Are Things Really That Bad? | I Allegedly

➡I Allegedly discusses the current financial state of the United States, highlighting that many people feel worse off now than they did three years ago. He mentions the impact of the pandemic and rising energy prices on personal finances and businesses, with many facing layoffs and reduced access to credit. He also predicts a disappointing summer for the real estate market due to high interest rates and fewer buyers. Lastly, he shares stories from his audience about their financial struggles and strategies to cut costs.

Hey, it’s Dan. Welcome back. You’re watching I Allegedly and got a good one for you today because I went to Las Vegas to a trade show and got a question for you. Are things as bad as people think they are right now? Are they? Well, got a lot to cover with this. And don’t forget to hit the like button. Don’t forget to subscribe to the channel. But first things first. There is a great article out of Newsweek and it’s interviewing 1700 families about the state of their finances, where they think things are going and where they think it’s headed.

Now, first things first, with the pandemic that happened, you know, four years ago, people were wiped out. People had a lot of problems. Some people got, you know, some pandemic money. Some people had to change jobs. Some people’s businesses were affected by it. But a lot of people benefited from that. And we’re given certain things that made it so that they could continue to operate their companies. And some people got, you know, the opportunity to go work from home, things like that. Well, now flash forward. And the majority of people here in the United States say that they are worse off today than they were three years ago.

That’s horrible, guys. Everything should be rebound and everything should be back. Everything should be better. But no, it’s not. So first things first, okay? We’ve got 54% of the people saying that they’re worse off. Here’s the thing. Where is the United States going as a country financially? Are we going in the right direction? No. The majority of the people, almost 70%, say that we’re not going in the right direction. Okay, now wait a second. Let’s take a step to the other countries. And I want to get this right. You know, when you look at other countries globally that are having economic difficulties right now, you’re talking about the last financial crisis, the pandemic, and now they’re talking and the energy spike and how that’s affected everybody globally and made it so that they cannot earn a living right now.

Do you feel that way? Do you feel that the energy prices have done in? You know, I live in California and it’s an absolute disaster in California when it comes to energy prices. Okay, but I don’t think that’s the thing that like shocked everybody. What you have to look at is when you talk to people and people talk about where their businesses are going, I am telling you guys, I get basically weekly updates from companies that have sales staffs that have phone rooms. You know, I’ve got somebody that writes me, Laura, all the time about the status of her company and they’re going to have massive layoffs coming.

She predicts with her company and in the phone room. And again, they’ve got a huge sale scheduled. She doesn’t think they’re going to do it till after the sale, but the company may not survive till after the sale. So this is happening to everybody right now, to absolutely everybody. But when you look at people’s personal finances, I am telling you, and I told Laura the same thing, these are the good times. You’re going to look back and say, wow, May of 2024 was bad, but it’s not as bad as it’s going to get. So do you think it’s going to head in a negative direction? I do.

I’m one of the people that thinks that you’d have to be sniffing glue, not to think that this gets worse right now. People do not have the money. People are borrowing. Thanks. I am telling you this right now. If you were on my email feed, I get people that write me on a weekly basis telling me how their credit cards are shut down, their ATM limits are shut down. They are having less access to credit than they’ve had in years right now. So is it just these deadbeats? No, it’s not. You’ve got people that make a lot of money that have successful lives, own homes, own businesses, they’re not in debt, but they’re being treated like they are.

They’re being treated like there is a problem. So last video I did about the problem with the insurance company, I have people that are floored by this. Again, if you want to get an insight, you look at industry magazines. It’s the best thing. You want to learn about electricians? There’s electrical magazines. You want to learn about insurance? Insurance Journal. That somebody sent me, had that story about how they’re demanding full coverage replacement on these properties. Now this leads to my next story, and that is the real estate industry. Another great article that was sent to me from MSN was, hey, get ready for the summer of disappointment if you want to sell your home.

Because one thing that’s not going to happen, and you can play games, you can kid yourself, just like the economy, hey, everything’s great, you need to move forward, everything’s going to be good, book your vacation. People don’t have any money right now. People don’t have any money, but this is going to be the summer of disappointment when it comes to selling your property right now. Well, wow, that’s a bleak way of putting it down. Why is it going to be the summer of disappointment for the simple fact that you’ve got interest rates that are firmly, firmly, firmly, firmly, if you are a good credit client, well above 7%, 7.25% and climbing right now.

