Hey, it’s Dan. Welcome back. This is iAllegedly. Things are getting real and they’re starting to give it weird names, but please, as usual, hit the like button, subscribe to the channel. Two things I want to remind you guys of. We have a sponsor today, which is Private Internet Access. And number two, guys, please take a look at the private channel that we have, iAllegedly live. And you can sign up there at iAllegedly.tv. And so many of you have done that. But the stuff that we can’t talk about here, we can talk about there that’s too hot, too heavy, you know, like with what happened yesterday, we can talk about that there.

So you get my take on all that stuff and the shenanigans that are going around before our eyes. Plus, make sure you’re on the email list. Use that link. Free to join. Sign up today. We’ve got an email going out either late today or tomorrow morning at the latest. Now, first things first, guys, the consumer right now is in real trouble and people have less money than they’ve had in decades with the percentage of money that they’re making. And one thing that I am sick and tired of is that they keep coming up with weird words to describe what we’re living through.

And the latest words is this. Goldman Sachs came up and said, people are becoming choiceful, choiceful. I’m like, is that even a word? Well, this is choiceful and you’re spending. You’re taking the time to determine what you want to spend money on. So you’re being choiceful. So with that, you’re being choiceful. How about this? More people feel that they will not spend over $1,000 on anything right now, on anything. So they’re being choiceful. Remember, transitory, it’s with my friend, all the nonsense that we’ve heard over the course of the last three years.

And now they’re being choiceful, choiceful, choiceful. And again, I mean, I looked it up because I’ve never used that word in my entire adult life. I’m choiceful. So with that, almost 50% of the people out there feel that they are broke and have no money. And that’s terrible. That’s sad. I hate to hear that anybody’s struggling like that financially. But the problem that you have is that 48.6% of them don’t feel that they don’t make enough money to get by and to live a comfortable life. The worst part is that the average salary is now $61,000.

So how do you fare? Do you make $61,000? Well, here’s the thing. You can make $61,000 and be dead broke. You’d be dead broke if you lived here on $61,000. So the tide is incredibly high right now out here on the island. So just kind of find people out enjoying themselves a little bit. 54% of the women feel that they’re broke right now. 42% of men feel that they’re broke right now. Men are stupid too. I know a lot of friends. Ah, I’ll just make more. Something will come up. There’s the old two and a half men episode where Charlie Sheen’s like, ah, don’t worry about things.

And all of a sudden he becomes a children’s song singer. Yeah, see, something came up. I got a contract for half a million bucks. That’s men for you. But what you’re experiencing right now is that people right now are realizing that they’re tapped out. And the problem is, is that when you come to a retail establishment and you deal with the retailers right now, retailers right now are realizing that people have no debt. And with that, a little bit of traffic up here, with that, they know that you’re not going to spend money there.

So how do you get people to spend a thousand bucks? We finance it. Come on, let me give you a 90 day, same as cash, six months, same as cash. Put it on the Home Depot credit card. It just, it’s crazy. Now we talked about the retail sales a couple of videos back about how they’re not going to plan for a big holiday season because they know you’re tapped out. But the point is, is that there’s nothing that’s going to turn around. When they cut interest rates this week, it’s not going to all of a sudden make it so that you have more money all of a sudden.

It’s not going to happen. Now, I have 15, 18 real estate agents that have written me, told me everything’s going to span. Wednesday is going to be magical. Okay, magical guys. It’s going to be a magical day that all of a sudden interest rates are going to drop and housing prices. These five and six million dollar houses there, they’re going to go to eight or 10. Your house, it’s worth 350, 400 grand, 500 grand overnight. Come on. Come on. Come on. The last video, the thing I talked about, which spurred this conversation, is that more and more people right now realize the labor problem is you have more people right now that are not working full time right now.

So with that, you know, 32 hours a week, I have people that write me all the time. And it’s very sad because then how am I supposed to survive when I used to have overtime all the time and now I’m at 28 hours a week. And they sit around, look for stuff to do. Do I go out and get another job? Do I go out and look for a job? You got to do what you got to do, man. And, you know, here is a very tough lesson that I learned and that was when times were tough financially and I took jobs that I didn’t like, that I didn’t like the people I worked with, I didn’t, they weren’t at my skill set, weren’t at my skill level.

