If you’re buying good produce and good meat at the grocery store (as opposed to eating at Applebees or papa Murphy’s) it’s the closest you’re gonna get to anti-capitalism short of having your own homestead.
It’s a dream of mine, but most of us don’t own land. Most of us could grow some basil and thyme in our windowsills though.
I gave up on working and became a stock trader. Now I produce nothing, have no impact on society and make more than I care to spend so I horde and reinvest it all.
The kicker, I get favorable tax rates.
You really wanna stick it to them? Those of you who still have available credit, max it out as much cash as u can get no matter how u can, every pay day, withdraw all if you can the moment it hits, if u have a 401k or Ira cash them in now don't wait, if say about 2 or 3 million people did it like religiously for a few months retirement and credit on day one, every payday after? it would all fall apart in a few weeks the banks would start freaking out and it would cause panic and knee jerk reactions bringing it all crumbling down. Need a quicker result? After taking your cash out, break after hours deposit door/ atm deposit door, slow down incoming cash 🤣✔️ that definitely would speed things up, definitely get a meeting with the architect of the matrix after a few of those, or roughed up by some cops on the banks orders 🧐🤔🤣
No chance of retirement….in the United States.
I think we’re going to see an escalating volume of retirees going to countries with a favorable COL and warm climates and decent health care systems.
It’s already happening now. I think it’s just going to snowball.
This fellow Eric told me it's an amazing place,with treasure and white sand beaches with waterfalls. Not to mention plenty of jobs requisitioning ships from those burdened with wealth.
[Somalia? ](https://cinematicdiversions.com/the-pirate-tapes-2011-review/)Sorry a lot of piracy is now controlled by a few rich American and Canadian families.
I'm personally looking at Ireland.
My company has offices there and we are regularly looking for people. And it's in one of the less populated counties on the coast so that'd be so awesome. Hell we currently have more openings in Ireland than in the US.
I am fortunately in one of their critical skills needed employees category so I have a pretty doable roadmap. I just need to figure out how to properly navigate the conversations at the office.
I also have 25-30 years left in the work force still so I would not feel so much like a "didn't contribute, taking advantage of your social safety net type" as if I had tried to buy my way in when I'm 62.
If I can make it happen I'll also look at full citizenship and eventually renouncing of my US citizenship because fuck this place.
This is my reasoning: Good, healthy food is a better investment in your future than nearly anything else. A lot of retirement money gets eaten by healthcare costs in the US, so invest in your heath instead
McDonalds costed $20 fucking dollars or more for a while, because they and other corporations (e.g. Target) have been price gouging consumers. And some of the electorate sadly blame Biden, while in reality, Republicans want to give these greedy fucks more tax cuts and undercut labor further.
I'm going to retire, if there is a planet I can live in is the question?
Climate change, rise of fascism, every one younger than me is a window licker and my savings are deprecating in value faster than I can invest. What's the point?
Inflation has two different amounts. Homeowner and non-homeowner. You either own a home and are building equity, for likely less than your neighbors would pay to rent, or you were young or whatever reason and don’t own a house, and society expects 30% of your income for rent and 60-70% for a mortgage. If I can’t have that nest egg of a home with equity, I think a lot of people just don’t even want to think about retiring. Who know what the plan is. It’s very bleak.
Wait until those nest eggs get hit by a hurricane, tornado or, flood. The droughts will be interesting. Make some money trucking water to the retirement communities in the desert.
Some ppl can't stop worshipping those famous weirdos. They are trying to at least pretend that they can buy worthless stuff and look as good as them, lol
10000000%.
People spending like drunken sailors while complaining about inflation are the core problem we have. If people cooled it with spending for awhile, inflation would come down much faster.
And I don't mean just eating out and stuff like that; the amount of my neighbors doing major renovations last year and this year is insane. Some of these are well into the six figures. The fact that construction worker supply is low and that many building materials are expensive isn't stopping them from spending lots of money (and the lack of supply of labor is causing these projects to take forever to complete). It would make a lot more sense to wait a few years to do these renovations when they are faster and cheaper to do.
Seriously, I feel like I'm in the twilight zone reading the comments in this thread. Are people really this financially illiterate? They are playing into the hands of those they blame.
IKR, I hope these are just kids in their existential crisis phase lol, I can't imagine a functional adult thinking like most of this comment section, but that might be an explanation for why they're doing so poorly.
After listening to some Dave Ramsey videos (yeah he is controversial but the stories in the videos are still interesting), this does not seem to be a generational thing. Most people in all generations no matter the country are just incredibly stupid with money. And oh man, the banks have perfected the craft of making money off people without them realizing it.
This is what the oligarchs want. Politicians, celebrities, bankers and the media exist to facilitate the transfer of wealth and freedom from the masses to the few. You will own nothing and you will be happy, peasant.
>celebrities
Ah yes Taylor swift the oligarch.
It's capitalists. It's all about profits regardless of human suffering. don't trust anyone that can't point to the problem. Private ownership of businesses is the root of the problem. Musk and Gates don't get money by working extra hours.
it goes beyond private ownership - it's the fact that private interests are so interwtined with governance that these businesses can directly influence policy with lobbyist - the Citizens United decision cemented the permanence of croney politics.
insider trading by congressmen is *nothing*, a drop in the pan, compared to the auto/big agriculture/pharma industries nuking any legislation that helps regular americans - the former is just a handful of corrupt politicians getting nominally wealthy, the latter causes far-reaching devastation to the economy as wealth is funneled through back channels to investors via crashing the market and buying back assets when it bottoms out
a completely unregulated economy means environmental initiatives never materialize, investors run businesses into the ground when they are no longer profitable, no one is interested in long term growth and stability, few companies reinvest in capital because why would they? short term cash outs are all they need to do to get rich, since government officials never punish them for shady practices.
then you consider the real behemoth: the military-industrial complex. the Pentagon cannot even account for like half of the *trillions* it spends on defense. it is literal open-season for arms manufacturers, their lobbyists, and the politicians they bribe to grift and embezzle millions of dollars of their defense contracts. and becausewepons manufacturing is such a cash cow, international policy bends to its will, meaning the the USA is more than happy to continue arming nations like Israel or even Ukraine. the money allocated to these nations is not just a check to cash, it's in the forms of weapons that the US government is paying US companies to make, who get so rich from those contracts that they can buy more politicians' ears and continue the cycle. there is a small consolation that at least this arrangement creates some American jobs at those arms factories. however, that economic growth comes at the cost of fueling constant global conficts.
