Inside the Financial Crash: Impact on Middle-Class |Trade Off
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- Опубликовано: 12 сен 2024
- The financial crisis is hitting middle-class America, as families are forced onto the streets. Some say it's the end of the American dream but for others, this is a chance to redefine what's important.
With around 120,000 people declared bankrupt each month, many of the squeezed middle-class see the American dream slipping away.
From "The Death Of The American Middle Class" (2008)
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I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@rachealhubert74 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@rachealhubert74 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@rachealhubert74 I will give this a look, thanks a bunch for sharing.
@@Amelia-Elizabeth Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy
What are you talking about? We have the lowest unemployment in 50+ years, highest average income. things are great, did you even watch Biden's SOTU? You're a boomer that has lived through the easiest path to wealth ever. You have nobody to blame but yourself. I wish I could have bought at the prices you people were able to get.
My parents didn't pay anything for my college education. They didn't have anything to give me. But, I figured it out. The journey started by attending the local 2-year school with no debt or expenses. Several of my mom's friends remarked to her that it wasn't a good choice. I never felt that way about my community college experience. I now hold a doctorate degree, and I think I came out OK. Praise God!
You did the right thing and the friends need to mind their business
How did you afford post graduate college? I could only afford one semester of grad school. It was $7,000.
I did not pay for my son college education. He borrowed the student loan and study 4 years degrees. He graduated on 2021. And he worked after he graduated 3 months. Everybody can do like my son. I am single mom and raised my 2 children since their father passed away on 2002 and I earned a minimum wage. My son was 3 1/2 years old and my daughter was 6 months the day my husband passed away. I could buy a small condo for 3 people to live. I don't know why the middle class cannot afford at this time.
You made sacrifices and prioritized earning your degree besides taking out expensive student loans. It's a dying art these days.
Good move. Community College is a great way to earn credits at a modest sum. As long as your 4-year degree is not from the University of Phoenix or some non-accredited online diploma mill, no one will care where you obtained that degree.
I left the USA to come back to my own country. You can lose everything in the USA if you become ill, I’m so grateful to live in a country where we have healthcare without needing insurance
My sister lives in the USA and didn't have healthcare but she was never turned away at any medical facility. Often times those facilities had to seek reimbursement through private donations and charities set up by donors to those medical centers.
It's good you see things in this country for how it is. Too many anti-woke poisoned by the there's still an American dream myth in these threads.
My 23 and 26 yo are so stubborn and delusional about the upcoming recession they don't believe it is on it's way
Spe ding as usual not in investing properly just totally ignoring what is happening around them my fault for not teaching them to be financially reaponsible
Don’t use your retirement to put your kids through college!!!! Are you nuts. They have time to pay it off. You don’t have time to save for retirement
I was thinking the exact same thing. Who thought that was a good idea
Exactly!! We told our kids that if they were not going to be Doctors, or lawyers, go to trade school. We're not paying for college. My husband and myself both went to college on scholarships and grants. Our parents did not pay for us to go. We both graduated with under $7,000 in debt for both of us and we paid them off.
Actually, maybe tell your kids to go to college in Germany instead. Because college is free there, even for international students.
Jane you are crazy. STOP going to colleges. Companies would be forced to hire people without education or Universities would be forced to reduce costs. They're both owned by the elites and elites need more slave workers, or they'll fall. So stop participating in their vicious cycles. Don't take any debts! EVER!
IKR?! I went to COMMUNITY COLLEGE with my dad's help back in 2002...he used a bucket of CHANGE to pay for my books... then I went back on my own dime in 2012. I owe $11K but I've paid down a lot. What is with people?!
Three vacations over 50 years, buy clothes at Goodwill and consignment shops, buy furniture there as well. Buy small compact cars and keep good maintenance on them. Cook, you learned when you were 12 and in charge of the house, helping with younger sister, doing the cleaning, and responsible for chickens and some gardening. Don't buy stuff Use the library. Do not buy junk food or pop (soda). Keep doctor and dentist visits to minimum. That's how I spent my working years and youth. Running my parent's household and my own. I am retired after working for 52 years. Only required an antibiotic every 20 years. I am healthy and eat good foods. I am happy and love God. He is coming soon. I have no regrets.
Did he come yet?
@@jjkatzGood one. 😂😂😂 Supernatural mumbo jumbo won't solve anything.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
@@hermanramos7092 How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
@@bob.weaver72 My consultant is ‘’Catherine Morrison Evans’’ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.
A perfect storm is brewing in the United States. Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place. It's all coming together and it could lead to a real disaster towards the end of this year (or sooner). With inflation currently at about 6%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.
These are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The bigger the red candles, the bigger the green ones.
Investing in stocks can be a wise decision, especially if you have a dependable trading system that can lead to successful outcomes. Personally, I've been working with a financial advisor for about a year now. Starting with less than $200K and I'm now just $19,000 away from making half a million in profit.
@@martingiavarini I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same. Is there any chance you could recommend who you work with?
my advisor is ‘’Catherine Morrison Evans ’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@@martingiavarini I just Googled her name and her website came up right away. It looks interesting so far. I sent her an email and i hope she responds soon. Thanks
The lady stating that lower classes get more support from government is not correct. Unfortunately there is more welfare for corporations and billionaires than the middle and lower classes put together.
No debunking will ever stick as regan administration spend public money to propagate the "Welfare Queen" narrative
Wrong. Those in poverty get more support. The actual defintion of "welfare" makes it impossible for corporations to get support for it. It is basic linguistic terminology. Learn it. Since you are quite possibly, if not probably referring specifically to "tax deductions" for corporations. Then there is onyl one (1) thing to say to that. You are an idiot that does NOT know how taxes or businesses, or even how economics work. :D :D
Tami L Howard is correct. As I climbed up through the classes over life, I’ve gotten more free stuff tossed my way. Free food at receptions at my employers, for example. Pre-pandemic, I could have spent the whole year not spending any money on food. As a person becomes higher on the middle class rung, there are more resources available to them. I was able to get tuition remission, get three college degrees. When I worked in mutual funds over two decades ago, I saw the expenses that the board of directors incurred each time they met. Several thousand dollars just for one breakfast. When split by the number of mutual funds, the expense didn’t seem that big, but I figure the breakfast must have been for the whole company. Yes, there is more welfare for corporations and billionaires than for poor people. Look at the royal families around the world. Those people are some of the largest welfare recipients around. They dress up in fancy clothing, eat expensive food, smile, wave, and get free housing and money. One economics professor I had said welfare for the poor people in America is a drop in the bucket of all the welfare that is available. To get out of poverty or middle class, one has to set outside money to buy assets that will appreciate and is easily redeemed - i.e. stocks, mutual funds. Honestly, a 401(k) or 403(b) or an IRA is the easiest way to accrue money in America. I put away modest percentages from the time I was 25 years old, more than 25 years ago. I was tempted at time to use my retirement savings to pay off credit card debt, but kept the savings growing. What is essential was for me to call the credit companies to do balance transfers at zero percent until I got the debt paid off. Never owned a house or a car, but my net worth puts me in the top 8% of Americans. If I had to do everything over again, I would buy less stuff and invest even more. I would do more travel.
Bingo!!
@@SnowyCountryChicken what is the net worth of the top 8% of Americans? I know the top 10% world wide is 100,000.
My dad told me once, take care of your health, don’t get in debt, and make sure you have saving.
Wise man your father.
Good advice
Wise choices, one thing money can't buy is HEALTH!
@@zztop8592 : health is the new wealth
Your dad was a smart man that's how I have lived no debt mortgage paid for savings a small 401k and Roth IRA I can live off my social security check and still put money into savings every month
I think, the one sentence at 8:00 "You can feel richer, if you want less" is a great advice for all. That will make life happier.
That is very true indeed. I have been doing it for 25 years since my beginning of my adulthood. Girls and friends were lauging at me lot of times, they are not laughing me at all now, though I could lough at them.
Yeah, and be content eating beans
@@user-ti3vp9mt3z Nothing wrong with beans. then when you eat out or eat something different it's a treat.
@@user-ti3vp9mt3z love beans! I am vegetarian😋.
You can feel smart if you stop reading.
You can not be hungry if you go to sleep.
You can get strong by just lifting weights alone.
As long as they have jails you’ll always have a place to sleep.
These are examples of how this logic looks in my eyes.
Flippant, Cold, and disconnected.
The middle class are poor people who happen to have an education, skills and a credit rating, who unfortunately have to work all day to pay off the debt they owe, most likely never to retire. God Bless America 😂
The average disposable income in the US is the highest of any country on earth. I think a lot of the financial problems the American middle class faces comes down to poor spending habits and mismatched priorities.
@@waterdrinkingexpert6797 True, indeed. No other country in the world consumes like the USA. The global problem is that the ownership class is getting supremely wealthy while the working class suffers under their own forced consumption. I suppose, buy less and invest more is a good strategy.
You have a greedy government, you never end to work to pay. The government also make troubles to your life.
