6 Money Myths Capitalism Implanted In Your Brain

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The Financial Diet

The Financial Diet

Күн бұрын

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In this episode, Chelsea dives into the various work and life myths capitalism has made us all buy into, from the importance of owning a huge house to the humongous CEO salaries we've come to expect.
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you invest, and past performance does not guarantee future performance.
--
Sources:
40-hour workweek:
www.npr.org/2021/11/05/105296...
www.businessinsider.com/histo...
www.bbc.com/news/business-577...
"Poor people are lazy":
www.hks.harvard.edu/research-...
www.theatlantic.com/business/...
www.nccp.org/publication/chil...
Healthcare:
www.oecd.org/unitedstates/hea...
thehill.com/blogs/congress-bl...
khn.org/news/article/pharma-c...
CEO compensation:
www.cnbc.com/2021/09/15/in-20...
www.weforum.org/agenda/2021/0...
ips-dc.org/the_self-made_hall...
Unions & productivity:
www.bls.gov/news.release/pdf/...
www.brookings.edu/blog/the-av...
academic.oup.com/ej/article/1...
House poor Americans:
www.rocketmortgage.com/learn/...
www.consumeraffairs.com/finan...
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Пікірлер: 857
@julissadc6303
@julissadc6303 2 жыл бұрын
Another lie: working for others is bad and you should only aspire to own your own business, some people just dont care about that and work to sustain their non profitable hobbies, and they are happy like that, they are not less ambitious or anything is just that happiness looks different for everyone, some people will dream of being their own boss and thats good, but other people not wanting the same isnt bad
@okalanibergschneider1201
@okalanibergschneider1201 2 жыл бұрын
I agree with this because I have ADD so working for a company where I have clear set expectations to meet helps me focus and feel productive and the thought of having to make every single decision without set expectations causes me to want to mentally spiral which would cause me to become indecisive and unproductive to the point that I don’t accomplish anything.
@dacriticalgentleman
@dacriticalgentleman 2 жыл бұрын
You're a very intelligent women with a lot of real world intelligence!
@perdybirdie
@perdybirdie 2 жыл бұрын
Agree. Not everyone has the mindset and mentality needed to own their own business as well
@duncanbug
@duncanbug 2 жыл бұрын
@@okalanibergschneider1201 Lol me tooooo! This is the most cathartic thing I've ever read lol. Congrats on making the job work for you!
@ScarletASV
@ScarletASV 2 жыл бұрын
True. I feel like we're being pressured to be entrepreneurs, as if that is the only measure for success. Some people are not cut out for that, and it's ok. Others could maybe make it, but are just not interested. I just want some money in for my needs, for some savings, and fun money. I don't need to be Miss Business Owner, too much work.
@CameronFussner
@CameronFussner 4 ай бұрын
Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.
@leojack9090
@leojack9090 4 ай бұрын
Investors should be cautious about their exposure and be wary of new buys, especially during inflation. Such high yields in this recession is only possible under the supervision of a professional or trusted advisor.
@fadhshf
@fadhshf 4 ай бұрын
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
@LucasBenjamin-hv7sk
@LucasBenjamin-hv7sk 4 ай бұрын
@parrish8386 Please pardon me, who guides you on the process of it all?
@GizmoAndKiwi
@GizmoAndKiwi 2 жыл бұрын
As an European this "anti union rhetoric" is just crazy to me. I get why employers don't want them and speak out against them, I also get why being watched and pressured when there's a poll about unionizing prevent workers from voting. But there seem to be so many people really believing that unions are bad? How? Why? This is just...weird.
@NewSparky97
@NewSparky97 2 жыл бұрын
Decades of anti-union propaganda and anecdotal evidence proving the rightness of that propaganda
@mitchh3092
@mitchh3092 2 жыл бұрын
I used to just think people were dumb but then I learned that people are only as smart as the info you give them. We as a society have been groomed by our predators.
@duncanbug
@duncanbug 2 жыл бұрын
It's crazy... the general public (especially older generations) is so against them...
@sashaboydcom
@sashaboydcom 2 жыл бұрын
@@mitchh3092 I found it enlightening to realize that people aren't stupid, they're naive. Like, most people don't know much about any particular subject (myself included), and are overly trusting of things that people in their community seem to believe (again, myself included). Unfortunately, these things make people easy to manipulate under the right circumstances.
@anxen
@anxen 2 жыл бұрын
For the same reason they think communism is more deadly than a virus causing global pandemic
@EM_vi_ix
@EM_vi_ix 2 жыл бұрын
In California a two bedroom apartment rent costs about the same as mortgage payments for a house. Rents are increased every year, mortgage payments are not, assuming you got a fixed rate. However, good luck saving a down payment, good luck getting approved for a mortgage, good luck finding a house that is affordable and won't be sold to a cash offer, often to investors. The only solution the politicians are doing is banning homeless people from sleeping.
@karenwang313
@karenwang313 2 жыл бұрын
Ikr, cant even leave the state because I don't want to deal with snow, humidity and mosquitos lmfao.
@patrickmcclanahan2856
@patrickmcclanahan2856 2 жыл бұрын
Hate to break it to you but that’s not really the fault of capitalism, though you could blame indirectly, since the main cause is house owners wanting to see the value of their property go up, and so they prevent new builds, and have also capped taxes, so they don’t have to pay for their new wealth. Laizze-faire capitalism, or pure capitalism, wouldn’t allow for either of those
@duncanbug
@duncanbug 2 жыл бұрын
@@patrickmcclanahan2856 Yes but nobody below gen x has known anything other than this Laizze-Faire version right? It does frustrate me that people say "that's capitalism for ya" for policies that contribute more to cities etc. but that's why everyone is leaning further left who's young. We haven't benefited in many ways from the system other than technology becoming more affordable.
@patrickmcclanahan2856
@patrickmcclanahan2856 2 жыл бұрын
@@duncanbug I would disagree. Compared to my what was available to my parents in their mid-20s, the quality of my apartment is far better, the variety and quality of food that I can buy in the grocery store is orders of magnitude greater, my ability to go on vacation to Europe, Mexico, etc on cheap flights wasn’t even within reach of them, the quality of my 07 Civic relative to their early 80s car, my ability to easily invest in the market was something only the rich had access to back then, how easy it is for me to learn new information with the internet, have a relationship with my fiancée when she’s on the opposite side of the world…idk…we really really do have it so much better, even just in this one generation, let alone going back 2, 3, 10, or 50 generations
@isidoreaerys8745
@isidoreaerys8745 2 жыл бұрын
@@patrickmcclanahan2856 peak oil. Your argument is invalid. Seriously look at the Permian basin data. We’re facing an energy crisis.
@MeganTS
@MeganTS 2 жыл бұрын
Could TFD do a video on the inflation that we are seeing? I’m hearing a mix of information about rising costs. I would love to hear trusted TFD’s opinion
@sinfulhealer2110
@sinfulhealer2110 2 жыл бұрын
Lul I'll plug Corporate Greed as being the reason and climate crisis being the catalyst for us seeing even more rapid, destructive, business out to turn a quick profit than anyone has in our lifetime before. Also wanna plug 'the Problem, w/ Jon Stewart' because it atleast calms me hearing people who don't have corporate bias/capitalistic economy indoctrination gather around and talk | kzfaq.info/get/bejne/ic2ag89evr2aeJc.html
@dmonee6196
@dmonee6196 2 жыл бұрын
Yep. I’ve read a lot about the typical sources blaming stimulus going to the poors and greedy workers wanting higher wages… yet corporate profit margins are growing and they’re bragging about it. Seems like they’re full of it and the true cause is a bit larger than Jerry down the street no longer accepting only $7/hr.
