Millennials & Gen-Z are Poorer Than Ever (Here’s Why)
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- Опубликовано: 16 май 2023
- This is why Millennials and Gen-Z are broke and poorer than ever. There are many reasons to blame, but housing, tuition, credit card debt, and demographic factors are all to blame. Enjoy the vid!
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It's going to be up to GEN X to get the economy of working smarter not harder to help the future gens but that's if they want to be innovative and hungry at the same time grateful and giving
It's because we don't need money to be happy.
We are expected to compete with tesla you know the dubai supporter the company who expects us to compete with india and sx trafficking muslim nations
The average monthly salary in Algeria is 260 dollars, therefore it will take you 16 years to save up enough cash to purchase a respectable apartment with two bedrooms.
I know it's not the point of the video but comparing the US to other countries like the UK is misleading. Most westernized countries have universal healthcare where the US does not.
I got married young. No student debt. No car payment. We still can’t afford a house, let alone the crazy rents in our area.
You are leaving out credit card debt there’s something incredibly off .
@@wowthatsinteresting8951 exactly.
Same were fucked
Work!
So where do you live?
The worst part is that the majority of people paying rent pay almost double what a mortgage loan costs per month, but cannot get approved for a mortgage because we cannot save due to the rent being so high
A lot of people in the real estate business are trying to convince rich people to buy their stuff. So, they can make easy cash.
And besides, there's no law saying they can't.
@@eksbocks9438 there should be so working Americans can have what was once called the “American Dream” of owning your own property and starting a family. At least some type of law where the entry for first time home buyers is way more accepting. (Records of rent payment on time for more than a year, credit score ect.)
The reason rent is high is because everyone wants to live in luxury apartments, which.... is more expensive.
Live 45 minutes away in and old apartment and you can save up just fine. I lived with a roommate in an old 2 room condo for $2k/month total ($1k each) when everyone else was paying $3-4k/month. And I was living 10 min away from downtown HCOL where my work was.
I now bought my first house driving a sports convertible on a single income. No, I'm not one of those tech people who got paid out in stocks.
The problem with the current generation is not that things are too expensive. The issue is that they're all too entitled and believe they deserve the best no matter what stage in life they're at.
Spending more than half your income on luxury apartments and eating out everyday is simply irresponsible. The last generation didn't do that, why should we?
@@steven121290 You're the entitled one.
A lot of people in my city said rent used to be $400/month. Now it's $2000 because real estate people are trying to get rich tourists (Doctors, Businessmen, etc) to buy their stuff.
It's not even a luxury home. Old houses from the 60's made into rentals.
@@eksbocks9438 Let's give you the benefit of the doubt. Where is this exactly? Because it's hard to imagine $2,000/month normal rent for a tourist city unless you're smack downtown in very sought after locations.
i.e. Sacramento (california) averages less than $2k rent/month. And that's a HCOL working city. Most tourist cities are LCOL or MCOL
I'm 30.
I'm single.
I don't drink, I don't smoke, I don't party.
I work a regular job in Italy.
I can save a little bit of money each month but not much at all.
It is beyond my comprehension how someone like me could ever afford a house or even just a car (I don't have a car) .
We basically work out asses off just to cover food and rent
It is a rotten world we live in.
I can't even imagine how people my age are doing in poorer countries.
And I can't even imagine how people who must provide for their family can get by these days.
I hate all this, that's no life man.
Time to go off grid and say goodbye to this rotten system.
capitalsits are rotteh. the rich just keeps wanting to get richer. and the problem is, they always have their way. and we can't do anything about it. maybe the government can, but capitalsits can buy them easily. It's this way in the Philippines where I live.
Wish I could go off grid, raise some sheep and crops.. That cost a lot of money to do though 😂
All land is owned by the governments until you buy your own land. There is no going off grid. It isn't the 70's anymore. I think that is the actual topic here. NO longer any rights to do anything other than stay home. Any home.
@@RafikiusMaximilliusand the government is….
@@bohne8746 The Government!
I can’t find a job anywhere. Everybody is hiring but nobody is hiring anyone on.
Because most companies put up job postings without any intent to actually hire anyone for those positions, they don't actually need anyone for them, they just post them to make it look like business is booming to get more loan money.
I know what you mean Took me 6 months and 20 months keep looking you’ll get there. They don’t want to hire anyone tbh
everywhere is hiring trade jobs like welding, trucking, etc
i had the same fear but in germany here i found a job so easy. Come to germany lol
I honestly feel businesses are understaffing on purpose so they have an excuse to give poor service.
