UNPAID Debts SKYROCKETING As Emergency Savings Plummet
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- Опубликовано: 15 сен 2024
- One of the biggest signs of trouble right now is the amount of consumer debt that continues to rise as well as the defaults and delinquencies on this debt. All forms of debt from credit card debt to car loan debt and mortgage debt are seeing upticks in the amount of 90 day past due accounts. And the recession is not even "official" yet.
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People ADMITTING REGRET On LARGEST Purchase of Their Lives ruclips.net/video/R62Y3pf9VoM/видео.html
You want the truth ? Any person or Nation that has turned their backs on the LORD God ALMIGHTY, God has allowed that man or Nation to be destroyed but if they turn to he that they had Chrusified upon a tree he being the Almighty will have Mercy. ✌️✝️👍 And if not you haven't seen anything yet as far as doom and gloom and then you will know that I lie not. P.S. YOU pastors BETTER GET YOUR ACT TOGETHER BECAUSE YOU'LL BE HELD ACCOUNTABLE, PREACH AND DO OR GET OUT OF THE WAY AND LET ANOTHER TAKE YOUR PLACE !!!!
I paid a lot of bills debt last night. In 2017 I had $52,000 debt. In 2023 I have $19,000 debt. I am working hard and not traveling and not eating out or going to movies. I stay home and cook my own food and I crochet blankets. I also walk and do weights. I do not belong to a gym . People younger than me are enjoying life and not sacrificing. I plan on paying off this debt by next year .
I finally got out of debt. Been in the hole since 2019 when i got divorced, lived off credit cards so i didn't have to sell my crypto. Thank goodness I didn't, but probably should have taken some off the table when i was a paper millionaire. Hopefully next time I am in 'set for life' territory property is a little more affordable.
Your on the right track that’s huge accomplishment your tomorrow self will thank your today self keep it up that’s inspiring
I paid off wirh David Ramsey plan 55k of credit card debt when I was stupid in my 20’s and early 30’s took 4 years but debt free in credit cards next debt I’m tackling is student loans then mortgage
@@squarecracker be sure to report all your crypto holdings to the IRS
Same here in tax hell CT.
Our financial advisor told us 8 months ago he thinks we will see a modern day depression. We are building up liquid cash. We have been debt free for 4 years now.
Michael, I had an uncle pass away and found out at his funeral that he never had debt. Ever! Paid cash for his house, cars, etc. I wish I knew this before he passed so I could discuss with him how he did it. Miss you Uncle Bill!
For sure, this is the same way I have done everything. Never paid a penny in interest to any of those bloodsuckers.
My Dad the same, he bought used cars ,and psid off his house in 4 years. He grew up poor but worked very hard and never had credit card debt. This is going to be a painful lesson ,its a shame you become enslaved to a mortgage for 30 years. I can see the shift from owning to renting especially for a 59 year old Im notvsure if owning right now is keeping up wuth inflation. I even thought I sell my Coop and R.V. for a while it will be worth waiting for housing price drops.
My Mom refused to go into debt. She was a successful Realtor, who loved the profession, and had many repeat customers. She drove cash only, used cars, paid cash for home, had credit cards, but never carried a balance. Zero interest paid. She was not raised poor, but new was not the normal. She told me that when a pair of loafers had a very worn sole, my grandfather made her fit the shoe with sturdy cardboard. She appreciated the value of a dollar. She passed debt free.
Bought my house in 2015. Paid it off in may 2021. I bought the smallest house I could find. Have the lowest heating bills and property taxes around me here in pa. Debt free is the way to be.
We could be Twins oh my God 🙂🙂🙂
Would love to know what is low property taxes for you?
@@googleuser4428 less than 2k a year including school taxes.
@@galupproperties3098 Ok, Wow pretty low. Mine is 6k. Was just wondering...Thx
Smart move! Good for you. Big houses are not always better houses.
I'm poor. Saving Money to buy Realestate in a couple Years. 0 Debt. It took over 10 Years working 60 hrs. per Week to get free of Debt. Not the brightest Bulb on the Tree. Live low, Save Large, Start now.
Freedom is an Awesome Feeling.
That's awesome! Good job!
Don't save in fiat currency
@@rodsilva80 Smart.
Live low , save large , start now.
❤❤❤
How many people signed up for $700+ mo car payments? How many have $1000 cellphones? How many paying $100 mo streaming? How many getting Starbucks?
Bingo!!