@mjs3188
@mjs3188 2 жыл бұрын
@@dmonee6196 Inflation and corporate profit are pretty much wholly unrelated. Inflation and deflation are a direct consequence of the money supply not matching the value of goods and services in the economy. Consider this admittedly dramatically simplified scenario: You and four friends decide to use shells to pay each other for favors to make sure that no one is getting more favors than they are giving. You help Friend 1 move and they give you 10 shells. Friend 2 helps you clean your house and you give them 5 shells. This is essentially the purpose of money: an abstract yet shared representation of value. You start off this scheme by all going to the beach and finding 100 identical shells, each person getting 20. This arrangement works for a while until one of your friends falls on hard times and spends all their shells on favors from the others. To get around their lack of shells, they go to the beach and find 100 more identical shells and start using those for favors to get through the rough patch. The total number and complexity of favors hasn't changed, though, because there are still five of you. You now have 200 shells (double) representing the same value of favors. What would happen to the shell cost of each service? It'd go up, no? That move now costs 20 shells. That cleaning costs 10 shells. This is the consequence of stimulus checks where the money comes off the printing press like what happened with the covid checks. There is more of the abstract unit injected into the economy, but it's representing the same or less actual value, so the purchasing power of each dollar goes down. This results in higher numbers at the gas station and grocery store. So, is it the fault of "the poors and greedy workers"? No. But it is a direct and predicted consequence of the massive stimulus checks that went out. The blame for this lies in the Fed and the federal government. The Fed has been keeping interest rates artificially low for years now to try to stimulate the economy in an effort to keep the line going up. They're trying desperately to avoid another major market correction, but are really just postponing the inevitable and making the problem worse. They could be removing this extra money from the economy to even out inflation by raising interest rates, as they are supposed to, but they are too cowardly to do it. To put that back into the shell analogy, it'd be like everyone deciding to destroy 10% of shells on every transaction until you're back down to 100.
@mrjdgibbs
@mrjdgibbs 2 жыл бұрын
@@mjs3188 I'd go so far as to say that you're half right. Tye current inflation definitely has to do with low interest rates but probably nothing to do with the stimulus checks. Those were simply not enough money per Capita to drive up the costs of goods and services. I would say that the most compelling reason for inflation is that the government has been propping up asset values through a number of monetary policies. This does nothing but increase the income inequality that's already becoming problematic. The point being that the people who have the money can afford to spend more of it and the people selling goods or services have to charge more to accommodate the shrinking pool of potential buyers.
@bibliophile316
@bibliophile316 2 жыл бұрын
They're increasing prices because they can, despite record profits. A journalist looked at transcripts of sales calls and they say openly that that's what they're doing.
@ryanedwards7487
@ryanedwards7487 2 жыл бұрын
"Non-Compete Clauses" should be totally freaking illegal. It totally ruins your ability to job hop and force companies to pay you what your time is worth.
@johnmartin4641
@johnmartin4641 2 жыл бұрын
Job hopping is bad anyway. The most successful people I know stayed with their company their entire careers and retired with pensions (as did I) and $30,000,000+ in company stock. None of the job hoppers I know are anywhere close to that. All I hear from them is complaints about how little money they make. And it makes sense. I would rather promote someone to an executive position if they’ve been with the company their entire career because they know the company better than outsiders and newcomers and I likely won’t have to worry about them leaving and having to replace them, which is very expensive. Conservative estimates say it can cost double the previous employee’s total compensation to replace them.
@whyforcemetohaveachannel3228
@whyforcemetohaveachannel3228 2 жыл бұрын
The entire notion of non-competes is so harmful that it’s unbelievable governments allow them. Never mind voluntary job hopping, but when they are enforced during layoffs it is doubly heartbreaking and inhumane.
@muirgirl
@muirgirl 5 ай бұрын
@@johnmartin4641Your experience is incredibly outdated and non applicable here.
@ricardoconqueso
@ricardoconqueso 3 ай бұрын
@@johnmartin4641 there arent company pensions any more...Today, job hopping is the only way to get a substantial raise. Youre operating off of old world data
@karenandrews4224
@karenandrews4224 Ай бұрын
Biden outlawed them
@-Flowriding-
@-Flowriding- 2 жыл бұрын
Timestamps Myth #1 - Good job requires +40hrs 2:12 Myth #2 - Poor people are lazy 5:21 Myth #3 - US can't afford universal healthcare 8:24 Myth #4 - Executives have always outearned their employees 10:41 Myth #5 - Unions are bad for productivity 14:14 Myth #6 - Owning a big house signals wealth 15:48
@HeatonResearch
@HeatonResearch 2 жыл бұрын
Thanks for saving me 18 minutes.
@glittergirlglory4320
@glittergirlglory4320 2 жыл бұрын
I am not lazy I have a disability
@Here4TheHeckOfIt
@Here4TheHeckOfIt 5 ай бұрын
These are myths meant to maintain the status quo.
@greggpurviance7252
@greggpurviance7252 3 ай бұрын
None of this has to do with the concept of capitalism. Good grief. Pathetic
@mattb1293
@mattb1293 2 жыл бұрын
1. 2:12 You need to work more than 40hr/wk to succeed 2. 5:20 If you're poor, it's because you're lazy 3. 8:23 The U.S. can't afford universal healthcare 4. 10:41 Executives have always earned much more than employees 5. 14:14 Unions are bad for productivity 6. 15:49 Owning a big house is a sign of wealth
@Schokoladentoertchen
@Schokoladentoertchen 2 жыл бұрын
thanks, you're the best.
@tonylouis7923
@tonylouis7923 2 жыл бұрын
🙏🏾🙏🏾🙏🏾🙏🏾
@ladyann7077
@ladyann7077 2 жыл бұрын
Thank you!😊
@phazon100
@phazon100 2 жыл бұрын
We have obamacare. That us universal healthcare.
@aturchomicz821
@aturchomicz821 2 жыл бұрын
@@phazon100 Yeah just no, No...
@Lydia-hi6mx
@Lydia-hi6mx 2 жыл бұрын
I feel like a 4 day work week would improve my mental and physical health so much!
@Tabbylover55
@Tabbylover55 2 жыл бұрын
I think the 4 day work week trend is misleading, it should be called "condensed work week". It usually doesn't mean working 32 hours per week for the same salary, it means working 40 hours per week in 4 days = 10 hours per day. I don't see how that will be very helpful for our mental and physical health. Personally speaking, working every day from 9 am to 7 pm will kill me.
@Lydia-hi6mx
@Lydia-hi6mx 2 жыл бұрын
@@Tabbylover55 I’m talking about the 4 day work week, as she mentioned, 32 hrs a week, full time pay and benefits.
@tasia2174
@tasia2174 2 жыл бұрын
@@Tabbylover55 I work 40 hours in 4 days. It sucks, but for me personally I love having a perpetual 3 day weekend. However, I really hope someday it can just be a 32 hour work week as I'd have more energy after work to do anything besides sit.
@thecozyintrovert
@thecozyintrovert 2 жыл бұрын
I work 30 in 4 days and it has helped my mental health tremendously.
@libertariangal2235
@libertariangal2235 2 жыл бұрын
@@Lydia-hi6mx And what will you do with the rest of your time? Netflix...you are aware when people worked much less pre industrial revolution, they didn't have tv, electrric or even indoor plumbing...Those shorter work weeks were for extra time for household upkeep that you wouldn't even consider today......no really what will you do with that extra 8 hours? Will you contribute to society or will you melt your brain in front of the TV....because you deserve to sit around so much more than your fore fathers worked for...this is what's wrong with society....suddenly we wanna cash in.....we should be trying to innovate and improve societal relations etc....but damn Netflix is so worth an extra 8 hours off of work! But no one is lazy here......
@greggibbs3639
@greggibbs3639 2 жыл бұрын
You cannot physically 'pull yourself up by your bootstraps. It was a joke that became a mystical ability to rise above the floor for the time it takes to pull on boots. I also suspect many people who say this have never had a pair of real cowboy boots.
@chispitablanca
@chispitablanca 2 жыл бұрын
My husband and I (no kids) live in a 3 bedroom 1950’s ranch and it is honestly too much house for just the two of us. We bought it for the sizable yard (to grow our own food) and the fact that it’s just barely outside the city boundaries so we pay township taxes. I can’t imagine having an even larger house or more than one full bathroom to clean.
@Blueyez369
@Blueyez369 2 жыл бұрын
My husband and I are in similar circumstances, we bought our house in large part due to the size of the yard for the price and the area. I like our home, but I would be more content in a smaller apartment. If it wasn't for my husband who likes large homes, and my dogs who need more outdoor space, I would happily downsize.