God, it just hated me every day. And it was a means to an end. And my late girlfriend, God love her, was giving me the fact that you had people that would understand that it’s just today. This is what you’re doing today to punch a clock. It is not a reflection on you, it’s not a reflection on your talent. Don’t let it be. It’s a reflection on paying your bills and feeding your kids. That’s what it is. But right now, what we’re heading into is going to be very bleak and you’re going to see a lot of people suffer.

Not everybody can buy a boat, not everybody can go out and live on an island, but you’re going to see things change dramatically right now. And I did all that coverage in the fires last week and got a great story about how all these insurers here in California are losing money, hand over fist, before the fires. Before those fires started, all these people were losing money. Really, think about this business model for you. The average California insurance company takes in, for every dollar that they take in, they spend $1.15 to $1.25.

Say, let me say that again. You bring in a dollar, but you spend $1.15 to $1.25. Mine will be the United States government, for that matter. So that’s how bad this is right now. That’s what a joke this whole thing is right now, is that they are completely upside down and they’re canceling insurance at a record pace, but we need a new insurance program. Would you have faith in your city or your state to come up with a new insurance program? Not a chance. I wouldn’t. Plus, they wouldn’t do it quick. These are the same people that stole all that homeless money, and you’ve got almost $30 billion now that’s unaccounted for.

Hello. Isn’t that crazy? So, $30 billion unaccounted for right now. But let me know what you think about this, and are you choiceful in your spending? Okay? So, the tide’s coming in kind of quick. Let’s talk about our sponsor, Private Internet Access. Private Internet Access is a VPN company, and what they do is they give you a level of encryption from your device, your cell phone, your computer, your laptop, to any website that you go to. It completely encrypts everything that you do so that you’re protected. You can do cool things like change states.

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Hey, I’m fantastic. Thank you. Thank you. Talking about how people that are out there that own businesses, almost 50% of them did not pay their rent in September. That’s staggering. Let’s say that that’s nuts. Let’s say that 50% is too high. Let’s say it’s 25%, guys. If people did not pay their rent and not currently paying their rent, the business is doomed, guys, because, you know, this is the sweet spot. Most people make a lot of money between now and the end of the year, and this is when they make up for it.

And, you know, I had an uncle who’s retired now and told me that with his construction business, he would break even all year long. And this guy, I mean, my uncle’s loaded. Nice house. He’s had paid off for 20 years. He’s just really in a spot. And he said, I would wait till September when these county fairs started to come out, where everybody would go out and they would save their money to go spend at these events for home improvements and things like that. And they’re not doing that anymore. And he’s like, I am so grateful I’m out of that business because it’s awful right now.

People don’t have the wherewithal and the money to go out and do this work right now. They are putting off the essentials. Everybody I’ve talked to in the service industry is off. People are putting off car repairs, which again, you’ve got to do maintenance, guys. You’ve got to take care of things and make sure they’re maintained or you’re going to have bigger problems when it comes to this. And I had a friend of mine tell me a story, I laugh because it’s insane, where she bought a car and didn’t have a maintenance program.

So just thought out of sight, out of mind, and then realized one day when the car stopped and the headgasket froze because there was no oil in the engine, she thought that it would just it would be okay. It would work itself out, know the car was done and destroyed. And so she’s like, well, I’ve never done that again. I’m going to buy a car that has a maintenance program. So they’ll tell me when to change my oil. Okay, guys will have bigger problems. But you’ve got the largest percentage of people right now not making their car payment right now.

And you’ve got people a tremendous amount at 60 days behind in their car payments. The foreclosure amount right now, crazy. Craziness, guys, right now, because what’s going to happen right after the election, regardless of who wins, is the banks are going to start demanding that you pay up on your mortgages, first mortgages, second mortgages, everything, and they’re going to start foreclosing on you. People that have homeowners associations are not making their homeowners association payments. And Doug, oh, my buddy does foreclosure postings is like, wow, Dan, I’m going to do a ton of these.

You should see what’s coming down the road. You’ve got hundreds of people, multiple people in the same track, dozens in the same because oh my gosh, it’ll be great. Well, nothing, if you’re posting something, nothing would be better than to post, you know, a dozen foreclosures in one track. I’m sure it would be better and very easy. And this guy has had days where he’s done 50 in a day, I think it’s 55 or 58 is his record, driving around from different places that he’s done. So it would be a piece of cake.

