STOP SAVING MONEY | The NEW Economic Threat

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This last week, one of the biggest headlines in the news was that we have a NEW threat to our economy: Americans are saving like it’s the 1980’s.

That’s right…Americans are now SAVING TOO MUCH MONEY, and that’s going to be the new downfall of our economy. After all, if people aren’t spending money…businesses won’t have as many customers, they won’t hire as many people, unemployment will remain high, some businesses might shut down, even more people will be laid off, more people will be competing for the same jobs, that drives DOWN the price of labor, businesses make less money so the stock market declines even more…and now, we’re stuck in a spiraling downtrend of economic mess, all started because people were holding too much money.

Basically…the convention wisdom is: We should all save a portion of our income, and the more money you can save – the better off you’ll be. But, the COUNTER to that argument is: We still need people SPENDING, because – otherwise, businesses don’t do as well, and when businesses don’t do as well, they hire fewer employees – and, when fewer employees are hired, you’ll end up making LESS money – which means you won’t be able to save as much. So, saving money is good for you…but, saving TOO MUCH is bad for everyone else…and that’s where the problem lies.

HOWEVER…in terms of what this means for our economy…we can’t deny that the economy DOES benefit from a surplus of spending…the more money that gets spent, the more it circulates throughout our economy, and the more the entire economy can grow. When the spending stops, that’s bad for business…and bad for growth..

However…if people aren’t spending money…it has to EVENTUALLY go somewhere. And in this case, the more people are saving – generally, speaking – the more money they can INVEST, and the more money they can spend LATER as things slowly improve, which will – again, at some point, end up back into our economy.

Another benefit is that the more money people save, the LESS money is spent on debt re-payment – the less money spent on bankruptcy – the less money spent on payday loans – and that’s MORE free cashflow that can be left over for other, more valuable and important purchases.

We’re in VERY a unique time, NOW, where many businesses were FORCED to shut down, many people were FORCED out of work, and it’s unclear how much demand is going to pick up once things begin to normalize. Should businesses re-open, and there’s NO money to be spent…as it stands right now, that CAN be detrimental – and it’s something to absolutely remember.

So, YES – this is why articles like this point to high savings as a weakness of our economy. After all, the amount of spending and savings is directly correlated with the consumer confidence that they’ll make enough money to pay for the things they buy. When that confidence goes away…they begin saving more money.

HOWEVER…THIS IS A UNIQUE TIME. Businesses might begin to shift more online…restaurants might expand their takeout services…more people could work from home, where retail offices are no longer in demand – and, In the short term, this could be crippling to some businesses…but PROSPEROUS for others.

This might take some time to come back…and, inevitably, there will be businesses that just can’t adapt. Unemployment could remain abnormally high for awhile. But, I believe, EVENTUALLY, businesses will come back up, and spending will increase for the majority of people, although this could very well change the landscape of how we operate our businesses, where we work, and how we smash the like button for the YouTube algorithm.

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  1. As observerd lately,interest of making a fortune from crypto currency keeps growing but a lot of people seem to delve in without a properly laid strategy,which is important irrespective of your hodling or trading route

  2. If you want me to start Exposing people on videos starting with Graham Stephan Like my comment. I dont like making videos, but guys like Graham Stephan that seems legit and nice need to be exposed to. These guys sort of piss me off the most because they try to walk the line of I'm good. Infact they are not as good as you think they are. I even know things that even coffee zilla has not even mentioned yet. I care about others and I care about the truth and the whole truth. Graham Stephan is just one of many that might seem nice but is not that nice regarding really helping others. They will all be exposed and might need more than one video per person. So give me some feedback and I will respond back. Have any questions I will answer right away as soon as possible. I just hate half fake people or fake people that lie. If you want to know specifics about any youtuber including Graham Stephan I have no problem exposing him in a message either.