@bethd.6670
@bethd.6670 2 жыл бұрын
Same here, although our home is technically 3 bedroom, it's more like 2+ bonus. It's just under 1000 sq. feet, but on a third of an acre lot. We got it for the location, the back yard, and the fact that we don't ever plan on moving, so we wanted something that would be easy to manage when we're older. More space just means more to clean and maintain, higher utilities and the ability to just buy more stuff to fill it. We love our little crackerbox house. :)
@fourcatsandagarden
@fourcatsandagarden 2 жыл бұрын
I got a small 2 bedroom home for much the same reason - I want to grow my own food (cos the flavor is better plus I can grow things you can't get easily in stores), and its both too big and not enough in different ways. I'm turning the second bedroom into a cat foster room/hangout room/guest bedroom, so that's fine, but on the downside I have no good indoor space to start my seedlings so I'll eventually have to get some kind of outdoor greenhouse set up somewhere. But there are worse problems I could have (like in a bigger house there's more maintenance and higher utility bills - no thanks). When I was hunting, I actually had a hard time finding a house small enough because all the investors (both local and not) were cash buying all the houses under 1200 sq ft to turn them into rentals. I eventually got one that was further out, in a hilly area, and that has no access to public transportation. That was the only way I could get one that came close to meeting what I wanted without fighting with people who could just drop $100k cash with ease.
@bethd.6670
@bethd.6670 2 жыл бұрын
@@fourcatsandagarden We were super lucky we were able to get our house for the same reason - people were/are buying up the smaller houses and as soon as they sell, we see for rent signs on the lawn. There's a contractor down the street we had come over for suggestions on installing a dishwasher, and he commented that he almost bought our house. He owns a rental one street over, too. I think the fact that we wrote a letter to the seller telling them our intent to actually live in the house was why our offer was accepted.
@SadisticSenpai61
@SadisticSenpai61 2 жыл бұрын
@@bethd.6670 We have the same issue where we live. Sometimes houses are sold before they're even officially on the market. And it's not just smaller homes that are getting snapped up like that either. That's the unfortunately reality of living in a university town - there's no end to landlords. We live in an older neighborhood that was built about 100 years ago - about half of the houses in the neighborhood were converted into multiple units between the 50s and 80s (including our place - it was turned into a duplex in the 70s). I think a city ordinance was passed in the 90s preventing such conversions, which is why landlords don't seem to do it anymore.
@inathi1329
@inathi1329 2 жыл бұрын
I would love to see a video about predatory practices perpetuated by the traditional financial industry that we've been taught to think are normal. For example in my country offering university students credit and credit cards without any financial education on how to responsibly use those lines of credit, even though most students are dependent on financial aid and come from poor backgrounds, has become normalized. It facilitates a debt trap most people arent able to get out of for most of their lives because at no point are we taught there is a responsible way to manage money and credit.
@dedederp2693
@dedederp2693 2 жыл бұрын
Or how here in the USA how everyone has come to accept that in order to retire you have to have a good job all your life, stock options, 401ks, rental properties, and all kinds of investments. Being a hardworking individual is no longer enough because we have to boost the “investments” which are tied to CEO pay
@JABloch
@JABloch 2 жыл бұрын
Sounds like you're from the US?
@flojowithattitude
@flojowithattitude 2 жыл бұрын
Chelsea actually talks abt this topic a lot on the earlier tfd content. She apparently bombed her credit score on a hello iitty credit card in her young adult life.
@ohheyitsCassie
@ohheyitsCassie 2 жыл бұрын
Yep. Chelsea and I share an origin story. Same CapitolOne card at the tender age of 17, which I promptly maxed and then ignored for YEARS. Now I'm 32, almost 33 (Chelsea and I are the same age and likely tanked our credit at the same time, right around 2006/2007 before the recession) and I'm just now fixing the mistakes of my uneducated youth, and passing good habits that I was never taught on to my own young children.
@ems9616
@ems9616 2 жыл бұрын
Id love to see this too- i know this channel is mostly USA focused but id be interested in the way UK institutions (particarly department of work and pensions) have moved to offer loans than grants. Especially the DWP, who offer high interest loans to people who should be recieving benefits but arent (normally bc of dwp's own fuck ups). Me and my partner nearly fell for that in the past- my partner should have been recieving benefits from being in work previously, and looking for a job- but we were excluded bc my pay (too low to sustain us) came in a week earlier than expected. At this point we were worrying how we were going to pay for food and travel to interviews after bills- so the DWP offered us a high interest £1000 loan to 'tide us over'. Tbf the woman offering it to us looked visibly uncomfortable as she offered it, and reassured us that we'd made the right descision when we turned it down. But it chills me to the bone to think how many desperate and more vulnerable people than us might take that loan and wind up in debt forever.....
@FlameUser64
@FlameUser64 2 жыл бұрын
The really messed up part is that the 40 hour work week wasn't even instituted to be fair _to workers._ It was actually instituted to stop _employers_ from screwing themselves over. You see, 40 hours is the edge of positive productivity. Further work beyond that is net neutral on productivity, or even negative due to exhaustion and overwork. And that's for _mindless_ tasks like factory work! Anything requiring more brainpower than working on a factory line is likely to peak in productivity before 40 hours. This common standard of 60 or 80 hours and employers demanding that their employees be available to call in at any time is complete nonsense, and in many sectors actively harmful to the corporations! Employers would be better off paying their employees more to work fewer hours.
@johnwalker1058
@johnwalker1058 2 жыл бұрын
The problem is that often, people fail to grasp the concept of extrapolation. They just see a linear relationship between hours spent working and some metric of productivity such as number of products produced or sold and assume that it just climbs indefinitely so that if they just keep getting workers to work more hours, they will produce and/or sell more product. They fail to factor in things like workers are not robots or machines and that they have their own needs and need time for other things like rest, spending time with friends and family in social interactions, time to themselves for self-care, time spent exercising creativity with hobbies, recreation, or personal projects, etc.
@FlameUser64
@FlameUser64 2 жыл бұрын
@@johnwalker1058 I suppose when you're so far gone that the part of the curve the 40 hour work week is concerned with isn't visible at all, it looks like a linear relationship. That is, if the 40 hour mark is the edge of productivity gain on the first peak of the graph, by the time you're at 50 hours you've plummeted all the way back to zero and are slowly climbing back up on a very pathetically small upward trend. If your data points don't go lower than 50 hours, you won't even be able to see the drop. And this gets worse for tasks that require a measure of mental clarity and creativity, at which point you might have plummeted all the way back down to the baseline by 40 hours in the first place! In that case, when your data points are from 40 hours to 80 hours you're only seeing a pathetically small upwards trend, completely missing the incredible productivity boom you already missed by starting this far along the graph.
@recarras
@recarras 2 жыл бұрын
You touch the deep issue: Different jobs require different time schedules. Some jobs, perhaps, need 5 hours a week of an extremely focused person to find a great solution. But there is a lot of culture related to it. And also: would be fair to a worker see a partner work less than himself? Productivity, specially in services, is hard to measure while time, in the other hand, its stable clear and easy to measure. Usually countries with low amount of working hours per week are service-oriented and import labor intensive products without any guilt from those that work exhausting hours.
@smegleymunroe863
@smegleymunroe863 2 жыл бұрын
But frankly, I don’t really give a damn what kind of productivity any work schedule gets for employers. Working too much is poisonous to the soul. Reducing work hours is a matter of human happiness, which is an end in and of itself
@-PureRogue
@-PureRogue 2 жыл бұрын
Have you done any brainless factory work, do you have any idea what physical exhaustion, pain does to your mental state, you wouldn't last a month in such environment and just end up running back to where you came from.
@jaystrickland4151
@jaystrickland4151 2 жыл бұрын
You are generally right on the shorter work week. I talked my boss into letting me work 30 a week as long as I get all my work done, and I have been the most productive member on my team since. Given I work in finance I was surprised he said ok.
@MissMoontree
@MissMoontree 2 жыл бұрын
Kudos to you and your boss. I feel like I work best the first 6 hours, the 8th hour I'm just not being as efficient.
@matthewk87
@matthewk87 2 жыл бұрын
The benefits of a "shorter work week" varies dramatically depending on industry. In some industries, time does not directly corollate with productivity. A video blogger might spend 30 minutes on their video or 4 hours. The 4 hour video is not inherently 8x better, nor does it have 8x the content. On the other hand a manufacturing job (of which many remain in the US) where a worker is running a piece of equipment, has a much closer connection between the hours worked and productivity. Cutting that position down to a 30 or 32 hour work week would have a major reduction in work completed.