120k per year and not able to pay their bills? Wow
thousands wait to come to america to b better n richer...why ?.. with usa middle class declining.. it's no wonder many want to be migrants especially mexicans...becoming rich n middle class... with a beat up truck n leaf blower they become landscape contractor n soon own their own home n b middle class...lol
One strategy I have used to save some money is to ignore fashion trends. I wear solid color tops with black pants or jeans, and a patterned scarf. I hate hate hate shopping, so this has helped avoid going into clothing stores and spending money. Good luck to us all.
I buy second hand clothes and it’s good that way.
@@jaddek.astrie3071 Great strategy! 👍
@@jaddek.astrie3071 - Yes, great strategy!
@@jaddek.astrie3071 Absolutely....agreed. Great strategy!
@@jaddek.astrie3071 👍 Excellent!
I always think of what George Carlin said.. "the problem with the American dream.. is you gotta be asleep to believe it." Truer words never said.
For a long time, people are just happy the 3rd world exist.
Carlin predicted a lot of this. If you watch what he said 20 years ago it’s amazing how right he was.
lmfao
Meanwhile my family came from Mexico with nothing - grandparents left my father/family with a paid off 800k home
Oldest uncle is a PhD in education makes 6 figures
I make 6 figures without a degree even tho I have multiple certifications I dont use any of them in my blue collar position
My blue collar friends are making 200k+ much of it in cash as welders/pipe fitters/plumbers
My grandfather didnt speak english, couldnt read, welded propane tanks for 25 years and raised 5 kids on one income.
All my male friends in the trades are business owners now and making 200k+ and have endless business begging them to fix things. Emergency jobs pay even more and many in cash to save money.
There are hundreds of thousands of open positions for welders, plumbers, pipe fitters .....the issue is these men are soft and dont want to sweat and work outside in the elements.
They will work in cubicle cages for 30 to 50k, get fat and complain about how they dont make enough.
Learning to become a plumper is FREE and they PAY you while you are learning
College is a joke - the majority of college "graduates" make 75k or less while blue collar tradesman are making 150k+
Leftists told kids you would a loser if you didnt go to college.....meanwhile these kids have mountains of debt and make 30 to 40k working at starbucks with a PhD in gender studies.
STEM fields pay well - blue collar trades pay well - oil roughnecks are making 200k+ in the fields
As a man there are so many opportunities in America that pay extremely well.....the dream doesnt fall in your lap - you have to WORK for it.
You can wash dishes for $10 an hour or weld industrial oil pipes and get paid $100+ an hour.....life is a choice....its not easy. but nothing worth it ever is
Truth!!!
One thing Carlin said " Government does not care about you". So true
I just finished paying off my car. Sometimes I see people driving nice BMW’s and Mercedes, and am tempted. But remind myself to stay reserved, and save money. I know what’s like to be in debt. Poverty is one thing, but debt, it’s something else. You can’t sleep in peace knowing you owe someone money.
Captain morgan here! Bartend
Am in the same boat as you my brother I finish paying my car 6 month ago on a car that I thought I made a lifetime contract with the dealership because I never saw the debt coming down😝😝😝😝😝😝 and like you said yesterday I saw a challenger that I was tempted to go check but then I remembered how good it is to sleep in peace every night
You are a very smart person. Putting money in depreciating assets is never a good idea.
Camping-car .You Can go on holidays with all thé family .
A young person who has not enough Money ,if de got a camping-car ,such economy .
But before having tour driving licence.
Debt is modern day slavery…
“If the American people allow private banks to control the issue of money, first by inflation, and then by deflation, the banks and corporations that grow up around them will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” - Thomas Jefferson.
Your quote is entirely BS
@Tom Smith
Jefferson never said that ya doofus
But please feel free to keep on being a muppet
Nope. Democrats and irresponsible borrowers are to blame.
All the boomers in my family are middle class. All own houses, multiple cars, in retirement. All the Gen X/Millineals including myself are considered to be in poverty. One day at a family gathering an older family member started ranting about how our generation in the family isn’t doing ok and is lazy and my oldest cousin shut the whole thing down by reminding them that well have bachelors degrees and they don’t, and we still can only get entry level jobs YEARS after graduation. Millineals are not lazy. A bachelor ms degree might as well be a HS diploma……and my grandpa supported a family of 5 with that…..the system sucks…..
Well A bachelors in basket weaving and gender studies for 150K in student loan debt and your complaining. Find a trade. If you can build something of value then you are never going to be poor. College debt should not be subsidized by the government and the government should not be in the student loan business anyway and now these people want to be forgiven the thousands of debt for their poor choices.
@@stargazing123bw9 why is it that people feel like insulting another person is the right way to inspire? Basket weaving and gender studies, dafuq?
@@ashleighberryman9280 Folks online listen to a ton of Dave Ramsey and under water basket weaving is one of his go to insults even though he learned the real estate business from his dad and was able to file bankruptcy to get his fresh start to riches
I make almost 100k and barely graduated High School.
@@ashleighberryman9280 It's just a meme. The serious point is people are spending too much money studying 'majors' that will never repay the debt
You can’t make ends meet with with $120k? I can understand 30-50k but 120 you need a new financial plan and budget. You can build off grid cabin for $20k. People don’t want to make sacrifices just complain.
That's exactly my first thought!
If they make 120 before taxes after taxes that’s not a lot and depending on where they live, it may not cover much, just saying. You don’t know the entire story.
@@jaxxiet5851 exactly what i thought, they could be paying mortgage for their house, since there were having their first child few years ago, which is around the time people bought their first house.
I retired on $26,000. But, I'm single and no debt.
@@jumperstartful that’s awesome. What’s your food budget?
I come from a middle class family. I was taught from a young age how to save and how important an education is. I live well below my means and save my money. I squirrel it all away and hope to retire by the age of 57. I have no children, no debt and no car payment. I'm tackling my mortgage every month like there's no tomorrow to pay this sucker off by the time I retire. I sometimes buy things I shouldn't but I still get by just fine. I won't dare touch my 401k until I'm older and I really need it. My parents never gave me a penny and I'm fiercely independent. I see all the trouble around me and thank God for seeing me through in this life.
Emphasis on the no children…
Better to have a ROTH than a 401K.
@@zenmama2885 I was going to say the same thing. The woman is so focused on herself. No legacy.
Doesn't sound like much of a life.
@@maryfrancesbeckerhaggerty5353
It does to me!
Do not buy anything extravagant like a 4 bedroom house if you don't need it. Many things seem to be in excess in America. Live simply and enjoy a happier life!
Well said!
As if that makes a difference.
@@meregaming1770 It may not make a difference to you, it makes a big difference to the average American.
4 Bedroom House is Usually Not extravagant. 1 more bedroom than the average ? Maybe should have specified more on what type of house ?
@@premiumdomainnames I am basically saying "more than what you need". Simple lifestyle and appreciating the little things in life.
That 1st couple from Boston making 120k but still struggling. They are living beyond their means. A couple making a combined total of 120K while living dead smack in the city of Boston with a kid is just NOT feesible. I'm from Massachusetts and everyone knows you either have to be extremely wealthy or extremely poor and living on government assistance in order to be able to live comfortably in the actual city of Boston. The rest of us live on the outskirts. I make 6 figures alone, no kids, own my own house and car, no debt, and I still wouldn't be able to afford to live in Boston. Some people just need to accept their reality for what it is and stop trying to live in a fantasy that you can't afford. There's no such thing as a middle class in America anymore.
I live in Massachusetts and our family makes over 100k and we live in the Western side of the state. Prices keep going up everywhere. Housing in New England is becoming unsustainable and that is in spite of the high income most get with generous benefits. Sadly, it's not just Boston, but from the Berkshires to Hamden to the cape. Everywhere has seen housing costing more and more.
True and sadly the rest of the country is getting like Boston. You either have to be very wealthy or poor enough to qualify for government assistance to make it. The real families feeling the pain are the ones who fall in between.
So true. I left Florida in 2022 and bought a house in Texas. Very affordable though it also will be become undoable in the future for newcomers. Still, my house at 350K would cost 750K in Florida. Before leaving Florida I Googled for houses in Ft. Lauderdale below 400K. One came up at 375K. It was an "as-is-sale." Needs new roof, new floors, new walls, work done on the dilapidated pool, yard needed overhaul in all landscaping. My home in Texas is a brand new building. Think about that. Crazy / insane ain't it?
@@randymillhouse791 Plus it gets to be washed away in 20-30 years.
And that's why the 1% are thriving...People like you who instead of saying why not but are saying why of course I will move out and allow you to profit....
This need to be shown on every news outlet in the US. Thank you for exposing & documenting this situation.
Most times it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to invest.
@@bjoe631 I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more.
@@Florencecoxx That won't bother you if you trade with a professional like *Mr Gary Mason Brooks* my coach, you may have come across him on interviews relating to bitcoin and stocks. He trades, manage trading account and offer mentorship program for clients who wish to become professional investors.
@@bjoe631 You allow people to trade for you? that's interesting, I would love to learn, hope it’s safe?
@Queen OF Love This is the Fourth time I'm seeing someone talking about Mr Gary as there are lot of testimonies about him, do you know him ? if yes , did you invest with him.?