Lord and lots!😂
Agree most Americans, are an I must have it "now" society. They have to keep up with the Joneses. I just bought a new 2022 bottom of the line Renegade Jeep, traded in my low mileage Subaru and paid $15,500 in cash. I own a Tracphone, I live frugally and I could care less what the Joneses do or have. And, even in retirement I aim to save money every month. Everyone can live debt free, it just takes self-restraint.
Right now I’m headed to my favorite Starbucks 😮😂😊
@@buffycat4641 GRANDPA ALWAYS SAID WITH THE MILLION DOLLAR LIFE COMES THE MILLION DOLLAR PAYMENTS. BE HAPPY WITH WHAT YOU HAVE.
I'm sacrificing like crazy. I want to be free of debt by the end of this year.
Rooting for you! You can do it!!!
You can do it starts with a budget
It’s the BEST feeling! Totally worth the sacrifice. You can do it!
Ahead of many you are...
The sacrifice today is a learning lesson for tomorrow. I bet you won’t be in debt again because being free feels so good. You got this!
I am 44 and bought my first home in Maine in the summer of 2021- I felt that I HAD to. The interest rates(2.6), my age, my situation... Well- I utterly hated that place. I was depressed and felt like a moron and I sold it 4 months later (before the market tanked) The entire time it felt wrong and i kept my apartment at the beach in NH (yes, we have a 15 mile coastline!) I hated paying that extra 1500 a month but I knew it was worth it. I am so glad that I did. I am much happier in my sh-tty apt in a place that I love. Even with only putting 10% down, I sold the place for 15k more than I paid for it, and was still out roughly 17K, and it was worth it. I am so glad that I am renting at this moment. Its not perfect, but it was better than the place I could "afford to buy". It SUCKED.
Not sure why owning in Maine sucked?
I did purchase my first house until 39 and now at 63 I FULLY AGREE WITH YOU. Houses are way overrated and I am handy.
@@MyUtubeScott They can be but if you buy at the right time, you can always sell. You can’t sell rent receipts. Best wishes
I learned a long time ago that the neighborhood and the town you're in has just as much to do with how happy you are with your living situation (whether it's renting or buying) as the property itself--perhaps even moreso. And yet people focus entirely on THE HOUSE as if it exists in a bubble isolated from the rest of the world.
@@Falconlibrary Good fences make good neighbors…
I am a contractor, and I saw last year sub contractors are buying diesel Denali trucks for 100k , I was like omg. Last year you could not even get a sub contractor to come on time and keep the normal price rate. Forward to now. 2 to 4 calls per day from subs asking if I have any any work for them cause they have Bill's to pay. There is less work for them and more competition. That means they are willing to drop the labor cost just to do the job to pay for Bill's, its happening
But I bet they still think buying that $100 truck was a good move.
@@buffycat4641 Goof next store finally has a steady job and BUYs Toys.I'm Sure he got a deal🤣🤣🤣.Few work on the house when it's 8% ..
Yup, that hot job market wasn’t going to last forever
Can you imagine what you need to make if you have two or three kids I don't know how people are doing it
Grandparents! I keep them afloat😢
Wow, that's probably the truth for many !
Yeah, I can’t imagine how hard financially it is to even have one child. I’m child free by chose but if I wasn’t, I would do my best to be financially and mentally ready to be a parent.
I look at some of my friends and especially family who are in just some of the fix you have just mentioned. It is sad because some family members have ask for assistance and have had to be turned down. One of the hardest things I had to do because I was telling them for the past decade to save their money. I refuse to be their personal bank any longer.
Good for you! The requests for money would never stop because they never spend within their means.
Thats if they pay back
I guess so unless they are you parents, my mom has dementia and my dad did too, its very expensive so don't lose sight of who raised you and made you who you are today. If it is your parents please reconsider while you gave them .
But they need to go to Disney.... Shame on you... LOL.
@@daviddionne8296 a younger family in town won a smallish lottery of 160k. new suv, trip to disney. planes and hotels.
the grapevine says they need two old roofs pulled off and a new one put on. h20 tank is done, too. nope. they took the kids on an expensive party to be like "everybody else".
I am FINALLY debt FREE! Well, I pay a mortgage... So not technically debt free but feels good to not have any other debt besides my mortgage.
Congrats 🎉🍾
@@YanilleCastillo 😁👍
Good job!
That’s my goal. Congrats to you! ❤ I’m 4K away from being debt free other than my mortgage! Once that 4K is paid off that extra money will go on my mortgage and toward retirement.