@kellykerr5225
@kellykerr5225 2 жыл бұрын
This is why I lost my job because it wasn’t physically possible. They lied to me about the job. The gave 15 communities to manage and 1,700 units and all of them were more than an hour away and were not near each other. I watched a video about a toxic work. Every single thing is exactly what they did they did on the video. Their Google rates are 1.8. That is bad and I felt like I was ruining my reputation
@kevinschultz6091
@kevinschultz6091 2 жыл бұрын
I once worked 80-hour weeks for a few months in a row, voulentarily - I was just starting out in coding (I'm a technical writer by trade), and at the time it was SO much more interesting than what I was supposed to be working on.(To be fair, our team had a rule that if we were working on a scut project, you could totally try to script it if you wanted to). I stopped working these extra hours when I realized that I wasn't getting much done after 8 hours. Instead, on a nightly basis, I'd hit a wall around hour 8, and then spend hours trying to debug something, fail, only to figure out the answer on the drive home, or else the next morning in the shower. In talking about this with the devs I worked near, their comments were that after 8 hours, the only thing they really did was sit around and watch builds run on machines, and maybe answer some e-mails: definitely they didn't try to code for that long, as they also had the exact same experiences I had.
@Thomas-wn7cl
@Thomas-wn7cl 2 жыл бұрын
We used to do 7 hr (7:00-2:30) days in Union Construction in NYC. It was really great because you beat the commute and the extra hour in the afternoon was noticable. We have since largely moved to an 8 hr day and with a commute it feels like non stop work, sleep, and eat.
@jimbrittain402
@jimbrittain402 2 жыл бұрын
I am DELIGHTED to hear a business owner telling the truth about capitalism.
@markvile8521
@markvile8521 2 жыл бұрын
Great! Do anyone knows Expert Mrs Helen Mrs Helen is legit and her method works like magic i keep on earning every single week with her new strategies
@gomeslucas2376
@gomeslucas2376 2 жыл бұрын
@@markvile8521 Yes I' m also a living testimony of expert Mrs Helen.
@gomeslucas2376
@gomeslucas2376 2 жыл бұрын
Mrs Helen has changed my financial status for the best.all thanks to my aunty who introduced her to me
@kuarjones910
@kuarjones910 2 жыл бұрын
I think I'm blessed because if not I wouldn't have met someone who is as spectacular as expert Mrs Helen
@kuarjones910
@kuarjones910 2 жыл бұрын
I think she's the best broker I've ever seen
@kiahnte
@kiahnte 2 жыл бұрын
I don't really like the implication that the "house poor" problem is primarily because of people buying bigger, nicer homes than they need. As a 28 year old, I want to buy a house (even though it will be the majority of my expenses) because it's WAY preferable to paying nearly as much (more if I didn't have roommates) for rent that is then money totally lost. Moreover, landlords often refuse to do the maintenance their leases require them to do, leaving me to live in squalor since I'm unlikely to have the time or resources to sue them. Home ownership isn't just a social prize, it's one of the only ways to start getting out of poverty. If you own your home, you have more wealth, your biggest expense is now an investment (at least partially) instead of just money gone. There's been a weird trend over the last few years of people telling millenials and zoomers "Oh, you don't really need to buy a house. It's not a good financial move for everyone. Maybe just keep renting for the rest of your life". Some of these people are well-intentioned I think, but at the same time this narrative has popped up, investors are buying more and more of the available property out there and rent is sky-rocketing. They certainly seem to think that ownership is better than renting. I'm inclined to agree. Renting sucks.
@oglocbaby520
@oglocbaby520 2 жыл бұрын
I mostly agree with you here. Renting has a time and place for specific circumstances but if you are going to be living in your current area for any prolonged period of time, at least a couple years, it's in your best interest to buy a home. In my area, it's actually cheaper to buy a home and have a mortgage than it is for rent, and you'd be getting much more house/space. Granted, you have to factor in taxes, maintenance and interest. Real estate taxes in some areas of the country are insane and almost a mortgage itself. Also, a lot of people simply do not have the cash saved up to purchase a home, I remember seeing an article from a couple years ago saying that around a third of people didn't have enough in savings to buy new tires for their car. If you can afford the mortgage payment and it's around the same as rent in your area it's a no brainer. Not only are you building up equity but in the longer term it's also very likely to appreciate in value, whereas with renting this money is essentially gone.
@Isaviolin
@Isaviolin 2 жыл бұрын
The reason we bought is so our monthly payments don’t go up. We bought a decent home that kept our budget low. Sadly this isn’t possible for many people especially in the US were ok homes can be very very expensive.
@stevend776
@stevend776 2 жыл бұрын
This channel is seriously undoing all the damage and myths I learned from Ramsey... Thank you so much for being earnest and honest!!
@midniteryder_3-16
@midniteryder_3-16 2 жыл бұрын
Uh-oh…wth was ramsey babbling about?
@InnerGiggles
@InnerGiggles 2 жыл бұрын
Ramsey is not interested in you doing well. I’m glad you’re recovery.
@lijohnyoutube101
@lijohnyoutube101 2 жыл бұрын
I don’t agree with this. I think Ramsey offers much value but that you need to also balance it with the luck factor.
@Boris80b
@Boris80b 2 жыл бұрын
Ramsey is misguided about many things.
@stevend776
@stevend776 2 жыл бұрын
I stopped after the whole drama sparked with the "cult" accusations, guns, and vaccines came out. But I took his advice too literally and got in a bad place, basically.
@gnomee9447
@gnomee9447 2 жыл бұрын
CEO earnings grew 1322 % while worker compensations grew by 18 %. That's just bonkers! What the actual..! I can't even wrap my mind around that. They could sustain so. Many. People. With that kind of money o.O
@Sandy11142
@Sandy11142 2 жыл бұрын
I believe it. I am a nurse and at the end of 2020 we got an email from our CFO that we had to band together as a family to get through this pandemic. So there would be no raises or matching contributions to our 403B. All the staff breaking our backs working extra shifts, no PPE no raises or retirement for us. What I DIDN'T see in the email was how all administration was going to take a 20% pay cut to help the family. They sat up in their offices making $2.4M plus bonuses.
@hannes9488
@hannes9488 2 жыл бұрын
Also worker comp includes healthcare and most of those 18% went to cover rising healthcare cost, so workers didnt really benefit from that rise. In reality wages have stagnated and for a lot of jobs (low income) they have dropped.
@seabreeze4559
@seabreeze4559 2 жыл бұрын
CEos are paid with stocks so it's stock mayhem
@HH-le1vi
@HH-le1vi 2 жыл бұрын
CEOs are also compensated with stocks and that almost always means that they will always have income growth every year. It's also important to separate founding CEOs than hired in ones because founding CEOs deserve to reap the rewards of their risk and labor. Hired in CEOs not so much.
@jdtreharne
@jdtreharne 2 жыл бұрын
@@Sandy11142 you didn't get paid for the extra shifts??? That's grounds to sue!
@simplethings3730
@simplethings3730 2 жыл бұрын
I left the workforce in 2015 to take care of my parents. I have no income and I live in a portable building that I made livable by adding a bathroom, bedroom (putting a mattress on the bathroom ceiling), kitchen and living room. I raise sheep and chickens. I grow a garden every year. I keep busy. I'm happy.
@kristaw206
@kristaw206 2 жыл бұрын
Why I love wfh so much. My old company tried to do a hybrid situation my last few weeks there and I was miserable sitting in a beige office with so much extra time after getting my work done, not being able to do anything else productive unlike when I was home. There’s a reason I just left and so many others are doing the same! Also I never understood how claiming you work 60-80 hours a week is a flex. That just tells me you suck at time management lol.
@joshualee2458
@joshualee2458 2 жыл бұрын
Man, I've not yet been "house poor" but i've definitely been "car poor". Having a job far enough away from my house and a car just in bad enough condition that a lot of my paycheck got dumped into gas, insurance, and maintenance
@MaJuV
@MaJuV 2 жыл бұрын
After long periods of discussion on work quality, the Belgian government approved this week their new bill on work, which included the long-requested 4-day work week. But the moment people outside the government looked at the content of the new bill, everybody collectively facepalmed. Why? Because the government still held on stubbornly to the 40h work week, and thus turned the 4-day workweek into 4 days of 10h instead. It's PrOgReSs PeOpLe 🤦‍♂️
@mr.fabulousmegardev6256
@mr.fabulousmegardev6256 2 жыл бұрын
big oof shoulda focused on minimizing hours instead of theoretical days heheh
@jstall20
@jstall20 2 жыл бұрын
This was super informative. Especially the last part. As someone with family members in real estate the greed had always been pretty naked, but to see how impractical it can be for the buyer, this puts things into perspective.