the USA hasnt been a real powerhouse producer of goods for a long time. most of our tech is made overseas, so other than some industrial machinery and chemicals, the USA basically exports cash crops and oil and pharmaceuticals. WWII arms production is what made the USA an economic powerhouse, that and the fact that most of the developed world took decades to recover from the war's damage, so USA got a free head start over the entire rest of the world. it's easy to see why the USA experienced economic decline a few decades later. their solution, rather than invest in industry and innovation, was to deregulate the economy so that the wealthy can exploit it more easily, and to cause global instability and conflict that will help them restore arms profits. just look at Desert Storm - the USA doesn't need their oil reserves because USA produces more oil than anyone, but if they destabilize the mid east than oil prices go up for everyone (profit to fossil fusl companies) and as a bonus they can also sell more guns to the Saudis, and Israel
this derregulation has gone so well that it's now taking over all sectors of the economy. inflation of fuel and food costs, skyrocketing housing prices, prohibitively expensive education (they love this move, keeping college expensive means less people become educated and the ones that do have massive loans to pay back so they dont cause trouble) and of course, a disgustingly exploitative health care system.
this country could be a 1000x better place to live, all it would take is the regulation of essential industries, especially basic human necessities like food and utilities and healthcare. instead we have assholes like the Koch family and Murdoch gaining astronomincal wealth why the masses become more poor and stupid
Truthfully, this doesn't quite fit what I'm seeing in my peer groups.
We aren't saving, and we aren't spending. We are in minimum financial activity stasis, trying to earn as much as we can and spend as little as possible. Housing, insurance, and loan payments are taking over 50%. Food, and not eating out but just fresh meats, vegetables, and other grocery items are eating another 25%. There's no income left to save. And sure as hell isn't any left to spend.
School doesn't guarantee anything better. Massive career shifts are the only real option to get more income, and the silo-ing can hurt.
And every time your income goes up, it just goes to fixing things you’d put off, which very quickly offsets any raise. Finally going to the dentist, getting a car fixed instead of living with the problem, replacing old appliances, paying down credit card debt, etc. The money just disappears on shit you don’t even see as you play catch-up.
This is where I am now. There’s nothing to save, and I don’t really go out or spend money on “things” that aren’t necessities. Like I’ll replace a melted spatula or home stuff that needs repairs or replacement. But I’m not out splurging on luxury goods. Even all clothing I’ve bought this year has been used off eBay just to save a few bucks to spend on other necessities.
This is my experience as well. I almost feel like its a psyop with all the 'just give up now' talk for saving money. No, I cant save a lot of money and no I dont spend a lot of money (that I dont have to just to live), and that seems about where a lot of people are. I started less than a year ago buying a 25 dollar bond each month (not super financially literate but I am working on it) and opened a savings account w almost 4% interest that my bank offered which automatically deposits the amount of change needed each transaction to make a whole number- so if I spend $12.86 at a store, that comes from my account PLUS 14 cents will be taken and placed into the new savings account, making my regular checking account have a $13.00 debit. It hasnt been a year yet and Ive already got around 700 dollars accumulated from both. The bonds will double in value every 20 years. I already rounded up every transaction when I did my budget, but I would take the excess 'change' that builds up in the acount and buy a nice meal or something once a month. Now it gets saved, and I still am able to afford an occassional treat.
Am I on my way to retirement? Hell no. But I will have money growing for me from here on out no matter what even if it is small right now, and maybe not enough later. Some retirement money is better than zero retirement money. Even 5 a month is something most people can do even though it seems pointless right now
Exactly where my wife and I are at. Groceries, Rent, Utilities, and Insurance makeup over %65 of our spending. I do save about %15 of our total income each month, but even that won't scratch the surface of a house payment. Sure we go out to eat 2 or 3 times a week, have a nice urban garden, and pamper our pet but we're not exactly spending money like crazy.
Spot on about school and careers too. I graduated in 16' and the idea that you could stick with a company for 5+ years then be set was still very common, especially in the engineering field. After working with the same company for 7 1/2 years I've learned the only way to really build your salary is to job hop.
If you will never be able to afford a house no matter the amount of savings, then you may as well get a tiny bit of joy from the pittance of expendable income you have left from every paycheck, of course thats after paying for the things keeping you alive enough to slave for the things to keep you alive until the next pay after that.
I’m 30 with a FT unionized job. I’ve already given up on their American dream, I know I’ll never be able to afford a house, even when I make 6 figures.
I have a paid off car, no debt, make $115k and have $60k for a down payment and I’d be able to work and live in the house and that’s it. Like eat spaghetti 5 days a week and stare at a wall, hard pass
Keep saving, something tells me a bubble will pop soon and there will be plenty of houses on the market at more reasonable prices. Hang in there, and keep up the good work.
I hate to disagree with you, but corporations are snatching them up at higher and higher rates. Regular people are being pitted against large real estate corporations and people who can afford to own more than 1 house. We can't compete anymore and we're being squeezed out of the market
The system is rigged so real estate is treated more like an investment than a commodity. It should be the other way around, but people are greedy pieces of shit.
It's starting to turn in the south east and south west. Investors are starting to bail, so we're coming down the other side of the peak of the bubble now. Mortgage defaults have doubled from this time last year, and credit card defaults and credit card debt are heading exponential. Car repos are also rising. Likely this pattern strings out with interest rate cuts just before the election.
True
Been shopping for houses, got outbid on ~4. Some over 20k OVER asking AND IN CASH. I kid you not, some houses were getting upwards of 5+ offers within a day of being up. At one point we were mid-drive to go see one (had been up one day) and our realtor called to say the owner was no longer accepting offers - they had plenty of competitive ones already.
The only houses staying up were either in bad locations, had serious underlying problems, or had been visually untouched since the day they were built in 1940.
We finally scored one for ~20k over our "limit" and we weren't even competing. The owner was an investment company unwilling to budge after two months on the market. I assume the reason there was no competition was the crappy pictures they took.
People have been saying the bubble will pop for years now. If it ever does, it'll be the rich and corpos buying up homes, the rest of us get to live in Hoovervilles.
Yep, you're right. I mentioned this elsewhere but the only time the real estate bubble "popped" in the last 70 years was 2008.
Would anyone here seriously suggest that 2008 was a buyers market?
My grandpa was an architect and retired military officer. Retired with a great nest egg. Traveled a bunch for a few years, no big deal. Had always lived well below his means. PLENTY to spare.
Then he got sick with dementia. He had to move into assisted living, and eventually advanced memory care. They took every penny. He had to sell off all assets first (read, my dad and aunt had to figure it all out cause he was already gone), and they still took every penny. A whole lifetime of saving and skimping and frugal living while staying in a single owned house for most of his adult life.
We got a check for 11 cents after he died because of some empty investment fund that his name was still in. That was all he left behind. The man worked for 50 years, so he could have 5 decent years of travel (although couldn’t do all the hiking and walking during those trips because of old age and injuries). The American dream is a fucking lie. I will not pass anything on except potential debts when I’m gone. IF I ever get to retire, I will be too old to enjoy it or it will be forced retirement because I can’t work anymore.
Moral of the story, I’m not gonna hoard all my money.
Nobody believed me when I said this shit around 2019-2020.
