The #1 Middle Class Wealth Killer
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- Опубликовано: 24 май 2024
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What Is The Minority Mindset?
"The Minority Mindset has nothing to do with the way you look. It's the mindset of thinking differently than the majority of people" ~Jaspreet Singh
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Video host: Jaspreet Singh
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It used to be a 120k mile car was a gamble rdy for the junk heap
Nowadays they look great
Our 2012 suv looks new w 146k miles. I will put a new motor and trans in it and drive it to 400k someday
I'm so sorry I have to say this but I just want to smell your beard🥴🤌🏾👃🏾😩🥵🧄🧅🙊
New cars are one of the biggest scams going. Some of the poorest people I know drive the newest cars.
Not a scam with lane assist and adaptive cruise control :)
@@joeylodesso you’re incapable of driving? I bet it’s automatic too
@@joeylodesUntil it breaks.
@@joeylodeswhile wearing a mask driving by yourself too?
I only bought one new car in my life and wouldn't do it again.
Insurance is that hidden monthly expense that’s often forgotten during calculating affordability
I agree. My monthly installment in Florida for a new car (~40k) and a old 20yr old car was estimated at $260 / month.
Yeah and insurance rates have gotten insane
My payment was 450 insurance 575😅
And annual registration too. Both combined is costing me $200 per month whether I drive the car or not and whether I pay it off or not
It’s sooooo expensive 😭
A 1000 dollar a month for a car note with never be okay to me
I drive a paid off 19 year old Tacoma. Driving it until the wheels fall off!
Excellent. I drive a 24 yr old Tahoe. Paid cash when I bought it.
Tacoma gang !
Drove mine to 230K miles, then sold it !! Bought a newer used Tacoma. Loving it.
05 4Runner 😎🤘
Don't sell it just keep changing catalytic converters
Still driving my 2000 Honda civic for over 20 years and 2001 Toyota Tundra for over 13 years. Been great vehicles. All those years without car payments add up !
Shiiiieeeeeezzzz I got mine 1997 Honda and still have my Toyota
My 2002 Camry hit 400k miles earlier this year.
I had a 2001 Honda Civic EX coupe. My Honda mechanic friend said that range of Honda was like the worst ever, yet I did drive it for 10 years without any problems. Only needed the most basic stuff like new tires, brake pads, and battery. Sold it though.
Wonderful. I still have my 2003 Mitsubishi. Runs well and I'll be riding in it until the wheels fall off!
Guessing you live in a climate without snow? In PA we have tons of potholes and they salt the roads during winter which eats away at a lot of cars. A buddy of mine in Florida had a car from the 80s up until recently.
Cars cost more today than my first house with 3bedrooms 2bathrooms, a 1/4 acre with a pool in California!!! 😮
Yeah but I'm guessing that house is definitely worth more today than what you bought it for.
Tell me your old without telling me that you are old
I follow the Dave Ramsey rule. “Live like nobody else so you can later live like nobody else” don’t get car payments because most you can’t afford them lol.
What if you don't make it to later?
@@HebrewTactical So drown in debt and live that YOLO lifestyle lol.
@@HebrewTactical Don't matter you go doing what was best for you when you were still around.
Dave is the best
@HebrewTactical I doubt anyone on there death bed is wishing they drove a fancier piece of metal to get around in. Although safety improvements should be a consideration.
Any time I get the urge to buy something unnecessary or expensive, I watch one of your videos first to ease the urge
My wife and I worth 1.4 million or so in our mid 30s. We have owned three vehicles since we’ve been together, a car, an SUV and a van. We’ve never paid more than 10k for any of those and it was always with cash
Unfortunately one’s spouse may not have the same financial mindset you have
@@jogmas12 you’re right. She’s more frugal than I am. I like to spend beyond what my investing rate is, but she is a saver which makes me save and invest more than I otherwise would.
How do you have $1.4 million by mid-30s??
@@dennmillschTheir net worth isn't all cash. That includes property and investments.
@@PatrickAllen-yi9us -- Yes, you are correct. Just like Bezos doesn't have a $billion in the bank. His wealth mostly consists of owning a business that includes buildings, offices, furniture, equipment, computers etc etc. But even so, I think it's pretty amazing that a couple in their mid-30s could already be at $1.4 million. In their 50s or 60s much easier to imagine. But I don't think most people, even clever frugal ones, could get to $1.4 million by 35 without some good luck and maybe with a good kickstart from parents or something.
