[Music] America is dead broke with 44% of Americans having saved less than $1,000 Again you guys 44% of American adults don't even have $1,000 saved in their bank accounts and 40% of American adults are currently Listen to me 40% of American adults are currently Behind on bills it skyrockets up to 53% Of Americans who have children 32% of Americans that are in debt right now Think they will never never get out of Debt more than onethird of Americans Have already given up hope to a future Of Financial Freedom 92% of Americans right now 92% I'm one Of them included are currently Struggling as a result of the inflation And so we'll talk about all of those Statistics today and a question that I Want you guys to be able to answer at The end of this video is as a consumer How do you not become broke now 51% of Americans say they cannot last just one Month after losing their job so pay Attention you guys we're going to go Into the statistics right now so where I Want to start is I want to start by Showing you America's emergency savings Now this is Bank rates 2024 annual Emergency savings report everything will Be linked in my description let's look At a couple things starting with this
More than onethird or 36% of us adults have more credit card Debt than emergency savings talk about Anxiety y'all according to the bank rate Survey it's the highest percent Percentage since 2011 when bank rate Begun asking about credit card date and Emergency savings so it's the highest Since they've been tracking this you Guys emergency savings really any Savings right now is gone it's Up in Flames the inflation the government Printing the deficit is something that As consumers we're paying for not the Politicians that's us you guys we're the Ones that are funding the wars we're the Ones that are paying all this money is Very discouraging very very sad now this Goes on at a time of record high credit Card rates we see a record high number Of Americans carrying credit card debt That exceeds their emergency savings That's sad now just a few bullet points Here many would borrow in an emergency Only you guys only 44% of us adults Would pay emergency expenses of $1,000 Or more with their savings as of December 2023 35% would borrow money Including 21% who would Finance with a Credit card and pay it over time gez 10% Would borrow from a family or friend and 4% would take out a personal loan you Guys this is insane seriously almost Half of America is broke they have no
Money not to mention the paycheck to Paycheck but zero money that's insane Guys that's absolutely insane bullet Point number two inflation inflation Inflation is the culprit that's Affecting savings 63% of us adults say inflation is Causing them to save less for unexpected Expenses while 45% say the same of Rising interest rates as of December 23rd polling however 19% of people say Raising interest rates are causing them To save more than unexpected expenses Now last thing here low savings could be Concerning if they were losing their Primary source of household income Tomorrow 66 % of us adults would be Worried that they wouldn't have enough Emergency savings to cover a month's Living expenses as of the December 2023 Polling and I'll give you guys some more Details on that now once again when we Reference the personal savings rate from Fred economic data the only time since They've been tracking the US household Savings rate and this is a percentage of Gross income the only time that's even Comparable you guys is the great Financial crisis we have never had Another time since the 19 59 since about 1959 that it's even comparable to the Lack of ability to save again the GFC Was the last time so it's probably the The lack of savings is comparable to the
GFC and more than likely the Great Depression you guys in other words we Just cannot fund Our Lives As Americans We just can't afford to live there's too Many bills there's skyrocketing and the Problem is is income isn't going up if Income was going up at the same rate as Inflation then okay maybe but inflation Is going up at the same time as real Median income is going down we cannot Finance our lives and think about how Bad this is especially if you're a Homeowner if you don't even have a $1,000 saved what happens if your car Breakdown what happens if you have an Unexpected home repair what happens if Your children need something what Happens if you have a medical emergency Bankruptcy more credit card debt Delinquency lay payments is what happens And so the key you guys is rebud getting Right now ahead of the recession because Once recession starts more than likely It will become even harder to get ahead Than what it is right now and it's Already extremely hard now according to CNBC some of the ways to reframe how you Think about savings is this is what They're saying okay so my heart goes out To America because what they're saying I Mean they're they're literally probably Trying to direct you to spend money but But here's what they say to successfully Boost emergency savings it may help to
Reframe the way you think about that Goal are you serious there's some you Know and there's some Merit there Because again mindset mindset is key What may help to overcome that is a Visual like a chart put everything down Come up with a balance sheet and also do This you guys for example picture a Worst case scenario such as losing your Job and if you picturing losing your job Doesn't motiv at you to save money and To rebg I really don't know what will Unless it actually happens but again I Don't want that to happen to anyone Because generally once that happens it's Too late this is so crazy so crazy to me Nearly 40% of Americans say they are Behind on monthly bills 40% of Americans behind on monthly bills Nearly 40% of Americans say that it's The worst of times for their personal Finances than the best according to a New survey so all the celebration on how Great the economy is well that's not What we feel on Main Street we're Suffering I'm suffering I could feel it My friends my family everyone fills this According to the findings 38% of Americans said their financial situation Was closer to the worst it's ever been Than the best while half of the Consumers said they felt financially Unstable and the impact is inflation the Deficit spending the money printing the
Low interest rates the asset bubbles we Get it by now now this article is saying That impacts following inflation while Inflation has started to cool down the Survey suggests that many consumers are Still reeling from years of economic Turbulence comment below if you're one Of those consumers I'm one of those Consumers I'm still trying to catch up I Mean gez luig you guys we've been in a Whiplash rug pooling situation for the Last four years the survey also found That 37% of Americans are behind on Monthly bills which jumps to 53% among parents with young children You guys we cannot have family we cannot Have half of American families with Children behind on their bills imagine Just for a second the anxiety in that Household potential anxiety in that Household that affects everything that Affects the community that affects the Ability for children to learn to be Happy to mature at important ages of Growth the mental turmoil is something That is underspoken About as someone that lost everything During the great financial crisis my Foreclosure my bankruptcy my repo my tax Lean I could tell you guys I was Depressed for probably nine years it was So bad I felt worthless I didn't know How to rebound but I know how now I had To crawl myself through the gutter for