@@raemaxey3401 Good 4 you! You are just a short period away from being debt free (excluding mortgage), and it feels great! Keep going strong!
As a millennial watching these videos (I started roughly around the pandemic) I’ve paid almost all my debts off, and built an emergency fund that’ll carry me through about 1 year if I lost my entire income. My dad also told me growing up to keep my bills as low as unemployment would cover. I’ve taken all of this advice to heart, and turned into a frugal nut. I do live a pretty comfortable life. It feels good looking at my savings knowing that I’m secure. Next month I’m taking a trip to Vegas to enjoy myself, with an extra fund I’ve created for vacation. It’s hard, but becomes normal once you apply these rules regularly. I do have a mortgage, that I got a few years ago with a 4% fixed rate, I also bought my parents home on a huge deal. I’m well above water.
I do see friends of mine living lives like you talk about everyday. I tried warning them, but they think I’ve lost my mind.
That is so awesome to read this Chris. I am honored to be a good influence for you and so happy to hear you’re doing great. Thanks for being here.
Your friends won't Liston,Just Keep Going on your plan not theirs. It was unreal in 2008 all the Well dressed people getting kicked out of their houses..In 1982 they looked homeless..Enjoy Vegas 😁😁😁😁😁😁
Stack cash and be ready to pounce when asset values plummet. Real fortunes are made in crashes.
Excellent. My only advice is spend the Vegas money on a micro greens business. Win win.
@@MichaelBordenaro Thanks Michael. You have definitely been the driving force for me. This channel deserves way more subs then it currently has. There’s tons of knowledge here that everyone should be tuning into. Unfortunately, people don’t like facing reality, until reality catches up. Great work!
So spot on Michael! This crazy economy depends on spending and debt, a recipe for disaster eventually. You’re right, they say it’s not bad and will be okay. Sure. The whole market lost sight of the fundamentals a long, long time ago. It’s all about what people believe. When enough people wake up, it’ll be too late.
I agree all fundamentals are out the window right now. It will have to correct for it to go on
Nothing new!
@@MichaelBordenaro bonds are 'fighting' the stock market right now,, easy to get a 'safe' 5% on bonds and CDs...Fed should have reversed QE long ago, but kept money printing go brrrrrrr
I agree, everything needs to crash, I'm like you I have no credit card debt, no car payment, driving old car but waiting for everything to drop maybe 4th quarter this year to buy a new one, but I do no extra spending, just waiting and saving.
Talking about debt, DO NOT GET SICK and have to go to the hospital, esp using an ambulance. Medical costs are astronomical now and can easily bankrupt you. Eat right, exercise, etc as best you can to avoid getting sick. The correction should be worse this time because the Bubble is much bigger this time then in 2008.
Absolutely! That can cost you big
Yup, hospital bills are no joke.
Only in Florida you can walk miles between neighborhoods and no one is out doing a walk or something
I think it’s the time of day or neighborhood. I live in south Florida. Always dogs and families walking in my neighborhood on the sidewalks.
@@jbar_85Everyone is at work paying for these houses 😂
@@zoraster3749 And the property tax and very expensive property insurance costs.
Some people are uneducated! That’s the good thing about this channel, you get us all educated
I’ve had credit cards since I was 18. But I’ve always paid them off in full every month. Have never paid those blood suckers a penny in interest. I’ve never carried debt but always made use of credit lines. 800 credit score now. 👍🏼
You sound like myself. I take it a step further, I prepay my credit card. I use them for all my purchases like groceries. I know aproximately what I will spend and make a payment before shopping. You can do the same thing with vacations. Save the money, make a payment and enjoy the vacay stress free.
@@TKOin2life Every Monday I just hit Pay why Think.. like 813 FICO..ALOHA
I fell in this trap myself …. That is why I paid everything off …. Except for medical bills that was not mentioned here … That I am still struggling to pay off little by little …. and for that reason …. I decided to live most of my time out of the States …. Living cheaper than in the U.S. and a better life . I do come back to do camping in my camper when in the States for a few months . America was designed to keep us in debt and never really pay the debts off …. I may not have the luxury that I had in the States …. But now live without all that debt . Comfortably ….. Many have been doing the same …. Especially if you are in retirement .
Your completely right about all that! Especially the medical bills.