What is very hard for me to understand is when I see regular people buying BMW / Mercedes / Big Trucks & other luxury vehicles.
People are told material things are more important than building wealth. Or rather, they're never tought how to build wealth in the first place.
People are taught a cheque will always come in & buy stuff with credit
People are dumb!
People are insecure as hell so they over compensate with expensive cars and luxury vehicles or houses
How do you decide someone is called regular ?
The most amazing part about this video is that even though Jaspreet is so successful, he is still a student in learning and reading books and quoting books. You'll never know everything so keep learning
So true
Wish my Nissan Sentry and 93 Dodge Ram was still running.They both lasted ten years.Ive only had one brand new car,never cared about paying the high insurance so the rest used
When he says “keep hustling!” It mine as well be “keep reading!”
I’m sorry but what, he’s reading a script not a book. 😊
@@andrej2321 the dude literally said" in the recent book I read" 🤣😂
I sold my 2022 Toyota Tacoma I was paying 550 a month for.
I had enough equity to buy a single owner 2007 Toyota Camry with 130k miles and is well maintained and half into savings.
I now don’t have a car payment and I’m hoping to get another 70-100k miles in that car
This is the best way to save money maintenance ! and no payment!
How many months did you finance the tacoma for? Because $550 didn't sound shocking, but if you say 72+ months, then yeah you made the right move.
@@fonz-ys6xu 72 months to pay a car =bank profits
You should have bought an older 🌮!
I had my last car for 14 yrs got it in college. I was hurt when I had to buy another and get a note since I never had one
If you have no car payment you should make a car payment to yourself and when you have enough you can go get that new(er) car...
Don't confuse unwillingness to buy the new crap cars with an inability to purchase I just don't want a car that turns itself off at stoplights and stop signs etc.
I know....I HATE that!
There is disable switch for that issue.
@@TGardner-oq4vv that may be true, but you will still pay for something which you did not want in the first place
Why can't a manufacturer bring back an old classic runner without everything they're putting in cars nowadays.
Hell, I don't even want your stinking Airbags and ABS BS!!! I ride a 30yr old fireblade with none of this crap, it's fast as fuck and I love it.
Make a simple car that the car owner can MOD and DIY his or herself!!
Or a vehicle that automatically pulls your steering wheel when you get too close to a lane.
Bought a 4 year old car during the pandemic when the economy was booming and paid it off quick, now work has slowed and glad I made hay while the sun was shining and got debt free.
I feel like home values going up does not benefit me at all. Not only will I not make any money until selling but it actually costs me more each year because they increase property taxes based on the assessed value. Furthermore, if I sell and buy another house, that house will cost more.
Taxes goes up....and never goes down....the sad truth.
The equity can be tapped using a Heloc for emergencies. If rates drop sometime in the future you can do a cash out refinance and invest that freed up equity at a higher rate of return. The way I see it, it gives you options you wouldn’t have otherwise and also you are far ahead from those who are renting.
@@poonekarHeloc/refinance/reverse mortgage are financial suicide.
The number of people I know who are car poor is insane. 2001 Tundra FOREVER !!!! 876k and still runs like new.
876k I’m calling you bluff
@@joeyblood4508 You're right it's 877,209! LOL I don't care, believe whatever you want internet man.
Probably driving a 1975 Ford Bronco with half that mileage 😂
@@joeyblood4508if he bought a Dodge yes! That would be a good call. Tacoma. Totally believable
Vacation what is that I stay home when I take time off
😂 exactly my vacation is not having to be around my coworkers that’s more than enough for me.
@@Diispaceyonethis is funny because your profile pic is Dan, I’m sure he gets tired of getting beat down by his go workers 😂😂
Your right vacation to me is staying home sleeping and cleaning my house
Ppl are keeping their cars longer👏🏿👏🏿👏🏿👏🏿👏🏿
Buy a Toyota and keep it til the wheels fall off.
New toyotas are trash
Love ❤️ my RAV-4 ❤❤❤❤
Toyota has coasted off their 90s reputation. No better than anyone else right now.
