The Toxic Boomer Money Advice You Need To Unlearn
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- Опубликовано: 19 май 2024
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In this episode, Chelsea dives into the money advice that was true for your parents (or grandparents), but doesn't apply anymore.
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Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
A boomer relative of mine is quite condescending yet he got a degree in religion and got to work at a bank in technology right out of college. I got a degree in technology with a minor in accounting and it’s so competitive I can’t get into the industry. I won all sort of competitions and awards and did tech part time jobs in college and he worked as a lifeguard. Times have changed
A lot of Boomers and older don't realize that without connections it often takes several months to actually get hired at crappy jobs like McDonalds. Every Boomer relative just drove around, saw a "Now Hiring" sign, filled out an app, talked to the manager, and "can you start tomorrow?!"
a work colleague of my mom got a manager position and has a major in theology...while now-a-days if someone would like to enter the same position would need multiple years of experience
Over-saturated markets mean more competition. Economic law.
So where is he now, your 60 year old relative?
Send them this video.
"Having a family has gone from being a foundation of our economic model to a luxury item. Yay, we did it!" Loved that line.
She had me at pronoun latte and buying participation trophies, great business ideas!
Can someone please explain to me how men magically make more money in the workplace if they have a kid?
@@ryanthen1047Men become motivated when they have a family to work for, and support.
Men become demotivated from nagging, or no clear goal or agenda.
If a woman wants a more productive man, then she should compliment him in what he works to achieve.
If a woman wants a less productive man, then she should nag and belittle him.
I am 34 and my wife and I just found out that we will be having our first child this year, We make about 80k a year, and bought a house using a first time homebuyer down payment. I think we are generally doing ok, BUT with a future child in mind, It does not feel like its enough. and I am totally flabbergasted by it all. how the hell is it not enough. I work 60 hours a week and somehow its not enough. We make decent money, not fantastic, just decent. it should be enough, and I just feel like my whole life and future and my present happiness and hope for a family has been held hostage so that some geriatric could live the highlife while my wife and I just barely scrape by on an income that would be more than sufficient just 20 years ago.
@@ryanthen1047 fatherhood bonus. Having a family elevates a man's status in the eyes of management. They are more likely than their peers to get raises and promotions because people's default mindset is that the man is the sole provider. And the opposite is true for women, there's a motherhood penalty.
My boomer dad is a hard worker but he left at 9am, came home for lunch, and was home again by 5pm most days. You used to be able to work the actual hours you were paid for and get enough to buy a house, raise kids, save for retirement, etc.
Absolutely, I totally agree. It's the same with my parents in law (almost 70 by now), she was a stay at home mom, he worked a 8-5 job (yes it's called 8-5 in Germany) , builded a few houses and never had or still have financial problems, go on vacation four times a year.. we on the other hand are considered lazy and "spoiled", that's why we can't afford a house because in their eyes. We spent everything on unnecessary stuff (by that they probably mean our rent, our car, Netflix, my gym membership, kids clothes and shoes, school stuff etc).
Yup. Same. Raised by boomer parents. No college education. They bought a house and 6 acres with cash on one 9-5 income. Paid cash for every car. Had 1 month paid vacation. Retirement. Savings. Pension. Really good medical insurance. 1 dog, 2 cats, 4 goats, 1 horse and 20 chickens. And raised 3 kids on one income. They act like my generation is just supposed to go get a job and all that will just magically happen, and it when it hasn't (because the money from that job just doesn't go as far as it used to, no matter how much I save), then it's my fault. The deck has been stacked against us.
All the excesses of modern life did not exist for boomers. My parents first home had 2 bedrooms, one bath no central heat and air. My parents never paid for cell service or cellphones, cable or internet, or subscriptions (except the newspaper). TV was a single console in the living room. Only had one car-no A/C, am/fm radio only. Every vegetable we ate came from the gardens in the back yard. All our clothes were sewn from patterns mom traded with other moms or from Salvation Army. Furniture was second hand and mother refinished a lot of tables and chairs by hand. Mine and Dads clothes were patched and used until thread bare. I had two pairs of shoes, sneakers and church shoes. Coupon cutting was a Sunday morning ritual. Meals were planned weeks out. Lunches were brown bagged, dad’s morning coffee was in a green thermos. They never bought a new home. Always bought older homes that needed work and we spent every free hour tearing out walls and and wiring and plumbing and when we left the homes were sold with a little profit. Mother went back to work as soon as I was old enough to put a key around my neck. Every penny that wasn’t spent was saved…for decades. You think inflation is tough now? Try living through the late 70’s and early 80’s. My boomer parents scraped and scrambled for everything they have and are enjoying the fruit of their sacrifices in their retirement years. They still live frugally and are averse to spending on anything that isn’t vital. It is ingrained in them. Now tell me please how any Millennial has ever worked like that? Or close to it. I’ll wait while the barista finishes your venti Latte and you can think of a witty reply to send from your iPhone. Yes, millennials take for granted the luxuries they have today and the sweat and sacrifice those “awful, selfish” boomers had to endure to make the comfortable world you live in now possible. You only see the end result of their labor, not the effort to get us here.
@@whetwilly1 Maybe this was your Boomer parents, but this was not mine. They are a lot more financially well off. The average Boomer did much better than your parents.
@@danceswithcoyotes8273 No doubt. That is life throughout modern history. My parents grew up in large families and were relatively poor. My Mother’s family had a solid home with an Air Force Dad and stay at home Mom. Unfortunately my Dad’s mother passed when he was young. Extended family helped where they could, but life was more hard scrabble for him. But all boomers benefited from the lack of extravagant extra’s that nibble away at millennial income. We have mastered the art of keeping up with the Jones’. Instagram, Facebook, Tik Tok shame young people into believing they should have and deserve the best of everything-right now. CC’s have made instant gratification possible, loans for oversized, tech laden cars. Houses that are big and costly to maintain.
I agree most jobs today will not pay for a modern lifestyle, but I bet it would if millennials lived like their parents/grandparents. Even if just for a time to get established. Find work, put away money in savings, find a partner (if desired), drive a beater, buy that rough looking house near the tracks, or rent with a roomie.
A comfortable life was never guaranteed-never was. In fact I would suggest a little hardship is good for perspective…
My 71 year old dad actually apologized for pushing me to go to college. I think he even said, "Dude I don't know what to tell you, it's fucked up out there"
Yeh
Real ass mf right there😂
Never regret having an education.
Honesty is refreshing
In my 60’s now. College has gotten too expensive. It’s a joke.
I would go to the trades. Electric, plumbing mechanics or something of that nature.
It would not be an easy life but it’s a living.
Regarding the whole "work your way up" myth: A former employer of mine recently laid off a bunch of people, including senior folks and people that had been there for many years...and then literally a month later listed many of their jobs on LinkedIn at lower ranks so they could pay them less. That sort of thing is happening all over tech these days it seems. So getting good enough at your job is almost a BAD thing now because if you're not in a mission critical role, then even if you're a rockstar they may not hesitate to kick you out the door and replace you with someone cheaper. How is anyone supposed to believe in the idea of long term job security when stuff like that is happening?
The key is "work" your way up. I hired hundreds of employees for many years and the vast majority did not understand that concept. Just vegetating in a position won't cut it.
There is no such thing as 'long term job security'. That concept - in practice - hasn't existed for at least 40 years.
There is no such thing as a 'mission critical role'. Everyone is replaceable.
Understand that you work for _yourself_ - not the company. You are only _lending_ the company your value and only for a time.
'working your way up' isn't about moving up in the company, it's about growing your skillset - which is transferrable to another company.
If you understand this, you'll have a much easier time in life and with a lot less stress.
You sound like an awful business owner then. You don't work harder and hope for more pay. The business owner pays you more and you work harder. It's a simple concept really. @@comicus6769
@@comicus6769I hope that sometime within the past 4 months you read the comment you decided to reply with that garbage on.
@@comicus6769 I remember watching a video about the flaws in the "work your way up" mentality. Mainly it was about you may not have the skills or talent to work your way up because the work is so specialized today. Say if you work in software and start at a Jr development role and are really good at it. You might work your way up to a Sr dev role and be really good at that. Then you might target a project management position, where you might not be as good. You're then stuck in that position, able to do the day to day work well enough to not get fired or demoted but not excelling enough for another promotion or raises in wage to be feasible. You're not vegetating in a position, it's just that your skills, talent, and training are worlds away from what you started out as. The employer doesn't want to pay more for you to do that Sr. Dev or Jr. Dev job, however as cost of living and inflation increases you cannot just waste away at the same job for 40 years and not get a raise.
Boomer here. To my parents' credit, they understood the toll on the body of a blue collar job. Most people's bodies wear down. I believe their motivation in encouraging college was to get an easier-on-the-body white collar managerial job. Actually, we need people in the trades! Plumbers, carpenters, etc. But many of these jobs are injury prone. We might treat these folks more like professional athletes: higher wages knowing career tenure in that profession is likely going to be short, and the best long term financial outcome may be for a trades person to work for themselves. But my point is that I have not really heard folks talking about health impacts of blue or green collar jobs. I know it's something my depression era parents thought about.
You do what you have to do. You are not ALL going to be white collar management. There are management jobs at factories. Tool and dye makers don't have a high injury rate. Most management positions anywhere require long hours. So what's your point? Did you know that the average law associate at a big law firm works 80 plus hours a week? did you know that successful entrepeneurs work almost 24/7? Everybody who got anywhere got there by huge sacrifices. It hasn't changed.
@@kareno7848 not sure if you were addressing your reply specifically to me, but yes to both of your questions. Earlier in my career I worked in a consulting environment. I understand long hours and long commutes. My depression baby parents were small business owners so I also get the always on culture of entrepreneurial mindset.
@@joanmancuso6978 @Karen O I think the key there is you can put those hours in to build your own dream, or you can put those hours in to build *someone else's* dream. I wish I understood more of what I understand now as a young man, then I would not have spent the bulk of my life working my fingers to the bone on someone else's projects for a less than adequate wage. A lot of that comes from fear - not knowing and believing that you can do it outside on your own, and in my case, having a family to feed. The safe is the enemy of the good, imho. Finally, just because a system is a certain way doesn't make it right for society, and doesn't mean we shouldn't try to change it to make it better - to Joan's point: our expectations as a society should drive changes to laws and how corporations are expected to act towards their workers. Not the other way around.
My mom is a boomer and I’m gen z I can confirm this is her very reasoning for wanting me to get a degree
Hey, what's green collar?
Re College: Don't discount Trade Schools. My husband went trade school and got a job with a *much* higher starting salary than my 4 year degree got me, and much less debt as well.
Same!
Depends on the field, but in tech at least certifications cost way less than college and are way more likely to land you a job and progress your career. The problem with trade school etc is you are pretty much stuck in the field you trained for unless you go through the whole process again. The benefit of college is that any degree you get will improve your chances at getting most any job, especially at large corporations where they filter out resumes without college degrees (you can honestly just lie most of the time though, they rarely check, that's what I do). There are some jobs though that definitely require the training you receive from a college degree (like being a doctor or scientist). I would say take your time and decide, but getting student loans after age 24 or so is really difficult, so try a lot of things in your teens and hope you make a good choice (whatever it is). I should have gone to art school when I was young but I didn't since it seemed like a less secure choice at the time, but in the long run had I gone I would be at least as successful and would have had better quality of life. It all depends on things you won't know till many years later though, so you kind of have to gamble and hopefully not regret your choices.
and you can still get training on the job in the trades
@@danielmantell8751 agreed. Went to a medical trade school and found out afterwards the market was flooded with people in the same profession. Made more working in a restaurant. I went to another trade for tech and the field was wide open with few candidates so I could earn a lot more money.
I won't discount trade schools. They are a great option. They still require additional time and investment than a simple high school diploma, so I still lump them into the "go to college to get a better job" category, albeit a more efficient version of it.
omg my mother's boyfriend is currently going through this, he's had the same job for 13 years raised one kid during that time but only makes 13.00 an hour while I work at another factory making 21.00 it's sad that he thinks he will be rewarded for his dedication when clearly they don't.
