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Timestamps:
0:00 – The primary factor
4:58 – Sponsor
6:40 – Fines, regressive taxes, credit cards
I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
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Very interesting arguments, thanks for sharing.
Thanks for listening!
If Vox is a garbage news outlet, why would you cite them? I would hope that you did some backup research.
As I mentioned in the video, the Vox article cited a study conducted by the federal reserve bank of boston
@Nate O’Brien I stand corrected, though I am curious why you think Vox provides no value.
Great perspective Nate and well done. My heart is with the people who just want to get by and live their lives in these food deserts. I also can’t blame large stores who won’t go into these places or pull out there existing stores due to various “reasons”.
My favorite poor person experience was when my ten year old tire exploded and I needed to get a new one. Couldn’t afford to get the others replaced and it messed up the frame. The $800 fix turned into a $2000 fix and I only got to pay it off when I won at a casino. Had to pay taxes on the winnings later
@SouLoveReal _ to be clear I don’t gamble really at all. I had $20 at the end of the month and it was my only option short of getting a loan I had no hope to pay off
Here’s my reply to the people that are leaving negative comments like the one above. Don’t put people down who are already down. Give them a hand up. If everyone helped someone less fortunate than themselves we wouldn’t have poverty.
Living in poverty creates a chain reaction of negative events. Those events pile up very quickly and make life pretty miserable.
@Trickfan 277 tbf I really don’t think he gets it
@John Dough: I meant no harm. First of all you don’t (or didn’t) say how much or how often you play. But also
I play our Lottery in California; just a little fun money. After that, I live my personal level of *minimalism:*
*_FIRST Level: Live WITHIN your means. ← MY level._*
SECOND Level: Live BELOW your means, but within your NEEDS.
THIRD Level: _Smack the crap out of every dollar, and squeeze blood out of every coin!!!_
I’m glad you were able to pay for the repairs on your vehicle. Best to you, @camelloy.👍👍
@SouLoveReal _ All good dude, I didn’t take much offense it just came across as insensitive but I’ve been through way worse. Financially I’m much better off now but at the time, living within my means would not have been helpful advice. I needed a car to get to work at the time so when the tire blew up I was out of options. I think I had $30 or so at the time after getting that wheel repaired and rent coming up due. Like I get that it’s good advice to say you gotta live what you can afford but living in that felt like I couldn’t afford to live y’a know
Great video Nate, very informative!! You are very knowledgeable. However, the term zero dollars bothers me. I don’t think zero dollars exist. Correct me if I am wrong.
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O N E reason I’m glad i stayed in my UKhometown & not the States
Insurance. Wealthy can self insure for many things while the poor are stuck with premiums.
Yep. That one was on my list but i forgot to mention it in the video
3:29 – …AND this was back when $15 billion was a lot of money, kids!!
Would love for nate to have a socialist breadtube arch
hahah probably not. But I try to stay open minded
@NateOBrien I think it would be neat to see you on the pod the deprogram. I feel like you and Second Thought could have a interesting dialog.
Nate how do you feel about discount stores like Walmart, Dollar Tree, etc which basically encourages people to buy more than they need? I constantly see people at Walmart with a shopping cart filled to the top full of just stuff they probably don’t need. Sure, people regardless of social class can fall into consumerism and overbuy, but I do feel people who are less financially educated are more likely to make irrational decision including overbuying stuff.
