Why A $100,000 Salary Can’t Buy The American Dream
More than half (52%) of Americans say they would need at least $100,000 a year to be financially comfortable, according to the August 2023 CNBC Your Money Survey. It’s becoming increasingly more difficult to achieve the American Dream, especially as younger generations are beginning their adulthood with thousands of dollars in student loans. Watch the video above to learn more about how much it costs to achieve the American Dream.
Chapters:
0:00 Introduction
1:35 Cost of living
3:30 Rise in consumer debt
6:29 Changing American Dream
Produced by: Charlotte Morabito
Edited by: Nora Rappaport
Animation: Jason Reginato, Christina Locopo
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images
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Why A $100,000 Salary Can’t Buy The American Dream
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Lmfao. The linked course costs $152. “Omg everyone is so broke! Here buy our online course!!”
Total scams- essentially commissioned sales jobs that are semi-automated.
@Johnashward212 it's a never ending cycle
This isn’t a pitch I was expecting to see on a news channel.
A news channel promoting a pyramid scheme? Yikes.
I'm 37 and have been working all my life to get to 100k per year. And now that it's on my doorstep, it's not enough. Absolutely ridiculous.
Yup. I live in NY and finally cleared 100k in 2022 and even made up to $150k but after taxes and all of the increases in living, it doesn’t go as far as I’d hope it would smh
It's because minimum wage has essentially become $20-$25/hour, which is 40k-50k a year. Two fast food workers can now be a 100k/year household.
I wish my first minimum wage back in 2015 paid 25/hr!!!
where do you live? Are u by yourself or have a family?
Hope you enjoyed your free Covid Gov Bucks. Well, it was free then, we're all paying for it now.
100k is the new 60k
One way to fix this problem is to limit immigration. Prices will fall and families will be given a break. It's that simple.
@@violent_bebop9687 Show your work, please.
How come? It's not that easy in the end everything is connected worldwide @@violent_bebop9687
@@violent_bebop9687umm no it’s not… go back to the rock you live under
@@violent_bebop9687 idk what they’re doing nowadays but I was told immigrants pay taxes and get absolutely NO benefits. Some get payed under the table and get absolutely NO benefits from the gov. They can’t even open credit cuz they don’t have social security numbers. Maybe in NY and CAL they get some help but most states don’t help them
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy.
How ..? Am a newbie in crypto investment, please can you guide me through on how you made profit?
Thanks to Mrs Maria Davis.
She's a licensed broker here in the states
Now imagine those of us living on less/way less. It's exhausting
And that is why you should have more than 1 source of income. As a 9-5er earning less than a 100k, I made more than twice my income last year from only stocks and freelance developing. I also experiment with a couple of other things. It's way harder to make money plans when it's coming from just a source No Matter How Well It Pays.
They always make it sound so easy lol. tried to buy stocks some weeks back and came out with way less. would have been better off lavishing it on other things and living the American dream lol.
Calm down, you probably rushed into it without asking questions. You must either understand the market well enough or get the services of a fin. adviser who does for your "investment" to count. I have gotten close to a hundred grand within the past few months only after some months of throwing my money in the wind. You should try again, good thing is you now know better. Goodluck!
i've got similar problems and I have also considered using an FA but I don't know how to go about it. please, what are the steps for getting one? like a really good one.
You should start by looking out for those from known firms and good track records. You should also make sure the person is licensed. Personally, I use Kelly Matwick. She's good and you could also look her up.
I wonder what the best opportunities to invest like 100K now are, there are opinions but a little later I find out these opinions don't matter as a totally different turn of events play out with the stocks they discussed therein...
stocks are overrated now. buy gold , 5% in crypto . rest in cash. and wait for the stock/property/land. price to crash . but them after it stops dropping for 7 - 12 months at the bottom.
Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.
Sure. She's known as *Jennifer Leigh Hickman* . One of the finest portfolio managers in the field. She's widely recognized; Just explore her social media presence for additional updates and insights.
She goes by *Jennifer Leigh Hickman* I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
CEO wages have definetly kept up with the cost of living.
Well they don't pay taxes they pass it off on the consumer of their product. Trying to over tax the wealthy has backfired tremendously.
What do you think happens when big companies drain the population of their money? Btw, this also applies for countries. That's why the US is so mad at Germany and China for having a trade surplus. Because the money is moving out of country to buy goods, but is not coming back at the same rate.
Why you worried about CEOs? Definitely a remark from a lame @$$ Gen Zer. You're just lazy and worry about your own pockets.
Should company executives' salary be scrutinized by the supreme court or any court before it is approved.
Ceo wages used to be 5x higher than regular employees, nownits 800x
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
Biden is worst thing that happened to us
TRUMP 2024
Given the prevailing market conditions and the potential risks associated with the current economy, I would recommend refraining from investing in stocks for now. Instead, it would be prudent to consider retaining a portion of your assets in gold. Alternatively, seeking advice from a financial advisor could provide valuable guidance in this matter.
Fantastic! Can you share more details?
was guided tho..Julia Hope Marble. walked me through the ropes majestically i'ts my ultimate pleasure.
In 2007, it cost $680 to rent a 1 bedroom. Now it's $2300/month!
One could get a one bedroom in Las Vegas for $499 a month. That’s was the cost of my first place in 2016 and in less than ten years it’s now 1400 a month for a one bedroom in some areas.
An ounce of gold was roughly the same price in 2007 as that bedroom. An ounce of gold is roughly the same price in 2024 as the $2,300 month rent. So where did it go up? It's the same price. Pound of feathers or pound of bricks. How's it more expensive?
@trueelectsupremea.m.mosttr4786 Minimum wage was roughly $9/hour in 2007. Minimum wage is $15/hour now where I'm located. Wages are not keeping up with the cost of living. Rent has more than tripled for a 1 bedroom compared to the doubling of minimum wages up to now from 2007. That's what went wrong. Investments such as gold does move with inflation, but most people without financial literacy knew about that then, when they were to busy enjoying life with the money they earned without investing.
@@tigerlee9613 Why are you working for minimum wage? Advance yourself. Only people with poor lifestyle choices or mental illness work those if not the elderly or youth. You don't make a career out of minimum wage 😂
@trueelectsupremea.m.mosttr4786 😆What the heck are you talking about lol? I'm advocating for the little people who are struggling. I'm already a multi-millionaire who owns multiple properties. Even my personal page shows a video of my 1 bedroom penthouse investment condo I tried to sell online over 10 years ago but couldn't, and held onto it. It's worth over half a million dollars now, and the mortgage is paid off. I'm more concerned about the little people who are disadvantaged physically, mentally or don't have the opportunities I had.
Put it this way, back in 2005, 48k was worth what 75k is today 😭😭😭
Except housing and rent is at least 3-4x higher. Inflation is a bad metric bc it doesn't take into account the fact that some things are bigger chunks of your budget, and the price of those big things increases way faster than inflation.
This is f-in insane...
@@darkwoodmovies It's still all bad...
@@darkwoodmovies Inflation is sort hand for the entire economy.
I was reading this report that said it was even worse in 2005 5$ is now 9$ so it’s like almost 50 percent deflated. Or in other words what you bought in 2005 for 5$ is now $9 dollars 💵 😢
Leaving America is the new American dream. People are desperate.
If it weren’t for the double taxation laws, lot of people would’ve left America by now , Us citizenship is a trap.
hate to break it to you but most of the world is worse off that the US. Canada and most of Europe have horrible wages in comparison and super high housing costs. Sure healthcare and social services like daycare are less but the US is overall much better off
@@usernoob337 France has a tax treaty with the USA so you don't have to pay double!
@@graces1041 I think most of europe is great, and so are places like japan, singapore, and even china
This just isn't at all accurate lol
I make $102k, it’s $64k after taxes and insurance. Yet all govt programs use your gross income for everything even though they know that isn’t what you make. It’s insane.
I'm 50, and could retire now and live comfortably for the rest of my life; if I die next Tuesday.
😂
ROFLMAO!
😂
That is true
Yup
Ordinary Americans are suffering but mega corporations appear to be profiting more than ever. Something isn't right here....
Yet half of us households have a zero or even a negative federal tax rate. Yes, they may pay state/local. But not federal like their neighbors have to.
Corporations buy politicians that then give them our tax dollars for them to buy your dream out from under you. Or we’re having to compete against Criminal aliens for housing and food.
A man literally set himself in fire today in DC trying to bring awareness of this
@@mrscassandrasolano Sounds like someone who is just mentally ill.
Your government is printing 190 billion each year, increasing the price of everything, this isn’t right neither.
