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All you click baite utube videos give worthless advice to individuals who ive in large cities, where even if you are making a few hundred k, your 50 percent to housing bla bla bla little pie chart is meaningless and not possible. Why do you guys always do that! In cities like toronto vancouver ect 50 percent of your income for housing means you are going to be looking for the next 100 years and will be homeless in the meantime, even if you make over 100k. Get efffin real man.
@@VincentChan Yeah, I didn't think it was you. Thanks. yt suggests channels to me, then takes my comments off lol. Some of them have shown up here though. I think I commented too much on your channel b/c I think yours is a very interesting video. So I subscribed. Thanks!
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Try 10k a month . All a trust does is pass the cost onto the tax payers . People that want to leave their assets to their kids should buy longterm care insurance or the kids should go without.
Tried getting my dad into one because he started to need 24/7 care and the gold digging questions were insane. At the end, even if they took everything he had he still couldn’t afford it and he was getting $3k a month
I worked for a nursing home/neurological center. Trust me, its not some place you want to end up. There's so much neglect and abuse its horrific. It was mostly women 80/20. I'd rather die at home, or a shack somewhere out in the desert .
This is the same for me! My parents don't even have life insurance, so it will most likely fall on me as the eldest to pay for everything. I'll just have to keep piling up credit card/personal loan debt while paying back our high student loan debt until we die, most likely at a young age due to high stress levels, anxiety, depression, insomnia, etc. We get called lazy, when we must work multiple jobs just to survive. I'd be much better off moving out of the US and to another country.
@@ChrisNP87 Work 2 jobs at once and maybe they're be demand again for goods and services. I need double digit interest rates and I don't want to move to Mexico to get them. Higher demand drives up interest rates. All the boomers need a 10 percent return on their money in T-bills.
I think people underestimate how much money will be spent in assisted living/nursing homes and end of life medical care by the boomers. A lot of money is going to get chewed up by those costs.
Indeed. We sold my late mother’s house to pay for her care home. The house was sold for £450k. Her care home fees were £150k. So my bro and have £150k each to pay off mortgage, invest towards retirement
Baby boomers are retiring or on the verge to, so how do we deal with such recession-influenced market conditions? Typically my $250k worth of holdings go up 8% then lose 20% right after and the cycle continues, I’m confused and truly sick of the system
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. During the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my portfolio has grown by 25% every quarter since Q3 2020.
@sommersalt88 I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
*Jennifer Leigh Hickman* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her if you want excellent collaboration.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Not all old people are rich - boomers are from different economic classes, educational backgrounds, professions, skills, and different parts of the country, and different nationalities - one percent is wealthy, maybe 25 percent oare upper middle class, and most are lower middle class working class poor.
Statistically they have more than millennials. Most of them owned their homes before the massive property value increase. Lots of them can still afford to actually retire. Boomers, don’t wait to help your kids out financially, do it before you’re gone!
Lots don't and never did have much money even though they worked. Whatever they had, 2000 and 2008 took it away. It's like any generation. The haves and have nots. It's a made up myth that all bb's have lots of money. The women have less than the men b/c in their day, women got paid a whole lot less than men.
Admittedly I’m just honestly thankful both my husband & I don’t have to care for either sides. They were fiscal and now get to reap the benefits. They won the game of life.♟️🌟💝
My dad passed away recently and I found one of his tax returns from 1986. He made $36k, after inflation my salary is basically the same as his was. After all that time the only thing he could leave me was a truck that I bought him 😂
@@SpiKSpaN-ei6zq I wasn’t worried about it either way. Gave my parents a nice place to live in their final years of life and they were all smiles until the end. It was just funny how by inflation standards by dad was making the equivalent of $100k in the 80’s and had so little to his name. I would think his wealth should have been in a better state but I had to help them out quite a bit in my adulthood.
My boomer parents bought their house in the 80s for 60,000. Now that same house is with 400,000. My dad was able to support us on his $13/hr paycheck. Here I am now, and I can’t even support myself off $37hr and I am still saving for a house. Make it make sense.
What is this crap about rich boomers having rich kids? I know plenty of millennials who live paycheck to paycheck and they have rich parents. Just because you have rich parents doesn’t mean they have to share any of that with you!!
Millenials are in for a massive shock when they find that their boomer (or X) parents will be spending all their money on end-of-life care. Nursing home? 100k per year. Assisted living? 70k+
@@Pretender-Jarod yep, years ago. Can't come soon enough. Someone is going to make a lot of money running nursing homes where the residents don't last long at all
You say only 14% tax will be paid on the trillions of inherited dollars. We’re forgetting their parents already paid income tax on that money when they earned it. That 14% is a second tax on that family.
Duh. They tax everything. You’re taxed when u buy things right? Every single chain of manufacturing those people and businesses got taxed as well. And then you get the money and get taxed on it as well It’s taxes all the way down 😂
That's a fallacy everything is sold at fair market value upon death. So that in many cases would put the dead person into the top tax bracket on their final tax return.
Think about the average Joe: their paycheck isn't stretching far enough, and house prices? They're through the roof. But here's the real kicker: when we talk about the "median," we're talking about the middle of the pack. That means half the folks are actually worse off. It's more than a problem; it's a full-blown crisis that we need to tackle, somehow.
THE PROBLEM IS PEOPLE NEED TO STOP TREATING HOUSES AS AN INVESTMENT HOUSES SHOULD BE PLACES TO LIVE, NOT AN INVESTMENT MAKE IT ILLEGAL TO OWN MORE THAN ONE HOME
@@Robbie-mw5uu that’s not the American way. Why shouldn’t people be able to own more than one home? If you work for it and can afford it then who are you to tell them no? Sounds entitled to me. I’m not a Baby Boomer - I’m Gen X and I’ve been working in some capacity since I was 12. I’m thinking of leaving my assets in trust for my dog. My Millennial kids are liberals and I’m not supporting that nonsense (the oldest has pretty much gotten over it in the last year so I might appoint him to manage the trust and inherit whatever is left).
It's going to gen X, not millennials, ya'll gotta wait longer than that. Why does everyone keep forgetting we exist? Boomers are the grandparents not the parents.
I’m 66. My son is 36, a millennial, but don’t call him that. He doesn’t identify as a millennial. Gen X is from older boomers who are max 79 this year.
Gen X here. Grew up in lower class. Not expecting to inherit anything. In fact, have to supplement my parents monthly. Lived frugally, saved, and invested all my life. I still believe the American Dream is very much alive. I’m having a hard time understanding why everyone is complaining all the time. There has to be poor people and rich people in a capitalistic market. If everyone was middle class, we call that Communism. Which class you belong to has a lot to do with your choices in life. Being born into the right family certainly makes things easier, but does not preclude you from climbing the ladder. If climbing the ladder was easy, you could call that going up the economic elevator. I know lots of broke millennials and one thing I see in common with all of them. They don’t want to drive cheap used cars until they break down, they want new gadgets all the time, they want to go on vacation yearly, they want a thriving social life, and they constantly complain about not having enough work life balance. This is all fine if this is the life you choose, but don’t be surprised when you find yourself with no savings and wealth.
A good older friend inherited 120k a decade ago. When he finally had control of it he wired the entire about to his employers checking account and the company still went under. So bet the farm and lost. Had that money a week or two and pissed it away..money his folks saved since ww2.
utah is crazy, along with everything west of the Rockies. real estate prices east ward (esp. east of the mississippi river) bring the average down alot. and I suggest looking into relocating to buy some!
How many people who have inherited a free and clear house have the option of not wanting to live in the house bec. it is old or dont like the house/place especially in southern CA. Beggars cant be choosers.
If you get an inheritance of $100k and put it on the stock market, there is no way you can spend it all. Also, they are likely budgeting from their paycheck and not around a nest egg because if they let it grow for 20-30 years, assume they are 47 when they get it, they can literally just retire with the money.
@@tanmin8268 My Silent Generation MIL got a blood clot to the brain from her third jab and is now in long term care. $7200.00 every month, and there are no luxuries. Once her savings are exhausted, it will fall to her BB children to bear the cost. Assisted living facilities will absorb many estates.
Let's sum up the video: Neoliberal policies adopted less restrictive policies for businesses during the rise of globalization allow a small amount of people to amass an unequal amount of capital while giving enough to the voting cohort to continue to vote for neoliberal policies without thinking about the long term ramification of it has on the working class and the national culture. Thatcher/Reagan neoliberal policies are a source, but we can start the story at Nixon. Luck is the largest factor for wealth accumulation and living at the right time and the right place (spawn point) plays a more pivotal role than meritocracy/skill/value added skills.
