Why 1 in 4 Americans Are In For A Rude Awakening
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- Опубликовано: 6 ноя 2022
- Why 1 in 4 Americans Are In For A Rude Awakening
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I stopped spending money and put it all on debt & savings. Honestly there's a lot we can do without.
He is wrong with the minimum wages, they aren’t paying 19-22, ITS STILL 15/hour
Illinois 13 starting Jan 1. 13 & 20 is a big difference
He's out of touch with reality sitting on his millions just like Dave. It's nice to read comments from real people.
Get a real job.
@@tracygaluszynski1868 what is classified as “a real job?” Last I checked the retail stores stayed open over the last 3 years and people were employed.
I was wondering why he said 19 to 22 was minimum. Its more like 13 15
Math doesn’t add up. With inflation and just general cost of living, it’s pretty hard to save for retirement. To be in a good financial situation nowadays is to basically live quite minimalistic and just not do much in the way or hobbies, etc.
If they lived like our grand parents did during the depression they would be millionaires easily
@@timothygibney159 life just doesn’t allow that anymore. Simple necessities just cost more relative to income levels than ever before. Maybe 30 yrs ago you could buy a house with mortgage twice your household income. You can’t do that anymore unless you’re ok living in the bad part of town lol.
And even when you want to be minimalist you’re not even allowed to, for example look at cell phones, laptops and other small electronic essentials. Technology passes you by and you have to upgrade because eventually they become inoperable with how software is upgrading around you.
Most of the time Dave and the gang oversimplifies peoples’ financial situations. We’re not all in debt because we want big screen TVs and new clothes. Most of the time it’s because things break in the home or you have medical expenses, or some of us have family outside the country and it’s expensive to go see them, etc. it’s not all irresponsibility. Life just costs a lot.
@@timothygibney159 I agree people are not willing to sacrifice. Look at how much people eat out, clutter we have in homes, and sense of entitlement people have to standards of living they can’t afford.
@@joyaustin6581 I met a woman who talked about poor man's apple pie. During the depression people used bread crumbs and some addictive that turned the crumbs sour like apples to save pennies on the meal. That is what our grandparents did in the 1930s. Not pay $1000 a month on a truck they didn't need. Both my grandparents never made a payment for cars and paid cash
Inflation is controlled by the supply/demand ratio. When the demand exceeds the supply, the price will rise. Since the current inflation appears to be global, that means there is a global supply issue - both in components and delivery of the supply. The component supply issue is caused mainly because China is doing a zero tolerance when there is any Covid outbreak. The delivery problem is mainly because of oil, but since inflation is happening globally, that means that the global oil production is causing an increase in delivery costs. Eggs cost is a combination of delivery problem and recent outbreaks of avian flu.
We are somewhat spoiled because we have basically zero inflation since the 2008 recession.
Ken you’re wrong about Walmart. I work there. Highest paying job is $13 an hour for non management positions.
10 years ago it was $7.50
You might need to recheck that Bubba over 10 years ago. My wife's father worked there and was on the cleanup. Crew considered maintenance. He made over 15 an hour in that position and he was not management now I have no idea where you live and that may have something to do with it But this was over 10 years ago he was making this kind of money sent to me like you might need to move
My nephew started at $18, I think their pay differs by state.
@@jacoblynch9862 bubba, the cost of living here is probably 10x less than where you’d rather me move to. My house is paid for, the money isn’t much but goes far enough. You may wanna watch a guy Dave Ramsey. He gives great financial tips. Moving to high inflation areas is not a good thing. Not all Walmart stores pay the same nationwide. But Ken’s pay estimates are way off from National average
@@davesrvchannel4717 Man if you like where you're living, that's wonderful but that's exactly the point I was trying to make is most pay is very dependent upon the cost of living where you live and yes, I listen to Dave Ramsey all the time you're kind of arguing the same point I was arguing we're kind of in a grants here but I also know in my area at the time cost of living was not that much and my father-in-law made well over $15 an hour 12 years ago at our Walmart
former target employee here. 2 years going above and beyond for 15 per hour partime. when it came to promotion and raises all i got was lies and excuses. we fed up with overworking without proper compensation. i’ll gladly celebrate if they go outta business
Look into blue collar work. No ceiling if u got the right skill sets.
