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What i’m going to show you guys here today is gonna shock some of you now some of you might not be shocked to that bad okay when i look at these charts when i looked at these graphs i was blown away i had no clue it was this bad i knew it was bad but i had no clue it was this bad and i say to myself we are doomed we are absolutely doomed i have a little conclusions
I can make after i share this with you guys i think there’s a few things we can do to improve this situation but by looking at what i’m looking at here i’m gonna share with you guys i don’t think there’s much fixing it at least not in the short term look at this here this is a median value of assets for households by age group okay the age of householder group under
35 rate has a net worth of six thousand six hundred dollars on on average that’s like nothing like holy smokes 35 to 44 the median net worth $35,000 are you kidding me and this is even including if you have some home equity in there okay 35 to 44 average of $35,000 how does anybody ever plan to retire i don’t understand this forty five to fifty four eighty four
Thousand dollars oh my goodness if forty five to fifty four near eighty four thousand dollar net worth that’s i can’t even like i can’t even believe these numbers is in the united states of america 55 through 64 a hundred and forty three thousand dollar median net worth this is mind-blowing to me these are the people that are about to retire right that’s like age
Group that’s like about to retire a hundred forty three thousand dollars on average the the best age group is 65 to 69 which is a people that are just retiring right median net net worth of a hundred ninety four thousand dollars how in the world can you retire on 194,000 all those good things on social security checks keep getting taught right because if it wasn’t
For that how are you gonna retire on 194th out like this i don’t even i can’t even not even comprehend these numbers and then obviously we go on here seventy seventy four unbelievable this one really blows me away here there’s a median value of assets for households by age and type okay under 35 married couple nineteen thousand okay but if you’re a male householder
You live by yourself single right $6,000 $6,500 net worth holy smokes guys 35 through 54 married couple one hundred and sixteen thousand if you’re am if you’re a single male twenty four thousand if you’re a female a single nine thousand dollars its mind-blowing to me a couple things to look at here one obviously the males are doing better than the females if you’re
Single but also like the people that are like always like worried about marriage or like oh no like marriage you’ll you’ll make less money or your you won’t be as successful financially here what does that say to you guys if you’re a married household you do much better than if you are single okay you do much much better so that whole thing about all you’re going
To do better financially if you’re single that’s just about yeah net worth with and without home equity this one oh my goodness guys so under 35 we looked at a $6,600 without the net worth but then once you exclude it $4,100 okay 35 through 40 for $35,000 median net worth but if you exclude the the home equity only $14,000 holy smokes guys 45 through 54 $84,000
Median net and net worth but if you exclude the home equity $25,000 okay this means people’s checking accounts savings accounts like fidelity accounts or whatever brokerage td ameritrade if they even have something like that like retirement accounts $25,000 come on man 55 through 64 the group does about to retire right median net worth of a hundred and forty three
Thousand if you exclude the home equity it’s forty five thousand dollars guys people unless it’s like there’s a little bit of home equity they have they have nothing like they literally have nothing like come on is this even real life i can’t even believe this but look at these companies they’re not having to too much of struggles right apple apple what was their
Net income not their revenue their net income meaning their profit what did they make last year oh almost 50 billion dollars they’re not doing too bad they’re getting plenty of money right samsung’s operating profit in last quarter alone was nearly fifteen billion dollar operating profit in a three-month span an operating profit guys so companies aren’t having
Much shortly struggles at all right they’re doing just fine they’re doing just fine it’s the average joe that’s not doing so well and there’s a few things i want to i want to talk about here and how we can fix this okay the first in my opinion ii think i’m going to write anything on the board the first in my opinion is this whole notion that i hear all the time
From people it frustrates me so bad oh if you’re gonna be an entrepreneur you’re a special person oh you’re really special if you’re an entrepreneur man if you’re steve jobs yes okay you need to be a special person if you’re jeff bezos you want to be a multi billionaire entrepreneur yes you do need to be special if you want to be the next elon musk absolutely okay
But to be an entrepreneur and make $100,000 a year or $150,000 a year it’s not rocka science it’s just a lot of freaking hard work okay so this whole notion about that i hear from people all the time about oh you need to be some type of special person to start your own business no you don’t you just need to work your ass off and want to improve each and every