Yeah. That sums up some of the story. I can't believe we still have trickle down economics and nothing major has been done to reverse that, and bribing politicians was made legal with "lobbying" Too much to go over in a few comments.
@@ada-yw1bb I know alot of hard working people that still don’t have a lot to show for it, they were patiently waiting for the system to be fair to them, but nepotism is a real thing. I know plenty of baby boomers who barely work any harder than any millennial but bought their house when it was cheap, and now vote on laws so that systemically their cohorts can hold onto assets that was gained with little effort and was only gained by sheer luck of being born in the right decade.
@@henrytep8884100%. I live in SW Florida. Many of these boomers who complain about millennials being lazy worked in relatively mindless jobs that had great pensions that no longer exist. Houses were priced at 2.5x salaries not 7-10x like now. In the 80s and 90s, you could raise a family with 3 or 4 children on one average job.
@@henrytep8884 This. No reasonable person is saying that the boomers didn't work. The majority of them did. The only people who can sleep walk through life are the uber-wealthy and the most of them are born into that state to begin with. The thing is most millennials and the generations that follow us are "working hard." Studies have shown that productivity in the US has risen tremendously in the past decade or so. The problem is the greater economy has made our wages worth steadily less and less despite that.
My coworker who is Gen x lived with his parents when they got old so they never went to a nursing home, and funeral costs for him were a total of $120. Called funeral services grave robbers and did it all himself except for the cremation of course.
This is the kind of content other channels aren’t offering as much. Please make more of this contextual info. Lots of finance influencers make a lot of the same suggestive content, which is helpful but this is great. Thanks for the context
the job market is doing great all the jobs that are hiring are playing 40k or less and are just second jobs to people that already have jobs America is a 3rd world country
Suppose you have money...maybe a lot. You actually dont. Try to take out a large sum or all your money from the bank...try to sell and then cash out your portfolios. Travel with your hard earned money, get pulled over and answer yes when cops asks if you are carrying large sum or decides to search your vehicle. In these scenarios, you will quickly understand that your money isnt really yours. America 😢
We need to limit investors to multi-unit properties like duplexes, apartment complexes, and trailer parks. Single-family homes should be owned by the people who live in them. Or... we can just continue as we are and watch the death of the American dream.
I don’t know why he is advocating for the government to impose a death tax. Like just because a rich person dies and gets all of their stuff taken by the Government’s in a death tax doesn’t mean that that money is going to go to the rest of the population. It just means that it will go to the Government.
In this job market, and perhaps in future ones, saving 1-1.5 years of expenses is prudent. I finally secured a tech job after four months, thanks largely to my network. Many of my friends have been underemployed or unemployed for months, or even a year. I've never seen anything like it. The only positive outcome from this experience, coupled with the 2000 P/C, has been a shift in my worldview and finances. I've adopted a budget that embraces the reuse economy and minimalism, and I've made a conscious switch towards local employment(same city hence no car(I bus it). If I get a car, it will be used and cash only) and purchasing(less to null monthly online - instacart, food deliverly, amazon etc ). Plus, cooking at home.
Also Vincent I feel like you should entertain doing a video about the mouse utopia experiment and population collapse because it's going to be the largest issue of the 21st century.
*My parents were the pre-boomers, growing up during the Depression and having their lives disrupted by WWII.* After they died, we found that one of the first things both did (separately) when life settle down after the war was pay off a modest whole-life insurance. If they died, they did not want their parents to have to cover the costs. Married, they lived frugally to be able to afford a home. They still had the same TV and refrigerator when I went off to college that they had when I was seven. They drove one car until the floorboards rusted out. *Contrast that to the young adults I regularly meet, including retail clerks earning a pittance.* A large portion of their income goes for consumables they don't need and that'll be worth nil in a few years. In addition to new cars, they stay up-to-date on their smartphones and have a $300 Apple Watch that doesn't offer them any more benefit than a $20 Casio. I feel like screaming at them to be like my parents, "Live frugally, save, and get a home before the price gets even more insanely high."
TL:DR - Generational labels gets made up as we go along. It's not worth thinking too much about. Generation labeling isn't an exact science. You have differences between various groups and "experts" on where the year you were born in sits for identifying you as a member of a generation. As an example, people born between '77 and '83 are sometimes called Xennials because of that variance and how people in born in that range share traits between GenX and the Millennials. Meaning that even if someone born in '79 is clearly GenX by the majority of people who classify generations, they're so far to the end of GenX that they won't identify with everything that makes GenX, GenX in terms of life experiences. They share some things with the oldest Millennials, but are too far removed from most Millennials as a hole that they won't identify with everything that makes a Millennial a Millennial for life experiences. They're caught in between generations. The youngest of the Great Generation before the boomers can have the oldest GenX kids. The youngest boomers can have Xennials/the oldest Millennial kids. The youngest GenX can have GenZ kids and so on. All roughly speaking on who says where the years sit for defining a generation. The lack of a concrete universal standard for this keeps the confusing mess going.
Great video, but gotta stop spreading the myth that there’s a nationwide housing shortage. There are dozens of states that have an over-supply of housing that can be had for under $200k in great condition. Search for any city in: Iowa, Virginia, Alabama, Michigan, Ohio, Indiana, etc … hundreds of thousands of affordable houses, and affordable in relation to the local economies. The states with exploded housing markets are resort states that were previously considered “flyover country” until the outdoor fad went on high. Unexpected exponential growth in those states fueled a fundamental price increase due to sharp increase in demand with a lower relative supply. Really, though … the 1 million people who shoved themselves into states like Colorado in the last five years blew the top off that market, despite having no tie to the state before they decided they wanted to pretend to live the Colorado lifestyle. Help to stop the spread of misinformation about there being a housing shortage … there isn’t one. It’s an identity crisis, not a housing supply crisis. I guarantee it. 👊
Honestly I feel like for me anyways part of why I am not wealthy is because my parents were just not wealthy enough or knew how to give me the proper opportunities from the start to become wealthy they just sort of figured if they let me figure things out on my own that I would eventually get the proper motivation to be wealthy and they also made the assumption that I would automatically want that life. And I think this may have been a common issue for a lot of boomer parents raising mellineals.
Yay, for saving 400 $ a month I can have 1,4 million $ in 40 years. Which will be worth a lot less than today and I will be too old to use it for anything but a place in a retirement home. You need money in your 30ies and 40ies, especially when you want a family.
I really love your channel dude! Lots of relevant info without the fear mongering and predatory suggestions. I will be a long time sub! Praying for everyone's financial health out there. We got this! 😤❤️
2/3 rds of my millennial children basically told me they don’t need my money mainly because when I divorced their mother 20 years ago it left her retirement poor. Of course their mother blames me for her lack of preparedness
As Vincent points massive inflation in asset values has wrecked society. But why does he only mention baby boomers? My father was a member of the great generation and he benefitted greatly from rising house prices. So have the silent generation and a lot of generation x have too.
What if in an alternate timeline, humans can only give birth once in a lifetime? While only on their 20th birthdays. While each young couple had a litter of 4 kids: 2 girls and 2 boys. And everyone at birth was already able to do stuff like walking, talking, and remembering everything? Also, what if humans have always had only a 60-year lifespan? Regardless of medical and technological advances. With only 3 stages; childhood from ages 0-20, adulthood from 20-40, and seniorhood from 40-60. Without awkward stages of teenage and middle-aged years. Also, what if every Generation was born at the start of an even-number decade? While always on January 1st. Like Baby Boomers in the year 1940, Gen Xers in 1960, Millennials in 1980, and Gen Zs in 2000. Also, what if new inventions/pop-cultures always came out at the same time as a newly-born Gen(and always aiming towards them), like video games/Pokemon in 1980 for Millennials and Internet/Minecraft in 2000 for Gen Zs? Imagine growing up in that parallel universe. How'd you all have thought about it and liked it from your altered memories, experiences, and POVs? And what would've changed about our lives including childhoods, birthdays, schools, celebrities, inventions, and pop-cultures?
The discussion about the great wealth transfer is eye-opening. It's not just about inheriting money; it's about the systemic advantages some have had over others.
Every generation has it's rich, middle and poor. Boomers are/were no exception. Whoever started the lie that all boomers are rich should be called out. It was probably the government who started the lie, b/c they want us all separated and at each other's throats.
You might want to catch some of the videos on RUclips of seniors living in their car or in motels in poverty. I’m 66. I don’t know any rich people. I’m not rich. Nobody in my family was ever rich, ever. I grew up blue collar. We all worked for everything we have. There are no systemic advantages beyond working your ass off.