Nine years and I don't want that that to Happen to you either way let's jump back In so in addition to Americans being Broke having basically no money for Emergencies no income growth potenti Basically whatsoever you know with Almost half behind on their bills we can Also see that in this data and this data Here is lagging this data is 5 months Behind I want you to bring your guys' Attention to the skyrocketing trajectory Of the delinquency rate for credit cards The last time we had this trajectory Again was during the GFC do you see that And then before that was during the 1990s okay you see that so the runup Here you guys so historically it's Fairly low again this is five months Behind granted so it's I'm gonna say now It's much worse right now it's much Worse but I want to bring your attention To the shape that America is in it's Lagging data but we see it it's Skyrocketing people are falling behind On their bills because they are not Making enough money and some of them are Spending quite foolishly this article is Also in saying you guys more than half Of Americans say they will be broke in One month if they lost their income I Want you to really think about that okay The number should be higher it should be Way more than 50% think about it if 78% Of America is living paycheck to
Paycheck then the answer should be more Like 78% is going to make it a month and Then plus we know consumers are behind There's no savings why is it only 50% But regardless think about it I want you To really think about this guys if You're kind of just barely listening to Me listening to bits and pieces and You're wondering oh is the economy going To crash is the housing market going to Crash I want you to stop right now and I Want you to ask yourself this question If you lost your job tomorrow how long Would you last before you would have to Go bankrupt I want you to answer that Question honestly and if the answer is Less than six months then right now is The time that you need to change the way You spend some 39% of Americans say the Encourage more debt in 2023 than ever Before and 35% think they will be in Debt for the remainder of their lives Think about that that's so sad to me Onethird onethird of Americans have Given up hope onethird of Americans will No longer try to seek and achieve their Goals they will no longer strive to be Homeowners they will no longer strive to To get ahead they've given up they're Drowning in debt that sad think about That we need Americans all Americans to Stay hopeful all Americans to understand They can get out of debt but I also Understand that not everyone can get out
Of debt I'm sitting here preaching about How most Americans have Reckless Spending habits yes that's true but what About the Americans the single mothers The single fathers that have good Spending habits but life is just too Expensive and they can't keep up and so They're struggling what about them they Didn't ask for all of this inflation They just wanted to live their lives be Left alone and raise their children in Peace they want their children to have Great lives that's it they're not after Being Filthy Rich millionaires that own Real estate they just want their Children to be safe and it's not fair You guys this is not fair let's read a Little bit more if you are facing Financial challenges in 2023 or in 2024 You're not alone 90 two 92% of your fellow Americans say they Are two less than half 45% believe they Can comfortably live on their current Income and that's so crazy because of Those people there's probably half of Them that are living paycheck to Paycheck so one of the issues is is Americans just don't know what they Don't know one of the problems with America in my opinion is our schooling System some of the things that I believe That we should be learning in school is Number one well I don't even know if This is proper to say anymore but
Balancing a checkbook or learning how to Spend your money when you spend money it Comes out of your checking account and You can't spend it anymore and then how Credit works I wish more consumers Understand how easy it is to manipulate Credit and how much more expensive life Is when you don't have good credit and So how do you not become broke well one Of the primary reasons guys as the FED Tries to combat inflation we got to work On ourselves and I'm preaching to the Choir here okay I had to do this myself I lost everything at the age of 23 you Guys I was so reckless I was a real Estate professional I was spending my Money wastefully going to the malls like Every single day and and spending and I Kept my head in the sand I said next Month I'm just going to make more money Next month I'm just going to make more Money until the money stopped and I lost Everything it took me n years to become A homeowner again if I have just Re-budget and changed my lifestyle six Months before I lost everything I would Be a completely different person now now I'm grateful for the lesson that I Learned it allows me to be sympathetic Show empathy to Consumers so I'm happy About that but what I'm saying you guys It's not necessary for y'all to learn The hard way look at the data look at What's happening okay understand the
Bullish narrative understand that most Not all most bullish narrative is a Narrative that's manipulated it's a paid Narrative most of these content creators Or these Talking Heads cannot be real or They don't know how to the advantage and I love you guys and thank you for Helping me build this community is my Narrative is not paid for I'm free to Speak my truth I'm free you guys I'm Free now do I want to make more money do I want to sell real estate yeah I do do The profit there is insane but I'm not I'm taking a break I've decided to I've Talked to my wife I'm taking a step back And I said pause things are so toxic Right now let me help as many people as Possible I'm going to take an income hit And I have I've taken a massive income Hit but it's more important that I in my Mind anyways my goal is I help to lead As many people as possible through this Very confusing economy there is still Smoke in the air it's called inflation Reverse repo Market deficit spending Call it whatever you want and it's very Confusing but again look at the data Look at the data you guys America is Frustrated and upset and I understand Why and guys if you can do me a favor Let me know if you fell into any one of Those statistics also don't forget I Have a free home buying course I also am Making a free subdivision analysis form
If you really want to understand how Value works it's all free you guys I Need to eventually charge money for this Stuff because I'm losing money and I Can't keep this space up but I don't Care right now because what's most Important to me is you right now okay as Far as real estate mindset obviously my Wife my family my children right God Things like that but you guys are Incredibly important and what is keeps Me going as a content creator you guys See how hard I'm working is knowing that I am truly making a difference in the Community and that people are becoming Empowered not just trapped in fear okay If you're going to follow me we're going To learn all all kinds of stuff we're Going to learn Credit Income assets and How all of those things work now other Than that guys I really hope you guys Gain some new insights value and Perspective and if you're out there Investing in real estate you guys Already know I wish you luck and I hope You win
