“People Are Being Reckless Not Saving Money!” – Reaction To The #2 Lowest Saving Rate EVER

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In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana react to Americans spending most of their earnings.

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Savings rate plunges to lowest since 2005. this is an axios story Americans Are spending most of what they're Earning these days okay the savings rate In October was the lowest since 2005. And the second lowest on the record ever Let me say that one more time folks it's Very important Vinnie for you to hear This I am Americans are spending most of What they're earning these days do you Know how scary that is the savings rate In October was the lowest in two since 2005 and the second lowest on record Ever this is America richest country in The world ever right Thanks to higher prices and a return to Normal life that has folks traveling and Going out again Americans are spending More and saving less and for now many Are sitting on a lot of savings so that They don't need to suck as much money Away Keyword they're sitting on a lot of Savings right now a lot of folks build Up a big cash cushion over the past Couple years but the inflation trending Higher than wage increases at some point Some things got to give so what does This mean all right so people are not Selling a house right now for what it Should be worth because they have some Money they're not in a hurry uh people Are I bought a tiger what's most Expensive best card I just bought it

Sold for 396 000 a year and a half ago I Just bought it for 140 000 cash and he Wanted 300 and I paid 144. this card Sold 17 months ago for 396 I bought it 440 000 okay I just bought a Joe burrow card That's a million dollar card it's one of One it's a national treasure one of one I bought the car for 300 000 wow okay I Bought a couple mbappe cards Max's last Name what's Max's last name the driver That won two Formula One championships Uh first happened first happened I just Bought two of his cars that guy's a Freaking stud of a guy right young too And and buying I just bought the patron Second best card I think that guy's a Start of a guy that's a million and two Card I bought it for four hundred Thousand dollars 380 000 right so people Are starting to sell things like that so Cash is still available to people They're being Reckless not saying not Saving money thinking that money is Going to be coming regularly they have No clue what happens when unemployment Goes up high next year and then Eventually in the next six nine twelve Months they're gonna sit there and say Babe I think we have to be realistic That conversation with a realtor is Going to be and a realtor is going to Sit him down and say listen John Mary I Have to tell you guys this if you're not

Going to hear from me you're going to Hear from the next realtor if you fire Me and here's what the conversation is And she he's going to show he or she's Going to show five six seven different Stories it's gonna say real estate's Taking a hit and although you think this Is a million out of home this is Actually 790 000 home at best I say we Go on the market with 870. if we get Offers in a high sevens let's entertain It and that Realtor has to sit there Just like a doctor telling a patient if You don't stop losing weight and stop Eating sweets you're going to have a Heart attack and die in the next 12 to 24 months doctors have to have that Conversation then it's on the patient to Say what Doc is full of what are You talking about no problem keep eating What you're eating two years later I'll See you again for a heart attack and We'll have that meeting as a matter of Fact set it up in the calendar because Your lifestyle is leading to a heart Attack yeah people are starting to Realize their financial situation is About to have a heart attack and Unfortunately very few of us Like to pay attention to different Markers that's training trending towards A bad event coming up in our personal Life in our finances in our health in Many different aspects of Our Lives

Arrogance we we are so blind we have so Many blind spots Human Nature has that Right America is going through it so if I'm again I'm not an expert in this Space I'm not going to sit here and tell You I'm a real Aesthetics we can talk to Some other people about that my opinion Is if I'm buying something I'm very Patiently waiting until middle of next Year to Q3 of next year okay if I'm Going to be living in a house for 10 Years fine go buy a house today but if I'm looking at something that I'm buying That I don't know if I'm going to live In it for 10 years I'm probably waiting Till middle of next year Adam Look Um I love the fact that when it comes to Your money it's called personal finance Because if there's anything that that I'm an advocate of and I know we're all Advocates of it's personal Responsibility and personal decisions we Live in freaking America for those of us That live in America what a blessing to Be able to live here and not deal with The nonsense that the rest of the world Has to deal with and you know one of the Things I always say is there a Difference between broke and poor poor Is man you're living in a poor ass Country you have no opportunities that You are poor you know poor is a is a Horrible mindset is a horrible situation