As VInce says, I am a financially comfortable Boomer only through timing and luck. If I had zigged instead of zagged, I might be living under a bridge with a shopping cart. I am very frugal because I want to leave a legacy to my partner and my siblings. I think there are a lot of Boomers like me. We're not greedy. In fact, we want to give away as much money as possible.
All good advice here. I want to note that "Roth" isn't a type of account, but a type of after-tax money in an account. You can invest Roth money into your employer sponsored 401k and enjoy some of the benefits of the Roth IRA (Individual Retirement Account - which has annual maximum contribution limits $7,000 for 2024). It should also be noted that high earners above a specific amount cannot contribute to a Roth IRA, only a standard pre-tax IRA (meaning you pay ordinary income taxes on the whole balance when you withdraw). Ideally you will open multiple different accounts when you start saving money hand over fist for retirement.
My parents are 1st gen. Asian immigrants like yours, and my mom is already blaming my existence for her lack of retirement funds 😂. As artists, financial literacy was beyond their scope of knowledge, which led me to discover your channel. Thank you!
If millennials sell a house and buy a new one how will that do anything to housing supply other than neutralize it. It's more likely that anyone inheriting a house is going to live in it and save money to buy a new house or rent it out since selling will incur capital gains taxes and commission/transfer fees plus any new house will have a higher property tax, higher interest rates and higher insurance rates. Also the majority of boomers don't own homes and most that do will probably use the equity to fund their later years cause healthcare/nursing homes is crazy expensive.
I don't think that's accurate. Pretty certain over 70% of Baby Boomers own homes, and they own twice as many 3+ bedroom homes as Millennials with children. As those houses are transferred, you'd have to make an argument that Millennials actually want to be landlords (I think most don't). Personally I think housing is going to be liquidated as its transferred to the next generation causing prices to come down in real terms back to the 3:1 norm.
I think you're completely undervaluing the fact that asset prices are highly overinflated. I think most Millennials are going to want to liquidate whatever assets they get from their parents and this is going to cause prolonged price declines, in real terms, of things like housing and stocks. I would bet money that the 2030s to about the 2050s will create some of the lowest returns in real that the US has ever seen.
Some will be in so much debt of their own they will have no choice but to liquidate whatever inheritance they get. I'm fighting tooth and nail to hold on to the house I inherited!!!
@@AdelTheForsaken very true, and to add to your comment even if you don’t have debt and the house isn’t mortgaged, most jurisdictions will reassess the property taxes on transfer and they may be high enough to make the property too expensive to hold.
@@jamesarmes3098 An irrevocable trust is no longer my stuff. Taxes are paid on income from the principle like interest, but there’s no taxes on withdrawals of the principle by the beneficiaries. After I use up all my cash, I qualify for Medicaid for a nursing home cause everything else is in the trust.
5:48 : Man! As a millennial, this is bad.... A repeat situation of history or worse. Should government tax more rich in a reasonable manner while decreasing tax on the middle class?🤔...
63% of Americans pay no federal income tax now . High earners and the wealthy pay the lions share . How much of their income would you allow others to keep ? We don't have a lack of revenue problem, we have a spending problem .
It will all get inflated away and there will be nothing left. I am experiencing that right now. I thought I had some money but not much anymore. Kind regards
Definitely, timing sets a generations wealth. Older millennium with boomer parents tend to own homes and paid college tuition. Compared to young millennium and genz struggling to find employment in this current job market. The lack of jobs causes them to lack work experience. So the older generation will constantly benefit. I think you're right. The advantageous have already received the benefits from their wealthier boomer parents.
Yep. I know 3 older milennials. They all have a lot more money than me. And huge houses in expensive areas. They went to college and got bigtime jobs after. Old milennials are now middle aged lol.
Estate taxes are minimal if planned properly. If anything, death is a tax benefit once you abuse step up basis on heavily depreciated property like real estate.
@@RaptureHead1993 yeah sorry, but AI cant even help people with most issues on a banking app. I can't see it doing anything much more complicated than that. Even running a fast food restaurant. An ai that sophisticated would cost how much electricity to run btw? People already see issues with EVs and the strain on the power grid that's becoming, now imagine adding in AI that needs to be powered on for most of the day.
Just for the record, you don't tax your way to wealth equality. All that does is scare the rich people away and it turns out your country suffers if there is not as much wealth to keep the economy churning. The concept of wealth equality has never existed on planet earth, there are always some at the top (usually the chief, king, emperor, generalissimo, party leader and their associates) and some (or most) at the bottom. Our system is painted as messed up with an insane wealth gap, but in reality this is the wealthiest and most fair humanity has ever been in the macro context. In the micro context there is definitely more to improve, but it is short sighted philosophy to keep painting class warfare as some kind of new and unique concept only relevant to us.
Just tax Baby boomers 25% of the house value upon sell. Since we want to treat houses like an investment, tax them capital gains tax…. Like an investment. If they bought a house for 50k$, and sell it today for 500k, they get taxed the difference in that value, and owe the government 112k. Or roughly 25% of 450k$. Housing is a human right, a necessity, the fact we even allow it to be an investment and abuse it is insane to me.
5:00 you failed to account for inflation in your discussion of stock market returns. Inflation was high in the 1980s. The real return of the S and P 500 between 2010 and 2020 is similar to or higher than in the 1980s and 1990s.
This great wealth transfer idea is pretty poor or non-existent. Thing is, not many boomers are wealthy, very few are. The death of boomers will be gradual and does not happen all at once that we could feel it in the economy. Wealth transfer already happening prior deaths in multiple ways like helping their children with expenses, or giving away their properties while they are alive.
Thank you. I was thinking all this. The “rich boomer” thing is tiresome. Everyone that posts these kinds of videos act like they’re all dying tomorrow, they’re all rich and they’re all giving their kid their houses and the kids will sell them the next day. Not gonna happen.
Yeah, I'm not getting anything from my boomer family members because they don't have any... I'll be paying back student debt for soooo many years and hopefully afford to buy a home when I'm 70! Have to work 2 jobs just to get by living in NYC.
A $250/month contribution compounded at 10% average return over 40 years is about $1.38M. Even if you took $250/month and put it under your mattress, it would be $120,000. How did you get $94,000 for the Roth IRA example?
Meh, our millennial daughter and son-in-law are doing well. I attribute their success to the fact they were Peace Corps Volunteers and for two years while serving their country essentially lived in poverty and made do with what little subsistence pay they received (imagine finding a couple of unforgotten dollars and being ecstatic about it). That frugality followed them for several years after their repatriation as they saved and made wise career choices. Now they're comfortable with an income far higher than we ever earned but my daughter points out considering inflation it's pretty comparable to what we earned at their age (she's pretty smart). They've bought a house, blessed us with a grandchild and find their continued frugality leaves them with the wherewithal to invest for the future. We're proud parents as they've taken it upon themselves to take on and meet the rigors of becoming responsible adults without seeking out perceived barriers to success.
That's a great story, but imagine if EVERYONE was as frugal as your daughter and son-in-law. If no one buys new clothes, or goes out for a coffee once in a while, or takes a holiday, a lot of businesses will suffer. In a consumerist economy, you need people to consume.
Their frugality resulted in a home purchase, a purchase of a new car, home improvements, to name a few items supporting the local economy. They remain frugal, buying second hand furniture and refinishing it and going to neighborhood swaps for infant clothing. They do travel a bit as family is strewn about. The problem with spending to support an economy usually results in overextending oneself and not meeting financial goals and obligations.
My retirement account is reaching 500k in the next 5 years in my mid forties aggressively in the stock market.And in 10 years i am retiring in Thailand.
I’m in my late forties and also plan to leave the US when I retire. It’s not going to be affordable to retire in the US in coming years (thanks to the high cost of living) and access to affordable healthcare is pretty much non existent
In 40 years a movie ticket may be too expensive.... $70.00 bucks... and what if Money's worth crap. It doesn't matter, I don't think I'll be here in 40 years XD
@@marysueechols2845 it's happening right now. Nothing weird about it. Boomers are losing their minds that fast food workers are making $20, and going on about how that's totally gonna increase the prices, ignoring the fact that fast food stopped being cheap and not worth buying a few years and that's without a couple dollars wage increase
In forty years, nobody will going to the cinema anymore. Or at best, it'll be a "niche" entertainment like the theatre. We already have streaming services and virtual reality handsets that can make you feel like you're in a cinema.
my area went from 206k, 2016 500k, 2024 that's a 142.7% in just 8 yrs is fucking gay, the wage $100,000 is barely enough to be considered lower middle class in some Arizona. So if you finish college and get yourself a decent paying job it still isn't enough, you'll just have to save up who know the price house-hold when that time comes X_X
"Just contribute $250 or $400 to an Roth fund a month" Dude you really decided that would be your ad read/advice in the same vid about Millennial's not having money? Not a smart low key brag.
