being rich is pointless

0:03 Who wants to be a millionaire? See, I've been saying this for a while. We're all going to be millionaires. We're all going to be getting $100,000 social security checks. We're going to be rolling around our Deutsch marks in wheelbarls. I mean, I mean dollars in wheelbarls racing to the store once we get paid to get food. [ __ ] beef going from $34 to $39 in the matter of four weeks is a $280% inflation rate. That's hyperinflation territory. Don't worry though, we've got a rosy picture of it. America has a new type of millionaire.

0:51 Haley Bieber sells Road to E.L.F. Cosmetics joining Bill Beauty Club. Who the [ __ ] is Haley Bieber? I don't even know who that is. Is that Justin Bieber's sister? And she kind of looks like a dude. Yeah, I don't know who this is. Haley Bieber. Here we go. Is this Justin Bieber's sister? I'm your sister. I'm your sister. Yeah, her face her body's okay looking, but her face looks [ __ ] up, man. Like even the no makeup quirky fa like even that like that doesn't look that's not cute. These women look like they're How old is she? How old is How old is Haley Bieber? 28 now. Okay. It's the wife of Justin Bieber's wife. Yeah. I

1:38 had no [ __ ] clue who that is. Why would I know who that is? 1996 was 28 years ago. Stop it. Stop it. it. I can't stop it. I I I 28 years ago, man. America has a new type a better class of criminal. This is by Hugh Cameron, who is the youngest. I mean, he is like quintessential. He's he's got a nice jawline at least. Alliance news. He's been writing a lot. Gen Z leading America's boycott charge. What happened to Dodge? I don't know. Dr. Phil's media

2:23 company accuses Christian Network of sabotage. A growing number of Americans are joining the ranks of the country's millionaire class. Seen by some as evidence of the that the American dream is alive and kicking, but dismissed by others as the result of inflation and broader economic trends outside of their control. Are you sure you wrote this, Hugh Cameron, or is this just AI? Hugh Cameron? Humongous? We're just going to call you Humongous. That's This was written by Humongous. Remember Humongous? According to a new report from UBS, an additional 379,000 Americans. That's a very even number. That's a That's a specifically even number. 379,000. Not not a digit above

3:10 379,000. Not a finger, not a digit above. Americans became millionaires in 2024, equivalent to over 1,000 per day. How? As a result, the United States now hosts a greater number of any other country on Earth, just shy of 24 million. More than China, France, United Kingdom, Germany, Canada, Japan, and Australia combined. This it's all inflation. All of it is inflation. It's all inflation. This is not real. None of them earned it. Like sure, some there's people who built companies over decades who obviously earned it. There's people who invested diligently, but then you

3:57 buy the right piece of real estate. It's [ __ ] random almost which neighborhoods get picked to go up. If they build a [ __ ] like factory next door, if they build an intel plant, eminent domain in your house, like you, it's all random. It's not worth f it's not worth trying to be a millionaire. It's not worth trying to be rich. You It's I'm it this is almost like a non- thing. It's like a non- thing. It's like, of course, there's going to be more millionaires now. However, not all US dollar millionaires are alike. The investment day bank said in its report, while the traditional perception of millionaire may conjure images of lavish lifestyles and sprawling estates, that UBS noted that most of these individuals could be classified under the umbrella

4:43 of everyday millionaires. Have they been they have been drinking the Dave Ramsey blood? They've been drinking Dave Ramsey juice. Everyday millionaires, a heterogeneous group consisting of those with assets valued at between$1 and $5 million. Oh, the poor. The working poor valued between$1 and $5 million. A million dollar should pull you an income of about $60 to $70,000 a year. Now, obviously, if you have a million dollars, some of that's going to be in real estate, which if you have a million dollar worth of real estate, I'm assuming your real estate has paid off. Cuz if you have a million dollar net worth, what are you doing carrying a note? If you have a million dollar in

5:28 investments, that should pay you $70,000 a year. Conservatively, $70,000 a year without That's five grand a month without pulling off the top. You should be able to get 60 or 70,000. Five grand. You can live on five grand a month if you don't have a mortgage. I the working poor $5 million globally. The number of these Emily's Emily's Emm M I L L I S has quadrupled since 2000 to about 52 million who together now account for roughly 107 trillion dollars of world's wealth. The American dream today looks a little different than it used to. Andy Smith, executive director

6:14 of financial planning at investment adviser Edelman Financial Engines. It's less about flashy success and more about setting goals, saving consistently, and making smart financial choices over time. He told Newsweek, "For many, reaching millionaire status is simply the result of years of careful planning and sticking to a plan, even when headlines make it tempting to do otherwise." Yeah, of course UBS is going to sell you on this dream that keep keep giving us your money. We're we definitely won't have a 20% market crash. We'll definitely keep your money safe. Don't worry about us. UBS is on the case. God, these people are insufferable. Sponsored by UBS.