WOW! POINT ON! What a great video that definitely needs to be addressed so thank you for being the person to speak on this subject matter. But WOW as I’m listening my mind and thoughts are all over the place of what I want to say, but I will keep or contain myself from posting political comments , very reason why I left Facebook ( well a lot of reasons why I left Facebook LOL) But you are right how being poor costs more. I know, I am age 58 , my income is Social Security Income , I only receive the yearly COLA increase, it helps but not enough . But I know there are many millions of Americans who are poor , live in rural areas and getting around is costly as far as transportation. For me I have had to give up a lot in my life seeing I live on a limited income. I did watch a video you posted I think about a year ago on how to spend $30 a week for groceries. That’s me, I have a budget of $120 per month for food , I have had to cut out a lot of food options and choices. But I still consider myself fortunate, I am in a shared living situation with a friend , we share expenses and that makes it doable to live life a little , fortunately we both love nature so most of our entertainment is “outdoor” once a month we are able to dine out, and once or twice a year we are able to travel but only with in the United States. Any traveling aboard is not an option for us. The solution ? There’s probably a million ways to address that, I lived most of my life in financial ruins and I worked , but no job stability , moving from place to place in the last 10 years took a huge financial loss, I have learned the hard way (and believe me it wasn’t pretty) . My life is more stable now and a bit more financially stable, we learn from our mistakes especially when it comes to money. People do need to be educated about their spending, whether it be a financial consultant , make some courses , I like to believe there is always a way . But as far as food, food prices are taking a toll on all of us, I know, I have cut out so much food , but in a good way, no snacks, no processed foods, no pastries, or what ever junk food there is. I am also a Certified Health Coach , I specialize in nutrition for healthier eating. So it’s a good thing that I cut out the “junk” and add in the “healthy foods” But I also know it’s not as easy for those who have nutriition insecurity, this is a real thing here in the United States and these issues do need to be addressed. Every one has the right to healthy and sustainable food , a home , proper transportation etc.
In some countries a chequing account automatically comes with a savings account, you could possibly get two chequing and one savings. Although, some of us may never maximize our emergency fund, at least those savings upfront, the minute you get your pay should serve as a payday loan alternative, and most likely avoid an overdraft fee when you need money fast. Use one account for needs, one for wants, and one for an emergency fund. You’re not duped into thinking you’re richer than you are, small balances in each account make you reevaluate, plays on your psychology for the better.
This makes a lot of sense because payday loans for the poor represents a minimal fee, a little over 100, max 300 plus borrowing fees. I have avoided payday loans for almost two years now using this method. I find that my issue is on wants and convenience, takeout and transportation, I should definitely take public transit. Still learning to discipline myself.
This was also possible when I blocked my credit card temporarily, got me back on track. I’m not perfect and have taken temporary relief measures over long term gain, but that’s ok. I also have more support than most.
Another key factor is that I set a limit for needs expenses I can control, all expenses other than rent can be controlled if you shop around. Sometimes, you have to let go of one thing to get better quality on another, then I always leave a 50 dollar wiggle room. My number is 400 max, no matter what. As an example, I’ve dropped two streaming services for better internet. I also shop rarely and it’s a mix of thrifting and new. Most of my discretionary income goes to hobbies and Uber trips. Of course after a move, I have a higher cc balance, but my limit suits my income. I know I could postpone random crafts and music accessories to pay the balance in full, but I rather pay it down slowly as long as I stop using it until it’s at Zero, then I block or vow that I’ll never let it get high again. However, I move often so there’s always bug free furniture to buy.
As for the 15 billion in overdraft fees that banks make, I wonder if that includes overdraft insurance? Or do those fees go to the insurance company, the insurance fee is what costs the most if you’re lucky.
As for more solutions, well I can’t blame big corporations because they have overhead, and investors to answer to, yet the nerve to exclude whole communities is appalling. I mean things are upside down, a simple mistake can get you in trouble with a giant, and I’ve even been in trouble through no fault of my own – long story short, everything god resolved in my favor, thank God. Take heart everyone because we all have areas of our lives that are nearly perfect, for instance, I’ve got all day to post on YouTube.
I respect how fair/honest your takes/videos are. It’s usually so easy for comfortable people too ignore topics like these.
I appreciate you being empathetic towards the poor even though you are wealthy.
He’s using scare tactics to make you continue to watch his tutorials. SCARE TACTICS WORK. I must say his narrative is also very well-organized. He tells you up front that he’ll be discussing pitfalls and not solutions, which is really important to know right away. It builds trust with your audience when you’re transparent which he is.