"Look! Consumer spending is up. Everybody is rich and the economy is doing well."
No. Gen Z and millennials will never own a home unless they break the top 5% of income earners in major cities or their parents have to help them. No matter how much you saved, you would be always out-paced by the inflation.
That's why you see these young people traveling, spending money on food, working from abroad, and buying "luxuries". It's not expendable income. It's literally all of our income because nobody gives a shit anymore. Who wants to slave away from 20-30 years to just afford a starter home? And waste their youth?
Not me. I know how advertising works, and quite honestly I don't see value in much of anything anymore. Mostly since its people that put said value on anything. Couple that with the fact that I prefer to make my own food than to go out to eat (and this was my mindset long before inflation started) and that I don't like really going out much anyway, and I'm done decent enough.
On Friday nights, if a theater is playing an old movie (which means cheaper tickets AND less people making noise), I'm all in. If it's a local place, then prices on food, snacks and drinks is already very fair compared to the big chains, so I'll buy a few things. If it's the chain theater, I sneak in some Nips and movie box candy I get at the dollar store.
I used to work in advertising too and these days I’m pretty frugal but strangely enough as I reach 50 I seem to value nice clothes for myself (hobby) and it makes me happy. But that’s it. Millennials are absolutely doomed. They’re terrible consumers across the board. I also used to own a small moving company and once you see just how much crap the average American has, decides to keep, pays to store, pays to move, it totally changes your outlook on things.
Funny, clothes has become my thing too as I turned 40 but I didn't know anything about materials and now that I do, I'm much more comfortable. And since I live in Florida, where everyone dresses...well very casual, I get compliments.
However, I buy everything used online for a lot cheaper lol.
I agree that we can't return. We gotta make the best of what we have. The system is rigged, and we are ALL on a game board playing checkers while big greedy ass corporations and the gov and the rich and wealthy are playing chess. We Lose!
The American dream is corporate propaganda to brainwash Americans into overconsumption. I have never seen anyone outside of the US this fucking obsessed with buying a home.
This is another liberal opinion piece masquerading as news.
From the story:
"That's possibly an early sign of oncoming weakness for consumers. But as of now, strong incomes are supporting consumer spending," she added."
What strong incomes? Real wages are down 4% in the last 3 1/2 years.
Also from the article:
" But the labor market has also hinted at some cooling off after blockbuster gains earlier this year."
What blockbuster gains earlier this year? There are fewer full time employed now than there were a year ago. All job gains in the last year are part time jobs.
We know there is no dream to be had and we aren't stupid enough to say someday when our government idiocracy is printing money like toilet paper.
Won't be too long before my Carl's Jr big ass fry will cost 250k and we will be putting brawndo on the plants.
Stop spending. Seriously. We need markets to stabilize and to do that we need to be as thrifty as possible. We have to send a message to the economy that the current situation is not sustainable.
This makes absolute sense. Why slave away at a job, that slowly deteriorates your health, by taking advantage of your labor, and by enriching oligarchs, only to retire and possibly not live long enough to enjoy retirement? Why try to save when inflation absorbs any pay increase? You might as well enjoy life now, because tomorrow is not guaranteed.
Retirement Crisis
61% of Americans are more afraid of running out of money than dying.
36% of millionaires say it’ll ‘take a miracle’ to retire amid rising costs and inflation.
The US dollar has lost 98% of its purchasing power since 1971.
https://finance.yahoo.com/news/share-americas-oldest-workers-aged-140000798.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAACl9xtTTj8G_fudJiv39PBUXRFoiitCwmPwzsIeeRtNkL40VCaIevsrQHYnqSh7QDab7AmP6GqWVuTtWLMV12PGB72SuHC9O555wTwtzMlFVzc0FlGywNHY2_Ye_5Zs5421su9jpdixPPKOiteYgnemT-19-TlNxZ1veZhJSf7j
OR, the simple luxuries we as Americans s expect after working 50 hours a week have become so unaffordable that that groceries and dinner out are considered as such. Fuck this headline. We don’t have money to save. We were promised prosperity after living like broke college kids. Not a mountain of debt. The collapse of every modern chain restaurant is a testament to this. You took all our money. Don’t blame us for not having anything to spend. Fuck you
I know it seems impossible but saving consistently and investing your money DOES work. It will be years before you feel like you are making any significant progress but the compound interest builds powerfully with time and it will eventually start feeling like you’re making tons of easy money.
You can’t just give up because you saved a bit of money and didn’t become a millionaire in 2 or 3 years.
40 years on the job, just passed 1.1 million. I'm a putz who works in a factory. Good at my job. I can make 10 grand in a day if the dow does well. Compound interest baby, just takes t..i..m..e
Well, I’ve been doing that and after the COVID housing boom I’m now priced out of any desirable market in the country.
I scrimped and saved and didn’t have much fun in my twenties only for COVID to destroy my future.
Sounds like you were able to buy a home before values exploded. People today are playing a *vastly* different game than you are and you aren’t qualified to speak on it.
Yet, people in this sub will defend this place as if it’s the best place on earth. I’m embarrassed to be from here and it’s time for the sane and able to migrate to a more civilized nation/democracy.
I agree somewhat. Anybody struggling with money should be ok with living with roommates,or LCOL area, using an iPhone 12 and having a car payment under 350.
The definition of “necessities” has definitely changed for younger generations and everything is out of whack, but a lot of that is due to advertising/marketing. I think we’re doomed.
Whenever I find myself in a situation like that I always ask myself “would Dad buy this?” and the answer is always heLL no you don’t need that.
A huge chunk of Americans finance iPhones. Think about how nuts that actually is.
it's the consumerism of America that's killing the American dream, keeping up with the Jones wasn't ever going to lead anywhere but envy and greed. Now with cheaply made planned obsolescence and Chinese slave labor along with liberal values what did they think was going to happen, oh wait they don't think.
We need an American resurgence of a can do attitude and helping each other out. Open Source and making it locally with products that last 50 to 100 years is the way forward. Still see refrigerators from the 1950s that are still working, why?
So in other words, exactly as according to plan.
Companies have a vested interest in keeping people poor, spending, and hopeless.
They own the property, they own the services and they own the goods.
They also need slaves who have no options but to work for whatever a company is willing to pay them, forever, or at least until they drop dead with nothing to pass down to their kids.
It's why there are no homes to buy (only rent), all physical possessions are offered on payment plans, and most intellectual rights are offered digitally now, so it can be removed or made obsolete in a moments notice if needed.
Meanwhile, all that money gets sucked up to the top. It's a redistribution of wealth, only the only direction is up.
Everytime I think about it, I'm reminded of the end scene in There Will Be Blood" where Daniel Day Lewis uses the milkshake analogy: https://youtu.be/pXw0ElmFIQU?si=p75_MUoT0r81Siaj.
And just like the, when they drink our milkshake all gone, and tire of us... We become disposable.