Oh, no, no, no, Dan, the rates are dropping right now. You don’t know what you’re talking about. Don’t exaggerate. People are doing better right now. This is going to be the summer where the property sits there. You’re going to have them languish on the market more. Now, you can believe the article on MSN that prices are not going to fall. Let’s just say that. So what people are going to have to deal with is people are going to have to deal with the fact that they don’t have the buyers. You’re not going to see the movement in the properties that you have traditionally this time of the year.

It’s going to be the summer of disappointment. Now, generally summer slows down when it comes to home buying because people go on vacation, and then it kicks back up after school starts after they go back. So it’s going to be interesting guys to see up that even takes place. So let me know what you think about this. And again, I’m going to walk you guys through the trade show a little bit later. It’s just kind of an interesting feel out here. It’s crazy. It is freezing here at night. I mean, it is cold, cold, cold, chilly, windy, awful.

During the day, it gets up above 80. It’s kind of crazy. So you get a little bit of both. But let me know, do you think it’s bad? Share it with the audience. Okay. I just I just do not believe that the best people financially are the people that tell me, well, Dan, we’re getting rid of the second car. We’re cutting our expenses. We’re doing everything you can to trim costs right now. Those are the people that are doing good right now. Okay. What are you doing? I love hearing from you guys. First thing I want to talk about is Eric.

Eric is a specialty contractor in New Hampshire who has ran his business for over 30 years. But like he says, I’m a lone wolf, doesn’t have employees, very smart and keeps his expenses down, but has a steady clientele with everybody he’s done work for. So Eric is okay. Okay. His friends generally that are doing the same thing, different trades are generally doing okay. But what he’s starting to see is a turn when it comes to houses sitting on the market longer. Okay. And you’re going to see this be a bigger problem because some people have to sell now.

Got to sell now. Tony wrote me about how he had a $500 increase in his homeowner’s insurance, which we’ve talked about extensively. Now the $500 increase in the insurance made him look for different insurance. And then he goes out to Mr. Cooper. And we talked about them a few months back about the problems that they had with them getting the hacking and everything like that. Well, he gets insurance from them. Then they canceled his insurance and said your house was built in 1940. We think that there’s asbestos in the walls and we’re not going to cover it.

So he had a lapse in coverage. And then Mr. Cooper, who’s his lender, says if you don’t get insurance, we’re going to have mandatory insurance, which guys when they do this from your lender is something we talked about in the last video. It’s going to be an absolute fortune, an absolute fortune for this. So get ready guys, get ready for these problems to continue. It’s not just going to be an individual thing or Tony’s a bad guy. No, no, no, no, no. You know, how many people live in a house that’s built in the 40s, 50s, 60s? Okay, look at the problems.

Construction. It’s going to happen. Joseph writes me all the time, said, Dan, I want you to tell everybody about the problems with the insurance companies not paying on the auto repairs. It’s happening guys. We talked about that yesterday, but it’s happening more and more. And Joseph said, it’s happening to him too. So let me know what you think is going to happen with the stuff. You know, is the housing market going to turn around? Everything going to be good? I don’t think so guys. I really think that the people that don’t buy houses right now are the smart people right now.

Let me know what you think. We all have to look out for each other financially. And in Finland, there is an app that people have downloaded that when you download the app, it drains your bank account. How can app stores allow things like this? So they’re spreading the word on things like this, but be careful of what you download. It’s really, really important right now because I’m getting a lot of people that are writing me and saying, hey, listen, have you heard about Capital One shutting bank accounts? Yes, I have. They’re not doing anything publicly about this.

They’re not sitting there saying, hey, we don’t like people with this credit score. We don’t like this. They’re just shutting the accounts down. Okay, for no particular reason. And it’s not the deadbeats. That’s the thing. It’s you may be in a certain industry, a certain area of the country, or an industry that they don’t like. Remember that. But you have to protect yourself right now because this is happening. Okay, this is always beautiful out here. I’m out here and you walk amongst all this, you know. So one thing that we’re seeing right now is, you know, Tesla is always in the news, always constantly daily.

You could have an Elon story. I could have, you know, hey, today’s Elon story. And people say, oh, yeah, and you’re the biggest fanboy of Elon because all you do is let this guy talk and you live rent free in his head. Well, Tesla basically has a hiring freeze right now. So are they restructuring? Are they not restructuring? Is this serious? Is it not serious? You let me know. But again, it’s kind of interesting right now because they’ve had all these layoffs and it looks like they’re not going to have any new hiring anytime soon. Now, one thing that we have here in the States is we have a real problem with our post office.

