Why Americans Are Actually Broke! (2023 Edition)

Americans might be bad with money, but you don’t have to be. In this episode, we discuss the underlying reason why Americans are so bad with money and how you can do it better.

Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life.

[ElliottNest]

I have no debt. And yet, I feel like I’m broke due to the impact of inflation. Have eliminated most of my discretionary spending.

[LeslieWagenheim]

Yes you might say that but More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire without any investment. Retirement becomes truly fulfilling when you possess two essential elements: financial resources and a meaningful purpose in life. Make prudent investment choices to secure good returns and ensure a comfortable retirement. .

[rntt]

This country is two paychecks away from everyone just eating each other. We have no actual idea how bad it is out there, and people are willingly going into crazy amounts of debt for absolutely no reason.

[cuz]

What's so impressive is how many other personal finance influencers mention you two as being among their favorite content creators. I think the chemistry of your mutual respect and affection is powerful!

[feeddaneed]

I don't hear health care or medical costs/bills mentioned. This is a BIG reason for being BROKE in the US. :/

[terrisewell]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life too 🙏🙏🙏

[davidbobo]

I was a cook for 2 years in my early 20's. Now that skill I use at home and save oodles of money without sacrificing quality . I taught all my kids to do the same

[mosesabruzzi]

This is scary. Rich people pay politicians to make sure they get access to taxpayer funds first when banks shutter or they're in jeopardy of losing all their money. I feel bad for the lowest paid workers that may be affected, but not CEO's. A lot of them have created this abusive corporate pay structure where they are paid 300 to 400 percent above the salary of entry level workers. Most add very little value. They posture and perform with speeches, meetings, and excessive travel to provide the appearance of working hard. It's a con.

[ddellwo]

Yes - looking back, my parents did a pretty good job of masking the kids in my family from the reality that we didn’t have much money! I was the first child in my family to go to college, and qualified for Pell Grants to do so. It wasn’t until much later in life that I realized you don’t qualify for Pell Grants unless you’re on the lower end of the economic spectrum!

Social media is the arch-enemy of financial sanity! My wife falls every time for the latest “FakeBook” post that shows one of her friends with a new car or on a fancy vacation! I know most of these people, and unless mommy and daddy are paying for the trip, the only way they can afford a lot of this stuff is because they are making a choice between “living for today” at the expense of their future financial security……..😐

[AA-iygm]

I know 3 couples/families just off the top of my head that have modest incomes but are in debt because of 2-3 cars that are above average price, supporting dogs, going on tropical vacations yearly, going out to eat often or ordering in and buying clothes each new season to look trendy...so that's why I don't buy the excuses that it's near impossible to save money, people choose to live in denial and to compete with each other for social points.

[bunacat]

I was never a spender, but one thing this pandemic taught me was that I can have a good life on even less. I hardly buy anything anymore unless it runs or wears out. This isn't because I am trying to be extra frugal (but it's a perk), it's because I don't care that people think I should get a new car or more stylish clothes. I haven't bought a pair of shoes/clothes since before the pandemic started, now I am wearing everything that has been stagnating in my closet. It feels awesome! Plus because I'm not spending I can up my contributions and investments!

[ashleyrizzo]

We're a two income family of four- its absurd what things cost. Even thrift shops are raising their prices. As a business owner, my health insurance is more than my mortgage. The cost of leasing my mediocre, non-luxury Subaru Imprezza has trippled over 3 years. Groceries for my family of four are more than my mortgage. We don't buy "extras". My car insurance went up, just because.

I'm not sure how I'm supposed to save when the cost of basic necessities are skyrocketing every year.

[Dohair]

Gen X also. I didn’t know until I was 16 my dad was a multi millionaire. I had an economic project in school and when we started taking about business it hit me. My parents had their house paid off the year I graduated HS. They were 41. My dad retired at 58 years. I’m trying and have wonderful role models but I can say I’m definitely behind them. Not doing bad but not doing as well as they did.

[mrsmcdowell]

Please consider creating a homeschool high school course! I would love it for my kids. Or even just one episode with the basics s directed toward them that I could have them watch would be great.

[amitychief]

Loved the statement "You own your time". I started saving and investing early. Retired at 55. Now I am on nobody's schedule but my own.

[luxyminimalist]

I always laugh when I hear people say many wealthy people don’t drive nice cars. I live around some of the wealthiest people in the country. Despite what these financial people say, the majority of them aren’t out here rolling in Corollas or Hyundais. Many or most of them either have high-end, luxury cars like BMW, Audi, etc. or a Prius/Tesla as they are the flex among the wealthy and environmentally conscious. They still like to drive nice cars, but the difference is that their cars are PAID OFF or leased for business tax purposes. Either way, they aren’t out here taking out car notes of $1, 000 for 84 months. It’s totally OK to want to own nice things—as long as you don’t destroy your finances getting there.

[Mark-oqfl]

The US also ranks #47 on the wealth equality index - one spot above Haiti. We rank #20 on the cost of living index, 27 places higher. If you are doing well here, there is no excuse. If you are doing poorly here, then it is hard to deal with the double whammy of wealth inequality and high cost of living.

[Howdy]

Americans are big consumers! We want everything and wantit now!!We have very poor financial knowledge!

[MaryTongx]

With changes in the economy leading to instability in the stock market, some individuals may face a decrease in their investments in an effort to benefit from the current market conditions, I am considering liquidating my $725k portfolio consisting of bonds and stocks. Someone else in the same situation? Please tell me in the comments!..

[pensacola]

I am comfortably retired with no Financial issues. But I do think the younger people have a gripe, especially when it comes to wealth and income inequality.
We are a wealthy Nation with many poor people. And that's the problem.