People have been brainwashed to believe they have to pay for their children's college. I told my kids they were responsible for it but I would guide them on how to do it debt free.
Almost every employer I've had pays for your college.
I hope my child does not go to college instead get into real estate
The average parent pays $5k total towards their kid's college education. A drop in the bucket. One of my relatives paid the whole bill now their kids don't talk to them.
I wish I had someone there to explain to me what I was doing! 🤦🏻♀️😢
These studen loans have screwed me! I wanted to be a mechanic an I was talked out of it by the admissions officer because well I “wouldn’t want to ruin my pretty nails”, “ there’s gonna be a lot of math! Do you like math?”, “you do know you’re gonna be the only girl in the class”. I was an idiot!!! I was a 18 year-old high school dropout with a GED who felt that I had to go to college and do something!
I was basically talked into taking television production. The problem was I wasn’t aware that when I took my loans out I took out the whole cost of the program which was about 20 grand. That’s just the way the school worked.
I eventually went back down to the admissions officer and told him that “No I want to take Automotive!” I was then informed that I would have to take out another 20 something thousand dollars in loans on top of what I already had. So of course I didn’t do it. I ended up leaving school with 20 something thousand in debt which has now ballooned to almost 42k and no degree. (yes some of it was my fault I should’ve educated myself better before getting into it. But I honestly thought that’s what the admissions officer and the staff of the college was for!)
The year after I left school they completely change the television production course and went digital so I learned old-school stuff that doesn’t apply now anyway.
I don’t like being in front of the camera so I never did anything in television or radio. However I still Love and work on my cars/trucks to this day!
@@zodiacdana You live in the US!? 🤔
I’ve had jobs that would send you to continuing education courses but never one that would actually pay for you to go to school!
Why does nobody ever talk about the crazy expense that’s keeping the middle class citizen bogged down? Healthcare premiums and deductibles. Take those away and the struggle is greatly lessened.
Even if you were to take all these away many people would eventually end up broke again, financial literacy would probably be the best thing to incorporate into the school curriculum.
Absolutely, healthcare is a major cause of debt and bankruptcy, another means the rich get richer and the people poorer.
@@newtonraymond77 You are the sickness of America. Apathy. Blame the poor. I can tell you that if you cut health care expenses in half, cut tuition in half and triple the minimum wage and the poor would have a chance. So many kids are doomed by poor prenatal care when we spend billions keeping the aged alive one more year.
@@DrJohnnyJ Oh yeah. In fact, why do we even expect them to work? Let us just give an universal income to anyone, and tax megacorporations to hell to pay for it. Money for everyone!
@@DrJohnnyJ Treble the minimum wage and most of these people would receive the real minimum wage. i.e. unemployment
The reason a lot of people struggle is because they never save anything and live far beyond their means. This family is making 100k a year and can't even afford to live comfortably? That's on them.
So true
Me and my husband together made less than half that. House is paid off and got it paid off early. Gave my husband 5 years to get other finances straightened, new washer/dryer as our 15-year-old ones are in the fritz, needed new mattresses that were 10-years-old, removing the carpet. Things like that, then in 5 years I'll be demoting myself to working only 40 hours just for health insurance, vehicle maintenance and the rainy day fund.
Learned to bulk buy. Our phone Bill together is only $100. Get new smart phones whenever they stop working. I got a new tablet however, only cost us $100. Wanted a bigger screen for the treadmill.
I'm going on vacation and everyone is asking me where I'm going.
No where.
Me and my husband have plans to bbq at home. Watch TV at home. Go to an aquarium only a two hour drive from us and just plan an event for that one day.
I plan on staying home, going on dog walks all throughout the day and watching the grass grow on my vacation, but because I'm not spending a 💩 ton of 💰 on vacation we have money for other things we actually need. Like the new washer and dryer we have yet to get. Gotta get some other expenses out of the way first before getting them.
Yeah that's crazy. For years I've made around $12-14k a year in childcare. A good portion of my housemate income is tax free because of deductions, so I'm on target to pay off my $180k mortgage, while working part time in my 60s.
@@christins.1481
The "Staycation". Good idea. I see people who do tours of Europe every year and I'm like...."huh?"
Export your jobs to lower wage countries means they get richer and you get poorer. Also the guy who said he and his wife don't talk about money. That's part of his problem.
Perhaps, but Mr. and Mrs. America want to buy $250 big screen TVs and cheap IPhones....
@@mediterraneanworld And that's the other part of the problem....they want but don't need.
"You can feel richer if you want less."
I agree.
I live on 30k year . I have solar on roof water tanks for water .economical car .eating small cheap healthy meals ect. Cheers you all can do it
Expectations for life are higher than they ever were in the past, but what goes up must come down.
My family's income is 270k a year, and we manage to get by pretty good. We eat organic food only, and send our kids to private schools for a better, brighter future.
What if you want just the basics? You know, a living wage, health insurance, a reliable car, a home in a neighborhood that's safe, real food as opposed to boxed food, enough money to pay the bills. Hey how about paid time off when you get sick? Or, how about - a vacation? I'm 55yo and I've never had a real vacation - ever. Together we make less than 50k.
I've just been diagnosed with a degenerative nerve disease. I can't work anymore. We are about to lose our place to live because we now can't pay the rent. And our credit has tanked because we thought we could make it thru the 2008 crash.
A house payment would be cheaper but since our credit is fried, nothing is changing on that front.
#thestruggleisreal #Depressionisnotadirtyword
#stillhanginon
@@fairwitness7473 I can unload my problems just like you can! My life is full of sick, suffering and dead people and it ain't been a bowl of cherries for me neither. Truth is that's the way is has been and always will be for most people. No one is coming to save you, least of all insincere politicians.
Worked 40 plus years, always saved and lived with in my budget, 65 today and living well in retirement.
What do you consider well
Travel, and good health🍺🍺
Times were different then. Most people can barely save a little. Especially families
@@stuffingames5911 I never had kids. It is the best thing I have never done!
Your house cost you $40,000
Ever since banks introduced credit, and people stopped saving for things they wanted or needed, people work for the bank. The buy now pay later has made the bankers richer and the general population poorer. People never shopped other than buying what they genuinely needed. Holidays were spent at home.
That is what bugles me as an European. Luckily in Europe we are into debet cards and only buy when I have the money. Except my house off course. Now I do not own a car and set aside the monthly car costs into a separate bank account. Makes me feel free and save and I can do whatever I want.
@@womenfrom0202 Credit cards offer more protection when buying something and you get cash back. The mistake people make is buying without having the money to pay the card in full at the end of the month and the high interests and late fees is what gets them in trouble. I use my credit card for everything except rent and pay in full when the bill is due. I'm not a high spender though and shop around for everything.
That is spot on.
You also used to get interest on savings, which today is below zero, homes also used to cost 3 years pay, pay hasn't moves in 40 years but costs of everything have gone away up
That's only part of it. Offshoring of good jobs, end of employee pensions & benefits, illegal and legal immigrants working jobs for much less money and not paying taxes are causal factors as well. Wealthy Americans have so many tax write offs they don't pay their fair share either. Only the working classes who don't have many assets. If these people didn't have credit cards, some would not be able to afford food or rent.
You just can't make this stuff up! The one couple makes $125k/year and can't make ends meet. "The idea that people spend more than before is a myth" as they show a family eating out. What, buying a $500k house that you can't really afford didn't work out well? Here's the truth, people spend their way into this mess and it's YEARS worth of bad financial decisions, one right after another. How on earth did the middle class dream go from a modest home 1500 sq. ft., a single base model car, eating out only a few times/year and sending the kids to an in-state college while they lived at home and worked to help cover the costs to what people think it is today with 3,000 sq. ft. mini mansions, multiple vehicles bought on credit with $800/month payments and every bell and whistle you can think of including leather seats and spoiled kids choosing worthless degrees, living in luxury and stretching out their "education" an extra year or so and all on credit once again. Oddly enough, those of us that reject this stupidity are doing extremely well...go figure!
Your idiotic take is the reason for this documentary and how brainwashed and oppressed you're by the 1%....
Great video, I've been interested in investing ever since I came across articles of people making up to $150,000 and more in this period, thanks for the video but is it really possible for a retail investor to achieve this in months?
I've purchased numerous stocks in individual firms. Because there are so many stocks that will skyrocket in the long run, it is currently safe to buy in on ETF and ride it out. Due to fud, I sold out early, but then retraced my ways and re-invested $350,000 with a financial advisor who manages my account. I received an 82% return last year and will see where it goes this year.
that's quite impressive, you surely made a good bit of money. I myself invested in warren's BRK-A stock quite pricey but totally worth it.
@@lipglosskitten2610 I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with ?
@@kenanporubsky2122 'Catherine Morrison Evans’is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.
@@lipglosskitten2610 thanks for sharing this, I am in conversations with your advisor, and she really has substance, having interviewed her properly and reviewed her model, I am hoping she takes me on quite seriously too
$120,000 a yr, even now, that's alot!!!! We're almost done paying for our house w/very little debt and our combine income is only $70,000 and we're not broke!!!