As someone living with his parents in London, it’s nice to know that the data shows I’m officially screwed and it’s not just me being lazy
Edit: I’ve noticed some people getting very triggered by this and going off on some Rocky Balboa speech about working hard and ‘taking what’s yours’ - you all need to calm tf down and look at the data. I should mention, I have a good amount of money saved. I have a high paying salary in comparison to most people in my field in London. But there is no denial that inflation has absolutely decimated the middle class. What someone in my position would have been able to afford 30 years ago isn’t possible today. I don’t drink, smoke or go out so I’m not wasting money on crap.
I’m not saying that it isn’t impossible to break out - I’m working my arse off everyday to get ahead I have every faith I will someday - but I am saying it’s much harder than it was before and the data proves that. So calm down Rocky Balboa’s of RUclips and save your rants for the mirror.
I would consider relocating bro! Thats insanity to be stuck
@@RGE_Music Depends on his job location and the type of job. Some people have jobs they have to go into other have job they don't.
You're better off moving to Cambodia etc.
@@mkuc6951 why cambodia. what about working their making money their?
@@rawgamehaney5525 you can buy a block of land for 1/100th the cost (100 year lease) build for a low price and essentially have zero intervention of the government if you run a company.
Have to love the fact that I passed 30, have no accidents on my record and my car insurance continues to go up
Same
That's just the area you live in doing that to you
It's because of all the other idiots in the world who can't drive, as well as the thefts. Not to mention simply having to pay their employees more, unless of course their employees want a stagnant wage.
@@FangerZero They don't pay their employees more 🙄 unless you mean the executive bonuses
If you changed cars it will go up I sold my Toyota and got a bmw my car insurance doubled didn't find out till after I bought the car lol.
Im over 40, single, from Europe and have so many debts, its horrifying. Not because of the costs of life, but because of a disease who destroyed my life. I would have never imagined my life this way at this age. Life can change in weeks, always remember.
That’s why saving every penny never made sense to me.
It is more than home prices. As a boomer I remember the 70's and what we had to pay for. We had housing, power, water, phone, and food. No school debt, cable, yearly new phones, mandatory medical, required insurances (auto and home), and higher taxes. The younger generations have had big brothers hand in their pocket for two generations. That and failing to plan for the future and living for the moment. Also back then you got your parents stuff when they passed and that is now either taxed or drained by the homes taking care of them, nothing is left to pass to the next generation.
Something I thought about that I hardly see anyone mention with the generations as well:
Companies used to hire new people and teach them the skills needed to perform the job they just got hired to do.
Now in the modern era, people take on that debt themselves by attending college for said jobs.
And then they don't count college as experience, but require so many years of experience for entry level jobs, tossing out every applicant that doesn't meet that requirement even if they have everything else needed.
exactly
And then when you graduate they still aren't willing to train.
Genetic intelligence is declining, and it has been for over a century but the gains in nutrition papered this over somewhat.
It is crazy how that worked. I know many boomers who got a job with a totally unrelated degree if at all. Nowadays you wouldn’t even be considered if you don’t have the exact degree in that field. Even then, from personal experience, I apply and hear back from 1/100 companies on average. Somehow I’m the lazy one who doesn’t want to work
the reason avocado toast became a thing is because its the only luxury food younger people can afford nowadays
The same thing has happened in Hong Kong the young have given up buying a home and spend the money buying a tesla
@@sko1beer Wow, they're buying an expensive liability? Crazy.
Are avocados a luxury? Or is it the toast? And why buy it instead of just making it at home? It all seems so wildly different to me. I'm a millennial, who barely got into my own home at the age of 40. Having been through challenging situations that kicked me in the teeth economically, and compared to my peers, I'm far behind.
Where I live avocados aren't expensive so I don't get the line. Boomers ?
I think it's more about how we're willing to spend $20-$25 on avocado toast at a brunch spot when you can make it at home for 1/20th the price 😅
Multi generational households were common during the depression. When times get tough you have to live with family sometimes.
You're right but baby boomers didn't go through the depression
Amen, true family help.
And for those people who don't have that option? I guess go buy a tent eh? Lol
@@NatblidaAscende You may have to move to a more affordable area/state/country and/or get roomates to share the costs. When the going gets tough, the tough get going. The Great Depression was way worse than it is today and those people made it through. We will too. It's the way of the world. There will always be poverty, it's the choices we make and where we go to lessen the burden that matters.
@@NatblidaAscende By serving your country in the military, you get pay, food, housing and health care as well as a skill and, of course, honor. That may be a choice for people who don't accept their situation but rather roll up their sleeves and strive to better it.
I hopped jobs with that exact strategy and I can say that it works for a while but you hit a brick wall. Companies see exactly what you’re doing and they might decide they don’t want to be used as another rung on your ladder. You also might get stuck working at a place you don’t particularly like. Proceed with caution if you decide to do this and good luck.