7:01 According to UBS, the biggest catalyst of the growth of this group has been rising real estate values. Yep. The US, according to government figures, median house prices have risen over 150% since the start of this century and some projections pointing to a further increase of nearly 40% by the end of the decade. Four, they got five year they got four and a half years to get 40% appreciation. That's actually pretty doable when you look at year-over-year. If you do 10% a year for four years, that's 40%. I there's some analysts that say that we did all of our inflation for the 2020s in the first year of 2020s because of the pandemic. It It's going to go up because Trump just

7:47 signed the big beautiful bill. Like it's that's inflationary. I don't care what any conservatives try to say. It's not fiscally conservative. There's nothing fiscally conservative about that. goddamn massive spending package. The America's monetary policy is nothing but spending. It we are riding long into long into the tooth the hedgeimonyi America has enjoyed for over a hundred years. We are really leaning heavily on this legacy that we have as the world power. assuming people are still going to buy our debt and assuming people are still going to be flooding the market with

8:33 money. It's it's all a giant shell game and it doesn't matter what what was it the Weimar Republic. There was a guy that was able to buy like whole blocks of real estate with a with a silver coin like at the end of the the crash in the 20s or 30s or whenever the the National Pizza Party came to power. It was um there was there was whole swaths of real estate that were able to be purchased for a for a gold coin which is wild. It's wild. Harvard economist uh David Leonson a Harvard economist and school of wealth accumulated accumulation noted the influence of real estate prices but also the outsized impact of the stock market on Americ's net worths it's all fake

9:19 given these are often tied to market linked pension funds and retirement savings accounts when the stock market rises sharply many US households become millionaires because of appreciation in their retirement portfolios. Yeah. And my grandpa uh he would have died a millionaire. His one goal in life was to die a millionaire. He talked about it often. He's going to die a millionaire. The guy didn't he had to go back and get his GED after he was in the service. He didn't graduate high school. He's from Lancaster, Ohio. And yes, it's pronounced Lancaster, not Lancaster. Lancaster. He was from Lancaster, Ohio. He grew up in a two-bedroom cinder block

10:05 war barracks basically. Poor lots of brothers and sisters. Lots of brothers and sisters. Went to the Air Force to avoid the draft. Ended up serving in the part of the Air Force that is basically Army. I don't know what it's called. I don't remember off the top of my head. Everybody's going to go crazy in the comments because I made a mistake saying something about the military. Sorry, guys. Sorry you have nothing else going on in your life but what your [ __ ] rank was when you were 22 years old. He was in the Air Force. He served in an army capacity in the Air Force and then he was like a medic and he ran a pharmacy in Vietnam or something. I

10:51 don't know. He he was in the Air Force for 22 years. He got out of the air force and went into private. He worked for the government. He was in health care where he ended up dying before when he retired. He he was retired out of the Ohio healthc care CEO planning commission. He was the CEO of like the the planning commission that built hospitals in the state. Big deal. But we didn't have health insurance, but my grandfather was in charge of where the hospitals were built. It was it's a whole thing. Anyway, I remember my dad showed me an offer letter that he got in like 1997 for like75 thou $85,000 a year or $75,000 a year, some really high number for the time. So, you know, and they had

11:36 new cars, but new cars were not as expensive back then. You could buy a new car in the7s for $10,000. And he did. They built a new house in 1970. Uh I think it was $31,000. It was a buy level. Beautiful place. It is owned by other people now. They've have a whole life there themselves and they, you know, they've they've taken that house and made it their home. That was a house my grandparents built. They moved up from Georgia and built it. My dad came of age there. I mean, that's, you know, it's a big deal. He worked at the base. He died almost a millionaire. 2008 happened. He was worth like $900 some thousand