My dad who is a baby boomer born in 1952 saved a ton of money which he will get upset if I give an estimate so I will just say a ton of money. I will use the money very wisely when he passes away although I hope that won’t be for another 30 years and I hope he lives to 101 years old. I’m currently 40 going on 41 years old and am an older millennial.
In thirty years, you'll be 70. A bit too old to enjoy that money yourself. Certainly too old to use it to start a business or put towards a house to raise a family.
@@PraveenSrJ01 I just mean there are things you can do at 40 that you won't be able to do at 70. My father is 69 and in good physical health, but even he can't do a lot of the stuff he could do a few years ago, like going on long hikes. I've worked in a care home and have seen relatives succumb to dementia, so although I intend to stay fit and healthy as long as possible, it does incline me towards the view that life should be enjoyed while you're young, because nothing is guaranteed in the future. Unfortunately, travelling the world or raising a family are beyond my financial means right now, and probably always will be.
Ultra-high net worth is $30M+ Very high net worth is $5M-$30M High net worth is $1M to $5M There are approximately 10% of the US that has over $1M in assets, and 25% who have $500k in assets. However, Boomers likely had some Gen X kids, so they may get some of this money. The average inheritance in the US is $58k and the average age is. 47, so Millennials have at least 5-10 years before they get anything.
Lots of us were raised by divorced parents who pissed away us latch key kids and their money. There are so many 1/2, step siblings and several marriages. Who,the heck knows where their wealth went, but it wasn’t to us emotionally messed up latch key kids, nor should it have necessarily. Just sayin’- very common scenario I don’t think how much younger generations realize that kids weren’t their parents world at all. It literally was, just be home by dark, and yes, we wore house keys in those “ bubble” link chains around our necks.
Gen X are some of the most washed up financially struggling people I know. Too much focus is in millennials and younger getting screwed, but gen x has been screwed for longer
The "wealth" that us boomers have is just a product of fiat money, Keynesian economics, and limits on land use via zoning, i.e. a generational Ponzi scheme. You need to look at actual "non-monetary" economic choices to succeed despite these current circumstances. Primarily, to stop open ended spending on medical care for folks that are dying, to do away with our modern forms of entailment commonly called zoning laws, to do away with our modern forms of guilds (University degrees, licensing requirements), to kill off the idea of "the deflationary spiral" and get back to honest money, to get away from protecting investors (which essentially means that the wealthy get the first cut on new investments).
I'm a boomer and faaar from wealthy, have always had money worries, my entire life. But since I'm now in mid 70s, I've decided to stop worrying so much about it, just do the best I can.
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Vincent, did you take my comment off or did yt take it off? Are bb's not allowed to comment on this channel?
All you click baite utube videos give worthless advice to individuals who ive in large cities, where even if you are making a few hundred k, your 50 percent to housing bla bla bla little pie chart is meaningless and not possible. Why do you guys always do that! In cities like toronto vancouver ect 50 percent of your income for housing means you are going to be looking for the next 100 years and will be homeless in the meantime, even if you make over 100k. Get efffin real man.
@@benton-benton hey I didn’t remove any comments but YT spam filter sometimes blocks some keywords
@@VincentChan Yeah, I didn't think it was you. Thanks. yt suggests channels to me, then takes my comments off lol. Some of them have shown up here though. I think I commented too much on your channel b/c I think yours is a very interesting video. So I subscribed. Thanks!
@@yourmainful Not to mention that over time government fiscal policies can change thus talking more of your hard earned money away.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
How can i reach this adviser?
Amber Dawn Brummit is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
Mediocre nursing homes are like 6k a month right now. There will be no money left.
Should get a trust.
Try 10k a month . All a trust does is pass the cost onto the tax payers .
People that want to leave their assets to their kids should buy longterm care insurance or the kids should go without.
@@ada-yw1bb I am a taxpayer. I’ll get a long term care policy when they cancel Medicaid.
@katydid2877 : Typical..... FSA
This folks is why the country is broke .
My father-in-law was paying £2K per week for care home in the SouthEast of England. And it wasn't even good service IMO
Nursing homes will consume your parent's/grandparent's estates. This is the true "Death tax".
Tried getting my dad into one because he started to need 24/7 care and the gold digging questions were insane. At the end, even if they took everything he had he still couldn’t afford it and he was getting $3k a month
Get a trust.
@@katydid2877 A trust isn't going to magically prevent you from needing to pay the nursing home.
@@andrewmueller23 Whatever is in the trust is no longer yours, so once you run out of the cash on hand, Medicaid pays the nursing home.
this is sadly the truth
I worked for a nursing home/neurological center. Trust me, its not some place you want to end up. There's so much neglect and abuse its horrific. It was mostly women 80/20.
I'd rather die at home, or a shack somewhere out in the desert .
Gen Xer here. My boomer parents both died 20 years ago. They didn't leave us enough to cover their funeral expenses. My story is not an uncommon one.
My Boomer parents are transferring their money to the Assisted Living/ Elderlycare mafia.
This is the same for me! My parents don't even have life insurance, so it will most likely fall on me as the eldest to pay for everything. I'll just have to keep piling up credit card/personal loan debt while paying back our high student loan debt until we die, most likely at a young age due to high stress levels, anxiety, depression, insomnia, etc. We get called lazy, when we must work multiple jobs just to survive. I'd be much better off moving out of the US and to another country.
And?
And that’s why you will not survive if you relied on your parents leaving you something .
@@ChrisNP87 Work 2 jobs at once and maybe they're be demand again for goods and services. I need double digit interest rates and I don't want to move to Mexico to get them. Higher demand drives up interest rates. All the boomers need a 10 percent return on their money in T-bills.
I think people underestimate how much money will be spent in assisted living/nursing homes and end of life medical care by the boomers. A lot of money is going to get chewed up by those costs.
Most Boomers are house-poor, so if anything will just liquidate by the kids.
Trusts?
Indeed. We sold my late mother’s house to pay for her care home. The house was sold for £450k. Her care home fees were £150k. So my bro and have £150k each to pay off mortgage, invest towards retirement
@@KRYMauL In a house with no mortgage?
Baby boomers are retiring or on the verge to, so how do we deal with such recession-influenced market conditions? Typically my $250k worth of holdings go up 8% then lose 20% right after and the cycle continues, I’m confused and truly sick of the system
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. During the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my portfolio has grown by 25% every quarter since Q3 2020.
Make sure they are certified eg in UK a program recognised by FCA or in the US they should have a qualification such as CFP.
@sommersalt88 I'm intrigued by this. I've searched for financial advisors online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
*Jennifer Leigh Hickman* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend her if you want excellent collaboration.
Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.
Sell my parent’s house when I inherit it? No way! I’ll just rent it out and become a landlord like everybody else is doing.
If it pencils you should definately do that.
Who would be stupid enough to rent in America when a house costs less than pocket change?
@@parkerbohnn “Pocket change” is relative.
@@katydid2877 Very few places cost anything Naples Florida, Beverly Hills California. Everything else is cheap.
@@parkerbohnn “Cheap” is relative. Lots of people can’t afford $600K for a common suburban ranch.
Not all old people are rich - boomers are from different economic classes, educational backgrounds, professions, skills, and different parts of the country, and different nationalities - one percent is wealthy, maybe 25 percent oare upper middle class, and most are lower middle class working class poor.
You are right. Most worked in factories.
Statistically they have more than millennials. Most of them owned their homes before the massive property value increase. Lots of them can still afford to actually retire. Boomers, don’t wait to help your kids out financially, do it before you’re gone!
@@LuckyTrashFox Yes, but a smaller subset of baby boomers own all of the wealth.
@@LuckyTrashFox In Canada there's still no gift tax. My father like his father gave most of their money to their heirs before they died.
I have a feeling most boomers dont actually have any money,
Lots don't and never did have much money even though they worked. Whatever they had, 2000 and 2008 took it away. It's like any generation. The haves and have nots. It's a made up myth that all bb's have lots of money. The women have less than the men b/c in their day, women got paid a whole lot less than men.
they dont. its all illiquid
My comments aren't showing up. But thumbs up hopefully did.