Thank you
As an old boomer I feel for todays kids. I grew in NYC during the 50s and went everywhere via public transport. Movies museums and concerts were always affordable. The crowds were civil and the only security to be aware of was not losing your ticket to the show. Now to go to any public event you have to be wary of everybody and everything. We boomers screwed up Please forgive us and do better
Love and blessings to all
Boomers were simply doing what they knew to do at the time during their prime. They (as a demographic) have proven themselves to be dedicated, loyal, hard workers. They happened to have been born into a time of plenty and simply took it for granted. The only thing that I see Boomers "doing wrong" is that they're unaware of the harsh realities of the world today. They're focused on how things were in the past and seem to avoid looking at how starkly things have changed. A lot of the hatred being directed at them is unwarranted. It's just a modified form of jealousy by other groups because Boomers had it good. They aren't to blame for that at all. They were and still are the wealthiest generation in history, though.
@@melissachartres3219 great points you made. The country was actually less safe in the 80s and 90s. There simply is more media coverage now. And yes, Boomers are currently the wealthiest generation but let’s see if that holds true 50 years from now. It may hold true, we’ll see. One has to acknowledge that Boomers mentality was much more canted towards “live to work” than current generations. The current more balanced approach that Millennials and Gen Z subscribe to is likely much healthier and may make people happier…it may just not lead to the same level of economic attainment as others. That said, there are more revenue streams available now than ever.
The Boomers are the people that fucked us, thank you for shipping off our manufacturering to China. And then, via government spending put us in debt before we were even born. Boomers couldn't live within there means and robbed the young of their futures while destroying the social contract as well.
I'm 35, homeless, and drowning in debt and multiple car problems, despite working and not doing drugs.
My dad remembers when CUNY schools were free. His freshman year was the first year they paid tuition 😅
I just want to be happy, man. Life doesn't need to be a walk in the park but people act like we have it so much easier when EVERYTHING literally points to the contrary. It feels like I'm being constantly gaslit.
It's because Democrats use high taxes, open immigration, and over regulation to put slack into the labor market. Which lowers wages at the bottom and drives up housing prices at the same time. To the point tens of millions of people don't have any money left over at the end of the month. And it's the low wages at the bottom that allows the excesses at the top, causing the wealth gap.
It a deliberate policy because Democrats need a permanent underclass of unemployed and underemployed to be dependent on government so they will keep voting Democrat to get handouts.
Same reason Democrats pushed banks to make zero down loans to minorities at the top of the housing bubble. To drive them into poverty.
Same reason Democrats give easy access to student loans. Because they know only 40 percent of black students graduated from four year bachelor degree programs within six years. And only 64 percent of white students. They know the debt without the degree would drive them into poverty.
Every single thing the Democrats do is designed to create an underclass of poor people.
You are
First world serfdom is still serfdom in spirit.
We do have it easier , we are 1st world country , COMPARED to third world countries …. So yes we have life easier
Happy?
Kellogg from Fallout 4 has a quote for you! 😉
For me as a European it is ridiculous to think about that a house in the US costs about half a million dollars. Since the build quality in the US is just so bad, I mean these houses are basically made of wood. Here in Europe houses are made from cement and steel and cost about the same.
I got married at 21, my wife was 18. We both have good paying jobs 55-65k a year. We cannot buy a house where we live in Ontario Canada. In the past 3 years house prices in our area have gone up almost 300%. Now with cost of rent and groceries and everything going up, the future of owning a house is grim. Also with the Canadian government bringing in so many immigrants the housing crisis is just getting worse. We are still saving for the day we can buy a house and hoping for a change in the market.
I feel for you. I moved from Toronto to Essex county in 2016. I didn’t even attempt trying to buy a house in and around the GTA. I bought a nice house in a nice neighborhood for 125k in 2016. The house across the street from me sold last month for 650k. If I was starting out now I might move to a different country.
I’m Gen X and I really get irritated at Boomers not realizing how the world is different now.
Yeah, I've seen so many shallow-minded comments from them.
"Well, if you just work a little harder and get a part-time job on the weekends then you'll be able to save up and buy a house with cash in 3 years like I did back in 1973!"
How about working for a company that pays for tuition (there are still plenty out there) and go to school at night. I’m a boomer and that’s what I did. There are things this younger generation can do besides playing the victim card
I’m a Gen Z and it is possible. Cash flow school in a worthwhile degree and keep your head down in work. Sacrifice to build generational wealth so your future does not have to struggle like you did.
You have absurd amounts of knowledge around you. Take a break from tiktok and play the game of life.
Out of touch
I don't listen to anyone who hasn't actually done it or isn't in the game.
It's crazy to think how MUCH purchasing power boomers had. We always had a nice house and cars, but my mom always acted like we were poor. She spent a lot on herself, though.
No, you see, you act like because you had nice things that money was just growing on trees. The way your comment is written makes me think that mommy said no to you a few times and now you are all salty because you had to earn your own money to do your own things.