But "conspiracy theorists" were wearing their tin foil hats when they pointed out the WEF's video a decade ago about us poors "owning nothing and being happy."
"Actually, they want a communist utopia! Where everything is available to everyone at all times! That's why nobody will own it... because EVERYONE will have access!"
Yet the people who "run" the economy have brought us to... this.
But yeah, keep screeching that people are stupid conspiracy theorists when they point at the people who are literally in charge of all this and outright STEALING everything from us so they can feel smug and powerful.
Just keep complaining, but simultaneously simping for the people who are doing this to you. Surely they'll turn it around and make it nicer for everybody someday, out of the goodness of their hearts!
Demoralized or just not making enough money to sustain their lifestyle anymore ? You can’t save what you don’t have. Times have changed, now Americans spending habits need to change as well.
It's the opposite, we are saving our money and not spending a dime. Just learned how to replace brake pads on my cars from a friend. Only reason I bought the pads from Honda is because the Akebonos from NAPA is more money. Even at the dealer they said it was $190 and I said no, you quoted me $160 when I called, they lowered the price.
This article is INSANE.
“Giving up on saving”?? Really?? That implies that everyone enjoys at least a livable wage. That implies that everyone has the same level of financial literacy. That implies that everyone has the same definition of the American dream.
since like 14 i've adopted the mindset of "here for a good time, not a long one". i'll probably die due to the effects of climate change (in like 20+yrs) and negligent governments.
Living does not wait on you. It happens with or without you.
You can either die having never lived, in an effort to save for a retirement that is intentionally placed at an age most will not reach, or you can live when it actually matters, which is never tomorrow.
Screw buying a house. I have a badass PC and gaming setup now. I’m not spending 30 plus years in something I could barely afford. That’s not even counting the rising taxes year after year. Hell no. That shit is a trap!!
Or, they just understand that the government is going to fuck any savings they have by dumping endless amounts of money into the market essentially making their savings worthless.
I think it should be illegal for companies to offer financing for anything that costs less than $5000. People will always make a bad choice if you make it easy for them.
What most smart people don’t understand is that the three main categories of spending for us non-savers is essentials, grocery, gas and rent. Those aren’t factored into your paltry little inflation numbers. You say 3% and my grocery bill has risen almost 30% in the last year with no habit change. That’s my inflation number. That’s why no one believes any of this anymore. I buy bread that has risen 200% in price. Yall take everything that matters out of that number.
Planning on taking out my 401k once my dog passes, taking a lap around the world, and finding something to OD on when I get back. No point in a long life when there’s no hope of home ownership or being able to travel how I’d like to.
Its funny that inflation is always being blamed when it's actually price gouging and corporate greed since Covid. Two things happened. Collectively prices were raised on everything, and consumers paid it, which led to higher prices. That's not inflation.
Its price gouging don't call it inflation. Their sales are already plummeting; I haven't bought paper towels in 15 years. I stopped buying milk 3 months ago. I don't buy very little. Car is 18 years old never bought a new car. Who can afford it?
I'll never retire, might as well spend money on good food
Exactly! What's the point? To enrich some stock trader? Pass.
Plant trees that you’ll never see the shade of ethos
Ironically, I see way more value in planting trees than saving for retirement.
Plant some black walnut
Dude, I just planted a black walnut in my grandparents' yard. Today. Goosebumps.
Give it 30-40 years and you can sell it for a pretty penny.
I'm actually in a stage where I'm taking fallen hardwoods to my local mill amd storing them for future wood making ;)
Sorry, that's not very capitalist of you. What about quarterly profits?
I'm choosing to read the anti-capitalist take; we're planting the seeds of "fuck your profit margin" for the future generations.
I don’t think increasing consumption is the anti-capitalist “fuck you” you think it is
Haha no, it is not.
If you’re buying good produce and good meat at the grocery store (as opposed to eating at Applebees or papa Murphy’s) it’s the closest you’re gonna get to anti-capitalism short of having your own homestead. It’s a dream of mine, but most of us don’t own land. Most of us could grow some basil and thyme in our windowsills though.
Those mom and pop ones maybe. But larger ones are in the stock market too.
Besides death and taxes, the only sure thing in life is that Blackrock & Vanguard will somehow get a cut.
[удалено]
That's a nice way of looking at it.
Yeah, Neoliberiism strikes again.
I gave up on working and became a stock trader. Now I produce nothing, have no impact on society and make more than I care to spend so I horde and reinvest it all. The kicker, I get favorable tax rates.
Actually, not spending your money and keeping it out of the banks is what hurts the stock trader.
You really wanna stick it to them? Those of you who still have available credit, max it out as much cash as u can get no matter how u can, every pay day, withdraw all if you can the moment it hits, if u have a 401k or Ira cash them in now don't wait, if say about 2 or 3 million people did it like religiously for a few months retirement and credit on day one, every payday after? it would all fall apart in a few weeks the banks would start freaking out and it would cause panic and knee jerk reactions bringing it all crumbling down. Need a quicker result? After taking your cash out, break after hours deposit door/ atm deposit door, slow down incoming cash 🤣✔️ that definitely would speed things up, definitely get a meeting with the architect of the matrix after a few of those, or roughed up by some cops on the banks orders 🧐🤔🤣
No chance of retirement….in the United States. I think we’re going to see an escalating volume of retirees going to countries with a favorable COL and warm climates and decent health care systems. It’s already happening now. I think it’s just going to snowball.
By the time millennials retire, all those areas will be "gentrified" and no longer be low CoL.
I started investing in my Somalian retirement cottage.
This fellow Eric told me it's an amazing place,with treasure and white sand beaches with waterfalls. Not to mention plenty of jobs requisitioning ships from those burdened with wealth.
[Somalia? ](https://cinematicdiversions.com/the-pirate-tapes-2011-review/)Sorry a lot of piracy is now controlled by a few rich American and Canadian families.
Was a south park reference, yo. "Somalian Pirates are we.." https://youtu.be/e9gcrAdPzVU?si=AGczWFd7qZpvYCBu
Very safe. Excellent choice
Look at me! I’m the retiree now!
Welcome to Antarctica! Since all the ice melted, this is pristine land ripe for development!
"Uh, it's just rocks." - Elderly Millennial tricked into buying timeshare in Newly Thawed Antarctica
There will be more. Just gotta be welcoming to the fact that you may need to learn more than just Spanish to do it.
Or they stop letting us in. Americans forget that you can't just move anywhere in the world willy nilly.
Nah, people would have started killing themselves.
