable analysis. I would paraphrase it saying the politicians sold their country's financial future.....I don't know the figures but I feel that here in Australia we are in a very similar situation and the future generations will pay the price. That's why I am doing the best I can to be able to support myself in the future and teaching my children to do the same and be even better than I ever will.
    On a side note the "20 rules of money" was the very first video I watched of Valutainment and the one that made me a subscriber when the channel had only just over 300K subs....you are amazing Pat!!!

  • @konstantinaleksiev6671
    @konstantinaleksiev6671 4 года назад +6

    Great video! I don't know what is like living in the US, but what are you describing, sound very similar to a lot of EU countries that I've been. Funny enough in my county Bulgaria, which is a historically communist county, people are still wanting for social benefits, even after all tough times that the county went thru in the 90's and everyone was affected by the failure of a socialist system. These life lessons are very difficult to learn.

  • @MelaninMonarchy
    @MelaninMonarchy 4 года назад +8

    Pat, quick question: IF you were to consider running for Office, where would you start? Indulge me.

  • @CENIZERO
    @CENIZERO 2 года назад

    Great video man, I've tried to explain this to people with low success. It hurts me to think that when the bubble pops friends and family will be wiped out and say what happened... More of these!

  • @haroldhangouts8676
    @haroldhangouts8676 4 года назад +1

    So I am 61, retiring in feb. Selling our house relocating to Florida. I'm the kind of person that cant sit still, so I will be piddling in the markets. Starting a new You Tube channel and best of all fishing, wether it is my back yard or in the boat and out to the gulf, I'm excited, I feel like it is a new start. I'm engaging getting involved in educating the public.
    I've busted my ass in this life to get to where I am, worked hard, no one gave me anything! I resent the hell out of forgiveness on college debt being forgiven. I worked and financed everything I wanted, did, owned or had schooling, GET THE HELL OUT THERE AND EARN YOUR OWN WAY! No one owes you anything!
    OldFartinCrypto@valuetainment

  • @deniseaoki260
    @deniseaoki260 4 года назад +6

    Excellent video! I like the term transition vs retirement 😊 Your wisdom and knowledge is better than a prestigious college professor!

    • @michaelmack6683
      @michaelmack6683 3 года назад

      Totally wrong about this. He twists stats to misleadingly prove his point. Read my post above.

  • @zvikisegal2845
    @zvikisegal2845 4 года назад +9

    we finally have someone who is making a ton of sense

  • @oliviaesqui799
    @oliviaesqui799 2 года назад

    Patrick, i want to Say thank You for all the time and energy You invest creating your videos to educate us with valuable info.

  • @delux420
    @delux420 4 года назад +2

    Pat please do a video on social norms. Such as leaving home or living with your parents.

  • @domenicscire6240
    @domenicscire6240 4 года назад +5

    I found the video to be very informative, however can you please preface how you got the life expectancy data? I think that life expectancy now is nominally more than what it was when Social Security was introduced. For example the infant mortality rate back then was much higher allowing the numbers to be skewed. Other than SSI, Social Security benefits which comprise a vast majority of the benefits paid is not an entitlement. They are contractual obligations because the beneficiary paid into it.
    Also, running deficits is not as scary as you indicate in your video. Our percentage of debt to GDP was much higher immediately after WWII. Add to that the US dollar is still the reserve currency. I’m not sure we should be in panic mode.

  • @thesoundsofnature1619
    @thesoundsofnature1619 4 года назад +10

    Who else thinks that Pat is a legend?

    • @Bulldog420
      @Bulldog420 4 года назад

      No doubt. He is a Master

  • @markfernandes8626
    @markfernandes8626 4 года назад +1

    Such high quality content, thank you

  • @f2cp
    @f2cp 4 года назад

    You nail it again, and again, and again. Not just for Americans but everybody. Thank you.

  • @ericperich1240
    @ericperich1240 4 года назад +4

    This is the Absolute Best Explanation about this subject I've ever heard! Outstanding Pat!!!!

    • @michaelmack6683
      @michaelmack6683 3 года назад

      It might be his worst video of all. Loaded with statistics that are very misleading to prove his point. Read my post above.

  • @jeffevans8200
    @jeffevans8200 4 года назад +4

    I don't support Andrew Yang, but ever since he misrepresented Yang's UBI, I really question and have to look up the facts to verify. Note: I think his UBI is ridiculous.