I’m a travel nurse working at a hospital that gave their nurses a 20 cent raise after working in a covid unit. I actually know 2 nurses who quit to work at your Target and love it-so it’s all where you came from. My friends work 4 days a week making 20 bucks an hour with no responsibilities no docs or surgeons or patients and their family members yelling at them. No assaults and they always get a break and they don’t have to take call-so it’s all based on your past job experiences as to what is important to you.
@@Agbahizzal heavy labor and outside work isn’t my thing
@@travelnurseadventures3225 idk where you live but i’m in miami fl so most retail jobs start between 13-15 and you definitely won’t be getting a dollar raise after a year unless everyone does including the newbies. then you’ll only work 20 hours a week which does nothing. i’ve moved into warehouse clerical work and even they low ball in pay offering 15 and less in most cases. even seen jobs requiring experience plus higher education paying no more than 16 smh in south fl, if you ain’t making 1k-2k a week you’re barely scraping by
But but that new truck to keep up with the neighbors! 😱
Unemployment number are skewed, because it doesn't count those people living in tents on the streets of LA and other cities LA minimum wage is $15.50 a hour but your slum apartment is $2500+++ so you can't even pay rent on 40 hours a week
You’re not even getting the whole picture with this. Unemployment doesn’t count people who aren’t actively applying for positions either. We have an epidemic of 18-20 year old young men not employed or looking for work
Yes the Ramsey gang is missing the whole point
Minimum wage was not, nor has ever meant to be a living wage. It is starting wage.
@@lot2196 very true, doesn't change the fact that $15.50 a hour on a 40 hour work week won't cover rent in the cities with the highest homeless population
Few have only 1 working person in the home
I worked my 50 years. 35 in healthcare. I did job and paid my dues. Millenials got moved into management and wouldn't leave their computers to help and Gen Z was telling us what they would and wouldn't do. You know what, I turned 65 and said...enough crap.
I'm done with management that isn't monitored in their behavior and 19 year olds that won't do their jobs.
I can live cheap and simple.
What else was there to keep working to get at 65 no disrespect. I’d think by then Medicare is available and retirement funds should be pretty healthy by then. Unless it was just simply enjoying staying involved.
20 Seconds in. Zero saved for retirement does NOT necessarily mean they are relying on SS. They could have a nice pension coming!
“….eat lunch and take a nap…” lol, that’s what I do on my day off 🎉
Whooooah! The market tells Wal-Mart and Target....and the grocery store what they'll pay.
Thankfully I am gainfully employed. I work in an extremely high demand field (Web Development) and some positions I have applied for (prior to getting hired this year), received 100+ applicants (some positions were 500+ applicants). Yes...there are jobs but it really depends on the field. I bet there are some people on unemployment who actually want to work and not sit in their mom's basement collecting dust. There are plenty of variables that can play a factor on why they are still unemployed. However, if there are 100+ applicants per position, how long would it take for that person to get hired?
This is actually a pretty good take by Ken considering that 50-60% of inflation is because of price gauging and corporations artificially driving up prices while bringing in record breaking profits. For some reason the only one’s getting blamed for inflation are lower income earners while the corporations they work for break profit records while driving inflation lol
It’s corporatism-fascism-government mingled with corporation that are too big to fail and the tax payer covers the loss
I'm surprised it is only 1 in 4.
Yep! My local Walmart was clearancing out clothes this summer because people weren't buying them. Got some great generic things for my kids like t shirts, shirts, sweatpants.
All my clothes for staying home were ragged with holes. I couldn’t even go to the store without embarrassment. Gap just had a sale and I stocked up on tops and hoodies at 50 percent off.