I purchased my home in Woodstock GA for 92k in 2015 for a 2bed 2bath. I pay $565 for my mortgage. I realize how blessed I am to have it in today’s economy.
It’s probably worth like 150k now
Woodstock now is being crazy to buy and rent is just awful lol
Boomer
@Karuska22ps Boomer is 2015 is actually, probably the dumbest thing I've ever heard.
@@27TheJoseprobably like 300K now. Woodstock is not cheap like it was a decade abo
If my wife and i never invest another dollar, we will have 1.9 million at retirement. This is why people say to do everything in your power (Legally and morally) to get $100k+ invested in your 20s.
What advice would you give to someone new to investing with around $200k to begin with?
Investors should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next Apple to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $20k into $10k in annual dividends-a significant milestone for me today.
I've been considering getting one, but haven't been proactive about it. Can you recommend your advisor? I could really use some assistance.
She goes by ‘Jill Marie Carroll’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
My spouse and I are adding a variety of stocks/ETF to my present holdings for the long term, We've set aside $250k to start following inflation-indexed bonds and stocks of companies with solid cash flows, I believe it is a good time to capitalize on the market for long-term gains, but it wouldn't hurt to know means of actualizing short term profit.
For the average citizen, the tactics are rather demanding. In actuality, most of them are effectively completed by experts who possess the necessary knowledge and skill set to carry out such occupations.
The uncertainties accompanying this present market is more reasons I have my daily investment decisions guided by a portfolio-coach seeing that their entire skillset is built around going long and short at the same time, both employing profit-oriented strategy and laying off risk as a hedge against the inevitable downtrends, coupled with the exclusive analysis, it's quite impossible not to outperform. Netted over $550k in return on investment, since using a coach for about 2years.
It comes down to technique; a downtrend gives you room to focus on the market and grow significantly in the short or long term. While it is easier to make money when the market is rising, a downtrend can still yield high returns if you have the necessary knowledge and skills. For this reason, I have been scaling up during this difficult period by working with an investment advisor; this has been the only way I have raised up to $150K in the last six months.
I've wanted to start investing for a few months, but just haven't had the courage to start because the market has been down for most of last year. Please how can I reach out to your financial advisor and what are their services like?
One of the fiduciaries I deal with is Jennifer Lea Jenson. Just check the name. There would be a letter with the necessary information to set up an appointment.
I need to get out this rat race. Money is great, but I can't keep chasing it all my life. I'm just gonna forget the "American Dream" and focus on my dream. I don't need much nor am I asking for a lot. I gotta figure out how to do more with less
Join the AirForce 😊
@@ShutterSpeedGamingbut I have to shave my beard and look like a worm :(
@@ShutterSpeedGaming thinking about dropping out of my ivy league business school to become a pilot for the air force
That’s the trick to figure out I’m pretty poor only make $40k but I live comfortably & have a savings. But I live in low income housing which helps a lot. If I had to move I wouldn’t even be able to afford a one bedroom apartment in my area.
@@gregallen1381 you’d make a great pilot 👨✈️
I made 80k before covid. Had about 1700 left over each month. Today I make 110k. I have about 600$ left each month while living a less luxurious lifestyle
We're being hosed. It's outrageous how much things have spiked, and it's entirely the fault of the people at the very, very top. This is all greed for lavish, wasteful lifestyles of the already hyper wealthy elite.
all according to plan...
Then you are still doing well; better than most of us
You can thank the Biden inflation tax.
Skill issue, you clearly not doing something right.
I make 16.50 an hour at a factory. I rent a small trailer to rent in a safe neighborhood for 750. I can afford groceries every week and have nice thrift stores nearby. I have an old Honda CRV with high miles but reliable and a river nearby to swim. And the library is close by. Life is simple. I am not expecting to buy a house, but maybe with a group of people I can. Im educated and want to create some kind of thing but going much slower and learning to be content with much less. Once you die to the American Dream and realize its just not going to happen it's not so bad. New goal is trying hard to not spend money and be pressured by consumerism. Still difficult not to do splurge. A fight against our materialistic culture.
You seem to have a great outlook on things. I’m trying my best to spend less on things that I really do not need. I recently picked up a library card in an effort to stop buying books that are just going to take up space around my house. If there is something that I really want, I am holding myself to selling off things I already have in order to buy the thing that I want. It makes you really consider the things you want vs. the things that you need.
The consumerism is the killer. I live frugal and use my library. Drive an 14 yo car, keep my cell til it dies and use Ting mobile. I buy exclusively at thrift shops. Maybe get a pizza and eat out at a diner 1x month? Always leaving the house w a water bottle, coffee and a snack is important. Consolidate errands, shop at aldis. Make plant cuttings and get dollar store pots and give them as gifts. It is very against mainstream but i do what i have to do to live below my means. Healthcare is our biggest expense with dental and specialist fees.
People spend too much money. That's a huge part of the problem. Get a solid, older home that's cosmetically outdated. By a used vehicle. Stop eating out and don't buy the latest iPhone. Stop thinking about vacations and save for retirement instead. Priorities, for real. My 20 year old brother and 19 year old sister in law are able to make it without college degrees. Pretty sure most can, even if you have to move. We do live in Pittsburgh though where the cost of living is lower than most, but our wages aren't as high. My husband doesn't have a college degree and makes more than I could WITH my bachelor's degree. So there's that...
The American dream was to own a house and car. That was it. That's simple enough.
@@rh10033 Amen Amen Amen !!!! 👌🏻
Good thing about the internet there is always an anonymous random person who will tell you they make 8 dollars an hour and have 2 houses and 1 million in the bank and all they did was work hard and didnt spend money. Gotta love the internet.
We all start from somewhere at the bottom. The only ones who dont sacrifice their blood, sweat, and tears are those who already have money.
yup, its such a dumb reasoning. LiVe BeLoW YoUr MeAns, I already am, and I still cant save.
Keep the car longer, keep the phone longer. Being in a mutually supporting relationship also helps. "Strong and independent" is expensive.
And "weak and dependent" is cheap..
Heh..."supporting relationship" Who's willing to be with a struggling partner in the first place?
Wow, not getting a new car and phone--great advice! Now what can you tell me for student loans, despite an academic scholarship (tution doubled in 4yrs) for an ME in mechanical at a public university, only to meet 60 hrs/wk for a $70k salary. Let me guess, less avocado toast right?
@@jaughnekowdon’t stop believing. My wife met me when I had no job and was living with my parents. Now I’m the breadwinner. Couldn’t have done it without her
I speak from experience: this is wrong. Being single is waaay cheaper then having lots of friends or being in an happy relationship
Based in California, I make $100k, but it's not really $100k. After state, federal, health insurance, plus other mandatory taxes, you're looking at about $65k - 70k take home. Now, every product you buy, there is sale tax, which is about 10% in my area, which further brings down your buying power to $58.5k - 63k. You got rent, which the average rent is $2,340. Now you're down to $30k - 35k. And now you have to factor in the higher cost of living such as food, car payment, utility, etc.
Move away from California. I live in North Dakota and make $125000 after taxes my take home is $90000. Rent, food, and mostly everything is cheaper. I bought a new 2023 SUV and paid $39000 cash and have $150000 in my bank account. I can take a vacation anytime to California and any expensive state and spoil myself and my family easily.
@@Brayant25 thats an extreme change in climate - how have you handled that? I mean going from Cali weather to SD weather sub zero is pretty extreme. Has that been hard to deal with?
@@Brayant25 That's easier said than done. Most of us have established lives here which is the main reason why we don't want to leave. It's not that easy to just pack your things and go when I have an established career and a social life group here. If I didn't have anything to lose or want to restart, then yes.
@@LChiuy As a Brit, I find the salaries in the US insane. $100,000 in 95% of the world would mean you are in the 1% of earners. The fact people earning those numbers are struggling to afford homes is sad and illustrates how broken the system is.
@mr.kilpatrick2991 The funny thing is I'm an immigrant from Nigeria who moved to the USA in 2010 and now a citizen. I landed and lived in Atlanta until 2015 when I packed up my life and moved to North Dakota without knowing anyone and no family here. I started afresh.
Before 1982, companies were not allowed to buy their stock back. The law was changed and CEO compensation shot through the roof. In the 1960's, businesses would not lay-off workers unless the company was bleeding lots of red-ink. Now, companies lay-off when they have record profits. The minimum wage use to be indexed to inflation, now it is not. In 1968 when minimum wage was at its greatest purchasing power, CEO's made about 40 times a minimum wage worker, today, it is around 600 times a minimum wage worker.