I have been middle class all my life and never made more than 50 K in my life, but then, I'm 88 years old. I'm done paying for my house and have no debts. I make only 45K in retirement, but want for nothing.
@@howellwong11 Good to hear. This is so good to hear you're doing well as you've gotten older. I wish my mom would have planned ahead. She'll be 79 this year.
I could live like a queen on $120,00 a year and my husband a king and I live in California. Granted our only debt is $100,00 mortgage because we are mostly debt free on an income that was never more $45,000 a year 38 years into our marriage and 2 grown children later.
I thought that was crazy how the hell are they broke bringing in 120,000 a year
It’s all about management. Not amount of income.
You can feel richer if you want less...I like that line.
😂
Happiness is wanting what you have, not having what you want.
“The comfort of the rich depends upon an abundant supply of the poor.” - Voltaire
Those middle classes of America were just happy they can have vacations in Mexico or Thailand or retire in Vietnam or Colombia and live like Kings.
The rich can't stay rich forever if the poor can't afford to buy anything
So very true
usa # 1
@@raymonddon8875 A new French revolution is imperative against the neufeudalism.
120K seems like a fortune to me yet they're still struggling, I make 40K and live on 17K. They must be paying off a lot of debt, I bet it's mostly student loans and or credit cards.
The Arizona man who lost 800K in the stock market, what on earth did he invest in? Did he panic and sell? My Roth IRA lost 50% during the last collapse but regained it's value within 3 years.
Something on the video smells of bad financial decisions and key parts being left out.
@@Tuppoo94 I think it's the lifestyle creep.
I'm really impressed. Living on 17k is really making your money work for you. I spend almost that much on my 15 year mortgage payment including the taxas and insurance.
@@Donkeyearsa at least it's an investment, I bet your property value has gone up a lot!
I'm the same. If my wife and I earned 120K together, we'd think we're the richest people on earth.
Don't set yourself on fire to keep someone else warm. Your kids can pay off student loans. You don't have time to save for retirement! All you have done is ensure that your kids are burdened with taking care of you in your old age.
My youngest son used the National Guard education benefits to finish college and go to medical school. There are many ways to get an education without sacrificing retirement savings.
They can go to community college for two years. Back in the mid 90s, a college unit cost $11 and a bachelor's degree required 120 units. So I did 2 years community college and 2 years state school. Most of it was paid through financial aid and the rest with part time jobs. I lived at home till I graduated.
Ive known the American dream was a lie since the 1970's. I watched my home town of Dayton,Ohio get wiped out when its manufacturing jobs went overseas. Even now in retirement I live in the Philippines where can live like a human being.
You did the right thing. The new American dream is expatriation. Next stop for me; Colombia. Looking forward to never voting in the USA again and not really caring what happens here ever again. I'm done with the USA. Just like my ancestors were done with Norway in 1905 when they emigrated to the USA for a better life, I will emigrate OUT for a better life.
It’s funny how you can complain about jobs be outsourced to foreign workers and called a patriot, but if you complain about insourcing and losing jobs to foreign workers you are called xenophobic
I left for Philippines too in 2012 for early retirement after seeing the writing on the wall
Imagine you‘re broke and asking a bank employee, who‘s also broke, for advice!
Oh wait, it‘s not a joke.
iv never known a bank employee that wasnt broke
I love the banks’ “financial advisors” who always try to get me to use their services. They’re in their thirties! I don’t think I need their advice.
@@genxx2724 They are just salesmen - real financial advisers can recommend anything in the market and will charge a separate fee. You could use an accountant instead but in my experience they know very little about retirement plans
The USA middle class has discovered the art of living beyond your means. We are in a culture of "I want it now".
Yup, that is the real problem.
No that's corporate propaganda. Watch the documentary! 🤨
No, that was the 60's. Now, many teachers live in their cars. Don't blame the poor for lack of opportunity and crappy schools.
These people were middle class because of debt when in fact they are poor.
Some times the means are beyond reach of the people, obviously not these people but poor people just basic shelter can be out of their means.
Wait, wait. “American middle class” make between 40k-120k”? 120k is NOT middle class, and if people are still poor making that amount of money then barring a huge emergency, something is wrong.
If that guy had $800K in the stock market when he was in his 40's, he was not middle-class. And how the heck did he lose $800K?
He probably used a stockbroker. Watch "Wolf of Wall Street". Lots of foul language, but the message is clear.
this documentary during 2008 recessions
They had a really great house!
I bet his gold digger wife left him soon after.
@@gregbrady8454 She barely said a word and you think you can judge her. Interesting...
So often the greed of a "have it all" mindset leads to this situation. Live simple folks..its easier in the long run
I wish you all good luck 👍
I'm laughing at some of these dumb comments. This is NOT the 80's have you see a what houses are going for, have you see what apartments are going for, did you buy groceries this week and basic Nissan Sentra is 20k. Stop living in the past. People use Credit cards to survive to pay that high rent that's now you have to make 3x the rent. Everybody isn't living beyond their means, some people are trying to survive and we will play by America rules or you will be homeless. 🙄
Giving up their pensions so their kids can go to college is ludicrous. They cannot make up that money. Their kids can get financial aid and/or work through college. Many students have jobs to get through college.
Agreed. Part of the problem is a lack of financial education. It should be mandatory to be taught in schools.
@@dannylengyel5830 this is a fallacy. Our high school taught finance and economics as required by state , guess how many students cared? Barely anyone. Why? Most Americans don’t care until it is right in their face. Library is free, if Americans truly cares, they would have read financial books themselves. You can only teach someone who actually wants to learn.
@@stanley19430 They'll start caring when it is mandatory to pass the personal finance class to graduate. They'll have no choice but to care.
Exactly we are in 2021 it’s not kids responsibility to care after their elderly parents and it’s not the parents responsibility to support their kids future what kind of nonsense is that everybody is on their own tough luck if you can’t survive
@@dannylengyel5830 we had mandatory tests and we removed it. Bush literally implemented it. Then the entire parents association revoked it because “we should not teach tests” and “my kids are straight A students, they should graduate regardless of the test”. Dude, what you said is literally history. This literally happened. No Child Left Behind law and common core.
I’m going to say this again. Blaming education at this point is just an excuse. Internet is free and we only have our adults to blame.
Let kids pay for their own education. Being homeless in retirement would be brutal.
And I personally know children whose parents put them through school and continues to struggle paying the debt and the children don’t even contribute now that they’ve graduated and are working.
Or tell them to go to community college first if they want money for school
@@BeBeautifullyYou there's no guarantee that your kids will be a success just because they went to university and most young people are severely underpaid and overworked so they cant contribute. A lot of boomers don't realize that.
I saved and saved all my working life....I always lived under my income. I paid cash for older cars always had a good mechanic...I was faculty and an administrator and made an excellent salary but I took nothing for granted. I moved outside the US for retirement paid cash for my house my builder husband hired a local team and added on...our property tax is $100 a yr.electricity is $40 a mo no ac no heat needed a 10 yr old cellphone.
Where did you move?
@@awpetersen5909 sounds like Sybil moved to Costa Rica per the very low property taxes and utilities she mentioned in her comment.
I am retiring in Colombia. USD to COP goes almost 3 times further. The American dream is expatriation in retirement now.
@@randymillhouse791 Ye Randy it really is I omce had c.ose Columbian friends they ñeft in the late 70s as they considered it unsafe re their children...but they returned when things got much better. And I know from them how lovely it is and have read it is now very safe...enjoy your life there!
This is sad but the mans narration is even sadder.
haha he's so monotone.
sadly yes...
🤣🤣
😄😄😄
Form a media background...so I'm usually extremely critical of stuff of RUclips. Goo to know its not just me. Really interesting into, But he make me feel like running away and hiding my head in a sand dune so I cant hear him.
And people still defend these billionaires solely for the fact that they believe that they can also be billionaires 😂😂😂
Billionaires the biggest freeloaders in America. The pay no taxes, or almost nothing.
@@lenering1084 because they provide immense value to society. Taxes are theft.
so lets tax them into poverty also ?
You mean politicians! They make millions when you consider insider trading and pay off by corporations !
@@mackeejack6731 LOL thanks, love the sarcasm😂🤣
This was made in 2008. It’s much worse nearly 14 years later. Covid has wiped out countless small business owners, so many facing the choice of closing or going completely bankrupt.
these arent middle class.. these are poor people with credit cards
ha ha.
Annual family income $100k. Spend $125k. Its the American way.
This!
👍
Facts
OMG, I thought the same exact thing
i was born in a low class family, but work my way up to middle class, where i remain. I'm 88 years old. Good planning is crucial.
Yea yea yea. Try it nowadays and see how it goes....
@@chrisnamaste3572 It would still be the same for me except the technology will be different. I was a satellite communication engineer so I would just have to change my field of expertise to fit the current technology.
@@howellwong11 can you explain how you would be able to achieve this as a millennial during today's times? I believe back in your day, a family living off a single income could afford a home. Doubt that's possible to the average middle class person today.