  • @ashleyndukwu45
    @ashleyndukwu45 4 года назад +2

    If you live in Dallas , I see this guy a lot at NORTHPARK mall !!!!
    Family man
    Good guy

  • @alamrahib9085
    @alamrahib9085 4 года назад +2

    This video is really informative... Great content

  • @MarkH10
    @MarkH10 4 года назад +3

    It was broken in the design phase. It's SUPPOSED to collapse at some point.

  • @dbassociates9744
    @dbassociates9744 4 года назад +11

    Pat can you please do a Part 2 of this video and break down to whom does the US owe this Debt Payable to..I could never find an accurate answer to whom the US owe 126T or more in debt ie China, Global Elite Rothschild etc etc

    • @tayloztv3036
      @tayloztv3036 4 года назад

      universal truth True leaders listen without being condescending. They are willing to hear what others have to say without rushing to judgment. They are patient and genuine in their desire to understand the thoughts and feelings of the people they lead. True leaders are forthright with their people.

    • @johndustoncpa5302
      @johndustoncpa5302 4 года назад +2

      It isn't debt, its unfunded liabilities (as he correctly said in the video). This is calculated by taking the present value of our future obligations (ie. pension plans, projected medicare and social security) and then subtracting what we have invested/set aside to fulfill those obligations.

  • @ilham1634
    @ilham1634 4 года назад +2

    always amazing video, thank you David

  • @20thcenturyboy85
    @20thcenturyboy85 4 года назад +2

    Thanks for these insights into retirement. PS: Your Dad is Awesome. MUCH Respect.

  • @kc8302
    @kc8302 4 года назад +3

    Professor Pat!! Great video as always. BUT on your topic of FAMILY, a Grandmother should be a Grandma!!!! NOT A BABY SITTER!!!!! If you use Grandma as a full time babysitter for your kids, then YOU ARE NOT A MAN!!!! You are a CHILD!!! The only exception is if you are a single parent, then totally understandable. But it pisses me off when I see a 2 parent family with a decent income using tired old grandma as a baby sitter while giving me advise that me and my wife (who is stay at home mom) should have more kids!!! Yeah, easy advise to give when you don't even raise your own kids!!!Grandparents should enjoy their golden years with their grandchildren playing and spoiling them, Not disciplining them!!!

  • @union...notdisunion.
    @union...notdisunion. 4 года назад +3

    Pat. You’re the best! Thank you!

  • @curtislusco664
    @curtislusco664 4 года назад +2

    Great job as usual, Patrick!

  • @aymanbouabdillah8945
    @aymanbouabdillah8945 4 года назад +1

    You are expert in everything you do
    I appreciate your work Pat.

  • @The_ex-atheistwk6tv
    @The_ex-atheistwk6tv 4 года назад +9

    How about we pull the band-aid off and do away with social security. If we could invest the 12.4% in a 401k, we would be rich

    • @JaimeWarlock
      @JaimeWarlock 4 года назад +1

      I would go for it, but I want everything I (and my employer) paid into SS (with 12.4% compound interest) to be put into that 401k too.

    • @The_ex-atheistwk6tv
      @The_ex-atheistwk6tv 4 года назад

      @@JaimeWarlock so would i, but the govt won't go for that. I remember being 21 in 2001 and wondering why I can't just invest my own 12.4% on a retirement account.

  • @Je.rone_
    @Je.rone_ 4 года назад +7

    *Investing is an important timeless skill because there is always going to be someone who needs capital, if you know how to accumulate, manage, and allocate there's a place for that. But i could be wrong* 💪

    • @tayloztv3036
      @tayloztv3036 4 года назад

      Black Vito - Moneyology True leaders listen without being condescending. They are willing to hear what others have to say without rushing to judgment. They are patient and genuine in their desire to understand the thoughts and feelings of the people they lead. True leaders are forthright with their people.

    • @tigercrane64
      @tigercrane64 4 года назад

      Social security isn't broken so stop the madness. I think they should lower the retirement age and give you the options of a lump sum of 50% of what you put into the system including Medicare.

    • @Je.rone_
      @Je.rone_ 4 года назад

      @@crazechill1 ?????

    • @Je.rone_
      @Je.rone_ 4 года назад

      I'm perplexed

  • @chineduumenwobi8359
    @chineduumenwobi8359 4 года назад +1

    Thanks for the insight Pat!

  • @swarupguha3463
    @swarupguha3463 3 года назад

    Great analysis and advice Patrick! Really you bring value with entertainment.

  • @macpony2571780
    @macpony2571780 4 года назад +3

    I retired comfortably at fifty five years old and never had to go to college.

