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The millennials do not trust the scam we currently call Capitalism. It is not. It is a fraudulent system based on who you know and what you know about the other monopolists and frauds that are in the control of the markets. I believe that most of us would like real market capitalism if it were ever available.
A good example of this is not allowing the Medicare/Medicaid system to negotiate the prices they have to pay to the drug companies. What kind of market is that? A corrupted one backed by our Government is what it is.
These kids were not taught to always believe and have faith in any system. They were taught to look carefully and decide what is actually there and make their own decisions not just believe what they were told. They are well aware of just how much this politics and economy stink of self serving corruption designed to enrich the connected few at their expense.
Someone else gets it, too!
Again: coming of age during the recession has very much shaped this generation that (I think) I belong to. I'm on the older side and sometimes have little in common with the youngest members of this generation - but we generally agree on these observations. We all saw the cruelties of the recession, and saw through much of the nonsense associated with the corruption in the system.
Of course, other people have seen this, too. But many older people had good safety nets to fall back into from their many years of working (and the windfalls that happened before the recession). Millennials were lucky to be employed coming out of school. I felt very lucky to have a decent full-time job in 2008 as I was working my way through grad school.
Again: coming of age during the recession has very much shaped this generation that (I think) I belong to. I'm on the older side and sometimes have little in common with the youngest members of this generation - but we generally agree on these observations. We all saw the cruelties of the recession, and saw through much of the nonsense associated with the corruption in the system.
Of course, other people have seen this, too. But many older people had good safety nets to fall back into from their many years of working (and the windfalls that happened before the recession). Millennials were lucky to be employed coming out of school. I felt very lucky to have a decent full-time job in 2008 as I was working my way through grad school.
And you'd be an idiot to not capitalise on it...
Take buying that dream car you want. Are you going to pass it up because a guy got hit with divorce and would sell at a loss to spite the ex wife? I wont. I'd jump on it all day long.
Same way I bought my Harley. 13 Dyna Wide Glide, 850 miles 6800 cash. Old dude who owned it was ravaged by diabetes neuropathy so bad in his feet he couldn't walk let alone hold a bike up. No lien he had paid for it in full.
Can turn that bike around right now for 12k if I want.
Foreclosed houses, I missed out on them... didn't have the coin, but if I had a couple buddies to go halves with... Oh man would we have made bank.
Take buying that dream car you want. Are you going to pass it up because a guy got hit with divorce and would sell at a loss to spite the ex wife? I wont. I'd jump on it all day long.
Same way I bought my Harley. 13 Dyna Wide Glide, 850 miles 6800 cash. Old dude who owned it was ravaged by diabetes neuropathy so bad in his feet he couldn't walk let alone hold a bike up. No lien he had paid for it in full.
Can turn that bike around right now for 12k if I want.
Foreclosed houses, I missed out on them... didn't have the coin, but if I had a couple buddies to go halves with... Oh man would we have made bank.
I did invest a bit around that time (some paid out pretty well) - but my assets were not large as I was in school. I was working full-time, but most of that money was going to paying various bills and funding my education. Easier said than done.
I had no interest in buying (I had no intention in staying in Rochester, NY). I did have an interest in buying in 2010 when I moved out to CA, but I didn't have the funds for a downpayment. Would have been great, but I needed a few years to save up still. Then the market exploded here, and I never caught up. Bad timing.
Those that bought around that time, though, made a great decision! Many houses are now 2x (or more) what they were worth ~5 years ago in the SF area. Crazy!
What happened to people losing their homes was quite sad, though.
Please note that housing is the one place most American can afford to speculate. Get a 5% mortgage on a property 20 times the value of the down payment and watch it gain value for a few years. Sell it out at 150% of the buying price and you have made quite a return on your down payment. If it drops in price you have only lost the down payment and your bankruptcy costs while the lender eats the rest.
I did invest a bit around that time (some paid out pretty well) - but my assets were not large as I was in school. I was working full-time, but most of that money was going to paying various bills and funding my education. Easier said than done.
I had no interest in buying (I had no intention in staying in Rochester, NY). I did have an interest in buying in 2010 when I moved out to CA, but I didn't have the funds for a downpayment. Would have been great, but I needed a few years to save up still. Then the market exploded here, and I never caught up. Bad timing.
Those that bought around that time, though, made a great decision! Many houses are now 2x (or more) what they were worth ~5 years ago in the SF area. Crazy!
What happened to people losing their homes was quite sad, though.
It is however, if you let your emotions run your life... you'll get nowhere fast.
Ah you went to Brockport?
Thing is I constantly look at something that is in demand. I can't wait for another crash in Florida some cheap properties can still be had. And I have the cash to grab them and make what repairs they need.
I'm waiting. That way I can grab 10+
Snowbirds from the north east are dumping 200k+ and need repairs like roof and foundation work... plus asinine property taxes.