@@missalicesmiles folks back then didn't require microwave ovens, dishwashers, granite countertops, ceramic tile floors, Jet tubs, home theatres, smart phones, personal computers, wi-fi. numerous flat screen T.V.s ,robotic vacuum cleaners, drive thru restaurants, $4 cup of Starbucks, more than one car, bathroom, garage, 3000 sq.ft. house, 6 pairs of shoes, door dash, eating out except for rare occasions. The biggest difference is income TAX. Nowadays one spouse works just to cover the outrageous tax burden.
@@terryvlunsford1610 you actually need a number of that things you mentioned. Without a microwave, you cannot meal prep and have to waste time cooking a new meal everytime you need to eat. And how poor are you if you can't spare $60 bucks you get a basic microwave and think that $60 affects your finances?
You need a personal computer to apply for jobs, keep current in your field, and do your side hustle.
Not having a smart phone is an impediment - what if you get lost or need to address an impromptu work email or slack? You can easily get a smart phone for 300 or less
If you are in a two person household and both work, should one person spend three hours each way walking and trying to take public transit to work if they live and work outside NYC and SF?
No offense but you sound old.
I don't understand how ppl who make 100,000$ a year are considered "struggling middle class" 🤦
California
@@benjiowen8433 reasonable explanation
I think it’s because of the modern conveniences, new cars, credit card debt people are convinced by our culture that they need. They are also living in expensive cities. If people would leave these awful cities, things would correct themselves.
@@tmusa2002 thats part of it. Also depends where you live to make that $
It depends on where you live. And when you are middle income you qualify for no assistance of any kind. If rents double... Too bad. If your property tax doubles... too bad... If heating, electric, etc. College tuition, goes up too bad... They do not qualify for any assistance so a ny additional or extra funds they have must go to these costs. And scholarships are there, but they are difficult to get and only cover part of the cost. I am middle class. We live in a modest home. Have economic used vehicles. We don't go out much and rarely take vacation. Any extra income we have goes to paying off our home and setting extra aside for retirement. We also set aside money to pay for our son's college. I feel we are better off than most. Could we buy expensive crew cab trucks. Go on expensive annual vacations? Sure, but we are trying to be responsible with our money. So we live responsibly and shop for groceries at Wisconsin, Walmart. Etc. And I buy my clothes from Walmart and J.C. Penney's. We have friends who shop at Trader Joe's(fancy upscale market)and Nordstroms, Maceys type stores. But we are focused on not going into debt. 😊
this guy is funny....he says he and his wife keep their financial issues private yet he's on you tube spilling the beans
We are wealthy, but look at other people in countries we in America believe are poor. However, we spend everything we make. I was a female CEO and made vast $. My children were in private school, had new cars at 16, and I was separated from my husband and he paid 0 child support. I’m considering moving out of the USA, to a more slowed life. I’m retired and 3 of my 4 children passed as young adults. My only daughter is 39 and never married.
Like they say...until you walk in someone else's shoes....Anyone who puts down the poor. God will take away from that person and they will go through the same circumstances, but they will be shown NO MERCY!!!! BLESSED ARE THE MERCIFUL FOR THEY WILL OBTAIN MERCY.
@@colleenrainbowblack8762 love this.
@@colleenrainbowblack8762 thank you for sharing stories
He said he generally keeps things to himself. He's sharing a bit of his struggle so that others in his situation don't feel as alone.
The AMERICAN PEOPLE need to hold accountable the POLITICIANS, GREEDY BILLIONAIRES, THE CORPORATE SECTOR, WALL STREET, THE FEDERAL RESERVE BANK and the GOVERNMENT (for years of illegal wars abroad ) for greed and the collapse of the country's economy
Truer words were never said!
Right on
They are intentionally destroying the middle class.
Thank you to everyone in the documentary and sharing their personal experiences- I’ve learnt a lot - so true when you ask for less, you feel richer..with the cost of living crisis, I’ve made huge savings and cut backs so I can manage my home plus I’m doing more work to earn more 👍
Just know. Nothing is free. And you don't owe them anything.
You are great, wish you all the best.
Don't have kids unless you make enough money to have a huge emergency fund, retirement fund, savings fund. Too many people just don't have foresight. I have 2 kids, raising them alone 9 years now. I make good money, spend what I need to on them, spend NOTHING on me. Save, save save, invest.
All the comments criticizing the individual choices and not understanding that it is a global phenomenon and it has us all connected in the downfall. That’s big part of the problem.
Not all of us. Some of us are living good.
@@Scott-by9ks Good for you. At a much more widespread level, though, the middle classes' standards of living have been falling for some time now.
@@galanis38 I disagree. The quality of life for Americans has never been better by nearly every measure accept how they FEEL. Houses are bigger, yet household size is smaller. Homeownership rate is over 65%. Average and median incomes are higher both on a household and and individual basis. More Americans have access to personal transportation, a car, than ever. Health insurance coverage is 94%. US life expectancy is 79 years, a record. 93% of Americans have internet access in their homes. More than half of all 11 year olds own a smartphone! 97% of adults own a smartphone.
In what way is the middle class worse off other than how they feel?
@@Scott-by9ks The statistics and analyses I've read differ from yours. According to most readings, average and median incomes/wages have stagnated for several decades now and with adjustment for inflation have decreased in purchasing power. Cost of health care has skyrocketed and more people than ever are uninsured or under-insured. College debt is at record levels, with many of the debtors in or at risk of default, not able to find employment which can both furnish basic living expenses plus debt repayment. Homelessness has risen precipitously in many of the largest urban areas. The overall wealth gap between the rich and the less-rich has widened dramatically, showing a siphoning of national wealth to an ever smaller percentage of the population. More and more middle-class people -- arguably more than in a very long time -- live paycheck to paycheck, with no back-up for even a relatively small emergency expenditure. Internet access or ownership of a smartphone by young people is not necessarily an indication of the general economic condition. Most of my age group peers are professionals of comfortably middle-class and in some cases verging on what might be considered near upper middle class incomes, with children well past college age, in the 30s age bracket, and these children -- many more proportionally than in the past -- still considerably dependent on their parents for basic financial sustenance. No, the middle class is shrinking -- that's what most of the data show.
It is a global phenomenon, but sooner or later, they just have to realise that they can't afford a new iphone every year. And make no mistake, that iphone IS expensive for the majority of "middle class". Yet the perception of money and numbers is so distorted now that they think it is affordable.
Problem is the definition of the middle class changed. In the 50s and 60s it was a 1,100 sq foot house with 1.2 cars. Today it is a 2,200 sq foot house with 2.5 cars.
Apple to oranges. I grew up in the 50's in a middle class family and I remember things that these people crying "middle class crisis" wolf don't like to mention. One TV set lasted 20 years and not everyone had one. If something broke, you fixed it yourself. Not everyone had a car and few people went on vacation. We rarely ate out and home food was simple. A pop, an ice cream, a cake, was all luxury. Nobody obviously had a phone, computer, all the things that people now consider necessities and guess what? You PAY for all those "necessities". To enjoy all these modern things means your paycheck doesn't go as far. Leave the top 1% out of this. If you lived on the Spartan lifestyle we had in the 50's,on a $30,000 paycheck, you would not be struggling. Middle class income didn't shrink. We're spending a lot more.
This is good life. Stop complaining.
Can't compare housing prices. Tradesmen and most other people who held steady jobs could afford a house then. As multiples of average income there''s no parallel
@@neldonah8647 Agreed. My house is worth $100k more now than just 5 years ago. A new TV set and cell phone every couple years, eating out and goodies would be a mere drop in the bucket. No comparison. It was easier to live back then.
Yes, we do have higher expectations now but The only reason they didn’t in the 50s was because there was no Internet so they didn’t get to compare themselves to anyone else. So it’s not exactly a fair comparison. They also didn’t have credit cards available to them. So it’s not like the people back then were better, they just never had the opportunity. Also inflation rates are higher now than it was then. The fact that they don’t even have to buy a TV every few years tells you that they had less expenses by default. Nowadays if you buy a new washing machine you know it’s not going to last more than five or six years.
@@gunnikr In other words, stop spending irresponsibly and there's no middle class crisis.
People don't really recognize that as long as there is a mortgage, the home is NOT theirs!
Also, they don't see the long range of the interest they will pay for the privilege of staying in that pretty home in that nice zip code.
Don't buy what the banker's tell you what you can afford, focus on what you are willing to lose.
No, I'm not a banker. I am a consumer who educated herself before she made one of the biggest commitments we make in our lifetime after selecting a partner.
customer, consumer is a dum road
Even after the home is paid off its not theirs, the moment u dont pay the property tax its bye bye!!!
@@danielakasmart2891 you beat me to it. I was going to write your exact comment.
This is the truest thing I've read here. People buy way too much house and then can't afford it.
Even if you pay off your home, you don't own it. Just forget to pay property taxes and see who owns your home.
In the world right now, wealth is shifting and inflation is rampaging every sector but the smart ones know that it is best to put your future with a trusted professional to secure and even grow the value of your asset and that's why I am stuck with Suzanne Stephens Ellis, I have experienced amazing growth in my Portfolio since I joined her platform in March 2020, I can't say thanks to the pandemic but it was during the pandemic I realized that there were more options and found a new understanding of finance.