That's US
Admittedly I’m just honestly thankful both my husband & I don’t have to care for either sides. They were fiscal and now get to reap the benefits. They won the game of life.♟️🌟💝
My dad passed away recently and I found one of his tax returns from 1986. He made $36k, after inflation my salary is basically the same as his was. After all that time the only thing he could leave me was a truck that I bought him 😂
Sorry for the loss of your father.
@@fredfinger7092 thanks 😊
Something is something
@@SpiKSpaN-ei6zq I wasn’t worried about it either way. Gave my parents a nice place to live in their final years of life and they were all smiles until the end. It was just funny how by inflation standards by dad was making the equivalent of $100k in the 80’s and had so little to his name. I would think his wealth should have been in a better state but I had to help them out quite a bit in my adulthood.
The last tax return of my late father was well over 100 million, he tried to give all of it away before he died but had too many assets.
My boomer parents bought their house in the 80s for 60,000. Now that same house is with 400,000. My dad was able to support us on his $13/hr paycheck. Here I am now, and I can’t even support myself off $37hr and I am still saving for a house. Make it make sense.
What is this crap about rich boomers having rich kids? I know plenty of millennials who live paycheck to paycheck and they have rich parents. Just because you have rich parents doesn’t mean they have to share any of that with you!!
So who's going to have all that money when they pass away?
Of course they will share it, if they think the kid is worth it. Wouldn’t make any sense to do otherwise
Gen X are also boomer children.
@@jaywyse7150Exactly, except my boomer mom and silent generation dad were working class and didn’t have much to pass to us gen xers
@@mcarthurspark8636 you'll be fine.
Millenials are in for a massive shock when they find that their boomer (or X) parents will be spending all their money on end-of-life care.
Nursing home? 100k per year.
Assisted living? 70k+
thank god neither of my parents nor stepparents will step foot in a nursing home.
Ever heard of Day of the Pillow?
@@Pretender-Jarod yep, years ago. Can't come soon enough.
Someone is going to make a lot of money running nursing homes where the residents don't last long at all
We already know. SS taken out of our paychecks is paying for them and their pensions. We're the new middle class now
@@TheNoticer83 The overhead is quite high especially wages. Those are jobs few want to apply for.
You say only 14% tax will be paid on the trillions of inherited dollars. We’re forgetting their parents already paid income tax on that money when they earned it. That 14% is a second tax on that family.
Duh. They tax everything. You’re taxed when u buy things right? Every single chain of manufacturing those people and businesses got taxed as well. And then you get the money and get taxed on it as well
It’s taxes all the way down 😂
That's a fallacy everything is sold at fair market value upon death. So that in many cases would put the dead person into the top tax bracket on their final tax return.
My Mom is a boomer, and she doesn't fit into the rich boomer stereotype. Her siblings do, and they basically robbed her.
how? 🍿👀
So your mom didn’t buy a house and contribute to her retirement fund. Got it.
tell me more please
By withholding information? Must run in the family.
But she got you , you are the true wealth.
Think about the average Joe: their paycheck isn't stretching far enough, and house prices? They're through the roof. But here's the real kicker: when we talk about the "median," we're talking about the middle of the pack. That means half the folks are actually worse off. It's more than a problem; it's a full-blown crisis that we need to tackle, somehow.
THE PROBLEM IS PEOPLE NEED TO STOP TREATING HOUSES AS AN INVESTMENT
HOUSES SHOULD BE PLACES TO LIVE, NOT AN INVESTMENT
MAKE IT ILLEGAL TO OWN MORE THAN ONE HOME
@@Robbie-mw5uu I agree - it will be tough to make it illegal, but we should tax the ownership of homes that are not residences much higher
@@Robbie-mw5uu that’s not the American way. Why shouldn’t people be able to own more than one home? If you work for it and can afford it then who are you to tell them no? Sounds entitled to me. I’m not a Baby Boomer - I’m Gen X and I’ve been working in some capacity since I was 12. I’m thinking of leaving my assets in trust for my dog. My Millennial kids are liberals and I’m not supporting that nonsense (the oldest has pretty much gotten over it in the last year so I might appoint him to manage the trust and inherit whatever is left).
It's going to gen X, not millennials, ya'll gotta wait longer than that. Why does everyone keep forgetting we exist? Boomers are the grandparents not the parents.
Apparently some zoomers have boomer parents somehow
its going to me as gen z
I’m 66. My son is 36, a millennial, but don’t call him that. He doesn’t identify as a millennial. Gen X is from older boomers who are max 79 this year.
Not everyone is like that, my father is a boomer and im a millenial. I think my case is more common than we think
I’m a millennial and my parents are boomers, and my brothers are zoomers, so…
Gen X here. Grew up in lower class. Not expecting to inherit anything. In fact, have to supplement my parents monthly. Lived frugally, saved, and invested all my life. I still believe the American Dream is very much alive.
I’m having a hard time understanding why everyone is complaining all the time. There has to be poor people and rich people in a capitalistic market. If everyone was middle class, we call that Communism. Which class you belong to has a lot to do with your choices in life. Being born into the right family certainly makes things easier, but does not preclude you from climbing the ladder. If climbing the ladder was easy, you could call that going up the economic elevator.
I know lots of broke millennials and one thing I see in common with all of them. They don’t want to drive cheap used cars until they break down, they want new gadgets all the time, they want to go on vacation yearly, they want a thriving social life, and they constantly complain about not having enough work life balance. This is all fine if this is the life you choose, but don’t be surprised when you find yourself with no savings and wealth.
You said in the 1980’s mortgage rates were falling. Back then rates were consistently over 10% and as high as 18%.
A good older friend inherited 120k a decade ago. When he finally had control of it he wired the entire about to his employers checking account and the company still went under. So bet the farm and lost. Had that money a week or two and pissed it away..money his folks saved since ww2.
400k for a house?try more like 600 k for a decent house in utah.
utah is crazy, along with everything west of the Rockies. real estate prices east ward (esp. east of the mississippi river) bring the average down alot. and I suggest looking into relocating to buy some!
Into a hurricane flood zone?@@dalton-at-work
Very basic old tract homes with small lots are rarely under 900k here. Inland suburbia, not resort
I thought, the Mormons in Utah built their, Own houses…?🤗😉🤣
@@DanPittel you're thinking of amish people building their barns
How many people who have inherited a free and clear house have the option of not wanting to live in the house bec. it is old or dont like the house/place especially in southern CA. Beggars cant be choosers.
cruises and travelling, they will spend it
Luxury Assisted living homes too
Reverse mortgages have become extremely popular.
If you get an inheritance of $100k and put it on the stock market, there is no way you can spend it all. Also, they are likely budgeting from their paycheck and not around a nest egg because if they let it grow for 20-30 years, assume they are 47 when they get it, they can literally just retire with the money.
I have to budget to buy groceries, so a cruise is not on my list.
@@tanmin8268 My Silent Generation MIL got a blood clot to the brain from her third jab and is now in long term care. $7200.00 every month, and there are no luxuries. Once her savings are exhausted, it will fall to her BB children to bear the cost. Assisted living facilities will absorb many estates.
Let's sum up the video: Neoliberal policies adopted less restrictive policies for businesses during the rise of globalization allow a small amount of people to amass an unequal amount of capital while giving enough to the voting cohort to continue to vote for neoliberal policies without thinking about the long term ramification of it has on the working class and the national culture. Thatcher/Reagan neoliberal policies are a source, but we can start the story at Nixon. Luck is the largest factor for wealth accumulation and living at the right time and the right place (spawn point) plays a more pivotal role than meritocracy/skill/value added skills.
Yeah. That sums up some of the story. I can't believe we still have trickle down economics and nothing major has been done to reverse that, and bribing politicians was made legal with "lobbying"
Too much to go over in a few comments.
Hard work and patience go a lot further than good luck .
@@ada-yw1bb I know alot of hard working people that still don’t have a lot to show for it, they were patiently waiting for the system to be fair to them, but nepotism is a real thing. I know plenty of baby boomers who barely work any harder than any millennial but bought their house when it was cheap, and now vote on laws so that systemically their cohorts can hold onto assets that was gained with little effort and was only gained by sheer luck of being born in the right decade.
@@henrytep8884100%. I live in SW Florida. Many of these boomers who complain about millennials being lazy worked in relatively mindless jobs that had great pensions that no longer exist. Houses were priced at 2.5x salaries not 7-10x like now. In the 80s and 90s, you could raise a family with 3 or 4 children on one average job.