My wife and I bought our first home in December. Unfortunately its a freaking townhome with no front or back yard. We paid $360k because single family homes were to far out of our reach. Houses in our area START at $400k. Meaning youre paying $400k for a complete dump!! So we had no choice but to buy a townhome. And our monthly mortgage is $2300....absolutely ridiculous!!....FJB
I can't believe I'm only 21 years old and can already tell "inflation stories." Like how your grandpa would say "When I was your age, a coke and a cheeseburger at McDonald's was 15 cents." I can say that just looking back to prices in high school. Got my first car and I'd go to Bojangles after football practice some days, and got the same thing every day: 4-piece supremes dinner. It was always $6.50 flat. Now, its over $11. I just don't understand :(
I'm in my 30s. As a teenager in the midwest, I distinctly remember walking to Wendy's with just a five dollar bill and leaving with the Wendy's Single meal. Not just the burger and fries, the _meal_ with the drink included
Hopefully the price shouldnt hold... Or maybe people dont eat fast food anymore... with so many tools and cooking video ... time for healthy meals?😊
Trump 2024!
Don’t eat McDonald’s.
Learn what happens when the government prints money at a faster rate than the productive output of the economy. In short, it's effectively a backdoor tax on everyone via devaluation of the currency.
I live in São Paulo, Brazil and it's impressive how this report seems to be completely talking about our reality here. São Paulo is a great city to live, but the perspectives are identical, it seems that the USA is becoming underdeveloped too.
You can't compare São Paulo with the rest of the country. Even going to another capital like Recife or Belo Horizonte is much more affordable than São Paulo.
I would still choose to live in underdeveloped USA over Brazil though.
Same for Europe. They doubled the supply of euros/dollars in circulation during the fake pandemic. All fiat currencies hyperinflate to zero eventually. Buy bitcoin.
No people here have mentalities that they deserve everything but require no working. They want to have a lifestyle of 9-5 and push papers. Nobody wants to do service work or labor. Lineman here make over 100k just gotta work up to it. Start at 18-20. Be there by 27-30. No student loan debt. People here believe that work is “below” them. Viola here we are.
@@bayupran Still.
Engineer here, just made it to the $100k/yr club a year and a half ago…. Wife, four kids, and paycheck to paycheck… Glad I made the move to make more money. But it feels like chasing the wind. I’m barely settled into this job and I’m already looking forward to where I can move up next to make more so we can at least stay with the curve. Wife is a stay-at-home mom and every job she’s qualified for would require me making schedule sacrifices at my job that would affect my value and our availability and relationship to our kids. Feels abysmal. And I feel for our floor level plant workers who must be under even more stress.
What is your wife making ? she can't be sitting around the house and just spreading her legs. She must also work.
Your wife need to work. Double income is so much better.
@@write2nick unfortunately, having two spouses working isn’t feasible for everyone. Easy to say, difficult to implement in the various realities we all exist in.
@@RedTideRTS it's your terrible family planning and financial mismanagement that brought you here. why have FOUR CHILDREN and a stay at home wife who generates 0 dollar per month if you can't afford to provide for them? if you had 1 or 2 kids and and a working wife who makes atleast 40k per annum then your life would have been much better. next time make your decisions wisely
4 kids!? That will cost you....
In 1976 my parents bought a house for $36,000 the monthly mortgage payment was $ 310 dollars a month quarter acre lot, 3 br 1 1/2 ba living room, dining room backyard and 2 car garage. Me my brother and sister attended private schools and my mother was a stay at home mom. My mother would eventually get a part time job when we all started High School. Life was great!
Visiting a third world country makes you realize that in the U.S we have a materialism epidemic.
buy less, save money. Here it is.
@@redwhite_040 so simple, yet so difficult
My sister now lives in the US and yeah, people buy A LOT of things and pay higher prices when there are cheaper models that do the same thing
A bare bones budget would do wonders for so many, but most prefer to live in denial and comfort.
Consumerism. Buy buy buy!!! 💳 Propaganda everywhere, commercials, ahhh!!! 😅
They really can’t get away from “omg Millenials are just wasting their money” can they. I spend about 50 dollars a month on subscription services, home cook every meal, we don’t vacation, we don’t go to movies, we don’t do anything. Yet it’s the miscellaneous bills that drown us. We were about to finish paying off a furnace repair bill next month and the. Got hit with a 1700 dollar auto repair bill. If nothing else happens we can pay that off in 3-4 months. That’s how tight things are. But typical boomer reporting can’t own that and has to make us look bad.
Save more money and develop an emergency fund next time. You're leveraging 3-4 months of debt to pay for a necessary expense, you aren't *supposed* to succeed living like this. Change your habits, stop choosing to leverage debt for your living expenses.
In 1980, my first job out of college was $100K, overseas petroleum engineer, $250K in the late 90's The education was free, paid by an alumnus. In 2000, I took a government job, $60K 20 years gets you a 40% pension and free lifetime family healthcare.
Stop blaming “boomers” it’s not the problem at all. You are caring way too much what other people think.
@@MannysVisionStudio I'm a Boomer. 2MM homes went to the "second" home market, 2% interest rates helped. When the Boomers start to die off, the largest transfer of wealth in US history, Real Estate!
I'm a boomer, I don't think millennials are wasting their money any more than we did, and maybe less. And I don't think avocado toast has anything to do with anything. I do think that _some_ millennials have unrealistic expectations (not at all saying you do). But I also know it's harder than it was 20 years ago and it's not getting easier. I can't speak to how you're spending your money, and it's not my business anyway. But from what you've said you're doing a better job than I was at your age. An adjusted for inflation $1700 car repair bill would have been $1000 for us, and we had that bill and it hit us hard too, it probably sat on the card for at least 3-4 months. But the thing is with time we could get ahead. A bit of money went into the 401k, a tiny bit went into savings for emergencies - it may get wiped out but that meant we still owed a bit less and could recover a bit sooner. And did we economize, we didn't spend a dime for dishes, furniture, etc. The 2nd chance store was too expensive. We scrounged from relatives, I wasn't above some dumpster diving or boulevard shopping come cleanup week. And in time we got ahead (we still shop at 2nd chance stores though). I'm not sure the younger generations can get ahead though.
This is my fifth year after retirement. I’e been following the 4% rule thing I saw on a youTube channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get really worried.
Not a lot of people are able to save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital. To simplify the process, you could allocate your resources with the help of a financial advisor.
I’m closing in on retirement, too, and I have benefitted so much from using a financial advisor. I didn’t start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who had been investing for many years.
I really need help, please. Can I ask who the financial advisor you work with is?
Thanks a lot for this. I'lll check her out right away.
have you considered living outside the US? There are plenty of countries where you money will go further :)
Your videos were great!! I'm one of your viewers and have been watching your videos lately. I would like to invest, but I still can't find the right investment to commit to. I will appreciate any help here.
I always wanted to trade crypto for a long time but the volatility in the price has been very confusing to me although I have watched many KZhead videos about it but still find it difficult to understand.
It makes sense that BTC and crypto are of helping to regulate, rather than pretend it won't ever happen. The big institutions getting In is the catalyst that will laugh us made they grow used to it becomes a nonissue usually because of their fears never materialize. And benefits they were unaware of before turn out to be more beneficial
Trading is easy, but trading the right coin without a time-tested strategy is incredibly hard.
My advice, never do shorts or longs on stocks or #crypto most people went bankrupt better buying in parts monthly
I've been in touch with a financial advisor ever since I got into the market. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending Crypto, which is pretty simple. On my portfolio, which has grown over overboard and been making about $1 500 bi-weekly, What I'm trying to say is the 5% of traders in the world that are consistently profitable are very reserved, they are just random/lowkey people no one even expects. My account manager chooses entry and exit orders
In NYC, comfortable is literally around $300k now. Not only is it a moving target, it's moving so fast even the upper middle class can't keep up anymore. It's only rich or poor, nothing in between.
Lmao no. I’ve sold multiple homes to families who make less than 100k a year in nyc and they are all living comfortably and happy for several years now.
@@sebastianbroncano7405 How many years? Because I looked at Zillow, and the only way you'll ever pay under like $4k a month is if you live in the slums 10 miles from a subway station. And literally not a single property in Manhattan for under $6k a month when you add up maintenance, taxes, and mortgage. Maybe there's some "affordable" housing units, but you have to be in an incredibly specific tax bracket for that. I guess co-ops? But those are still insane too, considering you technically still don't own it so it's barely a step above renting.
