90% OF Americans Are In Financial Trouble & Don’t Know It #Finance

90% of Americans are in financial trouble but why well according to experts it’s because of one of two reasons either because of an auto Loan or a home Loan now today I want to break down what Americans are trying to do at this time but banks are now

pushing back against them which is causing them to panic because they can’t afford the bare necessities so I’m going to break all this down in just a moment but all I ask is one one thing takes 2 seconds go ahead hit that like button if you enjoyed these daily updates and now

let’s begin so recently I was talking to a good friend of mine and he simply said that his car payment was too much and he was just going to give it back to the bank well the bank told him no we do not accept that deal you are going to have to continue to pay for this car or else we will send

it to an auction well that’s what he did he gave it back to the bank the bank auctioned off his car and he realized he screwed up the bank didn’t sell it for as much as he thought he could get out of it and he still owed a certain amount now what does this have to do with you or 90% of

Americans well it has to do with the fact that so many people are either upside down in their Loans for example a car or it’s very difficult to sell a home just look at this it says American consumers are increasingly underwater on their car Loans now yes

that is kind of what’s going on now but here’s what many people are looking into a voluntary repossession simply meaning that you are going to voluntarily give your vehicle back to the bank or the lender they will now repossess it and they will sell it here’s the problem if you

bought a car for let’s say $40,000 and you still have a car Loan of$ 32,000 yet your car is only worth 25,000 the problem is when the bank or lender goes to sell it or auction it off they may only get 20 to 25,000 for it but you still have 32 meaning you are due for the

balance you have to pay the remainder of that money or else they are going to come after you now here’s where things get very interesting right now millions of people all over the United States are trying to find ways to make some money they’re getting rid of things that they

don’t need like TVs and gaming systems sporting equipment tools right extra vehicles or just their only vehicle right bikes Electronics so many different things here’s the problem people don’t have money so if you are trying to sell something to somebody and they don’t have

money what are they going to pay you with that’s the issue and I bring this to your attention today because experts are now saying that 2024 was a tough year but it will fail in comparison to 2025 2025 is going to be even worse when it comes to our personal financial situations now how can we

get through this well here’s the issue if we have a vehicle let’s say you have a car that’s worth $30,000 great what if that payment on that car is let’s say $10,000 okay or not $10,000 uh $1,000 okay but again the the the car you still owe 30,000 it’s worth 30,000

whatever right the issue that we’re facing is so many people have such a high payment okay think about this for a second the average car Loan here in the United States is roughly $740 a month average car Loan how many people have a car Loan

that’s over $500 let me ask you this if you have a car Loan how much do you pay per month it doesn’t matter what the car is okay it doesn’t matter how long the the Loan is right it doesn’t matter what your interest rate is if you if you have

a auto Loan that’s over $500 a month let me know because this is where many people currently fall within they are pretty much car poor right house poor they spend so much money on their house and their car they don’t have any money to put towards utilities towards

medicine okay just Health Care in general right don’t have any money to put towards quality healthy foods and that’s turning into a crisis because now people are fighting at the the McDonald’s drive-thru because they want to get their first they want to get the the the best deals

right we’re seeing people fighting at farmers Markets because they’re trying to get the the cheapest products produce that’s what they’re doing now want to talk about

something else two of the largest Assets that you’re going to have in your lifetime are most likely going to be your house and your car most people don’t have a a business that they can turn to uh I’m not counting your your Portfolios not stocks

and retirement accounts I’m talking about just two things that you own a house and a car those are two things that people say are an asset a car in my opinion is a liability a home in my opinion is a liability ility CU if something were to ever go wrong on it you have to fix it you are the

owner it comes down to you now here’s the problem the majority of Americans uh about 60 I think it’s like 63% of Americans don’t have the money just to pay a $500 emergency expense they don’t have the ability to use a Credit card because they don’t

have that much Credit or you know usage left they don’t have $500 in a Savings account they just don’t have it and again experts believe that 2025 is going to be worse than 2024 so if you think 2024 was a tough year just expect 2025 will be worse I

don’t know how much worse but it will be worse now I want you to be prepared so how do you get prepared for a tougher year well it’s pretty simple number one you need to make more money how do you do that if your employer is not willing to pay you more simple get another job get a

second job get a third job whatever you need to do just to put some money in the bank because once you have a $500 emergency fund it makes it very simple to get to a th000 and 2,000 5,000 then 10,000 and maybe by the end of it you got $20,000 all saved up because you worked two or potentially three

different jobs jobs that is the the hardest thing you will ever have to do is to work two to three jobs over the course of you know 3 to 6 months save up an emergency fund so that if something were to happen you are prepared because again 2025 will be a tough tough year now here’s the other

thing I was talking to a handful of people the other day every single one of them said they were house poor they are spending so much money on their apartment or their home they can’t afford to do anything they can’t afford to go eat out on a Friday or Saturday night they can’t

afford a nice glass of wine they can’t afford a short vacation even on a weekend they just can’t afford it some can’t afford a babysitter this is a problem but again 90% of Americans are in financial trouble they just don’t know it yet it’s going to come to down to one

decision okay one thing is going to happen and I’ve been talking about this for a while we are about to see a massive crisis we don’t know exactly what it’s going to look like how many people it’s going to impact but it is going to affect every single one of us it’s

just how we deal with it when it arises again it’s going to happen according to experts sometime in the first to second quarter of 2025 so we only got a handful of months before we get there there but as we do I promise I will fill you in on all the latest news and updates as of today that is

what we know so again thank you guys for watching consider subscribing and I’ll see you guys on the next one