Toyota still makes a good car, but a hybrid and keep it for 15 years.
I own a 2005 model car , 19 yrs old i love it , ive invested $ into fixing it so now there is no issues and i own it
Would never buy New
I maintain my car really well for the past 10 years and it still runs well. No reason to buy a new one
I have Toyota Tacoma 21yo Toyota Corolla 17 Yrs old It runs good
A house can be an asset but most primary residences are liabilities with expenses ie carry costs.
A car is an asset if it's getting you to and back from your primary income
My 85 year old grandma lives in the house her parents purchased when she was a child. Very much so paid off and worth more than when she took ownership. She has stated she wish she could sell and rent because the constant routine maintenance is a headache/nightmare. And that’s coming from someone who received a free house after retirement from a family trust and receives enough money from pensions and whatnot to live modest/comfortable.
Rent can go up also. By owning a home outright you have a bargaining chip in the event you need money.
Rent will go up, but so does maintenance of your house and plus housing insurance and property tax. Soon that $1200 mortgage turns to a $2000 one. While sure you that rental is $1,500 but you still save $500 per month. And hopefully your annual wage adjust plus interest yields match/exceed the rental increases.
@@ayyyejesterdazedrent can go up randomly, I'd never ever rent. There's nothing like owning a home, to me, this is everything.
I am 69 yrs old and have never made a car payment...I drive used vehicles and pay cash. The lowest mileage truck I ever had was a 73 chevy pick up with 30k miles....I always bought trucks or cars they made a lot of (parts availability..easy to service)...yes I do actually make a payment,but make it to myself for future maintenance costs and future vehicle purchases.
When I was a child in the 1980s, I was told that people in the UK kept their vehicles much longer than Americans. It was considered a matter of status that one's motorcar was older and well maintained. And, in the 1960s England, a Rolls Royce was considered attainable by the middle class.
The only problem we have is rust. They salt the roads in winter, and it's often damp here. The British apparently on average have the newest cars in Europe, on the roads. Though yes, there are many old cars as well. Seems like two types of people here. Those with new cars on a personal credit plan (PCP), and those like me, that take pride in keeping an old car running.
I know someone who is a car sales agent that sells the lowest down payment. That's crazy! So many are interested because of that. They don't know that the monthly payment is higher than their salary. Tsk tsk
My three favorite channels: Minority Mindset, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
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Hey man, i live in London, England. I sold my car, cause it's just simply too expensive to keep it on the road here. Just use a public transport now. Keep up the good work!
Cheers!
Sounds good. The US doesn't have decent public transportation in most places. We literally need a car or you are extremely disadvantaged. I think in the US operating a car is cheaper than in the UK but overall cars still have become too expensive.
Telling people to give up what little ownership they have in that country to rely on the same government that's gonna do everything they can to keep them in. The poorest class possible seems very stupid If you don't have your own transportation you are failing Relying on the public and a government for transportation Is for people who stay in the basement and never do anything but work and go to the grocery store.
@TheMariemarie16 I don't think the answer is making sure Poor people and middle class people can never own one through regulation and tax. forcing people to rely on public transportation is not the way
@@seesee5363 Well, apparently it is.
@@seesee5363 Any suggestions for those people on what to actually do ?
When did how long you've owned your car become a flex? I like it
If you not making over 100k, you can't afford a house, vacation, cars.
You can afford under 100k but you be living paycheck to paycheck
Considering the overwhelming majority of Americans are making under a 100 K. That's just not true if it were the case. The economy would literally collapse because nobody would be spending money on literally anything
People ran away from keeping and maintaining their cars by trading in vehicles with miles on them, so they could avoid repairs, but now they can't avoid the repairs because they can't run away from them by buying a new car.
It's actually hilarious because reality has set in and people are realizing that they are not as rich as they want to believe they are and it's forcing them to be that old codger in a 15 year old car that they never wanted to be.
I figured it out years ago and I hope my sacrifices will help me in my old age when I get there.
I wish our government would realize this as well.
This is one of the many reasons why my car, house & college debt has been 💯 paid off.
Not unusual these days for car note, repairs, gas and insurance is over 1K per month. No cap.