It loses money hand over this. The people that run it couldn’t balance their own checkbook. These people are a demo videos. Okay, I thought they were bad until I read the story below about the Canadian postal service. It’s so much worse than ours. They’re losing money and they could go bankrupt. Okay, in Canada right now and basically not be able to deliver mail. Now, I get people that say, why do we need mail? We just have email and everything will be emailed to you. Okay, okay, tell that to grandma, tell that to the poor people, tell that to the, you know, not everybody is technically savvy, okay, like you are.

You’re the smartest person everybody knows. Remember that. So we have to look out for everybody. Let me know about this but read the story about the Canadian postal service. Man, is it just a mess? Okay, so let me know about this. I’m also going to show you guys the trade show. I’m going to walk you through that. Let’s go over there now and show you what I came to Las Vegas for and drove out here with Rosie. I’m in Las Vegas Nevada again and I am at the White Label Show. And what this is is it’s a show filled with companies that will make products, services, everything for you and put your label on it.

So if you want to start your own business, you want to have your own lip gloss, you want to have your own sleep aid, you want to have your own coffee, you want to have any product, basically any service, it’s all here at this show. And I love this because here’s the big mistake people do is people sit there and say, oh, I’ve got the greatest idea for skincare. And then they go out and they spend hundreds of thousands of dollars in this where there’s companies that will make this stuff for you very inexpensively. And you can either ship it out yourself or they will ship it out for you.

But it is a great venue. I’ve been here a couple times now and it’s a good event. So I’ll show you a little bit more about it. Here’s a perfect example, beauty products. Look at everything that this company does. Private label manufacturing, skin cream, hair cream, gel, facial creams, everything. But you could make this and put your own label on it. So, you know, a lot of companies are from around the world, very, very cool. But if you have an idea, it could be realized here. It’s very cool. There’s everything from smart label manufacturing, from pharmaceuticals, to different gummy products, to soaps, to packaging, you know, payment processing, just distribution company, dog treats.

I mean, it’s really interesting. But again, if you have an idea for a product, you don’t want to go out and just do it blindly. You want to see if people are going to buy it. You want to have somebody make it for you, see if the dogs are going to eat it. But very, very cool, you know, all this different stuff. So, very cool show. I’m going to finish this video with these last few stories. First things first, there is a swanky hotel in New York, Les Joly, okay? They got a $12.3 million contract to house the migrants, and I guess the place is just getting destroyed.

So, you won’t be staying at Les Joly anytime soon. The next thing is royal Caribbean. It’s not all bad news. Royal Caribbean says that there is such a demand for their cruises right now that they are hiring 10,000 workers. So, if you want the life and you want to live in a cruise ship, they’re hiring 10,000 people at Royal Caribbean That’s crazy, guys. Again, cruising is fantastic. Everything is included. You don’t have to worry about paying for your meals. It’s just fantastic. Entertainment, just fun, okay? There’s that. The entertainment industry is predicting for one of the biggest fall offs ever as far as the movie industry.

For the first time in 14 years, we don’t have a Marvel movie, which thank God, because I hate those things. I’m one of those people. Number two, there are no big box office, a movie’s coming out. The fall guy saw that. It was fun, fun movie, but it only did $24 million in sales. So, is this the end of the Hollywood blockbuster? Last big movie that you guys saw, let’s face it, was Maverick. We haven’t seen a movie since then. It was like that. Final, story. General Motors. General Motors steps forward after 30 years and is getting rid of the Chevy Malibu.

So, they can produce EV cars. Wow, okay. Get in line. Now, I had a Chevy Malibu. It was a great work car. It was, you know, a nice sedan, but it brings up the question, what is the starter vehicle right now? What do you, what, what, what simple car can kids buy that’s inexpensive? Don’t say the Honda Accord and things like that that are 40 grand right now. Don’t say that, because I’ll tell you, I lost my mind when I saw a guy driving a Honda Accord and the sticker on the side of it said $38,340 to it, and I tried to get out and take a picture of his car and couldn’t do it.

So, they’re getting rid of the Malibu. And again, so many problems with General Motors, but is this just another problem for them? So, let us all know. Don’t forget to plug your electric car in and wait, okay. Also, there’s an idiot out there that had a Tesla Cybertruck that wanted to show how everybody, how it had a guard on it that if you something gotten away of the, the hatch closing, it would automatically stop and he broke his finger and filmed it like a complete tool, okay. So, anyways, you want to get a hold of me? Hello at iallegedly.com.

Just a quick video to get. I hope you like the show because it was worth doing anything you want to start guys. There’s a way to start a business, but people think, oh, I need a ton of money. You don’t. You can do things inexpensively. That’s how you start a business in 2024. Reach out any time. Good luck to you. I’ll be back home tomorrow. See you guys soon.
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