➡ A survey of 2,000 people revealed that debt is the biggest regret in their lives, limiting their enjoyment. 72% of respondents have accumulated debt, with over half fearing they won’t be able to pay it off in their old age. The average respondent had over $9,000 in debt, with monthly payments over $600. The survey also found that many people don’t have enough money for retirement, with nearly half of those in debt having less than $20,000 in savings.
➡ The speaker discusses the importance of financial education and shares personal stories about debt management. They also highlight current economic issues, such as credit lines being cut and the struggles of businesses like CarMax and Outback Steakhouse. The speaker encourages viewers to share their experiences and opinions on these topics.

Hey it’s Dan! Welcome back to I Allegedly and I’ve got a good one for you today because what is the biggest regret people have had in their lives? Wow! It’s completely different than what I thought it was gonna be. Hit the like button, subscribe to the channel. Today we have a sponsor Patriot Gold and I will cover them in a bit. But first things first guys, people have said from a survey of 2,000 people that debt held them back. Their finances held them back and limited their enjoyment in their lives.

It wasn’t that lost love, it wasn’t no kids, it was the fact that they didn’t have enough money and that they were constantly paying bills. Wow! Wow! Wow! Wow! Great story out of the New York Post on this but let’s go through this all. Think about this, 2,000 people surveyed, 72% of the respondents said that they have accumulated debt, 72% of those people. Over 50% reported that they were overwhelmed by the fear that they will not be able to pay it off in their old age. That is wild guys, that’s catastrophic when you hear that.

Now credit card debt represents 45% of this and the average responder reported that they had over $9,000 in debt which is growing since this survey was done a few months ago and now they’re saying the average person has payments well over $600 a month towards this debt. That’s a lot of money guys. Think about it, three months you go on a cruise, save it up. Six months you go on a really nice cruise if you do that. So you know it really has affected people quite a bit. 17% of the people said that they had $9,144 in medical debt and pay $222 on average a monthly basis towards their medical debt.

Not their insurance, their debt, past stuff that was done and past procedures that were not covered by medical insurance. Additionally, 22% of the respondents said that they had a balance on their credit card loan and that they had $17,000 in credit card loans. Excuse me, in car loans, since I’m in a car show, I’m still at SEMA, but $17,000 on the auto loans on average which that didn’t really seem that high but I think it’s because people are older and they try not to get themselves into debt even though they all are.

You know, talker research did the national debt relief you know survey and found that those without standing debt the largest barrier was insufficient income and it was the barrier to joy. That saddens me to hear that, you know. 46% of the respondents said that they don’t make enough money to pay off their debts so they’re going to have debts until the day they die. That is catastrophic guys. That is horrible. The biggest enjoyment is to be debt-free guys is not to know anybody any money and you know people are saying that the other thing the other problem that they have is high interest rates affect them and you know monthly payments that are too high 28% you know again it’s it’s terrible.

When they asked the average respondent do you have enough money for retirement only 29% said that they had a substantial savings you know which is not much and some of these people managed to bank $29,000 and again an emergency fund at 29 grand it’s pretty good but a lot of these people owe a lot more than that and all the other debts. Nearly half of those people that were in debt 49% said they had less than $20,000 in savings. One in five had that magic number that we’ve talked a lot about and that is zero.

Zero dollars in savings right now. Greatest impact again inflation 72% complained about that the inability to pay off debt was 39% you know cost to living in the economy 45% so that that was their biggest burden of joy. Wow two joys, biggest burden to have joy. 48% of all the respondents that were currently working think about guys people over 55 still say that they don’t make enough money to pay their bills. God that is wild man. 62% said that they always thought it would be able to turn around but it didn’t.

67% of the non-retired respondents said that their debt will continue and they will need to work forever for this. God that is crazy. So enjoy the survey guys but again too many people go out and get themselves into debt. Don’t pay off their bills and that’s the biggest you know that causes the largest amount of joy killer. I mean lack of joy, lack of fun, lack of everything. The burden of debt is too much so let me know what you think so far. Read the story, the first story below but too much.

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Wow imagine you make a quarter of a million dollars a year and you are broke because if you miss a couple paychecks like people just experienced in the government they’re done. Some of these people just cannot make it. High credit card rates still have some people have student loan debt but you’re seeing that. The other thing is there is a huge amount of people talking about debt confessions on TikTok, on social media, Instagram. That is nuts guys. People bragging and talking about how they need help with their finances is climate.

It’s one of the largest sectors of confessions right now including I cheated on my wife and I’m sleeping with the neighbor type of shenanigans. That stuff ranks really high but debt confessions is going up tremendously right now. We have record credit card debt. We talk about this all the time. 1.17 trillion dollars in credit card debt. Guys get out of debt. Pay your bills off. Have some freedom. Be able to live your life and sleep at night. I’m telling you you know Kaiser Sosay said it does. Stress is a killer.

Okay it’s true. It really is. So people don’t want to admit this. People don’t want to admit that they have these problems but you need to get help. It’s like anything else. You’re fat. People want to take a fat pill and take Ozimpic and get something from the Gila monster as a quick fix. There is no quick fix for this. It’s discipline. Taking that stuff is dangerous. I’ve talked to a lot of medical professionals that say we don’t know where this is going five years from now. So good luck. Number of people living paycheck to paycheck again 78%.