My 09 Dodge Caravan overheated and had to be towed home. New radiator, water pump, $$$$$$ etc. My AAA comprehensive insurance is of no help. Michigan car insurance is punitively expensive. We’re both 70 years old. I’m on a mobility scooter and she is on a walker. I’ll have to call Uber for doctor and grocery trips. Welcome to Detroit. Saving money seems like a dream. Investing is a something unapproachable right now.
yeah, I'm getting up there too. Sorry that you are late to the party. You needed to start saving years ago. Too bad you didn't have Minority Mindset back then
Im so thankful, im 58 and have not car or house payment. What a huge weight that has been lifted off my shoulders. You look at everything differently. Especially my job. One thing i noticed is my boss has less control over me. Why, i don't have to worry because my two biggest experiences are paid for!!!
I say we vote jaspreet in as president we are tired of the old farts that have no thought process about the future
On Economics he is way more knowledgeable and wise than most of Wash DC combined and would make a good choice for pres on that account. But I don't know about his other policies though. I'm sure he'd be better than the current pres
Absolutely appreciated and felt that last line. Thanks for the information!
A vehicle for me is a basic necessity. I need reliable transportation. I drive my new car until the wheels fall off then, buy another new car 20 years later or more and drive it until the wheels come off.
I drove broth a automatic and a manual. I am sticking with the automatic because it feels more comfortable but i can understand why someone would want to be more engaged while driving
Home prices going up don't actually benefit the homeowner...
Their taxes go up, their insurance goes up. Then when they sell it they pay more money to the realator. The "extra" money they made just goes into the higher cost of the next home.
Eventually you downsize or move to a cheaper area to live. Home ownership still leaves you with something compared to giving the same amount of money or more to a landlord.
@@dennmillsch I agree owning a home is much better than renting. I'm saying rising home prices is not a real benefit to the homeowner. It actually hurts them through higher taxes, insurance, realator fees and basic home expenses.
The problem I noticed years ago is that the majority of people work for someone they know little to nothing about. The currency they work for thats been losing value each passing year. Especially since 1913.
You said all that and said absolutely nothing
@@seesee5363 It means absolutely nothing to you. But for someone who understands economic history and the difference between money and debt based for currency they know exactly what it means.
Thanks for the Wisdom ❤️
Perfect Info, I have same strategy as u said, THANK U
Smart down to earth dude. Appreciate your work. Informative channel
Thank you brothers for your informative video
Im learning slowly
Wow. What a heartfelt message there towards the end.
I make over 100k a year and still can't afford a car.
Same here, congrats on being financially smart and making the good decision to not buy. We are going to get a smoking deal here soon brother.
This is on you bro. Where is all your money going?
You must live in an expensive City, in most of America, 100k is plenty!
@@commonsenseisntcommon1776 I think you might be missing the point. What we are trying to say is not actually that we couldn’t qualify for a loan to buy a car but rather the combination of all time high MSRPs, all time high rates, mixed with all time high inflation in the cost of living make the process of purchasing a new vehicle unfathomable to someone with sound financial judgement. Sure anyone can take a loan and put themselves into debt, but that doesn’t mean that you can afford the car. I think what you’re talking about is being able to buy a car and what we’re talking about is being able to afford a car. For example try using the 20/40/10 method and see that even with an income six figures plus most new cars are unaffordable.
@@AustinBruner He didnt say the word "NEW" Nice rant! You go on with yo bad self! LOL He just said he couldnt afford a car, so we assumed any car.
I’m an auto mechanic out in California. People can’t even afford to get their current cars fixed, let alone afford to buy something new/used.
I had my car for 16 years before I purchased a new (used) car in 2021.
Scotty Kilmer: I’ll keep my 94 Celica 😂😂
Jaspreet, you covered a lot of good points again. My younger mindset, years ago, never thought of the future. Pensions were the norm so I thought I'd be set once I got a good job. Now individuals are responsible for learning how to retire and invest for their retirement. I'm older now and my mindset has changed, I invest and try to educate myself. Thanks for your education videos, it helps me keep focused on my future.
6yrs? My car is 10yrs old lol. I'm hoping it lasts longer :)
It's not what you earn....It's what you keep that you haven't spent on expenses or worthless junk.
When your home value goes up, that's great but that means your property taxes and insurance goes up. That's BS
Yup. My car is 20 years old and is still running. Screw these interest rates.