  3. Yea I'm gonna have to give this video a dislike. OPEN UP BUSINESSES/SCHOOLS etc and just have HERD IMMUNITY. People should have been saving from the get go and we wouldn't be in the whole mess we are in now, OR CONGRESS SHOULD BE SPENDING BY HELPING THOSE WHO WERE FORCED TO STOP WORKING. Sorry but you don't have a leg to stand on, SINCE YOU ARE A MILLIONAIRE WHO DOESNT WANNA SPEND $5 ON A COFFEE.

  4. I was left jobless since March 13, 2020. Only 5 months later am I finding a new job. Of course I am going to save as much as I can. And no I was not receiving unemployment benefits. You know how many millions applied for those benefits?

  5. Hi Graham, I'm a huge fan. I follow you on all social media and see you as a role model as I am only a beginner in my personal finance business endeavors. As a person of color very interested in the personal finance sphere, and a big admirer of your work, I just wish you would say something about the Black lives matter movement. Anything at all. So many people look up to you and you have such a huge platform.

  6. It sounds like a “generation step back” to me. Simply put, the older generation that came through the 80’s were used to loans, credit cards and pissing money on expensive consumables (alcohol and cigarettes), and have since retired and are no longer affected by lifestyle creep because they simply can’t afford it. The average 25 year old now is probably more financially savvy than the previous generations were at their age.

    Thanks to sites like YouTube, we now live in a world where it’s easy to learn how to do things yourself. Saving money is very simple – if you can’t answer “How much do I spend” then you need to start tracking your outgoings. Note every purchase you make over a month and assess how much is going on stuff you don’t really need. If you have a car loan, get rid of it! Trade it in for something you can actually afford and promise you’ll never overpay for anything ever again. There is no such thing as a “good finance deal” because the lender is the only one that wins. Take a flask to work rather than buy a Starbucks, take food to work rather than buy from the corner shop. Walk wherever you can or travel for free where you can (get a bicycle). Get fit – most people could do with shedding a few pounds so clean up your diet and save some money too. Quit drinking, quit smoking and quit gambling. Learn how to invest. Set a savings target and smash it out of the park by thinking of ways how you could save money through good habits that day. I’m not advising people to stop enjoying things completely either, but do things as a treat rather than it be part of your daily or weekly routine. Learn to “make do” with what you have rather than want the next thing.

    Most people’s expenses are autonomous and repetitive which is why things get out of hand so quickly. If you’re renting, could you live somewhere smaller and cheaper that’s also closer to work? Does your next device need to be new, or would a 2yr old second hand model that’s half the cost do? How many monthly subscriptions are you paying for but not getting the value out of? Spotify & Netflix is an expensive combination compared to Amazon Prime as you get access to both Music & Video together. Granted, you might have to lose out on certain content – but is that worth double the cost? Are you claiming tax relief on the things you need to buy for work, why not? Keep it simple, why not repair those damaged jeans instead of buying a new pair? It’s all just food for thought….

    If you take anything away from this ridiculously long post please let it be that all of this can be broken down into a manageable, progressive lifestyle change. You don’t have to change everything in the space of a week, chances are you’ll make mistakes and go too far if you do. Just do 1 of those things this month, then reevaluate.

  7. Corporations get millions in bailout money and I get $1200? Sorry, Graham, but I stopped spending as a PROTEST against corporate control of America. I really don't give a flying rat's a** what happens to corporate america. Enough of it will survive to meet my basic needs.

  8. to be honest, just know that everytime you remind people to smash that like button, it really works LOL. I keep watching all your video and forget liking it, so it's a good reminder. keep up the good work

  9. People are saving just in case they lose their job, or to make sure they are more prepared for something like this. Imagine having not saved anything and then getting laid off. People don't want to be out of money either when the government tries to claim there is a second wave of this hoax virus coming in the Fall.

  10. Hey Graham, just wanted to let you know that I'm using my free YT account on another phone to watch your videos instead of my premium account without ads, just so you get ad revenue from my watch time. That's how much I appreciate your videos. xD

    And yes, I smash the like button on both accounts! 😀

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