10 Things the Middle Class Won’t Be Able To Afford in Less Than a Decade

About this video

• Video Title: 10 Things the Middle Class Won’t Be Able To Afford in Less Than a Decade
• Channel: George Kamel
• Speakers: George Kamel
• Duration: 13:28

Overview

George Kamel reacts to a Yahoo Finance article listing 10 things the middle class supposedly won't be able to afford in the next decade. He analyzes each item, offering his perspective and countering the article's claims with his own financial advice and insights.

Key takeaways

• Retirement: The article suggests retirement will become unaffordable. George argues that the issue isn't affordability but rather a lack of investment and people going into debt. He uses a calculator to show that consistent investment can lead to significant retirement savings.
• Private Education: The article implies private education will be out of reach. George points out that private school enrollment is low (10%) and emphasizes the availability of great public schools and homeschooling.
• Streaming Services & Internet: The article suggests rising costs of streaming and high-speed internet will be a burden. George believes competition will keep prices in check and advises against subscribing to excessive services, promoting "joy of missing out" (JOMO) instead. He also notes that internet speeds increase while prices remain relatively stable.
• Personal Fitness & Wellness: The article states that services like dietitians and boutique fitness classes will become unaffordable. George dismisses this as nonsense, suggesting basic, free methods like walking and healthy eating are sufficient.
• Specialized Medical Treatments & Insurance: The article raises concerns about specialized medical treatments and comprehensive insurance becoming unaffordable. George acknowledges rising healthcare costs and insurance premiums (especially homeowners and auto) due to factors like natural disasters, but stresses the importance of budgeting for insurance and understanding coverage.
• Organic Foods: The article suggests organic and specialty foods will be too expensive. George agrees they cost more but notes price variations and advises budgeting for them if desired, rather than viewing them as essential for survival.
• New Technology Gadgets: The article claims the latest gadgets will be unaffordable. George argues that these are luxuries and not necessities, and one doesn't need to constantly upgrade.
• Eco-Friendly Home Upgrades: The article suggests these will be unaffordable. George acknowledges the cost of items like solar panels and advises a balanced approach, doing what's feasible without overcommitting.
• Home Ownership: The article states home ownership will be an elusive goal. George agrees it's challenging due to rising prices but not impossible, advising to aim for homes below the median price and follow sound financial principles like getting out of debt and saving for a down payment.