@@apersonontheinternet8006 bro stfu
Not true at all. People were poorer. Houses were smaller. The social environment was that much better, but millennials _want_ the things that shred social capital
@@apersonontheinternet8006 lol you didn't read at all your just like all the other boomers🤣🤡 he said
it's not that he doesn't want to work it's that most people in gen Z are statistically paid less then ever did any generation in history if you compare it to home-buying he's not complaining he's pulling out statistics on why it's virtually unrealistic now. You don't read.
@@TheThreatenedSwan poorer compared to TODAYS standards. that's like me comparing 1930 to 2030 of course life is better now BUT YOU HAVE TO WORK harder for the same BUYING POWER as the older Generations. Statistically speaking we do have it harder though. You probably think it was harder back in the days just probably cuz of the Great Depression when statistically speaking coven made the economy worse than the Great Depression was EVER.
Growing up my mother never helped me with money or taught me how to use money because shes a boomer and selfish when it came to money. I am a millennial and worked harder than my mother to try and put a roof over my children heads. Mind you my mother had the money to help us but rather took her money and gave it to the people she taught needed her help other than helping her children or grandchildren children. My mother was never part of my life growing up and its 5yrs no contact. I still made it in life without her help or her. She has no relationship with me nor her grandchildren and she has lost everything and its her fault because baby boomers are the most selfish generation youll ever come across. Its their way or no way.
Boomer here. I paid for my millennial daughter's house and subsequent refurbishment, gave her her first and second cars. Even now I give her money occasionally, even though my income on a pension is less than what she earns. I don't consider myself to be selfish, so please don't try grouping everyone under one banner.
EDIT: she did give me the first car back when I gave her the second one (the latter of which she still uses). Also even though her income is higher than mine now, my savings outrank hers.
It's a shame that you received no help.
"baby boomers are the most selfish generation youll ever come across"........Says the person whose entire generation expects everything to be handed to them.
@@richardneal5196 shut up BOOMER
Boomer here. When I'm gone, my daughter will inherit my wealth and property despite now having built her own.
I grew up poor and my father left us and took everything. I lived in a shelter for a little while before my grandparents took us in. My father remarried, never spoke to us or paid alimony or child support. He passed away and did not leave us a penny. Everything went to his new family. I started teaching my kids about finance since they were 5. When they were in high school they worked and started their Roth IRAs. Both entered college with over $20,000 saved. I paid for their college and bought them both cars at age 15. I do not believe that they have ever gone without any necessities. They were always provided for to the best of our abilities. When we are gone they will receive all of our estate. Growing up poor and working hard to get ahead was a very difficult road. People come to this country with Pennie’s in their pocket and become millionaires. This is the land of opportunity. Nobody said it was an easy road.
Inflation and taxes are easily outrunning wages so you need to create a business or revenue that doesn’t rely on an hourly wage.
Yes, because the U.S. is trillions in debt. What's happening now was bound to happen. I remember people saying our children will have to pay for this debt, and it's not consumer debt either.
As an early millennial, the one trend I’ve noticed in my lifetime is a dramatic shift toward ordinary people no longer owning ANYTHING. We don’t own our music media, our film media, our devices. The housing market is the same phenomenon. A Renter economy only benefits the ruling corporate class. They have all the power, they can perpetually raise prices on what you already “have” because you’ve never actually had anything! Marx talked about the “means of production” but we’re transcending that into an almost feudal system. Sad thing is, it can only get worse because we’ve handed over all the economic power to a consolidated group of billionaires. Our governments are owned by the them with no easy way to claw that back.
You'll own nothing and be happy! Understood!!!?
@@tigerbk “Well, I bought this iPhone so I can take it apart and repair it myself right?” NO, you’re licensing that phone and it’s inwards still belong to Apple. You can pay them to repair it, whatever they feel like charging you, or lease another one. Shits bonkers out here y’all
@@mrnelsonius5631
And they still buy it 🙄 ...
Digital media renting is highly inexpensive compared to physical disks, since there is expanded infrastructure.
Support blu-ray releases if you want.
And generally it's just people getting convenient with that. Streaming media is very popular, cinemas are not (convenience+cost, even if in home experience is worse).
I have, however no idea what you mean with devices.
Personally I don't own only physical devices related to ISP(router/decoder) / water, gas or electricity measuring/delievery related devices for obvious reasons.
You will own nothing and be happy 😊 agenda 2030
Im 23, graduated college last year with my B.A. and the amount of jobs I’ve seen that actually want you to have a degree and experience do not pay anywhere near the work they ask of you. I’ve seen postings of jobs paying less than $18 an hour wanting 10 years of experience and positions that even want you to work voluntarily(aka free) for a period of time before actually paying you an hourly wage, it’s sad and crazy how jobs just don’t pay enough to afford for people to live.