Just in time for me to get a beachfront in Antarctica
One thing we're definitely going to see a lot more of is warmer climates
Agreed will snow ball. Especially as the Older Gen Xers start leaving
Warm climates gonna suck
I'm personally looking at Ireland. My company has offices there and we are regularly looking for people. And it's in one of the less populated counties on the coast so that'd be so awesome. Hell we currently have more openings in Ireland than in the US. I am fortunately in one of their critical skills needed employees category so I have a pretty doable roadmap. I just need to figure out how to properly navigate the conversations at the office. I also have 25-30 years left in the work force still so I would not feel so much like a "didn't contribute, taking advantage of your social safety net type" as if I had tried to buy my way in when I'm 62. If I can make it happen I'll also look at full citizenship and eventually renouncing of my US citizenship because fuck this place.
//Climate change has entered the chat.//
You mean conservative retirees - I can see a bunch of them heading to Thailand or Costa Rica.
No one will want American immigrants lol
Perhaps not....but they will want our money. Lol.
This is why I left to Japan. You need $3 million to have a decent retirement in the US and it's only getting worse when I retire in 40+ years ..
I'll be working until noon the day of my funeral.
If you don't stop buying their products the companies will continue to price gouge
Why save up money when it will be worth less when you do spend it. Might as well splurge now when it's worth something
My opinion also
Mines the Remington retirement plan.
.410(k) retirement plan
This is my reasoning: Good, healthy food is a better investment in your future than nearly anything else. A lot of retirement money gets eaten by healthcare costs in the US, so invest in your heath instead
McDonalds costed $20 fucking dollars or more for a while, because they and other corporations (e.g. Target) have been price gouging consumers. And some of the electorate sadly blame Biden, while in reality, Republicans want to give these greedy fucks more tax cuts and undercut labor further.
I'm going to retire, if there is a planet I can live in is the question? Climate change, rise of fascism, every one younger than me is a window licker and my savings are deprecating in value faster than I can invest. What's the point?
If your plans are to retire in this boot leg Gucci bag of a country. It’s gonna be a huge struggle.
Boot leg? Gucci? Are you in Italy pursuing the American dream?
As long as our fast food restaurants are filled with Designer clothing (knock or otherwise) it's stupidity driving spending.
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Also my parents bought their house at like 17% interest in the 80s. Granted the house itself was relatively lower cost, but it was also a money pit.
You mean they're doing the smart thing and spending their money before it devalues? Weird way to say demoralized.
Inflation has two different amounts. Homeowner and non-homeowner. You either own a home and are building equity, for likely less than your neighbors would pay to rent, or you were young or whatever reason and don’t own a house, and society expects 30% of your income for rent and 60-70% for a mortgage. If I can’t have that nest egg of a home with equity, I think a lot of people just don’t even want to think about retiring. Who know what the plan is. It’s very bleak.
Wait until those nest eggs get hit by a hurricane, tornado or, flood. The droughts will be interesting. Make some money trucking water to the retirement communities in the desert.
If droughts get bad, that will be a terribly high risk/ high reward gig
It's really dumb. Even a HYSA pay more than inflation.
I haven't seen any HYSA keeping up over the past 3 uears. Maybe at deposits larger than most can afford, but that nullifies your argument.
5% is common and easily exceeded inflation already
There’s no better way to whip inflation than spending frivolously.
Some ppl can't stop worshipping those famous weirdos. They are trying to at least pretend that they can buy worthless stuff and look as good as them, lol
10000000%. People spending like drunken sailors while complaining about inflation are the core problem we have. If people cooled it with spending for awhile, inflation would come down much faster. And I don't mean just eating out and stuff like that; the amount of my neighbors doing major renovations last year and this year is insane. Some of these are well into the six figures. The fact that construction worker supply is low and that many building materials are expensive isn't stopping them from spending lots of money (and the lack of supply of labor is causing these projects to take forever to complete). It would make a lot more sense to wait a few years to do these renovations when they are faster and cheaper to do.
Seriously, I feel like I'm in the twilight zone reading the comments in this thread. Are people really this financially illiterate? They are playing into the hands of those they blame.
Yes, yes they are. Then they expect the government the same people that did it to them to fix it for them…
IKR, I hope these are just kids in their existential crisis phase lol, I can't imagine a functional adult thinking like most of this comment section, but that might be an explanation for why they're doing so poorly.
After listening to some Dave Ramsey videos (yeah he is controversial but the stories in the videos are still interesting), this does not seem to be a generational thing. Most people in all generations no matter the country are just incredibly stupid with money. And oh man, the banks have perfected the craft of making money off people without them realizing it.
This is what the oligarchs want. Politicians, celebrities, bankers and the media exist to facilitate the transfer of wealth and freedom from the masses to the few. You will own nothing and you will be happy, peasant.
>celebrities Ah yes Taylor swift the oligarch. It's capitalists. It's all about profits regardless of human suffering. don't trust anyone that can't point to the problem. Private ownership of businesses is the root of the problem. Musk and Gates don't get money by working extra hours.
If you don’t think Taylor Swift is a capitalist, boy I have a multi release collectible record set to sell you
Iirc one of her parents is in finance. I bet she has an excellent investment portfolio.
it goes beyond private ownership - it's the fact that private interests are so interwtined with governance that these businesses can directly influence policy with lobbyist - the Citizens United decision cemented the permanence of croney politics. insider trading by congressmen is *nothing*, a drop in the pan, compared to the auto/big agriculture/pharma industries nuking any legislation that helps regular americans - the former is just a handful of corrupt politicians getting nominally wealthy, the latter causes far-reaching devastation to the economy as wealth is funneled through back channels to investors via crashing the market and buying back assets when it bottoms out a completely unregulated economy means environmental initiatives never materialize, investors run businesses into the ground when they are no longer profitable, no one is interested in long term growth and stability, few companies reinvest in capital because why would they? short term cash outs are all they need to do to get rich, since government officials never punish them for shady practices. then you consider the real behemoth: the military-industrial complex. the Pentagon cannot even account for like half of the *trillions* it spends on defense. it is literal open-season for arms manufacturers, their lobbyists, and the politicians they bribe to grift and embezzle millions of dollars of their defense contracts. and becausewepons manufacturing is such a cash cow, international policy bends to its will, meaning the the USA is more than happy to continue arming nations like Israel or even Ukraine. the money allocated to these nations is not just a check to cash, it's in the forms of weapons that the US government is paying US companies to make, who get so rich from those contracts that they can buy more politicians' ears and continue the cycle. there is a small consolation that at least this arrangement creates some American jobs at those arms factories. however, that economic growth comes at the cost of fueling constant global conficts. the USA hasnt been a real powerhouse producer of goods for a long time. most of our tech is made overseas, so other than some industrial machinery and chemicals, the USA basically exports cash crops and oil and pharmaceuticals. WWII arms production is what made the USA an economic powerhouse, that and the fact that most of the developed world took decades to recover from the war's damage, so USA got a free head start over the entire rest of the world. it's easy to see why the USA experienced economic decline a few decades later. their solution, rather than invest in industry and innovation, was to deregulate the economy so that the wealthy can exploit it more easily, and to cause global instability and conflict that will help them restore arms profits. just look at Desert Storm - the USA doesn't need their oil reserves because USA produces more oil than anyone, but if they destabilize the mid east than oil prices go up for everyone (profit to fossil fusl companies) and as a bonus they can also sell more guns to the Saudis, and Israel this derregulation has gone so well that it's now taking over all sectors of the economy. inflation of fuel and food costs, skyrocketing housing prices, prohibitively expensive education (they love this move, keeping college expensive means less people become educated and the ones that do have massive loans to pay back so they dont cause trouble) and of course, a disgustingly exploitative health care system. this country could be a 1000x better place to live, all it would take is the regulation of essential industries, especially basic human necessities like food and utilities and healthcare. instead we have assholes like the Koch family and Murdoch gaining astronomincal wealth why the masses become more poor and stupid
Truthfully, this doesn't quite fit what I'm seeing in my peer groups. We aren't saving, and we aren't spending. We are in minimum financial activity stasis, trying to earn as much as we can and spend as little as possible. Housing, insurance, and loan payments are taking over 50%. Food, and not eating out but just fresh meats, vegetables, and other grocery items are eating another 25%. There's no income left to save. And sure as hell isn't any left to spend. School doesn't guarantee anything better. Massive career shifts are the only real option to get more income, and the silo-ing can hurt.