@@sebastianbroncano7405 They are probably in debt, but overall I'm on your side. 100k is more than enough to live anywhere except NYC
In California you need at least $300,000 to live the American Dream. To be comfortable maybe even $400,000. This means owning a nice home, nice cars, vacations, paying for college, saving for retirement and having an emergency fund.
The only way to be comfortable in New York City is to leave unless you’re a millionaire that’s the only way you’re affording to live there.
I really feel insecure about the world we live in right now, It's really sad how the American dream has become so unattainable for many. Even with a good income, people are struggling to make ends meet
yes its everywhere, it's not just about earning a high salary anymore. The pressures of today leads to more spending, more debt, and less financial security
Youre right, its shifted from just high salaries to smart financial management. focusing on what we control and seizing market opportunities, even in downturns can lead to substantial returns. Despite inflation challenges Ive seen returns of $800,000
luck
I'll give the credit to research, not luck. it led me to Emily ava milligan, one of the best fund managers. 300 grand to this, definitely not.
Socialism and the policy of destroying society with LYRI%6I++ perversions and drug addiction led to this.
I make $55 a year, I recently got a promotion, it was forced on me and it’s what’s called a dry promotion in other words more responsibilities with the same pay, so no raise. My rent has gone up $400 a month in 3 years, my car insurance went up $40 a month, my cellphone bill went $40 a month, I still have student loans, I just paid $80 for an oil change, a fixer upper in my area is between $200-250k, I drive DoorDash, Uber Eats and Instacart just to cover bills, saving $100 a month is a huge achievement. I’m working most of my life away just to tread water. America is a first world third country. We don’t even have basic healthcare. Oh I have healthcare, but I don’t go to the doctors because of the high deductible of my health insurance, so I pay for health insurance I’m too broke to use.
$80 is a lot for an oil change. What do you drive?
Word up
So true about healthcare and in cali it’s against the law not to have health ins so you end up paying over $600 for literally nothing
I'm 42, a Senior Accountant, and have a 7yr old. I live paycheck to paycheck. When I save, something happens and I have to spend. I get clothes at thrift stores, use as little of every product to lengthen it's life. I buy organic food, our only splurge (shame that's a splurge). Having said that I have more information at my fingertips than any king or Emporer throughout virtually all of human history, I'm educated enough to know that stress kills and much of it is caused by relative perception, i am healthy, so is my daughter, we are safe and life in the safest era in recorded history, etc... We love life. Amor Fati.
Truly is sad that eating healthy has to be a splurge. American greed at its finest
@@ZovaBe this is one of the biggest misconceptions of all time. The notion that fast food is somehow cheaper is comeplete bs. Doing meal prep with grocery store prices is much much lower cost than eating junk food out every day.
If you are a senior accountant living paycheck to paycheck your finances are clearly not in order. You are simply spending too much money and this is no ones problem but YOUR OWN. cut up your credit cards and stop paying 15% on your car loan and see how far that gets you...
@@austinsmith2235You don't know what this person's income or expenses are, much less whether they even own a car. They could be taking the bus to work. Stop harassing people because it makes you feel better about your sad little life.
@@usflin just tell me your broke.
I’m tired of working all the time😢 it’s not worth it when your scared to spend your own money 🙄😤
Why not hack Putin and steal his money
The main reason why I’m taking a day off tmrw. I’m exhausted. And need rest that 2days is not giving. Been a while since I’ve had a vacation.
as somebody who's living off of 40k (dual income household :D) i don't understand how you couldn't survive off of 100k.....that kind of money would change my life around and set me up for life
Where do you live? Do you have college debt? Kids? A mortgage?
It's all about location.
There is no American dream anymore. I hear young people saying, there's no point in wanting a house or anything anymore. So sad. Many people don't even make 50k a year. If we all stood up and demanded what we need, instead of fighting for ridiculous causes maybe we could make a difference.
Its called a dream because you have to be asleep to see it
I'm genuinely not shocked or surprised. I'm a professional in the legal field and even after law school it's still a struggle. I think regardless of where we are on the political spectrum it's time for there to be an emphasis on lowering the costs of living for everyone so that people reasonably can enjoy life. Stop telling people just make more money, or your simply not working hard enough. That won't reverse inflation. Effective legislation will reverse inflation, preventing companies from being greedy via their price hikes by not supporting them will reverse inflation, and finally educating the public such as here so that we can make better choices will reverse inflation. We can do it. We just have to stop fighting over nonsense fabricated culture wars,holding on to outdated ideas about the good old days that weren't really good for all, and work together for once. Show the upcoming generation that they will not inherit a disaster.
Amén
To all the young folks: keep your debt level low.
Folks would love to, but when you're having to buy your groceries on credit so as not to starve, it gets a bit tough.
@@erichsbloodaxethere’s other options before resulting to credit. That’s the problem with this country. People use credit/debt as the FIRST & ONLY option.
Even better, just live off of bread and water.
@@ajh.4131i love how peeps like ya say these things but never give actual solutions.
Lemme just double my income real quick brb
Spent 11 years to make it to $137k and now this inflation. It felt like $50k.
Bidenomics baby!
You are making 137k?
Try investing in stock or something
🤡…
blame the federal reserve for all the money printing and inflation
I’m a truck driver and my wife is an LPN in Kentucky. She’s in school for her RN, and even when she gets that, affording a cookie cutter home here (3B/2B) , even in the sticks is next to impossible without help from our parents. Even with 20% down the 7-10% interest rate really eats up the rest of the monthly budget.
Too many people, too little construction, too few nice neighborhoods with good schools, too many airbnbs & corporate land holding LLC, etc. Our parents and grandparents didn’t have to face this much market pressure on both the supply and demand of the housing market.
Completely agree. The current state of the economy is unduly difficult for most people. 200k has become the new 100k. My biggest concern is life after retirement. Suddenly, I dont feel rich anymore with a $820k portfollo at 46. Its pathetic.
The government has let us down; just buy gold or bitcoin with it. Or hire/ work with a good market strategist. Theres still time for you
Many underestimate advisors until emotions lead to losses. My advisor crafted a tailored strategy aligning with my long-term goals, guiding entry and exit points for the equities I focus on. This has grown my portfolio to over $780k. My personal best so far
Agreed! A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
@josephbush Please who guides you on the process of it all?
Thank you for sharing. it was easy to find her and schedule a phone call with her. She seems proficient considering her résumé.
Weird how these news companies never mention the real reason for the higher cost of living. Why is it our dollars are worth less and less each year?
Because they are funded by such companies
Trillions being printed each year. A lot of it going to foreign nations like Ukraine and Israel
You can thank the Federal Reserve and out-of-control government spending for devaluing our currency.
@@lycanwarrior2137 and the out of control spending is coupled with insane taxes.
Devaluing the dollar by over-printing… Over $30 trillion in national debt… falsely inflated housing markets… this isn’t about greedy companies raising prices out of the blue. It starts with the government. Inflation is how they tax you without openly raising your taxes.
The American dream would be reality if once the house is paid for, we stop paying property taxes, but we don't. Many people that have lived in their houses for many decades, are facing eviction for back property taxes. At least if things are tight, we could look forward to 20 or 30 years where we would get a break, and have the house be 100% OURS, but that break never comes.
This would help so many people build wealth. I'm with you on this.
This yes.. my taxes are nearly half my mortgage payment.. so if taxes keep raising. In 20 something years my payment after my house is "paid off" would be about the same. WTF is this?!? Then you wanna tell me what I can and can't do on my property? Now I understand why older people are so da*n hostile. TF you gonna tell me how many weapons I can have, what I can grow, where I can dig in my own house!! Less control. #vote republican
I'm sitting here debt-free at 44 and count my blessings daily.
I been debt free since the age of 36. I'm now 60 and still debt free. It sure is a blessing for sure.
Life is easy when you live in a commune and have no partner, kids or pets :p
Same
There are tones of people that are debt free and have terrible lives. It’s not about being debt free thats the biggest issue here, it’s about price gouging and inflation that’s making everything worst. Most of the people in my family are debt free and a lot of them are the ones that are struggling in life whereas the ones that have a little bit of debt are actually much better off and tend to get asked for help a lot. It’s all in how you manage your money, but none of that matters, if all of the damn prices keep going up and wages are not.
Debt free at 30 and not planning to sign up for other debt that is not a mortgage. I’m so thankful 😌
It's called the American Dream because you have to be asleep to believe it.
At least you should quote the guy who said it. "George Carlin" .. Otherwise, someone may think you are smart enough
The American dream is still alive and well. People just don’t know how to achieve it.
@@nikolajovicic174 of course this comment would have popped up
I was looking for the quote by George Carlin. It didn’t take long to find it.
