Why Millennials & Gen Z Are The Poorest Generations
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- Опубликовано: 15 май 2024
- Millennials and Gen Z are some of the poorest generations in history in the US. They're facing a lot more financial challenges compared to Baby Boomers for a couple of reasons.
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0:00 Start Here
0:23 The Paradox
2:20 The 1st Problem
4:46 The 2nd Problem
6:22 The 3rd Problem
8:48 But you might be thinking this...
9:01 But what If I told you THIS happened?
10:26 The 1st Secret
11:01 The 2nd Secret
12:02 The 3rd Secret
12:54 But will inheritance solve the problem?
______
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How about online course online education?
Not buying a house at the age of 9 in 2008 was a financial decision that will ruin me for the rest of my life
Faf
True
Learn from your mistakes?
You’re 25 now.
Stack that cash. Build that empire.
Boomers: "millennials and gen z are just lazy"
Hahaha what did you think of the video?
Not to mention Boomers know the true value of a hard earned dollar. Also, Boomers are not a bit concerned of any status which feeds ego.
Didn’t boomers raise the millennials?
Imo we are not lazy but most of us are really bad at financial stuff and some fall for the just get rich schemes, money fall the trees type of things but I’m not from the USA so maybe they are different over there.
@@johnchan9392well who’s fault is that? Who did they learn from? But also, when I was a kid, and I’m an X I remember that a blue collar worker (even a janitor) and couple could afford to own or rent a house, support 2 or 3 kids, and/or at least have a decent apartment or condo with little to no issues meaning 😢they had extra money for fun or to save. The boomers had it the easiest. The gen X began well especially during the beginning of the tech years in the 90’s. But after about 2008, it became damn near impossible for a single working person to afford their own housing anymore!!! I know many employed people now who even at over the age of 40 or 50 years are still renting a room or have to have a roommate to afford their rent and living expenses. An apartment in Silicon Valley now us well over $2,500 or $3,000 a month!! And if you want to rent a house? Your looking at $4,000 on average if not more. To buy a house now? Your looking at a million on average plus insane property taxes and insurances. Well unless you’re in the most undesirable place with no jobs or anything. But… What working person can do that unless they’re a multimillionaire? Plus now with inflation skyrocketing? You can’t blame the youth! Gas food Compare your circumstances when you were young vs theirs now and ask yourself if you could do any better if you were in their shoes? That was not the case in your time! Your money went a lot further. I’m not saying that everyone was rich! But they did have a much better head start then the generations after them did.
Being born in 1998 was the worst financial decision I've ever made
As someone who was also born in 1998, I undoubtedly agree👍
97 was worse. There was something in the water that year I am fu cking convinced of it.
No one i know who was born in 97 made anything of their lives. They are ALL struggling with mental illness and 0 finances. Only rich lineages are doing "Ok" on their parents money.
Hello fellow 1998'er from another side of the planet 👋
I was born in 98 an I'm doing fantastic. No debt, a job with great benefits, solid investments geared for retirement, and I have fun also (I don't live in a box and work and sleep) I also had great parents who were financially literate and able to help me out, lead by example, and set me up for success and now i will be able to do the same for my kids.
That has nothing to do with your situation.
The fact that boomers think they're smart or hard working instead of, "oh I lived in the longest decades of cheap money and economic prosperity" is such a meme.
No point in debating them rationally. You can provide all the sources and stats and yet their entrenched narcissiscism won't allow them to critically look the problems at hand. Just more of the usual chest thumping to the beat of "hard work"
@@chad8519doesn’t help that young people are entitled beyond belief, just the other day, a young activist was on my local radio, going on and on how she can’t afford a new car, can’t save any money etc. but the longer the interview went the more you could see why, she was still living like a student, partying twice a week and only had a part time job, at the age of 24, living with their parents.
That’s why no one takes you seriously, because you don’t take the situation seriously.
If you say homeownership is expensive then I agree but if you say the older generation had it easier then you lose me.
This guy is pulling prices from my parents’ time not mine and not factoring wages back then. And why would a 20 something want a house anyway? You are not as mobile in a house as an apartment.
@@italianspiderman5012so every young person is entiteled because of one stupid person you heard on radio? Man you know that not everyone is the same.
@@felixbemme7257 I know, but that’s something you hear all the time, young people complaining that they don’t have enough money, but they don’t mention how happy they are spending stupid amounts of money for things they don’t need, I meet a lot of people throug work, see a lot of homes, see how people live, and I do think that young people are incredibly entitled, in general of course, not trying to suggest that all of them are like that no.
My first financial mistake was not been born on a wealthy first world country family. It’s been uphill ever since.
Mine was not start paying my mortgage at 6 years old 😆
Over 80% of world's population has this as their first financial mistake. You are not alone
Mine was being born under an unlucky star.
Idk, didn't seem to hurt Elon Musk any.
@@cdbfullbore Elons dad side of family had a gem mine in South Africa.
A few months ago my parents came over and we were looking for apartments and houses in my area. My mother told me "you need to stop looking at 280 thousand dollars houses and find a 100,000 dollar house you can afford". She didn't believe me when I told her that 100,000 dollar houses in the area no longer exist. This is rural utah by the way. Parents bought a house for 100,000. My father was making 21 dollars an hour in 2000, I'm making 24 now.
holy shit.
typical out of touch older generations....
If you dont wear the same clothes as your parents, dont look for the same American Dream. Bet you parents dont buy fast fashion & Starbucks all the time. Your parents also did not hv to compete with Europe, Asia & the global competition the way you do !!!
Go buy that $1500 car while you’re shopping for that $100K house 😂
I got a 100k house in Florida. Its a Samsung fridge box on 300 square foot lot. Have fun.
We need a modern Teddy Roosevelt. Someone who appreciates nature and wants to destroy corporate monopolies such as the ones we’re facing in the housing market.
Next you'll be asking for a unicorn
We have him. His name is Bernie Sanders. He almost became president. Imagine where we would be if we had him and not Trump, who made the financial situation worse (for everyone who is in the bottom 90% of the US).
Mister Sanders supported Biden. Biden gets his money to campaign from walstreet. I don't think he's trustworthy.@@artuno1207
@@artuno1207 🙄
@@artuno1207Wouldn't Bernie be no different than Sleepy Joe? Also screw Trump too
What makes me angry the most is that I've worked since I was 16 starting with part time and work at a factory making 27 a hour. My parents both worked at the same factory and bought the house they live in now and paid 140,000 for it in 1990, now that same house, same layout, floor plans, property size and made by the same company all those years ago next door sold for 770,000 dollars 😐 I could never afford the payments on it even with a partner making the same as me. Let alone raise two children and have two vehicles like they did. Just blows my mind you used to be able to get out of high-school, get a good job, be able to move up in the work place, buy a house, raise a family and have your wife stay at home with the kids while they are young. There's no way I could do that even with a small house cause even those are like 400k. When people from Toronto starting moving here to leave the city cause of prices there houses here skyrocketed in price.
It's 2008 all over, this time even harder. Here in Europe where I live house prices doubled only in the last 3 years from like 150k to 300k in euros, whilst my rent on my small appartment went from 600 to 900€ a month. I earn 2k a month which is really on the higher side compared to my old job at a grocery store 2 years ago where I was making 1300€ a month full-time... This year is the first year the house prizes slowly crash back down to 200k area with still noone buying them. This can't go well for long.
What’s your point ? I bought a house in the suburbs of Chicago for $140000 in 2013 😂😂😂😂😂
I’ve been told two things.
