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Old Today, 07:28 AM
 
Location: Podunk, IA
2,712 posts, read 1,282,133 times
Reputation: 2843

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Quote:
Originally Posted by twinkletwinkle22 View Post
goodby Medicare
If I were a betting man, I'd definitely put my money on Medicare going away in the future... and being replaced by single payer.

 
Old Today, 09:15 AM
 
11,963 posts, read 6,185,291 times
Reputation: 21976
Quote:
Originally Posted by eaton53 View Post
If I were a betting man, I'd definitely put my money on Medicare going away in the future... and being replaced by single payer.
Err... Medicare is single payer.

I donít see Medicare-level coverage for all any time soon. Nobody wants to pay for healthcare for poor people. I see steadily declining Medicaid coverage as the elderly who run out of money land in nursing homes. Thatís 35% of spending now and projects to 50% when the last of the Boomers hit 80. Propping up broke old people in nursing homes is politically viable since old people vote. Spending for low income people who donít vote is unlikely.
 
Old Today, 09:29 AM
Status: "SQAL for short." (set 14 days ago)
 
62 posts, read 9,493 times
Reputation: 89
Quote:
Originally Posted by PriscillaVanilla View Post
If someone graduates college during a recession year, there's a good chance they're career will never get on track or it will take a long time.
Quote:
Originally Posted by Thatsright19 View Post
And there’s also a chance that those who secured jobs and made it during those times are more hardened because of the fierce competition. The hottest fires make the hardest steel.
I think it's a little bit of both. I graduated uni in 2008 in Detroit. Let that sink in. That region was probably 10-20 times worse off than most others in the US, amplified by the financial struggles of the Big-3 auto makers.

I think that experience made me more resilient, and more financially cautious.

I moved across country, to a place where I had no ties, to secure employment. Over the past 10 years, I've navigated the labor market and increased my income by over 170%. I still live fairly conservatively, though I do buy myself some toys here and there as a reward for my hard work.

If anything, graduating in the recession taught me to keep pushing forward and to always prepare for a rainy day. I have close to a $20k emergency fund, which at times, doesn't feel like nearly enough if times are bad for over six months. I've noticed that many people who've not had to struggle as such tend not to live life by this code. They give up too easily, and they spend, spend, spend until there's nothing left.

Last edited by Sir Quotes A Lot; Today at 09:38 AM..
 
Old Today, 10:08 AM
 
8,465 posts, read 8,733,626 times
Reputation: 26379
Quote:
Originally Posted by mathjak107 View Post
I just love when you get these posts that try to speak for an entire generation
He does and its a gross generalization. For example, my son is completing his accounting degree and with his work ethic I expect he will do well in this world.

He does make one point that I agree with though. People are quick to blame government for the economic woes of millennials and other groups. They frequently give business a free pass. Too many businesses are not doing their share. I would include in "doing their share" taking on some responsibility for providing job training and education for those they want to hire instead of just expecting the new hires to acquire this on their own.

Succeeding in today's world is challenging. I accept that. I don't like people like the OP who come to simple and often untrue conclusions due to a failure of analysis.
 
Old Today, 10:36 AM
 
Location: SE WI
425 posts, read 299,384 times
Reputation: 1039
Being one myself, I have zero sympathy for any millennial that can't get on their feet. As I worked my way through college while watching green haired housemate squander her student loans on lifestyle choices, they can all just suck it up as she was far from alone.

There is absolutely no reason in this economy that a young person can't be debt free and saving for their retirement by their early 30's or sooner.

On another note, every time I read a post in the retirement forum about someone paying for their kid's education or bills I want to puke....
 
Old Today, 10:56 AM
 
Location: Paranoid State
13,039 posts, read 9,735,577 times
Reputation: 15511
My daughter's a Millennial, as are all of her friends. All have jobs paying north of $100K. She's debt free. Her equity portfolio is about $300K.

https://www.cnbc.com/2018/12/10/job-...cord-high.html

Quote:
  • Total available jobs stood at 7.08 million for October, the second-highest level surpassed only by the 7.3 million in August, the Job Openings and Labor Turnover Survey showed.
  • The report further reflects a tightening labor market in which the unemployment rate stands at 3.7 percent.
 
Old Today, 11:27 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,355 posts, read 3,538,363 times
Reputation: 6030
Going back to the person who made the video, I actually have watched nearly all his videos. Overall I would say he brings up a lot of good points and insight. Maybe not all agree with everything he says, but overall I think he is beneficial for people who only know how the old ways of l8fe to at least see a different way.
 