Great content. Everyone needs more than their basic income to be financially secured. The best thing to do with your money is to invest. Money left in savings always end up used with no returns, actually this the second time I am hearing about the same Suzanne, she must be pretty good.
@@chhrisleon6706 Wow, thank you, I found her and her credentials are very much appealing, I found a way to contact her on her website, thank you so much, most informative video.
My parents didn't pay a dime towards my college expenses, nor did I expect them to. Very unwise to take from retirement to pay your kids college.
community college is free
@@angelcitystudio sfo
@@ifuknjk where, Cali?
So many people out there have more degrees than a thermometer and can't find good jobs while some have no degrees and are living well
@@ifuknjk only if they qualify for the fafsa. Most kids have to wait till 25 or eles their parents income is counted.
I'm so glad I didn't fall for that American Dream Scam. I joined the Army at 18, stayed in for 23 yrs. Never married, no kids, built a modest home on 4 acres(paid off in 2015), own my car, truck,& motorcycle. Have money saved. I didn't overreach,& live comfortably. I saw marriage & kids=debt & I didn't want to live hand to mouth/paycheck to paycheck. Good luck to them all.(You're gonna need it)
You were smart, you didn't get married!! You focused on you and didn't have a wife that might have bankrupted you. MGTOW lifestyle there good sir!
@@jasonsaeger Exactly!I watched a lot of family & friends go through divorce/ child custody. Now with the pandemic I'm glad about my life choices. My parents didn't have to go into debt (in 1988) to send me to college, the US Army paid for it. My retirement & investments allow me to live comfortably.
Not to have kids takes you out of proverty
@@Natalia-ky5xt My kids are my two dogs & I rather have them over human kids. It's just my personal opinion but kids now a days are not worth the time, money, or emotions.
@@DH-hz6rv i think the same. My little doggy is my daugther. I feel that having a human kid would ruin my econonomy and the little leisure time i have left. Regards from Spain
@14:30 when he says you feel like you failed and looks at his wife for any comfort or support and she's just like "yupp, you failed" 🤣
"Can't believe I married this crawling garbage of a man."
$120 k a year and they are struggling ?? What city is that? That’s a pretty darn good income in NM
Yep, that's pretty wild. 120K a year is still really good money to earn in 2021.
My mother taught me to be frugal, and I actually like vegan food, since I have some wonderful recipes, so living on a lot less than 120K a year, I'm happy and well. I could skip meat, poultry, and fish, to save money, if I needed to. Mom is a super carnivore, though, so when I cook for her, gotta throw some meat in, ha! Food without meat, poultry, or fish in it "ain't food" as far as my mother is concerned. ( o :
It’s a good income if you are healthy
@Jess D is that a problem?
@Jess D what's wrong with living with mexicans?
@Jess D amen. Go six hours north by car and that definitely is not enough to buy a home in a neighborhood where gun shots are not uncommon.
Many of those featured are not middle class. It's time to accept the reality that they are working class. They need to accept the reality and live according to their income. Don't go from zero to picket fences. Stop relying on credit cards. Set your immediate, short term and long term goals. Work towards reaching the 1st goal and settle there for a while. This gives one the time to breathe and put money aside towards the next step. Don't buy what you can't afford to pay off in an emergency. From the outside, it appears that far too many see the end goal as their first.
Thank you 👏👏👏👏👏 the third family you can tell they were saying yes to every 10k credit card coming their home buying new cars every 3 years because business was booming and not saving money for rainy days. We don’t want to wait to get things we want things now and we go into debt.
I have a HUGE problem emphasizing with these people and this situation. Americans, especially, live beyond their means CONSTANTLY. Don't pay for tv, tpuse online transportation, STOP EATING OUTSIDE THE HOME, don't buy makeup, jewelry, etc.
That's true but Aside from us having so many issues to fix this country(where to begin)
Deprivation of information is what it is
But that's Indian policy that was born on a reservation being implemented on a far greater scale ⚖️ today
Making policies-those policies become regulations- those regulations become federal law!!
The worst part about
it is that it has nothing to do with color!!! I wish the neo Nazis would understand that because there will come a time where we need them
as much as they need us.
wasted energy is what it is against the real problem
A lot just don't see it. how could they?
I wish people could see how thee United States of America is becoming the world's largest reservation
To whom it may concern...
Empathizing.
I'll give you one simple answer. Lack of manufacturing in the United States. Good Manufacturing jobs is what built the middle class and allowed them to afford homes, retirement, kids education, a car, and medical expenses. Without basic Manufacturing jobs, the whole system falls apart.
Or..... The middle class.... saved up money years ago, and thereofre joined the UPPER middle class. Which is why the middle class SHRANK.... While the UPPER middle class GREW?? :D :D
It's true. I'm 60. My immigrant father worked in a factory, my immigrant mom as a file clerk. We had a nice house, in a great neighborhood, 2 cars, a very comfortable life. I saw all this beginning to change in the 80s with Reagan's supply side economics, which favored the wealthy. He busted up the air traffic controllers union. Released mentally ill people onto the street. Then came the 90s with Clinton's policy of allowing jobs to go overseas for a fraction of the cost. 9/11 and more misfortunes and here we are. For me this country is nice, but not worth staying here, like a hamster on a wheel. At least i only have 5 years to retirement. I feel for younger people here.
Happy trails! It's a big world with many great places without 9 genders and people who stir up race division for fun and profit.
Also American needs to devalue the dollar.
To be fair, all those manufacturing jobs went to China and other countries where they use slave labor and execute workers who talk about unions. Nations with atrocious labor rights and autocratic governments have made an unholy alliance with the capitalists in the USA, and Americans are being screwed over from both ends of the system, as our the poor workers in the countries these jobs went to.
dang $120,000 is a lot of freaking money if you ask me my husband and I both work for Amazon and make under $60,000 together, we live in Kentucky it's 2021 I bought a house for $89,000 about 14 years ago, we live within our means or below it and we've always been just fine.
Boston is crazy expensive. A modest 1200 sq ft house is easily $500,000. There are lots of high paying jobs in Boston jacking up the real estate prices
@@ft9kop sounds like it's time to move out of the city. We could have bought a house in Chicago. Instead, we chose the suburbs and bought a house for $220k. Yes it is more expensive than rural Kentucky but compensation is higher
the same $100K home in Kentucky is $1 Million in Toronto., $2 Million in San Francisco. Some places are beyond crazy.
I live in Boston, MA. A small two bedroom condominium in Boston's Back Bay is $750K. My coworker just sold his 3 bedroom, 2 bathroom house for $1.25MM.
Kentucky is a poor state compared to Massachusetts. You compare apples to oranges especially when comparing them to one of the most affluent areas in the nation. Remember Boston is the capital of Massachusetts, and has million-dollar homes that anywhere else would be $300k. I think the problem is the South thinks they're getting a better deal, but they lack the same infrastructure, protection and benefits that most New England provides. We have excellent schools, the best hospitals on the planet, and great employee protections which usually are only comparable to Europeans. I think the cost of housing is now the crux hurting the state and we need to move away from single family housing that became popular post World War 2 and build mixed housing units like apartments, duplexes and condos to help lower the demand. Not everyone needs a single-family house. We also need to better invest in trains and bussing to provide better alternatives for our busy workers. I think Boston simply lacks the space to build much more housing. That just drives up demand...
Big business wants you to want less. Less pay, fewer benefits, higher cost for health care, groceries, rent. They will no longer give you a pension, a living wage, etc but they will keep more and more of the profits as they raise prices again and again.
It's ridiculous that parents feel pressure to use their pension to pay for a child's education. That is crazy! Kids can work, go to a community College for two years etc...
It's their money. They didn't say they used all of it. They have a cabin I. The woods which means they are effectively retired. Because you can't run those businesses from the middle of nowhere. They may be richer than you think.
@@johnendersby1619 It is there money. No one said it isn't. However, the entire video is about the middle class becoming poor so it doesn't appear anyone has a trust fund with unlimited funds. The man named George in the video said he doesn't complain or want pity. His quote was, "You can feel rich if you want less." Why would anyone want ro put their parents in debt for school when the parents have to out up their future for it? Get good grades, work, get scholarships, go to less expensive schools. I stand by what I said. No parent should put up their retirement for a child's education unless their retirement is a miniscule portion of their financial portfolio. That is not the case on anyone interviewed on this video.
Amen to that 💯
Today it is impossible to earn back the cost of tertiary education. Wake up to reality .
I agree I would not spend my retirement on college for kids. I worked my way thru college and I think I value it more than if it were handed to me
Putting your kids through college using your savings is absolutely fine, but of course then the expectation is that your kids should take care of you for the rest of your life. This is common and understood in Asian and Arab cultures, as it is an expression of love and an honor to take care of your parents who took care of you. But I see in the comments that people don't understand those things
Well that maybe cultural. But another expression of love from a parent is having enough money for retirement, and making sure your healthcare and funeral arrangements are taken care of. Why burden your child with the responsibility of taking care of you when your unable too? Bringing your parents into your home should be a honor, not a responsibility.