Yikes. Why not put in a line for him at your factory?
@@ramblingmillennial1560 Probably the boyfriend doesn't want to.
@@user-gs2jg7fr9e hi, you're talking about me...thank you lol
@@ramblingmillennial1560 good point
@@kathleengivant-taylor2277
Mom's BF may be unable
to switch corporations
(His age, his skills, the
current status of his
health insurance, job
security/seniority in the
company, corporate-supplied
matching funds for a pension)
I once had a co-worker who was a late Boomer and was having a rough day. She complained that she and her husband were still in their "starter home" and couldn't afford to get a "nicer" (maybe larger?) house. I as a millennial looked at her and honestly asked because I did not know, "what's a starter home?" 🙃
I feel like in Europe there is no starter home thing. Like if you upgrade to a bigger house, it is most likely because you are going to have kids. Not because you just want a bigger house^^
@@perthfanny3017 That's what it usually is in the US too. Starter home is for one baby, by the time the second is on the way it's either they share a room or you move...
@@jtidema which is another reason I didn't understand why my coworker wanted a nicer/bigger home. She has no kids just her husband and a cat. But I guess she wanted to "keep up with the Jones" because other people in her age group had bigger homes? Yeah im never going to have that problem. 😆
I hate the term starter home, it was invented by realtors to make money. My husband and I bought our house in 2012, and the first thing my boomer uncle said when he saw it “it’s a decent starter home.” I was so offended by that- it’s literally an insult.
@@thecozyintrovert I feel that way too. Not everyone wants a gigantic 3,000+ square foot home. It's perfectly okay and normal to have a "starter home" for any time in your life, not just as your first home. If it fits your needs and brings you joy, who cares?
This was sobering. I (an 18 year old) recently had an argument with my aunt (a 70 year old) about how difficult it is to live nowadays. She went on a spiel about how kids my age want everything handed to us. How we don't want to have to work to get the things we need, we just want to get them. She kept talking about unemployment money and how no one wants to work. All I said was that I didn't think it's fair that I'm expected to go to college when I could never pay that loan off. Even if I worked every single day a week for 9-10 hours every day for 10 YEARS. I would still be in debt. She got mad at *me* for that being my reality. Why are you angry at the victims of the system for being "lazy" instead of the system for being unfair ?
blaming the victims is cruel and somewhat evil
@@halnovemila9698 The funniest part is that I'm joining the military for free college and she's 100% behind that ! Having an education paid for and "handed" to me is okay so long as I'm working in the military while it happens lol
Pretty much every unsympathetic boomer ever. They say "When I was your age it was possible", and the hamster wheel stops spinning there.
Sympathetic boomers will look at how costs have scaled since the 70s, and income hasn't, and say "We're probably going to kill each other inside a week, but you should move in with us, stop wasting money on rent."
From a 65 YO boomer to 20 and 30 somethings: YOU ARE NOT TO BLAME FOR YOUR PREDICAMENT! This “these Gen Xers, Gen whatever’s, are lazy bums.” This is entirely BS! I - we. - created this and did you a disservice. Mortgaging a 4-year college education - what??? - that is OBSCENE. I let that happen! (I was able to attend college tuition free - NO OBSCENE TUITION PRICING!) Being unable to launch with OBSCENE housing costs - how can any body expect or hold it to someone for not launching. YOUNG PEOPLE: you are NOT lazy, STUPID, UNMOTIVATED. I know many Gen whatever’s who are hard working, and who - if I owned by own company - I would hire in a microsecond. And BOOMERS: please, please stop “dissing” these young people! This 65 YO fellow boomer is sick and tired of it!
Older millenial here - I definitely took almost all of this terrible advice at some point. Fully admit I am "thriving" (in the loosest sense of the word) despite myself, not because I listened to my parents who weren't even good with money. I'm still tens of thousands of dollars in debt for a bachelors and a masters that I never used. I stuck with one company, at first doing a job for which I did not actually need all that education, for way longer than most people with any sense would. A lot of that was because I graduated into the Great Recession, and unless your family had money to support you while you lived at home indefinitely holding out for that perfect job, you took what you could.
I did manage to work my way into a technical role that is in demand and I make ok money (enough to own a tiny condo and be able to pay off my student loans right now if I really wanted to). That is largely because I work for a company where internal mobility is in many ways prioritized, but, I still know I am underpaid for the type of work I do and the number of hours I put in. There would be no way I could afford kids (if I really wanted them) unless I found a partner who makes twice as much as I do and we could afford to live in a bigger house in this area. And the sad part is, I'm probably better off than most.
My story is probably one of the better outcomes for people following boomer advice but didn't have any money to begin with. (And yes, I am definitely examining making some job changes in the new year when I find another role that has a reasonable work from home policy).
I’m also an older millennial and worked at Walmart as a cashier for 7.5 years making $10.80/hr
The pressure to have kids is so insane. No parent should ever wish financial struggle on their child and yet I am always being told by my dad that it will all turn out ok and "remember how happy we were when we had so little" (which we weren't happy, my parents are actually both pretty abusive). The cost of living is way too high to be able to have kids willy nilly and it makes me want to scream when people act like the kids will just thrive and everything will work out.
The manipulation my mother put me through is why I don't want to have kids. I'm worried that my apple would fall too close to her tree.
Also the fact that I had 2 years without a raise in the last 5 isn't making me super confident... But mostly the apple thing. Our parents don't seem to understand that we don't have anything. We might have something once THEY pass away, but until that happens, we're left eating rice and beans for a month every couple years while they complain that their freezer is too full and they need a bigger one.
I understand what you’re saying. From your parents perspective, they just want to see their genes live on which is just a carnal drive that can’t be erased. You’re both right but society has changed way too much. Now if there was abuse, I’m sorry you had to go through that and can’t imagine how that would impact things.
Sounds like they want grand children. And couldn't care less about you.
@@donstarlancerexactly, they just want their genes passed on. That's it.
@@MustbeTheBassest what I mean is that’s it’s nature. Now they shouldn’t pressure at all though
I sadly learned the hard way that working your way up no longer happens. I spent 13 years at the same company, directly out of university. Age 22-35, I never got promoted beyond the entry-level job where I started, even though colleagues would recommend me for the managerial position and I had to fill in as de facto manager for 3 months when the previous one quit. 3 Months during which, as I was told later by the regional manager, we did better than we had in years. I even trained some new people who had been hired from outside to be my new boss on how to be our boss. I knew how to do the job and corporate knew I could even teach someone how to do it, but I was flat-out told I would never even be considered for the position. I finally quit after they hired an 18-year old with no qualifications to be my new boss and she would call me 50+ times a day asking me how to do her job that I was much more qualified to do.
Totally depends on the company. Some are still good that way, but they are the harder ones to break into.
Those are such crazy decisions that your company made. May I ask what field you are in?
Did they say why they would never consider you? Doesn't really make any sense since you were qualified.
Sounds about right. It seems like you did your job too well, replacing skilled workers is a pain in the ass so they'll milk you as long as they can. Managers are a dime a dozen and any dumb fuck can do the job as long as the employees they manage are competent.
That's called NEPOTISM my dear! That 18 year old idiot (that they hired to be your BOSS (effin unbelievable) but couldn't even finnish college, obviously has a VERY well conected and influential parents! Hang in there girlfriend, the BEST think you did was leaving that asshole company!!!
All of this is so true even in my country Sweden, known for having some of the best welfare systems in the world. Education is free but it doesn't get you anywhere and entry level jobs have hundreds fighting for every position.
My parents bought their first 3 bedroom house in their 20's despite coming from poverty and having no formal education. I have a master's degree and could only buy a 1 room apartment in my 30's because I got a loan from my mother, who had sold said house with a massive profit. I can't think of any friend younger than me who owns their home, they are stuck paying overpriced rents and can never save up.
It's only a matter of time before this collapses as it's not sustainable, there's your buying opportunity.
well it makes sense that a country with free education will have basically everyone educated and competing for the same jobs. If everyone has the same thing, it's not valued and it is seen as a given. Diplomas were supposed to differantiate people, but everyone has one now so what's the point? It just makes it so we have to spend 4 years studying and people who absolutely can't afford to go to school to become second citizens. Hopefully people in hiring positions nowadays will not care for college diplomas anymore as we can learn almost anything online now
Same in germany. It is extremely frustrating when you realize that after 5 years of studying you can barely afford the rent of a 30 qm appartment since living costs have skyrocketed in the mayor cities. A lot of folks I know gave up on trying to achieve home ownership or saving up for their pension, they just live their life and work part time.
In about 10-15 years, that will backfire extremely wenn all the well paid boomers go into retirement and nobody will pay the taxes required to keep the pyramid scheme running....
@@master8127 Exactly right. Modern economies are generational pyramids.
wait, but the internet had told me that the US is a third world country, and all the Nordic countries are utopian paradises where everyone is middle class and nobody is struggling?
My Boomer mother stated my job for the state caring for an autistic adult isn’t a real job though I have health insurance and retirement!
She thinks I need a real job even though I started at the state minimum! I am almost at twice the minimum for the federal wage requirement! She thinks that if I work outside the home my job is legitimate! She doesn’t understand the work from home reality in place from the pandemic! And I have been working from home for several decades!
What is frustrating about needing a bachelor's degree to get any decent paying job is that the skills I learned in college clearly aren't important, just the idea that I can learn them is. I graduated with one degree but got a job in a completely different industry, and I learned EVERYTHING on the job. Companies already know they have to teach their new employees how to do the job, so why they put so much importance on that 2-5 year degree boggles me.
You answered yourself before your question. College is mostly a (admittedly faulty) filter. It keeps out people who couldn’t pass college courses (unfortunately also keeping out people who can’t/don’t attend college but could have passed if they had).
It's also an indicator for drive and commitment (besides being a raw means test, of course). Like, do you have the maturity to push through the hard stuff? If you're privileged, could you do the bare minimum of just getting the degree?
Because there is frequently a difference in professionalism, communication skill, and learning speed / plasticity. Employers put the value on the degree because the additional education often makes a difference in onboarding and performance.
I'm gonna let you in on a few secrets about job hunting:
*1. Apply anyway.*
Most recruiters don't know shit about what qualifications are necessary and are inundated with apps. So they throw in a few roadblocks like a degree, years of experience, knowledge about certain tools/programs, etc. They're hoping you're going to give up applying, which reduces the number of -headaches- applicants they have to deal with. _Btw did you know women only apply to a job if they're 100% qualified, whereas men will apply if they're 60% qualified?_ Play the system to your advantage! Get your foot into an interview and then highlight your strengths to compensate for what you lack.
*2. Copy & paste.*
Well, not literally. But do use the same verbiage as the job posting, bc it's all a numbers game. Recruiters don't even look at resumes, some are so lazy that they copy-paste the job listings of competing companies verbatim - I kid you not! Anyhow, resumes get fed through an ATS system, and the resumes that match the correct algorithm of words are filtered to the next stage. Don't be the one who gets weeded out. _Did you know that the resumes that do get read are only skimmed for 30 seconds tops?_ Again, it's the interview that matters. Also, bold and bullet points are appreciated by resume reviewers.
*3. Network.*
The best gateway into a field isn't what you know, it's who you know! 😜 Look for conferences, hiring events, meetups, and online communities for your industry. Ask your friends or school colleagues. Also, use LinkedIn and Slack to connect. The more shoulders you rub, the more likely you'll get an inside ticket to job placement. _Did you know that 80% of available positions in the job market are internal hires or referrals from friends?_ That's why networking is so valuable, so put yourself out there.
_4. Be selective._
Don't "spam-apply" companies. They can tell when you do this, it's a waste of time: yours and theirs. Make a list of 50 dream jobs you want to work for in 1 hour. 2 hours at most! Do not take more time than this. Then spend the next 15 min whittling it down to 20. After a day, I want you to take 5 min to cut the fat some more and shrink it down to your top 10. Don't think too hard about it, bc you already had 24 hrs to simmer over your choices. Those 10 companies are now your targets. Study their history, their backgrounds, their white papers, social media posts, job listings, etc. Now get to work refining your resume to mold to their requirements. You should have anywhere from 6 to 10 resumes completed. Go to LinkedIn and stalk their HR dept. DM an introduction and kindly ask if they'd take a moment to peek at your CV. Don't be pushy or weird. If you're brave enough, ask if they have a moment to clarify questions about the job or company. Either way, you're putting yourself out there, but best of all it's right in front of your dream company.