@@henrytep8884 This. No reasonable person is saying that the boomers didn't work. The majority of them did. The only people who can sleep walk through life are the uber-wealthy and the most of them are born into that state to begin with.
The thing is most millennials and the generations that follow us are "working hard." Studies have shown that productivity in the US has risen tremendously in the past decade or so. The problem is the greater economy has made our wages worth steadily less and less despite that.
My coworker who is Gen x lived with his parents when they got old so they never went to a nursing home, and funeral costs for him were a total of $120. Called funeral services grave robbers and did it all himself except for the cremation of course.
Makes good sense
This is the kind of content other channels aren’t offering as much. Please make more of this contextual info. Lots of finance influencers make a lot of the same suggestive content, which is helpful but this is great. Thanks for the context
the job market is doing great all the jobs that are hiring are playing 40k or less and are just second jobs to people that already have jobs America is a 3rd world country
where are you finding 40k jobs? Every job in my area is 30k/year max.
And no Healthcare, no pension, often no pto
Suppose you have money...maybe a lot. You actually dont. Try to take out a large sum or all your money from the bank...try to sell and then cash out your portfolios. Travel with your hard earned money, get pulled over and answer yes when cops asks if you are carrying large sum or decides to search your vehicle. In these scenarios, you will quickly understand that your money isnt really yours. America 😢
We need to limit investors to multi-unit properties like duplexes, apartment complexes, and trailer parks. Single-family homes should be owned by the people who live in them. Or... we can just continue as we are and watch the death of the American dream.
Your numbers are incorrect. The average home in the 80s was 1500 sq feet and the average home now is 2300 sq feet.
What money? Since we cannot have healthcare, eldercare, or anyplace to live (besides incarceration) can we have suicide booths?
A surprising number of them will fail to have a proper Will and the government will snatch up a lot of it.
I don’t know why he is advocating for the government to impose a death tax. Like just because a rich person dies and gets all of their stuff taken by the Government’s in a death tax doesn’t mean that that money is going to go to the rest of the population. It just means that it will go to the Government.
In this job market, and perhaps in future ones, saving 1-1.5 years of expenses is prudent. I finally secured a tech job after four months, thanks largely to my network. Many of my friends have been underemployed or unemployed for months, or even a year. I've never seen anything like it. The only positive outcome from this experience, coupled with the 2000 P/C, has been a shift in my worldview and finances. I've adopted a budget that embraces the reuse economy and minimalism, and I've made a conscious switch towards local employment(same city hence no car(I bus it). If I get a car, it will be used and cash only) and purchasing(less to null monthly online - instacart, food deliverly, amazon etc ). Plus, cooking at home.
I can save $600 a month. And it would still take me 3 months to save 1 month of a bare bones budget.
@@betawolfhdyeah, saving a good emergency fund takes time (and luck to not wipe it all out with a single transaction)
found out tonight Rockefeller gave 10% to charity every yr once he began earning. somebody else suggested the same thing
Didn't watch it yet but something tells me a majority of the Boomer's money is going in the trash and very few people are going to get any of it.
Also Vincent I feel like you should entertain doing a video about the mouse utopia experiment and population collapse because it's going to be the largest issue of the 21st century.
Woah what’s the mouse utopia experiment?
@@VincentChan a study created a mouse utopia providing everything they needed, the community went to hell and collapsed
@@VincentChan oh you've never heard of it? read up on it it's quite fascinating and telling of our likely future.
Rich boomers will never die 😂
This is a great explanation.
Omg it’s you
*My parents were the pre-boomers, growing up during the Depression and having their lives disrupted by WWII.* After they died, we found that one of the first things both did (separately) when life settle down after the war was pay off a modest whole-life insurance. If they died, they did not want their parents to have to cover the costs. Married, they lived frugally to be able to afford a home. They still had the same TV and refrigerator when I went off to college that they had when I was seven. They drove one car until the floorboards rusted out.
*Contrast that to the young adults I regularly meet, including retail clerks earning a pittance.* A large portion of their income goes for consumables they don't need and that'll be worth nil in a few years. In addition to new cars, they stay up-to-date on their smartphones and have a $300 Apple Watch that doesn't offer them any more benefit than a $20 Casio.
I feel like screaming at them to be like my parents, "Live frugally, save, and get a home before the price gets even more insanely high."
Whole life is the absolute worst insurance policy one could ever sign up for.
Dude If baby boomers had the millennials, then who the hell birth the Gen X ???
Yeah, he forgot gen x like everyone else does.
Oldest boomers, some already gone. Gen X was born ‘65-‘80. Boomers ‘46-‘64.
TL:DR - Generational labels gets made up as we go along. It's not worth thinking too much about.
Generation labeling isn't an exact science. You have differences between various groups and "experts" on where the year you were born in sits for identifying you as a member of a generation. As an example, people born between '77 and '83 are sometimes called Xennials because of that variance and how people in born in that range share traits between GenX and the Millennials. Meaning that even if someone born in '79 is clearly GenX by the majority of people who classify generations, they're so far to the end of GenX that they won't identify with everything that makes GenX, GenX in terms of life experiences. They share some things with the oldest Millennials, but are too far removed from most Millennials as a hole that they won't identify with everything that makes a Millennial a Millennial for life experiences. They're caught in between generations.
The youngest of the Great Generation before the boomers can have the oldest GenX kids. The youngest boomers can have Xennials/the oldest Millennial kids. The youngest GenX can have GenZ kids and so on. All roughly speaking on who says where the years sit for defining a generation. The lack of a concrete universal standard for this keeps the confusing mess going.
Great video, but gotta stop spreading the myth that there’s a nationwide housing shortage. There are dozens of states that have an over-supply of housing that can be had for under $200k in great condition. Search for any city in: Iowa, Virginia, Alabama, Michigan, Ohio, Indiana, etc … hundreds of thousands of affordable houses, and affordable in relation to the local economies. The states with exploded housing markets are resort states that were previously considered “flyover country” until the outdoor fad went on high. Unexpected exponential growth in those states fueled a fundamental price increase due to sharp increase in demand with a lower relative supply. Really, though … the 1 million people who shoved themselves into states like Colorado in the last five years blew the top off that market, despite having no tie to the state before they decided they wanted to pretend to live the Colorado lifestyle. Help to stop the spread of misinformation about there being a housing shortage … there isn’t one. It’s an identity crisis, not a housing supply crisis. I guarantee it. 👊
Most jobs aren't remote. And aren't located in remote/undeveloped areas
Honestly I feel like for me anyways part of why I am not wealthy is because my parents were just not wealthy enough or knew how to give me the proper opportunities from the start to become wealthy they just sort of figured if they let me figure things out on my own that I would eventually get the proper motivation to be wealthy and they also made the assumption that I would automatically want that life. And I think this may have been a common issue for a lot of boomer parents raising mellineals.
Yay, for saving 400 $ a month I can have 1,4 million $ in 40 years. Which will be worth a lot less than today and I will be too old to use it for anything but a place in a retirement home. You need money in your 30ies and 40ies, especially when you want a family.
I really love your channel dude! Lots of relevant info without the fear mongering and predatory suggestions. I will be a long time sub! Praying for everyone's financial health out there. We got this! 😤❤️
2/3 rds of my millennial children basically told me they don’t need my money mainly because when I divorced their mother 20 years ago it left her retirement poor. Of course their mother blames me for her lack of preparedness
Does this guy even understand the generation names? Apparently he forgot about gen x.
I know. It seems Gen X doesn’t exist for most RUclipsrs.
"millenial" isnt even a real term, it's actually called Gen Y
@@josephj6521 I think genx is kind of lumped in with genw, which would be bb's.
Never existed don't worry in 10 -15years the world will know who we are
As Vincent points massive inflation in asset values has wrecked society. But why does he only mention baby boomers? My father was a member of the great generation and he benefitted greatly from rising house prices. So have the silent generation and a lot of generation x have too.
What if in an alternate timeline, humans can only give birth once in a lifetime? While only on their 20th birthdays. While each young couple had a litter of 4 kids: 2 girls and 2 boys. And everyone at birth was already able to do stuff like walking, talking, and remembering everything?
Also, what if humans have always had only a 60-year lifespan? Regardless of medical and technological advances. With only 3 stages; childhood from ages 0-20, adulthood from 20-40, and seniorhood from 40-60. Without awkward stages of teenage and middle-aged years.
Also, what if every Generation was born at the start of an even-number decade? While always on January 1st. Like Baby Boomers in the year 1940, Gen Xers in 1960, Millennials in 1980, and Gen Zs in 2000.