The generation in their 70/80s had an entirely different outlook on spending. My 80 y/o mother has the same couch she had when I was born granted it was re-done 20 years ago and built a custom home 30 years for 30,000$
By the time that main stream media reports on it, we're far beyond screwed. All the predicaments that we are currently in originate from the fact that most of the people can't think for themselves. This economy is no exception. We would be lucky to get through this by just going through a deep recession.
Main stream media is the enemy of the people.
The media has become so politicized, it's really hard to find out what's actually the truth about anything. They willfully and openly lie, and then lie via omission. It's a mess!
I’m almost 67, and semi retired. Went back to work to knock out debt. Was doing very good, then our Fed Government went ahead and soaked us with an Income Tax raise. It’s a lie when said ‘not 1 cent raise on incomes under 400k’ . 11 % on an AGI of just over 50k.! Back in the hole again. Keep working.. I guess it’s better to stay active anyway.
I must have missed it, because I've heard nothing about an "income tax raise". -- Not for decades. Just the opposite, Trump cut tax rates circa 2017. Then, during the pandemic, the govt started tossing out free money to most households.
11% marginal tax rate -- which you cite -- seems like a very low tax rate. Again, that is the marginal rate -- the first $13K or so of AGI is taxed at 0% (via the standard deduction).
There generally is a 'tax penalty' for collecting Social Security and drawing a paycheck. -- But that is not a new law, its been around forever. -- The reasoning behind it (I suspect) is for older folks in the labor force to make room for younger folks.
Joe biden fault
you mean joey lied??? no way. hey at least hes not racist......
I’m so glad that you understand the struggle of the middle class. Shit is getting real. I’m barely surviving this situation, but I’m going to power through and end up victorious at the end!
I was at Dania Point today- walked into several stores, packed like it was the 90s! I was thinking, “where are they getting all this money from??!” I will be watching this clip and commenting after! I’ve been waiting for this one! 🙌🏻
No doubt it is the very same where Michael is there is FL and all of FL. Probably planes arriving full daily; freeways full of cars; restaurants full all day & night; theme parks, etc deep lines of people. Therefore plenty of jobs for FL residents to ditto earn and spend away. But I've not heard him talking about that in FL
las vegas is the same way.. i live away from the strip
and restaurants are
packed everyday
@@emc6511 yeah I live in Fort Lauderdale. But I think, the majority of these people in my area are not tourists. It’s crazy. People are just charging charging charging.
Well, remember . The rich are getting richer.
Boomers doing ALMOST twice as good with their finances than every other generation.
I live in CA and the last few months I started noticing a lot of new cars on the road. I thought, "That's odd 🤔. Who would/could buy a new car in times like these?" So, I've been driving up to see who's driving them and the only pattern I noticed was they're all old. They all looked to be 55 yrs old, minimum. Idk what that means, but it's a pattern I've observed in the real world
If people actually sat down with a piece of paper and figured out how much money they waste daily, it would shock them.
Starbucks coffee $3 a day / $90 month
Energy drinks $3 a day / $90 month
Lunch $15 day / $450 month
Over $600 month for that small list
Education is key, especially the ability to do simple math
Santa, it 'should' be that simple.
But you may be asking too much for a lot of the graduates of our public school systems..
Agree. They should have a mandatory class in finance, before students are graduated from High School. Should cover everything from taking on debt, interest rates and saving money for both a rainy day and retirement. When I was maybe 19 or 20 I can still remember a local bank, that as an advertising tool gave out a circle type card that moved. If you put it on one number let's say $50 dollars a month from 18 to 62 with interest, it would show you how much money you would have saved. To this day, many, many years later I still remember that savings tool.
As a baby boomer myself, I must say I was never taught this in school or at home
My parents were so poor we struggled to survive. I came from the school of hard knocks like most people
@@Ocean_breezes Same for my early life, but I believe I learned how I did not want to live by watching my parents. Always on the move to avoid the bill collectors, never knowing for sure if we were going to eat at the end of the week. Knew I wanted security and savings in the bank.
There is staggering amounts of new construction going on in Southwest Florida. They are in the process of clearing huge developments further inland near I75 in Charlotte and Sarasota counties to make way for tens of thousands of more homes. If and when the wheels finally come off this thing, Florida is going to be in a world of trouble.
Yes please, to the compilation video! Great info, Michael! Things are so out of control. We are being squeezed from every angle!
I hope the new discovery of the ancient artifacts in Miami will be preserved snd delved into more. I am always interested in history!
