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Old 06-15-2019, 08:06 PM
 
Location: Orange County, CA
1,829 posts, read 1,946,407 times
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https://www.zerohedge.com/news/2019-...wed-generation

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Quote:
A growing body of evidence shows why Gen Y consumers aren't ideal: because many of them are broke
As I've mentioned in the past, many if not most industries have been heavily reliant on Baby Boomers to keep themselves afloat and healthy.

Once the Boomers start retiring or dying off in greater numbers, the economy is going to be in MASSIVE trouble.

Simply put, the Millenial generation is FAR poorer and indebted to sustain our current living standards...
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Old 06-15-2019, 08:20 PM
 
17,649 posts, read 4,055,214 times
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I dont really understand why it took Corporate America this long to figure out that most of my generation is broke.
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Old 06-15-2019, 08:22 PM
 
797 posts, read 918,509 times
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But bitcoin will make them all rich.
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Old 06-15-2019, 08:32 PM
 
429 posts, read 104,127 times
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Here's an article that says Millennials don't want "things" that previous generations did.
They'd rather have experiences.

And they are big spenders according to both your zerohedge link and my link.
It's just that they aren't spending money where everyone thinks they should.

https://www.thebalance.com/how-mille...ations-4240695
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Old 06-16-2019, 06:48 AM
 
527 posts, read 616,303 times
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This topic isn't surprising. Heck, all I have to do is look at my high school graduating class. I graduated high school (class of 232 people) for a year between 1981 to 1996 and there less than 5 people that make six figures. Most of them work jobs that pay $60kish or lower. It's really sad when you think about it. The ones that own homes don't own anything special.

And yes this generation is more about spending more on experiences than "things."

This generation doesn't make as much money as generations before them and they have more student loan debt. I find that to be dumb and lazy since it is easier now than ever before to find side work for income or even a second full-time job.

I am the highest income earner in my high school graduating class and I wasn't even close to the top of the class in GPA. The top 3 in the class for GPA don't even make $100k as a family household. So stupid.
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Old 06-16-2019, 07:06 AM
 
429 posts, read 104,127 times
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Quote:
Originally Posted by liveurdream View Post
This topic isn't surprising. Heck, all I have to do is look at my high school graduating class. I graduated high school (class of 232 people) for a year between 1981 to 1996 and there less than 5 people that make six figures. Most of them work jobs that pay $60kish or lower. It's really sad when you think about it. The ones that own homes don't own anything special.

And yes this generation is more about spending more on experiences than "things."

This generation doesn't make as much money as generations before them and they have more student loan debt. I find that to be dumb and lazy since it is easier now than ever before to find side work for income or even a second full-time job.

I am the highest income earner in my high school graduating class and I wasn't even close to the top of the class in GPA. The top 3 in the class for GPA don't even make $100k as a family household. So stupid.
Well the median income in the US is about $60K so your friends aren't doing bad at all.
Just a little over 10% of individuals make $100K a year.

Your comments come across as if everyone should be making a 6 figure salary.
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Old 06-16-2019, 07:10 AM
 
242 posts, read 87,967 times
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It would be interesting to see a comparison of how Boomers spent their money in their 20's and the current crop of 20's. I suspect there would be a lot of overlap. Boomers probably just went through that "phase" quicker due to cultural expectations.

I also graduated in 1981, but am not and never have worried about who in my class might make six figures. I was in a small class (20 people) but everyone is/has been gainfully employed. Some made more than others. Some spent differently than the majority. There are twenty different experiences in the group and every one is as valid as the next. I don't know anyone who makes less than their parents did unless they chose a career that made less.
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Old 06-16-2019, 07:16 AM
 
2,730 posts, read 1,747,774 times
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Quote:
Originally Posted by liveurdream View Post
This topic isn't surprising. Heck, all I have to do is look at my high school graduating class. I graduated high school (class of 232 people) for a year between 1981 to 1996 and there less than 5 people that make six figures. Most of them work jobs that pay $60kish or lower. It's really sad when you think about it. The ones that own homes don't own anything special.

And yes this generation is more about spending more on experiences than "things."

This generation doesn't make as much money as generations before them and they have more student loan debt. I find that to be dumb and lazy since it is easier now than ever before to find side work for income or even a second full-time job.

I am the highest income earner in my high school graduating class and I wasn't even close to the top of the class in GPA. The top 3 in the class for GPA don't even make $100k as a family household. So stupid.
How do you know what your classmates AND their spouses make?
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Old 06-16-2019, 07:27 AM
 
2,730 posts, read 1,747,774 times
Reputation: 5962
The thing I’ll say about my generation that I 100% believe is you need to be top 20% or you’re screwed. Those people get job offers, are highly educated, and make well over 100k with their spouse by age 30. I feel these groups are maybe even better off than say my parents were so young.

However, the rest have had everything stripped out. In other words, the days of being average and making it are over. People could literally float through life like a rudderless ship and then fall into a good paying job with a pension. Very very average people would get great financial outcomes in life. I don’t think that happens today without a relentless plan for your craft. Often from a very young age you have to have it together.

I absolutely agree about valuing experiences. That’s the time I’m having my most fun and enjoying life. While we have a new home and nice things, my dad as a child used to take car of that house like it was his sole reason for living. My goal has always been to farm that work out and do what I want to do.


The pension thing is what always annoys me the most actually because people today are missing that huge chunk of deferred compensation. A 50,000 pension is probably $1 million of 401k Not only do professions have more requirements to make it today, with less stability, but often times salaries have been kept lower with worse benefits. And all the cost and risk of getting into the profession has been transferred to the individual as well.

People I knew who came up through the auto industry raised 6 kids on single incomes and still had boats and vacation homes. As regular workers. They didn’t have emails and cell phones to keep them chained to their jobs at all hours either. When they left work, they left work. I could never do that (6 kids, 1 income, vacation home) today even while working in corporate hqs in global business units.


The millennials are lazy crowd is quite often some of the least objective and difficult people to argue with that I’ve ever seen.
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Old 06-16-2019, 07:42 AM
 
Location: Portugal
5,915 posts, read 2,883,413 times
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Quote:
Originally Posted by Thatsright19 View Post
The thing I’ll say about my generation that I 100% believe is you need to be top 20% or you’re screwed.
Sheesh what nonsense. People can live perfectly happy lives not being the top 20%. House, car, eating out, some vacations, etc. all that ****.

Please dial back the shrill hyperbole a bit.

Quote:
Originally Posted by Thatsright19 View Post
However, the rest have had everything stripped out.
Really? You think nobody but the top 20% lives in a climate controlled environment, eats out regularly, takes vacations, has smart phone, a couple of cars in the driveway because garage is filled with too much stuff, etc? Come on man where are you setting the bar for "everything" in this statement?
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