12:23 dollars. He lost 20%. He never regained it. He died in 2012. He um I think he died of heartbreak. Um my grandmother passed in 2009 due to some medical complications after a procedure and I will never forgive doctors for that. I probably shouldn't even be saying this stuff and I you know but I think my grandfather died of a broken heart. He withered away to nothing. He got real skinny. He got real sick. He just he never recovered from that. Uh his woman, his wife was his world and he was a greatest generation, silent

13:09 generation, whatever 1930s was one of those two. and his wife was his world. They were married for 53. They were married over 60 years. I think when she passed, I think they got to 60. I don't know. But he died of a broken heart and he left eight or 900,000. There was some real estate. There was some other assets. It ended up coming down to the point where like the cousins all ate each other basically over 50 grand a piece. Like I remember sitting in this [ __ ] conference room where the trust was going to get read or the will was going to get read like a year and a half after the [ __ ] funeral and they they

13:55 all came in with their babies and all looking like mothers and [ __ ] and all like like put upon and like oh we're we're see they had their crying child on their shoulder like we need the money right now. Oh, we need to Are we getting a check today? We're getting a check today. Right. Oh. Oh, they they're [ __ ] two babies on each arm. Like just [ __ ] white trash [ __ ] behavior. Honestly, lowbrow white trash [ __ ] behavior. If you ever see this, you know how shitty you acted over that whole thing. You know how you know there's a reason we don't talk to you anymore. If you ever see this video, you know you act you you broke my dad's heart over that [ __ ] Bunch of jerks. And I I don't care. I'll put this out publicly. You're a bunch of jerks. You destroyed the family over maybe

14:42 $800,000 total. Maybe like what was it? 50 grand a piece we got if that. You [ __ ] destroyed the family over that. Good work, guys. Bunch of [ __ ] rednecks. Jesus Christ. Blood ain't thicker than water. And I'm I'm sorry. It it that was a terrible day. It was a terrible day to just sit there and have this malstrm of people screaming at each other, getting ready to act like they're getting ready to pull a gun out and shoot each other over 50 [ __ ] grand a piece. Like you can make that in a year with a part-time [ __ ] I'll make that this year on YouTube. $50,000. Really? Anyway, talked about

15:29 that too much. He almost died a millionaire. He didn't. And I know it bothered him. You could tell it bothered him that he got to the the end of his life and then 2008 they rugpulled him. And I watched my dad. I mean, he my dad didn't invest anything in the last 15, 18 years, however long it's been. He he saw that happen and he's like, "Yeah, this is [ __ ] I'm not going to participate in that madness." And I the only reason I have retirement accounts is if I get a tax advantage that year to put it in. Like if I end up owing if look if I end up needing to put some money in a SE IRA to get out of some taxes this year. I'll do that. But

16:15 otherwise, I'm not investing. [ __ ] that. They just take the money anyway. I'd rather have a real asset like real estate. And yes, I know your real estate value can plummet, but you know what you can do with your real estate? rent it out, you can live in it. Having your name on the deed of something is kind of important. It just stock market's [ __ ] The stock market's [ __ ] Against uh the notion that the rise of everyday millionaires signals the resilience of the American dream, economist Damon Jones similarly told Newsweek that much of this trend stems from asset appreciation and currency inflation rather than any real increase in how broadly attainable millionaire

17:01 status has become for those without existing wealth of some sort. That doesn't sound like we are looking at rags to riches, he said, noting that the UBS report also mentions that the US has undergone one of the greatest increases in wealth inequality of any country. this. I don't care. I don't care. It is easier than ever to go out and make 20 [ __ ] dollars an hour. I'm I'm I know things are really expensive. I know that life is obscenely I'm living it. But honestly, you can go out today and go get a factory job that will not kill you. By the way, OSHA exists. They're not allowed to kill you in factories anymore. 20 bucks an hour. 20 bucks an hour to show up on time and sober. You can't do that.