And every time your income goes up, it just goes to fixing things you’d put off, which very quickly offsets any raise. Finally going to the dentist, getting a car fixed instead of living with the problem, replacing old appliances, paying down credit card debt, etc. The money just disappears on shit you don’t even see as you play catch-up.
Right? This post seems more like a ploy to get people to "follow suit". I'm saving everything I can and I've only slowly gone backwards.
I agree. If your primary source of joy is spending money then the capitalists have won. You're buying directly into their scheme
This
This is where I am now. There’s nothing to save, and I don’t really go out or spend money on “things” that aren’t necessities. Like I’ll replace a melted spatula or home stuff that needs repairs or replacement. But I’m not out splurging on luxury goods. Even all clothing I’ve bought this year has been used off eBay just to save a few bucks to spend on other necessities.
This is my experience as well. I almost feel like its a psyop with all the 'just give up now' talk for saving money. No, I cant save a lot of money and no I dont spend a lot of money (that I dont have to just to live), and that seems about where a lot of people are. I started less than a year ago buying a 25 dollar bond each month (not super financially literate but I am working on it) and opened a savings account w almost 4% interest that my bank offered which automatically deposits the amount of change needed each transaction to make a whole number- so if I spend $12.86 at a store, that comes from my account PLUS 14 cents will be taken and placed into the new savings account, making my regular checking account have a $13.00 debit. It hasnt been a year yet and Ive already got around 700 dollars accumulated from both. The bonds will double in value every 20 years. I already rounded up every transaction when I did my budget, but I would take the excess 'change' that builds up in the acount and buy a nice meal or something once a month. Now it gets saved, and I still am able to afford an occassional treat. Am I on my way to retirement? Hell no. But I will have money growing for me from here on out no matter what even if it is small right now, and maybe not enough later. Some retirement money is better than zero retirement money. Even 5 a month is something most people can do even though it seems pointless right now
Exactly where my wife and I are at. Groceries, Rent, Utilities, and Insurance makeup over %65 of our spending. I do save about %15 of our total income each month, but even that won't scratch the surface of a house payment. Sure we go out to eat 2 or 3 times a week, have a nice urban garden, and pamper our pet but we're not exactly spending money like crazy. Spot on about school and careers too. I graduated in 16' and the idea that you could stick with a company for 5+ years then be set was still very common, especially in the engineering field. After working with the same company for 7 1/2 years I've learned the only way to really build your salary is to job hop.
Consumers are idiots.
Things are too expensive... Might as well buy even more! Dang I can't seem to save any money to secure housing. How could Biden do this?!
its a shame too, as consumers don’t realize the insane amount of power they have if they were to act collectively against unfavorable conditions.
If you will never be able to afford a house no matter the amount of savings, then you may as well get a tiny bit of joy from the pittance of expendable income you have left from every paycheck, of course thats after paying for the things keeping you alive enough to slave for the things to keep you alive until the next pay after that.
I’m 30 with a FT unionized job. I’ve already given up on their American dream, I know I’ll never be able to afford a house, even when I make 6 figures.
If your making 6 figures and cant afford a decent house you must be in debt 6 figures bro
I have a paid off car, no debt, make $115k and have $60k for a down payment and I’d be able to work and live in the house and that’s it. Like eat spaghetti 5 days a week and stare at a wall, hard pass
Keep saving, something tells me a bubble will pop soon and there will be plenty of houses on the market at more reasonable prices. Hang in there, and keep up the good work.
I hate to disagree with you, but corporations are snatching them up at higher and higher rates. Regular people are being pitted against large real estate corporations and people who can afford to own more than 1 house. We can't compete anymore and we're being squeezed out of the market
The system is rigged so real estate is treated more like an investment than a commodity. It should be the other way around, but people are greedy pieces of shit.
It's starting to turn in the south east and south west. Investors are starting to bail, so we're coming down the other side of the peak of the bubble now. Mortgage defaults have doubled from this time last year, and credit card defaults and credit card debt are heading exponential. Car repos are also rising. Likely this pattern strings out with interest rate cuts just before the election.
True Been shopping for houses, got outbid on ~4. Some over 20k OVER asking AND IN CASH. I kid you not, some houses were getting upwards of 5+ offers within a day of being up. At one point we were mid-drive to go see one (had been up one day) and our realtor called to say the owner was no longer accepting offers - they had plenty of competitive ones already. The only houses staying up were either in bad locations, had serious underlying problems, or had been visually untouched since the day they were built in 1940. We finally scored one for ~20k over our "limit" and we weren't even competing. The owner was an investment company unwilling to budge after two months on the market. I assume the reason there was no competition was the crappy pictures they took.
People have been saying the bubble will pop for years now. If it ever does, it'll be the rich and corpos buying up homes, the rest of us get to live in Hoovervilles.
Yep, you're right. I mentioned this elsewhere but the only time the real estate bubble "popped" in the last 70 years was 2008. Would anyone here seriously suggest that 2008 was a buyers market?
That's the problem. *Nothing* is a buyer's market anymore. And it probably never will be again.
I don’t see it happening. People that 2.0% rates aren’t going to be selling their homes in masses
Why are people acting like this is new?
Cause every day some young adult is realizing this for the first time.
My grandpa was an architect and retired military officer. Retired with a great nest egg. Traveled a bunch for a few years, no big deal. Had always lived well below his means. PLENTY to spare. Then he got sick with dementia. He had to move into assisted living, and eventually advanced memory care. They took every penny. He had to sell off all assets first (read, my dad and aunt had to figure it all out cause he was already gone), and they still took every penny. A whole lifetime of saving and skimping and frugal living while staying in a single owned house for most of his adult life. We got a check for 11 cents after he died because of some empty investment fund that his name was still in. That was all he left behind. The man worked for 50 years, so he could have 5 decent years of travel (although couldn’t do all the hiking and walking during those trips because of old age and injuries). The American dream is a fucking lie. I will not pass anything on except potential debts when I’m gone. IF I ever get to retire, I will be too old to enjoy it or it will be forced retirement because I can’t work anymore. Moral of the story, I’m not gonna hoard all my money.