@Evelyn Zloninteresting perspective. Ultimately the viewer will interpret a video however it they see fit. As someone that was watched his videos since the beginning I have to respectfully disagree. Nate has mentioned previously that he isn’t huge on being a “social media” influencer. He does a lot of research and simply shares the truth. Most of his knowledge is through books, experience and school. I doubt he cares to “scare you” I feel that is a defensive mentality. Rather take in his advice and use it as fuel to NOT fall victim to the broken economic system and how divisive it can be. He started YouTube at a very young age and quickly became successful by hard work not luck. Just trying to say Nate is worthy of more than just a fear mongering channel.
Very well stated. Thank you 🙏
The irony of a credit card ad right next to the article against credit cards🤦♂️ 9:38
I know!
In Canada, recently vendors have been given the right to charge credit card fees to the clients using them. On a large purchases paying cash, cheque or debit can essentially be a discount. This was legislated because the credit card companies forbid cash discounts in the vendor agreements. About time.
Yep. I live in a small town in Minneapolis. It is really common for all local businesses to charge a 3% fee for non-cash purchases to cover the processing fees. It’s kind of annoying because I prefer to earn points with a credit card, but I admit it is more fair for me to pay the fees than in being past on to someone who may be more poor than me.
Crime is a contribution to food deserts
True. Negative loop
I didn’t know that about the credit card, that stores will raise prices because they have to pay for people to use the card. Interesting
Another example: most insurance products charge an installment fee for paying in monthly installments rather than paying the full premium up front.
America still charges bank fees for a savings account? Thats absoluetly WILD. I havnt had a bank charge me fees in as long as i can remember….
No, generally there is even an interest rate the bank pays you, it’s currently above 4%.
It depends on your bank and what kind of account you have. Mine only starts charging fees if you go a long time without adding any money in. I got my savings up to where I wanted it and now I just put $10 a month in it to avoid the fee and just get the little bit of interest they pay me each month. My checking doesn’t have a fee, I believe, but it also doesn’t give back any interest.
i have an account that I don’t really use anymore, but I keep $300 in it at all times because I get charged monthly if it doesn’t have at least $300 in it *eyeroll*
100% agree,
It does cost to be poor.
Food costs more at Dollar General??
Yes, everything costs more at Dollar General and similar places. It looks like a great deal, but if you look at price vs quantity, it’s always a worse deal than buying larger quantities elsewhere.
@EricMLopez Interesting … I was told that Dollar General is where people go to when they’re too poor to shop at Walmart.
@bin4ry_d3struct0r that is actually true, but also what makes it a trap for impoverished people. When you only have a very small amount to spare, you’re going to buy the very small bottle of laundry detergent or tube of toothpaste. It’s small enough that you can afford it and get through the month, but the price per overall quantity you’re getting is still a worse deal than buying on larger quantities at other places, so each month, you inadvertently end up paying more than you otherwise would if you had the means to just buy in larger quantities in the first place
I’d point out that if you’re poor then you have to buy cheaper stuff, like clothes, phones, cars, food etc… all of which will cost you more in the long run. Buy cheap clothes and phones multiple times, cars have issues and always in need of repair, food will make your health worse if you’re not wise with it and cost you in life value and monetarily
Being poor costs more in so many ways. The additional stress put upon so many people day after day thinking and worrying about how to feed their families and pay the next electric bill, etc leads to mental health problems and effects them physically as well do to lack of proper nutrition.
You’re right Nate, people who need money and help the most are the ones who are taken advantage of most often.
Nice title rhyme
All of these can come down to poor choices. Poor decisions keep folks poor.
I love this guy
Thx again Nate! Fees and taxes are out of control!
Sam Vimes’ “Boots” theory of socioeconomic unfairness.
So does someone twist these peoples arms to take payday loans?
yes, the need to stay alive
Can you please teach us how to start a business and get financial stability like you? I am so sick of being poor. Poverty is the root of all problems in my life right now
Two cents did a great video on this too. Thanks for highlighting this.
Awesome, just be tall attractive and intellectually gifted. Stupid poor people.
