Can You Still Afford Your Home? | I Allegedly

Hey, it’s Dan. Welcome back. You’re watching. I allegedly, and I am in New York City still, and it is crazy. I’m in Times Square and we’re going to walk around the city, talk about business, the news, and so much to cover, from insurance to real estate to letters. You guys sent me a little bit of everything. We’ll hit Central park as well. But don’t forget to hit the like button.

Don’t forget to subscribe to the channel. Let’s get right into it. First things first, Allstate insurance. Allstate, they just announced, hey, we’re going to start writing policies again in California, across every sector. Isn’t that great for you guys? Fantastic. Only problem is that they’re going to have a 30% increase. Look at all the constructions they have over here. So 30% price increase on everything across the board. Okay.

Unbelievable. Absolutely unbelievable. So get ready for this, guys. It is going to affect everything. You’re going to see people that will not be able to afford the houses that they’re in. I’ll cover that a little later, but this is going to be a huge problem across the board. Think about this. Real estate new construction. In the course of the last year, it is down 15% overall. They think it could drop as much as 35% over the course of 2024.

Okay, this is bad, guys. This is going to be catastrophic. As far as the numbers that you’re going to see now. Here’s the thing. You’re going to see more builders that are going to go out of business during this time. They will not be able to afford to complete projects. The interest rate drop, that’s going to happen 19 times, and your houses are going to be free again.

Is never going to happen anytime soon. That’s going to fix this debacle. Remember that. You’re going to see it get to a point that you’re going to see builders go out of business. Now, one thing I was blown away about is here in New York, there’s so much construction going on, and there is so many people that have a tremendous amount of money out here. It’s just unbelievable.

Now, Carlos wrote me about two great stories. I want to talk to you about Wells Fargo. The first one is really important because he brought up a really important point, and that is when you have a beneficiary to an estate, whether it’s a 401, an IRA, a bank account, you need to make sure that this is set up in such a way that you know who the beneficiary is, because let’s face it, Dan could fall in love six times between now and the time I die and I change it to Glendis, Cindy, whoever, Bob, whatever.

Okay? The only problem with that is that if you don’t change the beneficiary and somebody passes away, Aunt Martha passes away, and you think, oh, I get the 401k, you’re screwed. Carlos is experiencing this right now where him and his sister have a 401k that was left to them in the trust. They go to Wells Fargo to cash it out, and the money is not in their name, because there’s two random people that they have no clue who they are listed on the beneficiary statement.

How about that, guys? How about that? So, make sure this stuff is up to date in your own estate. I don’t care if it’s five grand that you’re giving somebody. Make sure you know who your beneficiaries are, because it makes it so if somebody passes away, they can go to the bank with the death certificate. Okay? That’s simple. Now, other thing is Wells Fargo. He has a credit card with.

He’s got a $10,000 credit line with, and he borrows, uses it, a few thousand dollars here a month, and pays it off month after month after month. And right now, he had a large month where he had $7,000 of the transaction, makes the payment, and from his b of a account to Wells Fargo credit card. And they froze the account? Yeah, they froze it. Listen, we want to make sure that you own the account that you paid us the $7,000 on.

I have never heard of that. And as I started researching it, more people have had this problem with Wells Fargo bank verified that those funds are yours. How insane is that? Now, right now, the guy, they’re showing that the payment’s been made, but the funds are frozen until you can prove that those are your money. How about if you met some chick who wanted to write the check for his credit card? Do you know what I mean? It makes no difference who made that payment.

That’s insane. But no, verify that that money came from you. Okay? How insane is that? You’re going to start to see more and more chaos like this in the coming months. Okay? It’s going to happen. So, constant activity down here, guys, a lot to see. I’ll show you more around the city. Just fun. It’s freezing, though. Okay. I am not used to this. Okay. A lot more to come.

Hello. I walk it through New York City and I run into Angela, who says, hey, man, what are you doing? You normally are in warm weather, so out here with my daughter, she had a billboard in Times square yesterday, so it’s kind of cool. So it’s beautiful, man. That’s a nice warm day. Yeah, today is beautiful. Yesterday was really know, cold and windy. Oh, yeah. I hope you enjoy you.