The house I lease is a mini mansion to buy it the guy wants 200k but will discount what I've paid so far. Property and school taxes combined-1400.
Where my house was in NY school and property were 5400 per year.
And I fought the towns assessor hard to keep it low. I did some outright spiteful things to fight it. All because of cityiot new construction weekend summer get away houses going up artificially raising assessment value. Especially on the property. F that.
Anyways. 10 houses. Dry wall. Granite counters. New tile. Fix whatever needs it. In ground pool screened in. Sell them to the retirees for 150-200k they'll gladly jump on it. Make 50-60k+ per house. Never mind what else I've got going on. Can go on a 10 year hiatus lol
Buckle up, Hockey...there are more coming in your lifetime. It's the economic cycle and we're overdue for one, actually.
Of that scale? I'd be surprised if it happens again so soon. But, of course, no one can predict the future.
Certainly, we're due for a downturn. How big? I predict much smaller than 2008. But, hey, of course anything can happen.
The biggest economic issues I see facing this country are the growing inequalities, especially with so many jobs being concentrated in so few metros. That is not healthy.
It is however, if you let your emotions run your life... you'll get nowhere fast.
Ah you went to Brockport?
Thing is I constantly look at something that is in demand. I can't wait for another crash in Florida some cheap properties can still be had. And I have the cash to grab them and make what repairs they need.
I'm waiting. That way I can grab 10+
Snowbirds from the north east are dumping 200k+ and need repairs like roof and foundation work... plus asinine property taxes.
The house I lease is a mini mansion to buy it the guy wants 200k but will discount what I've paid so far. Property and school taxes combined-1400.
Where my house was in NY school and property were 5400 per year.
And I fought the towns assessor hard to keep it low. I did some outright spiteful things to fight it. All because of cityiot new construction weekend summer get away houses going up artificially raising assessment value. Especially on the property. F that.
Anyways. 10 houses. Dry wall. Granite counters. New tile. Fix whatever needs it. In ground pool screened in. Sell them to the retirees for 150-200k they'll gladly jump on it. Make 50-60k+ per house. Never mind what else I've got going on. Can go on a 10 year hiatus lol
Actually, RIT. Rochester, NY is a nice town - I could see myself ending up back there eventually. Great place to raise a family, and a lot of nice things to do.
A position at Stanford was pretty hard to turn down, though.
Congrats on your good investments. And for having a good eye for picking up things when they're in low demand.
Of that scale? I'd be surprised if it happens again so soon. But, of course, no one can predict the future.
Certainly, we're due for a downturn. How big? I predict much smaller than 2008. But, hey, of course anything can happen.
The biggest economic issues I see facing this country are the growing inequalities, especially with so many jobs being concentrated in so few metros. That is not healthy.
There again is a problem, how many millennials fell hook line and sinker for the shady used car dealer tactic school recruiters used to get them to inherit debt and promise lies of being employed in the fields they wanted?
Trades aren't going anywhere... cubicles and production maybe.
Pay attention to where the money goes. Throw emotion to the wayside. Team up with old timers keep your eyes and ears open, mouth shut unless you've got a question. You'll do just fine. A train of thought that separated me from many of my classmates...
Metro jobs, vs metro careers?
I'm sure anyone can find work anywhere. Just a matter of what they apply themselves to. No not mcdonalds.... if I were dropped in say LA. Or NYC. What's something everyone has and must use?
Elevators. I'd go fix elevators for 1500 per week in all of the skyscrapers.
HVA and plumbers. How many people have back ups, leaks, or say a bad boiler and lost heat? Hvac and plumbing. Can work as an apprentice with an electrician and then become licensed and say cya and go elsewhere and open for yourself.
Taxi services. Be a driver or mechanic. Basic PM on a taxi unit.
Never mind shooting for architect or engineer...
I know more people including an immigrant family from Belarus who've started in the city and left to upstate and are very well to do with minimal to 0 college education.
Yes it still can be done.
I say stop the emphasis on a college tuition. That will open more for on the job and apprentice level jobs. And how hard one applies themself they'll do just fine without inheriting debt. That's how my sister got to be a nurse. Took her CNA course through highschool. Then worked with a nursing home, got a contract for 3 years worth tuition money to get her LPN and then RN and now she's a nurse practitioner.
Those opportunities exist. Just have to look for them. But that requires effort applying ones self and work. If you stand around with your hand out hoping, you'll wind up empty handed.
When you want to compare generations. I want to know why older generations declared such a need to possess a college education... when most of you never went... seems strange to demand college for anything and everything...
It's not like they teach critical thinking skills in college... they sure do like to preach that feels good and rainbow unicorn puppy dog utopia where it's easy once you hold that piece of paper...
The people who grew up listening to Sonic Youth and Pearl Jam became parents.
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