17:49 Jesus Christ. In its report, UBS also pointed to another factor that impacts America's millionaires both every day and the ultra wealthy. Exchange rates. Yeah, this is something I never really If one year the USD is particularly strong, it will push the apparent growth in the wealth of the US visa via the rest of the world. Is the dollar strong right now? I don't feel like the dollar is very strong right now. Even if there's no underlying growth to speak of, while the opposite will occur in years with the US dollar weakens over the past few years, the US dollar has maintained remarkable value thanks to its statues status as the world's primary reserve transaction currency. The global population of dollar denominated assets like US treasuries, the country's overall economic might. In recent years, the dollar index, which measures its

18:34 value, what is this linked to? Its value relative to basket of foreign currencies has remained without fail above 100. indicating sustained strength versus its peers. However, let's see what is the Dixie at Oh, look at that. It ain't 100 right now. When was this written? July 4th. It is not 100 right now. It is under 100. It's been under 100 for a while. Oh, that's a one day chart. What's the all? Here's all. It just dipped under 100. April, it dipped under 100. It was under 100 in

19:20 2022. It took March of 2022 to go above 100 and now it's under 100 again. Yeah. So, this guy doesn't know what he's talking about. However, since the reinauguration of pro Ronald Brump Donald Trump, the index has fallen by around 10%. The weakest first six months for a president since his introduction in the 70s. That's basically that's conspiracy. There's a reason for that. Attributed to a mix of America's growing debt crisis and the impact of the administration's trade agenda on the country's economic outlook. Labson also pointed to the impact of inflation and

20:06 currency devaluation on the number of millionaires, telling Newsweek that the term now punches far above its weight. Yeah, nobody nobody's going to give a [ __ ] when everybody's house is worth a million dollars. It's like these salaries. They keep trying to print salaries back down to 60, 70, 80,000 bucks. People, we need it's that we you're gonna have to work five jobs. You're gonna have to Being a millionaire in 2025 is not comparable to being a millionaire 50 years ago. He said a household that has a million dollars in 2025 has the same buying power of a household that had 165 tw look at this. 1979 $165,000.

20:52 Let's go to the inflation calculator. Uh real inflation calculator. I really want to. There used to be t is it this one? Boy, I love this like 1992 website. The inflation calculator doesn't appeal appear to fail at work. Okay, consumer price index. Oh, it's cuz I'm in dark mode. I guess I got to go to There we go. I guess I have to go to uh Safari now. I can read it. Six selectable data sets. Let use Tom's inflation calculator for your own purposes. The deflation inflation data is the consumer price index 1665 to

21:39 2100. The other data sets cover a few years. For most purposes, the default data is sufficient. Use this data set when okay. So let's see. Let's compare. Let's say $165,000 starting year 1975 target year 2025. So 50 years $981,000 in 2025. Social Security wages, Medicare inflation, CPU, personal consumption expenditures. Okay. So, let's go back to this one and we'll go back to the CPI

22:24 inflation calculator. We'll do $165,000 in January of 1975 and then we'll do January. No, we'll do May. We'll do May to May of 25. Yeah. A million dollars. 165,000. Yeah. But okay. Okay. So, you say $165,000 in 1979. What was the median salary in 1975? 11,000 bucks. The median salary was $12,000. That means 50% of the people made over $12,000 and 50% of the people made under

23:10 $12,000. Of course, $165,000 in 1975 felt like a million bucks today. People made 12 thou they made $1,000 a month. That's $250 a week. And they pulled taxes on that. Yeah. $165,000 feels like a million bucks because it it effectively was. People weren't earning people were the median salary in 1975. Look at this. All right. Can we do median salary chart over time? Here we go. Real median income, United States. Okay, I got to take this out of dark mode. So, I got to go back over to Safari.

23:58 There we go. Now I can read it. Max can do max. That is max. 1984. 58,000. Wow. It jumped up to 58,000 by 1984. See, everybody feels like they're richer. Wow. It went down in the '9s. The median household income. So that's not individuals though. That's household. So can I do median? Can I do median individual income? Median individual income chart. So they have real median household, real median personal income. Here we go. I can't read. Okay, I guess I can read

24:43 this. 1975, $27,000. Okay, now wait a minute. The Fed is saying it was $27,000 and then my Google search said it was what? 11. So they're doing okay even. So, so okay, 2019 they're saying it's $42,000 and then 2023 they're saying the individual income is 42. This also these income numbers you have to remember probably. Okay, so it peaked in 2019. Really? That's interesting. You also got to remember that like schedule C and escorps, they can you can gross hundreds of thousands of dollars,

