Why The Middle Class Is Getting Crushed Financially And Disappearing

The Middle class

#Middleclass

Time Stamps:
00:00 Introduction
01:45 The High cost of living
02:45 Stagnated income growth
03:40 Childcare expenses
04:14 Decline in employment
04:48 Health care premiums
05:25 Loans and credit
06:00 Job security
06:41 Lack of policies
07:43 Overborrowing and overspending
08:50 Lack of planning

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Practical Wisdom – Interesting Ideas

DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.

[Dweeble]

Lost me when he compared middle class in a first world country to a middle class person in Africa. Africa is a continent of many countries, some surprisingly well off.

[yvonnecamacho]

Yes.. I remember what it was like working 3 jobs in order to survive, 1 full time and 2 part times. Had no time for myself or family.. just work work work to keep up with bills bills bills until I was fully organized and began to save little by little and gave up the part timers.

[manciti]

i use burger king coupons-- which cuts the bill in half ($5) meal...by eating only one meal per day...& live in a pre-owned RV...just to maintain my middle-class status in the great USA...the american dream has never been brighter

[MyThoughtzAndOpinionz]

I also think Americans pick up too much debt by trying to keep up a certain lifestyle

[carojames]

THREE years emergency fund is good for me. Save what you can when you can, every little helps in the long term.

[lifeunleashed]

I would not call it a decline in employment but displacement. For the 7 decades I've lived, technology of some sort as always displaced workers. and many going to self employment and side hustles.

[mathisnotforthefaintofheart]

Ok, here is my 2 cents: When I was a college kid (male) and I got my own rental apartment, I figured out that financially I had to change quite a bit to make things work. 1) Learn how to cook (you too male!), bring your own food/sandwiches to work and stop eating out. 2) No more latte's at the coffee place. 3) Buy clothes from Goodwill and stop caring about fashion and what others think of you. 4) Drive the car you have now and take care off it. If you got a small loan (still) on it, pay it off and keep the car for years to come. Got a huge loan on it? Sell it (used car market is favorable) and buy a cheaper car. No one on the road cares what you drive. Half the people no nothing about (fancy) car models. For now, it's just transportation. 5) Ditch cable/dish and stop watching TV. It's a waste of time. 6) Ditch social media. 7) No cigarettes and no alcohol. It's not good for you. You can thank me when you are 60's. 8) Buy used furniture/household stuff. 9) Pay off credit card debt asap because of high interest rates. 10) Keep your phone, no need for another upgrade. 11) Don't spend money on all sorts of "outgoing events". No need for a vacation every time you have holidays. 12) After you paid off debt, try to work on a financial buffer. 13) Going to college? Say no to student loans. Go part time and work part time. Or work 35 hours and week and take 2 courses at night and quite any social life for 5 years. 14) Jog and meditate. 15) No need for a relationship (men reading this??), stay single. So...this was for a great deal MY life. I went to college, graduated at age 30 with a Masters in Math, debt free, had a small car and a nice motorcycle for a hobby. I lived on a budget but I was able to pay for stuff. I didn't care (and still don't) what other people say and what other people think Halfway through to F.I.R.E. Yes, there is inflation, yes bills are going up BUT I am prepared. Are you?

[MrFallon]

I, like others on SSDI, are the canary in the coal mine. Our being is becoming fatal financially. The Dream is gone. It is now the impossible dream in these two Americas of today.

[taimalik]

America is officially a 3rd world country...and I have been living in America for nearly 25 years now, naturalized citizen, master's degree, awesome pay as an engineer, in a really wealthy state of CT! And yet, I completely accept the fact that my country is now a 3rd world country, having originally left another 3rd world country of Pakistan, my homeland. Don't bother comparing Africa to America or anything like that please, there are parts of Africa which will develop faster than parts of America that are "UN"-developing!

[cd]

There are a lot of people who want a lifestyle they can't afford but can live very happily at a lower level but refuse to accept less. "Keeping up with the Joneses" Ego trip!

[inumotele]

*This is the kind of world we've made for ourselves and our children, better have no enemies when the light goes out, due to the economic criss, wars and rate of unemployment I think now is the best time to invest and make more money for the future.*

[blktester]

You are so right, financial management is a necessary skill that unfortunately isn't taught in most education systems. Your videos help to provide some common ways to become and remain financially informed. In addition that's why I vote in every election only for government officials that have reasonable plans to address several of these issues.

[iankamau]

Africa is a continent with 52 countries. It is the second largest continent by size and population. The world is hugely reliant on resources from said continent. Broad generalizations discredit your argument.

[roddiehouston]

The wisest thing that should be on everyone's mind currently should be. To invest in different streams of income that doesn't depend on government, especially with the current especially with the current economic crises around the world.

[cashflow]

The current economic situation we're in now reminds me of 1980. High inflation and my 13.8% mortgage rate for 30 yrs. I survived following the advise of Practical Wisdom. I started investing and living below my means. I fully retired at 59 after paying off my mortgage (refinanced at 9.5% in 1985 for 15 yrs) and put 2 kids through college. I was in the so-called middle class then. Now Im financially free. It can be done.

[FANAKAFOREX]

The median wealth of American middle class is around how much ? 40 k a year income ?

[joejoe]

"Screw the middle classes....I will never accept them. My father's other family were middle class....and we were kept out of sight, hidden from view at his funeral!😔"

[fortitudevalance]

Personally don’t believe in any form of class system but I was referred to when growing up as “middle class” on some occasions and I did describe myself as middle class for years. Military career changed that.

[yadailiu]

The middle class definition between countries are different, in Japan or Taiwan most middle class usually don’t have credit cards debts, also most middle class have savings. Even GDP in these countries are lower than U.S. Able to live well and able to afford the unnecessary material things doesn’t mean that you are middle class.

[deborahchesser]

Because the middle class shoulders most of the burden, we can only do so much.