The common American says they should earn $233,000 a yr to be financially snug. However in 2021, American staff on common made solely $75,203 yearly. With nicely over half of Individuals dwelling paycheck to paycheck, many are struggling to satisfy a few of their modest monetary targets. 72% of Individuals mentioned they at the moment weren’t monetary safe, and greater than 1 / 4 of Individuals mentioned they’ll doubtless by no means be. So how did it develop into so tough to be financially safe in America and what are you able to do about it?
Chapters:
00:00 — Introduction
01:18 — Affordability
05:30 — Credit score is dear
09:06 — Fixing monetary safety
Produced & Edited by: Juhohn Lee
Animation: Christina Locopo
Supervising Producer: Lindsey Jacobson
Further Sources: Bureau of Labor Statistics, OECD, Constancy, Redfin
» Subscribe to CNBC:
» Subscribe to CNBC TV:
About CNBC: From ‘Wall Avenue’ to ‘Fundamental Avenue’ to award successful unique documentaries and Actuality TV sequence, CNBC has you lined. Expertise particular sneak peeks of your favourite exhibits, unique video and extra.
Join with CNBC Information On-line
Get the most recent information:
Comply with CNBC on LinkedIn:
Comply with CNBC Information on Fb:
Comply with CNBC Information on Twitter:
Comply with CNBC Information on Instagram:
#CNBC
How A lot Cash Do Individuals Want To Be Comfy?
source
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/archetype/W5UL4LPPIZEEBAFW2JXJGLYS4M.jpg)
USA is not the only one; #Canada🇨🇦 is also feeling the brunt of inflation😔… #MeridianCU🌎💘💰
I was part of the recent layoffs at Tesla and this bites hard. I am grateful that I kept some savings about; $600k and I am looking for ways to invest this into the stock market to generate good dividends to supplement for my monthly expenses.
The reality here is people need to go for better careers and save and not splurge and just pray everything works out. Simple
Yah justice for some homelessness is made buy injustice to people who are the best. systeme not working
Given the current uncertain circumstances, it's crucial to grasp effective financial management, prudent investing, and adeptly maneuvering through economic downturns. However, my main focus revolves around boosting my stagnant reserve of $240k, which has remained idle for far too long with minimal to no growth. While I'm committed to the long-term approach, the erosion of my savings due to inflation and the daily depreciation of my portfolio demand immediate attention and a solution.
For me, the ultimate goal of money is freedom. In my perspective, 5 million is the magic figure that will let me to worry-free at 65 years old. Is it preferable for me to save money or allocate a significant amount of my salary to stocks in order to accomplish this goal?
Mortgages shouldn’t be included in debt calculations because that is backed by an asset – your house.
The U.S. economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Becoming successful requires actively taking steps toward it. Accumulating wealth involves cultivating positive habits, such as consistently setting aside money at intervals for robust investments. Financial management, often avoided by many, can later become a haunting issue. My hope is that anyone reading this finds success in their journey!
$233,000 per year is preposterous. If someone thinks they really need that much, then they are very spoiled. They think they need many things that aren't actually needs. I make $24,000 to $28,000 per year and have a really good life, with a lot of road trip travel and adventures every year. That is more than I need, and I am blessed to have so much. Nobody actually needs a single family home or a car that is less than 5 years old. Nobody actually needs more than 600 square feet if they live alone, and nobody actually needs more than 1200 square feet for a family of 5. Anything over that is a complete luxury, not a necessity. $690 per month for food for each person is ridiculous. One can eat very well and healthily for $400 per month. Greedy entitled people thinking that their wants are needs, what is wrong with them?
I use the USDA data to plan our food spending, and I have to gamify our grocery shopping in order to meet that goal every month. It's very time consuming. I do it, but I also understand that it's not realistic for people working two and three jobs to make ends meet.
we need billions to live in america now a days …. 🖕🏼🖕🏼🖕🏼🖕🏼 the usa
Migrants need about 200K per family to be comfortable living here. We have so many poor migrants who need our help. We need to give these migrants money first before Americans cuz Americans are greedy and selfish.