Thanks for all the useful information Michael. You do a tremendous amount of research. I am a southwest fl resident. I too put Chicago in my rear view mirror. Scored a manufactured home in 2017 right before this craziness began. You know something is out of whack when a mobile home increases in value. Glad I found your channel. Gary Z
Hands up the number of debt-free people. 👍
✋
✌️
🤚
Just since 45..😁😁😁😁
Yes, in Phoenix, and I'm sure everywhere else car insurance is skyrocketing, too!! Despite having a clean record and an 820 credit score . I have been teaching my children this with credit cards ect. We ourselves received a large lump sum of money from a will and did exactly that paid off all credit cards. I am so glad we did because cost for everything is just growing.
Like buying things you don't need with money, you don't have!
Maybe the reality is that we need to get " second jobs". I BASICALLY am a " slave" to cash money. Work and save even if it's $1,000.00
I’m glad you’re talking about the economy and personal finances as well. This will expand your audience.
I have been living (modestly) on my savings for four plus years. I am very worried about running out of money in a couple of years.
WHY ???
You haven't invested it?
Real Estate is the economy and the economy is Real Estate...Earlier, I heard someone say the savings rate was 2.3% and I thought they misspoke. It is...I love your attitude in this vid. No sugar coating it and full of frustration about the nonsense spewed to us for many months now; it really is getting old. One of your best vids. 😄
Thanks Paul! Thats right, the moment real estate stops so does everything else. I am tired of the BS!
Michael, keep spreading that Truth because I keep sharing your videos with family and friends who are in deep denial. Sooner of later (up to them) they'll get jolted back to reality. Yes, we already are in a recession and are at the cusp of a depression. This is the time to hunker down and poke a few more holes in the belt and tighten it. No unnecessary spending at this point. Wake up people. Open your eyes and look around you. Thank you Michael. 🙏
Most Americans are bad with money and worse at math, but are also perpetual optimists. If you understand this, it all makes sense.
Story of my neighbors: the husband just got laid off, the wife is still working, so even with unemployment benefits, their household income has been reduced by a significant amount.
They just bought a new 75 inch flatscreen tv. Because it was "on sale" and they're "saving money". They put their old 65 inch on the curb (still working) and some scavengers came and collected it (there's a good side hustle, collecting other people's castoffs). Oh, and the husband is sure he'll find a job "after the benefits run out". Going to take a long vacation until then!
Saw it, wanted it, bought it, it's on the credit card, how will we pay it off? Who knows?
My neighbors are NOT a unique case--I'd say most people are like that. Hell, people bought entire houses on impulse, what's a $1100 flatscreen tv or a $45,000 car compared to that?
I'm no financial genius and not rich, but I never carry credit card debt, drive a well-maintained car that I paid off years ago with 0% financing and another one I inherited from my dad, and have cash on hand for emergencies. And my television is over a decade old, but it works just fine, so why get another one? I have no financial worries because I've always lived below my means. The materialism of Americans is one of the biggest problems in our society: it's the source of a lot of stress, and part of it (not all of it) self-inflicted.
Couldn't have said it better myself! Your neighbors are quite the example of who this video is about.
@@MichaelBordenaro Lots of people get into trouble through no fault of their own, but the response to losing your job shouldn't be "hey, let's buy new stuff". Last time I got laid off, it was generic macaroni and peanut butter until I got a new job. My neighbors get daily DoorDash and UberEats deliveries.
@@Falconlibrary For sure, not good. People like that are going to be in for a rude awakening.
@@j4513 Last two years of getting bailed out by Big Daddy has made a lot of people's brain soft
Thanks Michael! Always appreciate your informative, sensible updates and affirmation. So such is tethered to employment remaining strong it's absolutely mortifying. We'll keep watching through our fingers.
The City of Miami refused to preserve that archaeologic site because using this site to build commercial developments will be more lucrative for them. All those big firms, or luxury residential developer willing to rent or buy in that location are already lined up, and the City officials already got bribed to secure a commercial development deal. Everything is about money.
Absolutely, sad but true...
Yeah, its not just Miami. They do this everywhere. I have a brother who was an architect in St Louis, and the place is covered in Indian artifacts. It used to be called "mound City" for a reason. He said the builders would have their projects put on hold for years, so they turn their eyes and do not see.
See the big business are in charge, at all levels. Does not matter where you go. They have the big money, power and committees at their side, the heck with us.
any time the corporate type get involved it always bad for the general public. the money they spend to buy those that are trusted with the public trust is always well spent i would like to see them contribute to the public good and the only way that can happen is taxes however we are so brainwashed to believe taxes are bad for us they win again with our blessings so it is what it is .
