But let’s get right into to it. People send me articles and there are themes that happen. And financially, people are going in the wrong direction right now. And what I mean by that is people are borrowing more now than ever. They’re borrowing money for simple necessities to pay the heating bill, pay the electric bill, make car payments, and now they’re doing it to buy food. So this is crazy.

Now one thing that happened was with Amazon. Amazon’s got the buy now, pay later feature and you’ve got Afterpay and Klarna and PayPal and all these different programs that are out there, but people are financing themselves to the moon to go out and buy groceries. Now read the articles below because it talks about how people are like, listen, I just was in a bind. I was about ten days out from getting paid.

And that’s the thing. People are doing this longer and longer to payday. In other words, they’re going out and they’re getting groceries, getting the necessities just to get by, but they have to extend the payments on this, sometimes two and three months, and then they’re just doing it over and over again to where they have two or three of these that they have to pay for. That is an absolute disaster right now.

But as we hit $1. 2 trillion in personal consumer credit, it’s at 1. 15 and climbing. It’s not going in the other direction. People are not paying things off. People are more delinquent than ever, but they’re going to borrow money just to get by at the grocery store. Now here is the thing that the Fed cannot argue with right now, and that is that people right now are upside down and in a negative way when it comes to inflation and when it comes to paying their bills right now.

Now here’s the thing that Jerome Powell has lied to us about, and that is that inflation is going to curb itself and get cut down to 2%. And we all know it’s not even remotely close to that because it’s going in the other direction. Now a CNBC article steps forward and talks about how people need to brace themselves for continuing inflation. Okay, brace yourselves, guys. Things are not going to go down in price.

You’re going to see more and more things go up right now and you’re going to have to be used to the fact that people cannot buy food on a regular basis and that you have to get creative when it comes to eating. Think about what I just said. You have to get creative when it comes to eating. And as far as putting things off, now, single friends that I have that live in a budget, talk about how, you know, Dan, I buy the six pack of bagels and I check the dates and all my breads and I know exactly what I can do.

But I will plan my days out, my food out for two and three and four days in advance, which is great. In the UK, you buy the groceries today that you’re going to eat today, which for me, guys, that has saved me a ton of money. I have zero waste in food. I don’t have romaine lettuce that turns into soup in the bag because I just buy it and it sits there in the fridge.

There’s no waste in Dan’s house anymore. It’s really as good. And if there’s takeout or leftovers from restaurants that gets eaten the next day, it’s just a ritual that I’ve been doing for the last few months and it has totally worked for me. Now, speaking of the UK, the one thing that’s crazy is they have lied to the citizenry of the UK and told them, oh, inflation is only at 10% when it’s at 18%.

And anybody, if you read any comments from anybody from the UK, all they talk about is the price is still up here. And don’t worry, it’s going in the right direction. What direction is that? Stabilizing. Is that? The right direction. But people are in too deep right now. People are not making enough money. You’re seeing wages that have actually gone down in the last three years. Wages have gone down and things cost more money.

So when you do the math on that, people are not making enough to get by right now, that’s just happening like that. I really hate these buy now, pay later things. It’s a great way if you’re going to buy a TV set or you’re going to buy a motorcycle, or, hey, I’ve got this big bonus check coming in, or I’ve got my tax refund coming in, that’s one thing, but people are doing this.

And that’s the other thing, is people are going out and borrowing against the tax refund right now like they never have. It’s the largest amount of people have done this than ever before. Isn’t that crazy, guys? It’s just absolutely going in the wrong direction right now. So if you’re one of these people, do what you can do to cut back, do what you can do to curb your bills.

And to understand that I would get a side hustle, I would do anything I could, just not to finance everything because it is a negative path that is very difficult to get out of. And I’ve been there, guys. I’ve financed myself to the moon before and it’s just incredibly difficult. And by stroke of luck and by large financial windfalls that came in, it fixed things. So that doesn’t always happen, guys.

So do what you can do to not borrow this money. And if you know of anybody that’s doing this in these payday loans, I mean, these are just the worst thing. And people I know, people that have written me, Dan, I got a payday loan to pay off my payday loan. Don’t do it, guys. Don’t do it. But if you’re not alone, if you think that, wow, my finances are really screwed up.