I have five children and provide for myself my wife and all five of these children. I will work until I die
i dont know how much you need but i now 160000 will leave you with nothing near the end
I really don’t understand the end message, “it is not your fault.” Why cnbc teaching people with bad finances that they should blame others for their own failure. People should be responsible for their own finance.
We talk about this til we blue in the face but nobody raises wages like they raise everything else! They just bleed us dry and then bleed us some more, politicians are worthless on both sides nobody helps or looks out for us
$223k wtf!
I'm only making $40k a year living in California. I own a house and a condo i rent out.
I still have money in my savings. What are you guys spending on?!
Are you not cooking your own meals in those fancy granite kitchens? $600+ on food wtf! I barely spend $250 a month. Wtf is everyone eating?
Subscriptiions and the phones. Get rid of them. I got a phone but my job pays for most of the bill. Fast food takes up a lot 💵
All I need is a tasty wave, a cool buzz and I'm fine.😂
You voted demoKKKrat you get demoKKKrat policies… Now don't ruin it for the other people….
Stop blaming the rates for the problem. The problem is our government "printing money" irresponsibly. Prices of EVERYTHING need to come down.
Who needs a 2,400 square foot house?
The answer to the inevitable collapse of capitalism is just more capitalism, lol. God forbid anyone in the proletariat grow a class conscience and claw it back.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
Something an old man has told me before is they’re gonna keep saying this till perpetuity
They said the same thing years ago they’re saying it 50 years ago and they’re saying it now
They miss so many points and picked a lot of data.
"5 REASONS TO GET PANAMÀ 🇵🇦 RE SIDENCY!! (V IDEOS)😊 🙋👍🇵🇦❤️👈"
PANAMÁ 🇵🇦 RELOCATION TOURS!! ( VIDEOS) WITH JACKIE!! 😊🙋👍🇵🇦❤️👈
I'm not super wealthy, but in my country I'm in the small percentage of "high salary" of total population. Comparing that to the average American, it's about 30% of gross earnings. Most people in my country live with less than that, and that just shows how bad things are in Colombia. And Colombia isn't even among the poorest countries; there's a lot of inequality around the world.
As the Bible says, the borrower is servant to the lender.
The rich want us to die its pretty simple
I blame to boomers
Comfortable is a subjective term. the standard of living has gradually increased over time and nobody wants to lower theirs. Inflation needs to be curbed but it's probably not going to happen.
$75,000 as the average is MISLEADING.
This very video, produced by CNBC, is using misleading data as their jump off point. They know precisely that this is misleading and are publishing it anyways.
This video needs to be removed.
These numbers are so off in a worst way
When I was in high school $40k was the goal. I make about $70k after taxes with 2 jobs and ready to give up
and yet millions travel thousands of miles on foot, trai, back of trucks to come here illegally…..uh 😉
ONE THING WE DON'T NEED ANYMORE OF – WE DON'T NEED ANY MORE TAX CUTS FOR THE ULTRA-RICH.
But it is YOUR fault! Why is it not, you make money and you spend it how you please! STOP blaming others, she is a copped out saying that! She is saying it's ok to blame others.
Keep voting Democrat, Obama care quadruple health cost, Bidonomics is killing the economy.
America as we knew it no longer exists. All signs point to 2023 being a year of major economic hardship for the entire country. Use your cash now to increase its value. I realized I needed to invest. I had no idea how fast a few thousand dollars a month would add up. It did though. I have made about $900,000 since 2020.
I am attempting to be more frugal! Financial minimalism is a smart new fresh movement.
This is an easy problem to solve. The comments section is usually filled with plumbers, electricians, car mechanics that make well over $200k per year after taxes. Become one of those in a year a you’ll have enough. I don’t believe a damn one of them either for the simple fact they didn’t include after drugs income.
Our economy is struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.