_5. Follow up._
I cannot tell you how many people just allow themselves to be ghosted or dropped. It doesn't take much to inquire about the status of your app. And if you get a rejection, it also doesn't take much to politely thank them for considering you and to have them keep you in mind the next time a slot becomes available. _Did you know recruiters will often call/email back previous interviewees if the prospect they chose abandons the job?_ Make sure to find out if it was a family/health incident or a better job offer. If the prospect left bc they discovered your dream job is actually a toxic place, you might wanna sus that out just to be safe.
Bonus tip: This one peeves me off, but it's possible to get invited for an interview to fulfill a quota and never intended to be hired. That's bc if HR plans on hiring an existing employee, most companies require a certain amount of interviews to be from outside the company. Make sure to ask if they've already decided to hire someone internally. It you're unwilling to ask, look for signs of boredom or the recruiter being distracted with their computer/phone, or worst of all if they're interrupting you and rushing the Q&A. Those are red flags that you're just "filler" to meet stupid hiring requirements. I'd get up, thank them for taking YOUR personal time, and invest your wonderful self into someone who won't relegate you to a quota.
*_Hope these tips helped! Tbh I debated sharing my tips bc I'm currently job-seeking, however I know that I learned these secrets from people who didn't hold these close to their chest, so I'm paying it forward. And if we end up competing, then I'm glad it's with fellow TFD'ers_* 😉
College teaches you how to think critically. It’s not necessarily about what you learned from books (which is important) but more so on learning how to think things through. Companies can’t teach that
My parents (Gen X, not Boomers) pushed me (Gen Z) towards community college, trade schools, and apprenticeship programs - and I'm so so grateful they did! Since I have no student debt, I was able to buy a house in my early 20s. So grateful for that advice!
I’m an “elder millennial” raising Gen z. He’s a junior this year and I’m trying to steer him toward trade schools and community colleges as well. He was already leaning that way after watching me pay off grad school loans that have decreased in balance approximately zero dollars in the 12 years or so I’ve been paying on them. I’ve also opened a Roth IRA for him and told him to start investing immediately.
Same. 22 year old journeyman electrician living in my own home
I feel sad that young and talented people lost opportunities to study creative and sometimes useless subjects like poetry or Greek mythology.
This idea that world will be better when run by shameless and calculating technocrats is the losing game. Without creativity, waste and so called "useless " knowledge like philosophy, psychology or sociology world development will stagnate.
Knowledge is like sun - you sort of don't notice it, but without it you just can't bloom.
I’m dropping out this year. I’m going to do short courses that give me a certificate each level I complete. I do have to pay each year but it’s so much cheaper than university and I’ll be debt free. I can at least tell my kids I went to university. I have the acceptance letter 🤷🏿♀️
I'm so happy it sounds like gen x to their credit are largely the ones breaking this pattern. I hope millenial will pass on this better more open minded advice too. Happy for better futures for next gens, not everyone needs college to do good, and for the few people who might I hope the price can be made less predatory and prohibative
To me my college education and degree was literally the ticket to everything i have right now. I am so grateful for it.
Same here but I graduated in the 90s; it's not the same economy today. Kids are graduating with well North of $100K in debt and the job market is not exactly stealer. The trades are outperforming the white collar segment in ROI these days. If I had to do it over I would still choose college if it were still the 80s-90s we were talking about, I would go into the trades if I had to make that same decision today.
Good for you yet that is no longer the case
College education and student debt. This is an area where Dave Ramsey is extremely out of touch. He still thinks that you should be able to push the broom at the hard work factory and pay your way through college without ever taking out a loan.
At 19 i was a high school drop out and my girlfriend(now wife) was pregnant. The idea of changing jobs for $0.50 more an hour was a necessity to help us both make more money to pay for this baby. But we also realized it never hurt us. By our mid to late twenties we had used the job change technique to move our income higher than our parents who were largely in that “get a steady job” mentality. In fact my father said once he hoped i would find a company that liked me enough to keep me. Lol When he said that i was an IT contractor making at least three times what he ever made.
I advise young people now to go where you are valued. If the competitor across the street sees your experience as more valuable than where you are now then go.
obviously there are many additional factors but if all things are equal then pick your best offer and revaluate that every few years. We expect this from
Pro athletes and movie actors so why not bank tellers and computer programmers.
I've always liked the advice that the day you start, write out a letter pretending you want to quit. Keep it somewhere safe and see if the reasons you expected to irritate you will sprout into a noxious workplace. That letter will prime you to have the confidence to quit the day you need to leave.
Agree totally. I have changed many jobs already and make multiples of what my friends make doing the same job for 15 years. They ask me why I can't find a steady job I say cuz I want to actually get ahead and when your at a place for to long they take you for granted.
I remember being a receptionist for a big tech company (~8 years ago) having to tell high school job seekers that nobody takes in-person paper resumes any more. They'd insist on leaving it anyway and I had to throw them out.
High school guidance counsellors really haven't changed their advice since the 70s and don't get the disadvantage of not being tech savvy in the technological age.
The kids still bring me paper resumes and ask about paper applications. It blows my mind.
So not sure where you live but a large number of companies where I am (north central KS) do still take paper resumes. I agree that counselors need to update their advice though.
I think it depends on the business! Tech companies, especially large/ international ones, tend to avoid paper anything.
When I graduated college, I xeroxed and mailed out 100 resumes before I got my job, to do that now would be entering 100 websites and spend hundreds of hours cutting and pasting. It is not just the low pay causing the shortage of workers.
@@kiliesmomThat’s because their parents tell them to or even make them. My bf, who’s 24, is STILL being told to go to the place of work and ask to apply when he and everyone else our age knows you’ll just be told to apply online. Some parents are way behind the time.
Warren Buffett, for more than 20 years one of the wealthiest man in the world, still to this day lives in his "starter" home for the last 45 and more years. When they asked him why he lives in the first home he ever bought, the home where he raised his kids and it's worth around 350 000 $, and won't move in a MacMantion when he can afford it cause he's a billionaire, he says he doesn't have any reason to do so because he never bought into that "keeping up with the Jonses" crap anyway! Now that's a good man to emulate and learn from!
Even 50 cent regretted buying Mike Tysons mansion.
He's a bit of an extreme case and the Ikea founder even more so (2nd hand clothing while a millionaire) but it's not a bad idea as such. Very few people are actually poor. Many make themselves poor by having too many needs.
Like elsewhere in the comments "It's so unfair, rent inside mayor cities is so high" and I'm sitting here in my village thinking 'This guy is spending hundreds a month more to have a home of less quality than I have'.
@@MrDjordje25 doesn't 50 cent have like fiddy kids? The mansion isn't the problem.
Realizing that job hopping is the best financial choice has honestly become a relief to me. After spinning my wheels trying to figure out exactly what career I should pursue through my early and mid twenties, working in a field I fell into and hated, and becoming disillusioned with American work culture in general during the pandemic, I'm now comfortable with the idea of bouncing from one opportunity to another. I work to live, I don't live to work. Hopefully the jobs I find will be more enjoyable than my early positions--so far I like my current role much better than my last--but at the end of the day i'm trying to make the most money in the least annoying way possible. Living the same day at the same office for decades? Annoying.
Employees owe their employers the same level of dedication that they receive - which usually means zero.
Requiring a masters degree to even get a minimum wage job, to me, seems like another way to force people to become the ultimate wage slaves. American workers are already at a great disadvantage by having their healthcare tied to their employment but if they have to go into a possibly lifelong debt for their degree they truly are wage slaves. The corporate world have you forced into serving them for practically nothing just for you to exist, let alone have a decent quality of life.
I heard that one of the schools hired a new teacher where my mother worked. She said the new teacher said it herself that she is making 17/hr.
I was both surprised and now that what I've been hearing that teachers were being hired at minimum wage, and now I've actually experienced an anecdote closer to who I personally know.
The powers that be always wanted slaves. Now there will just be more white ones, too.
I was talking to my mom awhile back and she told me she wishes she had bought a house when she was younger. We were never well to do and so this kind of surprised me that she thought she could have bought a house. I asked her about it and she said "Oh Maggie, things weren't as hard for our generation when we were growing up." I thought it was a very insightful thing for her to have observed when so many from her generation insist we just need to work harder or forego avocado toast or something.
My mom, age 63, says that she's glad that she doesn't have to enter the housing market in this day and age, and feels sorry for the younger generations who are trying to establish themselves. I'm nearly 25 and still live with her in the suburb of a big city. I would've moved out ages ago if I could but I'm a student and need to save those funds.
My parents are 80. They get it. They bought a nice house on one salary. So did all their friends, siblings and spouses
“Starter home” my partner of 20 years and I just want -a- home at this point. Having kids, much as we love them, was a massive financial mistake and now we have nothing for them to inherit because our lives were skin by the teeth after the recession and a never ending series of “you’re not poor enough for help but you certainly don’t make enough for a savings that can endure all of life’s unexpected nonsense and the medical costs of just trying to live” 🙃
Hearing advice like this for years, knowing it’s not actually how life is for people in our generation, has traumatized me. It’s a generation of people pissing on us and telling us it’s rain… while being the trusted adults in our lives
A: Style & display of status is what is used to separate you from your money.
B. Cash is what you should use for purchases. That is if it does become illegal to do that.
C: Buy things that will last. If you can find them now.
D: A college education is not a automatic guarantee for a good salary .
This worked well for the depression generation. But it did not work during the depression. Because money was hard to come by for just the basics.
Boomers thought that the easy money was not going to run out and became credit millionaires.
Investment millionaires usually do not display wealth. Credit millionaires usually do.
😅
Taking advice from a woman who isn't married, nor have children, is not someone you should take financial advice from
@@fireboltaz Whatever, caveman. If she doesn't have kids she's more likely to understand the work world.
@@fireboltaz 👆Boomer spotted
in my orientation at my current job, they told us the story of how the CEO 'started out sweeping the floors at a local store and now he's the CEO.' which turned out to not be entirely true (his family knew people higher up, so he only had to work at the store level as a starter job for a little while for optics before nepotism shot him right up the chain)
and on the topic of pensions, my mom's former employer decided they were just going to not honor pensions for their workers who had been promised pensions, they were going to do something else instead (roll some money over to their 401ks I think? they still got SOMETHING added to their retirement package, but it isn't/wasn't a pension, and isn't anywhere near as good as a pension would have been). my mom actually got "lucky" in a sense because she got cancer a few years ago and a brain tumor that affected her ability to work (she is in remission, for anyone who read that and worried, she's doing great now - but she still can't do mental work like she used to), so she got to retire early which meant she got her pension...and she literally got it a few months before the company cut everyone else off. she had to take a lump sum tho, otherwise they would've done to her the same thing they did to everyone else.
I'll never understand how company benefits package including retirement like pensions. Did people back then really think they'd honor that after so many decades? Like what's stopping them from just firing you just before retirement? Similarly, some companies nowadays offer equity in the form of RSUs that vest after a certain period. Before that period ends, how do I trust the company from coming up with bullshit to fire you?
@@sor3999 well...companies DID used to honor pensions. so, yeah, of course people believed in them, because they used to actually be a thing. There are a lot of people today that are still alive and still receiving their pensions.
but you're also right, never trust a company, especially in America where employment is "at will," because over time companies got greedier, and realized they could boost their short term profits if they screwed over their workers more and more, and they did start doing the things you mentioned more often, and just phased out their pensions and retirement options altogether. and our country is suffering for those choices, but they don't care cos they're rich, and the stonks line is going up. It will all crash eventually, but they won't be the ones to suffer for it so they don't care.