@@santiagovasquez1404 In this case, the City of Miami should buy the land, and do a historical rebuilding. Imagine how many tourists would flock to that! The City is missing the boat. But this has generated a lot of publicity and the City has to come clean in this particular case.
Remember the Miami Circle? In 1998 , property developers found the remnants of a 2000 year old Tequesta native American settlement under the Brickell drawbridge. We preserved ancient history and archeology back then, but no longer do now. Sad !
Please do the compilation videos...I listen to you everyday...and you are correct on everything your saying.
A dollar in your pocket will always be your best friend.
Pay yourself first.
A portion of all money you take in is yours , yours to keep , yours alone , yours forever.
Never stop working
Never stop saving
Never stop investing
The road never ends
❤
You should totally make a point by point comparison to 2008! Would make an awesome vid!
Plenty of videos out there doing just that
Exactly, They are just lying !
Good Job Michael !!!
People are holding onto their savings while having cc balance because of "scarcity mindset." It doesn't make financial cents, but it's psychological.
I am 44 and i love your channel. You are NOT doom and gloom. There are some- Heres looking at you SCOTT and the bald dude from CA- that are straight up d&g (despite having some decent content) But I have to say that I now have a construction client from Orlando so I am interested in Florida. And every video you make- Miami looks lovely!!! Do you only shoot inn good neighborhoods? Its seems so peaceful and quiet!
Really good advice on debt Michael . Worse thing to do is ignore it .
Especially now, lenders don't want to lose you as a customer. Mortgage lenders don't want your house, it'll be a pain to sell. If you show you want to keep the mortgage and the house, they will work with you.
Most ppl I know have already lost their emergency savings.
The property tax is the heroin to municipalities in America today . The destruction of its once beautiful cities with buildings inspiring thought and strength has been replaced by a new faceless private equity 150 unit apartment complex .The city leaders looked the other way . Thanks as always Michael .
Great video as usual Michael - Miami is in gridlock from too many people and prices are out of control -- it is no longer worth it
Bonds are risky because inflation can overwhelm interest rates. And once your money is locked, you may have to use credit to survive until bonds mature which means you can lose thousands. Its better to be fluid
So many great points addressed! Thank you, Michael!
Love your story about the archeological dig happening and what they are finding. I was an Anthropology major in college, way back in the day. I, too, find these stories fascinating and sacred. The current era of greed consumes all. Even those who came before us cannot get away from it.
I can’t help but notice how noisy it is in the area where you began your walk. Looked like a seemingly quiet and very pricey neighborhood. You are always so patient!
Thanks Johanna! I have always been fascinated by ancient history and its sad that it doesn't even matter anymore to most. This area is usually quiet but it was rush hour on Friday and lots of cars passing by
I use credit cards for my business but paid off every month no interest
Plus I got money back every year
Which is good 👍
Me too!
Like you said, things are similar now to 2008-9, but this time things will be worse. It's scary to think about, and easy to lose a night's sleep over. However, it's inevitably coming..
I bought my home in 2009, I don't see all the foreclosures, short sales and bank owned properties for sale like back then yet. I still think within 24 months it should be about the same or worse.
Rockin shirt bro. To learn and experience living with no debt is life changing. I’ll never use a credit card again.
The only reason not to use credit cards is if you truly just can't refrain from spending that which you can't pay.
Thanks!! I use my cards every month, but I also pay them off each month as well. I won't spend what I can't pay.
yes! right now newly built houses are better priced than older houses in my area right now. price drop from 500k to 380k + closing or buy down points. and ppl need to realize this and stop overpricing their old 50-60 years house. but the most important is ppl should stop buying these houses these are the ppl that will go into foreclosure and we will get a good deal in the market so I say let them buy now and lose it later.
A lot of pain out there that main stream media is ignoring.
Oh yea!
Much of it self-inflicted.
@@buffycat4641
True, But the amount of pressure and shading of the truth trying to get me to over pay the last two years, I have to think the Real Estate Industry has some blame too.
Every video you making is extremely valuable and might help people from losing everything, so please do the compilation video you mentioned.
And, let's not forget that people are becoming more desperate and violent as their personal finances fall completely apart!