Well said as usual 🎉
When your vehicle payment is as high or higher than your home payment, you made a bad decision.
As always great video
@Minority Mindset: My wife and I share our 2008 F-150 that we use as a daily driver. We want to upgrade to a 2016 or 2017 model but these are still expensive. My current truck needs tires and other maintenance. There is also quite a bit of rust. I can afford a new one but I do not want to pay$60k+ for a new truck. What do I do? Fix this one? Buy a used one for around $30k, or buy a new one and bite the bullet?
For most of my life ive had old cars +10 years. I got sick of them breaking down all the time. I bought a 3 year old car and its definitely worth the cost.
Hey can you make a video on how much we should spend on going out but still save and still hit our goals.
Wise information, sir
How about what we have always been told, a new car is the dumbest thing you can buy.
And...who really needs another car?
My car insurance went up by $600. It’s outrageous. I’m paying 2600/year and I barely drive. Thinking of getting rid of it but I hate to take Uber and depend on them
Get liability insurance only. Insurance companies hardly pay out any claims compared to what they take in premiums.
Really ? Can you even do that ? I pay a lot of insurance for home too but whenever there’s issues they never take care of me.
@@Mycescosif you own your car, you can drop almost all your coverage.
@@Mycescosget liability only if you dont care about having adequite coverage for your own car when a wreck is your fault. Things happen. Tbh its not worth the hassle of not having uninsured driver insurance, ubderinsured driver insurance, and a hefty coverage amount so all walk away with their cars repaired/replaced. Trust me, people who only have liability and get in accidents heavily regret their decision in doing so...
All insurance companies raised their premiums, part of inflation. Ours almost double (added one new car, new driver too)
What you need to build wealth (and be successful at everything/anything) is VISION. The ability to see what will happen over time and then set the short/intermediate/long term goals to make it happen. Vision itself can create everything, if you have vision you can use that knowledge to help you be successful at EVERYTHING.
People screw themselves over.
It's easier to blame everything and everyone else.
@@LittleMilton1972The government, right?? Lol.. My 401k fat and both my portfolios are killing it and I only started investing in 2021...
The government and Joe Biden right?? Lol
@@Antares_451 yeah those that voted him in screwed themselves and everybody else too.
@@LittleMilton1972Is that what people are doing? Or are there nuanced criticisms of our current system that you're dumbing down
I own a dealership new car prices are up more closer to 50percent since a few years ago just like the housing market is up 200 percent since a few years ago
It's getting to the point where we can't even afford to buy groceries I barely put enough in the bottom of the cart to even cover the bars at the bottom I'm already sitting up there at 300 bucks!
Where do I start with financial education? I feel so lost. What is the first step? Help.
Still rollin’ in our 2002 Honda Odyssey. Absolutely love not having a car payment. Hearing what people pay monthly these days for a new car and for how long? No thanks..
The primary factor to the problem isn’t even new cars, but simply that people are paying waaaaay too much for a depreciating asset
But that they’re over paying
Don’t buy a $76k Mercedes
Or Toyota Highlander
Get a Corolla
Or a civic
Or something under $30k
Definitely holding onto cars for a longer time. I drive a 14 Grand Cherokee with 170k miles and will probably daily it for at least another few years
Always like your videos Bai....
Car payments suck. I drive a 2010 and a 2005. I keep telling my kids this, but they are determined to learn the hard way.
Humans are like this. We all think we are special, and the rules dont apply to us. dont be mad with them, smile and laugh and enjoy the show. not much more you can do if youve tried to reason with them. We've ALL been there before.
You had me at the colormatch of the uneducated vs the educated.
I have been a dividend focused investor for a long time. This does not mean I don't own growth stocks, I do. A well rounded portfolio should be a mixture of both categories. One way to minimize the anxiety out of stock market investing, is to make sure you keep a large cash cushion. I invest in the market, but never put all my money in market.
Dividends are dope. Personally, I sometimes use my dividends to buy other dividend and growth stocks for diversification instead of reinvesting in the same stock. To each their own methods though. The good thing is that you’re investing in the first place and that’s what’s important. Salute for the content!
@@softy-bf5eg scam
I like to lease. If you have good credit you can maintaln a new car and can travel within your mileage requirements... your monthly payment can be $150 a month if you shop carefully. Then, you can renew your lease when it is up, and be in a new car, greatly reducing your maintenance cost.