@@sebastianbroncano7405wrong
I’m making it on $75,000/year with a family of 4 with two disabled children. Wife is unable to work because of the children not being able to go to a normal daycare. We aren’t able to afford anything other than the bare essentials. They only way were able to stay afloat is buying my house when I was younger. I can’t rent a one bedroom apartment for what I pay for a mortgage payment. Same house I paid $75,000 for is now valued at $160,000. Can’t imagine people trying to make it with buying a house at today’s market price.
The cost of living across the country have played a big part in the decision for my wife and I to not have children. Paying off student loans, saving money for retirement and buying a house are more important.
The worst part is finally reaching that $100k “milestone” then looking at your paychecks like “wait I thought they would be a lot bigger” (as someone with student loan payments and rent)
Attending college is a huge mistake for most career paths... the only categories where college should be taken is for medicine and those going into legal laws. I might have missed a few others, but almost all careers can be done without a college degree. I work as a senior software engineer within a Fortune 100 company. In the world today, the only people who care about college degrees are others who were tricked into having a college degree.
That jump from the 12% tax bracket to the 22% bracket is very p@infu|. When you factor in state taxes, Medicare and Social Security, healthcare, etc... I end up w/ less than 60% of my gr0ss income. Every $1000 of raise really doesn't go that far since so much of it is taxed away. I never understood why they measured affordability based on gr0ss income and not net income. Basically, if you're poor or extremely rich (15% flat capital gains tax rate; all sorts of loopholes to use) you pay little in taxes. If you're middle class or especially "upper middle class", you get absolutely b0died by taxes. I've found it's far more valuable to reduce spending than try to earn more income. Every dollar not spent is like another $1.50 earned. I'm trying to learn to do car repairs and other stuff myself, anything to save money. It's funny, the premise of capitalism is you pay other people to do tasks for you so you have more time to focus on maximizing your own economic output, but our system is so br0ken that now it's genuinely more worthwhile to do things yourself rather than get a "side hus+|e" or whatever.
@@streamofthesky Statistics show the billionaires keep becoming more wealthy yet the government keeps focusing on forcing working people to pay more taxes. It's the equivalent of a school bully beating up students for their lunch money when there's an open bank vault with bags of cash behind the bully.
Rent is waste of money it's like throwing money into a garbage can. get cheap land or property and move the hell away
@@streamofthesky You're got it right. The old saying "it's not what you make, it's what you keep" is still true. If a person avoids debt, understands the difference between wants and needs, prioritizes putting money into investments over (most) wants (you've got to have _some_ fun), and spends money prudently (gets good value for money spent). They'll be ahead of the game.
Now 200k is the new 100k.
And 100k is 50k now days if that
@@luvfoto well that's just math
Agreed 200k is the new middle class
@@stayingsaneamidtheinsanity2499 There is NO middle class...
It's called poverty in silicon valley.
Last year, I was working full time, budgeting groceries, unable to afford date nights, and missing time with my kids. Now I learned how to make money online. Now am a SAHM, homeschooling, and making profits every week.
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Who is your financial coach, do you mind hooking me?
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
Cryptocurrency investment, but you will need a professional guide on that.
Facebook 👇
So thankful husband and I bought our tiny little house in our mid late 20's it wasn't in the best neighborhood but it wasn't much more to pay a mortgage versus renting at the time. We lived frugally and I still do now not by choice but because of the economy and I surround myself with others who are also like minded in frugality. It has meant sacrifices over the years no vacations, no going out to restaurants very often, our place of contentment was sitting on our front porch with our friends and neighbors. All I can advise to the younger generation is SAVE wherever you can. Even I think of some purchases I made over the years that were not wise choices like shopping at the Malls when I was younger. Best Wishes it's a tough rode for our younger generation. My home is paid for, my car is paid for and I have no debt and my house will be passed on to the younger generation Free. Anna In Ohio
If you’re over 35 and you didn’t purchase a home back during 2000-2018 , you are living paycheck to paycheck. You can’t even buy a manufactured home these days.
Im 50. I have half a million in savings, I will retire soon with a nice pension, and I've never owned a home in my life. STOP WHINNING!!!!
@@vicepresidentmikepence889pensions no longer exist…
@@vicepresidentmikepence889so you’re retiring into welfare?
@@vicepresidentmikepence889 Why do trolls always think they're important??
@@vicepresidentmikepence889 I mean having $500k in savings by 50 is not really rare, but the problem is that these days, $500k is nothing. Even a million, still won't buy you a house in most places, still won't own anything, and all of our savings will just be drained down to the last penny funneled into the pockets of landlord and big corporations until we die and there's nothing left.
The fact that vanlife is a trend amongst millennials and gen z shows a lot of us gave up on the home and would rather travel and live out of a car.
Lifestyle Work Vendors For Conventions Live In Vehicles Traveling
Minimum wage was raised to $7.25 in 2009. It’s been 15 years, and it’s still $7.25 an hour!!!
which is good for everybody doing better than minimum wage. because otherwise everything would be even more unaffordable. if you double the minimum wage, there is nobody left to afford the Wendy's burger.
@@LuisGarcia1992_ how much longer do you think it can go where the price of everything goes up but wages remain stagnant
If you are making minimum wage as an adult, you have no one to blame but yourself.
My minimum wage is $25/hr. Find something few people want to do.
@@LuisGarcia1992_in 2009, my little brother was working at a shoe store for over a year. Management thought he was great, but told them that they couldn’t afford to give him a raise. I told my brother not to worry. Wait a couple of months and he would get that raise. I then told him the bad news. He would be getting a raise, but at the same time would now be making minimum wage. That shoe store, BTW, is still in business, so no, it’s not that they couldn’t afford it. Someone at corporate was probably scared of the 2008 recession, and wanted to make sure they’d still make their several hundred thousand dollar a year salary. And nobody affording Wendy’s is asinine. What the fast food industry has is an over saturated market. One town does not need more than one Wendy’s, more than one Sonic, more than one Subway. Sure, if you have the performance numbers like Chik-Fil-A where you’re slammed from open to close, then yes, allow another franchise to open. But if you can barely staff a single Subway, to the point where you have to call in help from other locations, and that one employee starts having a mental breakdown because she’s all by herself and school let out early, and she wasn’t trained to turn mobile orders off, and so on… …no. They don’t deserve to be in business. We can drive an extra mile or two if it means a well staffed location. People shouldn’t be benefiting from getting someone else to do the work of two or three. They’re short staffed, the owner needs to put on an apron and get to work. And you can’t depend on teenagers who go to school during the day. You have to hire people to work the day shift, and if that requires a higher pay rate, then so be it. If you have to raise prices to the point where no one wants to buy from you, guess what? You’re out of business. But you know what? There are thousands upon thousands of people on the border who’d love a work visa, and would think $7.25/hr would be amazing! People keep forgetting that’s an option. They would rather they go back to their unsafe homes, when in reality we need them.
Like how they say 100k doesn’t buy crap, when many Americans are no where near that.
What sucks is that only 17% of people make over $100k
Tell me about it... The bar keeps getting set higher. Because the "investors" are hoping that some rich guy will pay for it. While there's nothing set aside for Working Class people.
I think it’s more. Everyone one I know make more than that; a sheriff, a nurse, manager at a dealership for their online department, a doctor, an interior designer in sales for a leather company, a traveling nurse.
Lies! Over 30% do
That few!? That seems pretty abysmal if so. I would have guessed 25% or a little more !!
Exactly. And those guys already have housing.
And it's just getting worse everywhere.
Feudalism here we come
@@Yantrus Fuedalism has been here for some time already.
It's always been getting worse
Wow this is such a lie. I literally sold a home to a family of 3 a month ago making 50k a year with a 10% down payment in NYC
Lies again? I believe not in things that we can afford but rather how long we can keep them
Sounds like everyone could take a lesson in budgeting, you don't "need the three row brand new SUV for 80k, you need a 5 year old Camry for$18k unless you need more seating then get the 10 year old minivan for $15. In the same way buy only what you absolutely need for everything else, then set your budget for wants and stick to it. Build your credit. Minimize extra extra expenses.
I made $104,000 last year ,taxes, more toys, trips.. No difference,70 hour weeks! Living in Western NC USA
feeling very broke and depressed right now.
Trying find a job got me depressed keep getting ghosted
L2 invest to hedge vs inflation nooblets
at least 95% of Americans are with you lol... too bad even 99.9% of ppl can't believe they can change the unwanted future the 0.1% is forcing the human population to head to.... doomed to repeat the bloody past bc humans are easily manipulated to believe the worst ppl in position of power.
thats the point of media like this.