Day and it’s really literally as simple as that okay and you can overcome so long as you’ve got the work i think you’re always gonna be researching on how to do it better and do it better and get better at that and you’re gonna do much better as an entrepreneur that if your employee flat-out dies i mean i left the whole you know work for a company thing climb
The corporate rings when i was making fifty five sixty thousand dollars a year okay and now i make more than my boss’s boss’s boss’s boss’s boss’s okay and once i went over the entrepreneur side and yes did it sucked the first year absolutely it’s a lot of pain that first year you don’t know if you’re gonna make it there’s hardly any money come in it absolutely
Blows okay but once you get through that and as long as you keep grinding you keep getting better and you keep working and you keep working hard you’re gonna get there okay so this whole notion about you’re a special person know you can just take pain and you just work your ass off it’s pretty freakin simple okay and i’ve seen it done time and time again with
Entrepreneur after entrepreneur okay that’s the first thing we gotta get through our head right because these companies they’re not just gonna you know magically up the wage is a massive amount right the way you do it is you give them more competition the problem with these companies these big companies they have no frequent competition because no one wants to be
An entrepreneur they just want a job okay so what are the companies keep doing okay well we can keep wages still you know pretty low right and somebody thinks they’re doing great if they make ninety five thousand dollars a year at their job when they’re really not right so they just keep those wages low they keep those wages down they have no competition so they
Get to just have a monopoly market share and that’s what we see company after company after company because there’s not enough competition in the market okay the second thing is this whole notion of you know if we all just go to college it’s gonna fix everything that’s not gonna fix everything okay everybody goes to college what’s that gonna do everybody’s got
A bachelor’s degree it’s going to be the same situation as if you have a high school diploma it’s gonna mean nothing okay if we all have bachelor’s degrees out there we’re still going to have a bunch of people with bachelor’s degree work in the taco they’ll drive through okay work in the drive-through at mcdonald’s like that’s not gonna magically change things
Just to everybody go get a bachelor’s degree and that’s gonna fix everything right absolutely not that’s not gonna fix everything entrepreneurship will fix everything okay and that’s the only thing that we have a chance of people be getting in business giving these big companies are running for their money so their profits aren’t so big so you take a little bit
Of that profit away from them and you get that for yourself and guess what you just made double the money you used to make okay but it’s not just that it’s not just as simple as we become entrepreneurs and we start making more money right it’s the fact that people just or some or some are making good wages they just spend too much damn money okay it’s the fact that
They just cannot get over the fact that we’re gonna have a next recession come we’re gonna have this problem the money they’re making is not forever you need to be putting money away in case a rainy day comes you be putting money to this and that people are spending way too much money as well i mean i was at the store tonight with my family right in the lines were
Insane at every single store we went to they were absolutely insane so when i go out there and i’m actually in their economy and i’m like man most people are shopping online but still look at every single stores packed out there all i can think of is wow everything must be grained out there well when i look at the numbers it’s not that grain it’s just people like
To spend all their freakin money they have obviously so we got some issues here we got to cut down on the spending that’s a that’s a big issue but more than that we gotta get our damn incomes up and you’re not gonna magically get your income up if everybody just went to college and got a bachelor’s degree what you need to do is you need focus on entrepreneurship
Give these companies are run for their money give them more competition and give yourself a chance to make way more money than you ever did in your life just be prepared the first year is hard once you get through that it’s just i’m sick of this all your special person if you’re an entrepreneur it’s guys it’s just some stuff that some people came up with there to
Make themselves feel better on them like you know not becoming an entrepreneur and it’s also with some stuff that like entrepreneurs were like oh this is cool so we feel special we’re when we’re at an entrepreneur we’re a business owner we’re special people we’re better than you and everybody’s just everybody just it comes down to do you want to work hard or do
You not do you want to spend every dime that comes in the door or do you want to invest a lot of money like like it’s simple as that guy so anyways we’re it’s not a good situation and i don’t see it getting any better i try to do my little part here on the channel but it is what it is thank you for watching guys and have a great day
Transcribed from video
We Are DEAD BROKE.. By Financial Education
