The average American says they need to earn $233,000 a year to be financially comfortable. But in 2021, American workers on average made only $75,203 annually. With well over half of Americans living paycheck to paycheck, many are struggling to meet some of their modest financial goals. 72% of Americans said they currently weren’t financial secure, and more than a quarter of Americans said they’ll likely never be. So how did it become so difficult to be financially secure in America and what can you do about it?
Chapters:
00:00 — Introduction
01:18 — Affordability
05:30 — Credit is expensive
09:06 — Solving financial security
Produced & Edited by: Juhohn Lee
Animation: Christina Locopo
Supervising Producer: Lindsey Jacobson
Additional Sources: Bureau of Labor Statistics, OECD, Fidelity, Redfin
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How Much Money Do Americans Need To Be Comfortable?
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These days, retirement is harder than it used to be. I have only about $516k at the moment because I have been saving for a long time rather than investing. With all the inflation, I'm not sure how I'll ever grow it into anything substantial that I could utilise for retirement. I'm just looking for inspiration.
Don't forget insurance, property tax, emergency funds, inflation and etc…
Another sham question from the sham economy….
There is NO WAY TO HAVE A DECENT WAGE when the regulator is in bed with corporations and assaults wage gains for the profit for rich business owners.
It's an intentional process and well organized. The only way to have security is through security.
Unions forcing employment on corporations agains their will.
leave rich people up to their own devices and you will see nothing but slavery. and feudal dictatorship.
Only thing rich people understand is violence and theft. 😂😂😂
This is why we are retiring outside of the country.
Oh my God! Usually it is the individual's fault. Too many Americans want to live a lifestyle; not because that's what they're interested in but because they believe that's what a good person is supposed to do. Too many have a desire to prime and profile for a camera instead of focusing on the future and paying themselves first. It is the individual's responsibility to prepare for the future, not the governments.
Wow united states is very expensive. I think that is the reason why many foreigners decided to live in the Philippines not just americans. Other nationality as well. Some of them are doing vlog. Working as a VA, online jobs working on a companies that still base in the other country, most of it US, canada Australia, UK. base in their computation their monthly expenses its like 800 dollars only here. 800$ in the Philippines is very convenient. Unfortunately for us filipinos. If we are just like a minimum wager. We are only making 300 dollars a month. If we are just like going to rely in the local companies here in Philippines. 300 dollars is not enough as well. As minimum earner here its like a rat run.
As a European, the "needed" income to be comfortable that you guys claom is necessary completely blows my mind : in France, the median income is around 25 000 euros a year (less than 30k dollars a year) and most people I know would say that 70 000 euros would be comfortable…so when I see people in America saying that 233 000 dollars would be necessary to be comfortable, I can't help but wonder what's going on here: is it just because our definition is not the same, is it because Americans are just particularly wealthy and don't see it, or is it simply that you guys REALLY need that much money? I don't get it…earning 230 000 euros a year in my country would probably put you in the top 0.5% of earners.
Thanks for the answers.
yikes this video is horribly wrong, if you need 200k to be confy then your the problem
When I was working for Walmart, I was making about $30k/year. I was doing ok/comfortable with it.
$690 on food??? I pay less than half of that
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $516k. I'm not sure how to make it grow, considering all the inflation, into something substantial that I might use for retirement. I just here for ideas.
You can't budget your way out of poverty.
Its funny how you can have several times over more stability and security while only earning about half as much. laughs in european its almost as if the american system they always defend is only to the benefit of companies and the detriment of the people.
How about not sned useless money to fund foreign wars?
BIDENOMICS WORKING! WE DID IT JOE!
According to the U.S. Bureau of Labor, the average U.S. annual salary in Q4 of 2023 was $59,384 …..where are you getting $75k ?
98 bucks for insurance????? Wtf here i am paying 300 every paycheck or 600-900 a month 😢
All this video is state the obvious, offers no help. What's the point?
America is a scam. Its all done on purpose. We are an experiment
Pro tip go to uni for somethin thag gets u a high paying job not a gender studies or art degree lol
This is complete BS and your numbers are absolute nonsense based on "wants" not necessities. I living in one of the highest taxed states. I make 100k less than the number quoted. I live on 6 acres in a 4 bedroom 3.5 bath house that all together is market value of 750-850k. I have an old Toyota Camry I drive and don't want to sell plus 2 collector cars. No mortgage, leases, or loans. I own everything. My savings goes up every single year because I'm not spending nearly all of my money. I also don't to to starbucks, whole foods, or have a pathetic liberal mentality in the world. Regardless, the economy was so much better when Trump was in office vs the Obama and now Biden administration. But thats veen consistent across all Dem controled government because tbry have a horrible deadly view on economics. Print money for programs that are ineffective and costly, inflate the currency, real wages decrease. Then cry about income inequality and taxing the rich to get elected again because people are do slow to look at the real problem in their policies.
I’m sorry but paying more on student loans does not get you out of debt . Only way out it’s a loan repayment program through public service (in most cases). Stop lying to people.
Isn't the 75k household average? Single average is around 45k
Only 75k? Brudda the best job in 300 miles of this area makes 40k…..
I watched the video and read three-dozen comments. I did not see or hear anything about lack of financial literacy being a problem. I think, however, that it is one part of the problem.
Its so bad that people that moved to Mexico have caused a huge displacement homelessness problem in Mexico
Learn to invest
Americans are going homeless. No longer possible to pay housing of any kind accept a tent.
If I didn’t watch this video I would never believe people are struggling after leaving my house.
6 simple words. “You get what you vote for!”
Ask that question to your own news readers
I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.
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