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Old Yesterday, 10:33 AM
 
1,210 posts, read 293,379 times
Reputation: 1739

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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.

 
Old Yesterday, 11:16 AM
 
66,226 posts, read 67,449,160 times
Reputation: 44385
I just love when you get these posts that try to speak for an entire generation
 
Old Yesterday, 11:16 AM
 
5,755 posts, read 4,333,667 times
Reputation: 11066
Clearly this character is trying to promote his services. What a crock! He claims no one teaches millennials how to live financially. There are tons of existing resources and sources of learning. These includes parents, financial advisers, books, even Susie and the TV shows.

The most misleading of his ideas is that things are somehow worse than ever for millennials. Maybe that was true around 2008-10 but certainly not now with a booming economy extremely low unemployment and growing opportunities for anyone with education and/or skills.
 
Old Yesterday, 11:43 AM
 
2,337 posts, read 1,474,053 times
Reputation: 5073
For the top 20 percent of millenials, the opportunity is near endless.

I think that’s the truth for us. Before, people could be average and have a generous standard of living. People kind of just floated through life without a plan. Now, you need to be exceptional to duplicate it. You need a laser focused plan from even in early childhood.

That’s my opinion. I’m sure some will disagree.
 
Old Yesterday, 11:53 AM
Status: "SQAL for short." (set 14 days ago)
 
62 posts, read 9,493 times
Reputation: 89
My dad was a truck driver, my mom scooted around from one low paying job to the next. She hit the jackpot when she got in with a teacher's aide union years back, but she doesn't work for them anymore. Now she works in a manufacturing environment, for as long as that will be around (hopefully until she retires).

They lived a pretty solid life, considering they had a family of six to support. Of course, I discovered in my adulthood that so much of that was funded by credit card debt. It took them a few years of empty nest living to pay that off.

While I probably could have lived a somewhat similar lifestyle as them in my adulthood, the job opportunities are simply not as abundant as they were for them (without a college degree or technical training). I had to make a lot more sacrifices earlier on in my life, but it is starting to pay off now in my early 30s. That $50k student loan note doesn't look nearly as bad now that it's mostly paid off and I'm being paid a big boy salary. I also bought my own home several years back. That was a big concern for me in my 20s; that I'd never be able to afford a home of my own.

But again, I had to make a lot of sacrifices to get to this point in my life. Student loans, living in not trendy areas/apts, not going out a whole lot, not travelling much, etc. It was not a cake walk, and I had plenty of sleepless nights, anxiety, and depression throughout my 20s to attribute to this. I don't know if it was "easier" per se, especially for people like me who didn't come from a strong financial background. However, I think it will become more difficult over time to make it without the additional schooling and sacrifices that previous generations may not have needed to in order to live "average" lives. Those average jobs are becoming more and more scarce through automation. Thus, I suspect that average jobs will simply be replaced to reflect our future labor market needs. Fortunately for most of us, change is slow. So while we are shifting towards those innovations, we will probably be okay, while younger generations will have needed to make those strides to keep up. So, if anything, we need to help plan for them.

Last edited by Sir Quotes A Lot; Yesterday at 12:03 PM..
 
Old Yesterday, 12:02 PM
 
4,420 posts, read 4,505,921 times
Reputation: 3391
Thanks for the insight. I didn't realize My wife and I are financially screwed. Now I know.
 
Old Yesterday, 01:17 PM
 
66,226 posts, read 67,449,160 times
Reputation: 44385
Same about my kids who are already doing better at the start of their careers then I ended with
 
Old Yesterday, 01:49 PM
 
Location: Podunk, IA
2,712 posts, read 1,282,133 times
Reputation: 2843
There are a bunch of them working in Engineering over here.
They seem to be doing just fine financially.
 
Old Yesterday, 01:54 PM
 
66,226 posts, read 67,449,160 times
Reputation: 44385
Those who fail at succeeding always feel better if they can justify it with broad category claims like all this generation or that generation
 
Old Yesterday, 02:25 PM
 
784 posts, read 435,004 times
Reputation: 1162
“Why Millennials Are Financially Screwed"

Because we have stolen money from them to protect foolish investors and speculators, to protect failed Capitalists, failed Corporations, to protect status quo. We faked and simulated economic growth for 17 years. We are bunch of cowards!!!
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