Same thing happened to my dad, an excellent health insurance deal was part of his pension but after he retired they decided to get rid of it and he has to use medicare. It's such a bait and switch.
@@sor3999 My dad worked at the same company for decades, they laid him off literally the day before he was supposed to get the "cadillac" pension. From how my dad was treated, I vowed never to be loyal to a company or to do anything but look after my own interests.
The idea that a company should give employees anything is laughable
Dual income, no kids sounds nice. For those of us who are perpetually single, a single income, no kids still makes it extremely difficult to participate in our economy. The family-oriented economic structure that we live in seems to intentionally shun us.
Family-oriented? Surely you jest.
@@zwatwashdc Yes, our economy is designed to benefit families. A single guy like me is a permanent renter unless I win the lottery or something.
ruclips.net/video/EoeDpV0bpIY/видео.html
@@SpaceEngineerErich Gee, I'm a single male and have a nice home. And I don't play the lottery. Here's another thing I don't do - pay car payments. Nor do I eat out because frankly I don't trust other peoples' kitchens. I don't drink so there's absolutely no reason to go to bars. In other words, I try and avoid money pits.
@@datroof2262 Bully for you.
“Toxic” is the wrong word here. I would go with “misinformed” or “irrelevant”. Both my parents are boomers and they gave me lots of financial advice, but neither went to college or had to deal with debt. And the career I selected doesn’t pay decent wages until you’re at the PhD level or higher (I’m a wildlife biologist). It took me living in my van for 6 years while doing research projects as a post-doc and research scientist before I could pay off debt for my masters and save enough for a down payment for a house. Finally at the age of 38, I bought a small house built in the 1950s. My parents were always confused on why it took me so long, but I had to tell them how things changed. They took advice from their parents and it worked out, so they thought the same advice would help me, but it didn’t. But they weren’t being malicious or toxic: they thought the advice they were giving would serve me as it did them, but now they understand why it didn’t.
Advice can be well-intentioned and still toxic. It’s toxic *because* it’s misinformed.
Thank you very much for making this video. Every year around graduation time in the Spring, I get depressed because I didn't complete college like my grandma wants/wanted me to. You've made some really good points and I will look back to this video when I'm feeling discouraged and sad about the trajectory my life took post-high school. Even though I didn't finish college, I'm doing alright for myself, and I wish more people in the older generations (I'm a middle-of-the-road millennial) would understand that college is not the only path forward to putting a roof over one's head.
I felt the same way as you did when I left school in 2006… and some of my relatives still talk crap behind my back because they think I am “struggling.” I have a payed off home and am 100% debt free… I did the reverse gross income calculation of what salary would be required to pocket what I now pocket and I was SHOCKED to find that an indebted (school and mortgage) person would require to make at least $130,000/yr just to take home what I take home… but I didn’t have a fancy impressive job title so people actually believe I am poor or something (I am just frugal and invest most of my money.)
The old advice of going into massive debt for an education is so backward, these people are literally financially sabotaging the the younger generations with this crap and then they wander why they are barely getting by, even the highest educated one or six figure earners… ITS THE DAMN DEBTS!
Funny I was berated and shamed in 1997 when I dropped out at 16 to start mowing grass. I wanted to make money since I had no passion for school. 25 years later I run my own biz with a dozen people. I have 0 official business training but my biz school buddies that all made fun of me are unemployed or working minimum wage jobs….. the world went and turned on its head after I quit school.
Glad I didn’t buy into the hype, it sounded like bullshit to me even back then. I enjoy gardening and have built a good life for my wife and kids off that passion. Good luck young ones, there are those of us who want you to win. To succeed, despite having to work as part of the system they built to wring every last ounce of joy and autonomy from us. Teach all us old heads what real progress looks like.
What is your business?
after taking into consideration the student loan repayments and taxes, you are probably easily pocketing the same amount of money as a indebted pediatrician, dentists or professor.
I'm a boomer and would never offer the advice you spoke of in this video. Anyone offering such advice in today's world has been living in an alternate reality. And, yes, there are a number of people doing so, including some elected officials. Wages have stagnated. Corporate greed has not. Some of the hardest working people are those working in low paying jobs and they are definitely not getting ahead economically. I believe what we're seeing is lingering Industrial Revolution thinking in a 21st Century world. It didn't work very well then. It definitely can't work now.
Totally agree - thank you for the thoughtful comment, Susann!
Came here to say just that!! I'm a Boomer too. In addition to what Susan says, I'll add that if your parents didn't invest in an RESP (which started in 1974 in Canada) and if you're now carrying postsecondary debt, you don't need to listen to them!
Whereas my generation had OFY grants actively creating jobs for us, many Millennials worked two jobs in high school - and were keyholders for multimillion dollar corporations while being paid pittance.
No one I grew up with worked harder than Millenials have had to do.
Your advice is always great - for everyone. Because the world is not what it was. Thank you for your realism.
One of our governor hopefuls tried to say that waitresses we're getting $100,000 per year and that should be glad that they made so much. Wait staffers came out of the woodwork to claim those jobs (or at least to thats not what they were getting)! (He didn't win.)🤭
I’m a millenial and won’t take the advice in this video - because there is no advice in this video!!!
It is complaints, zero solutions.
Most boomers live in an alternative reality
I'm at the leading edge of Gen X, and believe me, long before there were millennials to say, "Okay, Boomer," we knew the rules were changing on us, and some of us figured out right away that we would never be the ones in a position to make the rules. I hope the currently-young generation succeeds in using the leverage of their numbers to create a better post-Boomer world.
They won't. I don't call them millenniaks--I call them Junior Boomers. But maybe gen z will get sick of living in an online outrage machine.
@@felixoupopote don't see the world getting any better but more extreme.
@@felixoupopote gen z was mostly raised by gen x.
Gen x are ab*sive, dismissive a-holes. "Oh we were latch key kids, the last to drink from the hose and were spanked, we turned out fine, now leave me alone while I rip this fat cone,".
Gen z are the self aware spawn of gen x, forced to be lived through vicariously by their parents and dismissed for any meaningful effort because they watched gen y get so many participation trophies. We're almost just as emotionally unavailable as gen x, if not even more stoic and overworking ourselves only to be told we whinge too much and "quite quit" for clocking in 5 minutes late, staying back half to a full hour overtime only to not get the 1.5-2x hourly rate for it.
That's actually a Generation Z expression, but otherwise I think you are absolutely right about the rules changing.
They changed all right, I’m another early X, I have two boomer sisters so I was getting the boomer advice played out before my eyes so I just thought I sucked somehow because I couldn’t make it work. One point my sister did tell me, those minimum wage jobs were hard to get at times because there were so many fresh faced kids vying for them! Of course untreated ADHD didn’t help me much.
My (young millennial) takes on these:
1. If you see benefit in going to college, go, but don't just go because you were pressured to by your parents/teachers. Know that there are other options depending on what you want to do, like trade school, online certification programs, etc. And yeah, if you do decide you want to try getting a 4-year degree, starting at community college and transferring is a good option for at least saving some money.
2. Completely agree with her advice. If you're not satisfied where you are and there's no opportunities for growth at your current job, don't be afraid to leave and take a different job elsewhere.
3. These days since it is so hard to make a livable wage like she's getting at, I would suggest for most people to work multiple jobs and/or monetize a hobby in addition to your main job. There are many ways to do this.
4. With how pricey homes are, it's best not to rush into buying one. If living with your parents well into your adult years is an option, that's probably what you should do while you save up.
5. Obviously don't have kids if you don't want them, but yeah, also don't have them if you do want them but can't afford them. Opt for volunteering to help children in your community and/or getting a job which involves working with kids instead if you have those sorts of desires. Having kids of your own is a huge undertaking not to take lightly, so only have them if you're financially stable enough to ensure a reasonably good life for them.
6. Yeah saving for retirement nowadays will take more conscious effort than it did for past generations, but we should still make the effort. Personally, I will not retire unless/until I become too unhealthy to be able to work but since we can't predict what might happen in life, it's best to be prepared in case we have to retire sooner than expected. Just like having an emergency fund.
The advice on not sticking with one job is absolutely correct. Just left my job of 5 years that averaged a 2% annual pay increase over that time (meaning with a standard level of inflation growth my income had actually decreased over that time) for a new job paying $25k more. I calculated how long it would have taken me continuing at my previous job at that same 2%/year and it would have taken me another 15 years to get that increase that it took me a few months of applying to jobs on LinkedIn to get.
And the kicker is my new company seems amazing and I’m working 100% from home.
"You are worth what you can negotiate"
🙌💜
Over the past 10 years every 1-3 years I got a new job with a different company that payed 25-40% more than the previous job. Unfortunately I think that is the best way to work the career ladder these days.
Same here. Plus, you get to learn more skills and ways of being. I think now I can stay longer at the job just because of where I am going to fall income/responsibility wise, and the natural life progression of a 30+ years old. In conclusion for all people out there starting their careers (and maybe getting stuck with contract work?) Move around.
Working from home is key. So much more rest and productivity! Let people decide! It bothers me companies are changing the narrative again. I don’t think I can ever go back to commuting everyday. I hope I don’t have to!!!!
As a Generation Xer with early boomer parents, my life is vastly different from my mother's. Both of my parents came from poverty (father was a sharecropper growing up) but was able to go to college and trade school and work their up. My mother is a retired RN, but a 4-year degree wasn't required at the time. Unlike my parents, who brought their first and only house when they were 19 and 21, I would never see homeownership or retire at the respectable age of retirement. I can't imagine what people who are decades younger than I experience.
I’m a Gen X’er, and it sounds like you made poor choices. I grew up dirt poor, kicked out of the house at 16, quit high school at 16, only have a GED yet here I am making $178k a year and have the house, the cars, etc.
@@chrise1004 I know I did. I married my first husband at 20 (no kids, thank goodness) and divorced 4 years later. I was diagnosed with MS later, and was having a difficult time physically, which slowed me down career-wise and financially. I felt like my options were limited. You lose some and win some. Congratulations, by the way.
It's okay if you can't get a house now. Just make sure you keep learning financial literacy, and keep upgrading your financial behavior. Minimalistic life, keep scrutinized your income and expenses everyday, and learn how to invest in stocks.
@@arapaimagold8088 Absolutely!
GenX here…my mother told me that when they were building their second custom house they had to “really cut back” on their expenses. She told me it meant they couldn’t go out to dinner on Saturdays anymore…..🤦🏼♀️
Procrastinating and not starting one as soon as I was eligible was not the best move. It's really not that hard to open an account and manage yourself. And you can also have your brokerage manage it for you. If you're reading this, start now.
I'm excited for the next bull market! But yes definitely going to be making money during the coming recession!
@@christineturner1751 My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in the US.
@@darlenemyers2882 As with any big financial decision, it’s important to keep your guard up for economic risks. However, smart planning, time management and seeking advice from a financial adviser can help keep you and your money safe.
@@linacui667 I agree with you. I ventured into stock with 109k and now I'm about 30k short of half a million dollars. Credits to Suzanne Stephens Ellis. She's verifiable
@@rebeccabaldlin8377 Interesting, I just looked up this person out of curiosity, and surprisingly she seems really proficient. I thought this was just some overrated BS, I appreciate this.
I made a meeting with upper management to tell them I was pregnant. He said "woow, this is going to cost us so much money". They fired me 3 months later after they changed my goals and gave me a bad performance review. I was told that the work I did did not match upper management goals. My manager went out on vacation and I was terminated by random people I didn't know.
Gen X here. The sad part is, her points have been the economic reality since the 90’s. I racked up a mortgage worth of loan debt for a degree, listening to my parents, when I should have paid more attention to that Winona Rider movie ‘Reality Bites’. My child is now college age & got the same crappy advice from school “guidance” counselors that I got from my parents. Luckily, I knew better & broke the cycle. My child decided to skip college, take a 6 month certification course for a couple thousand bucks, & now makes a livable salary, while her friends are still struggling through their junior year. Now that we made a positive example of a college alternative, I’ll pass the info along to every HS senior I come across, until they bury me with my worthless promissory notes. smh
I love that movie!