1. Finding a job is easy, everyone’s hiring
2. Young people don’t want to work
I’ve figured out the hard way, neither of those are true
They are both true, but you’re not seeing it. It’s like when a woman says there are no good men. There are plenty, but none that match her criteria and the ones that do don’t want her.
Many are hiring but many will not hire you. They either say "We're not hiring." or even "Your to over qualified." Riggghhttt.
There is lots of work out there. But it all requires skill sets that no one has because they decided to get a college degree instead of what is needed for the job. There are too many engineers and not enough tradesmen. You can make more as a welder these days than as an engineer. The massive push for collge has devalued those positions that require college education meanwhile the shunning of the trades has lead to them being overvalued. In other words, if you choose to do what everyone else is doing because they told you that is what you should do, then you have already lost. Because you are competing in a market with not enough positions. That is why there are so many engineers working at Starbucks.
Its not about whether or not work exists. Its about where it exists. This is the point where I get to say congratulations. You went to college to get a bunch of debt for the same job you would be in had you not gone. Sadly that is way too often the case. Not that you didn't get skills in college. Most people just don't choose wisely. And by wisely I mean they chose based off of what the schools guidance counselors and their parents told them to do. Rather than looking at the market and determining what jobs are needed and what those qualifications are. If you want a very good job, sewer repair is an incredibly high paying field. Not to hard to get into if you can stomach it. But you will be more wealth than most engineers. Airplane mechanic is another high paying job.
My mom tells me that sh!t.
I agree.
I'm extremely frugal. I haven't had a credit card, car loan, or student loan in 15 years. What's hurting me is the rent for my apartment. It's 60% of my income. Housing is the reason most of my friends feel poor.
For millennials we've been hit with the worst crisis. Mass migration has flooded the labor market where boomers only had to compete with themselves the average millennial has to compete with illegals and H1N1B Visa's tossed out like candy.
Next you have the fact that boomers very rarely rented an apartment unless they are single living in the city or with roommates. For millennials and zoomers they're seeing the housing market dry up as boomer hedge funds and pension funds buy out the homes and charge them absorbent rent prices that no one can afford or control.
Then lastly we have a job market that is skewed in some states where you're required to get a college degree to do a job in construction legally but in reality forces people who don't need degrees to get them as a way to increase funding.
@@MrJack1992 If people are struggling with competition from immigrants who barely understand the local market or dominate the language, maybe its their skills lacking, fren.
@@samirSch no, there just extremely hard to compete with them, the employment office basically gives them jobs and the company doesn't have to pay them cause the employment office does, so yee keep telling urself that they doesn't effect the job market, 🤣🤣
@@leokarlsen8066 Wait...how does this employment office thing works? And I didn't said they don't affect the market, I said they'll be in initial advantage against locals.
And since everyone wants to move to the US then yeah, competition must be pretty tough. Still, if you demand protectionism, expect to pay 40 bucks a big mac.
@@samirSch If the bottom 10-20 % is basically having their wages surpressed because they're dealing with 100 people filling 10 jobs vs 15 people at that job it's simple supply and demand. If you're competing with immigrants who are willing to work for only 40k a year, because they're able to live with 10 people to a 2 bedroom apartment while the person who went to community college and has 100k in student debt to pay off needs at least 60k a year to get a job and afford an efficiency apartment and live near their workplace which is let's say Austin or the Bay area it's not a surprise to see how mass migration hurts workers.
Fun fact: here in Melbourne, Australia, if you bought a coffee for $5.50 five days per week, spent $30 on brunch every Sunday and had subscriptions to Amazon, Disney+, Apple TV+ AND Netflix Premium and decided to cut them all out, it would still take 14 years to save for just a 5% deposit on the median house, and by then, houses would have doubled in price anyway.
Thats nothing mate. The average house in my area current costs 500.000 us dollars while i barely made 300 dollars a month with 2 college degrees, 10 hours a day. For me Coffee is a luxury these day. Owning a home never happens even in my wildest dream😂
As a millennial who has worked for some years after college, I think the meaning of money has changed so much. Money is no longer used to buy the things that you want, which in turn motivates you to work harder. Instead money is used more in the form of debt, like you have to work hard to just keep up with basic bills and loans without no longer being able to save up for what you actually want or getting a promotion at your job.
One more thing : collapsing wages. 10 years ago I made 65 an hour as an interpreter. Today I’m offered 25. Others are experiencing similar contractions.
No fucking way?! That’s actually insane and a good example of the changing times
technologies made your industry more competitive and lowered the translation price down alongside salaries.
@@elfelon9465 Yeah and with KI and AI on the horizon many office jobs and most of bureaucracy jobs will become obsolete throwing people that studied in those sectors into the same boat as the others with similar worthless degrees like religious, genderstudies or onomastics.
Don't worry it'll only get worse and I can't wait for the house of cards to collapse
@@lilramennoodle8056 same. its only a madder of time. and its coming really fast. like, faster than expected.
One thing you missed about ridiculous college tuition costs and debt: Gen Y/Z have had IMMENSELY greater access to federally-backed loans than previous generations because we sold everyone on the idea that “higher education is a necessity to work”. I believe every generation has its unique challenges (Vietnam war draft/stagflation of the 70s for example) and they shouldn’t be compared, but I think Boomers greatest sin in this regard was ballooning the higher education bubble so badly that private school degrees with shitty hiring potential have the audacity to straddle their students with crippling debt. Millennials’ greatest mistake was believing it.
No. I'm 21 and make 50k a year, been working for 4 years, more under the table. If I try to get an auto or home loan I get laughed at and turned down.
@@arizenation3188 Sure for auto and home loans they’re restrictive. If you asked for a federal student loan for the same amount, they’d have you lined up in the door signing your life away no questions, which is my point.
@adamboey4132 yeah but you can't spend that on anything to keep you alive
@@arizenation3188 Banks don’t give a damn about keeping you alive, they just want your money and assets. Anyone who tells you loans are the only way to make it are selling you a lie.
The son of co worker became a apprentice electrician, worked his butt off, now a licensed union electrician, bought his first house. The key take away is he worked.
One big issue for young people is the lack of "starter homes" aka small low prices 2 bed 1-2 bathroom homes. Most have either been bought and used, converted into overpriced rentals, or demolished. Plus they are rarely constructed these days (most built now are 3-4 bed 2 bath or above).
I feel like the biggest problem might actually be rentals
I dont mind people having investment properties or rentals
But someone having 1 or 2 rentals is very different from someone having 500+ rentals
My thought is that there needs to be a cap on property ownership
For the past week I’ve been waking up and laughing at how badly we are all being screwed over. It’s been wholesome watching this video and reading the comments. At least I’m not alone in my thinking.
its been for me few years, just gut feeling its bad, brace yourself, path American nation needs to go through
I just have a feeling our financial struggles gonna get a hell of a lot worse in the coming years Its inevitable and we're probally gonna have to make major job changes at some point within 10 years so it's best to prepare for the worse if not just wing it all the way thru
Not to mention medical debt too. Any Millennial or Zoomer who has the misfortune of getting sick/chronically ill in this country can kiss any potential for building wealth goodbye.
I've been wealthy twice. My last time I had investments and about 40 bitcoins. I lost it all due to an accident and my medical bills were so expensive I had to sign checks worth over 2 million dollars.
@@CalMob4 Couldn't you just fly to El Salvador and recieve cheap, good care there? Back in 2011 I was about to put 5k USD in bitcoins but gave it to my dad to buy an old car which he sold and wasn't even paid, but your story is even more sad than mine.
