The “Middle Class Trap” Keeping You In Debt

about episode 450:

  • September 14, 2023
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Episode #450

The fear of Job loss has become real for most Americans. And if you’re falling into the “middle-class trap,” a sudden loss of income could be even more severe. After the recent tech layoffs of 2022 and 2023, businesses outside of the Silicon Valley bubble are starting to feel the effects of higher interest rates and lower consumer spending. But what happens if YOU’RE the one who’s getting laid off? Will you be able to pay the bills? How much of a severance package can you expect? And what moves should you make NOW to get ahead?

Mindy and Scott are taking questions directly from listeners to put YOU in the best financial position possible. On this show, you’ll learn what to do AS SOON as you hear about layoffs in your company, how much you could get paid for severance, and why you CAN NOT rely on unemployment for everything. Next, we hear from a high-income earner who can’t get out of debt and is stuck in the “middle-class trap.” For those with too much cash on their hands, Mindy and Scott get into investing in syndications, plus what to do if your house bills are slowly eating you alive.

Got a money question you want to ask Mindy and Scott? Head over to the BiggerPockets Money Facebook group, or head here to submit your question for our next Q&A episode: https://www.biggerpockets.com/moneyquestion?utm_source=youtube&utm_medium=description&utm_campaign=none


Show Notes at:
https://www.biggerpockets.com/blog/money-450?utm_source=youtube&utm_medium=description&utm_campaign=none
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Syndications: Everything You Need to Know BEFORE You Invest:
https://www.biggerpockets.com/blog/biggerpockets-money-podcast-219-j-scott?utm_source=youtube&utm_medium=description&utm_campaign=none
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Want More Syndication Info? Email Scott:
scott@biggerpockets.com
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Check Out Mindy’s ENTIRE 2022 Budget:
https://www.biggerpockets.com/mindysbudget
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Surviving a Layoff: What HR Wants You to Know:
https://www.biggerpockets.com/blog/money-380?utm_source=youtube&utm_medium=description&utm_campaign=none
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Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none


00:00 Intro

01:06 Money Moment

02:55 What if I Lose My Job?

13:54 We’re “Trapped” in Debt!

22:37 How to Start Investing in Syndications

35:22 Unemployment Isn’t Covering It!

41:24 I Can’t Afford My House!

47:21 You NEED a Financial “System”

51:44 Send Us Your Question!
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