Why SO MANY People are Broke in 2024

Video From ►”THEY LIE TO STEAL YOUR MONEY (Avoid The #1 Wealth Killer In 2024)”

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[EytsirhcChristye]

I was debt-free with thousands saved, but I lost my job and got a job that paid less and got behind on my bills, but it’s been improving. Avoiding income inflation, avoiding impulse buying, pay bills on time, don’t try to keep up with the Joneses, don’t spend what you don’t have…

[chrismi]

I’d say the biggest problem is the price of housing and food. Why is a studio apartment 1800-2100 a month and food is 100$ a week to eat healthy.

[DKNY]

Someone doesn't know the difference between mean and median. The US population can on average be doing better and over half the population can be doing worse.

[kealiimaxilom]

The wealthy are doing great. The not wealthy are dying.

[AlexM-vhpu]

We buy shit we don't need with money we don't have to impress people we don't like. Tyler Durden

[jasonnichols]

Costs went up while wages remained stagnant. It doesn't take a financial guru to figure this out.

[bicgohill]

Everywhere I go every place is packed,

[martinramirezmi]

Don’t ask wealthy people if Americans are broke. These guys live in their own world.

[luvyarora]

The core fundamentals are : living below your means and learning to compromise for the future.
Example: a person is in debt but will refuse to live in a studio apartment : or share a 2 bedroom house, buy a less fancy car etc etc. it all comes down to those 2 things.

[kingdomross]

It is much harder today everything is expensive.

[Johnny]

I definitely think that behind a lot of the TikToks you see of someone in their car talking about how they make more but can’t make ends meet or whatever… I’ve learned to stop accepting that at face value.

It could definitely be true. But it could also be that individual having run up new credit cards and financed cars during “crazy times” COVID liquidity, and now reality is setting in.

[adampenley]

George is 100% right. Most people don't have the time or discipline to learn how to correctly leverage debt. Even then it's a risk because the market could tank and your debt it now more than what it's leveraged against. Most people need a simple lifelong plan and that's why I agree with George.

[biglugaming]

Define broke though. I feel broke any time my savings is under 3 months emergency, or checking is under a months salary.

[tkid]

It sort of is an income problem, when Insurance (car, health, homeowners) is up 25-50%, Food prices are up 10 to 20%, new and used car prices are up, home prices are up, childcare, gas (although a little less now, we were paying $5+ a gallon not too long ago), Rent, cable/internet, Gas and electric, Water, clothing, pet products including food (Food I get my dog used to be $15.99 3 years ago, it is now $22.99 for the same bag), postage and shipping, College, and the list goes on, With all that a 5% raise you may have gotten last year or this year isnt enough to pay for the same things that 5 years ago you had no problem paying for (with less income too)

[olabashanda]

Some of you have never driven a $700 car and it shows…

[masonr]

The rich are getting richer, and the poor are getting poorer, and the middle class is disappearing.

Money compounds overtime. so if you are not making enough money today, unless you earn more you will fall further and further behind.

If you are able to save money, and leave it alone, your money will grow faster and faster.

There is a basic income that you need to survive: Rent, Utilities, Food, and Transportation.

Gas and rent are growing faster than wages. So it is becoming harder and harder to save, and keep saving.

I have made my peace with not being "valueable to the economy, " i just dont want to be a burden on the ecconomy, so I want to get out of debt.

[ryangiese]

You’re not getting ahead earning 40k today

[RosaPerez]

There is no focus and consistency with my generation I completely agree.

[akumacode]

We might not ever really know which is more prevalent. But I can say that people my age are one of two, that I've seen. Rich, works in tech, and has family money, that allow them to buy houses and cars at all time highs. Or regular/poor people that are just barely getting by

[TruthBeTold]

He's absolutely right about following those boring principles. Those are principles that still work regardless of income. I've been following those principles for a few years now and I am winning for sure.