This. You can make $4 more per hour in a warehouse pulling orders. Think about that. Do yourself a favor and figure out what you're good at fast and create your own company. Only thing you need to learn really is taxes. Then go to town. Forget everything else. I'll save you the heartache I went through
@@MrArtVein dude I work in those warehouses. Overtime is really hard to get nowadays. You can't really live off of $20 an hour 40 hours a week it doesn't make sense.
then they post those job listings and wonder why nobody applies or can apply and they blame it on "oh, damn kids dont want to work these days"
Working for free is called internships. Usually done in the finance, legal, and fashion industries. The idea being you work for six to twelve months to get the ropes. In this day and age I wish internships were illegal. You simply can't work in a major city in a major institution within a given high profile industry and not get a reasonable income for your work. And if the internship goes badly, you probably shooting yourself in the foot in that career choice.
greed
And they wonder why we don’t have kids. We can barely afford to take care of ourselves.
Everything feels so hopeless. I fucked up as a child and chose to chase my dream rather than business and politics. Besides my dream job..all I’ve ever wanted was a home and family. I work minimum wage, I can’t even pay for health check ups. I’m scared by the time I have enough to buy a house it’ll be too late. I’m scared as I’m getting closer to my 30s that I may hit that infertile point. I don’t even have a car, my boyfriend is in the same boat with his dream job. I have to rely on him for a ride and everything outside of work. It hurts that two people can’t even pay for a single room apartment without the sacrifice of all their money and their beloved pets.
Its only hopeless if you chose to do nothing about it
Dad was a welder. Mom was an engineer. Neither had degrees. They were learned on the job. They were able to raise a family and build 2 homes and have a second home for vacation. They always bought new cars every 7-8 years and we’re able to save for my college and their own sizable retirement. They never had money issues. My mother was a great money manager.
Here I am today. 2 degrees making a very good salary with my wife having no degree making a mediocre salary. We can barely afford one child a home and paltry retirement savings. My parents are always asking me when I’m going to fix my fence or build a nice detached garage or go travel with them. The money isn’t there. Households need to make 200k to live what was once the attainable middle class lifestyle. I’m in the Midwest.
An engineer… without a degree?
@@themodernotaku yeah. 1987. Times were different
@@themodernotaku Very common. I am one as well. I work with others who also work in engineering with no degree. Most got their foot in the door as a "technician" and studied at home during the night to gain skills. After years on the job, and competent work, they get moved into an engineering position. You have to be smart and diligent at self-study to achieve this. Until you gain the full set of skills, your life is 12 hour days (8 hours working, 4 hours studying at home). All the knowledge you need are found in college books (found at a major discount in used book stores). That, and today on the Internet.
For the young today, I suggest a different path of self study (and certificates) in Cybersecurity or Cloud. Both of those areas are HOT, and employers will snatch you up with 2 or 3 Comptia certificates under your belt. Both Amazon (AWS) and Microsoft (Azure) offer FREE coursework towards their Cloud certifications. You can get your foot in the door for Cybersecurity with just two certs from Comptia (Network+ and Security+). All of these jobs are a "position of trust" and require a clean background check.
True
Shoulda followed your dads footsteps, welders make bank if they operate their own business.
To ask if we have it harder than boomers is overwhelmingly understated… I think I speak for a lot, and I mean A LOT, of people in my generation, but we’re tired, broke, overworked, underpaid, under appreciated, depression, hopeless and all we do is get blamed for everything. So yeah, I would say we have it much worse - and it’ll continue until later generations starting retiring or passing away. Greed, money for that matter, really is the root of all evil. You sabotage a whole generation of people and emancipate yourself, then blame an already broken generation for your woes.
You said it best. I exactly !
Wait a.minute. Who's blaming what generation for their woes?
@@8ofwands300 Boomers blaming millennials and gen z. Reading comp must've not been your best subject...
@@squidvis Um. Isn t this whole comment section and video devoted to how Boomers had it good and they're to blame for all your woes? 😕😕. But okay kid...whatever. Love the ad hominem, btw! 😉
You have no right to complain unless you're more conservative than boomers. Even the native population of millennials is that much less intelligent. People balk at this because genetics is taboo, but if you had a population of horses and every generation the more brown horses had more offspring, you would not be surprised at the herd getting browner. You could blame boomers somewhat for the cultural environment becoming so bad, but technology is mostly to blame, and millennials don't view it as a problem. The exact things causing all the problems to American society are what millennials want more of.
Companies just don't value work anymore.
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I'm 32, my favorite comment from people my dads age is "i paid off my student loans, interest and all, they don't deserve any help!" well Dad, your loans were like $5000 tops. How's 65k - 100k look to ya?