Not like you'll do anything about it, but visit some stranger with an MD to give you pills from big pharma.
"They call it the American Dream, because you have to be asleep to believe it." - George Carlin
Never Say NEVER 😎 Justin Bieber
LOVE him RiP
Yall copycats really need to find new shyt to post
@@Booz2010 fyi he's Canadian
Carlin like Maher was a tool of the regime, its why he was always platformed.
My generation might not be able to afford a house, might not have social security by the time we retired, might not have children because they are too darn expensive, might still be drown in debts, might not have enough to feel happy about. So no question, we just going to YOLOing the whole way through.
The writing was on the wall once I began dipping into my savings. I am now achieving the American Dream in another country. What a crazy timeline that we're living in.
America is a colony again. People just won't admit it. With all the signs there they still won't admit the American dream has been dead since 2006
Congratulations on your escape. We're planning ours right now.
Our government needs to physically force corporations to start lower prices or the entire economy of this nation will go up in flames😔
What country 😅?? I speak Spanish and would love to move to Spain or a Latin country ... got any suggestions??
@@ProtoAlpha Its government involvement that has caused this crisis in the first place. Prior to offering government backed student loans colleges had to price tuition at a rate most people could afford. When universities realized people could buy now and pay later on a government guaranteed loan that people couldn't file bankruptcy on, the prices began to soar. The same thing holds true for housing and healthcare. Too much government interference!
I grew up in Los Angeles, and there was no way in hell I would be able to afford a house with a minimum wage salary. When I turned 18, I used to load boxes onto trucks for $3.35 an hour. I did that for 8 hours. After taxes, I was making about $20 a day. $20 x 5 days = $100 a week. $100 x 52 weeks = $5200. That was my NET salary (after federal, state, payroll taxes) in California during the 1980s. There was no way I could finance a house in a nice neighborhood (like Pasadena) or even a ghetto ass neighborhood. I would need about $24,000 to make a down payment on a $200,000 house in those days. Even if I lived with my parents and never spend a dime of my net income, it would take me about 4.5 years to get that down payment. But, alas, that $200,000 house that I wanted to finance turned into a $300,000 house in 1991! I would have to make about $30,000 a year, live in a cheap apartment, and be frugal as hell to save up for a down payment for a 2 bedroom "starter home" in a nice neighborhood in Los Angeles County during the 1990s. I've had various jobs since those days, and I never made enough money to save up for a house. Now it's 2024 and the dream of owning a nice house is just a nightmare to think about. My childhood home in Los Angeles is worth about $800,000 today. My parents bought it for about $18,000. I can't have the American dream and live a middle class lifestyle---like my parents did----with my modest annual salary ($38,000). I feel pathetic every day, and I wish I would've invested my money more in the past. I am doing that now with my small investment account. I also have a pension that I contributed to. Maybe Americans would have more money for housing if federal/state governments wouldn't TAX them so much!!! A single man or woman (no dependents) living in Los Angeles, California and making $100,000 a year will be taxed $28,022!
That story is telling about the greed in this country. There’s no way a house for 18,000 should go to $800,000. You could build that house for about 150,000$. That’s the problem with CA. None of the property is worth that.
The birth lottery has always mattered since the earliest civilizations. This means if parents are not providing a stable source of income which can be inherited then those parents were not caring enough about their children OR the parents were tricked obbed from clever thieves. Across history few parents have been tricked obbed from clever thieves. When children inherit a stable source of income then this should only increase in strength and stability for future offspring otherwise those children made mistakes.
I think the only way to save and live in LA on Minimum wage is by living out of a van. Otherwise, you donate whatever life savings you have to your landlord's retirement fund.
We left California in 2010. The glass ceiling is very real for women and latinX
And if only they taught us financial literacy instead of the mitochondria being the powerhouse of the cell
The cruelest part of the college problem is that even in the case that someone does graduate college, the Wall Street Journal wrote an article about a study that found over half of college grads aren't using their degree for their jobs. You have to really be careful about getting the right major, and doing the right internship, which for many people is cost-prohibitive as they can't afford to work in many cases for free, and you have to find that right first job out of college which is hard to do when all the entry-level jobs require 1-2 years of experience The worst thing is that you end up spending four years of your life studying, taking on a mountain of debt, and your lifestyle, salary, or career path has not developed in the slightest
My parents swallowed the “American dream” hook, line, and sinker. We lived like we were in poverty even though we were upper-middle class, aside from crazy “vacations” set up 100% by our father and the fact that basic needs were always met. They were unable to relax, enjoy themselves, have fun. Their marriage drifted apart; their kids completed bachelor’s degrees were didn’t want to, master’s degrees were did want to, then got jobs totally unrelated to either. I, at least, learned that saving for the future with no care for the present is just as destructive as blowing everything now and giving no care to the future. You might get to retirement age with a pile of money, if your health and marriage and spouse’s health and kids’ health and so on hold, but even if you do make it to that point, you’ll have lost the ability to enjoy spending money on ANYTHING. 😕
literally me
I make six figures, but between the mortgage, car payments, student loan payments, HOA fees (that just skyrocketed because of insurance and massive repairs needed to the parking garage), my internet and utility bills, gas and groceries, car and home insurance, I'm left with just a couple hundred dollars after taxes, HSA, and retirement contributions. My wife was just diagnosed with cancer and can't work, so it feels like we're treading water despite my seemingly high income. We want to have kids (we're in our 30's) but feel like we need to wait until we have more savings and our car and student loan debts are gone, and of course, we have more clarity on my wife's health situation.
Sorry to hear that :((
just you and your wife? lol. i Could super easily support a family of 6 on that much. more than I make now by 20 k and I already have enough. your spend to much on BS. gotta have more than your neighbors eh?
Go full Dave Ramsey. Yeah, you'll give up everything nice you have, but at least you can survive and learn how little you actually need.
Why would you buy a home in an HOA?
Man you're in your 30s and wife can't work no more and y'all want kids. Sounds like you're literally spending all your money too, that sucks you're still young. But I think I know exactly what your problems are lol I'll pray for you
You know it’s hit rock bottom when even the news starts covering how unjust the system is
that's literally their job
Capitalism at its finest.
@krane15 there's always the capitalism guy lol
@@jsebby2284 He says capitalism but what he's really saying is: "The 1% is absorbing everything and they use capitalism to do it. Capitalism isn't the problem it's the 1%."
@@Pathological_Skyrim_Modder the news who’s owned by the same oligarchs who control the system?
The cost of a college education is redicuous, it's a complete racket and unfair to people trying to do the right thing. The system is completely broken.
A lot of it is a lack of financial literacy, a lot of it is the sheer rate of inflation over the years, as well as a consumer/disposable culture that's grown out of control. We need to re-evaluate the "American dream" because the ironic part is, for most people, what they're striving for isn't actually what they even want.
Property values and monthly costs have skyrocketed. They need to stop letting big companies buy up houses to rent them out later and also lower property taxes, until then I’m not buying a house.
That’s the plan they want for you. You will own nothing and be happy……
Right, it's ridiculous, and what do they spend the tax money on? Letting people not work and giving them free food
According to my conservative friend, the market will adjust these people out. I mean what, the only way anyone was able to afford to own a home back in the 1950s-1970s was through government-backed mortgages.
What do you recommend... voting lol... you mean you still believe that the career politicians who embrace lobbying will do anything for the majority while the few who have hoarded the wealth can pay them off... vote til you realize how broken your system is and how nothing will change until the collapse bc it is the best system to keep modern slavery.
See thats the half-truth that political figures tell you to cover up the real main reason housing prices have up so fast, because it is actually the government's fault. Over-regulation of the housing market has made building way more expensive than it should be, and strict zoning regulations that haven't been changed in decades make it impossibe to build affordable housing like apartments, multiplexes, and starter homes.
the house across from mine just sold for $1.53mil, the owner bought it in 1994 for $80K, yeah, good luck keeping up with that
Is that in the sewer called California?
@@Philippinesbound42It's either California or Hawaii, guaranteed. Nowhere else has seen that kind of increase.
Did you buy it? Hold for 30 years and you will get $20M for it. Should have bought it...
@@alexlee8617 I owned mine, well with 13 years of mortgage left anyway but I don't mind if it goes up the rate it was. Can't wait to sell it and retire elsewhere.
100k for a married couple with no children (outside of cities) is more than enough if you don’t get what’s called “lifestyle inflation “ and you focus on keeping debt under control
True, but that's not the major cause. Please rewatch the video. And watch your company's CEO and shareholders' profits.