Government paid college advisors through the government mandated taxpayer funded "FREE" public -indoctrination- education.
Also, the wrongly named "US DOLLAR" is a promissory note..a Federal Reserve note...an IOU. A dollar is a unit of measurement defined by the coinage act of 1792 and the ratio set by two acts the first silver to gold 15:1 and then the second 16:1.
The federal reserve is a private corporation that operates in a foreign jurisdiction. It's shareholders are kept secret and stock is not allowed to be traded publicly.
No offense but you must be white try getting any kind of job like that without a college degree as a minority and you are out of luck.
@ Just_Hearts_NyCtiy Actually, no. I’m not white. We’re in the Atlanta area. So, there may be more opportunities here for minorities all around than other places since it is really Chocolate City compared to other towns I’ve lived in.
I graduated high school in 1975. Yeah, another boomer. There was gas rationing and inflation was running at over 13%. Rent for a 1BR apt was $160 and minimum wage was around $1.60. My family suffered shattering losses so I didn't go to college right after high school. It took me until I was 45 to save ANY money. Every time I got two cents saved some disaster came along, usually medical, and wiped out my wealth. A bad wisdom tooth made me go homeless even though I had a FT job and insurance. I never wanted to be a parent so I didn't let it happen.
What seems to be the case is that even though the boomer fiction of 'bootstrapping' and not counting inheritance as a leg up the American system loves keeping an 'underclass' of permanently poor people who will literally work themselves to death just to survive. The American system is designed to serve businesses not people. Once we change that we may make progress. Your generation and those who come after have to pick up the banner for the people. Those boomers who've been environmental and economic activists all these decades are burned out, old and simply can't raise hell as we once did. Your generation and those who come after give me what tiny hope I have for mankind.
We live in a society where making money is seen as the aim of life. To the extent that large numbers of people seem to believe that if you are rich you are a morally good person, and that poverty is a moral failing.
That has led to a decades long project to align society so as to create the business focussed economic, legal and political system you observe.
I love this response! Thank you for sharing.
I think poverty is just a result of having to work for low wages. It is certainly not a moral failing. Something like 40% of all jobs now pay low wages, defined as being under $15 an hour. Pretty soon we will all be working for next to nothing.
Those environmentalist Boomers are also highly likely to be the homeowning residents that oppose any kind of denser, more affordable housing anywhere nearby.
Trans: "I've been blaming Generation X for everything that goes wrong since the day they were born, and I'm not gonna stop now!"
my parents are boomers (born 1958) and they fortunately did not give me any of this advice but they gave me one very good piece of advice which was to not go straight into a masters degree after undergrad. it has saved me some of the pain my peers have experienced by getting the exact same job they could get with a bachelor’s once they had a master’s.
The most timeless advice I ever received was from my late grandfather that when it comes to your career path there will be many twists and turns as well as opportunities arising. I started to remember what he told me 13 years later amid the pandemic where I was let go of and then less than a year later finding a job that I generally like more as the job I had before wasn't good for my mental health where I even went above and beyond for them yet my loyalty wasn't good enough so I learned that loyalty to a company won't help you retain your job there for too long as they can easily let you go on a whim. This was probably among the many twists and turns that my late grandfather was talking about - mind you he was part of the great generation and not a boomer.
"No federally mandated maternity leave" .... we need A LOT of our current congress to retire or die. We have hit the point where they no longer represent our country's best interest.
I agree
You mean how you expect them to pay you to stay home with your baby? Where do they get the money to do that? From those who don't?
Look at the idiots who do not know what inflation is. $3.0x10^13 debt. They can PRINT THE "MONEY"...runs off to whine about the ill effects of inflating the money supply.
@@mmmmmmolly How does putting a middle man between you and your money, the fruit of your labor, benefit you? Maybe DO NOT pay your taxes and save that money to spend on those things you want. You are not hurting the poor. Taxation hurts the poor. My local school spends now $22,000/ student per year. I spend about $500-$1000 for Two children.
I once thought as you do now but I awakened to the truth of the matter. How much more could I do if I didn't pay school taxes? everyone pays it homeowner or renter.
Same with every other government "free" service.
@@mmmmmmolly No it is NOT. Consider a medical doctor with 180, 000 or more into debt plus malpractice insurance and then you fall into a higher bracket. Bull shit. Save the money you'd otherwise spend in taxes and save for your own maternity leave or are you so juvenile that you can't make adult decisions about your own life? Uncle Sam a fiction of law, rather, the self-serving crooks allegedly bonded to undertaking duties of action for this body-less, soulless, mindless creature of man's law, needs to do it for you? Sophomoric drivel.
@@mmmmmmolly FYI, in the US you pay your taxes all year, then you file - which is basically doing a 'true up' at the end of the year. If you paid the right amount all year, didn't change jobs, didn't have additional income, etc, you don't owe or get a refund. Mine usually works out right on target.
Even as a single man with no kids, I found myself identifying with the "people are punished for both prioritizing work over family, AND prioritizing family over work" paradox. I obviously can't speak to how it affects a woman with a child or children, but I feel like I'm constantly getting mixed messages like this in every place I've ever worked and it drives me crazy. One day, you're missing out on a raise or promotion because you asked for too much time off, and the next day, the same exact people are acting like YOU'RE the one who's overworking yourself and needs to focus on your mental health. Fucking, which one is it already?!
“It is no measure of health to be well adjusted to a profoundly sick society.” You should study the office politics of your job and play along but, remember, you should never give the agency over your future to your company. The company do the best for the company not you. If your company doesn't value, go somewhere else, fear and insecurity is usually the biggest obstacle in your way.
I relate with both men and women im attracted to women even so probably for the best but i totally get it i swear work now adays all work is trash its not just the ones you done people could get fulfillment eating dog poop or eating tide pods doesnt make you special or mean your even remotely useful for society like all the debt makers and collectors
Sounds like gaslighting to me. Thats why it’s important to go have something you enjoy doing.
Seriously. It's either "You aren't working hard enough - when are you going to get married, buy a house, have kids!? or you're working to hard, you need to go easy on yourself, just do what makes you happy." Sometimes within the same day.... toxic parents are not good for mental health.
@@hansonel I recommend the book "The subtle art of not giving a F*ck" by Mark Manson. Just give an F about things that doesn't directly affect you.
In the great scheme of things, who cares? Why should I spend money I don't have, to impress judgmental people I don't even like? I stopped giving an F about everything that doesn't directly affect me, because ultimately only me cares about me, only me can save me.
But if they think that I can be shamed, stigmatized or forced into compliance because it suit them, without any push back or rebuttal, they are VERY wrong.
This channel is the good-hearted common-sense I have not been able to gather in the entire 12 years of my working life since college. I so appreciate it.
Although college is typically considered a way to "get a job", it is really a higher level of education. I'm so thankful I was able to go to college. i'm so happy my life experience was enhanced by classes in humanities and creative writing as well as play writing, biology and education. Did it make me rich? No. It was not until I read the book, "Rich Dad, Poor Dad" that I began to understand financial literacy. Once I had those basic ideas I was able to at least know the basic idea of income and expenses. I learned how to figure short term and long term interest, good debt and bad debt. I did have some student loans though not excessive that I was able to pay off in ten years. No generation has it perfect. The advice you mentioned certainly needs to be examined and evalutated. For some people college is not the right choice especially since much of it appears to be online anyway which I find to be grossly inferiour to in person classes.
I’m a 27 year old part time bank teller/full time “nontraditional” college student and I’m constantly having boomer bank customers chastise me for not having kids “by now,” as if I could afford to graduate college, get married, and buy a house at 22, or like I would want to, or like there isn’t a large possibility that I could be one I’d the large percentage of women who want kids but have infertility issues. It’s very likely that I won’t be able to have biological kids and will end up adopting, largely because I have ADHD and can’t be off my meds for a year or more for each kid while attempting to conceive and being pregnant and function sufficiently at work. They’re just so fully removed from the realities of the current day that they have no idea that things are way more difficult now.
Oh, wow. That’s nuts
That's pretty audacious for bank customers to come and chastise you for not having kids. How do they know you don't have any kids? Why do they think that's any of their business? People suck.
im 27 me lady loves kids obviously wants a big family and busy life. she's graduated makes practically nothing negative every month. I'm 10 15 years away from graduating and having any kind of money. i think she might be better off with out me and finding someone else. she is going to miss out on life because of me
@@lal5555f my partner’s parents were almost 40 and had been married for 12 years before they started having kids. It’s okay to do things at your own pace! :)
The other reality regarding not being able to work your way up, is that most things are outsourced....The mailroom is no longer in the same building where you can meet the executive.
Having this struggle actually validated and put into words so well made me tear up, thank you so much
The US needs to follow Canada's example. Unpaid internships are illegal in Canada and have been for a while. It's insane that free labor is sold as "experience"
Thank you!! My husband and I would like to start a family but are pretty sure we only want one child because of work schedules and financial reasons. Every older person I've talked to has said "you should have two or more! they need a playmate. Your child will be lonely!" to which I say "are you going to pay for it?" and that usually stops them. Daycare is a second mortgage at this point and let alone normal costs to raising one child. I also don't want my career to be totally sidetracked. I feel seen so I thank you again.
I get really annoyed with people asking when you will have kids and once you have one when you will have more 😡😡😡😡. It's none of their business! They are not going to raise them and pay for their education so they have absolutely no say in the matter!!! We are older parents and we only have one child,by choice. My sister is on another continent and my husband has 2 siblings both on different continents. Loneliness has nothing to do with how many siblings you have or don't have. Don't let family and friends or anyone tell you what you should do, and yes you can be rude to them for meddling.
Reprioritize...
@@genxx2724 the mother should stay at home is a complete sexist response. Society thanks you for not procreating 👍
@@genxx2724 that's all fine and dandy, until you find yourself a single mother. Then you get dumped on if you dare go on welfare/food stamps, etc. (If that's even a possibility)
Bless your heart... this bought tears... these are the same words my 30-year-old's been saying♥️
“Selling a home for seven figures that they bought for $0.25 when Nixon was President” was the point where the wine I was drinking shot out my nose, in case you were curious.
This channel is fantastic. As a GenXer who’s still bitter about boomer parents misguided about the potential of the current society, thank you for your amazing work. 🙏
I get the bitter part, it’s amazing how advice can potentially derail or guide you.
I saw an ad lately, by a fast food company that claimed many of their franchises were owned by people who had started at the bottom---cooking, sweeping floors, etc. Can't remember which chain it was, but it gave me that creepy MLM vibe.
Ok, my dad is one of the few people I know who started at the bottom and made their way to a higher level. My dad started sweeping floors in a foundry at 18 and worked his way up to managing a plant building by himself in his 30s. My aunt started making photocopies and running errands in high school for a community college and worked her way to being the chancellor’s personal assistant. Those are exceptions, not rules.
There’s zero loyalty in today’s workplace. At a former job, my coworker had 20+ years experience in her department and applied for a managerial position. Instead of promoting her, the corporate assholes brought in someone with zero experience and made her train him. She had to give him 20 years of knowledge in a week’s training. His idea of constructive criticism is to make her cry. I saw myself in her place in a company that gave you nothing, when they ask you to give everything, and quit a month after he arrived.
The cream rises to the top and then the greedy want to come along and punish them for it through tax codes that inevitably are written by them and introduced to the floor and sponsored by those reprobates whose campaign they funded. LOL....and you want more to "fix" it? Hahahahahahaha.
1) Getting a 4 year degree will get you a good paying job
2) Get in on the ground-floor and work your way up.
3) Work a minimum wage job. Nobody is above flipping burgers.
4) You should buy a starter home.
5) If you want kids you should have them.
6) If you work hard you will be able to retire.
There.
Thank you
Thanks!
thank you!
Thank you.
11:12 The argument against 4) is pretty threadbare. The poverty line isn't meaningful to all people, getting hired at minimum wage doesn't mean you'll be working minimum wage all year, it's mostly personal choice to limit your working hours to 40 a week, and always consider if the boss making the work place more pleasant could be steered pay raises. That's the personal front.