The culture has also changed loyalty to employees doesn’t exist anymore you can just get a job and say I’m set for the next 30-40 years. You’ll get pocket change for raises but if you leave you’ll get a real bump. Every single person I know who left their job left because they were offered more money or wanted more money
True-I think it was Harvard who did a study that Job Hopper make 50% more than people who stayed for years at their job. I’m a travel nurse and I’ve worked with nurses who got a 20 cent raise from the hospital and they have been their almost 10 years with outstanding record-hospitals don’t care. I’m always moving on-or I’d be part of the working poor nurses. Except for California nurses who make bank cause they have a huge strong union-the rest of nurses in the South, Midwest, South East make peanuts.
I don’t think the job availability is as open as we are being told I’ve applied to over 100 jobs in the past few years just entry level office jobs and only gotten 3 interviews
It's who you know. Ask your contacts. Or go get some
if you are advocating for working people to make less money - thats a bad bad idea. But buying less and saving more is always a good idea. agreed.
I think my grandpa worked for less than dollar an hour, something really stupid low. Even if he saved his entire life, the expenses during his retirement were crazy. If you have to go into a nursing home it will cost $7,000 per month. You make that per month?
I agree, they have personal care home insurance that pays $150k if you don’t need it and if you do it covers 2 yrs in a nursing home. That is the average stay in a nursing home
It’s around $400 per month but we’ll worth it if you can afford it
How are you supposed to save for retirement when you are trying to live through the next few years. I invested up for that, my way. Especially after my state screwed me during covid shut down. Learned a lesson others did not.
What are the retirees doing since leaving their jobs at the beginning of the pandemic? This one is sitting on the couch watching your video! I have no interest in returning to work. 😊
Retired at 38, never been tempted to go back to normal "work".
Semi-retired at 41, I have no problem working 20-30 hrs a week 30k a year. I'll NEVER go back to 40-60+ hrs a week again.
I feel sorry for you.
I went in wal mart the other day and the cashier had to be over 78 yes old and she wasn't lonely for conversations she probably didn't think about retirement In her younger days
Working at 17.69 for retail rn it’s fun
Have some saved in 401k and IRA, but after this last two years under Biden, lost essentially a years wages in the 401k on paper (till I start taking distributions), money I can't afford to lose. Don't expect to not be working even when retired and living primarily with Social Security, though the job held maybe less stressful than what I'm doing now.
You don’t lose anything unless you sell.
Wage pressures are not the main component of inflation. CEO and record profits are.
I know alot of people that would nwver have taken a part time job cause it wasnt worth thier time now i got a teacher buddg working 20 hours a week at long john silvers making 17$ per hour its now worth his time
I am 35. I rather have the government stop taking SS out of my paycheck and let me save or invest that $ and I wont collect SS when or if I reach that age. Everyone likes to throw the word "Fair" around, well, given my family history in which my granparents died at 67 and 61 and my 65 year old father in poor health it isnt out of the question that I die sometime in my mid 60s so is it fair that I pay into SS for 30+ years for nothing?
Stop buying/consuming and buy the basics and buy on the Blue Market.
dave likes to poke fun at social security, and it's true it doesn't increase with the stock market. but you said it yourself, ken, it's all 25% of people have. the alternative is old people with zero money trying to work as walmart greeters while they suffer from dementia or whatever
My mom knows someone that happened to
3 in 4 have some saved for retirement? People are lying to themselves. If you aren't growing in net worth by at least 5-10%, you aren't saving for retirement.
55 Playing shuffleboard you say...
I want to know how they come up with a mathematical number of what someone needs to actually retire on because that number can be completely different depending on where you live and your general lifestyle. Now I will agree more people should invest and try to save for retirement then the number of people that do but how do they come up with this magical almost $4 trillion behind There is no set number for somebody to retire on
When your in the financial media you have to say something. It's how they make their living
retirement 😂😂😂 we live we die what ever
My pension is an endless flow of cash. I never had to save.