To be with broke is a different thing Broke as you make 50 Grand a year and Somehow you can't get by on on 50 Grand A year broke is I make 100 Grand a year And somehow I'm living paycheck to Paycheck you see these stats of these Millennials fifty percent of Millennials Making 100 Grand or more are living Paycheck to paycheck You see these stories and it's like on One hand I'm like hey I hear you I Understand it's tough out there but on The other hand I'm like buddy you're Making 100 Grand a year Figure it though out yeah so everything Comes down to wants versus needs Understanding keeping up with the Joneses understanding what lifestyle Creep is the more money you make the More money you want to spend on nicer Things and um at the end of the day you Have the power to control your own Finances you have the power to go get Another job you have the power to stay Home on a Saturday night versus going to Vegas like we just discussed so at the End of the day save that money it's on You I think Pat well I didn't want to Put it out on blast here I think because Pat what we're a point we're getting to Me and Adam would like to borrow 500 Grand from you and 500 Grand from you And start an app called Vegas We've discussed these stories that have

Kind of gone up and down like a yo-yo Over the last couple years with kovid You know they're using like the return To normal which is like go back out and Just spend money and versus we've seen Debt come down and then personal savings Go back up and house prices but the end Of the day it's it's your own individual Decisions what you do with your money And your finances is it not it is and And you gotta for some people right now They're going through really rough times It's for some people to really Experience into pain you know like think About going to sleep every night Worried about your company is about to Announce layoffs and if you're on that List and you have to clean up your Resume okay that's a scary place to be But I will also remind those same people If it's a scary place today listen if we Can just be straight up with you you Were very arrogant a year and a half ago Bullying your employer for constant Raises every 90 days and threaten them To leave if they didn't give you a raise You know who you are if you're listening To this you did that so both ways if you Did that you're paying a price today Because a a jeded I asked me a question She says Does a a body count matter okay do you Remember when Jed asked me the question Does body count matter yeah and I said

Here's the best way for me to explain Body count like do you if a girl's been With 100 guys or 50 guys or whatever Does that really matter I said the same Way it matters if you have 20 jobs in The last 10 years on your resume okay if You got 20 jobs on your resume the last 10 years that tells me you don't know How to handle conflict you eventually Quit you're the problem it's not the Company it's not the organization you're A part of you're you have a negative Attitude you probably also get other People to quit you attract the life out Of the place you blame everybody there's An issue with you going into 2024 that's Got 2023 that's got to change so if the Trends by the way if somebody's Listening to this we can all sell others And blame everybody for our problems we Can blame our bosses we can blame Everybody or we can sit there and say no This is me dude in the last 10 years You've had 20 jobs why is that we got to Fix something there right so as much as Some of the people that are going Through challenging times right now you Got to go back and look at the decision Making being made a year two years three Years four years five years ago our Current life is a byproduct of five Decisions we made in the last five years Let me just simplify it for you your Current life today is a byproduct of

Five decisions you made in the last five To ten years who you married what you Bought job you took why you quit how you Lost your emotions in a situation that You could have stayed calm it's really Five decisions you made you take those Five decisions out you're probably in a Different financial situation today okay And if your life is incredible today you Take those five good decisions you made The last five years your life could be Shitty today so we have to get better at Our decision making process the better We get at making decisions life tends to Give you better life better lifestyle Better friends better people better Investments better opportunities things Get better so maybe if there's one skill Set that we need to improve in 2023 Is a system for making better decisions So with all the craziness taking place I Believe future looks right if you Believe future looks bright get your Latest Future looks bright hat of Valuetainment it says future looks Bright here future looks bright here we Got them in white we got them in Black We got them in red are black on black Sold out these are about to sell out if You haven't ordered one yet we had a Person in Michigan but one then he Bought three then when those three People wore it in the office they had to Order 58 of them because people wanted

The future looks bright hat especially During times like this because ain't Nobody saying future looks spread toward Your future looks bright hat click over Here and to watch the entire podcast Click here take care everybody Foreign [Music]

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