That is staggering guys. Absolutely staggering because with this government shutdown you know not getting you know fixed anytime soon. There are people out there that are just going to be finished right now. You’re going to hear of record bankruptcies next month and how people just were behind the eight ball to begin with and now it’s only going to get worse. So remember that you know. Financial literacy crisis. People don’t understand finances. Best thing about YouTube and the internet is that you can learn anything. You can learn fitness. You can learn nutrition.

You can learn cooking. You can learn barbecuing. You can learn financial literacy. Look things up. Please if you don’t know it try to learn it. It’s so great. It’s so rewarding. It is amazing to do this. 19 trillion dollars in household debt around the country. Our national debt just surpassed 38 trillion dollars. Household debt is 19 trillion dollars. Okay but you add it all up and the country’s in trouble. We’re in trouble. People have to fix this. You’ve got to start it one step at a time to get yourself out of this. You have to work on this.

Student loan shock. Credit scores have plunged since around June when they started to put the student loan numbers back on people’s credit and it just destroyed it. Well try refinancing your house. Try getting a good car loan. Not going to happen. Try getting a personal loan or asking for a credit line increase. You are going to see something that’s going to happen with large banks that issue credit cards where they’re going to make it so that they’re going to cut credit lines. I talked about this and then as soon as I talked about it I have more and more people that are telling me what they’re experiencing right now with their credit lines being cut.

Share that stuff. You know debt delays retirement. People that cannot retire. People that some people really like to work. Some people enjoy it. I mean I would go crazy if I wasn’t working and but some people have to work because they’re behind the eight ball and you don’t want to be in that position. You know one thing that you don’t have in school we should teach financial education in school. We should teach how to manage a checkbook. I’ve told this story before that a law professor friend of mine was talking about he teaches a class called how to run your law firm and I thought it was a judge joking with me.

How to sign a lease. How to have a payroll company. How to print a check. How to write a check. These are people that are lawyers. You just got a DUI and this guy is going to save your life and this guy doesn’t know how to manage a checkbook. That is insane guys. There’s people that are in their mid-twenties. Now it’s crazy. It’s crazy crazy crazy. Extreme debt turnarounds. You know all the people love the viral personal stories that go out and you know the Dave Ramsey type thing hey we were $200,000 in debt and we ate top ramen and now we’re debt-free.

Some people like those stories I do because you know some of us started with nothing and then you made money. Some of us had a financial hiccup in their lives and had to reset. There’s nothing wrong with that. Learn from that mistake right now. So let me know what you think so far and if any of this pertains to you let me know. Let me know if you think you’re gonna be able to retire. Let me know if you think that you have too much debt. Now a lot of people hey I’m just gonna file BK.

I’m gonna be done with it. Some things you can, some things you can’t right now. So let us know. Let us all know. I’m gonna finish this video with these last few things and don’t forget we have the private channel I allegedly live. You sign up at I allegedly dot TV and I love doing that content. It’s uncensored. It’s everything we can’t talk about other places. Plus don’t forget to take a look at our video sharing platform newvideos.com It’s taken off. A lot of people enjoying that. Again newvideos.com and let’s end it with this final three stories right now.

First things first, CarMax is imploding right now. Stock went down an absolute ton yesterday and they just fired their chief financial officer. They’ve got nothing but problems right now because of the financing problem with used cars. They’re not being able to maintain the value even on lower tier cars. They’re not being able to sell the cars right now and it’s a problem. So stock is the lowest level it’s been since 2012 and that’s that’s not gonna improve anytime soon. If you can’t sell a car you have a problem. There is a problem with this economy and people don’t want to admit that.

Oh you’re just overreacting. Mr. Gloom and Doom just ran into a subscriber Greg enjoying the show but Greg’s you know feeling the same thing we are right now. So next thing is Ford. Ford looks like it’s gonna scrap the F-150 Lightning which has been an absolute debacle. Think about this. There is a car that no one has written me about that is purchased. Not one person and said oh my gosh Dan this is such a great investment. Such a great car. We love it. We’re really enjoying it. People write me all the time about their Teslas and you know their Dodge.

I mean everything but the Ford F-150 Lightning has been a disaster. We hate it. It loses power. We go up a hill, towing our boat. It’s a mess. So that’s done. Final final story is I love the story out of the New York Post. A fun favorite a fun favorite restaurant is going to close 21 locations and that’s Outback Steakhouse. You know let’s go down under. You know they have their kitschy Australian guy talking about all the discounts and all the deals and the blooming onion. No it sucks guys. It’s like the service is horrible and they’re closing 21 locations.

They’re only gonna you know they had 670 locations when they started. You know it’d be under 650 right now. With that being said this is the lowest amount of restaurants they’ve had in like 15 years. They had over 750 at one point. So when you can’t make it in the middle tier space on cars and on the restaurants it’s done. So remember that guys Outback Steakhouse. When was the last time you were there? When was the last time you were there and you thought wow this is such a good dial.

The last time I ate there they said we’re so understaffed it’s gonna take an hour to get your order. So beware if you want to order. We left. We left. I’m not gonna wait an hour for you know. Well we can get your salad pretty quick but the food no way. No way. It’s gonna take at least an hour. And the place was dead. By the way there were like six cables in the whole place. They had one guy cooking and making salads and everything. So good luck Outback is the next one to go down.

Hit the like button, subscribe to the channel. You want to get a hold of me it’s hello and Iallegedly.com. Onward and upward guys. I’ll see you very soon. And do you like your Ford F-150 Lightning? You’re the only one. See ya. [tr:trw].

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