On the policy front, minimum wages ought to be abolished and replaced with wage subsidies. Minimum wages incentivize lower employment and pickier bosses, even when they are shadow efficiency wages. Wage subsidies are a corrective to at least force the public interest in helping out the working poor grapple with the social cost to do so.
GenXer here. Agree that working hard at a single job isn't likely to be the best way to advance, but bear in mind that the grass isn't necessarily greener elsewhere. Be careful not to burn bridges. The world is a lot smaller than it seems.
Just because you aren't progressing at the rate you want in your current job, doesn't mean that the company you're with may not be the right place to come back to in a few years when the right opening opens up for a person with your newly acquired competencies. I have (and know plenty of others) who have left their company's for professional opportunities, done it professionally (even if they didn't feel like doing so at the time), and have returned to the company later in a better job and salary.
Working your way up can still work, it just often means being willing to do it between two or three companies and not burning bridges along the way.
My parents (end of baby boomer gen.) started off really poor. I mean, having 3 chairs, two of them they would sit on and they would use the third one as a table. They were at the beginning of their twenties, with my mom finished school and working as a kindergarten teacher, and my father having finished military (back then it was a must for two years in my country) and starting work and later getting a college degree in a field he never worked in. They had two kids, my mom was 24 and 26. From the age of 24 until about 38-39, she was a stay at home mom (because we were sick so often that she could no longer continue working bcs she was absent from work so often due to us), where we all lived from my father's salary. I swear I don'T know how they could still save money next to raising two kids and having a carloan and mortgage and extra things that came up...
They took up a 20 year mortgage and built a family home in one of the poorest counties of my country. The price of the house will never go up high because the house is in a part of the country where there is no job opportunity and nothing. But the bricks still cost just as much for us as it did for people living in a bigger city.
All my childhood I had to listen to "we don't have money for that". I wore handmedown clothes from my cousins, we never went on summer holidays until my parents actually bought a small vacation home near us and then we ended up going there all the time for 20 years but never anywhere else. We always had food and clothes, not saying my parents did not provide, but it wasn't a carefree life (for them, nor for me sometimes, but I was just jealous of other people's lives).
They kept saying if I get a university degree and get a good job (instead of pursuing music which I was really good at), then I would not have these problems. I know they said this because that is what they thought would happen, and bcs I did not have enough life experience, I had to believe them, but I still feel angry to this day how much I have suffered through my educationa nd then did not reap the benefits of it.
Graduated with a studen loan (bcs my parents could not support me while being at uni, even though the education itself was free but you still needed money for rent and stuff and I was doing double majors, so I could have only worked at night but then would fall asleep during lectures), started working in bigger cities where life was also more expensive. I never got married as early as my parents, but if I think back to where I was at 24 yo where my mother had her first kid, and if I would have stayed at home with my kids for as long as she had, I would only have 4 years of work experience currently, bcs I would have gone on maternity leave almost immediately after finishing university. I mean what type of jobs would I have with 4 years of experience? A customer service job that is basically the modern wage worker of today? For sure not the management type of jobs I currently have. Not trying to brag, I just mean I would not be able to earn as much as I do. And then also take care of others than myself. And pay loans or mortgages. How do people do it for real? Would I actually be in a better financial situation than my parents were with all that being said? I don't think so.
Of course my life went in a different direction. Never got married, job hopped to get my salary up (which my father hated), paid back my student loan relatively fast so I only have a mortgage, took out a 20 year mortgage on an apartment that I am planning on paying back in full within ten years and not 20. Moved abroad. Never had kids.
Do I like where my life is at? Not really for many reasons. For example, I never feel that I am in my place, where i want to be. I feel like I followed someone else's life instead of mine and there are things I can no longer go back to or do that would require me to be young again. So yeah, I feel very goalless currently. But financially I am in a much better place than my parents (my mom died at 52 yo, so she basically never got to retirement) and for sure will have more money saved up for retirement than they ever will. But what did I need for that? Grind, working jobs I hate, jumping from job to job, and not having kids. Yeah, I also wasn't that fond of the idea of having kids, but just bcs I saw how much of a shit parents you can be if you are always worried about money, but you also cannot just get up and go and do something different and spontaneous with goals and work if you are responsible for other people and have to suffer in silence even if it breaks you. Now who wants a life like that for themselves and their children too?
Ok one thought on the college point: I'm an engineer, I got an engineering degree from a state school with strong industry connections. It was absolutely essential to getting my high-paying, stable job(also one that is fun for me). IF you go to college, which I agree is not necessarily a great move for most young people, find out what people with that degree, in that area, graduating from that specific school are making. How much money? How easy was it for them to find a job? etc. College can definitely be worth it in some careers, but don't go for "the experience" go because it still *can* be a path to a high-paying job in some career fields
adding to that- I tell people always, ALWAYS start at community college. Every dam major under the sun and then some requires the same gen ed requirments. EVERY major requires a few English, math, a couple history classes, and a couple science courses. Why pay $45K a year at a 4 year school to take those classes when you can do the same dam ones at no name community college/trade school for less than 10K a year?
And if you're a smart student, find the school that offers you the best deal. My niece ended up going to a private school because the state schools were only going to cover most of it, but the private school said "100% full ride" and was 20 miles from my sister's house. She's getting a world class education debt free this way.
Even today, state universities sometimes offer decent scholarships for the best and brightest. My student loans from undergrad were almost entirely from room and board, since my tuition was paid for by the state (Georgia.) That's a fraction of what it would have cost to go to a private school in state, or to a state school elsewhere.
My undergrad degree ultimately didn't end up being my career, mostly because my current career (business analyst) didn't exist back then. I had to go back for a master's degree. So going to a community college if you're not sure what you really want to be when you grow up is still a much cheaper option.
Exactly and starting at a community college should be the normal.
With that being said, engineering is still plagued by the "expect graduates to show up knowing everything already" mentality. On-the-job training is lacking, and a lot of people either burn out and change careers or are promoted to management before they actually achieve basic competence.
@@TheRealE.B. and your right. While education is key, we also need to on the job training programs. Like experienced programmers or experienced managers mentor younger ones. Every job be it fast food, programming, nursing....has certain nuances and expectations that can't be taught in the classroom and only taught as it happens in the real world-and experienced mentors/ on the job trainer can help guide a new person through that.
My boomer parents were able to buy a house in the 70s when they were only making $7 an hour (over double the minimum wage at the time). My mom cannot understand why I can’t afford a one bedroom apartment on my job that requires a degree and work experience pays $1 over the minimum wage for my area. And I don’t even get a match on my 401k contribution.
Have they told you to “just stop wasting money on the unnecessary things” speech yet? My parents tried telling me to stop paying for laundering on uniforms that it would take me HOURS to launder and press on my own. And that my Costco membership cost too much (when I share it with a sibling and save greatly on staples bought 6x per year).
Have you told them about inflation, how much they $7 is really worth nowadays compared to before. But I know in the end thats the story they’ll stick to and won’t change their speech
@@JamesDecker7 constantly. Even if it’s something essential like toothbrush heads, soap, or new shoes. My mom: “you know, you don’t have to spend $120 on new running shoes. You can get them for $10 at Walmart.” Yes, but I run run everyday and I want shoes that don’t kill my feet or joints and won’t be dead after three wears…. MOM. Who complains about her 10 year old shoes hurting her feet 😂
@@Hersheychocolate12 I did, I even showed her the inflation calculators. My parents could afford a house, two kids, pets, two cars, vacations, AND add to retirement (my mom’s company offered a pension along with a match for a 401k).
@@Hersheychocolate12 I had this conversation with a Boomer. Her husband got $10,000 annually right out of college and I told her that at the time I graduated college (right into the recession) that I worked a full-time almost-minimum wage job and got about $10,000 annually. I can't remember the year she told me, but when we adjusted for inflation, it was as if her husband made $80,000 after his bachelor's in today's market which I'm not close to getting even after my master's in Public Health and full-time employment. When I shared this information with her and my living situation at the time (had a roommate, paying off loans, living off ramen and cereal with no health or dental insurance due to being broke) she just kind of shrugged it off as if the difference wasn't that big. 😑
66 now. dad was a spendthrift and died broke and miserable. mom was a workaholic and died exhausted and miserable. i started saving with my first paycheck. was self employed 4 years after college. saved always AND ignored the market. cash for house. ready to sell and increase is 125%. headed off grid. ss will just be gravy. i have enough cash that inflation will never be an issue because of my small life.
''start small, finish small, laugh EVERY day.''
This is not a new trend. I graduated in engineering in 1991 and it was the same back then. I had an entry level engineering job only because I had worked a co-op job for more than one year during college. My college found me the low paid co-op job. When I later went to law school, I had to work a free legal internship after my first year of law school. I got a law job, because I had the internship experience and also sent out 500 resumes, which only led to 2 interviews back in 2000.
I'm a technology consultant in the financial advice industry so all of my clients are financial advice businesses. So many of the advisers started off with no degree as insurance salespeople and now have their own businesses. Nowadays it's mandatory for new financial advisers to have at least a bachelor's degree, it would be illegal for them to join a company straight from school and "work their way up" to being an adviser unless they wanted to work and study at the same time.
Add the student loan debts and after that and taxes, they are pocketing LESS MONEY than the generation that didn’t require a degree for the same job… debt slavery.
I feel blessed to hit financial independence at 32 a couple years ago
Most advice from the older generations is not valid or bad
Here are some of the best advice I can give
1. Live below your means and invest the difference
2. Focus on increasing your income instead of penny pinching lattes
3. Don't use social media and try to keep up with others
Good luck on your journey
How much of my pay check should I invest 50%?
@BentoBuff I've always liked the 50:30:20 rule and just try to retire by 65, while using trying to build up a real estate empire on the side.
I live in a developing country. I'm 35 years old, married and, thank God, have a own house and a job. I earn about 14k a year. I don't have a car, nor do I have all of the "basic" commodities I think the video is trying to say, but I have the basic things I need. I do have a degree, sadly it wasn't a good one. It was art related, and I regret wasting my time on it, now I didn't just cross my arms and said "well life sucks" I made it work, and got more education. Paying for my things little by little, after some 10 to 12 years, I now have a stable life, this is not to say that I live like a king, as I said before. In fact, my wife and I haven't had a vacation, nor even a honeymoon, because of money, but we do go out every now and then whenever we can spare a little from our budget. This year we are getting closer to our goal, are almost clear of debt and have an excellent credit score.
I 100% agree with the advice the OP gives, especially the "live below your means and invest the difference" one. This video instead feels like "it's not my fault, it's the world's fault, and my parents just don't understand"
I'll also say before you invest you want a safety net for emergencies.
I made the mistake of selling stocks because I needed to pay rent.
I bought AMD at $2 and sold my shares at $16.
Today AMD is worth $112 a share. -_-
@@i9incher Investments should always be for the long term not anywhere near bills.
Really great video and super relatable. My younger brothers are going through a lot of this right now, and I try to give them as best advice I can but the challenges they face are so extreme.
Yep, gen x here and I fell for it hook line and sinker. I graduated high school and went to college thinking I would get that degree, a good job and career, find the love of my life, get married, have the nice house with the white picket fence, have kids and live a good life. NOPE. I became a corporate slave, piles of debt im still paying back, divorced, pay child support, etc etc etc. Now I am helping my 14 year old gen z son run a business and he is learning more from this experience than I ever learned through all that. He will one day be his own boss and make good money his way, not this old crappy model that I was probably the last generation to fall for (though it did work for the older gens).
You are so on point. I’m 70 plus, attended college in the early 1970s. It cost under 3 grand a year including room and board, and as a single person I could easily afford to rent an apartment by myself earning minimum wage after I graduated. Even as a person with little money I had an old beater car of my own to drive. Some friends spent a month or two traveling around the USA, or even Europe after college graduation. It was so affordable back then. I’m sure my expectations were much lower than what young people aspire to today, of course. My world was much smaller. People often did work for one company their whole life and expected to climb the ladder for future rewards. Young people do have it so hard these days, but I’ve also watched the ones around me make new opportunities for themselves. They are incredible.