@ViolentOrchid
@ViolentOrchid 2 жыл бұрын
A company preforming well isn't really that important if the employees aren't making a living wage. It's funny how our economy is built around participation trophies for private companies but older people try to shame younger people for expecting the value of the labor they perform.
@MichelleHell
@MichelleHell 2 жыл бұрын
Overvaluations and undervaluations. We've been speculated downstream into an undervalued region.
@MatthewStinar
@MatthewStinar 2 жыл бұрын
Regarding Medicare for all, people often overlook how expensive inaction can be. Allowing vast numbers of people to be uninsured and under insured is an enormous expense. As for what would happen to big pharma and private insurance companies, let them eat cake.
@austinluther5825
@austinluther5825 2 жыл бұрын
Really liked that last point about home ownership. My partner and I (he's enlisted military and I'm a laboratory scientist) lived in apartments because it was cheaper than military housing. We didn't decide to buy a house until we had a second kid and rent for a 3 bedroom apartment would be the same as a house payment, if not more. It was a practical decision, not a desperate reach for a Pleasantville fantasy. We'll probably go back to an apartment once the kids are out of the house. Until then, this neighborhood has a token LGBTQ family! So fetch!
@SadisticSenpai61
@SadisticSenpai61 2 жыл бұрын
It's gonna depend a lot on the housing and renting market in your area. There's pros and cons to home ownership and pros and cons to renting. One of the biggest cons with owning a house is that you are responsible for all of the upkeep and repairs - and that gets expensive real fast. Another con is that you can't just pick up and move - you have to sell the house. Granted, that's not much of an issue right now as we're currently in the middle of yet another housing bubble, but eventually that bubble will burst and ppl will find themselves in situations where they might have bought their house for more than they can sell it - and depending on how much the difference is, they might owe more on their mortgage than they can sell the house for. That's a major problem inherent to the housing market in the US. In the part of the country I live in, rents are frequently higher than monthly mortgage payments. But after the lease is up, you're on a month by month basis so you can move out whenever you want or stay put. You also don't have to sign a new lease, although refusing to sign a new lease can be used as one of the reasons for eviction (under very specific circumstances and can't be the only reason either). My partner and I are disabled, so having a landlord that takes care of things like mowing the lawn and clearing the walks is so immensely helpful. And with the way that the US's medical insurance system works (even with Medicare Disability), we're constantly kept in debt - so owning assets would be just begging collectors to come take it from us. Plus, we live in a university town - whenever houses are put on the market, they're snapped up within a few days by landlords and usually have "for rent" signs put out within a month of sale. Anyone looking to buy a house to actually live in here have to contend with all the landlords bidding for the same house. I've seen plenty of houses that have had the "for sale" sign put up with it already marked "sold." It's pretty ridiculous. But one of the main benefits to the university town that most towns in our state just don't have? Good public transportation that's dirt cheap. The bus fare is $1 and you can get to most areas of town by bus, excepting newer residential areas ofc.
@spbausch
@spbausch 2 жыл бұрын
Thanks for this video! As a retiree, I am hardly your target audience for financial advice, but I always find you thoughtful and reasonable and I love that you can both give good advice about how to use the system to gain financial stability while recognizing the deep and inequitable flaws in that system. I especially liked the Le Guin quote.
@thefinancialdiet
@thefinancialdiet 2 жыл бұрын
Glad you enjoyed it!
@RonaldoLuizPedroso
@RonaldoLuizPedroso 2 жыл бұрын
Ursula K Le Guin is tight!
@geralddavino8221
@geralddavino8221 2 жыл бұрын
If the Congressional health care perquisite was limited to the average level of health care nationwide, perhaps health care would be taken more seriously.
@TheMaikeWinter
@TheMaikeWinter 2 жыл бұрын
Just leaving it here that I enjoy your videos. They are always so well researched. They question problematic things in the society we live in but don't deny what's the situation.
@creenataylor8070
@creenataylor8070 2 жыл бұрын
As a Brit I find in fact that Americans work 40 hours a week and have little annual leave astonishing. I work a 35 hour week and by the time Friday afternoon roles round I have switched off, some companies in the UK and Europe are trialing 4 day working weeks and they've found that employees are more productive. The US has some serious issues when it comes it's work force.
@disney.daze.55
@disney.daze.55 2 жыл бұрын
The home part is so frustrating personally. I cannot compete locally in the re-sell market, so I had to buy new construction. I was only able to afford a home 45 min away from where I want to be that is - newsflash - twice the size I need. There are 3 bedrooms. I’m a SINK. The Master alone is as big as my current bedroom and bathroom combined, plus I’ll have an even larger closet and bathroom to boot. I don’t need this space. I don’t want this space. My goal is to stay there a couple years, build up equity, watch a local tiny home community to see how it develops, then sell and pay cash for a small home. No one is building starter homes anymore - it’s so frustrating.
@amb163
@amb163 2 жыл бұрын
I'd love to hear your thoughts on Universal Basic Income. As mentioned in this video, a lot of people have the same issue with UBI as they do with welfare -- that it incentivizes laziness. I don't believe that's true. Or, at least, I believe that the number of moochers (there are always a few) wouldn't really change.
@agett12
@agett12 2 жыл бұрын
It was mentioned as cash assistance and that it doesn't affect worker productivity.
@seabreeze4559
@seabreeze4559 2 жыл бұрын
more like supply/demand someone has to do the jobs that suck like clean the sewers
@BrentWalker999
@BrentWalker999 2 жыл бұрын
@@seabreeze4559 and they will, if they are compensated.
@aturchomicz821
@aturchomicz821 2 жыл бұрын
Its a bandaid onto Capitalisms gigantic problems, it wont fix anything and it will just delay inevitable change
@patrickmcclanahan2856
@patrickmcclanahan2856 2 жыл бұрын
Honestly nobody really knows…only way to get good info is to test it on a somewhat large scale for a significant period of time, which hasn’t been done yet. And even how people in Florida vs ppl in Massachusetts react isn’t likely to be the same
@kweightthree
@kweightthree 2 жыл бұрын
Yes, this the content we need right now.
@tfh5575
@tfh5575 2 жыл бұрын
wait do more than half of people who grow up poor make it out of poverty? i never knew that. those are okay odds and that makes me feel better. i often see it framed it in a way that you have no way out of poverty no matter what you try to do. since it already feels like this when going through it, i’m not sure how helpful it is to frame it that way :/
@stevenponte6655
@stevenponte6655 2 жыл бұрын
yes but most move from the bottom 20% to bottom 30%. USA has the lowest percentage who people in the developed world 1) leave the bottom 20% and 2) make the top 20%.
@jdtreharne
@jdtreharne 2 жыл бұрын
@@stevenponte6655 we also have the wealthiest bottom 20%
@sor3999
@sor3999 2 жыл бұрын
Yeah those were better odds than what I initially assumed. And even slimmer chance to fall back into poverty. If there is a selfish argument to be made for government assistance is that it stimulates a stronger economy by helping people move out of poverty and people who move out of poverty earn more and therefore spend more. And once they're out they're unlikely to need those program anymore.
@MichelleHell
@MichelleHell 2 жыл бұрын
@@jdtreharne because of imperialism. It doesn't work without exploitation of third world labor.
@MichelleHell
@MichelleHell 2 жыл бұрын
@@sor3999 Welfare checks get spent, not saved. When they save enough, they no longer get the welfare checks. People don't understand that an economy needs money circulating like blood. And I'd bet you there's a good chance they'd spend that money on the same monopolies that were taxed for the welfare, coming full circle. This country has too much hatred and wealth hoarding mindset to be a functioning economy.
@kellysober9352
@kellysober9352 2 жыл бұрын
Thanks for the great content TFD. I am an older Gen-X er, not exactly your target audience. But your content is relevant and timely and I always get something out of it. Keep up the good work!
@BenShutUp
@BenShutUp 2 жыл бұрын
Chelsea and team, thank y’all so much. I’m a millennial who’s life got derailed from Covid and I’m slowly getting certifications to do Human Resources work. Hearing this information and from a familiar, trusted voice like yours Chelsea, is so helpful. The myths are so disappointing but I’m hoping and will work for a better future. Also, Chelsea, when the time is right, please run for office. 🗳
@grege5074
@grege5074 2 жыл бұрын
the bootstraps myth is a case study in selection bias
@asadb1990
@asadb1990 2 жыл бұрын
yeah i work 40h per week regardless of workload. i will show what can be done at 40h minus the coffee runs, toilet breaks, etc. because there is no such thing as job loyalty. and working faster is rewarded with more work.