@samirSch not for my situation. The best in the world were in the U.S. I wouldn't change it if I could. I look fit and healthy. Besides some aches and pain, it was worth it.
I made the fatal mistake of taking out a personal loan 4 years ago to pay to see medical specialists. Those debt collectors still call me almost everyday and I still can’t pay them
Even with good insurance ($40 out of every weekly check) my deviated septum surgery still cost $600 and that was just to hopefully help reduce some of my problems with a chronic issue. I'd hate to have an actual health emergency
Boomers love to point to these influencers that are making half a million annually as evidence that we have it easy
Boomers are sociopathic narcissists though.
😂😂
Only top 1% of influencers
you mean all those OF models and instagram models aren't millionaires?
@@yoleeisbored0.0001%
The fact I’m 23 and working 3 jobs and barely have enough to survive should tell you how bad it is in America right now. It’s unbelievable. I work my damn ass off but no matter what prices keep going up.
As an European, I don't understand how can anyone in US work 3 jobs. In EU one job is at least 8h a day, so it's not possible to have 3...
@@mmaxeator incorrect fellow human. I work. A 8 hour shift, then a 5 hour shift at another job, at one my days off at one of those jobs is when I work another job. That’s 3 jobs total. No I don’t work all 3 jobs in one day that’s insane
Biden voters disagree they say the economy is better than ever everything is great and will defend biden who is completely innocent and wonderful to their death.
@@claytonangotti1784 In my country this still wouldn't be really possible legally, because there are laws for maximum work hours per week. And if I remember correctly it was 48 hours. That means the second job could only use up 8 hours a week. And you're obligated to make sure that your second job will not influence your job performance in the first job, like working another 2 hours right after your first shift is fine, but you can't do like a morning job and than work as a taxi driver in midnight, because you'd most likely always show up overtired at work.
Your boss would also be legally allowed to terminate your job contract, if it should ever come out that you're working more than 48h/week.
@@claytonangotti1784and you’ll be working to make this money to buy a home you’ll only be able to collapse into for a few hours before you gotta go grind again to keep your box
Something often not mentioned is the increase in the number of actual bills. Previous generations didn't have to pay for wifi, mobile phones & networks, etc. It may not seem significant, but when you add it to the massive increase of the cost of living at adds up. In today's world, not having an expensive computer with a network in your pocket makes things extremely difficult.
With that said, I think the single biggest problems are the cost to buy a home or rent, and health insurance.
Yep but again the increase of cost without an increase in buying power is enough. I was able to live on $12 an hour better in 2009 than I can every live on $18 an hour now. So $4.00 an hour had more buying power then than now when compared to the dollar amount over the legal minimum in my area!!!
Yup and nobody cares because these corporations can screw you over all they want and not have to bat an eye
Bingo, and this isn't even a political issue. Society has advanced so much that the upkeep of our society has raised the price of everything else. New roads, new neighborhoods, new apartment complexes, new schools, etc. Somebody has to pay for that, which also increases demand on resources like energy and food. Things were simply more plentiful and cheaper in my Boomer parent's years. And they were able to own homes and start companies that made our society today because things were cheaper in comparison to today. God forbid you have any medical issue. My parents simply refuse to understand that it simply cost more to live. Still, having traveled to other countries I'd rather be in the United States. Our blessings are a double edge sword.
I couldn't agree more. I had a 135k job in 2005 and was laid off in 2010. 2011 I decided to become a minimalist so I moved to St Maarten and became a bar tender. BEST DECISION OF MY LIFE!
Yea I'm making 38k a year; however, I have ZERO STRESS, ZERO ANXIETY, ZERO DRAMA, and I have REAL Friends and Happy life.
RIP American Dream! 😅
You give up on American Dream and chase after your Carribean Dream. While Mexican, Indian & Chinese are heading the US in droves to chase their American Dream..
@@RedHanded1969everyone is suffering from the grass is greener- Americans, and those migrating here too but I understand the meaning of your message
And what's your retirement plan?
@@richardpark3054Don’t need to worry about a retirement plan if you never retire. Sling drinks til you’re 80, walk back to your beach side tent one evening after work and a coconut drops on your head. The end.
@@richardpark3054 Death. We will work until we die. That is are plan.
The price of everything has gone out of control in recent years. It's like they don't want us to live anymore. The rich got disgustingly richer in 2020. I'm not saying there's nothing we can do about it as I'm generally an optimist, but DAMN! You can't out-positive the current reality. The struggle is VERY real.
Your generation got what you vote for, than you complain about it. Maybe you convince younger folks to smarten up and vote for who is going to make your future better. Hint: it’s not for the party that thinks they can spend your money better than you can.
This whole inflation is a scam i am collecting my unemployment and dump it to SOFI I am not looking to work until later!
@@jesse_-
Doesn't really matter, voting in the hopes that someone else will magically fix your life will lead you nowhere. People need to start learning how to monetize unique skills and ideas and turn those into businesses. Complaining endlessly and waiting for x party/politician to put money in your pockets guarantees you'll stay poor forever.
@@jesse_-Hint it’s not the party that wants to give the rich more tax cuts. They’re all corrupt & only care about lining their own pockets.
@@jesse_- Bold of you to assume that anybody cares for making the future better and not just lining their own pockets
As a Nuclear Engineer with a wife that is a Civil Engineer at the ages of 28, who live in a LCOL area and are super frugal and still can’t afford a house, I very much appreciate the validation from this video.
These days you need skills to fix up a house, car, etc. Some of us were unlucky enough to not be able to do anything else but we can fix and build a house, oh and also have one.
@@tjones3393 Good on you man! You’re absolutely right. It’s definitely a huge plus to be handy. I built my computer a few years ago and change my brake pads and oil. It’s saved a good amount. At work, I do a ton of plumbing work to upkeep systems, and I’ve torn apart and put back together our reactor. I imagine I could do general house upgrades given a bit of practice and the tools. Unfortunately, I haven’t even really seen fixer uppers in my area, otherwise I’d jump on one. People either sell a nice home for a high price, flip crappy houses at exorbitant prices, or they sell a home that has major foundations issues and is completely gutted and needs to be demoed.
Either way, you’re right. We all need to keep gaining skills and learning to fix and repair things by hand.
You're doing something very wrong then. Or you're lying about the LCOL or your frugality to validate your inadequacy. It's not possible with two STEM salaries to not afford housing unless you're buried in debt. I make 130k a year and afforded a house in a HCOL city just fine with a stay at home wife and kid because I don't have debt. If you and your wife are making less than me with engineering jobs, something is wrong.
Come to Germany. We need experts to break down our nuclear plants. 😊
@@AltIng9154 I’d certainly consider it if you all were replacing them with new ones. Not keen on supporting the current energy policy there tbh.😁
“Unless you make more than 25 dollars an hour then you are poorer than a cashier in the 1960s”
That hurt
I’m millennial lmao; definitely feeling the pain. Now in some places of the US making 6 figures makes you middle class. That’s crazy!
yeah that's wild!! where you live is making 6 figures considered middle class?
I live in Southern California and here making 6 figures is middle class, but in Northern California 6 figures can be considered poverty
Feel ya. My wife and I live in LA, have a combined income of $200k. We have a 15 month old and another on the way… and we can afford a 900 sq ft 2 bedroom condo that we bought last year for $470k. Daycare is $21k/year. And both of our jobs are in the crumbling entertainment industry, and thus not very portable to go live in a cheaper area. Definitely feeling stuck. The rathole shack a block away from us is worth over $1Million.
@@jnels2007I live in Kansas, and the guys I know who make six figures, or near that, live very large here.