Makes me very happy to know that 👌. I may make that compilation video
Finally, I only watch you and a few others on utube , because the homeless problem is so bad and other problems such as lay offs , and your right about numbers don't lie
I had a very good emergency fund at the start of last year, but with injuries & illnesses, I had to start using it. I'm casually employed, so don't work, don't get paid. So it's practically all gone, but I have hope that after my current lot of bills are paid, I'll be able to start saving it back up. It's going to be tough road ahead with prices of stuff going up though.
did you have decent health insurance?
@@PatriotSteve yes, thankfully
I am getting money back from my taxes and it’s close to $700 and I will use it to pay off my debt .
That is great to hear!
My husband and I own a flooring contracting company. Since the pandemic we got into debt taking out an SBA loan. Now our credit card debt is maxed out and our business has lost about 40% in business. We have used up all of our savings. This economy is invade bad shape. I blame the government for this huge mess. But had we had more saving we
all businesses go to zero, in the end. something you will realize soon it sounds.
Please discuss this situation with your accountant. You need to know if your finances are improving or deteriorating also you need to benchmark your progress in future months. From your comment you may be digging a bigger hole. It’s no shame to close the business and get jobs. As a fellow business owner and CPA I wish you the best.
Ya that's the ticket. We'll blame the gov't! Really?
Knox Family -- You "blame the govt for this mess"... Which mess? Certainly, its NOT the govt's job to run your business. No one forced your biz to take on an SBA loan. If biz revenues are down 40%, then massive cost-cutting should be the order of the day. Perhaps competition is "eating your lunch"? Perhaps its time to evaluate whether your business remains economically viable.
Businesses can/do fail every day of the year. That's not the govt's fault. Its simply the invisible hand of the market.
@@barrysharer3401 Correct Sir and Good Job..They shut everything down why would anyone buy a Floor..Post more Sir and I gave my CPA a 100% tip 2 years ago for 30 years of No Hassles..ALOHA😁😁😁
No debt is the only sane way you can retire.
Michael, you are correct in your analysis. Recessions are needed in Capitalism to purge weak and zombie businesses. Runaway pricing is common before the deflation kicks in. We are at that inflection point. The best advice is to stay put and keep your money in stable investments. Miami and the coastal FL cities are like the "wild west" with more criminal activity as scams in real estate than ever.
The American poor people numbers are BS. Every poor person I know has plenty of money for Cigarettes, Beer, Mac Donalds, Lottery Tickets, Cable TV, Cell Phones, and most have nicer car than me.
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Really enjoyed the news on the archaeology of Miami and the threatening developement. Thank you.
So, this is hilarious. I was checking inventory in my area today just to see how things were going, and I saw that a bunch of new construction homes that have been sitting on the market for several weeks now just RAISED their asking prices! What!? I fell over laughing at this. How insane! I just don't understand the logic.
I’ve seen it too. Not just new. No idea what that’s about.
@@billygee3836 Sometimes They just UP the price and it Sells. Not selling why not risk it..
Love all the information you share. I watch them all!! Thank you so much for all you have done to help educate us!!! ☺️
This has become my favorite channel!!
Thank you very much Nancy!!
That is so cool Brian, thank you for being here 👌
Thank you for this amazing, informative video, and for being so honest!
My plesure!
I always paid extra to the principle every month I auto paid my mortgage
Going to paid off this year's
Debt free by next year
Then only property taxes
And food plus utilities
Insurance home +car
...and if you stuck that extra into an index fund, you might have 2 houses today. congratulations though...
Best thing you could have done. I did the same when I had a mortgage, but I sent in two checks every month. One to pay the regular mortgage and the second one mark for
"interest payment on Mortgage" only. Back in the nineties that seemed like the best way.
I tell my wife all the time that the world economy needs a financial fallout to bring down prices. Life has gotten too expensive.
I don't understand why anyone would have a credit card except for two reasons:
1) You cannot rent a car without one (not easily)
2) You cannot rent hotel rooms without one (not easily)
I never put anything - ever - on a credit card except hotels and car rentals. And I pay them off immediately. I would not have a credit card (I only have one) if I could get a hotel room easily or rent a car easily without one.
I pay a credit card off every Friday. I invest my credit card rewards. I think credit cards are neutral but I also understand that nobody gets a card and thinks I'm never going to get into credit card debt. Which is why I have an emergency fund and wouldn't use the card without one.
I earn points on mine for travel, hotels. Pay it off without failure at the end of the month.
Great video...I loved your analogy at the end..."it's like a Developer going to Egypt to break down the Pyramids to build a new high rise..." LMAO.
In Illinois, houses are going so fast it's unbelieveable!!!