  • @pamarabenton2329
    @pamarabenton2329 3 года назад

    I'm 57. I have never believed that I will recieve any social security benefits. I'm a pessimist, however, to me the writing is on the wall. I'll work until I die, unless I'm forced to stop. Interesting presentation.

  • @kevinlucas9905
    @kevinlucas9905 4 года назад +1

    My grandfather was like that. He retired 3 different times he hated the idea of not working

  • @mannyfreeesh5256
    @mannyfreeesh5256 4 года назад +11

    SS was created when people lived a hard life. We've turning into a soft society; complaining about working at the age of 50.

    • @mannyfreeesh5256
      @mannyfreeesh5256 4 года назад +1

      @elijahthesamurai Absolutely correct. Softies, it's sad that I can excel in life because people today are so mediocre.

  • @stevemean8682
    @stevemean8682 4 года назад +3

    Lol. Elizabeth Warren should listen to this.😂😂

  • @neilandy4497
    @neilandy4497 3 года назад

    RUclips should have an option for a thousand likes!!!! 👍👍👍👍👍👍👍👍

  • @addeandrade8987
    @addeandrade8987 4 года назад

    Thanks, Pat. You"re an inspiration...

  • @altluigi5733
    @altluigi5733 4 года назад +5

    You know ho is going to fix this ......"George Sorrows"
    The same way he is fixing "Ukraine". The names sounds familiar.

    • @krissy7342
      @krissy7342 4 года назад +2

      *Soros 🤓

    • @altluigi5733
      @altluigi5733 4 года назад +1

      @@krissy7342 Sorry about that. My corrector progam fault and me.

  • @BoostedPastime
    @BoostedPastime 4 года назад +3

    People: Why are you always so depressed?
    Me: ARE YOU NOT PAYING ATTENTION!?

  • @JudiahSC2
    @JudiahSC2 4 года назад +1

    I agree with raising the age with social security. The problem is, people have been paying into it for years. I'm basically giving the government "free" money until I'm 82 and that's if I make it to 82. I've been working since 20. If I die at 80, that's 60 years of the government taking money from me.

  • @rightfitfitnessperformance8209
    @rightfitfitnessperformance8209 4 года назад +1

    Can you do a video showing how Mutual Fund fees of 1-2% of your annual value can eat away at your bottom line retirement? My 457B retirement has fees of .05% for certain indexes and the fees are adding up. I just want the truth put out there and you are a financial genius that make these complicated ideas simple. I love the videos! Thank you

  • @chadcrawford7213
    @chadcrawford7213 4 года назад +3

    Agree to disagree but Social Security is broke because Government is taking that $$$ and using it for other Government Spending.

  • @a7xfanben
    @a7xfanben 4 года назад +1

    Thanks for making this video!

  • @Bulldog420
    @Bulldog420 4 года назад

    Thanks for the video. Btw, I watch 20 rules of money, good voice bad voice and sleep, sweat, grind and repeat very often. Its my current motivation to bring myself to the level of Mastery, and the others on my team. One day, we will be discussing business Mr. Bet-David. Until then, Sleep, sweat, grind and repeat while out performing, out strategizing and out lasting our opponents.

  • @geeselouise
    @geeselouise 3 года назад

    Thank you. The most relevant video that I have watched so far. I was thinking about retiring in July when I turn 66 however I am making more money now than I have my entire life. No need to give that up.

    • @packrcch
      @packrcch Год назад

      exactly….and you will probably live another 20 years!
      you will need that money !
      another consideration….
      after you reach full retirement age, there is no limit on your additional income. you can draw full social security and continue working as much as you want and keep it all.
      what could you do with that monthly check that will help you in the long run ?

  • @mjyouletstalk.6724
    @mjyouletstalk.6724 4 года назад +1

    Thank you man keep it going 👍

  • @ecgodsmack86
    @ecgodsmack86 3 года назад

    Thank you Mr. David. Much Respect

  • @LaLaTheRockstar
    @LaLaTheRockstar 4 года назад +2

    I am from India and I learn a lot from you. Thank you very much for sharing your peerless knowledge man !

    • @Jay-bt4xu
      @Jay-bt4xu 4 года назад +1

      True. Indian Schools and Colleges would never teach this stuff.

    • @LaLaTheRockstar
      @LaLaTheRockstar 4 года назад

      @@Jay-bt4xu Teachers will be replaced by RUclips and online classes...

    • @BangMaster96
      @BangMaster96 2 года назад

      +LaLa
      How does American Social Security and Retirement plans affect you in India, this is a problem for America and Americans, not India.

  • @GeorgAndTheBike
    @GeorgAndTheBike 4 года назад

    Super interesting. One of your best videos!