Why Americans Suck With Money

Americans are simply not good with money...

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In general, Americans are not good with managing their personal finances. Many Americans are struggling with debt and many financial burdens that hold them back in life. In this video, I share four reasons why many Americans are bad with money.

1. The Victim Mentality

We often like to blame other people or life circumstances for our financial problems. We act as if we are helpless to solving problems and someone else is the only one who can solve our problems; however, when you live your life this way, you end up living with the victim mentality. It is important to take responsibility for your actions and accept that the world is always going to be chaotic. When you focus on solving your own problems, you end up having a better relationship with your personal finances.

2. A Toxic Work/Life Balance

Compared to most developed nations, we have a very toxic work life balance where we work ourselves to exhaustion. I believe that there is a direct correlation with bad financial habits and an unhealthy work/life balance because people often justify their hard work by spending more money. When you make decisions like establish boundaries with work, find hobbies outside of work, and slow down, you will have a better relationship with personal finances because your mind will be more clear and you will have less stress and anxiety.

3. We Like To Pay More For Stuff For Some Reason

Americans often like to get the best of the best and spend more money on things they do not use. People spend more for the sake of spending money, which drives them in debt and creates many financial problems. You can still have nice things and a high quality of life by being more frugal with your spending. If you make more conscious decisions to save money and get the most of your dollar, you will have a better relationship with personal finances.

4. General Lack of Contentment

The United States is the land of abundance. We have anything we want and can get it without needing to leave our house. However, the irony with abundance is that the more you chase it, the further away you get from being content. Contentment is found by being happy with what you have. When you choose to live a more simple life with less, you have better relationship with money and are overall more content.

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[ElAgustin]

What's one way you can be more content?

[rntt]

I paid off my debt about a year and a half ago. People, you have no idea how absolutely wonderful life is when you don't have any debt. Pay it off, people! Get at it as fast as you can.

[corey]

I drive a 20 year old Toyota 4runner. Im told all the time why do you drive that crusty old vehicle. Its in great shape been well serviced and its paid for. Cars are to get you from point A to point B thats it. Im not into fads. My 23 year old vehicle does everything i need it to do and no payments.

[marialuizadeoliveira]

Just look at people’s garages in America; the amount of stuff is absurd. Some of my neighbors can’t park in their garages because it’s full of unnecessary things. The other thing is paying to store crap you don’t use it. That money could pay for a trip or to build your savings. The sad thing is that schools don’t teach kids to be smart. I guess that would reduce frenetic consumerism, not a good thing for capitalism.

[sabrinamantrisi]

I am not an ‘American’ …
But things are exactly the same here in Luxembourg…
Thanks for the video 😊

[shehnazahmad]

By the way. I only bought online once cds and will never buy again. Clothes as well. I don't ever order food online.

[TeaLightCooking]

Congratulations on 50, 000+ subscribers Agustin! Thanks for another great video once again!

[melissaguevara]

Great video! I am content with my smaller home! I love having a small affordable home that’s quick to clean!

[USViper]

ALL? I am 50 yrs old with a 2.3 million dollar pension, military retirement, income from ETF monthly dividends, income from a rental property. I started investing 30% of my income at 20 yrs old.... my father convinced me this was the smart way.
P.S. I am fully retired. God bless the U.S. 🇺🇸

[argopunk]

Good advice as usual. I'm in Canada and, as your neighbour, we are just as consumer oriented. I'll add that consumerism is a lifestyle. And I once had a wife that, among a couple of other lifestyle choices, bailed on me because I had minimal consumer-purchasing needs. Where she wanted to spend, spend, spend; I wanted to save, save, save. And I'm not cheap, just frugal.
If you're going to get married, make sure you have similar spending habits. Money is number one on the list of make it or break it for North American marriages.

[schrodingerssquirrel]

Nope, I rule. I don't claim victim hood because it's all about how I make decisions. .

I live on half of what I make, And I save the rest. I respect my money too much to throw it away.

My cats would spend it on toys, Treats, , And catnip. The rest they'd just waste...😁

[martuskarogowska]

Like you said, a lack of contentment, and in my opinion, also running from ourselves. This is the main reason we, as humans, are so focused on money and the things we spend it on. We have big egos, which is what makes us derive our sense of self from the way we look, the things we have, etc. We focus too much on the body and the mind at the expense of our hear & soul.

[eddiestilll]

these videos just get better and better! i'd argue for the economic point where if everyone was intentional, we may not have as big of an economy but it would be way more efficient and corporations would have to work super hard to really create genuinely needed products rather than artificial fads and wants. just my 2 cents.

[asavannah]

I live on a small flat Caribbean island. So many people here have fancy powerful trucks like you would need if you're living on a snowy mountain. And they're just using them to drive to work and back 🙈

[Tach_H]

Speaking facts on over consumption and it's links to unhappiness !!

[SavannahL]

I wish I could give 2 likes for “Your cat would probably be good with money…. (Cat) y’all be trippin” !!!!

[plappin]

Great video! It isn't just the debt that might result from buying a lot of feature-laden stuff that makes Americans discontented. I think on a soul level we recognize that this kind of compulsive consumption is inconsistent with our true needs: we "know" it's wasteful, unnecessary, greed-driven, and that we're being manipulated to address artificial needs. Plus it creates more waste, clutter, and complication in our lives. But it's not easy finding, for example, a laptop that doesn't have more features than the older model we're replacing, or a portable phone that simply makes calls and isn't hooked up to the Internet, or a car that doesn't come with power windows, power steering, electronic key fobs, etc. I've mentioned before that my fridge is more than thirty years old and, yes, it may (or may not) consume more energy than a new model would. But it's challenging to find a no-frills replacement. It's like finding jeans without Lycra in the fabric: you actually pay MORE if you DON'T want jeans with Lycra -- okay, that's probably not a great example of what I'm talking about. There's a reason we're constantly referred to (and refer to ourselves) as "consumers" rather than "citizens." Our primary purpose from the perspective of those in power is to consume. Crazy stuff and it will be our undoing. Thanks again for the excellent discussion!

[KT-rhhq]

Omg! 😂 I absolutely loved this video! Especially with the cartoon kids and teacher with crazy teeth! 🤣 Super funny and so true all around. Such a great reminder to be mindful, intentional and grateful. Thank you so much for this awesome video! Sharing it right now. 😁

[joycegonzales]

So true. Amazing how a young man like you get it.

[davidr]

I’m in the UK. Both our societies are deeply unequal, with all the wealth increasingly held by a very small group of people. More equal societies (Netherlands, Scandinavia) have more content citizens