Simple solution, get out of California.
@@tubalcain6874no one wants to live in Kansas, that’s why everything is cheap…
When my parents were my age, he had a solid career with benefits, and she'd run through multiple businesses. They just had their second child (me) and were preparing to move onto 3 acres of property and make immediate home renovations.
I live in a van with my boyfriend. No benefits for either of us. I'm actively looking for better work and we spend all of our free time hustling.
You are a GREAT WOMAN to stick with a man that lives in a van!!! A lot of women, if you are not living the HIGH LIFE, they BAIL on the relationship IMMEDIATELY if they even give you a chance to begin with!!!
Being born in 2003 was the first and biggest mistake I've ever made
Generation X-er here, sitting uneasily between Millennials and Boomers. Entered workforce watching things start to disintegrate. I'd implore any young person to avoid college/university completely, unless you've done some cold hard maths. You can learn nearly anything online, and find creative ways into the workforce if you've got useful skills. Amazing that the 'you need any degree to get a job' belief is still pushed. Resist it and find what works for you today.
One caveat about the "wealth transfer": it is far more likely that their wealth will be wholly consumed by the healthcare and retirement care industries leaving nothing for their children. These industries are designed to extract everything from the elderly. If you want to be someone receiving this wealth transfer, you best hold stock in these companies.
Or have children that doesn't toss you away once you become useless.
I hadn't thought about that. That is some interesting insight
@@samirSch That doesn't matter if they keep selling your grandparents a few more years of life for the rest of their savings. We cant totally fault them for doing that but we should probably be aware of it as we ourselves age.
@@TheUnchosenOne @TheUnchosenOne It's inevitable. We can't revert aging, and not only are children less reliable, there are simply less children at all. Things will get uglier, and while tech might help in things like Alexa calling an ambulance after you have a bathroom fall, there won't simply be enough people to take care of us. Surely euthanasia will become more popular, even in conservative places.
Add to that how the unsustainability of the welfare/single mothers grows, leading to even more abortions, and we'll have even less children. It's a system designed to collapse, just like the elites want. Maybe they'll finally be able to get the 90% populational reducion they so talk about, and enslave the surviving 10% once for all.
Plus if the government ever passes an inheritance tax…lol
When you have an economy based off of infinite growth based upon finite resources, common sense should dictate that something isn't going to add up
Lol u said dic
Well it is infinite for the rich that own everything, or well, at least until they exhaust the working class. After that I guess it's time for another quick revolution.
Thank you Capitalism 👍
@@boyblue3270 You should look a bit deeper at climate change. Remember that the earth is in a cooling period. And that while the climate has not cooled as much as it should have, it is in a cooling cycle and the earth is adapting to the excessive carbon in the atmosphere by getting greener which allows for higher levels of absorbtion back into the ground. Climate is very adaptable. There will be a period of chaos followed by balance. I know that people who look at a system's singular point tend to make it seem scary, however its important to look at a larger picture and think of the entire system and how changing 1 variable will affect the others. Especially a system as adaptable as the environment.
@@boyblue3270
Climate change being caused by humans doesn't exist, educate yourself already.
@@zackeryhardy9504cooling? It’s been getting warmer, hence the melting ice caps ?
A college degree doesn’t mean jack. I applied to 180 different positions in the span of 4 months, each of which I was “qualified” for because of my degree. Out of those 180, I got 8 that interviewed me, all of those the rest said they didn’t want to interview because I had no work experience for their entry level job. Out of the 8 I interviewed with, 3 offered me a job, 2 of which offered me $12 an hour (a non livable wage in my area).
I love my science college degree, but no one can tell me that it gives me ANY advantages in the job market.
The economy is fucked and it'll never get better. We'll never be able to buy a house, never be able to pay off a decent car, nothing. I'm terrified of dying, I don't want to financially ruin my wife. My wife is disabled and can't get disability because seizures apparently don't count. I make $24/hr working ten hours a day, and I'm barely scraping by. I fucking hate it here but everywhere else is worse.
"just look for deals and buy a 120k house"
Dude I can't even buy lunch.
Dude, you're not the only one. I still live in my father's house.
Same
Don't forget that there are very few 120k houses that mean standards acceptable to banks for a loan nowadays days; so the 120 would have to be...'creatively' financed or cash in full
Having kids used to be a great thing back in the days . Now its gotten more challenging and much difficult
As an older Gen Z, I had to work full time while going to university, and I was only able to buy the cheapest one bedroom apartment in my metropolitan area when the prices dropped at the beginning of COVID. Now, three years later, the cheapest comparable apartment in the metro area is almost double what I paid. My generation is screwed. Even though I worked hard, it was mainly timing that ensured I was able to find a place I can afford.
Im poor and only have debt for a car i needed to have a job
I can live day to day
But keeping money on the side is an Olympian task
Sometimes i wish we had a better chance at living the way our parents did
In so much simpler terms: costs of living have risen so much faster than wages...
But it gives more super rich ppl today (Billionaire) than back 2000
"You will own nothing and be happy"
...I guess we're going to get a chance to see how that strategy works out.
The future is now
W E F agenda for gen Z and millennials for corporate feudalism
Thing is GenZ support this. Not explicitly, but everything they vote for and yell about are in the support of Klaus’ and his buddies agenda. They are unfortunately products of our govt public education, big tech platforms and global organization pressure before being old enough to see the game. They are willingly creating their nightmare
Nobody owns anything if it's not paid for. The bank still owns it
They will see. That’s for sure.
So far I’ve decided to skip college and just work in fields that act as genuine experience while also trying to build connections.
So far, I’ve managed to increase how much I make by about 60% in two years and it also helps that I have zero debt.
This obviously isn’t for everybody though and it’s horseshit that we have to pay so much for a stupid piece of paper that essentially says “I’m qualified”
I don’t have a degree but I find it extremely hard to mobilize because of it. I didn’t want the debt. But I regret it now because it feels I have less job choice. How did you manage it? Any tips?
I joined the US military out of HS. Got free associates degree. Married, dual income, built our house with my own hands on cheap land for a $65K loan and a monthly mortgage ~$400. Worked full time while going to school full time, work paid for both my undergrad and grad degree. We live in Michigan in the burbs, cheaper costs, lower taxes, factory jobs, etc. We also lived VERY cheap, did not eat out, we still always buy used cars with cash.
Similar here. People hear about Michigan and think of Detroit but my wise relatives bolted and leave on their farm near Harrieta (and love it). I chose the southeast because I'm a motorcyclist and hate snow but similar game plan.
Back in my day, an egg used be be a panny.
Well now it's $7 a carton, grandma. God rest your soul.
At Walmart you can get a dozen for 1 dollar however I can get 18 for free
My parents and the boomers and the silent generation did not have student loans....people got married early and bought a house and presto...wealth was created
Those who did have loans could afford to pay it off, even working a minimum wage job back then. What did you think of the video?
WTF happened in 1971? Fix the money, fix your world.@@VincentChan
Sharing a sardine for four must have been fun😂
@@VincentChan the average student loan today is well into 60k or above...this is what holds Gen x and this current generation back...the job market today doesn't support the loans...and buying a house is far a better investment then education is today..
Again the guarantee student loan crippled gen x financially
Student loans are a choice, a personal choice.
'We bought a sofa. Then we decided we needed 2 more pieces of furniture to complement the sofa.'
Well, there's the first problem in that scenario. Needs and wants are wholly different end goals. You didn't need more furniture, you wanted more.