My dad also went to college in the 70s, and even as a foreign student his tuition at a state school was only $300 per semester. The cost for his peers who were in-state residents? Five dollars for the health fee.
Thank you for these words from a broke milennial.
I have to tell my friends this all the time when they are down about their parents success vs theirs. We didn't have the same opportunity or market dynamics that our parents did. Our version of financial success will not look like theirs, will not be with the same strategies, and will not be on the same timeline.
Not as long as everything you believe is negative.
Market dynamics on the job side is only one small part of it. The mayor problem is tax policies and the monetary expansions which massively favours those with assets
i used to teach at a couple of universities in late 90's and the college thing was not true then either. actually, i recommend young people get technical degrees as there is a shortage of people in this area and they make better money than most phds. same with getting in and working your way up. i certainly did not do this and i am an old fart. you are absolutely right with minimum wage also and again this was not a thing for baby boomers either. my first job paid me 3:50/hr and no it was not enough to do much. again, you are spot on about real estate. we are heading for a huge crash. remember that most of us baby boomers will be dead in a decade or two and climate change will result in much higher death rates causing housing to be poor investment for the future depending where you do it. climate change is also going to eliminate considerable number of houses and much of many states will become more and more uninhabitable so take care where you invest in real estate. i am ashamed of my generation and the crap deal we have left you with. some of us spent 40+ years fighting to wake everyone up and be rational but it was countered by the corporate misinformation with millions of dollars backing it. we were vilified for decades for trying to save your generation the coming calamity.
Boomer here……in my experience all of these points are very true. It was much easier in the 70s and 80s to pay for college, get a good job, and buy a home (at least for white males). I would be interested to know what this channel thinks the trends will be in the future. Population growth is flat and immigration is discouraged. We are already seeing that companies are having to compete for workers by offering training, perks and signing bonuses. As our population ages and shrinks it may be possible that house prices will fall and wages will rise. I am hopeful that the market will turn around and reward our younger population because there are fewer of you. That doesn’t help a lot of people that are struggling now, however.
USA and Europe are experiencing record levels of immigration since 2000.
@@gauloise6442 The US population would be declining without immigration. The housing game is going to get bad for these boomers when there is no one to buy these expensive homes. Family formation is crashing. Good luck.
Graduated college 20 years ago. Busted my butt at a company for a bit out of school, and got experience. Got a job somewhere else for a decent pay raise. Got more experience, changed companies and got a promoted title and pay raise. Had to delay having kids a bit, but did the dual income/no kid thing for a while, bought a house, then had a kid. A couple job changes later, I kinda peaked as far as my job title goes without higher education (PhD, certification, etc), but I’m comfortable at this level. Wife too. We worked with people who stayed in college to get their PhD instead of working those years, and they got out of school and were managing people who had 10 years experience in the field. So yeah, that PhD starts you off higher in the company, and you go up from there.
It all depends on the major you choose to study though. If you get a degree in art, don’t expect museums to bow down to you and offer you high salary. Choose a degree you can do but also one that earns decent money - if having money is something that drives your life goals: kids, house i suburb, vacations at Disney, new car every 6 years, etc. If money isn’t required for your life goals, then follow the path of happiness - long term happiness. Could mean some long days and a lot of work for a while.
The future is empty houses nobody can afford until there is an inevitable crash in which the lower and middle classes will get screwed, followed by another bubble with the same results. Eventually there will be some major paradigm shift, probably due to technology and there's really no way to guess accurately what will happen after that.
I can guarantee that for the foreseeable future though quality of life will continue to decline as far as is possible without inciting revolt. Billions are spent on big data which essentially translates to knowing exactly how badly people can get screwed while still accepting it. Jobs will be polarized between extremely high level jobs that require high levels of continuously gained knowledge (tech, medical, science), and extremely low level jobs that require tasks that are cost ineffective to automate (things that require human judgment or really dexterous manipulation like picking strawberries). Also jobs in 'arts' will grow as people will continue to crave affordable entertainment, though there is some theoretical maximum here. Endgame is most people make just enough money to consume the products on the market which they will require as life becomes increasingly more complex.
The bright side is all things eventually fail, so if we live long enough there's a possibility for a positive change, though there is no guarantee of that.
It's more than jobs and house prices. The financial systems in the USA are fundamentally different, starting in the 1980s. It used to be people made a living wage, and CEOs and others in the "C Suites" made substantially more, but not ridiculously so (not 1000+ times more than the average worker). The object of companies now is to serve the shareholders and the upper execs, not the employees and the customers. The object is to make megabucks, not to pay a living wage, or give a rat's a** about their employees. Sadly, it's a losing game for young people today.
Younger boomer here, didn't have kids for exactly the issues you indicated. Also, my BA in psychology was basically useless when I graduated. Was lucky that I found a job that required such and left it 4 years later because I HATED it. Worked as a cashier and some other boring jobs for a few years until I lucked into something that I could stay with long term. I feel really bad for those who don't have the options that I had back in the day.
at least you accept the reality. meanwhile some of my previous bosses who got into their current high paying job with high bonuses and annual market competitive increases decades ago and have a huge mansion thats almost paid off. meanwhile we as peons get like 3% annual and at a low salary and are expected to stay long term.
Thank you so much for recognizing the reality of the situation that a lot of us in the younger generations are in. It can be incredibly frustrating as the child of a Baby Boomer couple to be told all this advice and "wisdom" that we've learned through experience is no longer true/applicable.
Susan, if you're comfortable sharing, what line of work did you end up in?
@@helenatube I took a test to get a job at a Federal Agency - I had taken accounting courses in the summer while I was getting my BA, and after a few years of positions that really weren't the best fit, I was able to transfer to one that worked out well and used all the skills I had gained, just not in a way I originally had anticipated. A combination of luck and being in the right place at the right time, plus not being a jerk, and a few co-workers who encouraged me and a few others and pointed us in the right direction.
@@uhohspaghettios2391 I'm happy I didn't have kids for just this reason. The world friggin' changed and what worked in the past is totally not applicable. Plus, we just couldn't afford them, back in the 90s when this could have happened.....Even with a decent job, I could see the writing on the wall, as things had started to get worse for the middle class.....
YOU NAILED IT GURL!!!
*Wages have been stagnating in the USA since the 1970's!* (spreading from industry/job
description to industry/job description) coupled with the early stages of the off shoring
of USA's industry. Also the upswing of massive shifts in manufacturing -- computers,
etc., being required.
Also, this was the era when the 1960's relaxation of immigration laws began to play out
in society (lowering wages in agriculture, landscaping and construction. In addition,
it was the same era as the beginning of the Social welfare state (i.e. LBJ's "Great Society"
programs, massive increase in college loans, etc.) began and/or came into effect.
All of the above began along with the, then, ongoing Vietnam war and the US Federal
Reserve Bank (not a government agency--> it is a private bank) began to a print a lot of
money (resulting in inflation) and the 1970's oil crisis and the petrodollar (switch from
the US dollar on the gold standard to fiat money).
Yep I work healthcare and I was glad to move to a hospital that has a union. Then every couple of years the hospital meets with the union represenstatives and they make a contract. It's a bit annoying that you cannot get a raise that's better based on effort you give, but I also am seeing better raises on average with the union than I would have otherwise.
Preach, TFD! My Gen X husband and I are still paying our grad student loans. We both were told as 22 year olds that our BA degrees meant nothing in the Washington DC market. We HAD to get masters degrees to even be considered for an interview and fell prey to the “you can totally borrow whatever you need” from 2 expensive universities. We are telling our Gen Z daughter to 1) consider going into a technical degree first because electricians and HVAC techs can start making high 5 figures and work/save before going to university 2) if she wants to go straight to college go to community college for 2 years and then transfer into a 4 year institution 3) start her own business- she may not need a college degree if she is already a boss 😍Thank you again for all you do, TFD!
Yep. My sister has a masters and she's flat broke. My cousin, meanwhile, she was smart: she spent a fraction of that money on trade-school and she now makes just shy of six figures doing HVAC.
Trade school is the new path to a solid career.
Funny thing is, in the future she may as well be saying that your advice was BS. Since you don't have a crystal ball (and neither did your parents), who knows what the economy is going to be like? We can only try to guess from our own experiences to help the people we love, the rest is click-bait generation wars.
YOU both are parent goals! Amazing advice!
They definitely lied to yall. I am from Washington, DC and have lived here all 33 years of my life. It's pretty easy to make it here even without a degree.
May I ask how old you and your partner are now??
It was both validating and heart-breaking to hear how many people don't have kids or as many kids as they'd like because they can't afford it. I wish I could have one more but we can't fathom how on earth we could possibly afford to give them everything they need! It seems down right irresponsible to do that to them. I've mentioned this to my parents and in-laws when they badger me about when we will have another and it seems to fall on deaf ears.
12:01 Starter Homes
This is something I never hear broken down and it's so fundamental to our f-ed up housing situation today: Housing can *_either_* be a lucrative investment opportunity that only ever goes up in value & serves as the basis for the "passive income" funding an entire generation or two's retirement, *_or_* it can be a right that people have because people need to live indoors; it can't be both.
I have worked in a high school for several years. It has been my experience that a lot of college bound students don’t take advantage of all their options. Work-study, scholarships, living at home and commuting, not going to college of choice but the one that is affordable, going to a two year school and transferring, etc. They jump of the loan option because it is easy at the time.
Not everyone has all of those options. Not everyone comes from a good home that they can live in past 18. Not everyone lives in an area where there are good colleges nearby.
@@chengliu872 What would you consider a bad college? Just curious?
When I saw the title I thought “Chelsea is going to go OFF on this one.” I was not disappointed!
This was my favorite one of hers by far!
ok i was like go off niece
She rarely disappoints!
When you find out that one of your favorite RUclipsrs is also watching the content of your other favorite RUclipsr!
Fancy seeing you here!
As someone who teaches at a 4 year university, most people should go to community college first, especially if you don't have a very very clear major and goal in mind. Check with whatever university you want to transfer into and make sure the credits will transfer and then take those gen eds and basic 100 courses at your local community college. Not only will it be overall cheaper, but it will clarify for you if college is appropriate for you.
This is when my smug Québec ass jumps in, like -- We baked that straight into our education system here, as soon as we commandeered it from the church in the 60s. Basically we end high school a year sooner, and then if you want to go to university, you go through two years of pre-university "CÉGEP" (basically community college), which has gen ed, some of what you would call 100-level courses), and then a BA or BSc at a university is 3 years instead of 4. There is no tuition for CÉGEP -- only a small administrative fee. And university here costs like 3-4 grand a year. But also -- it's not "the college experience". Most people aren't housed on campus, it's not like a boarding school for adults. Also, if you don't want to go to university, you can get a technical degree in CÉGEP -- that takes three years instead of two.
It's a weird system for a lot of North-Americans, and people feel like it's really odd. But IT WORKS SO WELL ! I LOVE IT ! Be better if university was tuition-free, but still...
THIS. Do ANYTHING to make a more informed decision when you finally do take the plunge and enroll in an expensive degree that will saddle you with debt. Either start off in community college, or if you are in another country where university is subsidized, start out in a course that offers a more varied set of subjects so that you can try out your interests and see what really “sticks”. Or at very least, get a ton of advice from people within your interest industries to get their opinion on what working in that career is really like (and whether you will earn enough to pay off the student loans your degree will saddle you with). This, in my opinion is a crucial financial step. Degrees and careers are not all equal. Some degrees lead to a stable comfortable life where you can pay off your loans are live successfully, others….well…..do not. We need to be making this very clear to students finishing high school rather than just telling them to “follow your dreams”………yes, you can still follow your dreams, but each dream has its own path and it does not always need to involve an expensive degree.
This was my route through college. I feel my years at a community college set me up for success at a 4 yr university.
Gen X here. Many of us are still paying off student loan debt because of some of that terrible advice from our Boomer parents. (They meant well) I just found your page started binge watching. I agree with every point!! The world is changing fast. The advice I got growing up I can't give my son. Love your channel.
the only place i have worked were you can move up the ladder was a commercial kitchen. Dish hands can become sous chefs then head chefs .