Why would you take out that much money for college, unless you’re getting an MBA
@ippos_khloros I think it's the pushing of the "college experience". People are convinced that they have to go to a big out of state school for a communications degree. We need to push for more community colleges for more standard degrees. Nothing wrong with community colleges. I wish I did that and saved some money.
@@strtupj882 because it's the difference between 30k a year and 60k a year with some benefits.
Well your dad is right, don't take out loans you can't reasonably expect to pay for.
I am 35, and my parents only recently started to realize how bad things have truly gotten. They grew up during a time where a janitor or masonry worker could afford a home in 10 years of saving.... those jobs don't even let you live alone on a single income in most of the country anymore, nor do most other lines of work.
It is no longer the era of "working hard secures you future", you now need to specifically have certain skills to make it work, and not everyone is inclined to those particular things. As it has always been. So many men my age have no kids, no prospect for families, and so many in our family were hoping for grandchildren and it seems like that ship is sailing away for many people lol.... can't rightly afford a family if I can barely survive myself.
As a married gen z who got married at 22 my husband and I have no children we both work full time, earn just as much as my father did and yet we still can’t afford even half of what he has. I’m still wearing clothes from 7th grade and I was able to buy socks for myself last month had to dip into the savings a bit to do it but I needed them. We earn 80k a year and with all the costs of our area having the down payment for a home the size of what I grew up in would take us about 10 years. We just don’t earn enough to keep up with anything and frankly I don’t care anymore. Just gonna wait for my father to die of old age and take what he leaves behind. Boomers had it way easier and the gas lighting they constantly Do with the work harder BS just makes me angry.
Bruh I'm the same age and still looking for marriage and can't find anyone else where I live that wants to. How did y'all do it? I need pro tips.
Who says he’s going to die before you ? I hope he outlives you
That is why during Covid-19. They expected the older generation to die in huge numbers that is why they called, “The Transfer of Wealth”.
Relying on an inheritance 😂😂😂
I don't think they are gaslighting you.... they are perhaps naive and think the world hasn't changed from their times. My mother retracted her statement and said yea it's a little harder now.
This is sad. I'm a 40 year old man. I live in Southern California. Single. No kids. No debt. Live alone. But I rent an apartment. Currently investing in a Roth IRA etc, 401k and trying to do what I can to earn more income
Recently moved out of Southern Cali in order to get a house. Prices there were insane!! Mid 20’s. Congrats on the no debt though that’s awesome!!
Living in California is your biggest problem
You can’t just have a full time job nowadays, you gotta door dash, Uber eats, start a business on the side this economy sucks 😅
What crazy is that it used to be a family could get by with one income, unless your a very high earner there is no way that is happening now
You can it’s just that folks have a spending problem.. a few people I know make well over 100k about 200k and they live check to check they always on vacation,have designer ,car loan etc it’s a consumerist society .. you do not need to be a millionaire to have a stay at home mom you can make 120k even 100k and live fine.. studies show the more people earn the more they spend and most married people do not have an emergency fund more money is not the issue it’s money management and not keeping up with the Jones’s
When women were brought into the workplace, it drove the labor pool up, lowering labor prices. So households that could have single earners, needed double earners.
@@helena3631 according to the 2019 data the median income is 31k, did you think 120k is like... a normal income? That's HIGH income, lmao are you a boomer or just a spoiled snot??
In Romania I'm told it's natural for both people in marriage to be working. The guy told me that a family subsisting on a single average income was only possible in a country that had won a world war and wasn't bombed into the ground.
Historically speaking, for most of human history, a vast majority of families, had to get by on less than a dollar a day in today's money. The 1900s was only 123 years ago.
Back in those days women were encouraged to stay at home. Feminism has pushed women in to the work force so it makes sense everything is more expensive now to compensate for inflation
That job switching thing is true and ridiculous. It shows that companies aren't looking for loyalty but just someone to fill in a gap and pay at a minimal amount based on their work history.
They're trying to automate everything now to get rid of jobs. I was shocked in some parts of the US they're bringing back child labor and paying them in peanuts - it's like the 1900's all over again.
Loyalty don't make money,
Not for the employer, nor the employee ...
Because company lays off unlike in my parents generation
It's also selection bias. Who switches jobs to earn a lower wage? Nobody. Of course people switching are going to be earning more money along the way. The people with good income growth and worse prospects at a different company are going to stay where they are.
I have worked for the same company 5.5 years their absolute guru for their multi-brand luxury products selling 100 million per year. They choose to pay parenting managers/cashiers way more to talk to me like a child. Soon as I get the home they will act as though it is a ball and chain for them to keep me just like when I began renting. Showing commitment gives them power for mistreatment today.