I m a bharat vasi (Indian),.I keep playback speed 0.75 to understand your videos. 😊😊
Same here
Very important issue!! Thank you Nate! I’d like to mention education here. The poor often drop out of school to get a job to help their parents and has low or no access to higher education, they can only get into low paid jobs which keep them poor. While the rich get higher education, then get into high paid jobs and get richer
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lol. A video about the hardships of being poor with a paid break in the middle of it to advertise a tool to make investing in bitcoin easier 🤔
so cashback points are super immoral. got it
Amway. Gives a healthy world 🌎 💖
I think the better title to this is, “it costs more to be ignorant”
Those first 2 + parking tickets really called me out for being so poor a few years ago lmaooo ;-;
Financial advice from nate is always the best on youtube
test
My company just started doing something called Dual Pricing. Essentially we advertise prices as lets say $1.04 but then we offer a 4% discount with cash. This covers our credit card fee, promotes cash sales, and is fully compliant in terms of it not being a penalty for using a card. Instead it is a reward for using cash. Eventually $50 will turn into $10 if there is a chain reaction of using card.
They should stop stealing.
In my country we have higher cashback for debit cards. And smaller for credit cards.
I once tried explaining a food desert to someone who lived an upper middle class lifestyle and I might as well be speaking to her in another language.
The grocery thing is real I jus switched from driving to catching the bus luckily the bus is free rn in rva
Life expectancy is a huge one you missed. Great vid!
Interchange fees are not a transfer of wealth. Poor people can get credit cards, or secured cards like Fizz. No one is giving their money to other people, instead those using credit cards are given a small percentage of their spend back, money that is subtracted from the interchange fee collected by the card issuer.
biggest threat to the poor and lower income is inflation. The expansion of the money supply is an invisible tax on the most vulnerable.
Really appreciate your down to earth perspective on things. One of my favourite YouTube channels.
It’s mainly from theft.
Shop at Aldi, use a credit union, keep track of finances and have a plan. Buy a cheap new car with 0% financing and save. I’ve always been poor but never ignored reality.
💚💚💚
my FAVE mf finance creator
Food deserts exist for two reasons, even Michelle Obama had to admit defeat.
1. Poor people don’t cook.
2. Crime disincentivises them, coupled with the above.
If either of those weren’t true, local greengrocers would instantly pop up to serve a need from a customer willing to pay. And don’t give me this unaffordable bulldust. Ain’t no corner store more expensive than whole foods.
It isn’t the fault of the poor that crime is so rampant in their neighborhoods. Most are law abiding citizens.
@Praveen Sriram Sure, you can’t blame any one person.
But when, as a group, communities smash & burn, demanding that police cease to exist?
Or crime is so high that it’s cheaper to simply close a business than hire private law enforcement?
Or when idiots intervene to fight food deserts and the community simply keeps going to the KFC next door instead?
Or, you wholesale swallow the pill that crime dropping = gentrification, crime rising = ghettoisation, crime staying flat = neglect and it’s all racist?
Of *course* anyone with half a brain cell leaves when they’re surrounded by people like that. It’s the only realistic solution to improve their individual situation.
When businessmen don’t believe in god, they are going to do everything they could to milk others for money
I was just thinking about some of these topics when my vehicle registration renewal arrived in the mail. $100 or so in property tax and other flat fees when just registering a car can take a bigger chunk out of lower income individuals paychecks than higher earners who won’t even notice it.
This is what happaned to me 3:12 It’s been 3 difficult months for my business and one of my cards came to allmost 0$ on it. So I didn’t notice the moment but the Chase bank was actually charge me for $35 twice which is $70 because I didn’t have enought money for an automatic subscription. This is crazy wow and I just didn’t know it could even happen
It’s a mindset issue. We all have the same 24.
Oh the days I used to spend 2 hours on transit both ways to Whole Foods in Miami. Good times! I finished a ton of series in Grad school.
The thing about food deserts is so spot on, Walmart has more affordable things like bread, and milk but when you go to a dollar store it is much more expensive even though stuff is supposed to be “cheaper” but Walmart isn’t in walking distance but the dollar stores always are.