25:28 but then with a little bit of tax like finagling, you post 50 grand. Like when you're when you're filing as a small corporation, escort, the IRS requires that you pay yourself a quote unquote reasonable salary. That means that you get all your gross receipts and then you roll through a payroll processing company and you actually cut yourself a check, a reasonable salary check, which is about $40 to $50,000 a year. You pay yourself, you pay your taxes against that. You basically take you're paying yourself a salary and you're pulling taxes on that. So your self-employment tax and everything like that comes out of the $50,000. Chad Elkins can explain it better, but when you look at personal salary numbers

26:15 and they say it's only $42,000, again, this is not household. This is personal salary, population, employment, and labor markets. Let's look at the data, labor market conditions, population. So basically my point was like when you see $41,000 as the median personal income that includes a lot of self-employed people that are making way more than that and tax writing off everything. All right. Household median income chart. They're saying the household median income is double than that. So if you're going to have dual working households. So 1984 it's closer to what the single

27:02 individual income was in the 80s and then it really starts to split away here in the 201s in the 2000s. Yeah. 2000. See it's like $71,000 in 2007 which is crazy high. Now it's $80,000. Household income is $80,000. Dual income, baby. So, if you have two individuals making 40 grand, that's $80,000. Married fi filing jointly, couple of kids for some tax credits, you're doing pretty all right. Okay, let's let's get back to our

27:48 humongous article. Household income, okay, 165,000 in 1975. But as we took our little sojourn down inflation alley, we realized that incomes were a lot lower in 1975. While Americans everyday millionaire have grown in number, this is largely thanks to forces beyond the Emily's direct control. And a change of fortune for the US economy could halt or even reverse these gains. But for those still hoping to break into this bracket, Andy Smith of Edelman said, "The key is long-term discipline and commitment to one's own financial plans regardless of headlines and periodic economic volatilities." Yeah, it's Yeah. The problem is you're not your life circumstances are not going to allow you to consistently

28:34 save x amount of dollars every month over time. You're going to have times in your life where there are significant windfalls and you're going to have times in your life where there are significant shortfalls. It's not it's it's a gauian. It's a it's a what do they call it? Parabolic graph. It's not a it's not it's like the hot meter with like like with women and their attraction to men. It's not linear. You can't be a seven or an eight. You have to be a Gazian nine. like a like a you gotta be on that hockey puck. You gotta be You gotta be at the end. You gotta be a male. You can't be a be a oh, he's just a seven.

29:19 You got to be a male. I am not a male. I'm a take what I can get male. Oh, even with the market up its downs, people who stuck with their financial plan and didn't panic during the tough times have seen their wealth grow over the years. as he told Newsweek it it's not a matter of not sticking with it in the tough times. It's like some people literally can't make enough money to cover their basic bills and I can't invest right now. I'm making decent money right now and I'm paying down debt. I I think it is a safer bet for me to pay off my mortgage than it is to put any money in any markets right now. Not investment advice. It's a reminder that saving as much as you can for as long as you can is vital, but it's also a reminder that staying

30:04 committed to long-term goals can help pay off. Here we go. The real conversation is always in the comments. Extreme home evaluations have made millionaires millions. Yep. Which is fine and dandy until the property tax bill arrives in the mail. Yep. Being a Republican helps. You're a [ __ ] It's called inflation. Yep. There are two paths to wealth. Acquiring much or desiring little. That's it, Brendan. He gets it. There are two paths to wealth. Acquiring much or desiring little. Millionaire on SNAP and Medicaid because today's billionaires are the new millionaires. American dream scaled up for the oligarchs. No, the American dream had to scale up for globalization. It's not. And yeah, sure that you could

30:50 argue that that was a result of the oligarchy, the rich rich alisium elite. Fine. It's still a by like the the the method they used was rampant globalization and importing a bunch of people to take them keep wages flat. Combat global poverty. It's better to hire skilled and unskilled immigrants than American or European. Just as it is better to purchase imports than Democrat unionade products. What? It's the new administration's bestkept secret. Want to buy a bridge? Don't ever forget that there's one thing money can't buy. It's called poverty. No matter how negative the article, I hope my IRA and other accounts keep going up. Donald Trump's approval rating collapses. Boy, there you go. Going to

31:36 be a lot more millionaires cuz everybody's broke. Look, net worth is a fool's errand. Being a millionaire is pointless.