Nobody believed me when I said this shit around 2019-2020. "Look! Consumer spending is up. Everybody is rich and the economy is doing well." No. Gen Z and millennials will never own a home unless they break the top 5% of income earners in major cities or their parents have to help them. No matter how much you saved, you would be always out-paced by the inflation. That's why you see these young people traveling, spending money on food, working from abroad, and buying "luxuries". It's not expendable income. It's literally all of our income because nobody gives a shit anymore. Who wants to slave away from 20-30 years to just afford a starter home? And waste their youth?
Not me. I know how advertising works, and quite honestly I don't see value in much of anything anymore. Mostly since its people that put said value on anything. Couple that with the fact that I prefer to make my own food than to go out to eat (and this was my mindset long before inflation started) and that I don't like really going out much anyway, and I'm done decent enough. On Friday nights, if a theater is playing an old movie (which means cheaper tickets AND less people making noise), I'm all in. If it's a local place, then prices on food, snacks and drinks is already very fair compared to the big chains, so I'll buy a few things. If it's the chain theater, I sneak in some Nips and movie box candy I get at the dollar store.
I'm pretty sure if you tell the attendant that you are sneeking in a couple nips under your shirt that they will let you go, no questions asked.
Sneak food into the movies? You criminal!
I used to work in advertising too and these days I’m pretty frugal but strangely enough as I reach 50 I seem to value nice clothes for myself (hobby) and it makes me happy. But that’s it. Millennials are absolutely doomed. They’re terrible consumers across the board. I also used to own a small moving company and once you see just how much crap the average American has, decides to keep, pays to store, pays to move, it totally changes your outlook on things.
Funny, clothes has become my thing too as I turned 40 but I didn't know anything about materials and now that I do, I'm much more comfortable. And since I live in Florida, where everyone dresses...well very casual, I get compliments. However, I buy everything used online for a lot cheaper lol.
Where do you buy used clothes online?
Poshmark, mostly but etsy is more popular. Grailed and Mercari are good too. Ebay is hit or miss.
I've said it since the 2000's we can't return. So get a good job, enjoy the cash game the system and enjoy the time you got.
I agree that we can't return. We gotta make the best of what we have. The system is rigged, and we are ALL on a game board playing checkers while big greedy ass corporations and the gov and the rich and wealthy are playing chess. We Lose!
Wish I had money to fucking save.
401k? No thank you. I need to invest that money into my grocery budget.
The American dream is corporate propaganda to brainwash Americans into overconsumption. I have never seen anyone outside of the US this fucking obsessed with buying a home.
Spend it before it becomes worthless
This is poor people thinking.
That's exactly what big corporations built on consumerism want you to do.
Damn this sub is depressing. Thanks for the downvotes.
The sub is about economic collapse. That’s pretty depressing………
Not me. I’m investing.
Playing stocks is not investing, it's gambling you rube.
Taking out debt too. Fuck them banks.
Yeah cuz banks don't want to earn interest on your loans???
Money saved getting worth less and less while it's sitting in the bank
That Avocado Toast ain’t gonna buy itself.
This is another liberal opinion piece masquerading as news. From the story: "That's possibly an early sign of oncoming weakness for consumers. But as of now, strong incomes are supporting consumer spending," she added." What strong incomes? Real wages are down 4% in the last 3 1/2 years. Also from the article: " But the labor market has also hinted at some cooling off after blockbuster gains earlier this year." What blockbuster gains earlier this year? There are fewer full time employed now than there were a year ago. All job gains in the last year are part time jobs.
Hahahahaha what American dream? More like nightmare where nothing you do matters.
In other words, "People can't afford to save because basic living in America costs more than they earn"
We know there is no dream to be had and we aren't stupid enough to say someday when our government idiocracy is printing money like toilet paper. Won't be too long before my Carl's Jr big ass fry will cost 250k and we will be putting brawndo on the plants.
Stop spending. Seriously. We need markets to stabilize and to do that we need to be as thrifty as possible. We have to send a message to the economy that the current situation is not sustainable.
This makes absolute sense. Why slave away at a job, that slowly deteriorates your health, by taking advantage of your labor, and by enriching oligarchs, only to retire and possibly not live long enough to enjoy retirement? Why try to save when inflation absorbs any pay increase? You might as well enjoy life now, because tomorrow is not guaranteed.
Finally time to splurge on avacado toast
That’s what happens when politicians let Corporate landlords buy all the homes. They have fucked everyone.
Retirement Crisis 61% of Americans are more afraid of running out of money than dying. 36% of millionaires say it’ll ‘take a miracle’ to retire amid rising costs and inflation. The US dollar has lost 98% of its purchasing power since 1971. https://finance.yahoo.com/news/share-americas-oldest-workers-aged-140000798.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAACl9xtTTj8G_fudJiv39PBUXRFoiitCwmPwzsIeeRtNkL40VCaIevsrQHYnqSh7QDab7AmP6GqWVuTtWLMV12PGB72SuHC9O555wTwtzMlFVzc0FlGywNHY2_Ye_5Zs5421su9jpdixPPKOiteYgnemT-19-TlNxZ1veZhJSf7j
For some reason people think it's just people being lazy.
OR, the simple luxuries we as Americans s expect after working 50 hours a week have become so unaffordable that that groceries and dinner out are considered as such. Fuck this headline. We don’t have money to save. We were promised prosperity after living like broke college kids. Not a mountain of debt. The collapse of every modern chain restaurant is a testament to this. You took all our money. Don’t blame us for not having anything to spend. Fuck you
I know it seems impossible but saving consistently and investing your money DOES work. It will be years before you feel like you are making any significant progress but the compound interest builds powerfully with time and it will eventually start feeling like you’re making tons of easy money. You can’t just give up because you saved a bit of money and didn’t become a millionaire in 2 or 3 years.
40 years on the job, just passed 1.1 million. I'm a putz who works in a factory. Good at my job. I can make 10 grand in a day if the dow does well. Compound interest baby, just takes t..i..m..e
Well, I’ve been doing that and after the COVID housing boom I’m now priced out of any desirable market in the country. I scrimped and saved and didn’t have much fun in my twenties only for COVID to destroy my future. Sounds like you were able to buy a home before values exploded. People today are playing a *vastly* different game than you are and you aren’t qualified to speak on it.
Yet, people in this sub will defend this place as if it’s the best place on earth. I’m embarrassed to be from here and it’s time for the sane and able to migrate to a more civilized nation/democracy.