But you have to control your finances right now. You have to control your spending. Don’t buy anything. That’s not going to benefit you and make you money right now. You know, it really, I’m serious. And, you know, there’s a great story about the difference between rich people and poor people and how the rich people buy things that make them money over time and poor people, you know, by tanning, you know, scholarships and monthly things and all this stuff that they get. So this is the private dock out here and these people are making out.

So I’m not going to go too close. But that’s what you’re saying. You’re seeing more and more of this right now where car payments are behind. They’re foreclosing. You’re going to see, you know, people not make their house payments and justify it. But I’m going to do a video on how to save and what to what to spend money on. But you’ve got to pay for housing guys. You’ve got to pay for the essentials that they can take away from you. That includes your Homer’s Association if you have one. Utility bills.

It’s crazy right now. Here in some wackity states like this one, they won’t shut your power off right now if you don’t pay your bill. So you’re going to have to pay it. Don’t get me wrong because you’ll never move and get new service without paying that. But they’re not shutting people off and they haven’t done that since COVID. So is it like that where you guys live? ominous sky. It’s beautiful. So but let me know what you think about this stuff so far. A couple of things in the news that are interesting.

Jamie Diamond, man of the people, CEO of JP Morgan Chase Bank, a step forward. He says there is a much bigger problem on the horizon than, you know, inflation and the interest rates cuts that everybody wants. And that is stagflation, which is very simple. It is high inflation. It is low demand and high unemployment. Because if this happens, it’s the 1970s all over again. And you’re going to see that to be the kiss of death for the economy. And once again, guys, what are we living through right now? What is this right now? You want to sit there and act like things are normal when you’ve got restaurants going out of business left and right.

You’ve got office buildings that are getting foreclosed on hotels being given back to the bank. Now that Labor Day is done, the hotel season is done. So you’re going to see more people get foreclosed on in the next 90 days. Right now in the end of the year, you’re going to see chaos. Now there’s another story below about how the office market is not doing well. How ridiculous is that the office market we’ve known is not been doing well. And each month that we get closer to the end of the year, you’ve got half a trillion dollars, $500 billion.

It has to be refinanced this year. That’s not going to get refinance and don’t act like, Oh, they’re just going to forget about it. Again, they’re going to work something out with these business owners. No, you’ve got people that have interest rates of two and a half and 3% loans that are enough seven to 10%. Plus that’s the other thing. The other thing about the car payment situation is that the average car payment during COVID was 600 bucks. Now it’s 730. You had 6% interest rates. Now you’ve got nine and 10% interest rates in the cars.

They cannot afford this right now. So it’s only getting worse right now for these people. I’m going to finish this video with these last few stories. And the first one, I love stuff like this when you guys sent it to me and it’s like the 12 dirtiest produces and how to clean it. I’m telling you after the board said thing, wash everything, wash your kids, wash your husband, wash it all. Okay. And you know, strawberries on the list and green beans and everything, but look at the list. I won’t bore you with the list.

Final, final story is, you know, those sites and the videos and the commercials that you see, we buy ugly houses. Do you have an ugly house? We’ll pay you cash. And are they a scam? Well, here’s the thing. Great article below that, that ranks all these companies that pay for things. They are there guys to get smoking deals. They are there to have them buy your house at a deep discount as high as 40% off sometimes more. But what they do is they come in, they do what you don’t want to do.

They go out, you buy your house for this, fix it up for this, and then go out and sell it for more. Now there was just a new law that came into effect on June 1st in California. This kills this industry. Why? Because when you go out and you buy a house and you flip it within 18 months and it changes hands, you have to show every improvement that you did in the house. Everything. Wait a second, Dan. What are you talking about? Yeah. All the contractors and the context of the contractors and receipts.

You have to show it all. You have to show it all. And people are flipping out over this, but it is killing the house flipping business here in California. So onward and upward. Okay. Please do not forget to hit the like button. Good rain, Monday and Tuesday here. We will see. Exciting. Like, subscribe, email me at hello at iAllegedly. Join the email list. Check out our private channel, iAllegedly.tv. You can use the link below or you can go to iAllegedly.tv. You can watch it on everything. But we covered a lot of things there that we can’t talk about here.

Okay. I’ll see you guys very soon. [tr:trw].

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