Also, what if new inventions/pop-cultures always came out at the same time as a newly-born Gen(and always aiming towards them), like video games/Pokemon in 1980 for Millennials and Internet/Minecraft in 2000 for Gen Zs?
Imagine growing up in that parallel universe. How'd you all have thought about it and liked it from your altered memories, experiences, and POVs? And what would've changed about our lives including childhoods, birthdays, schools, celebrities, inventions, and pop-cultures?
Very well said and presented! The graphics were simple, brilliant and easy to see. Thanks!!
The discussion about the great wealth transfer is eye-opening. It's not just about inheriting money; it's about the systemic advantages some have had over others.
Every generation has it's rich, middle and poor. Boomers are/were no exception. Whoever started the lie that all boomers are rich should be called out. It was probably the government who started the lie, b/c they want us all separated and at each other's throats.
You might want to catch some of the videos on RUclips of seniors living in their car or in motels in poverty. I’m 66. I don’t know any rich people. I’m not rich. Nobody in my family was ever rich, ever. I grew up blue collar. We all worked for everything we have. There are no systemic advantages beyond working your ass off.
Mine is being consumed by tuition at my kids colleges - so they won't have to worry about student debt.
I love how everyone forgets that there’s a generation between boomers and millennials.
As VInce says, I am a financially comfortable Boomer only through timing and luck. If I had zigged instead of zagged, I might be living under a bridge with a shopping cart. I am very frugal because I want to leave a legacy to my partner and my siblings. I think there are a lot of Boomers like me. We're not greedy. In fact, we want to give away as much money as possible.
All good advice here. I want to note that "Roth" isn't a type of account, but a type of after-tax money in an account. You can invest Roth money into your employer sponsored 401k and enjoy some of the benefits of the Roth IRA (Individual Retirement Account - which has annual maximum contribution limits $7,000 for 2024). It should also be noted that high earners above a specific amount cannot contribute to a Roth IRA, only a standard pre-tax IRA (meaning you pay ordinary income taxes on the whole balance when you withdraw). Ideally you will open multiple different accounts when you start saving money hand over fist for retirement.
My parents are 1st gen. Asian immigrants like yours, and my mom is already blaming my existence for her lack of retirement funds 😂. As artists, financial literacy was beyond their scope of knowledge, which led me to discover your channel. Thank you!
If millennials sell a house and buy a new one how will that do anything to housing supply other than neutralize it. It's more likely that anyone inheriting a house is going to live in it and save money to buy a new house or rent it out since selling will incur capital gains taxes and commission/transfer fees plus any new house will have a higher property tax, higher interest rates and higher insurance rates. Also the majority of boomers don't own homes and most that do will probably use the equity to fund their later years cause healthcare/nursing homes is crazy expensive.
I don't think that's accurate. Pretty certain over 70% of Baby Boomers own homes, and they own twice as many 3+ bedroom homes as Millennials with children. As those houses are transferred, you'd have to make an argument that Millennials actually want to be landlords (I think most don't). Personally I think housing is going to be liquidated as its transferred to the next generation causing prices to come down in real terms back to the 3:1 norm.
Don't worry, there's not going to be as many people as there are currently in the future. It'll all work itself out
@@Liam-iv7wk This would be the case if the government wasn't importing people to maintain housing bubbles to prevent banks from collapsing.
@@Liam-iv7wk slightly lower growth rates doesn't equal NO growth. By far. Exponentially
I think you're completely undervaluing the fact that asset prices are highly overinflated. I think most Millennials are going to want to liquidate whatever assets they get from their parents and this is going to cause prolonged price declines, in real terms, of things like housing and stocks. I would bet money that the 2030s to about the 2050s will create some of the lowest returns in real that the US has ever seen.
Some will be in so much debt of their own they will have no choice but to liquidate whatever inheritance they get. I'm fighting tooth and nail to hold on to the house I inherited!!!
@@AdelTheForsaken very true, and to add to your comment even if you don’t have debt and the house isn’t mortgaged, most jurisdictions will reassess the property taxes on transfer and they may be high enough to make the property too expensive to hold.
Therapist will not increase your income? You better make sure you have health insurance coverage FIRST.
Great video. I love the depth but yet the simplicity.
thank you :) really appreciate your comment. did you learn anything new?
And how much of the Great Wealth Transfer will be taken through end of life care costs??
Don’t people get trusts?
A trust does not protect against inherentance taxes or end of life care.
@@jamesarmes3098 An irrevocable trust is no longer my stuff. Taxes are paid on income from the principle like interest, but there’s no taxes on withdrawals of the principle by the beneficiaries. After I use up all my cash, I qualify for Medicaid for a nursing home cause everything else is in the trust.
5:48 : Man! As a millennial, this is bad.... A repeat situation of history or worse. Should government tax more rich in a reasonable manner while decreasing tax on the middle class?🤔...
63% of Americans pay no federal income tax now .
High earners and the wealthy pay the lions share .
How much of their income would you allow others to keep ?
We don't have a lack of revenue problem, we have a spending problem .
More like obviously vast majority of rich don't make their money through salaries, but investments.
Baby Boomers who had no children could leave their houses to anyone who lives there with them until they die.
It's 14% on money that was already taxed when the parents earned it.
It will all get inflated away and there will be nothing left. I am experiencing that right now. I thought I had some money but not much anymore. Kind regards
Boomer money will just fall into the black hole that is healthcare.
Definitely, timing sets a generations wealth. Older millennium with boomer parents tend to own homes and paid college tuition. Compared to young millennium and genz struggling to find employment in this current job market. The lack of jobs causes them to lack work experience. So the older generation will constantly benefit.
I think you're right. The advantageous have already received the benefits from their wealthier boomer parents.
It’s feels like a catch 22
Yep. I know 3 older milennials. They all have a lot more money than me. And huge houses in expensive areas. They went to college and got bigtime jobs after. Old milennials are now middle aged lol.
@@benton-benton The oldest millennials are 43. Not exactly middle age.
@@katydid2877 That's middle aged by government standards. 55 is advanced age by government standards. 43x2=86, so that's middle age.
*benefit until laid off/reorg after 40, then severely diminished rehire potential for most fields.
Once again, love how my generation is left out of the discussion entirely. It's like we don't exist.
You guys just need to stop being the whiniest generation.
Taxes have already been paid, the government shouldn't tax again when a parent dies...
Taxes are applied any time money is moved. Or are you also against sales taxes?
Estate taxes are minimal if planned properly. If anything, death is a tax benefit once you abuse step up basis on heavily depreciated property like real estate.
Taxation is theft.
The worst tax is property tax on a house. Pay every year a huge amount like 10,000 every year. Schools get most of it.
@@JakoWakoI agree, though inheritance taxes are set to increase in 2025 unless new laws are passed or extended...
I think we're about to go through another revolution in AI and automation over the next 30 years.
10 max
I feel like AIs usefulness is vastly overestimated
@@Pwn3540 AI doesn’t sleep and doesn’t eat and doesn’t want sex. Imagine a human. That’s a year away.
@@RaptureHead1993 yeah sorry, but AI cant even help people with most issues on a banking app. I can't see it doing anything much more complicated than that. Even running a fast food restaurant.
An ai that sophisticated would cost how much electricity to run btw? People already see issues with EVs and the strain on the power grid that's becoming, now imagine adding in AI that needs to be powered on for most of the day.
@@Pwn3540 Once they grind you up for _Soylent Green_ the scraps will power the AI blast furnaces
the average wage is WELL below 70k and cheap homes are 500-700k
In Canada a studio condo is 500-700k.
Why is you or anyone else’s business where THEIR money goes?
because they're your family? believe it or not, some people have loving families and want those families to prosper after they die
@@Robbie-mw5uuand some people care more about their older relative than $$$. Not many, but some.
and USA monthly rents have increased about 1,000 %.
Well here in my country, colombia, you daily see older people still having to work to meet their needs, even if some recieve a kind of pension.
19% of people over 65 in the US continue to work.
Gen X: You know what just pretend like we don't exist on this one.
From what I see, the only thing they will leave is crushing debt and a ruined environment.
Just for the record, you don't tax your way to wealth equality. All that does is scare the rich people away and it turns out your country suffers if there is not as much wealth to keep the economy churning. The concept of wealth equality has never existed on planet earth, there are always some at the top (usually the chief, king, emperor, generalissimo, party leader and their associates) and some (or most) at the bottom. Our system is painted as messed up with an insane wealth gap, but in reality this is the wealthiest and most fair humanity has ever been in the macro context. In the micro context there is definitely more to improve, but it is short sighted philosophy to keep painting class warfare as some kind of new and unique concept only relevant to us.