@TheJadedJames
@TheJadedJames 2 жыл бұрын
A few months after the pandemic started , I got laid off from my office management job and ended up working retail for a few months. Way less money and far more physical and mental stress (and less advancement opportunities). I want to punch people who say the poor are lazy.
@maylani3697
@maylani3697 2 жыл бұрын
I love you for saying this because it’s so true. People who work in retail are stereotyped as uneducated and lazy. Businesses take advantage of it by making employees feel like they can be replaced easily and keep the compensation at minimum wage and no time off during holidays.
@violetlight1548
@violetlight1548 2 жыл бұрын
There's a reason so many former retail employees say they've "done their time" there when they finally get out. Sometimes, jail would have been the lesser punishment. At least you don't have to deal with Karens in jail.
@johnmartin4641
@johnmartin4641 2 жыл бұрын
The people that say the poor are lazy are the same people that tried to help you keep your office job. It was the people that claim to care about the poor that took your job away from you. Are all of the poor lazy? No. But a lot of them made bad career choices. I’ve preached for a long time to work is a recession resistant industry. Most recession resistant industries were considered essential businesses during the pandemic.
@xWanderlustt
@xWanderlustt 2 жыл бұрын
Can you talk about this in terms of academia? For a lot of researchers, they're often pushed to work more than 40 hours per week in order to succeed in academia and even have a shot at getting a position as a professor. It's hard for me to balance taking care of myself but also working hard to make sure I have a shot at a future of being an academic professor which is my goal.
@starzzzy22
@starzzzy22 2 жыл бұрын
THIS! I'm currently a grad student and I won't be seeking a job in academia because there seems to be no work/life balance. I would love to see Chelsea interview some people with PhDs and talk about the toxic expectations of the work culture in academia and how to manage it.
@Amoechick
@Amoechick 2 жыл бұрын
Yeah… my partner is constantly stressed & exhausted with his career in academia. There are no work/life boundaries, everything has to be done “now”, everyone wants to know “what have you published lately? What’s your research now?” while he’s busy trying to actually be a good instructor & ends up hand-making most of his course materials. When my professors ask if I’m planning to get a PhD and go into research, I just laugh. I’m already familiar with academic hell, and that’s not even getting into grant writing aka begging for money.
@Greentrees60
@Greentrees60 2 жыл бұрын
I literally cannot imagine a world in which any prof works only 40 hours per week
@fernandadealencar1158
@fernandadealencar1158 2 жыл бұрын
Considering that I come from a country that is considered “3rd world” and we have free healthcare, saying that the US doesn’t have enough money to implement it, sounds a bit like a bullshit to me.
@tuanoini
@tuanoini 2 жыл бұрын
This! 😄🙈 The US truly is the wealthiest "developing country" in the world
@McScruffie
@McScruffie 2 жыл бұрын
It’s a 3rd world country wearing a Gucci belt 😂
@Boris80b
@Boris80b 2 жыл бұрын
Very much so
@tammystockley-loughlin7680
@tammystockley-loughlin7680 2 жыл бұрын
Republicans( and a few democrats)won't allow it to be passed into law...and many voters vote against our interests. Positive vibes from New Hampshire, remember to be kind to each other and yourself during this pandemic and social crisis
@sterlingross919
@sterlingross919 2 жыл бұрын
Damn, I was high key hoping Chelsea was going to start the video by saying “Hello, Comrades”
@historiansrevolt4333
@historiansrevolt4333 2 жыл бұрын
Anthropologist here with a small correction. The "less than 40 hour work week" relates to hunter gatherers, who work as few as 16 hours a week. Once agriculture comes into play, work weeks closer to 40 hours on average become more common (though not universal).
@ironpalmmonk1199
@ironpalmmonk1199 2 жыл бұрын
Isn't it just during peak times? Once the work is done, there isn't much left to do agriculturally. Just got to let nature do its thing.
@historiansrevolt4333
@historiansrevolt4333 2 жыл бұрын
@@ironpalmmonk1199 In more modern times maybe. But irrigation, pest control, weed management, and other tasks typically added to work. And once you add animal husbandry in, 40 hours is a short week prior to industry making better tools.
@mausegetlit363
@mausegetlit363 2 жыл бұрын
@@historiansrevolt4333 all that work was done very festively and with mindfulness to joy in work. A lot of the time it was different than the tool of modern day farming and especially most modern jobs
@KateeAngel
@KateeAngel 2 жыл бұрын
Well in the winter they were mostly repairing things and feeding cattle, and that's it. In the summer they worked the whole day. So in those cases calculating averages across all year are meaningless
@ironpalmmonk1199
@ironpalmmonk1199 2 жыл бұрын
@@KateeAngel Yeah, this was my understanding and what I've read/heard in regards to work hours as well. OP stated he was an anthropologist so perhaps maybe he has more insight but I've definitely seen arguments stating low work hours pre-industrial times were low all around and not specifically tied to just hunter-gatherers. When work was needed, hours involved were naturally high. There was plenty of downtime involved i.e. a farmer was not always working.
@rodb66
@rodb66 Жыл бұрын
I'm so glad you called out that "pull yourself up by your bootstraps" nonsense. We feel bad enough that we don't have money so we don't need the add on of it's our fault that we don't. A lot of us work very hard but still have a difficult time keeping up paying our bills. Jobs today just don't pay enough for the cost of living.
@Courtney6
@Courtney6 2 жыл бұрын
I live in an area of SoCal with a lot of McMansions and it’s really interesting. A lot of the front columns and design of the houses are made with styrofoam and then sprayed with stucco over it. My mom’s neighborhood is a new development of McMansions and their community fb page is everyone complaining how poorly built they are. One person was nearly scalded to death when she was making a pot of spaghetti and the entire range hood above her stove randomly fell off splashing her spaghetti pot everywhere. It’s all an act. A movie set with house fronts and nothing behind them.. the psychology behind it all is really fascinating.
@quixentric
@quixentric 2 жыл бұрын
I'm sure you've touched on this before, but I feel another myth that extends out of a lot of this is that being wealthy (or rich) is the same as _looking_ wealthy. When I went to my first meeting with a financial advisor many years ago, he told me a story of another client of his. This client was making over $100k a year but had no savings. However, he was renting an apartment in an expensive part of town (so, probably around $2k a month) plus leasing a Lamborghini (for what I assume was around $3k a month?), meaning most of his income was going to those two things. Combine that with the kind of lifestyle that comes with that (eating out a lot, lots of nights at the bar, etc.) and he was living paycheck to paycheck. He probably looked very wealthy & had that appearance of financial success, but if he had a major incident I don't think he would be able to support himself. I think about this a lot when it comes to finances & how to approach money.
@lesliegahagan6091
@lesliegahagan6091 2 жыл бұрын
this has less to do with capitalism and everything to do with consumerism and marketing.
@manyagaver1946
@manyagaver1946 2 жыл бұрын
The book “the millionaire next door” talks about that a lot
@henrythegreatamerican8136
@henrythegreatamerican8136 2 жыл бұрын
I keep telling people who listen to right wing FOX NEWS propaganda it's not about socialism, communism, capitalism or any other "ism." All that matters is if the system concentrates tons of wealth in few hands. Nothing ever good comes from that. And right now that's been happening on the grandest scale ever in the USA with all the tax cuts and low interest rate FED money. But good luck trying to convince these brainwashed people of anything other than "socialism is bad because that's what I heard from some guy on the radio."
@mx.chi2
@mx.chi2 2 жыл бұрын
@@lesliegahagan6091 these are extensions of capitalism, spawns
@quixentric
@quixentric 2 жыл бұрын
@@mx.chi2 agreed. They definitely feed on and rely on each other.
@BLONDIANN94
@BLONDIANN94 2 жыл бұрын
This is so on point! Love the first point, it’s not about the hours, but what we actually get done and if we are happy doing it
@justmissjana
@justmissjana 2 жыл бұрын
Thank you for highlighting the “homeownership” myths!
@vatawoo6479
@vatawoo6479 2 жыл бұрын
Yeeesssss! Yes to everything in this video! Every video I watch of yours I appreciate you and TFD more. This helps me stay hopeful. Things can change!