CNBC makes a whole piece about how screwed we are without actually touching in why this is happening.
Greed.
It’s a bizarre turn of events. I moved to Japan in ‘95 to enjoy a year or two abroad and make a little coin. LITTLE being the key word. Salaries here are low but single life for a young man is fun. 28 years later wow have the tables turned. My salary is still about $100k but cost of living is so much lower here in Japan, especially housing! My $300k house is small and has no yard but was very high quality and interest was .9%. I’m still middle class here in japan or even upper middle. I don’t know how a family can do it back home without double my salary.
100k usd in japan is well within the top 10% in Japan for household income. Likely around top 7% at current exchange rates
@@otk88403 my salary is not $100k USD alas. If it was and you were converting it at today’s exchange rate well that would be quite a good living here in Japan. Not really sure what the point of converting would be anyway. It’s not like I’m seeing US dollars come my way. I get paid in Yen.
.9 percent for house mortgage. Damn that's good. In us it's like 7 times higher.
@@outwestexplorer1966 it IS very good. Of course in Japan you almost never make a profit on a home. They almost always depreciate greatly. Mine was 6 years old so had depreciated about 40%. So over time you aim to pay less on mortgage than you would have paid in rent. There are of course the intangibles Friends of mine pay even less than I do. Floating mortgage of course
@@shizuokaBLUES Japan views real estate a lot differently and contrarily to the way many capitalist countries do. You need to live somewhere, and they prefer to live in newer spaces typically which are typically being built as older buildings get demolished after roughly 30 years. You can also get older, traditional style housing, but without many of the modern conveniences built in or available to them. Also with a largely declining populace there's not a ton of demand, so Japan has a lot to offer in terms of cheap living space.
The new American dream is saving enough to move abroad to a country with more true freedom. Higher or same incomes with lower required expenses for basic human life like housing, healthcare, education and transportation to a job.
And what country that would be? In average gas price is over 6,5$ per gallon. In highly developed countries with comparable incomes to USA like Netherlands, Scandinavian countries, Germany, France it would be almost 8$. Groceries are also more expensive in those countries. I understand maybe stuff like healthcare can be far more expensive in USA, but sometimes y’all don’t realize how good you have it. In my country the average yearly salary is about 20-22k. Gas is 6,5$ per gallon like I said. I laugh when I hear Americans cry about 4$ gas…
💯 That’s why passport bros is a thing. People think passport bros is about chasing women, no, it’s about moving to country that has a much lower cost of living, but still be able to maintain a decent lifestyle. Finding a quality/traditional women is the icing on the cake.
Quick google search showed me that USA is #4 ranked in income to cost of life ratio. With best countries being Switzerland, Luxembourg, Singapore… so that’s that.
That's when you take out the highest student loans possible and move to a country where you want to go and they can't chase you down and garnish your wages 👍🏼
It does not matter where you move. Many Americans especially romanticize living in Europe for "free healthcare", "free education" and so on. Many have never even set foot there, let alone lived there. As someone who has lived all over, it does not matter where you live if your spending and financial knowledge is poor, you'll still struggle. I was an immigrant ("expat" as they say) in a European country and did much better than those born there because I was disciplined and had the right mindset/skills.
It's crap. We all need to stop trying to keep up with your neighbors. We are chasing a dream that is around materialistic ideas not on needs. No one cares what you drive, how big your house is or how you look. This is not wealth only bad management of life and money. Just live within your means & save and invest. Over time you will be able to afford that big SUV, cabin north and so on. Simple economics. Challenge me all you want but I've been very successful doing it. Retired a year ago at 57 never made over 100k and never went hungry or family doing without. Not saying it was easy but I won't look back as I am loving life comfortably. My kids are successful at ages 25 & 26 both have great 200+ k houses in rural Michigan bought mid COVID and doing what we have taught them. The basics as my parents taught me have been lost somehow. Work hard, be smart, dedication, be kind to others and live within your means. The rest will fall into place. Takes work but you won't be a CEO right out of college so don't buy things you can't afford.
All of this is so true. I bought my house at the right time along with three other rental properties over 10 to 11 years ago. We are still thinking whether we have enough to build a family, do what we want, eat out, go on vacations, etc Tomorrow is never said and we will never know what happens tomorrow This current inflation crisis isn't truly understood by Americans. Inflation is like an extra tax against all of us. What a dollar can buy stretches thinner and thinner by the day while this terrible presidency tries to brag about the economy including the price of eggs and milk. They are in control of the media and people's complaints about inflation, record gas prices, etc are all being suppressed. People used to raise hell when gas was reaching $3 per gallon and it was all over the news. Now it's well over $5 per gallon and nobody says a thing about it? News outlets are definitely owned and controlled. It's really sad to see the United States in this state. I feel really bad for people who cannot buy a house due to what is going on with the politics and this country including endless money printing continuing to make inflation rise. I truly wish every one of you success and happiness whether or not you buy a home. As long as you're happy in your heart and your mind, that's true happiness. Owning a house does not lead to happiness especially if you're holding on by a thread every month
I think blaming everything on inflation is wrong. Yes inflation contributes , but the other issue is corporations controlling necessities by consolidating power to do so with the only emphasis on profits for shareholders & idiotic bonuses for screwing the working class.
CaPiTalIsM!
Born in 1960 my father worked a regular laborer job, my mother was a homemaker and they bought a brand new house in 1965 for $ 13,000, sold it in 1975 for 45,000, my mother was very wise with the money.
100k per year???? Are you kidding me? If I made 100k a year I could buy a house easily and even a supercar along with it. Thats more than enough
This just speaks to the market of the day and how fast home prices rose. BTW, adjusted for inflation that orginal cost would be close to $150k today.
CNBC this video does not apply to some people. I grew up in North part of California state. live on farms from my birth to my 17th birthday then my mother moves me to Sacramento, CA. I was often removed from school due to farming seasons to help on farm. then get put back in school. I ended up being employed with the state of CA. receive about $375.00 per month in my early 20's. I had to live at home did not receive enough to live on my own. So, this is not everybody's dream in American. My dream was super simple just receive enough to pay for my cost of living, so I kept it low. Today my little house is paid off I am thankful for that. If everything paid off a person can receive a lot less money to actually live in California. Enjoy your videos thank you for the uploads.
Tupac said it best: "They got money for wars but can't feed the poor."
I'm aware some things are expensive, but the average car payment is $500 to 700 a month with more than 40% of Americans having an auto loan, and some of you wonder why you're complaining about money. You could start by giving up your $40,000 car but I know some of you could never be seen in a cheaper car.
right! My car is only 14k and I love it!
I'm sorry but your comment has really bothered me. The more I look into inflation the more I start to question how bad it really is. Your comment is something that I thought about many times. Like what justification is there for a $500 monthly payment?
In most cases you do not need a car.
@@lidyasworld313014k is still too high, do better
Dude a 17k car payment is like 350-400 because of a 9% interest rate. I had a 774 and got 8.1% when in 2019 I got 4.5.% for a car that cost the same.
100k is litterally 60k after taxes. 60k used to be the standard back then now its 100k. Cause the cost of living, high cost areas, and just raising kids.
I'm a younger millennial who just entered my 30s almost two years ago. I knew for a long time now that I will never be able to afford the American Dream. I'm actually trying to leave the US myself because I'm tired of getting the short end of the stick. Not even a college degree is enough to save you from poverty. Big real estate companies are buying up houses and apartments and overcharging for them thus creating an affordable housing shortage. They're the same ones causing homelessness even among people who have jobs creating a working homeless population. They need to be held accountable for this but I don't see that happening any time soon. I feel like things are just gonna get worse for anyone who isn't rich or make a high six figure salary.
LMAOO where are you going to move ? Other countries are a lot worse. Your only option is do remote jobs while living in a 3rd world country. That's not guarantee unless you are doing freelancing many companies don't want an employee living in a foreign country.......unless they are paying them 3rd world salary. Canada, UK, France and Germany are actually worse.
Saw a meme once that said you get taxed on the money you make, then you get taxed on the money you spend, the home you own, the car you buy, all the things you buy, etc. we are taxed to death today.
And yet all our politicians tend to want is for you to pay even more and raise those percentages on the taxes you pay it’s never enough
You've all got what you've voted for. Democrats want ever larger BIG government, more regulations, more control over the rebellious plebs, more social benefits for the work-shy & those that play the system. Are the Republicans much better? Maybe a little, but not by much. Take a look at the last 50 - 60 years of government spending; spend, spend, spend, spend, tax, tax, tax, tax, borrow, borrow, borrow. My country of the UK is no better; all our major political parties vote for more BIG government, more regulations & social benefits, more spending & taxation, more borrowing & later the consequential unsustainable interest payable on those colossal loans.