Yeah true people should just not buy furniture. It's not a necessity. In fact you don't really even need a place of living when you can just camp outside all the time. Silly millennials and gen z prioritizing their wants over needs.
Why’d people take on credit card debts without the ability of pay it off in full before due date? That’s just foolish to pay so much of cc interest
I had the choice between putting formula on the credit card or my baby not eating (and before you judge me for that, I *couldn't* breastfeed because I almost died delivering my son!) It's not all avocado toast. Most people get into debt these days over *gasp* necessities! I know, shocking.
@@violetlight1548 it’s saddening to see that! Perhaps you can get a remote job or something to supplement the income. Because living off credit card is not supposed to be long term, if you wanna be in a financially stable situation.
@@jennazhang4927 I have a full time job with benefits now -- this was years ago. But I'm still paying off the debt, even with a low-interest consolidation loan. I no longer have a credit card at all. I just wanted you to see that not all people with credit card debt are irresponsible. A lot are just trying to get by.
Home ownership was more accessible in the great depression than today. We just been gas lit into thinking this is normal and we are just lazy.
This video hits close to home. Millennials and Gen Z indeed face unique financial struggles. It's frustrating how circumstances have become more challenging compared to previous generations. The reasons behind this disparity are multifaceted, but addressing them is crucial for our future.
50 years from now people will say the next generation has it much worse than the last two. And quality of life keeps going up and up since the dawn of man
@@MRkriegs pretty much. Life has never been easier. Instead of enjoying their good fortune they complain that they have it the worst ever.
Agreed. We're not making it any easier for ourselves and the next generation.@@MRkriegs
You totally missed his point. The reason these generations are struggling is because they're okay with taking on loads of debt without working hard. It's really not difficult to surpass these "financial struggles" with a little common sense. @@GreenWaifu
I disagree to some extent. I don't think this generation is lazy or don't want to work. I know immediately after I graduated college, I wanted to work and get paid a respectable salary. I think it's insulting for someone with a Masters Degree in Engineering, for example, to get paid near minimum wage. Most job postings require a college degree to a minimum, (which can vary greatly and I agree it depends on the individuals decision how much they paid to attend that college) but not all jobs require that hefty price to get in. @@mtMage3
My advice to everyone getting close to finishing high school is LEARN A TRADE.
I paid about 6,000 for my 2 year degree and I’m making $38/hr 5 years in. Completely debt free besides a mortgage.
There is a shortage of skilled labor in the country, and it won’t be another 5-10 years before people that learned a trade will be able to name their price.
"benefits in higher education" They did get that, to a big degree, but not in the way you think. Keep in mind they left the house by the time they were in their 20s. Also a lot of the problems that exist in markets today because of their decisions, didn't have any prior examples in fields that should've benefitted from technological advancement like housing. Believe it or not, only 44% of people owned their home by 1940, and I have a feeling a lot of those were rural houses rather than city apartments.
Ya I’m a 24 year old work my ass off, and save more then most people as well. And make 130,000 a year in the oil field. Also cut trees on my days off. This world has gotten ridiculous. I mean just in 4 years houses and food and just life in general has gotten absurd. They definitely are wanting us to stay slaves 😅.
Good for you my man, a guy who works hard and is still aware enough to understand that others struggle too.
Much respect
I came out to the Canadian Oil Patch in 2011 and never looked back. Gotta make the moves in life rather than do nothing and complain.
@@ImVeryBrad yah, not everyone has that option, some have people who depend on them and can't just pick up and leave. Also, we shouldn't have to devastate our environment to make a living
How did you get into the oil fields? That's something I wanted to join.
The whole covid things turned the world upside down. But there are still a lot of great things out there. One thing to do is get off social media. It called "doom scrolling" for a reason. And it's not real.
I‘m a millennial from Europe. It’s almost the same over here. We‘ll probably never end up richer then our parents. But we fortunately don’t have student debts. Education is basically free in Germany where I live. Yes we pay a lot of taxes but you start your adult life at 0$ not like Americans with -50.000$. I would be stressed out. And one big thing that’s better here, we have great public transportation and bike lanes. We usually spend under 70$ for monthly transportation. I got my first car at 32 😂 used the bike my whole life. I‘ve never been to the US but I get a feeling that everything is set up for people to overpay for services and goods. I hope young people will create a better future where you don’t have to be a slave to the system.
Even if you start at 0$ into life, the problem is that by now the prices and taxes for everything have gone up so much that even if you start into your life with a annual salary of 60k you´ll have only about 20k net income annually after all the expenses, taxes etc.. So depending where you live and work its still next to impossible to actually finance a home. For reference a few months ago there was a advertisement for a appartment with 17m² living space for 217k, thats basically less space than a garage; so even if you save up everything you still have to work around 10 years for a appartment that is smaller than some garages.
@@venusflytrap2622yeah but when you do make some money at least you arent feeding into a neagtive pool. Most US citizens debt dont stay at the original numbrr because of interest rates. Most people who start in yhe negative will be in tye negative for the rest of their lives. At least in the EU if in my midlife im fortunate enough to make 50k a year and was smart with my money to not have insane debt. Im feeding into a positive balance. My stocks are feeding into a positive balance. The taxes dont matter as long as the taxes arent putting you into a negative and theres no income/opportunity caps in your country. Every kid who went to college and started with 100k debt. Most likely theyll pay over 100k. The negative account appreciates into a more negative sum. Its sickening. Id rather pay an insane amount of taxes.
So most places in America require that you have a car to get anywhere not to mention the fact that we are taxed quite a bit as well it’s just that we don’t really get anything for our tax money except the privilege of being the world police.
we have the same issue here in Europe. I live in a small town. But if i look to the next town over that has 60 k habitants. the housing cost goes up 200-300 % and aparments cost almsot 1000% more. Its only a 20 min drive and the cost gets insanly high. then people still wonder why we wont move?
I have studied. But all in all I will never get the same salary like my dad or uncle who are in the bb-generation. And they haven´t studied...
My neighbour (bb-genration, not studied, too) owns over 5 real estatetes. I asking myself if I am able to own ONE flat some day...
Greetings from a 1991er...
The argument that boomers always exhaust me with:
“But you have a cell phone! You have a laptop! You don’t know how good you have it! When I was your age, all I had was a landline and my phone bill was higher than your cell phone bill because of long distance calls.”
I get the same arguments from my dad, who is a Gen Xer. The worst part is that every time I tell him that the world has changed, he insists that it hasn’t, and that it’s the same world it always has been.
I’m an older millennial, I can tell you Gen-X used to be cool when I was a kid and they are all sell outs.
My parents would argue that it was cheaper for them than us because interest rates were higher. I'm like there's a lot more to it than that...
Ditch your iPhone, avocado toast, $5 cups of boba, your e-scooter, and your laptop. Then MAYBE you'll be 'even' with the boomer that likely grew up in a house with no air conditioning.
Boomers excaerbated all the financial issues this country faces, but never blames themselves. Its always the young peoples fault, and thus our job to fix it.
It's because they repeatedly told us we need STEM degrees. Then people like me went and got 3 stem degrees. I had to create my own job in IT. As a contractor you give up all of your rights as a worker in America. I was sent into a covid ward without being told. I of corse got sick, and lost the contract. I am now unemployed, but I never have and never will use our unemployment system after my wife attempted to use it, and they almost forced us into bankruptcy.
Yes this is one of the biggest lies that boomers push. Get a degree in STEM or medical field. They don’t have a clue they still think those jobs are easy to get and will make you rich 😂
this is a good video but where are the sources for all this info
Good video. Liked and subscribed with thanks 👍
You forgot about the children. When my parents grew up, 1 income was enough for the whole family so my mom could raise us vs now you are forced to both work and your kid will be raised by the society because you wont have time for it
The ladies wanted to go to work ... double the workforce, half the wages. Good job girls!