Thank you, sir. It’s a pleasure to meet you. Thank you. It’s an honor. Thank you. You know, it’s funny when you see things on tv, you think, oh my gosh, it’s so iconic. It’s so big. It’s so amazing. This is the ice skating at Rockefeller Plaza. It’s a lot smaller than it looks on tv. Just crowded. Absolutely packed out there. It’s so warm in here. My God, if they would have told me it was $40 to walk in this building, I would have had was nice to see everybody having a good time.

Hey, this is bullshit. They told me if I came to Fox News, I’d get to meet Kennedy and Maria, my two news crushes, but they lied. Stalker. What are you talking about? Anyway, they won’t let me in. So if anybody knows the secret code to get inside the gate, let me know. New York City is nice. It is freezing out here, but I’m right outside of Radio City and there’s a lot to cover in the economy today.

Walking through Central park, you’ve got the bikes that will ride you all over the place. You got the horse drawn carriages. They’re very cool, nice, cold and romantic all at the same time. You can see the Snow. Central park, the water’s got ice on it. It’s kind of cool. I’m going to walk through Central park and I’m going to randomly throw stories out that are just crazy. Okay, first thing, this is awesome.

There is a man who lives in Atlanta who has taken the lawn to his own hands with the squatters because there are over 1200 homes that have been ran over by squatters. They’re selling drugs, prostitution, bad stuff, and the owners can’t do anything. This man is a handyman. His name Flash Shelton. I want a cool first name like Flash. Flash Shelton. Flash Shelton is out there letting people know that he will take care of him.

And this is kind of an old school way of eviction where Flash shows up with some friends and takes care of these people and gets rid of them for you, small fee. But he thinks that the National Guard should be called in because it’s that bad. Is that crazy? Now again, flash Shelton. Unbelievable. Unbelievable. Florida is seeing an absolute rash of house prices dropping in key markets because of insurance.

The insurance is so high that people have to discount the properties. You’re going to see this like you’ve never seen it before. Get ready for this. It’s coming to a city near you. So God bless Flash Shelton. And again, if you don’t think that the real estate crisis is going to get worse, you’re kidding yourself. Absolutely kidding yourself. I love the realtors that write me and say insurance, this will be solved relatively quickly.

Oh, yeah, that’s funny. I spoke to a state farm agent who says that it’s going to get much worse before it gets better anytime soon. When do you think it’s going to get better? I have no idea, Dan, is what she told me. Okay, so get ready, guys. You’re going to see more and more chaos in the housing market and with squatters and people that don’t want to pay things like rent and utilities and stuff like that.

Isn’t this nice? Oh, there’s the ice skating rig. Let’s go take a look at that’s now more random news. First things first. Cisco, the big connectivity company, they’re going to lay off 4000 more people saying that they’re going to eliminate these jobs because of AI. You’re going to have more and more people losing their jobs because of artificial intelligence now more than ever. Now the next one. This has nothing to do with that.

Morgan Stanley. Morgan Stanley is cutting thousands of people from their wealth management division. Why is that? People aren’t wealthy anymore. No, there’s a ton of money. If you’re walking through New York City and through Rockefeller Center, I mean, this just places surrounded by money. Yes, there’s a ton of vacancies for retail establishments, but the buildings, the construction that they’re doing here is unbelievable. It’s nonstop. I thought they were doing a lot in Miami.

They’re doing a ton here. So this is just unbelievable, the amount of construction that’s going on and everything that’s happening. But wealth management, Morgan Stanley, they’re done. A man was arrested for sneaking pythons in his pants from Canada to the United States. And I love this story because Calvin Batista got himself a year probation and a $5,000 fine by sticking pythons, three of them, in his pants, going through customs.

And then they caught him. What is that in your pants, sir? It’s a python. Got a python. You know what I mean? You can’t make this stuff up because it’s funny. Okay, so Mr. Batiste has got himself in some legal hot water and found that to be kind of enjoyable. One other one. Lyft. You’ll like this. Lyft, the ride sharing company. They announced their earnings earlier this week and said that from their press release that the earnings went up 500 basis points, which means that they made half a percent.