They’re screwed up for everybody. Okay? I’m one of the lucky ones that paid everything off and doesn’t have bills right now. That’s where you need to be right now. You need to be at the point where you don’t have any bills and you can sleep at night and not worry about car payments and boat payments and things like that. But share your thoughts on this stuff so far, guys, let me know what you think about this.

And if you’re in this boat, do what you can do to get out of it. Guys, let’s talk about our sponsor, Patriot Gold group. Have you noticed what gold has done since the beginning of the year? It’s hedged much higher. One thing that you can do is add gold and silver into your retirement. The best place to do that is Patriot Gold group. Call them today 883-30-1431 and get a free investor guide and find out how gold and silver in your IRA or 401 can make a huge, huge difference in the future.

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We are all living through this. And that is a very tumultuous financial upside down period where things aren’t really that good and they’re trying to tell us that they’re good, but they’re not. Mark sent me a great thing from his Lowe’s account. And I guys believe in paper statements because if there is a change to your account, they have to send you a letter. If there is an issue, they have to send you a letter and an email.

Face it guys, if you’re like me and you get 480 emails a day, it creates kind of a problem. But Mark got in his Lowe’s statement for his Lowe’s credit card. If you want to stay on paper statements, congratulations. It’s going to cost you a dollar 99 a month. That is thievery, guys. That is an absolute rip off. So if I carry no balance and you send me out my statement, it’s going to cost me a dollar 99 a month.

Get used to this, guys. Get used to things like this because it is a problem. The commercial banking crisis that is about to unfold, because today’s the day that they canceled the new financing and the protection for commercial banks. The visual capitalist I like because it does charts for people and shows people who’s in trouble. Well, they have a list of all the commercial banks that are in trouble and their exposure to commercial real estate.

Oh, okay. Well, is your bank on there? You’re going to be surprised because it’s a bunch of banks you’ve heard of and the smaller, you know. Yes. Wells Fargo, yes. B of A. Yes. Citibank, yes. Chase. They’re all on there. And that is going to be a problem in the future because you’re going to have office buildings that are vacant, that are going to be ripped down, turned back to the bank that in the hotels you’re going to see more and more of between now and summer when people are supposed to be planning their vacations for memorial day and summer.

It’s just, no, we just don’t have the money this year. We’re just not going to do it now. Airfare continues to go high. And that’s the other thing is I was shocked because I found a chart. What are people spending money on? Buy now, pay later. Food and travel. It’s one thing. Okay, I get it. Sometimes you have to finance things. I’m not Dave Ramsey when it comes to that stuff, but to sit there and to finance three and four trips and you’re still paying on one that you did a year ago.

That’s insane. Guys, it’s one thing if Aunt Mabel’s going to die and you got to get out there to see her one last time. I get it. I’d do that in a second. I’d lend you the money for that. So I believe in stuff like that. But you’re seeing it completely upside down. Now. Jane Fraser is the CEO of Citibank and she’s the one doing the restructuring. Now people are starting to say, hey, you know what? Maybe this place is in real, real trouble.

Maybe she’s not going to be able to pull this off and figure this out the way that they think they are just because you’re doing cutbacks. Maybe you’re so far upside down that you’re not going to make money. That’s what people don’t want to look at. There are 100 Disney workers that are like saying, you know what, guys? This California law, we want to get paid $20 an hour to work at Disneyland, too.

Why wouldn’t we get this? Do you see what’s going to happen here? You’re going to have more businesses where people are going to revolt and say, no, I have to deal with the public just like Burger King does, and I want the $20 an hour. So now it’s Disneyland. Workers also, Disneyland, for the first time in 20 years, announced a major expansion of $2 billion for Disneyland. And again, I used to go to Disneyland all the time.

We used to have yearly passes when my kids were young to save my life, I wouldn’t be involved with Disney right now. So we can talk about that all you want, guys, but you’re starting to see these major changes with things like that. And banks have all these unrealized losses where the banks right now have things on the books, quote unquote, assets on the books, like office buildings and things like that that are completely vacant, guys.

