2/5/2024 - TL;DW But I Read
You’re reading endless articles about how the economy is doing great so if the economy is booming, then why does everyone feel broke?
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My favorite books:
8 Things to Do Differently with Money in 2024!
*Topic : Finance
*Length : 18m 30s
*View : 334K
💰 Combining money with your spouse can actually strengthen your marriage and financial goals.
💔 Money fights and problems often stem from a lack of communication and alignment on financial goals, leading to destructive consequences like divorce.
💰 "A budget is people telling their money what to do instead of wondering where it went for 35 years."
🚨 The emergency fund is for unexpected events, not for non-urgent expenses like a new couch or a bass boat.
💡 98% of people who become debt-free saw their income increase during their journey, whether through changing jobs, taking on overtime, or adding side hustles.
🤑 Living in the basket of materialism is the opposite of contentment, and you can't make enough money to out-earn your stupidity.
💰 "Keeping that portion small, living below your means, you guys. If you're not doing that, 2024 is your year to do that lifestyle creep."
💰 "Don't buy more than a 15-year mortgage and don't buy where the payment is more than a fourth of your take-home pay."
Link:
If the Economy's Doing Great, Why Do We Feel Poor?
*Topic : Finance
*Length : 10m 45s
*View : 55K
Hundreds of thousands of Americans lost their jobs in 2023 and millions more are expected to in 2024. BUT at the same time, you’re reading endless articles about how the economy is doing great so if the economy is booming, then why does everyone feel broke?
📉 Despite the economy growing faster than expected, 96% of Americans are worried about the economy.
🛒 People had the urge to spend a lot of money to make up for lost time, leading to a never-ending pricing cycle.
💰 Americans are spending more money to buy fewer things, despite 96% of them being worried about the economy.
🛒 Inflation falling from 9% to 3% still means things are still getting more expensive just at a slower rate instead of pineapple pizza increasing from $10 to $10.90.
💰 Housing prices went up 149% and medical costs 157%, but the CPI only said they went up 54% and 90% respectively, severely underestimating the price changes that actually matter.
💰 The disparity in housing costs between those who bought a few years ago and those looking to buy now is staggering, creating a completely different reality for each group.
💸 The average American needs $133,000 a year to feel financially secure, but the real median household income is just a third of that.
Link:
When Everything's A Crisis
*Topic : Finance
*Length : 10m 42s
*View : 285K
More people than ever are afraid they are going to lose their jobs at some point this year, and that’s only for the people who are lucky enough to already have a job! New entrants into the job market are struggling to get into roles that were desperate for workers just three years ago. If people DO lose their jobs, they have record-low savings to support themselves. So then, why are people spending more than ever? The financial situation of the average American HAS gotten worse in the past twelve months.
📉 1. Americans are more stressed than ever before, with 87% saying that inflation and rising costs negatively affect their mental health.
🛍️ The largest group of customers shopping at luxury clothing stores are millennials and Gen Zers, who have the least financial security but are spending the most to fake the appearance of doing well.
💰 Basic financial literacy in America is terrible and it costs too much for most people to seek the advice of a licensed and qualified financial adviser.
📉 The worst mistake young people make in savings and investing is not starting early enough and putting too much money into individual assets that underperform.
📈 Emotions and investing don't mix well, making real problems sound less important.
📉 The media's sensationalism and focus on crisis leads to important warnings getting lost in the noise.
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