Old Today, 11:46 AM
Status: "SQAL for short." (set 14 days ago)
 
62 posts, read 9,493 times
Reputation: 89
Quote:
Originally Posted by TRlaura View Post
Being one myself, I have zero sympathy for any millennial that can't get on their feet. As I worked my way through college while watching green haired housemate squander her student loans on lifestyle choices, they can all just suck it up as she was far from alone.

There is absolutely no reason in this economy that a young person can't be debt free and saving for their retirement by their early 30's or sooner.

On another note, every time I read a post in the retirement forum about someone paying for their kid's education or bills I want to puke....
This seems a bit biased and hyperbolic.

I can think of one reason, in this economy, that a young person can't be debt free and saving for their retirement: a chronic and/or debilitating illness, for instance.

While I think everyone needs to take personal responsibility for themselves when capable, let's not forget that unforeseen circumstances can derail all of our perfectly planned-out lives.
 
Old Today, 01:45 PM
 
336 posts, read 68,416 times
Reputation: 441
Quote:
Originally Posted by Tencent View Post
https://youtu.be/sf1Nxy2EiK4

I've been saying the numbers don't add up. This is why a record number of young people live at home or with multiple roommates.

Back in the day a Gen Xer could stand on their own by age 30.

For Millennials it will be age 40+

For Gen Z - Never???? (UBI a la Ocasio Cortez???)

The problem is not financial responsibility or knowledge. The fact is financial savvy matters not when there's no money leftover to manage.

Some may say the rent in his example is too high. Don't nitpick the details. His estimates on the WHOLE come in about right.

The numbers didn't start adding up for me in NY until I reached age 30 and broke $100k, which was recent. But how many here will break six figures? Not many. I will soon be able to save, invest and pay down debt rapidly. But for every one of me there's 5 other guys my age languishing at low end jobs stuck in a rut unable to get out.

It's not a personal problem. At this point it's a societal problem which requires a systemic solution. If we don't get young people working in meaningful productive and lucrative employment our economy will collapse.

Business needs to be held accountable as well as shareholders for growing their endeavors. No handouts required. Be a true capitalist and EXPAND. Stop sitting on cash and constantly buying back shares. Invest in the future generations otherwise there will be nowhere safe for you to live or retire to. If this wealth gap continues we WILL be living in a dystopian world like "Escape from NY", guaranteed.
Everyone's circumstances will vary but I can speak for my daughter's situation who is a millenial and very successful and a salary in the upper 20% and where I see the economic deck stacked against a millenial in genral terms. As the video, outlines what is important is your net, not your gross and discretionary income. Discretionary expenses aside:

1) My daughter has significant payroll deductions and co-payments for healthcare and she works for a large employer so her deductions are probably at the low end. My generation didn't pay for healthcare until much later in my career. With that savings, I was able to put money into 401(k) at an earlier age.

2) Student Loans - Most jobs require a college degree that years past could be had without a college degree. College tuition increases exceed the rate of inflation. Obviously, some millenials choose degrees that have a poor roi but, lets face it, not everyone is able to handle the math and science required for some of the higher paying jobs or temperment for high paying sales jobs. So some go into lower paying professions that require a college degree.

3) Boomers that are not retiring from jobs with good income, pensions, etc. I have seen many staying in government jobs, teaching professions to increase their pensions. Good for them but not so good for those graduating with degrees in education.

4) SS & Medicare - There is no doubt that millenials will carry this burden given the demographics through payroll taxes ( medicare and social security), net investment income taxes, medicare surcharges and whatever else the legislators come up with.
 
Old Today, 02:26 PM
 
416 posts, read 158,525 times
Reputation: 1076
Except the people (old and young) who were born with a silver spoon in their mouth, most of the the successors are the ones who have plans, make goals, study hard, work hard, save for rainy days, take responsibility for their own life.

The losers are usually the ones who are spoiled, lazy, feeling entitled, blaming on others (their parents and society). They never want to take responsible for their own life. They expect their parents, society to hand good jobs with high pay, things, money to their hands. They want to take advantage of others as much as they can. They associate with their like-mind "friends". They admire those who can take advantage of others. They think those are smart and want to follow their steps.

Take a good look in all generations and families, no matter rich or poor, the ones who don't blame others and work hard always do better than the ones who just want to sit there, play games at home, feeing entitled, and blame, blame, blame.
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