@lenalao262
@lenalao262 4 ай бұрын
When we bought our first home, the bank approved us for a giant mortgage. We used about half of what was initially offered. It felt like the bank was encouraging us to overspend on a house we couldn’t comfortably afford.
@geralddavino8221
@geralddavino8221 2 жыл бұрын
You are spot on. A nation that makes parenthood a luxury is cannibalizing itself. There is hope if people like you can avoid “the college experience” and face life as thinking humans.
@elisabettadori9355
@elisabettadori9355 2 жыл бұрын
🙏 👏👏👏 Ciao from Florence, Italy!!! We’re quite lucky as in Italy there’s a good public health care system and living confortably in a 76 square meter (818 square feet) is quite normal for us. Thank you for sharing this video anyway as a toxic “ 10h a day work” culture is spreading all over the world and I strongly believe that it’s not the solution to increase productivity or wealth!
@sirgalahad1470
@sirgalahad1470 2 жыл бұрын
@elisabetta Dori I'm from the US, and I just visited Florence for the first time this past Christmas. It took my breath away! I walked around in awe while thinking to myself "this is not a movie set, this is a real place and these are real people". Incredible.
@Ed-pd3wq
@Ed-pd3wq 2 жыл бұрын
​@@sirgalahad1470 Unfortunately, I think part of the reason for this is that countries like the US have decided that they want homes on large land plots and a reliance on cars. Meaning horrible city centres full of highway sized roads and massive parking lots and boring suburbs not dense enough to create community and culture
@flavionessuno5085
@flavionessuno5085 2 жыл бұрын
@@sirgalahad1470 You lack Rome.
@atiagosoares
@atiagosoares 2 жыл бұрын
The part about pretending to work 80 hour work weeks reminds of that scene in American Psycho when Bateman arrivez in his office and just kinda... keeps listening to music tapes, I guess..
@isidoreaerys8745
@isidoreaerys8745 2 жыл бұрын
Wow TFD. Really hit one out of the park with this video. Saw it posted in the Breadtube subreddit and was not disappointed. Hopefully the Market Fundamentalists will be more capable of listening to the Facts from a buttoned up successful person like yourself
@michellebarnett2046
@michellebarnett2046 2 жыл бұрын
Anyone looking for fun but thoughtful readings, Le Guin is easily one of the greatest authors ever! I think Left Hand of Darkness and The Dispossessed should be required readings in school.
@zHxIxPxPxIxEz
@zHxIxPxPxIxEz 2 жыл бұрын
I was going to get allways comming home, i havent read leguin yet
@justingerald
@justingerald 2 жыл бұрын
My wife and I feel a lot of pressure to become house poor. But we have resisted the impulse thus far.
@epbrown01
@epbrown01 2 жыл бұрын
There are two pretty successful people in my family, me and a cousin. He's got the big house, in-ground pool, multiple car thing going, while I live in a 4BR/1ba bungalow like I grew up in. I'm constantly asked why I'm not in some mini-castle.
@tammystockley-loughlin7680
@tammystockley-loughlin7680 2 жыл бұрын
Good for you...McMansions were the beginning of the end of society...too much space, don't hang out with your kids or your neighbors. Positive vibes from New Hampshire, remember to be kind to each other and yourself during this pandemic and social crisis
@leelyn1207
@leelyn1207 2 жыл бұрын
You do your research well and really get it on point, thank you. BTW,you cut your hair,you look lovely. The Financial diet team 👍👍
@77Tadams
@77Tadams 2 жыл бұрын
A house is a house....not a home. You can make a house a home....but in order to enjoy your house as a home, make sure it isn't stressing you out. I have an 1100 square foot house....and to tell you the truth it is big enough. I am enough....and I can afford it. That says it all.
@tfh5575
@tfh5575 2 жыл бұрын
in my early 20s i was one of those ppl that prided themselves on being sooo busy all the time and not getting any sleep.
@anhnguyenthingoc9504
@anhnguyenthingoc9504 2 жыл бұрын
When I was yourng, I felt guilty or lazy if I didnt work more than 40 hours/weeks or in the weekend. But at the age of 30 now, I set the barriers to not go over 40 hours/week. Yeah, I still worry about promotion, performance evaluation, about salary increase. But I feel content and happy with the current situation.
@quixentric
@quixentric 2 жыл бұрын
It's a super fine line to balance! Especially with more working from home, I can't tell some days if I work more or less than when I was in an office. But, I do feel like my work is more productive because I can take breaks & clear my mind with less worry that someone is expecting me to be at my desk.
@btetschner
@btetschner 2 жыл бұрын
That was probably the most helpful financial video I have ever seen. Thank you so much for making it.
@jdtreharne
@jdtreharne 2 жыл бұрын
How? How was it helpful?
@Karebear01
@Karebear01 2 жыл бұрын
Agreed!! We need to stop blaming individuals for their overall financial situations when it’s the system who should be lifting us but the system doesn’t and we are all just clogs in its machine
@jtidema
@jtidema 2 жыл бұрын
Clogs? Or cogs? I guess either could work!
@3rdfitzgerald
@3rdfitzgerald 2 жыл бұрын
The system should be lifting us up?
@BewareTheLilyOfTheValley
@BewareTheLilyOfTheValley 2 жыл бұрын
Something about this comment almost sounds sarcastic, lol. I'm thinking I agree with your sentiment but it was just worded poorly 😉
@naya4607
@naya4607 2 жыл бұрын
@@3rdfitzgerald it shouldn't exist
@yashwntfilms
@yashwntfilms 2 жыл бұрын
The system is harsh and will be cause that's how society works. If everyone will be equal and paid equally then No one would have motivation to do something overkill cause you will get same salary even if you do that. There will be no motivation for any business cause everyone will be equal and there will be no innovations.
@princessleia9735
@princessleia9735 2 жыл бұрын
Thank you for your data-backed, peer-reviewed research AND your transparency & authenticity about your biases 👏 👑 👍 I appreciate people who are both self-aware of their backgrounds, privileges, biases and are therefore driven by the right reasons in order to help themselves AND others. All while being empathetic and understanding in extending your help to others within your "circle" of influence. Personally, I've had very unique experiences that have been largely accessible to me because of my privileges. However, I've also worked my ass off in every aspect of my life, and it makes me so angry for everyone who doesn't have the same options as I do. Thanks for breaking down the data & social issues without censoring yourself (well... as much as the algorithm gods will allow)
@catarinabridges9358
@catarinabridges9358 2 жыл бұрын
Amazing video! I especially loved the piece about Unions :)
@thefinancialdiet
@thefinancialdiet 2 жыл бұрын
Glad you enjoyed it!
@markhasenour12
@markhasenour12 3 ай бұрын
Unions are trash...
@teenindustry
@teenindustry 2 жыл бұрын
#3 is so true I was astounded when i lived in the us by the idea that it was common enough to be middle or solidly working class and to end up bankrupt due to health bill reasons.
@elisabethpatterson9417
@elisabethpatterson9417 2 жыл бұрын
Great video! :) Thanks for posting
@federico83bg
@federico83bg 2 жыл бұрын
As usual a great video from Chelsea about real issues of our society.
@lynnj9721
@lynnj9721 2 жыл бұрын
I would only point out that local governments have linked house sizes & taxes to school funding--which means the bigger the house, the better the school district. And homeowners can be assholes about attempts to integrate "low income" or even smaller house sizes into large home neighborhoods. (Ie, "but think about the mountain lions!" ) This ends up making people who have kids and can't afford a house to buy regardless.
@lorenrichmondjr3386
@lorenrichmondjr3386 2 жыл бұрын
This is great! So glad to find this channel.
@becksss2672
@becksss2672 2 жыл бұрын
Louder for the people in the back! 40 hour workweeks are so outdated! Everyone I know literally pretends to work, and like it causes so much anxiety when you're new to the workforce because it makes you feel lazy for not working "enough hours"!
@joeyshuster8569
@joeyshuster8569 2 жыл бұрын
Love to see that a finance channel is actually telling the truth!!! Absolutely love the content
@brefranco2060
@brefranco2060 2 жыл бұрын
Unrelated to the content, but your hair style looks fire, Chelsea! 🔥
@aleleeinnaleleeinn9110
@aleleeinnaleleeinn9110 2 жыл бұрын
I whole heatedly agree. O/T is okay on an exception/crisis basis. After some fairly sort period the productivity drops. I'm speaking as an ITer. Focu and accuracy are limited. I've worked O/T for a crisis or an installation session, but once the adrenaline rush ends so does the quality. I agree with you analysis on the whole list. I got very lucky. I found a job that suited me and excelled at it. I had that other wonderful IT element of being on call. That is tough long term and it is often used to avoid actually fixing real embedded problems. Dilbert was handed to humankind from God. Too muych truth for a mere cartoon
@sassyazz69
@sassyazz69 2 жыл бұрын
I feel you. At my job, we just got off of a 4-month O/T period. I feel so physically and emotionally drained.