Until there is no pension.
SCAM not PAN…demic….get it right
I was doing fine in retirement until I got married to a younger woman. All she wants to do is spend, spend, spend. The companionship is good at 66 but I don't want to go broke. Ha ha!
Take away the credit card
SAVE YOUR MONEY FOLKS! That way the rich, which you will never be, can steal more of your cash.
Disjointed commentary that failed to make sense. There's no sign inflation is being driven by wage inflation...yet. You should try to back up what your saying with some sort of numbers..or rational thought.
Wage inflation is the result of free money being printed. Companies and people went into debt and overhired and overspent. Too much money chasing too few employees and products caused prices to rise. High interest rates ceases the cycles and companies go out of business causing employment to return
Now! What does that meam? Well... What it meams is.... Now! What does that mean? (Pause) well.... What it means is.... Rewind...
where is anyone making 20 per hour at walmart and target? lmao
Locally its more closer to 18 hr here
Ken's so cute believing they pass the cost on to you. If that was the case, they wouldn't be having RECORD profits right now. Profits would be stable
How to get the economy back playbook
1. Stop buying stuff
2. Businesses see revenue drop and layoff workers.
3. Hire workers at lower wages once economy stabilizes and steady growth appears.
This will take years to recover back to a new normal. We’re just on the downward crest of the rollercoaster.
People will need to abandon all those far flung exurban houses and obese cars. Then double and triple up on homes closer to the workplace.
People stop spending, interest rates go down to encourage spending, house prices go up, everyone cries again.
If inflation really was an issue, they would only cover the 4 walls until inflation goes down.
its not that hard. if you are 55+ you would rather retire early than risk DYING from covid. now that is calming down.
Boomers overstayed their welcome in the workforce.
Greediest of generations alive today. Will be remember as such.
So cool this is what people voted for 🗳
The sad truth is, they had no choice.
Voters had to choose between this and this.
"Richest" country in the world, lol. Single moms working 50+ hours is exclusive to the USA in the first-world. Not saving up for retirement is exclusive to the USA, too, in the first-world. Having only two political parties (that are both against you) is, too. Regular school shootings, lack of universal healthcare, extremely expensive schooling, etc. are all as well. Your infrastructure is horrible. Public transport is mind blowing.
I'm so sad for you guys.
Go feel sorry for the countries with universal Healthcare and government funded retirement. Those governments are broke so this means they will soon have even more retirees with nothing compared to USA. At least they do have legal assisted suicide so their people can take that option.
We don’t really care about the opinion of people who live places with terrible health care thats paid for by 50% in taxes where you can get arrested for an offensive tweet
@@cm5394 You don't know how the world works :')
It beats living in a shack on the Philippines.
@@georgewagner7787 And waiting on the tide to take the sewage away!
he act like covid and massive layoffs never happened
There should be no such thing as social security or Medicaid. We shouldn’t be reliant on anyone. You lay if the bed you make.
Too late. You should have told FDR
No Medicaid or Medicare?
And can you actually envision the US with no social security? In theory you may have a point in reality you don't know what your fellow American citizens are doing with their money ( it's not saving for retirement)
You do realize they take this from every one of your paychecks. Don't dare take it from me then tell me I'm not entitled
@@mandyzepeda5447 I don’t think we should be taken care of by anything but ourselves. If you make decisions in your life that makes you not retire then it is your fault.
What nonsense was he babbling about at 1:03 that had the editing team make an abrupt cut
Uber eats? More like onlyfans lol
$5.15
For a doz eggs
$4.99 for a hen!
Well maybe if Brandon wasn't making everything more expensive we'd be able to save something. Let's go Brandon!
Exactly right. Let’s go Brandon
Inflation is a global problem, not just an American issue.
But I bet other leaders didn't flood the economy with cash.