And like, everybody was freaking out. Oh, my God. They went up, but it went up 5%. Excuse me. No, they went up half a percent. The stock went up 67% and then crashed the same day. So I wonder if they’re going to have trouble with the SEC for this one because that’s horrific, guys, to lie about that. I wonder if the person that wrote that and printed that got fired because check out the stock price of Lyft.

Because it was funny. It spiked and then crashed on the same day. Hey, look where I’m at. I bet you somebody’s going to say this place is worth like $50. You it. Now, a couple things. Inflation, producer price index, the wholesale prices of what, manufacturers and people that buy things and make things pay for one at three tenths of 1%. So the fed, I love these numbers. Hey, they’re not losing the inflation battle, but they’re not winning the inflation battle.

That’s nonsense. It’s going in the wrong direction and you’re not going to see interest rates go down anytime soon. Retail sales, they thought that they were going to go be down only four tenths of 1%. They were down eight tenths of 1%. And they want to blame the cold weather. Now, I don’t care about this. It’s that, look at all these people here in New York City. You can sit there and argue that the cold weather is going to make them not buy anything.

I just don’t think people have any money right now. That’s why they’re not spending money right now. So it’s not a matter of, oh, we got to find people that are going to buy things. It’s just people have no money. Denise wrote me about one of my last videos and said, my friends live in Germany and they are in full blown recession right now and everybody’s cutting back and they’re telling people the same thing.

They’re telling people here, the economy is great, everything’s good. You have nothing to worry about. Okay, great. But again, people are not. The only people doing good are the street vendors. You want to buy ipods for ear pods for $100. They’re here for sale, guys. Fake Kate spate bags and all this other stuff, you can buy that. But guys, get real with your money. Save your money. Don’t spend excessively watch what you do right now.

That’s the best thing that you can do. It’s the only thing that you can do to combat this. And Denise had this whole plan where she only goes out to certain restaurants that are value based that she feels she gets her money’s worth from. But her friends in Germany, full blown recession, they’re telling them how inflation’s okay and it’s not. Now, Jeremy Grantham, okay, he says, stay away from stocks.

Just get away from the stock market right now. Get your money out of the stock market and do everything you can to be divested from stocks right now. That is crazy, man. The guy’s doing that, saying that. So Jeremy Grantham, the bond king, is telling everybody that that is crazy. Okay? So people are very nice. It’s New York City action, to say the least. But I’m telling you guys, you want to be amongst everybody.

This is the place to be. It is just icy cold and I hate it. You know what I mean? Give me a hot coffee and, oh, my God, look, Elmo’s here. Thank God. Okay, but share your thoughts on all this stuff so far, guys, we’re in the diamond district, all these huge jewelry stores. Hey, what are you doing in this cold weather? I’m going to finish this video with these last few stories and a couple of layoffs.

Whirton tin plate is a tin manufacturer in Clifton Cliffs. And they’re getting rid of 900 employees because they dumped product into the water and the environment. And they got shut down for that by an environmental group and federal agencies. So isn’t that great? These people made these decisions and 900 people are going to lose their jobs as of April 1. That’s horrific. The next one is Nike. Nike is laying off 2% of their staff in a broad restructuring.

And one thing that was funny that was sent to me was Starbucks is doing a revamp and it’s 16,000 locations to make them more family friendly and just a better user experience. Who cares about that? Who cares? Seriously. So just a quick video today. There’s a ton of people out here, but I’m going to end it with this final story. And that is Andrew Wirton from fat Brands says, I want you to get ready to see food prices in restaurants go up like you’ve never seen before.

They’ve gone up another 5% over the course of January to eat out. We’ve talked about this, but it’s getting worse right now because it’s going to get to the point that you will not be able to afford to go eat out. So get ready, guys. Get ready. Yeah, definitely. Please don’t forget to hit the like button. Please don’t forget to subscribe to the channel. And if you want to send me anything, it’s hello@iallegedly.

com. And next time we’re together, hopefully it’ll be a little warmer. Okay. So share your thoughts on that, too. Okay, I’ll see you guys very soon. Bye. .

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