Trouble is you need both parents working to pay for a modest home and the basics.
This tradition is actually dead in many parts of Asia. It's already dead in China and South Korea. You'll find out that paying your parents back is impossible because they need a lot more than what they put in. It's a lot easier and cheaper to take care of a child than granny.
That's just a form of social security put on kids by lazy parents. Don't have kids if you can't afford them and save for your retirement. And your kids owe you absolutely nothing.
@@ChinaConsultingTravelBlog It's out of love more than anything else. I will never be able to treat my parents the way Western kids treat their parents.
Thank you, your documentary has been a constructive learning experience for me. I have a tendency to be very self-critical. I left a socialist country I born in and studied and moved to Australia. In my new foreign to me language speaking country, I set myself a minimal goal which was to achieve wealth to join the top 1% within a timeline. I never had any doubt and never gave myself a way out. Once I achieved my first goal, I set myself a new goal which I am working towards.
In my childhood from a very young age, I learned the importance of money, wealth building, respect for other people, honesty, decency. My historically significant family going back to the 16th century, lost almost everything financially due to the country's change to socialism, however they kept their knowledge, personality, sheer determination and other very important assets they passed down to me. Today, I find my family members and relatives around the world from Switzerland, USA, Germany, Austria, France and other countries and find that we all have similarities of high achievements.
It has been very difficult to watch this documentary, while watching I felt like getting a piece of paper and the pen and making a step by step plan to implement positive changes.
I specifically loved the fact that the farmer looked and found additional ways to make money. I would make use of every tool, including the internet to earn extra money. Hearing people saying that they would be happy just to be able to pay all their bills and have money left over for necessities. has been very difficult, I felt like saying let's look at all options available to you to make extra money. build up your emergency fund=mental health, then keep going. It is very difficult to comprehend and very difficult to understand a difference between our thinking.
this is what happens when you lose manufacturing.
When the wages are high, obviously the corporate want to reduce the overhead to maximum the profit margin, hence out sources to third world country. It will be a vicious cycle. The only way manufacturers will move back to the US is by lowering the wage to the level of the third world. Will the workers accept that.
@@88eclhome71 Americans have the option to not buy it. But most won't buy from America because it cost them more.
Politicians are Just powerhungry pigs, not to mention that the POTUS alone couldnt save everything
Bingo candy you hit the nail on the head that's what happens when you lose manufacturing question is what to do about it is there anything that can be done
I don't think we ever lost Manufacturing. We just had competition come up. Remember that during the Golden Age of American manufacturing, the United State wasn't competing with anyone. They were either pre-industrial or bombed into the Stone Age from World War II. The United States from the 1950s until the 1970s was the only serious manufacturing power and consequently captured a much larger portion of the market than a country reasonably could expect.
Rich or poor, we're all cremated equal.
No, you're not
I grew up middle class. Married down and stayed home with my kids. I learned that the salt of earth are lower middle class. People today are WEAK. But you're about to learn
120K a year and going into debt wtf ? If hes not eating out a lot of buying a lot of clothes where is it going ? Is he heating the fireplace with stacks of 100 dollar bills instead of wood ? It's clearly a cost of living problem instead of an income problem. You can live like a king with that, pretty much anywhere in western Europe.
I bet his rent is $4000 a month. Maybe more. Boston is expensive. I wouldn't live there.
@@lisa9867 Even so, a lot left over at 120K...Blame, blame blame on other things. The government, inflation, recession. But the real issue is Money management!
@@lisa9867 At 120k per year it should take him 2 years tops to save a deposit for buying a home. Then the equivalent repayment would be less then half $2,000
I am so glad I payed my house off 2 years ago and now I’m so happy here at retirement
yea,, you give the criminals at the israeli rectal service a laugh...
Nobody is safe of what is coming
@@r.chavez5513 yep you are right all we can do pay off what we can and save and this may not do any good and pray and what ever happens we deal with it
@@hermanrogers1325 Whatever happens in the coming days, always stick with the ones you love and try to help others in need, because godforbid a collapse, a strong community is all we'll have.
haha you are still paying high taxes for that home, weird murica.
That is irresponsible to pay for your kids college with retirement funds. People make bad decisions sometimes and that is why they are hurting. Yes sometimes things happen out of your control, but you have control on being responsible with your money and savings. When things happens sometimes downsizing is what needs to be done, sadly many people keep trying to live the same life when their income changes. I learned this young. It is why my husband and I live like we only have one income even though we have two, plus some passive income through investments. But we live like we have one income so that if someone losses their job we can still pay the bills.
I think it's quite endearing how much they will sacrifice for their kids. I do think they need to reconsider their options. Their children should be going to Umass Amherst or one of our state universities since it's a lot cheaper than our private universities like Western New England or one of our premier ivy league schools. The commonwealth is one of the few states to provide excellent educational opportunities that rank among the best on the whole planet. Sadly, the cost of living has finally caught up with this family.
And when the parents are old and don’t enough the children will have to support them, which is awful.
Democrats love ignorant votets
Being financial stupid makes you poor whatever your income and being financially stupid is so popular nowadays.
Good comment. But so true! Seeing the same thing in Norway as well. The poor are trying to act like they belong in middle class. Middle class acting like they belong in rich class, but do you know what the richest people do? Most of them are actually acting like they are in the middle class or poor.
Most of the 9% richest people are actually living just like another poor or in the middle class only few people in the top 1% are actually rich are showing off, most of them are pretty quite about it, but the rest of the people are heavly in debt just to trying to showing off something they are not. Stop act like you are them, when you are not them. Most likely you will destroying your personaly economy.
Taken up credit card loan to buying Iphone (newest version) each year it's stupid and taking up a car loan when you don't afford it is also stupid. I just paid a phone now for $200 in cash. That's it. Do you know what? The battery keeps the phone for alive in 7 days with very little use and the phone have just the same functions like iPhone the only different are OS.
Im poor and im behaving like im poor, but do you know what? Because im behaving like im poor im actually having more money then alot of middle class people have. My goal in the few next year is actually beeing in the middle class.
Seeing like parents, family and friends that they are complaining about have a bad economy, but when im asking them. Most of them having actually double of the money i have. Some times they have even four times money then i do have. If i could be seeing in the financly historic i would most likely getting shocked how much money they are spending each month on things they most likely wouldn't need. Borrowing to much credit card loan are typical stupid thing do to. You are paying for old fun, and you are getting behind the possiblity to save up money for the future.
Not every norwegian are acting something they aren't and im glad to beeing norwegian because many people of us are very good with money, but some people are just stupid with money.
Totally agree
It's sad nobody puts money in a don't touch account
@@MrLasox Excellent comment. You’d be interested in learning about Warren Buffett.
I could live like a king on a hundred and twenty thousand dollars a year what the hell do they do with their money
Right???
Ikrr we're in the lower class and we spend every wisely. We wish to save more. But can only save what we can. People who makes $20,000 to $30,000 a month spends more. I wish I can live with that type of money, then we can pay off our debts.
Depends on where you live. Usually if you live in an area with higher pay, it is a high cost of living. Here in DE, $120k yr would be upper middle class in Philly, just 45 mins north, $120k yr is mid to lower middle class. That being said, most people don't live within their means or consider living in a cheaper area and commuting to save. So it is def mostly to do with people not making responsible choices.
@@funsizedi88 Then move!
same thing you do with yours. spend it, not save it and invest it. don't live on a budget or within their means and debt debt debt.
One major factor was left out is that we are seeing global inflation . I saw it in the news that most countries are all competing for parts , products , food, OIL etc. Even nations that managed their rates better are seeing major issues . The glut of money was an issue sure, but the surging demand from nation that re-opened from covid lockdowns played a larger role . Add to this pandemic-related staffing issues and the intentional global oil supply problems and its a nightmare . I known the intention was to explain inflation but that doesn’t do justice to the current inflation on a global scale......
U.S inflation hit 7% in December, fastest pace since 1982 . Consumer prices in Germany rose by 3.1% in 2021 . France shows a 12 -months inflation rate of 3.4% the highest since September 2008.
@@Natalieneptune469
@@tradekings5433 In order for us to prepare for the future we need to look into safer investment with good prospect . If you have the mindset of investing 5 years ahead and just keep DCA every time you get paid. My portfolio have accrued gains of about $130k under the guidance of my investment -Advisor "Nicole Ann Sabi!n" whose skills in portfolio diversification are unmatched and client-centered.
@@instinctively_awesome8283 The crazy part is that advisors are probably outperforming the market and raising good returns. I will give this a look, thanks a bunch for sharing this Web.
there are more jobs but they pay cents
Life is stressful as it is. Adding debt to it seems unbearable. I'm so relieved I have no debt
Good for you. 🙂 My husband and I try to live below our means. Less is often more.
@@sherree4444 Same here... Best way to do it!
If you lose your income, would you go into debt to buy time so to keep what you have or would you walk away losing all as soon as you could not pay?