Everywhere else I have worked --- no way
I appreciate that you’ve touched on what I call “the academic arm’s race.” I’m in a profession that requires an entry level doctorate degree but I have coworkers who were grandfathered in with bachelors degrees. Did the pay reflect the increased education? Of course not.
I genuinely curious, what industry requires a doctorate for entry-level? It sounds so crazy, but I'm sure I'm just failing to think of something obvious.
@@kiliesmom I’d guess being a professor. Lots of one off classes are taught by people with MAs but many university won’t take you on as a regular prof without a doctorate. Whereas up until the 1980s many college professors just had undergraduate degrees because it was considered sufficient. Obviously, if you passed the degree, you knew the stuff and thus you could teach the degree
Ahhh yes that is a good example. Thank you!
@@kiliesmom Pharmacist in PA requires Pharm D. New Physical Therapists are now DPT, all pushed by universities to make money. Why is your nurse practitioner now Dr. ...DNP...out of control.
@@kiliesmom omg I vanished but yes I’m a physical therapist.
My parents paid $400/month for their rent/mortgage. Apartments & houses in the same area are now $900-$1,200/month. Wages haven’t increased much locally and there’s no public transportation to take you to a higher paying job. Because the fools running things where I live work in the “we already have this” notion-everyone supposedly already has a car so why have public transportation? Just because you have a Lexus in your garage and food on your table it doesn’t mean everyone else does. If you don’t have a car you can’t go to work and if you don’t work you can’t buy a car. Which means if you want a job within walking distance you’re lucky if you make $11/hr. How can you pay a $1,200 rent plus a car payment, food, medical, gasoline, insurance, tampons, and everything else you need to basically function on $11? Add student loan payments from the bullshit degree you were told was essential. It’s impossible.
Yeah that is impossible
This video is great, I recently got a promotion at my job and I am now a store manager in the company where I used to be a sales assistant and the retail manager keeps telling me that if I want to get higher positions in the retail world I have to be quick at proving my own worth and ready to change companies. He told me that I am supposed to change the company I work for within the next 5 years and I was shocked when he told me so, I was like "what about the core idea that you have to be committed to the company that made you grow and gave you all these chances?" he laughed and said that those are "old money" ways of looking at the job world... I am still shocked about it 😂
I am a boomer and we were given the stock advice of "go to college, go to college, go to college." It was possible to work your way through college with little to no debt. Not usually now. I have been a secondary school counselor and my stock advice is to go to community college first then transfer to a four year college if that is for you. I see heartbreaking stories of people in middle age and beyond with crippling student loan debt. College is nearly a Ponzi scheme now.
PREACH! Especially about women in the workplace/having children. I'm a stay at home mom, and have been for the majority of the past decade, and I constantly feel insignificant because I "don't work," but childcare costs are insane. I'd love to hear more about how stay at home parents can contribute financially, without getting a minimum wage job that my not even make it worth returning to work.
There are tons of work from home job now
I've been a stay at home mom since 1990. I am very frugal. I am also a very late boomer and don't give my kids stupid advice lol.
"Stay at home" spouses can contribute a lot of financial value without earning money. They have the time to think and try things to figure out how the family can be frugal. I am not frugal, because I work full time and I don't have the energy left to do even the well known money saving things. The "Stay at home" spouse is working as a cook, a cleaner, doing general errands, planning and researching, before even factoring in child care. You can have time or money, but you only get both if you're super rich or your family can live on one income.
Magic pot can cook a meal for a family of four and 20 minutes. Washer/dryer do all the clothes cleaning. And robot vacuums can clean your house floors. You will need a job once the kids are teenagers or you will be freeloading.
Don't over clean the house. There's plenty of evidence showcasing the rise and allergies due to a house that's too clean. Humans are never meant to be in a sterile environment long term
@@everythingisfine9988 But do you need a full-time job? And what if you want to do volunteer work instead of paid? Be careful about your answer, because you might be insulting my mum. ;)
Gen X here, I haven’t watched the video yet, but will. A couple of observations. X was def going to ruin the world with our wicked ways… I went the community college route and transferred to 4-year. I could not afford college any other way. Companies were merging, putting long term employees out of work, stripping pensions and benefits. Why would I ever be loyal to a company when they will put me out to pasture when it suits them? I have heard about loyalty my entire career and have never received any. Make the best decisions that you can based on your situation. And don’t ever let anyone tell you who you are!
Gen X didn't do this, Boomers did.
The pressure from the older generation is a big part of what makes the current economy so frustrating. I'm mostly at peace with the fact that things just aren't the same as they once were and I don't spend much time pining for a lost golden age, we have to live the lives we are given. But my parents and their friends seem completely incapable of accepting that things are different, so I just always get to enjoy being looked down on for not being where they were at my stage. I recently moved into a new apartment, my parent's friend commented on how he "started out" in an apartment about that size... he meant when he was 18, I'm 35. It also makes it impossible to do any actual brainstorming with them because they insist on giving advice that flat out WILL NOT WORK. When you try to point that out they think you're trying to belittle their accomplishments or something.
As a Boomer, it's interesting to hear the differences in generational expectations. We, as Boomers, did have a "wave" we could catch, e.g. real estate and share market investing that worked if we did it right. And most of us had a go. And yes, those that worked a long-term steady (boring) job were also able to earn enough to raise a family and retire at a sensible age. In our generation, we believed that hard work and some risk would provide for your retirement. Life has been good to many of our generation. It is clearly harder now for young people and families starting out. It's definitely not the same as it was for us. I like to think that there are still opportunities today, but I don't know what, or where, they are. Maybe the only advice that can transfer from generation to generation is to keep fighting, something will always crop up. Try to be ready when it does.
"it is common place for minimum wage jobs to require master degrees" ... good lord, what kind of dystopian time line are we living in???
I think this is a little exaggerated
@@lilyyoung1002 minimum wage is good, like she says some employers expect free labour as "internships"
I think it should have been some entry level jobs require masters, not minimum wage 😂
@@amynextdoor I've seen some full stack web developer listings, thanks to josh fluke, that want to pay like 12$ an hour.
That makes sense now
The bad advice handed out by my father was, "Just save your money." The interest rate on regular savings was 5 1/4 when I was a kid. Now, it's less than 1%, which under the best conditions, is well under the inflation rate. We all know how volatile the stock market is, so it seems like a huge lose-lose.
It's crazy because I've actually made a 10% return on my money by investing in stocks and crypto compared to when I was saving everything in a regular banking savings account with a rate of 0.01% percent APY
Mutual funds?
Stocks are somewhat volatile, but if it's something you won't touch for twenty+ years anyways, that volatility stops being as important compared with returns
The stock market is a long term investment, you buy a stock and keep it for 5 - 15 years at least. Of course you're going to loose money if you panic sell at even the SLIGHTEST drop.
remember when fasting became popular? been doing it ever since and I can save more money because I don't eat lol but I have some savings now because I did this. felt like crap all those years but I did it. Probably permanently damaged my body for this but money....to live...is essential.
I'm an old Gen Xer. I agree that the ROI on college is mostly too low to go and "starter home" is too expensive. We old folks do have blind spots. Let's be fair though, a DINK in NYC also has blind spots. Some advice you've given (not necessarily on this video) is spot on for the dense urban community, but doesn't ring true in the "flyover country." When you live in a cheaper place with a nearby family network, more things are possible.
my grandpa started at our region’s electric company as a coal handler fresh out of high school and went through basically every job at the company until he retired as a high level supervisor at 55 in the early 90s. Fortunately he’s pretty understanding of My Journey as he’s been able to see how things have been financially for his kids’ and now his grandkids’ generations, but it just astounds me that that’s really how jobs worked when he was young.
Usually, I feel slighted because almost all youtube channels that focus on finance COMPLETELY bypass GenXers; however, in this case, I'm glad to be the "forgotten generation" because at least we're not being blamed for bad money advice. I have a clear understanding of the housing situation, and I let my daughter live with me rent-free while she pursues her college education. She has a bachelor's degree and will be entering grad school soon. She worked hard for this and did all the footwork to get grants, etc. I didn't go to college and at 56, I realize it doesn't make financial sense to do so now. Instead, I focus on preparing for retirement by living frugally and investing. As a widow, I am fortunate to have a home that I don't owe a lot of money on and can help my daughter. Sidenote...you absolutely nailed a spot-on description of my boomer dad; he's a classic facebook-radicalized-Floridian 🤣
Gen Xer here. 100% agree.
I am the same as you ..and luckily I wasn’t raised to blame but just do what I had ..I didn’t have the luxury to blame ..I would have starved ..
Yeah! Gen Xer, too! But, I remember at the beginning of the 90's when we were all the TALK! Boomers wondering what we would become because we were called spoiled, bratty, lazy and combative. I laugh at all of that now because no one mentions us.
I think Gen X realized early on the situation was corrupt/hypocritical, checked out and found their own way alone. The Millennials really bought hard into what Boomers told them and only found out later the harshness of the reality.
@@katwanyawest7312 I don't remember being called spoiled or bratty, just lazy slackers who didn't buy into the Greed is Good Boomer philosophy.
I'm still an advocate for going to college, but I'm all for taking the most affordable route to get that degree done. Take the concurrent credit courses in high school (or AP/IB courses), do community college, seek out the scholarships, go to the cheaper state school, etc.
Agree. Ultimately, so long as they are providing a quality degree, and you are gaining the knowledge you need, get that degree via cheaper means.
💯
Yes, yes, yes, yes, yes, yes, yes. Absolutely. And if you avoid those with the glossy 4-color brochures showing the manicured quad, the fro-yo kiosks, and the climbing wall, you’ll probably luck into a good deal.
I went to university overseas and have no debt. It's an option most people forget to explore.
This is awesome. I'm an almost-exactly-middle-of-GenXer, which is to say, I'm old enough to have seen the world the Boomers took for granted and young enough to see up close what came next. And things have gone quite well for me, which is to say, I cannot be accused of sour graping. (I'm Canadian which makes it easier--as a rule of thumb, most US crazy/evil makes it to Canada in a slightly watered-down version.)
All of which is a preface to saying, your points and arguments are about 90% spot-on from where I'm standing. And very, very well articulated. (Oh, bonus observation: back when the entire English-speaking world was agreeing to grind up governance, the social contract and any kind of safety net, the #1 justification was that it was too expensive and that--and this is key--'We have no right to pass on these costs to The Children, won't somebody PLEASE THINK OF THE CHILDREN!")
The principle of houses increasing in value forever can be sustained. All we need is for wages to increase in value forever at the same rate. This is what planned inflation is *supposed* to do - a young couple buys a house at the very edge of what they can afford, pay their mortgage every payday, and hae barely enough to live on. Five years later their wages have gone up, but their payments have stayed the same! Every year they have a bit more money left over after paying their mortgage than the year before, and whether they choose to spend that money on paying out their mortgage faster, improving their house, having holidays away from home, or any other discretionary spending, this constant trickle increase in money available for discretionary spending makes them feel happy and confident. They feel good about the future, so they're comfortable making decisions like having children and actually spending their money rather than hoarding it.
These days house prices and almost everything else prices are still going up, but wages have been falling behind for decades, and more than all the issues with climate and plastic and pollution, it's the way personal finances just keep getting worse that is creating the profound pessimism about the future in younger generations. Life isn't getting better for them - it's getting worse. The people who broke the deal that wages would rise with everything else have broken a lot more than the ever realised, but they're going to be dead while their grandchildren live with the consequences.
"getting radicalized by Facebook" made me HOWL out loud! But also, Chelsea this is one of your best TFD videos yet! There wasn't one piece of advice I wouldn't share with any Millennial/Gen Zer
I was looking for the "radicalized by Facebook" comment and I was not disappointed. Howling right there with you!
As a Boomer with two grown kids I say "You are right in everything you said." It goes to show that children have to be very careful in the choice of parents.
🤣
😂🏆