It’s convince and Walmart can afford to be cheaper 😂
Target 🎯 is actually cheaper than Walmart if you use the red card and have Target Circle ⭕️
Love this video thank you for educating us
Your first point is a huge stretch. I shop at the dollar store and the prices are very cheap compared to a normal grocery store. The two examples you used were Costco and Sams Club… both need a subscription and don’t make sense unless you have a large family and shop there frequently. The biggest problem with people spending too much on food is “dumb shopping”. Cereal, expensive meats, pre-made meals, etc. Or worse like you mentioned, fast food… which is not cheap. If I needed to save literally every penny. Large bags of rice and beans. Oats. Cheaper fruits and veggies. You can make a whole meal that’s under 2 dollars. Any normal grocery store. Or better, the dollar store.
Awesome
In Canada, they cracked down on payday loans because of how detrimental to society. They made a law where the loaners can’t charge more than $20 per $100 borrowed, instead of traditional payday loan structures. Many of the payday loan companies now focus on other services like international money transfers, prepaid credit cards, cashing cheques and business services.
Alright, I got it. But why is everyone silent about Cannafarm ltd? With these investments, Ive increased my ETH balance in just a month
Dudes, this is just mind-blowing. I invested in Cannafarm ltd, theyre selling medical herb or something like that, and Im pulling in like 300 bucks a day, its just insane!
Why havent you made a video about Cannafarm ltd yet? You can earn really big money there. Its worth telling the viewers about it
Dude, do you know about investments? Why didnt you mention Cannafarm ltd? Or have you decided not to talk about what really works?
Dudes, this is just mind-blowing. I invested in Cannafarm ltd, theyre selling medical herb or something like that, and Im pulling in like 300 bucks a day, its just insane!
Dudes, this is just mind-blowing. I invested in Cannafarm ltd, theyre selling medical herb or something like that, and Im pulling in like 300 bucks a day, its just insane!
Thanks a lot for the information! Cool video, but I lost a bunch of money on this. Thanks to Cannafarm ltd! With the help of this company, I was able to earn back what was lost due to the exchange rate
Thanks a lot for the information! Cool video, but I lost a bunch of money on this. Thanks to Cannafarm ltd! With the help of this company, I was able to earn back what was lost due to the exchange rate
👍🏻
The system is so fucked up
Agreed completely
Carbon Tax in Canada a huge regressive tax… Doesn’t matter if you’re rich or poor, we all have to heat our homes with natural gas in the winter
I just don’t understand why people wouldn’t drink water – I guess maybe if you’re in poverty you can’t afford a place with drinkable water – but isn’t water less expensive than soft drinks?
Water 💧 is always free
Always good info👍🏴
Excellent explanation
I’m sold! Imma stop being poor.
I live in a rural area and we only have one small market. We have to travel an hour for Costco or Winco. At the local market, two grocery bags of fresh fruit and veggies costs about $100. We try to go to Costco & Winco every six weeks, but gas is also extremely expensive.
Such an important topic – thanks so much for sharing Nate. It’s so true – it definitely costs more to be poor.
I prefer being poor I’m humble I’m real i know how wicked the world is it’s not easy but i know God has my back
Can you go something on effective time management and goal setting please…
I have two sams and a Cosco less than ten miles from each way from my house it’s hard to think not everyone has one near by them. They are like everywhere including target always has good deals.
You have nice content but you trying to be so politically correct is kinda annoying.
Thank you Nate for this video
Although I don’t like the advertising for Bitcoin Maybe if you do a video you can win Warren buffet over and me and will understand it better
He’s corrected do not get political Dems have only been a selling pipe dreams for 50 years , it will work eventually…. As of 3 years ago 76% of the wealth has transfer to Dems. Guess how ?
Hello please add presion language in your video translation.
Very very nice information 👌🏿👌🏿👌🏿
10:00 they charge debit cards these same fees too in poorer neighborhoods
Food deserts are a non issue. Imagine thinking the stores are the bad guys for charging a premium to make up for the risk of getting robbed/shoplifted.
People in “food deserts” made it that way, they literally bit the hand that feeds them. Not even dogs are that stupid
Nates so fine
*Nate’s
Not a good look on this video, and this is coming from someone who has been poor and at times homeless. There are other variables that you didn’t even touch on that you really needed to touch on in order to give more of a balanced view which is what I suggest that you do in the future.
It is really sad 😔 that it costs so much more to be poor especially in food 🥘 deserts 🌵
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