Capitalism is killing the planet by rewarding bad actors.
It will go to the government then spent on votes.
Just tax Baby boomers 25% of the house value upon sell.
Since we want to treat houses like an investment, tax them capital gains tax…. Like an investment. If they bought a house for 50k$, and sell it today for 500k, they get taxed the difference in that value, and owe the government 112k. Or roughly 25% of 450k$.
Housing is a human right, a necessity, the fact we even allow it to be an investment and abuse it is insane to me.
My house 🏠 is worth at least 750k if not 800k
Ultimate victim 😂
What money? Did you mean their debt? 😂
5:00 you failed to account for inflation in your discussion of stock market returns. Inflation was high in the 1980s. The real return of the S and P 500 between 2010 and 2020 is similar to or higher than in the 1980s and 1990s.
Years 2000 and 2008 blew some people's money away. It was timed perfectly by the powers that be.
Let's own nothing and just be happy
This great wealth transfer idea is pretty poor or non-existent. Thing is, not many boomers are wealthy, very few are. The death of boomers will be gradual and does not happen all at once that we could feel it in the economy. Wealth transfer already happening prior deaths in multiple ways like helping their children with expenses, or giving away their properties while they are alive.
Thank you. I was thinking all this. The “rich boomer” thing is tiresome. Everyone that posts these kinds of videos act like they’re all dying tomorrow, they’re all rich and they’re all giving their kid their houses and the kids will sell them the next day. Not gonna happen.
Just don't have kids, don't wait 40 years, and ... end all your problems by your own hands... basically...
Yeah, I'm not getting anything from my boomer family members because they don't have any... I'll be paying back student debt for soooo many years and hopefully afford to buy a home when I'm 70! Have to work 2 jobs just to get by living in NYC.
Most goes to nursing homes since todays cost is 10k a month. Ie 120k a year
Most Americans don't even earn $50,000/year.
I earn about $25,000 a year working part time at Wegmans
A $250/month contribution compounded at 10% average return over 40 years is about $1.38M. Even if you took $250/month and put it under your mattress, it would be $120,000. How did you get $94,000 for the Roth IRA example?
Meh, our millennial daughter and son-in-law are doing well. I attribute their success to the fact they were Peace Corps Volunteers and for two years while serving their country essentially lived in poverty and made do with what little subsistence pay they received (imagine finding a couple of unforgotten dollars and being ecstatic about it). That frugality followed them for several years after their repatriation as they saved and made wise career choices. Now they're comfortable with an income far higher than we ever earned but my daughter points out considering inflation it's pretty comparable to what we earned at their age (she's pretty smart). They've bought a house, blessed us with a grandchild and find their continued frugality leaves them with the wherewithal to invest for the future. We're proud parents as they've taken it upon themselves to take on and meet the rigors of becoming responsible adults without seeking out perceived barriers to success.
Yep. Millenials and genX have all the money now, not the boomers.
That's a great story, but imagine if EVERYONE was as frugal as your daughter and son-in-law. If no one buys new clothes, or goes out for a coffee once in a while, or takes a holiday, a lot of businesses will suffer. In a consumerist economy, you need people to consume.
Their frugality resulted in a home purchase, a purchase of a new car, home improvements, to name a few items supporting the local economy. They remain frugal, buying second hand furniture and refinishing it and going to neighborhood swaps for infant clothing. They do travel a bit as family is strewn about. The problem with spending to support an economy usually results in overextending oneself and not meeting financial goals and obligations.
Dissolve the IRS and federal reserve first
My retirement account is reaching 500k in the next 5 years in my mid forties aggressively in the stock market.And in 10 years i am retiring in Thailand.
I’m in my late forties and also plan to leave the US when I retire. It’s not going to be affordable to retire in the US in coming years (thanks to the high cost of living) and access to affordable healthcare is pretty much non existent
In 40 years a movie ticket may be too expensive.... $70.00 bucks... and what if Money's worth crap. It doesn't matter, I don't think I'll be here in 40 years XD
Movie tickets will be $70 and boomers will still get mad when a wagie gets a few dollars increase in hourly wages.
@@Pwn3540?? Weird take
@@marysueechols2845 it's happening right now. Nothing weird about it. Boomers are losing their minds that fast food workers are making $20, and going on about how that's totally gonna increase the prices, ignoring the fact that fast food stopped being cheap and not worth buying a few years and that's without a couple dollars wage increase
In forty years, nobody will going to the cinema anymore. Or at best, it'll be a "niche" entertainment like the theatre. We already have streaming services and virtual reality handsets that can make you feel like you're in a cinema.
my area went from 206k, 2016 500k, 2024 that's a 142.7% in just 8 yrs is fucking gay, the wage $100,000 is barely enough to be considered lower middle class in some Arizona. So if you finish college and get yourself a decent paying job it still isn't enough, you'll just have to save up who know the price house-hold when that time comes X_X
"Just contribute $250 or $400 to an Roth fund a month" Dude you really decided that would be your ad read/advice in the same vid about Millennial's not having money? Not a smart low key brag.
Kinda forgot that that taxes/ss take a big chunk off that 70k before you can start doing your household divisional math...
My dad who is a baby boomer born in 1952 saved a ton of money which he will get upset if I give an estimate so I will just say a ton of money. I will use the money very wisely when he passes away although I hope that won’t be for another 30 years and I hope he lives to 101 years old. I’m currently 40 going on 41 years old and am an older millennial.
In thirty years, you'll be 70. A bit too old to enjoy that money yourself. Certainly too old to use it to start a business or put towards a house to raise a family.
@@jamesgravil9162 WTH? No age is too old to enjoy. Are you living in the dark ages?
@@jamesgravil9162 I don’t plan to buy a house or start a family anyway
@@PraveenSrJ01 I just mean there are things you can do at 40 that you won't be able to do at 70. My father is 69 and in good physical health, but even he can't do a lot of the stuff he could do a few years ago, like going on long hikes.
I've worked in a care home and have seen relatives succumb to dementia, so although I intend to stay fit and healthy as long as possible, it does incline me towards the view that life should be enjoyed while you're young, because nothing is guaranteed in the future. Unfortunately, travelling the world or raising a family are beyond my financial means right now, and probably always will be.
Ultra-high net worth is $30M+
Very high net worth is $5M-$30M
High net worth is $1M to $5M
There are approximately 10% of the US that has over $1M in assets, and 25% who have $500k in assets. However, Boomers likely had some Gen X kids, so they may get some of this money. The average inheritance in the US is $58k and the average age is. 47, so Millennials have at least 5-10 years before they get anything.
My dad is in the very low end of the very high net worth
There is going to be a ton of rich widows
Are those Roth numbers accounting for inflation? The $250/month for 40 years at 10% interest comes out to $1,594,195.06, not $94,000.
Why no mention of generation X? It’s not just about boomers and millennials.
Lots of us were raised by divorced parents who pissed away us latch key kids and their money. There are so many 1/2, step siblings and several marriages. Who,the heck knows where their wealth went, but it wasn’t to us emotionally messed up latch key kids, nor should it have necessarily. Just sayin’- very common scenario
I don’t think how much younger generations realize that kids weren’t their parents world at all. It literally was, just be home by dark, and yes, we wore house keys in those “ bubble” link chains around our necks.
@@CAGChannel1 Have you ever noticed how there aren't that many gen x'rs and have you ever wondered why?
Gen X are some of the most washed up financially struggling people I know.
Too much focus is in millennials and younger getting screwed, but gen x has been screwed for longer
@@Pwn3540 Have you ever noticed that there aren't many gen x?
@@Pwn3540 I've got a few neighbors who are gen x. To me as an old boomer, those gen x'rs are rich. They're upper middle class, probably millionaires.
The "wealth" that us boomers have is just a product of fiat money, Keynesian economics, and limits on land use via zoning, i.e. a generational Ponzi scheme. You need to look at actual "non-monetary" economic choices to succeed despite these current circumstances. Primarily, to stop open ended spending on medical care for folks that are dying, to do away with our modern forms of entailment commonly called zoning laws, to do away with our modern forms of guilds (University degrees, licensing requirements), to kill off the idea of "the deflationary spiral" and get back to honest money, to get away from protecting investors (which essentially means that the wealthy get the first cut on new investments).
I'm a boomer and faaar from wealthy, have always had money worries, my entire life. But since I'm now in mid 70s, I've decided to stop worrying so much about it, just do the best I can.