@@Mamba-KushYes we do. Not all of us want to be domestic slaves 😂 GASP
@la6136 how is being a housewife the same as being a domestic slave?
@@la6136I'd rather be a domestic slave to raising children that are my own and of the person I love than to a job who's ready to replace you. 😂
@@la6136 Your 15 minute break is over. Now get back to work.
Not all baby boomers went to college either. Most went straight into the workforce (or got drafted into the military).
True. Back then college was the exception. Especially when the draft ended and there was no need to get a college (S-2) deferment.
And then the education industry started selling every family, starting in kindergarten, on the notion that a college degree was mandatory in order to be successful in life. Now that so many kids go directly to college following high school (at hugely inflated prices, exactly what the education industry intended), a 4-year college degree has almost no value in the work world and is a "minimum requirement".
Majority of them didn't go to college. Back then you didn't even need an ID to get a job.
Yep, or partial degrees. I know boomers who only completed a year or two of college but ended up working in the computer industry as project managers. That would never happen today.
@@chiplangowski3298imagine wasting an extra 4 years of your life just so you can get a 15 to $20 an hour job
I feel like an idiot for not buying a house in 1999 when I had the chance... when I was 3
Yes, we know the copy paste comment ffs
Hey Vincent, i got a question: I live in germany and only watch english content, through the sheer mass of audience the quality to find is way better, like yours eg. So the information i consume is allways based more or less on the united states. So for a long time i've been wondering, how much or with about what a factor i can translate that data and effects to germany. I mean, obviously it's not 1 to 1, we have different laws and everything, a different take from our goverment on how to handle things, most prevalent that we more or less have no tuition fees for college, which i'm realy greatful for. But in general, the american market hugely influences ours and our wealth, so there's with certainty a effect which translates, propably with some delay, to our state. And though a subjective feeling isn't that importand here, i feel the effects you describe and it's no wonder, in general we tend to have similar proplems in western countries, just a bit different wheigting. I understand, it's not realy accurate to determine without indept understanding of the german system aswell but maybe you can give an estimate opinion or take on how to think about this, it would mean a lot to my knowledge searching brain engine. Thanks for the video, it's worth an abo.
When a college education is half the price of a house, you have to ask yourself if it is really worth it?
There always a way to look into this. How about I say that you get a scholarship to study your college education. Then is it worth it?
@@chiangchyeeng922 I've wasted so much time of my life on scholarships. Why waste time for a chance at a scholarship when you could just work and get a reliable income?
don't act like scholarships don't exist.
Well done! As a 32 year old milinineal I am also keenly aware of our financial situation in our generation. Simply put, the numbers are not adding up. Why is minimum wage still $7.25? Education has sky rocketed, housing has sky rocketed, and overall cost of living has sky rocketed. It's very hard to save nowadays with everything being so expensive. I blame politicians and corporations as I believe they work hand in hand. It's disgusting how rich Jeff Bezos and Elon Musk are when the average American can't even afford a home with median salary of $50k.
I make over 6 figures and I STILL have to watch my spending. We will never retire or build wealth under the current system. There needs to be a major reform and these damn baby boomers gotta go!
Over 6 figures huh? Must be nice pulling 7 or 8 figures a year. Why do you have to watch your spending at that level of income?
Raising minimum wage actually increases the cost of everything so I'm totally ok with it staying low. If business want better people then they will raise their wages themselves. No government influence necessary.
@@BManDoe While I can't say personally for the person above, if they live in somewhere such as in New York, San Fransisco, L.A. or any other city with insanely high rent, coupling that with taxes, possible student loan payments pretty much means that even if they're making more money than I would in 3 years all that income is going right into where it's going for everyone else, namely rent and keeping the loan shark's off their back.
Depending on location, the average American would likely struggle even renting a 1 bedroom/studio apartment on 50k a year. Housing costs are absurd for something as mandatory as food and water.
@@BManDoe I am making 6 figured not 7 figures. I've also worked very hard to get to this point. This was not just handed to me lol
That’s exactly correct. Just found the channel you got a sub great content
The main reason I’m not going to college is because I don’t want to be in debt for the rest of my life
I was 18 class of 2016, skipped college worked in the cannabis industry for 7years enjoyed life. Now I’m 26 with my own small business. Ever since I got my bag right I been smiling like the grinch. Go get that bag💪💪
Hi! Econ major here. I think the problem for our generation was that college was pushed onto everyone. The idea of "just get any degree and you'll be fine" mentality is incredibly false. Just as in any market, the demand in the labor market changes over time. College degrees that lead to in demand careers are rewarding, while other degrees arent values. I mean, why get an art degree when you can spend 4 years working on a portfolio instead? The American dream is still attainable, but gen z needs to be smart and not go into debt. College degrees are still attainable, but again, you need to think things through before going into any debt
Too bad reality doesn't work that way. RIP future generations
Lol of course the Econ major is going to point to the red herring of college debt instead of the exponential growth of C-suite pay and wage stagnation in relation to productivity.
A college degree is great, boomers pushed their kids in the right direction. No one needs to go to a high priced college that is a lot like a resort and go into debt over it. There are definite more intelligent, more affordable ways to attend college, and for those strapped with mega debt, college wasn’t for you, because you could not figure out that affordable community college and state schools exist.
Yah, you can choose not going to the University, if you want to work in McDonalds for your life. In my country, even entry level post required a degree and 1-2 year experience (This is confusing enough, wtf is entry if exp is needed?).
Everything in the entirety of our lives was pushed by salesmanship.
College Degrees.
Prescrption Drugs.
Celebrity.
Sports.
Functional alcoholism.
EVERYTHING.
What a great society we live in
Me cooking my marshmallows over the dumpster fire that is society:
Amazing l.
I dunno.
The only thing that has held me back multiple times through out my career was not having a college degree. It always was my road block every single time. I am now sending the to school for nursing and after she finishes her program I will finally go to college and get my dumb paper.
Nice content! The form to sign up for the newsletter is down, I think. I couldn't sign up.
A couple of major points were missed here. First of all, inflation is caused by too many dollars chasing too few goods/services. Deflation is caused by too many goods/services chasing too few dollars. In the 1960's and 70's single income households were the norm. This began to change in the 80's as families sought to get ahead by putting the kids in day care and adding an extra income. This had the effect of more dollars chasing a limited amount of goods (such as real estate) thus creating inflation. At the same time, an increasing number of people entering the workforce had a deflationary effect on wages. Thus we now have an economy is based on two incomes rather than one - meaning that single people are screwed. Second, credit is far more available today than it was for the Boomer generation. This translates into even more money chasing those goods. As far as inflation in education, we have the student loan program to thank for that. Another major reason for the decline in wealth is the corporate takeover of our country. Corporations have put an end to millions of small businesses leaving younger generations with fewer options to build wealth. At the same time, corporations offshore jobs which has a deflationary effect on wages. I see these as the major drivers of wealth decline over the past 60 years.
What do you mean "corporate takeover"? When was the US not a corporation-led country?
Those are solid points
I kinda disagree with the corporations as many corporations provide financial aid for individuals who are going to school which these small business's, to the best of my knowledge, did not. They also tend to provide higher wages because of those scales of economies than the mom and pops but that is definitely not universal. Also the idea behind corporations is lower prices and relative to mom and pop stores it definitely is. I also will add that all of the HR programs which came into existence due to government regulation and the environmental regulation which has become more common in many industries have increased operational costs which have to be covered.