@@screenarts GOODBYE OLD LIFE
@@screenarts I had no choice. In one week’s time, Covid resulted in loss of both my income and my apartment. I sold a few things, put a few in storage, important things in my car, and the rest I abandoned. I lived for two months in my car. I’m presently squatting with permission in a relative’s hunting camp. I’ve winterized it and it’s really cozy. Officially, it’s not for permanent residency, but it’s in the middle of nowhere, and nobody cares. Oh, it’s also off-grid. I’m writing this from town where I do part time work online.
Look at all the wives looking at their husbands 🤣🤣🤣
Never spend your pension on a kid's education. Your kids can work part time and go to community college for 2 years and then finish at a University to save money. Alternatively, your kids can apply for scholarships or join the military to pay for school. The foreclosed homes in Arizona make me chuckle now. They are probably selling for $600k now in this hot market.
A big part of the problem is not having affordable housing.😔
a big part of the problem is people not wanting to live in affordable housing.
A big part of the problem is too many people for the existing housing.
@@royharper2003 A big part of the reason may be the behavior of the residents in said housing.
A big part of the problem is the unnecessarily huge houses you have there
@@issecret1 You are so right. Good point.
That guy was stupid as hell for buying a 500k home.
And It’s a dump
Most houses in California are going for close to 600k and a lot of them look like dumps.
@@itsmeagain3078 900sq/ft in LA is $1 Million approx. You wish you could buy CA real estate for $600k
A modest home in Southern Ontario will cost you 800k, and that's in a crappy city like Hamilton.
i think its all about reducing tax payment. If you keep too much, gov wants you to pay more
Just being alive, able to walk, breathe, and connect with others or even by just being alone with nature.
Living above your means and believing the good credit lie has made survival a real struggle for some people. Certain people have always been forced to make a dollar out of 50 cents, feed a family on a couple of dollars so surviving the pandemic is more normal for them than most.
Right! If I can survive on 12k a year I have no sympathy for 100k earners crying.
Enough of the bootstrap propaganda. We see through your lies
@@Peppermon22 Where I live, 12k would just pay the rent in the cheapest place.
Word!
Not one person mentioned the trillions of dollars wasted on illegal wars and interventions. (Ex-CIA director Pompeo 'We lied, we cheated, we stole'.) (The Most Dangerous City in Every Single State. It's Very Alarming.) (US bombs, bio-weapons found in SE Asia once again proves US's conflict-making nature) These are just three random videos from you tube as a European citizen I ask myself why did the people of America throw away trillions of dollars and continue to throw away trillions of dollars on wars and interventions in countries that are none of there business and kill millions of people who never done them any harm. So then there were trillions wasted on lies in the middle east and now an eastern European is going to no is swallowing up billions of dollars when millions of American children and the elderly are starving and living third world conditions. Just look at Pompeo the multi millionaire gloating while he wastes your trillions that the american people need. That's it sorry just watched some videos made about american poverty made by respectable middle of the road Americans and im genuinely sorry for yous.
All of these folks situations are crazy....one family can't live on $120K/year...one family loses $800k in investments...one family own a line of stores, one family uses retirement money to fund children's education, etc. All need to reevaluate their spending and finances.
$120k isn't that much in this economy for a family. I make $80k as a single 26 year old and just regular old bills and whatnot add up. And I don't even splurge or have an expensive car.
Agreed. Poor decision making any which way you look at it!
Typically, people are at risk for losing their homes when they allow the banks to decide what they can afford to pay for a home. We must complete a responsible budget, save for that minium of that twenty percent down payment and stash away an emergency fund. Than go shopping for that home. Responsibility is yours, not the banks. God bless.
My great grandfather was a working class guy at the steel mill was able to have a wife that stayed home seven children Owen His own house To own a home and have children nowadays is actually considered a status symbol because they’re just so extremely expensive
I very much wanted children. I didn’t have them because it’s become too expensive.
@@genxx2724 Yes because mainly Unlike in my great grand Father’s Day you just used to Have to give a kid clothes feed them and give them a bed to sleep in and you were an outstanding parent now the kid needs a luxury room fine designer clothes expensive after school activities expensive weekend trips or luxury vacations /Sporting events and concerts and theme parks that’s if you don’t want to be considered a loser parent and have your kid go to therapy for the trauma you put him through by not giving him that stuff
@@mike15280 I would absolutely not do those things, regardless of income. I do not agree with those values and do not believe that will develop a person of character and responsibility. I still didn’t think I could afford children, though, and I earn six figures.
@@mike15280 I would want my child to do an activity and have tutoring when necessary. Kids also need braces, and have other things that need to be corrected. I would want to provide college. Perhaps the scariest thing was child care. I have to work. Child care is expensive, and I don’t agree with dumping kids off at 7 a.m. and retrieving them at 6, only to drag them home with everyone exhausted. I’d want to be home to raise my kids.
Blame the Democrats for making things so expensive
The Greek man at the end has a much more realistic grasp on the situation. Most Americans live in a bubble.
There’s no way that fellow is truly Greek. His English is flawless with not a trace of an accent.
@@doubanjiang He would've had to have arrived in the US before the age of 15.
@@seekingthemiddleway4048 I know people who arrived in the US before the age of 15 and still have accents.
@@ЯфКДВНСКБНСДГДЙФВБЦНВВН Well quite, but it depends on the onset of puberty. That's when the language centre is fixed.
@@ЯфКДВНСКБНСДГДЙФВБЦНВВН I came to America at the age of 6 and I don't have an accent. Some people lose their accents and in Massachusetts that's way more common than you can imagine.
America is screwed unless some serious laws to tax the rich are passed, or bringing more jobs back, or both!
Aside from us having so many issues to fix this country
Deprivation of information is what it is
But that's Indian policy that was born on a reservation being implemented on a far greater scale ⚖️ today
Making policies-those policies become regulations- those regulations become federal law!!
The worst part about
it is that it has nothing to do with color!!! I wish the neo Nazis would understand that because there will come a time where we need them
as much as they need us. Taxation with or without representation? cuz I can't tell the difference!
wasted energy is what it is against the real problem
A lot just don't see it. how could they?
I wish people could see how thee United States of America is becoming the world's largest reservation
To whom it may concern...
Bring back "Made in USA"
Unfortunately, most Americans cannot afford stuff "Made in USA". That's why most of the US shops at Walmart, and all the other discounts stores that sell mostly "Made in China".
@@johnr.6029 good. American products made in china Walmart Google Amazon tax free ?
Stop voting democrat then
Most of these people need to learn about basic finances. With basically everyone having the internet on their phone it's easy to teach yourself, tons of free resources on Google and RUclips. I taught myself in my early 20s and now 36 married, 3 kids, paid off mortgage, fully funded retirement. I stay home with the kids and sell stuff on Ebay, my husband is a career firefighter. We choose to live below our means
To be fair the topic of personal finance is riddled with landmines. Most of the books out there are written in such a way to try to get people to sign up for their classes, and the few remaining are overly simple and do not explain how to identify the solution best for you. Oh also, there is a push to keep personal finance from being taught in school. I wish I was making this up.
The best resource for learning personal finance on the entire internet is on reddit over at r/personalfinance, on the side bar it says PRIME DIRECTIVE, click there, then click on the flow chart. It's super simple and easy to learn and it will save you hours of digging trying to learn how all of this works. Thanks to the internet this information is available and not something coveted by the upper 1%. You're welcome.
He is right. The less we want, the more we have.
Aside from us having so many issues to fix this country
Deprivation of information is what it is
But that's Indian policy that was born on a reservation being implemented on a far greater scale ⚖️ today
Making policies-those policies become regulations- those regulations become federal law!!
The worst part about
it is that it has nothing to do with color!!! I wish the neo Nazis would understand that because there will come a time where we need them
as much as they need us.
wasted energy is what it is against the real problem
A lot just don't see it. how could they?
I wish people could see how thee United States of America is becoming the world's largest reservation
To whom it may concern...
What happens to people brains 500,000 dollars for a house that looks like 120,000 wow out in the middle of the desert
They love dust 🌵 cactus. Extreme heat heavy crime lack off watter
It probably is in a great school district and that's all they care about
Hyperinflation
Right now the prices for houses is probably just that. LOL a year ago the housing was 200 around me and now its 500k in JUST ONE YEAR. Insane
I don't even need to watch this video to know these people are trying to live way beyond their means.
They could easily sell their expensive house and get out of debt
@@oneviwatara9384 Actually, if you sell your home your rent might end of up higher now a days.
They spent their pension on kids college?! Just blows my mind.
Wish we can see a documentary about the American middle class situation in 2020 vs 2008. Wondering what changed, for the better I hope.
Forthcoming.
No...will just get worse as Western wages are pushed down to the level of the poorest 3rd worlders...as per the Globalists plans.
Too early for making a comparison, the fallout hasn’t started yet pandemic consequences just hang in and watch you’ll see
It’s gotten worse. With the C-19 and society shut downs. Many people are suffering.
Yes...we need an updated version of this...We need to be able to see reality...in order to react/change...