7 Middle Class Money TRAPS Keeping You BROKE

These middle class money traps could be keeping you stuck financially.

Unfortunately the middle class is often unwitting victims of money traps that prevent wealth building and keep them stuck. If you want to build wealth and get out of the middle class rat race then you need to avoid these traps.

Avoiding these middle class money traps will help you break out of the cycle so you can financially support the lifestyle you desire and deserve.

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[PenniesNotPerfection]

Are you struggling with any of these middle class money traps?

[jayocean]

Like others have said Cars are the biggest trap and wealth killer. People are spending mortgages on monthly car notes and some family's have multiple brand new vehicles that is halting in gains they are making

[fredswartley]

Car payments are definitely a wealth killer. I experienced this a few years ago when I bought an expensive car that I couldn't afford. The payments were a burden and prevented me from saving and investing.

[ZOBuccaneer]

Anyone who is friends with people who will judge them for having an older car should get new friends.

[astock]

I bought a new car last December. We needed a 3rd car. My old car was 14 years old and paid off. We gave that to our son and bought a new car. Had 25% down and qualified for zero percent interest. Didn't get the exact car I wanted, but we went with the best deal. We pay off our cars as quickly as possible and drive them forever. That all being said - it sucks having even a "reasonable" car payment after 10 years of not having one!!!

Also we looked high and low for a decent used car at a decent price. Used cars are so expensive now! I was shocked.

[tacrewgirl]

Great info. Yeah cars are more expensive since Covid but people are often buying more car than they could afford now than in the past.

Many people are on a Ford Focus budgets with Dodge Ram expectations and bills in their low middle class income. Yikes on these $1, 000 monthly car notes with 8% interest. 👀

There's nothing wrong with getting a car you want when you can do it within your budget while still saving for a rainy day and retirement. Get a used version. Heck, rent it for a week in vacation.

[BobSure_AKA_PotatoSmasher]

We as Americans are EXCEPTIONAL at dividing ourselves into classes. Define: Middle Class. We spend so much time and energy trying to climb rungs on the invisible ladder of "classes." Do you think if you're "lower class" you should be spending time removing the"lower" from your title?! The answer is NO. Live your life. Live it sensibly. Stop classifying yourself and others according to color, class or financial mobility. #Idiocracy

[rkw]

I haven't had debt in 40 years, make plenty of money, and am perfectly content to remain in the middle class
The rich people that I know are obsessive workaholics who have little enjoyment from their wealth

[thomaschew]

Pay off all of your debt and save some in an emergency fund. Then put some portion in an investment fund every payday.

[langhamp]

The US is unique in that it requires a fairly high minimum amount of money (per month) just to survive. Most 1st world countries understand that transportation is something that younger people cannot afford, and older people often have difficulty affording, and so they make things like public transportation, walking, and bicycling a priority. However, virtually all Americans regard such alternatives with revulsion, disgust, and contempt. Driving is expensive, and Americans are increasingly realizing they can't afford it even when they buy "cheap used cars" since insurance and maintenance is expensive.

And yet you need a car for most jobs; hiring managers can and will send your resume straight to the trash can if you don't.

To me, it's the car requirement that needs to be solved before debt, lifestyle creep, or anything else except NIMBY'ism, can even be addressed.

[summerjoy]

I’ve witnessed all of this. Even on budgeting YT channels they’ll have brand new massive car payments, but I’m sure it would be nice to have new cars 😂 We wouldn’t be able to invest much if at all if we had a large car payment…

[rogerfarley]

Have to disagree a little on the car topic. While there are clearly people who buy new, overly expensive vehicles without much justification, you can't say that for ALL new vehicle purchases. As a person who bought used cars for myself for long commutes, but a new car for my wife to shuttle the kids, I can say that while a reasonable new car is more expensive on the payments ($200 used vs $350 new, and currently $500 new), a new car is much less on repairs for the first 5-10 years, while a used car can be a crapshoot. You are buying someone else's problems. They got rid of it for a reason. I did have peace of mind for my wife's car as I didn't worry about her breaking down and being stranded with the kids anywhere. I got a used car for free as a gift from my MIL.. and still had to put a new front end in it as well as rebuild the transmission at just 130k miles. I have had used vehicles that required a LOT more. Be reasonable... understand what the tradeoffs are. Not ALL situations are the same.

[guyklose]

Leasing cars is a great way to never get ahead! Inhis book, “The Millionaire Teacher”, the author Andrew Hallem makes the point that leasing cars your entire adult life is a million-dollar decision! Even if his numbers are off by a factor of two, it still means that it is a half million dollar sinkhole. That’s a half million more than alternatives…

Meanwhile, my last new car was purchased in 1989…my wife’s was around 2002. Since then, used cars. Diverted “savings” to paying off the mortgage, retirement savings, putting two kids through college. Funny, if I looked at it, it’s probably close to a half million. :-)

[ivobiancucci]

My SUV is 19 years old as a single guy its my gold digger repellant

[catgodfrey]

Great Great Video. I would ❤ a new car, but we have 2 pd for nice cars know way I’m taking on a huge pymt. I finally stopped about tens yrs ago keeping up with the Jones. 😊❤😊

[DjBaapreB]

Check each month on payday if there is money left from previous month. The first thing you do is transfer that leftover amount to your savings account.
This helps your saving habit 😉
Of course, the second step is to transfer a fixed amount to your savings account (paying yourself first).

[xavierrodriguez]

There not much the middle class left .

[Charlesmarcel-eeke]

Apple have a billion dollar debt and millionaires have credit card debts too millions with my credit card debts I good with my amount I owe 🤝

[ivobiancucci]

If your unable to purchase the car with cash? YOU can't afford it. Sorry people your Lexus should really be a Toyota Echo

[leticiaenraz]

My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.