Thank god my car is paid off and running great!
The youngest car I ever bought was ten years old. Look for a brand and model, check forum on qualities and weakpoints and check on number of owners.
Did over 200.000km at €8500 excl. maintanance (oil, tires etc.) which was about another 3k (once clutch and revision transmission). Writing off 8.5k over 19 years isn't bad 😅
I haven’t traded in my 1998 dodge ram van because it’s still running pretty good most of the time and it isn’t ready for the junkyard yet.
Now your talkin' Jaspreet! Now your talkin!
I was in an accident and had to purchase another car. Went and bought a 2011 because I don’t want a car payment!!
Lol @ 12.6 yrs on average... One of my daily drives ive owned for 18yrs. Yes, i did financed a used (2000 miles) truck in May 2020. 42k OTD and currently paid off. Sure their car payment are high but do a number on the average Internet with streamers and their phone bills.
I make under 100k and saved 10k over 4yrs and bought a Toyota with a payment of under $300. The problem is folks not knowing how to plan budget and go without things they DO NOT NEED.
Stagflation is here. Now is the time to save and prepare for the dips.
This is a profound video that 90% of people won't understand.
LMAO But you do, because YOU are above average intelligence, right? Kudos to you! Where shall we send your trophy, Einstein? People LOVE thinking they are smarter than most, when sadly they are just average. There is NOTHING wrong with being average if you make GOOD use of your intelligence.
@@inconnu4961 Only people who are above average will understand what he is saying. I was in corporate finance for 20 years with two degrees.
I sold one of our cars and ride my ebike to work and shops. I make over 100 k pa, i still won't buy a car for over $25k. I prefer economical and reliable brands like Toyotas and Hondas.
Bought a cheap house in the North East of England. When the interest rates went up last year it put my mortgage up, but because the house is so cheap I don't even notice the increase. I work a second job and every penny I make from that goes into stocks and shares. Focusing on the S&P 500 at the moment. I have shares in Microsoft and Nvidia too but they feel kind of pointless as they're already included in the S&P 500. I'm a bit obsessed with learning how to do things right now.
I honestly think we need to throw out the word deflation. Lower prices from the purchasing power of the dollar increasing, or efficiency lowering the cost is super healthy! But prices dropping from people not buying is the bad deflation....two different things. There 100% is healthy deflation and bad deflation. Slowing inflation is not enough.
Real Talk...don't care who da prez, is...dem, or repub. The prosperity dayz ova. Middle, poor, blk, wht...we all in da same boat now.💯
I'm still holding on to my 2006 Honda CRV.
$1000 a month!? Good lord. Thats wild.
Here comes the book reference. A true poet.
Technology in cars and maintenance have made 300000 a rule rather than an exception when it comes to life expectancy.
Cars prices have ballooned because balloon-head consumers have paid with no push back the prices dealers have requested.
This man gives some good advice, but I disagree on one main point; do not invest in corporations. Corporation suppress you. Corporations lobby Congress to write laws that oppress you. They lobbied for Obamacare, which is a disaster and costly. Corporation is no longer offer health insurance nor do they offer pensions. You’re on your own with the 401(k).
Corporations have sent their manufacturing overseas and now make cheap products while paying their foreign workers just a few dollars a day.
Anyone feeling like they(the powers that be)are slowly creating a dystopian future? A lot of things seem to be noticeably and increasingly strange, expensive, and stressful. I am very much an optimistic person, but I'm sure you all, especially if you have a spiritual connection, know something is off.
You are totally on the right track with this. those of us with a spiritual connection see it. You have good eyes!
@inconnu4961 What are you talking about? What spiritual connection do you possibly need to be able to look around at the world around you and tell that stuff is going on? What * does it have to do with anything Spiritual people have been screaming for years now That stuff is going on and now you're claiming it's something spiritual We have literally years in years of history to look at the buildup of this stuff.
Add the new people come in and dumb everything down.
To something spiritual
"A decade of sacrifice." I think he's spot on.
I tried to see if the local small bus in our community would give me a ride to work. They told me no. However, they will pick up my neighbor who is a drug addict to give her a ride to her methadone clinic.