And watch as millennials and GenZ beg to shut down more mom and pop shops so they can feel safe from a variant, while Walmart remains open. Then they will cry about the economy afterward
Don't forget about the effect of 401Ks on this situation and how that redirrected the money in the system.
Minimum wage being 36 an hour is crazy…. I have a masters, work a white collar job and this is what I make. I live with my parents and save a lot but look at all my friends who make a similar amount and they are struggling dramatically. Especially if they have college debt.
Every time minimum wage is increased, so are the prices of everything.
@@ec1628but prices have literally already went up
Min wage hasn’t gone up but prices have gone up anyways lmao
@@ec1628 and fucking record profits for these companies… doesn’t add up. It’s all greed.
@@DemVidzIsMine It would go up even more if increased. Keep thinking emotionally and not rationally. Inflation does occur, but you want to have large amounts of inflation, increase the minimum wage. All you have done is move the number at the bottom. No one, no matter how much the minimum wage is, has a livable wage.
Thank the politicians you vote for and their idiotic policies.
My checking account steadily increased (never by much but always got bigger) until this year, when I found that every 2 weeks it's been slowly shrinking. Everything is so damn expensive. I don't even do fun things, between groceries, electric bill, and water, there it goes
Honestly me committing suicide is probably the best financial thing I can do
3 recessions since I graduated in 99. Yet inflation, home prices, health care, education costs have grown exponentially, while future social security benefits have been atrociously managed.
Thanks Boomers!
That's happened even in Russia this isn't your country problem, I think it's global processes. And most likely that happened due to outdated economy
Anton, i agree. it's like this around the world because humans are greedy. The people in charge never put forward policies to help their children. They could have implemented policies to restrict families to only own one home. Where the wealthy would own 20 properties in several locations. And the upper class owning 2 or 3 homes. Should be require to be sold. Less so an outdated economy, more so less updated policies due to people in government being 80 years old. Instead of retiring and helping their kids / grand children...
@@antonsinitsyn6420 this comment does the opposite of making me want to feel unified. like this kind of subjugation is expected... when it's complete horse sh*t. Politicians fail to regulate private industry's insatiable thirst for every last one of your rubles.
From India here. And this problem exists here as well.
Our generation can't really hold on to money, thanks to credit card and social media telling us how we absolutely "need" our luxuries.
I wish it were grocery bills, but it's not.
Many people with PPP equivalent of $300-$400k yearly compensations, do not have a 6 months expenses in emeegency funds, or an year of comp in investments, even after 10+ years of work experience. But hey, they have the shiniest cars, and the laest gadgets.
If someone isn't using their credit card like a debit card (only spending what you have, and pay back at the end of the month), it's designed to be a trap.
I suggest if it's popular you question and usually reject it. Intelligence is neuro-divergent. I grew up in relative luxury, saw it was pointless and chose freedom instead. Consumer goods own their owners too.
I think you are right. Credit Cards help you to spoil your money. In Germany we use Credit Cards on vacation,... and buy petrol. 😊 We love even coins. The 1 Cent coin is still used. If you buy something.... a Mars bar or so, you want your 2 Cents back! 😊 If you are a student in Germany for example ... you will see, everybody wants his 2 Cents back. 😊 Even if the bill is 89,98€ We use debit cards also. That means we can know at every moment how much money is left.. or the hight of debts. Most Germans hate debts. Hate banks. 😊By the way, the Finns and Dutch do not use 1 Cent Coins any longer. We Germans would have riots if the 1 and 2 Cent coin would be abolished.😊
@@AltIng9154people in Germany are tight because the gov takes all the money - America is not like that - you can be way better off in America for less than anywhere in Europe almost
@@Comm0ut Siddhartha Gautama? 😉
Uncontrolled mass immigration from India and other poor countries is also responsible for the rise in the cost of rents in the West. People in your country are comfortable sharing rooms with 10 other people, which essentially disrupted the housing supply, driving up prices.
A great succinct video, however systemic changes are requited rather than individual solutions.
Growing up there was about a hundred of us kids, about 70 of those parents owned their own home. Practically all of them has lost their homes when they needed their homes the most, elderly age and unable to work.
Being a Genex 2.0, we've kind of asked ourselves why would be want to subject ourselves to that.
I'm still pulling double shifts 6 days a week.
For most people finance is like weight loss: the formula is simple but the implementation hurts
What did you think of the video?
facts
That's a good line.
It's a cool quote, and I largely agree, but... is it really relevant to the video?
He outlined the things making it harder for the average individual to get by in today's society, and the largest issues weren't an unwillingness to sacrifice. They largely stemmed from institutions, and voting habits of prior generations putting pressures on them that a middle-class American is struggling to meet, and the lower class has to go into debt to sustain.
Another thing that makes life expensive is that everything is a subscription- and these really add up every month. When I was a kid you bought records and books, not subscriptions to music apps or book apps and the phone didn’t cost hundreds of dollars. There seems to be a subscription fee for everything these days!
Also, when I got married my husband and I lived without any furniture for a whole year before we could afford anything. We just made do with bare minimum and forget about fancy styles.
Exactly. You are not even allowed to own stuff. You are expected to basically rent everything.
Subscription are not a necessity you can live just fine without them. I do agree the cost of a phone is ridiculous.
@@dawnr6381 The phones only cost $1,500 new so the problem might be an income issue. Not sure 1K should make a huge difference if people are outpacing expenses but huge margins.
Especially now that Netflix, Hulu, Disney Plus, ETC are all now cracking down on password sharing.
Well but in the past dollars could buy more stuff..... So going without also might have been more temporary vs. now with both high prices and high income because buying power might really be less than before!!
Really enjoy your videos.
I am a boomer. I paid for the college education of my three children. Two children wanted to buy homes, so we helped them with their down payments. They now make more money than my wife and I ever did. Not all boomers are bad.
It's a relief to hear this. Especially after I found out my family plans to sell their land to a developer. Even if we have enough to buy it outright, they would take a higher offer from total strangers.
Not everyone can afford to help their kids out like that… or willing to
So you transferred wealth to your children and now they are exponentially more wealthy? Cool cool cool cool.
I wish I had parents
I missed the millenial cut off point by a few years and am a "young" genxer. Younger millenials and Genzers don't seem understand that when they talk about how crazy it costs to live, it's affecting everyone. And in some ways, that is scarier for 50-something and up that are not wealthy and unwanted by workforce. It's been far from easy-street for a lot of generations before them, and I am little burn out about hearing how hard life has barely a decade in the workforce.
No All boomers are bad because only I am good and only I am unique.. Arrogant if not true but it is
Practically have to be a business owner just to be middle class now.
A *successful business owner. I’m a business owner and it’s so hard in the post pandemic era that I’m on the edge of going back to a 9-5
I'd concur on this one. If we are not already there, it is where we are going.
I ran a business for 9 years that I started from nothing, it did fairly well, but it wasn't paying off like I had hoped despite basically working my ass to the bone. So I shut it down and just got a job and I don't miss the 24/7 stress and anxiety that running a business offered.
ETA: Also the government has worked pretty tirelessly to stifle small businesses in favor of their corporate masters. These companies didn't become too big to fail by running a tight ship all by themselves and were definitely not benefitting from government handouts and incentives that just don't exist for the average person.
Very true!
Is there even much of a middle class now?
