Financial Desperation in 2024: The Surging Cost of Living and Its Toll on Americans

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Discover the grim reality of financial struggle in 2024 as nearly 40% of Americans grapple with meeting their monthly bills, according to recent findings. In this insightful video, we delve into the factors contributing to this crisis, such as escalating living costs and insufficient incomes. Learn how Americans are adapting by changing their spending habits, taking on side jobs, and relying increasingly on credit cards. We'll also discuss the broader economic implications of these survival strategies and what it means for the future of financial stability in the U.S.

📉 Key Points Covered:

Analysis of the current economic conditions leading to widespread financial hardship among Americans.
Insights into how high living costs, stagnant wages, and rising debt are forcing many to rethink their spending and saving strategies.
Exploration of alternative income sources and financial adjustments people are making to cope with the harsh economic climate.
Discussion on the potential long-term effects of these changes on the economy and individual financial health.
🚀 Why Watch?

Understand the severe financial pressures that are shaping consumer behavior in 2024.
Gain insights into the economic strategies Americans are employing to manage the high cost of living.
Learn about the impact of these financial strategies on the overall economy and what it could mean for future economic policies.
💬 Join the Conversation:
Are you experiencing financial challenges due to the current economic climate? What measures have you taken to manage your expenses? Share your strategies and learn from others in the comments below!

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#FinancialCrisis2024 #CostOfLiving #EconomicStrategies #PersonalFinance #CreditCardDebt

[ToddKirst]

In my area, the average Job pay is $16 - $20 per hour. That is not a livable wage if you have a Mortgage, Auto Loan, Credit Card debt, and Utilities. No wonder there is a rise in Foreclosures and Auto Repossessions!

[kathieharine]

Shelter costs (rent or mortgage) are way out of line.

[gregglira]

I been telling people this the layoff year of 2024, and hiring managers not hiring any more instead of saying people don't want to work any more.

[MGTOWTheRationalMensClub]

America's problem is the bad OLD habit of LIVING BEYOND one's means i.e living lavishly on credit cards, buying big cars on auto loans, buying big houses on mortgage, buying useless status symbol things on credit. Live frugally, rent a small apartment, eat at home, buy second hand cheaper car and things become easier.

[khaitran]

I don't know what you talking about, but i was at the casino today n it was a mad house.. people have money to gamble it up today!

[antoknee]

I missed your poll but here’s my answer …abso(fucking)lutely … cheers.

[sandi]

I’ve definitely charged the way I shop and how I spend. Really stopped my Amazon shopping and using what I have. Used to buy clothes a lot more and cosmetics. Definitely cut that down ti the bare minimum. My income got cut buy 1/3.

[MultiSmartass]

Its a mixture of long term and short term impacts on the economy.

long term impact of less full time jobs and more part time jobs plus wage stagnation since the 1970s.

short term impact of recent inflation and higher costs and prices plus higher cost of living . Plus some degree of job layoff .

[leplane_]

14:40 I did that during Obama's economic depression. Flipping cars, computers, drones, the whole nineyards but my favorites were flipping older cars which I fixed up, detailed and oftentimes could make anywhere from $500-$1k, or more.

I'll give y'all another idea. VW Bug flipping. Them cars aren't cheap in the states, specially in restored condition, but here's the tip. If you get them from south America, there's plenty going for under $4k, and in running condition. If I had the money I'd be doing that, and sell them a little cheaper to get some faster cashflow. People are asking crazy prices for these bugs on sites like bringatrailer etc

[SpiderC-]

I know family members struggle to make ends meet, but they have money to buy coffeemate. Their motto is: Live life a little. What they don't tell you is how much they owe on the credit card!

[jawara.d.king-authorofbooks]

I'm gonna talk to Fidelity Monday but not investing anything until the $4, 000 in credit card debt is paid off before the year is out. 💳 💳 💳. Another stupid thing I did in the past was take thousands out of two 401K's to buy a luxury car. Don't crucify me 📖.

[TennantMary]

Have $400 electtic get the meter check

[michaelcorbintCorbin-vd]

Calculate the tax on 16 an hour for one hour thats not pay check your not making nothing

[TennantMary]

There is art work invest like a index fund set up

[zcorpalpha]

So happy I have the house 🏡 with property paid and and I’m only age 48 🥃🔥


Zero Debt 💸

[empiregone]

Rico is the only financially sane person I know of in 2024. I hope things improve soon, we are figuratively suffocating out here!

[Fritz]

You’re wrong about the seeds..No GMO seeds are legal in the USA except for commercial growers. Heirloom seeds can be saved from year to year and regrown. All non heirloom seeds will grow you just won’t get the mother plant which means it may not look like the original plant.

[angelsy]

The lack of price competition is due to all the "competitors" agreeing to keep prices high. This is hardly a new thing - trade associations have existed for centuries. They operate best when they can control the regulators who were originally set up to stop that. All you have to do to fix it, is buy up enough politicians to change the laws... after all, that's how the business community has eroded government regulations for decades. Remember, in America, we have the best government money can buy! What, you have no money? F off, loser!

Of course, if you want to ensure long-term investment success, all you have to do is buy up and control the media and entertainment complexes, which serve to tell people who won't amount to anything that if they just throw all their money at crap they don't need, they'll at least look like they amounted to something. You know: fancy shoes, a car that runs, booze, designer drugs, trip to Ratworld. After all, everybody gotta have *something* to get through life, to make the day-to-day bearable, until finally healthcare will take everything they have left and then some all just so they can breathe a few more breaths in abject misery, as the bills pile up. And if they stop spending that money, or enough of them just can't afford it, then the economy collapses... but don't worry, rich people got bunkers, so they'll come out alright.

It's the American way - and we're real good at exporting it, too.

[BK-ghus]

Your poll highlights how people generally don't think for themselves... they talking about "they've had to cut back a lot..." If you received a stimulus check during the recession and thought that this (giving out funny money) wasn't going to cause precisely this sort of dynamic, it's largely your own fault. I got my stimulus--and put it in the bank, with the expressed purpose of knowing that prices would rise in the future. I hate to be like a I-told-you-so remark, but people should've known better.

[TennantMary]

Yoooo here I am a day late at the gym 🎉🎉🎉🎉