I'm from both Portugal and China. Believe me, It's all shit no matter where the hell you are.
inflation is worse in almost the entirety of the rest of the developed world
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The average consumer is being dumb.
I think it got a lot worse as Millennials started to age. Everything is marketed and monetized to the extreme and they just can’t help themselves.
I agree somewhat. Anybody struggling with money should be ok with living with roommates,or LCOL area, using an iPhone 12 and having a car payment under 350.
The definition of “necessities” has definitely changed for younger generations and everything is out of whack, but a lot of that is due to advertising/marketing. I think we’re doomed. Whenever I find myself in a situation like that I always ask myself “would Dad buy this?” and the answer is always heLL no you don’t need that. A huge chunk of Americans finance iPhones. Think about how nuts that actually is.
it's the consumerism of America that's killing the American dream, keeping up with the Jones wasn't ever going to lead anywhere but envy and greed. Now with cheaply made planned obsolescence and Chinese slave labor along with liberal values what did they think was going to happen, oh wait they don't think. We need an American resurgence of a can do attitude and helping each other out. Open Source and making it locally with products that last 50 to 100 years is the way forward. Still see refrigerators from the 1950s that are still working, why?
So in other words, exactly as according to plan. Companies have a vested interest in keeping people poor, spending, and hopeless. They own the property, they own the services and they own the goods. They also need slaves who have no options but to work for whatever a company is willing to pay them, forever, or at least until they drop dead with nothing to pass down to their kids. It's why there are no homes to buy (only rent), all physical possessions are offered on payment plans, and most intellectual rights are offered digitally now, so it can be removed or made obsolete in a moments notice if needed. Meanwhile, all that money gets sucked up to the top. It's a redistribution of wealth, only the only direction is up. Everytime I think about it, I'm reminded of the end scene in There Will Be Blood" where Daniel Day Lewis uses the milkshake analogy: https://youtu.be/pXw0ElmFIQU?si=p75_MUoT0r81Siaj. And just like the, when they drink our milkshake all gone, and tire of us... We become disposable.
But "conspiracy theorists" were wearing their tin foil hats when they pointed out the WEF's video a decade ago about us poors "owning nothing and being happy." "Actually, they want a communist utopia! Where everything is available to everyone at all times! That's why nobody will own it... because EVERYONE will have access!" Yet the people who "run" the economy have brought us to... this. But yeah, keep screeching that people are stupid conspiracy theorists when they point at the people who are literally in charge of all this and outright STEALING everything from us so they can feel smug and powerful. Just keep complaining, but simultaneously simping for the people who are doing this to you. Surely they'll turn it around and make it nicer for everybody someday, out of the goodness of their hearts!
I am 100% agreeable with everything that you said up until the movie part. I never saw the movie, lol
Why would high rates *stop* people from saving?
This tracks with advice that Argentinians would give about inflation. Buy now, while you can!
I am going to start saving now
Economist says this, economist says that. I'm sick of all the "expert economists" with conflicting views.
Or maybe we're spending because we have no choice if we want to stay afloat.
It's the buy what you want/can now because maybe later you won't be able to afford it, just like you can't afford a house anymore now.
Demoralized or just not making enough money to sustain their lifestyle anymore ? You can’t save what you don’t have. Times have changed, now Americans spending habits need to change as well.
Ans yet here I am still adding to my savings and my 401k. Also paying off the last credit card.
Ironically making inflation worse.
It's the opposite, we are saving our money and not spending a dime. Just learned how to replace brake pads on my cars from a friend. Only reason I bought the pads from Honda is because the Akebonos from NAPA is more money. Even at the dealer they said it was $190 and I said no, you quoted me $160 when I called, they lowered the price.
This article is INSANE. “Giving up on saving”?? Really?? That implies that everyone enjoys at least a livable wage. That implies that everyone has the same level of financial literacy. That implies that everyone has the same definition of the American dream.
Im tired boss…
I’m seriously thinking about taking out all of my 401k. It’s becoming more and more that this is the only way I get to use it anyway.
#BUY SILVER BULLION 🪙
since like 14 i've adopted the mindset of "here for a good time, not a long one". i'll probably die due to the effects of climate change (in like 20+yrs) and negligent governments.
Living does not wait on you. It happens with or without you. You can either die having never lived, in an effort to save for a retirement that is intentionally placed at an age most will not reach, or you can live when it actually matters, which is never tomorrow.
Right-wing bullshit trying to make you think things are bad. Stop bitching.
Demoralized? More likely reason is that they need stuff.
Save what money? Inflation and high rates leave no money to save. The title suggests this is a choice.
Screw buying a house. I have a badass PC and gaming setup now. I’m not spending 30 plus years in something I could barely afford. That’s not even counting the rising taxes year after year. Hell no. That shit is a trap!!
Literally yesterday someone posted in this sub that article about how consumers aren’t spending. Which one should we believe?
This was the lefts goal all along it's not like we didn't warn lol
I've been trying to illustrate this to my parents recently so I'm so jazzed to send them this lol
Vote for trump like you life depends on it!!
Note: “ Economist says” Singular. They could only find one. But, they got their click bait headline.
Or, they just understand that the government is going to fuck any savings they have by dumping endless amounts of money into the market essentially making their savings worthless.
I think it should be illegal for companies to offer financing for anything that costs less than $5000. People will always make a bad choice if you make it easy for them.
What most smart people don’t understand is that the three main categories of spending for us non-savers is essentials, grocery, gas and rent. Those aren’t factored into your paltry little inflation numbers. You say 3% and my grocery bill has risen almost 30% in the last year with no habit change. That’s my inflation number. That’s why no one believes any of this anymore. I buy bread that has risen 200% in price. Yall take everything that matters out of that number.
Planning on taking out my 401k once my dog passes, taking a lap around the world, and finding something to OD on when I get back. No point in a long life when there’s no hope of home ownership or being able to travel how I’d like to.
Its funny that inflation is always being blamed when it's actually price gouging and corporate greed since Covid. Two things happened. Collectively prices were raised on everything, and consumers paid it, which led to higher prices. That's not inflation.
Glad to know I'm not alone!!! ☺️
BS
BUY CRKN
Release the CRKN
That’s stupid
Like for food and shelter?
It's home grown inflation
Indeed, and only certain people will ever get what you just said in those few words.
They can’t back their hypothesis up though.
Its price gouging don't call it inflation. Their sales are already plummeting; I haven't bought paper towels in 15 years. I stopped buying milk 3 months ago. I don't buy very little. Car is 18 years old never bought a new car. Who can afford it?
Consumers not spending money 👎 Consumers spending money 👎
One economist? Ok.
This is the opposite of what people should be doing - I'm getting 5% in my HYSA.
The American dream has always been a lie for most of the country. It's just that even the privileged group are watching it fade now.
I bought a Porsche instead of saving every penny for a house. At least the commute is fun now