So with that, you’re going to see more and more of these have to be realized, that they’re going to have to either be sold or dealt with in such a way that their finances are brought to reality. When they bring this stuff to reality and they start to talk about how bad they are and how upside down they are, this is going to be the thing that’s going to put people out of business.

And you’re going to see banks and credit unions and things like that go out of business. You just cannot continue to finance things like the banks that do the credit union, the credit unions that do the auto loans, autos are completely upside down right now, guys. It’s an absolute disaster right now with how bad the auto industry is when it comes to the financing. The EV car market right now is an absolute disaster and it’s falling apart right now.

Yes, there’s high end cars. There’s a great TikTok that was sent to me where a guy bought $120,000 Audi EV car and said it was the worst decision of his life because of the fact that he can only get 200 miles to a charge and the charge takes forever. And he went to a casino with his wife and said, hey, you need to charge my car because we’ll never make it home if you don’t charge the car.

No problem, sir. No problem, sir. And guess what? They didn’t charge the car. So the guy’s sitting there at the casino and the car is dying. So let me know about this stuff, guys. But again, the financing people that are financing themselves to oblivion, this is just not a onesies twosies, irresponsible college student. These are families that are doing this. These are people that are feeling the wage crimp in their finances.

They cannot get by right now. So let me know what you think about this so far. Share your thoughts on this. I’m going to finish this video with these last few stories and great article below about how you have to accept the fact that we’re going to have a hard landing in the economy. There’s not going to be just this one day that the switch gets flipped and all of a sudden you get to work 60 hours a week again.

You’ve got money in the bank. We’re going to see problems before it gets better. And if you believe that and you get yourself financially ready for that, you’re going to be in much better shape. We’re starting to see companies that do the meal prep places like hello fresh. Hello fresh. Their stock just dropped 42%. Hello fresh is one of those meal prep places that I’ve actually tried. My daughter did a review on it and it was really good.

I mean, we enjoyed it. This was during COVID and it was great. We had the food. We had it all and it was really tasty. But now you can go to the store and buy stuff. You don’t need to spend money to buy a month’s worth of food and have it in your fridge and have all the meals prepped because you can leave the house now. So they are hurting big time.

Stock down 42%. You’re going to see more and more companies like this that are going to go out of business over anything else. I mean, it’s really happened. There was a company called plated that was purchased by Albertsons. It was a shark tank company that Kevin O’Leary invested in. Mr. Wonderful. They made a killing because they bought everything. And then Albertsons hooked them up and did the meal prep there, which guys, I love that stuff.

It works. But again, unless, you know, you’re going to be there for a week, my schedule is such that I could be on a plane tomorrow morning someplace. So it’s never the same. Know, you’re starting to see surge pricing at more restaurants. More know, it’s funny. Wendy said, hey, we’re not going to do that. That’s a misnomer. We just talked about an idea like that. And then now you have half a dozen more restaurants, barbecue places here in California, and you’ve got other restaurants that are, you know, the search pricing thing’s going to work and it’s going to just like when you get an Uber and you pay more during Friday night and Saturday night in peak hours, you’re going to do the same thing at restaurants and you need to get used to it.

The barbecue place that delivers $30,000 worth of food a week is saying, you know what? We’re going to do this because it’s better to have surge pricing, have people pay for it, make a little more money than anything else. Let me know about this. Read the article below, too, about that. The final thing is Burger King. Burger King, who’s got its own problems right now. Burger King’s giving away a free cris sandwich this week for daylight savings time.

And if you buy anything for a dollar, you can get a free cris sandwich and free food, which whenever places like this do these free food things, they kill it. They absolutely are off the chart with it. So will you go to Burger King this week and get a free criss sandwich? I won’t. Okay. Please don’t forget to hit the like button. Please don’t forget to subscribe to the channel.

You want to email me, it’s hello@iallegedly. com. Just a quick video to get back amongst them today. But I am telling you guys, don’t finance food. Please fix your finances. If you’re doing this, you have a problem. Okay? Understand this. It could be just one time, but you don’t want it to lead to a second, 3rd, 4th or fifth. Okay. Onward and upward, guys. I’ll see you very soon.

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