Born in 1961 the world has changed alot for the large majority of the lower class and never for the better, but that's the plan, keep the poor, poor. Someone needs to do the low wage jobs, there is lots of those out there. The problem is no entry level homes, and I'm sure that was planned as we see the shortage of affordable housing. All things are going according to plan! This will never change.
I think one of the biggest issues in our early educational system is the push for college and not trade schools. I live in oregon and was always told to go to college, trade schools weren't even brought into the equation. There are many trade jobs that make very good money and are in constant demand. Take a look at becoming a hygienist. The make at least 50 an hour and its a 2 year program. We got to start offering trade schools as an option. College isn't for everyone.
I worked at a crappy job with low pay for 2.5 years. All my coworkers would work a month or two then find something else and I just kept hoping to make more than $10.25. It’s crazy that if you’re good at your job and are loyal, you’re punished nowadays
Don't be loyal it doesn't pay off nowdays new people that come in will make more money with no experience
I worked crappy low paying jobs such as that, never stayed more than three years.
Unless you hit the jackpot and find a small business with real humans running it, never be loyal to an employer. And never go above and beyond, you wont be compensated for it and it will be expected of you from then on
go union. skill up, find skills that are tough that no one else can do. then move jobs make more money
@@Matanumisaying up this that wont solve anything
We are literally just trying to escape the reality that we live in because it's not pleasant. The online world has given us an escape and for a lot of people it is the only thing keeping them sane
Real
That's why VrChat is great
I can't wait for my Metal Gear Rising, Ready Player 1 future
Online is the only way a lot of people make any money.
@@letupandridemarkdangelo170 it's just another challenge, like millions that have faced the human race before.
I'm sure we'll be fine, we are still here after all.
….. 👀
As an older millennial 1985, my dad always warned against job hopping. He had two pensions and stayed at one of those positions until the company went bankrupt. The other lasted until retirement. I made several moves for money and am currently at my longest employer 3+ years. If you leave for > 9% increases in wages, you completely beat the system of 2% increases or less each year, and like the video said, can garner new/better skills and reach management faster. Just be prepared to explain why you left in an interview. The life we are living is not that of our parents. Man do I miss the 90's.
I got to ride my bike with my friends. We could go wherever we wanted. A scope of ice cream was a nickel. We played outside without fear until moms called dinner. Paper routes and mowing lawns. Friday night dances at the community center and no shots fired. Summers at the beach holding up score cards with 9 and no arrest. Cruising and necking until our 20s called us away.
I don't think I had it worse. I thought it was magic. I am so sorry for what young people are going through. They have been robbed of their futures. Sold out for votes.
I’m a 97 kid I’m happy I got to enjoy the last of that in the early 2000’s. It was magic.
I remember my sociology professor said 1950’s being the most financially advantageous time period for opportunities and financial growth and the worst was between 2008 and now, and it’s only getting worse.
My grandparents bought three houses in Santa Barbara, CA in the 1950’s, he was a barber who retired at 30 due to muscular dystrophy and she was a part time teacher’s aide. The American dream is dead for average family.
This is why I promote young people NOT to get PREGNANT or MARRIED as expenses go up 100 to 1000 fold over a lifetime. Ask any married or parent who is the brutally honest type who dont romanticize things or leave out facts.
@@SingleCHIDLESSHappyMovement I see it in the perspective of my poor grandparents who lived in a stucko house built by their bare hands and had 11 children. It gives me the lens to understand why people in 3rd world countries have so many children and still live pretty happy despite some hardships. We have it really easy in comparison.
Imagine being a barber or a teacher's aide now and affording literally anything. Even if you both of those jobs on your own, you'd barely be able to afford to live.
@@SingleCHIDLESSHappyMovementUnfortunately this is not a healthy mindset. Humans have a hierarchy of needs and for many this encompasses marriage and kids. You need balance. ie encouraging family planning. Having children you can afford to take care of.
@@britjj5126 I would say it is unhealthier and selfish to want to bring children into poverty and the economic collapse we are entering. We all have needs but in life we have to put others at a minimum level of priority as they are humans, most importantly a person's own flesh and blood (children who would be born if a person doesnt care what the situation is and still decides to get pregnant or get someone else pregnant).
we are poorer and poorer but the ones who do make good money are getting richer and richer in our generation.
@RetroGrader yes and no. Rich get richer because they're smart with money, doesn't mean it easy. If it was then every lottery winner ever would never go broke..
They say that making your first million is the hardest and then after that it becomes much easier to maintain wealth.
@RetroGrader no, not really. If you look at the statistics majority of wealth is lost by I think the third generation, but don't quote me on that. So no, just because you're born rich doesn't mean you'll stay rich. Again, my point still stands, rich people are rich because they understand money and the broader economy, coupled with a hard work ethic. So yes, for them it is easy to maintain and grow wealth, because that's their passion.