@@jacoblynch9862 unlimited money for Israel and Ukraine.
Taxes aren’t the problem
My full reply about BIG government, tax & spend, borrow; has been deleted either by CNBC or uTube. They really don't like the truth do they.
This entire video discussed everything we already know. We need solutions
How about this as a solution. Property taxes utilities groceries and an unlimited bus pass yearly. Are under $15k yearly per person in every single state in the US. Just payoff housing ASAP with roommates, and everything works out.
Cry harder for daddy government to save you.
The corporations the buy advertising on CNBC wont let them discuss solutions
Solution: Vote Trump! 🇺🇲
The "solution" is going to be a worldwide reset. All debt erased. One digital currency. All controlled by a centralized world government. National sovereignty erased. Your rights abolished. It's the system that the Antichrist will inherit when he comes to power. The Satanically possessed man who the world will look to for answers. We're living Biblical prophecy in real time. You may laugh at the premise now, but keep the thought in mind as it comes to fruition. Mankind's "solution" would destroy the race if not for the return of Jesus Christ to set it all right.
My wife and I are in our mid-30s and make around $170k combined with no kids living in a small 2-bed/1-bath place in the Baltimore-DMV area. We’ll probably never own a home or a non-used car, couldn’t afford kids if we wanted em, can’t really go on vacation or buy nice things, and are saving very little for the future. Combination of absurd cost of living, frequent car- and cat-related costs, and paying off student loans we had to take out for many years both while getting our undergrad degrees and while living in Atlanta making a take-home of like $1.5k when getting our Ph.D.s.
I used to work in HR in your area and that salary seems low for someone with an advanced degree. Have you looked at civil service work in Maryland or D.C? The federal government and local governments can pay very, very well; D.C tends to match federal salary because of the high earners in the city (one of the only places in the county where the average degree is a master’s). The state of Maryland doesn’t have incredibly competitive salaries but having a Ph.D can get you a job with no experience. Plus for any of these options, you could get your loans forgiven via the feds. Also, look at Anne Arundel County for houses. Most of the county is only 30 minutes away on the MARC train from D.C. If you don’t morally oppose government work, this could be a good option for you. Good luck!
@@MiniM69 Thanks for the information! I work at a government research institute as a post doc (still in my first year) so my salary is right around 100k, my wife is a professor at a liberal arts college so her salary is pretty low for the average Ph.D., but it's what she wants to do with her life. If I get hired long-term and/or she gets licensure to start taking her own therapy clients things may improve. The issue with my student loans is that even though I work for a government entity it's a sponsored position and I'm considered self-employed for tax purposes and cannot do PSLF. As such, I'm trying to aggressively pay them off as quickly as possible without forgiveness because otherwise I'm accruing over $400/mo. in interest alone at the moment and every dollar I put in is less money I pay in interest down the line. For my wife, she has sizable private student loans that cannot be forgiven, but she's also on a 25-year plan I think to get forgiveness for her public loans (though her monthly payments are about to almost double after recertifying). We live in Anne Arundel county, halfway between Baltimore and DC. Our housing costs are still over double what they were when we lived in Wisconsin the last two years. Even crappy apartments that met our needs were over $2k/mo. (we both need separate spaces for home office setups since I'm mostly remote and she does a lot of work from home on non-teaching days and weekends) not counting utilities, insurance, pet costs, etc. I'm also from Michigan so driving everywhere is strongly engrained in my lifestyle and I rely on a car for many things, including my sanity lol.
I work as machinist, the older guys in this field of work say the pay rate hasn't changed at all even though inflation has risen alot
Finance writer: It's a problem flaunting fancy purchases on social media because it makes everyone feel inadequate. Me: So, why are you being interviewed on social media in the ostentatious hall of a ZILLION DOLLAR MANSION?
Because that's his slum house. He didn't want to show off the nice one.
lol 😂 glad I wasn’t the only one that noticed that
Finance influencers need to have ferraris to look successfull.
Yeah part of the reason for this is because we as Americans don’t realize how much of a wealth killer a brand new car is. The US is estimated to have a total of 1.5 TRILLION dollars in active car loans. The average car payment is $700/month and the average car is financed for 5 years. Imagine what you could do with $42,000 invested in the stock market over a period of 5 years as opposed to committing $700/ a month on a depreciating asset. If you were to think of your car as a stock…would you invest $700/month on a stock that you know will depreciate by 20% in the first year alone? Probably not. People are still living paycheck to paycheck because even though more of us are making 6 figures, we finance a more expensive car, we buy a house we really can’t afford, don’t even get me started with credit card debt. I’ve even talked to people that will finance first class tickets to go on a vacation that is paid with a credit card. Everyone wants to blame inflation and while yes, it is a contributing factor, but we also must take into account our spending culture and lack of financial responsibility. I make just over 6 figures. My family and I live very comfortably because we don’t carry any credit card debt, our cell phones are paid off, we have a car that’s paid off and we bought a house that was priced at a fraction of what we got pre approved for. We are not perfect but we are a living testament that a family of 4 living in a major city can afford to live on a six figure income.
I never thought of it like this wow
My friends got into cars for $700 a month for 72 months. And I just recently bought a lightly used hatchback for $15k. I find this situation hilarious, especially since they KNOW I can afford a more expensive car. 🤷
Phenomenal Point you made!!!! It’s not the US causing this it’s the consumer base causing this. I totally agree. Making a good bit over 100k and I’ve been both stupid and smart in recent years. The difference was in my knowledge and awareness to what I was consuming!! Whether business was going great or not, the key was reduction in spending and allocating it towards something that wouldn’t disappear in a year lol! Spent 50k on a car I don’t even have anymore! I def stamp your comment! You are 1000% right! Lack of responsibility is our downfall! & If you’re making under 100k you need to increase your salary/commissions ASAP!
Warren Buffett always says the dumbest thing you can do is buy a new car every couple of years. He buys a car and runs it into the ground. I'm currently running a 21 year old car, that still looks and drives like new because I've taken care of it. That's why I was able to buy my own home a few years ago, as I didn't waste over $200,000 on a new car I didn't need :) And same for me -- zero credit card debt.
Yes yes yes. Thank you writing this all out. Paycheck to paycheck in my mind means…. You have car loans .
I graduated college and got myself a decent job, not $100k but almost there, and that doesn't even feel enough. I feel so broke and I don't have any debt. My girlfriend wants to be a stay at home when we get married, and I would have be an executive to make >$110,00 in my field 😭. I was so happy thinking I'd make 6 figures one day, and now it doesn't feel enough.
Regardless of one's salary, whether it's a home or anything else, everyone is overspending. For example, anyone who makes between $40k and $70k a year, should not purchase a car around $40k and $70k. I speak on this because I'm guilty of it. My only saving grace is that I only have to take care of me. I'm single with no kids. For anyone who wants to get married and start a family in this day and age, good luck to you 😅
I’m here for the commenters that say it’s “not that bad and we need to quit going to Starbucks and fast food.”
food delivery apps are worse than a simple starbucks and fast food, but people don't want to be inconvenience to get off their a$$ and pick i up themselves, or call the restaurant directly. Markup on food in the app, delivery fee, tip fee, and gas surcharge. Just call the restaurant directly for delivery and it will be cheaper.
@@godfathaofyo if takeout is making people go broke, they were already broke… plain n simple.
It's not that bad and you should stop doing that
@@jsebby2284 😂
@@jsebby2284 if it’s not that bad, why are entire news organizations on both sides of the political spectrum saying it’s that bad? 😂
So glad I paid off my student loans straight outta college… wife and I had $60k I student loans.. we got into a studio apartment, I worked non stop OT, and in 2 years we paid it off. Paying those off paved the way for us to be where we are today! 👏 #DebtisDumb
That is the smart way to do it. Congrats Mike
Congratulations!
As someone who paid off student loans- do you feel others should have theirs wiped? should you receive tax reimbursements for paying yours off? I think you should, good work though.
Should have waited for biden to help pay off.. And then continue to pay higher/rising taxes in other areas. Lol
Awesome job Mike! It’s that kind of mentality that sets people apart in this economy. I followed a similar path, but it took me from 22-30 to wipe out my 96k. Still I have a great deal of empathy for anyone in a similar situation. I don’t think debt forgiveness is the answer, but drop the interest rates and offer a competitive reconsolidating program for private loans. Give people a path to success and not just a handout..