@NS-cs3wp
@NS-cs3wp 2 жыл бұрын
100%. I’ve been a software engineer my entire career and I’ve got a good 4 hours of valuable work in me a day, 6 on a really great day. After that, I start making simple mistakes that end up losing me more hours to fix than I gain by continuing to work.
@aleleeinnaleleeinn9110
@aleleeinnaleleeinn9110 2 жыл бұрын
@@sassyazz69 Much of what I did/do is crisis. The 18 hour sprint is doable, but not often. I've also seen people logging the O/T and actually doing nothing. There is also a frustration when the ovedrtime is the fault of someone who didn't listen to the functional reality. I'm not rich b/c I don't lie in design meeting nor in testing.
@aleleeinnaleleeinn9110
@aleleeinnaleleeinn9110 2 жыл бұрын
@@NS-cs3wp I can kick into maniac mode, but that needs a good reason and is only short term. When I'm inthe groove I can do a lot of work, but I put on headphones and have noting playing. I block out the universe. But not for days. Not for weeks. Not for the life of a badly designed and planned project. I have succeeded b/c I'm the guy who can deliver a crisis solution out of the blue. But I can't keep that level indefinately nor for idiot projects or someone else's incompetence.
@rachelpowers3975
@rachelpowers3975 2 жыл бұрын
Where I am (not America) unions are way more common and as soon as I began my career I joined. It was encouraged by my employer and by my training
@EvanWells1
@EvanWells1 2 жыл бұрын
where are you
@khbgvc
@khbgvc 4 ай бұрын
I got that millennial windfall inheritance recently and wanted to buy a modest condo and every person I spoke to along the way tried to get me to spend a lot more than I wanted to. Found a perfect spot in my budget that will cost about the same as a one bedroom apartment. I didn’t want to be house poor.
@AnaClara-fp9ws
@AnaClara-fp9ws 2 жыл бұрын
You are so necessary! Awesome video!
@mettamia2008
@mettamia2008 2 жыл бұрын
Great job on this one! The trap that most fall into is living at their income level. Living below your means is a great way to always have as much as you need and often as much as you want.
@raulsalanaranjo6565
@raulsalanaranjo6565 Жыл бұрын
That urge to buy the biggest house possible… does it also happen with cars/pick up trucks? I have a feeling it must happen as well. It would certainly explain these new Ford Raptors, Ram TRX and Hummer EVs…
@vanesslifeygo
@vanesslifeygo 2 жыл бұрын
I can think of a couple of people that spend too much on lattes and sneakers and then complain about it, but that doesn't negate the facts in this video. What would get on my nerves, though -- they buy these things and then complain, a lot, about being poor, while I am here struggling and sometimes giving myself health issues while eating "economically" (read: eating tiny meals so I don't have to buy food)
@matsutsuav
@matsutsuav 2 жыл бұрын
“It is because mankind are disposed to sympathize more entirely with our joy than with our sorrow, that we make parade of our riches, and conceal our poverty. Nothing is so mortifying as to be obliged to expose our distress to the view of the public, and to feel, that though our situation is open to the eyes of all mankind, no mortal conceives for us the half of what we suffer.” -Adam Smith
@isabelladolande
@isabelladolande 2 жыл бұрын
Some great points. I'd also like to see a video of how bad the banking/financial services industry is.
@Skarpo89
@Skarpo89 2 жыл бұрын
Loved the video!
@kapowitsme
@kapowitsme 2 жыл бұрын
on the topic of mcmansions, it would be amazing if you did an interview with Kate Wagner, author of the McMansion Hell blog. She's hilarious.
@dancing_fig
@dancing_fig 2 жыл бұрын
Oooooohh - yes! I feel like your two styles of snark would be very compatible! (And I would *extra* love it if some anti-landlord rants could be thrown in - I was waiting for that to be included as a significant factor in why housing costs have been rising atrociously in areas outside of super-hot markets like SF and NYC. [If you're buying a rental property as an investment property, it's an *investment* - you can't expect rental income to cover all of your costs! If it did, you wouldn't be investing anything!])
@valoriebroderick
@valoriebroderick 2 жыл бұрын
THANK YOU for this video!!!!
@tinalechowicz4753
@tinalechowicz4753 4 ай бұрын
Thank you. Your videos are excellent ❤
@LayZeeChill
@LayZeeChill 2 жыл бұрын
Yay almost 1M subs! This year may be the year!
@quantafreeze
@quantafreeze 2 жыл бұрын
I just found this channel. I love it!
@jonathanflores9874
@jonathanflores9874 2 жыл бұрын
Truth! I was just talking about this and the Unions to my coworkers.
@tatianamendoncastudio
@tatianamendoncastudio 2 жыл бұрын
Hey Chelsea I am waiting on your opinion on the "Inventing Anna" Netflix series, and how do u think the appearence of having money changes the way people threat us. Specially because u lived in New York and the story happened there.
@herefortheshrimp1469
@herefortheshrimp1469 2 жыл бұрын
The more I learn about Le Guin the more I absolutely adore her! Great video!
@margibso
@margibso 2 жыл бұрын
2:30 What anthropologists are saying this? A 19th century farmer would work from 5am to 8pm from March to September, starting as early as 3am during harvest. He would then generally work dawn to dusk the rest of the year 6 days a week. Breaks in the middle of the day were common, but this is way more than 40hrs.
@mettamia2008
@mettamia2008 2 жыл бұрын
As a third generation person from a full subsistance farming family... most of the projections about how single family farming work-life played out is a bit warped. They often include time spent on gathering eggs, preserving food and other such chores as part of the work-life and exclude the comparable time of shopping, driving and planning done in our modern lives. It makes the farm life seem like so much more work...it isn't. Also, we never got up at 3am for a harvest. What the heck...
@hazel9446
@hazel9446 2 жыл бұрын
She did say it was lower before the industrial revolution. Farms in the 1800s were industrializing and being pushed to higher productivity also.
@autumnramble
@autumnramble 2 жыл бұрын
@@mettamia2008 "preserving food" And it should. My grandmother spend days preserving food for winter and I can buy the same amount of preseves in few hours, but with money that I earn in my work. So her work hours should count like my work hours, not my housework hours.
@quarantinelife.
@quarantinelife. 2 жыл бұрын
Thank you for this video!
@jeanfecteau7473
@jeanfecteau7473 2 жыл бұрын
Yknow, part of me wonders just how much the "Big House + Big Land = Big Status" thing comes from the concept of the plantation. And then that part of me goes on to wonder (especially when you said "fiefdom") whether the ugly history behind the word "plantation" is actually exactly the point. Maybe the whole plantation system has been so glorified and ingrained that we don't even realize how deeply embedded into our subconscious it is. And that's just one more scary thing to throw into the Systemic Injustices Landfill.
@ramochai
@ramochai 2 жыл бұрын
One important detail that caught my attention in the US as a foreigner is pharmaceutical advertising on mass media. It's illegal almost everywhere in the world, definitely illegal in all developed nations. Why? Because advertising a prescription drug does nothing but hike its price. So when you're paying $100 for an injection in the US, while Australians pay $9, a substantial amount of that $91 is going in the pockets of media and advertising executives. Secondly, in this system you simply cannot expect media networks to be critical towards pharmaceutical companies (Oxycontin anyone??), because those companies buy airtime from those networks. In other words, their commercial relationship is costing you lots of money and those fat cats don't want to lose it.
@MyCamilla1989
@MyCamilla1989 2 жыл бұрын
Exactly. Advertising prescription drugs is pointless and IMMORAL.
@ericalane7220
@ericalane7220 2 жыл бұрын
Great video today TFD! Thank you.
@thefinancialdiet
@thefinancialdiet 2 жыл бұрын
Glad you enjoyed it!
@Kelseyveg
@Kelseyveg 2 жыл бұрын
Absolutely loved loved loved this video.
@pieterwolt1245
@pieterwolt1245 2 жыл бұрын
great episode, worttth thinking about
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