Things I dont spend money on.... fake nails, fake eyelashes, fake hair, weekly spa visits, designer clothing, luxury cars, luxury trips, food deliveries, multiple meals out every week, multiple technologies, ie; cell phone and smart watch and smart glasses and smart earpods and tablets and laptops and gaming consoles and, and, and.... a cell phone, earpods, tablet, ipad.... that should cover everything. New furniture every few months. Concerts and trips out of town every few weeks. Destination, over the top weddings. Every conceivable kind of trendy jewelry, purses, and accessories. These are the very minimum of the things I see my colleagues spend on ALL THE TIME. And then they complain about not being able to afford a home. I went without all that, yet ate wonderful food I cooked myself, entertained my real friends with all of us chipping in on food and booze, and had marvelous times. I saved my money. I lived a wonderful life doing it. I traveled, but not extravagantly. My 1st mortgage had a 14% interest rate. I made 20 an hour. I went to city and state colleges at the bare minimum of cost and shared expensive textbooks with classmates or bought used. Or both.
After graduating college, I was having trouble finding jobs that would be willing to pay a good amount. I gave up and decided to start my own business. I'm making double of whatever the corporations wanted to pay me. What I've learned within the span of 2 years of doing this, find something that no one wants to do but everyone needs, and do it better. Worked for me
I bet your business has a high turnover rate
@@slapshotjack9806 As long as the person is making the dough
From a Gen X member and educator: this was a very complete, well thought out explanation of our nation’s current financial situation. This was very well done.
this is not a problem only in your nation. It's a problem in most countries worldwide.
@@danilopablo9848 true. And AI is only going to make things harder for younger generations.
There are videos saying that lots of people in every generation won't be able to retire on time. Boomers are said to mismanage their money and investments. Gen X wasn't gonna get all that the boomers got and while the millenials and gen z are growing up with the best technology and said to be the most educated they will have to save even more money to be able to retire on time when factoring in inflation.
Retirement for most people have always been a pipe dream. We cannot support both the old and the young at the same time unless there's very few old. As the elderly numbers swell, only the richest of them are going to be able to afford retirement. The rest of us will have to live with our kids... If you have them.
@@rathelmmc3194 There are retirement articles that say that more and more americans are set to retire than ever before. While that sounds good it basically shows that some are really well off but that doesn't help those that aren't ready. The average 401k can go up in value when the market does really well. I heard that 50% of the work force works a job where a retirement account isn't offered. These workers most likely have to save on their own or rely on social security.
GenZ supports inflation. Mostly unwittingly but I’ve never seen a generation more in love with government and corporate agendas than these guys. When I was young if a corporation tried to ride on some social issue we’d call them out to knock it off. Just be the soulless corporate psychopaths we’re used to.
If you are living in California, Washington DC, NYC, or another place with insane housing prices, you need to move if you want to buy a home. A small 2 bedroom condo in northern Virginia near Washington DC goes for 800k, but an hour west you can get a stand alone home, 3 bedroom new for 300k.
Amazing job! Congrats
The amount of credit card debt in the US is insane. That's part of the reason I decided to start my RUclips channel in the first place. While I mainly talk about how to maximize credit cards for free travel and such, the prerequisite for all of that is to have NO credit card debt and pay off your cards on time and in full every month. However, sadly that is not something that a massive percentage of the population does. We gotta continue to educate ourselves financially and videos like this are a big net positive for this in my opinion. Great work as always Vincent!
I have always paid off my credit cards every month. If I can't afford it cash, I surely cannot afford it with 18+% interest!
I buy almost everything with credit cards. Generally, me and my kids together charge 1-3 thousand dollars every month; sometimes more (a lot more!), never less. We charge our purchases because it's convenient. But I NEVER carry a balance on revolving credit: any idiot should be able to figure out that credit card debt is incredibly expensive. So don't carry credit card debt. At about 5:50, you said the average American has nearly $6,000 in credit card debt. If that debt is carried for a year, the (very stupid) debtor pays about $1200 for the use of $6000 (I used APR 20% for ease of computation; while 20% APR is a little high, it's not at all uncommon for revolving credit). The problem here is failure to live within one's means.
You get 0% credit cards and pay them off and get cash back. That’s how you use credit cards
Its because previous generations deregulation lead to our current shareholder stock market culture where the goal is not to be a profitable company, but to make the shareholders who invested in the business happy, which means a return on their investment which means endless growth.
Used to be enough to just make money and have a stable revenue from year to year.
Now employee wages and benefits get cut across the spectrum of employment to make the shareholders happy, and we're in a race to the bottom.
Saying a college degree is a minimum to get your foot in the door is objectively wrong. There are many trades that you can apprentice into with solid earning potential. college is not mandatory to make good money or build wealth. Rest of the video felt spot on though.
I agree on timing playing a role in success. Yet other factors play a role, such as location, background and connections.
I’m 29, single, living at home and make 50K a year currently and the way the house market is I have very little faith of ever attaining one. And what brothers me most, is society or family relatives will often question you on when you’ll move out or when I’ll ever decide to go back to school and finish my degree and my answer is always to let me go at my own pace. I’ve accomplished only a quarter of what my dad at 29 years old did but times have changed. You can’t get a middle class earning wage straight out of high school without some sort of certification or degree anymore. You can’t afford a home with just putting down 5% anymore. And you can’t afford the life you want without making at least 6 figures here in California for my case.
At my job I started out a few years ago making $40K and after 2 years to now, I’m at $50K and the max pay for my position is $72K and that is unless I change careers and go back to school. It’s all so hard but I’m leaving my faith in god 🙏🏻 and of course on myself to find a way.
Same age same situation but I make 40k after tax….I trust only in God not even in me..I’ll be with him forever after this life in this world. Be saved friend. 1 Corinthians Ch 15 verses 1-4.
@@RaptureHead1993 amen 🙏🏻
You can add gen x too. I was on the cusp of millennials and have had more of their experiences as I stayed in school so long. The student loans are a killer and still haven't paid them off.
I'm not American but my country does trade with the US in a major way so in one qay or another, our economy is affected sometimes with the US' economic situation. I'm a millenial in my 30s and I can say I am struggling especially since 2020. I'm even married and we both work, no kids...our combined income should put us in the upper middle class by paper in my country's criteria but thanks to post pandemic skyrocketing inflation, we feel that we are watching our spending very closely. We also noticed a lesser value in our family savings. We're kinda concerned that we couldn't save for retirement.
My lucky thing amongst this ordeal is the house and lot my husband and I are living is from my boomer parents' inheritance, an advantage of being an only child. Downside is household maintenance is costing a lot.
Very interesting. Thank you.
When the world of money continues to change but our education (that wasnt even effective back then) stays the same we are setting ourselves up for failure every generation will be poorer than the last if something doesnt change
So basically if you’re born between 1990-2005 your life is already over.
Makes you wonder if the struggle is really worth it
@@Riu-bw4blit has to be, one day things will change for the better…
@@benmarley3086 by then we are too old and tired with bad health.
@@paulboh1417 we will never know for sure. I still think the worst is yet to come but we will soon be out of this mess. An economical depression, similar to 1929 is unavoidable now. the US govt. is just delaying the inevitable, which may end up making things even worse.
Yes. But extend that begin date to like… 1980.
From everything I've seen, it seems like the big two problems are student loan debt being an albatross around the necks of a generation (even if they've already paid back an amount equal to the principle), and the unsustainable increases in housing costs.
How to fix these issues, though?
So beautiful video!! This images are amazing!! And the analysis as well very accurate!! Yes economy suffers, I would like to buy lots of online courses and apps but I can''t afford them!! Outliners: Timing, government help and influence from people that have influence!!