Houses are 'going'? Houses are "going"? Going where?
When CNBC puts down the pom-poms and says things are bad...that means things are really really bad!
You Nailed it, there’s no question debt is skyrocketing. Deals are coming but have to wait it out.. You should get one of those rechargeable scooters to get around on! Thanks for the informative videos!
Thanks! Yes I think I will get one of those scooters for these heavy traffic days, can bypass all that crap
I've paid off all my credit cards and have a good amount in savings. No better feeling in the world knowing I'm set in case of an emergency.
Tons of new construction by me in Colorado and way overpriced. Seeing massive cuts in pricing, $50-60k drops.
As for the artifacts, that is absolutely ridiculous that would not be preserved and studied. I'm sick of seeing every open plot of land being developed into massive homes on tiny lots or walls of apartments.
Beautiful neighborhood.
Thanks for all the great videos. I usually watch via a smart tv without an option to like or comment but I keep up with your videos. Keep up the good work
Just sold my house in So Cal & paid cash for one in Virginia & have everything paid off , my wife is retiring in 2 years & we are debt free !😀😀😀
I love your videos. You are very good at this. This sounds like my 2019 when we went into a financial meltdown. One of the casualties was a credit card debt we had of $31K. As it turned out because of higher priority delinquency this didn’t get caught up until after three missed payments. The credit card company decided to charge off the debt interest free. I have debt down to $7.5K and taking my time because its interest free. Needless to say my credit score went to 550. No borrowing money for me. But at least I have saved $80k in cash now most of it earning some interest.
Why do so many people park on the grass in Miami? Just seems very unusual to me.
cause grass grows here year round.
Good question!
What you say makes sense, but I'm still not seeing evidence of a recession. The supermarket is as busy as ever, there's just as much traffic on the roads, there's still a long line at Starbucks, restaurants are busy, there's a pile of parcels on every porch, and the list goes on. You can say people are buying on credit, but the money is still being spent. When I go to the supermarket and I don't have to stand in a line of 10 people, then I'll believe there's a recession.
Mr. Bordenaro, you are right to speak up.
This is stacking up to be much worse than 40 years ago, mainly due to individual and government debt, lack of savings and inflation The property market is grossly overvalued. House of cards!
Despite the current bad state of the economic, I still make over $10,000/week... I think investing now should be the major thing everyone should do now
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My biggest expense is tax. Even more than my rent!
Seems that you are very fortunate.
@@charlesbrown9213 keep in mind I live in CT. The state taxes here are absurd. I pay $700 a year on a base model Toyota RAV4!
Always looking forward to your daily updates !
I appreciate that!
Wow, Michael your channel has grown tremendously.... not sure how I wasn't subscribed anymore but this is very inspiring and well deserved. Great Videos!
Last economic crash, I cashed in my 401k, paid all debt (cc) off 1 month before the crash.
Thank you for what your doing Michael.
New Orleans is choked up with traffic all the time too, narrow historic streets that can’t be widened. Oh well.
Love your content brother. Keep up the great work. 👍
They DID tear down the Pyramids for new construction. They left the skeletal hulks but all of the valuable veneer was stripped off and used as construction material in town, along with the golden cap. A lot of the ancient sites have been looted extensively, all over the world actually. We’re lucky anything is left. Sure leaves a lot of holes in history, as you point out.
ROME same way ..Take care..ALOHA
I know I've commented on this before, but the number of million dollar homes where you are walking without garages and the need to park over sidewalks (illegal where I live) and forcing homeowners to park in the grass or with home depot 'shade' tents just astonishing....oh and the traffic....yikes! like the saying goes "location location location"?
Hi Michael, great video. I have been following the Brickell story too, and it's fascinating. In my opinion the best the developer could do from a PR perspective as well, is promise to integrate the archeological diggings in the ground floor/basement as a museum and part of the building. There would be no other building like it in Miami.
As a matter of fact there is a bank i Aarhus, Denmark (Nordea Bank), that has a Viking museum in its basement, and where you can also see the ruins under a glass floor. On the way down the stairs to the museum, you travel back in time - for every step you take, you jump back a number of years, until you have reached the year 980, three meters underground.
Thanks, Nick! It's funny you mention the basement theory for the dig site because I actually thought about that as well. I just didn't mention it in the video because I figured it something a developer would never do but if at least one did it in Europe and maybe there is hope.
They're not paying off CCs is because in an emergency cash is on hand but CCs could be cancelled.