@RetroGrader True starting from debt when you make so little the system is against you. But it's possible with hard work, smart spending, and support (family, spouse, friend.) Basically live with your family to save on rent, pay off debts would be a good start.
It's more like this poor mindset will keep you poor. If you are poor but work hard in an industry that you genuinely enjoy and that brings value to the economy, you'll no longer be poor. There are many instances here in America where a person didn't have more than Bob, Sally, or Joe, but had a better work ethic coupled with smarter spending habits and ended up being able to get themselves and their families in a more comfortable quality of living for the present and the future.
Older generations need to recognize their hardships do not need to be repeated. You can do better. We don't need to spread hate just because it's how we were raised. How older generations raised us was disgusting for some of us. They need for authority and superiority. The teaching of selfishness above helping others. Teaching complacency rather than problem solving and rejection of critical thinking. Idk how people got so entitled they looked at history and thought they could be the ones to control human behavior. With out a doubt boomers/gen x in charge have been the biggest failure in US history. I do have to credit the minority who wanted to improve things bc without them we wouldn't have this momentum to change things.
You are just jealous about them being able to buy a house unlike you (and 90% of us)
Company wage merit increases never keep pace with inflation. The longer you work a position, the lower your buying power. The only way to work for someone else and make it is to quickly get promotions or job hop.
My Grandfather - Salary $4000 a year 1 job. Bought his house for $5000 dollars.
My Father - Salary $70k a year 1 job. Bought his house for 75K
Me - 50k-60k a year from my 3 jobs doing 50+hrs a week.......Cost of a house that I don't own $700k
Also me - Gets told I'm lazy and don't work hard enough.
That sounds about right smh shit crazy man
Bad timing
Boomers had an easy life. Got rich and stayed rich by making others more poor.
It is your fault, get one job that pays 150K a year, learn a usefull skill, man up.....
@@luiscardenas8510 lmao 🤣🤣🤣 you must be a boomer with a reply like that
I'm a millenial. No student debt. I worked ~30 hours per week all through college. I also didn't start at college until I was 22, I spent 4 years working and saving everything I could before I started.
Since I was poor, I qualified for pell grants and I had a small scholarship of $500 per semester from the state since I started a 2 year Community College and transferred to the closest 4 year school in the area. Closest so I didn't have to move to a city with higher prices. I commuted to campus for class and worked nights and weekends the entire time.
No college, I did it. But at what cost? Between the early years spent working and the the years in the degree working and studying it took me 9 years to do what other people do in 4 years.
Still, I'm better off than most people my age, I guess. I have no college debt, no auto loan, and bought a house. All my needs are comfortable met and I can save a little bit.
I made it, so what? It is doable, but the reduction in standards of living is insane. I work as engineer. I do decently. However, if I had simply been born 30-40 years earlier and lived the same frugal and disciplined lifestyle, my job and income would have purchased a home twice the size. I have a modest 1100 square foot home that is 60 years old in a rural community. My income is just enoughto pay my mortgage and utilities and give me cushion for emergencies. I don't travel or take trips. I've never been on a plane in my life. I "eat out" just 2 or 3 times per month.
My father and grandfather worked similar engineering jobs (my own father with only a 2 year degree). They afforded a house 50 years newer, twice the size, supported a wife and 3 kids, cars for people. I'm unmarried still. No way I could support a family of 3 in a large 2500 sqft middle class home with what I do. And I'm doing better than virtually everyone I know, save for the white collar zoomers and millenials I work with who were already rich and had their degrees payed for them and jobs handed to them through nepotism. No one else in my job area came from a working class background and broke through into white collar work. They came from wealthy families already.
100,000 people just walked into your country in the last month
@@rev8419 ok so what? That doesn’t negate anything from his experience.
I am 22 and I see no value in buying a house and marriage. You just feed the banks and are glued to another person by a government contract.
I'm 35, homeless, and drowning in debt and multiple car problems, despite working and not doing drugs.
This was a really good post, thanks for sharing your experience. I don’t really have anything to add to your post, but I think this is a harsh reality that we are facing, where all of the points you mentioned are only getting worse. It stinks to even think that we have to delay getting married and having kids because we aren’t at a place financially to do so.
I personally blame inflation and the fact that it is expensive to live nowadays. Prices of necessities such as gas, utilities, housing and food has SKYROCKETED. Don't even get me STARTED on the prices of health insurance and medical bills. Nowadays, you need a bachelor's degree in some rigorous STEM career just to live a comfortable life
Don't blame inflation when inflation is only at 3.2%
@@TheRealCatof thats true but it doesn't change the fact that living is becoming a luxury, and inflation is different depending on where u live. im gonna change my comment
The government lacks awareness on inflation, cost of living, immigration.. Gen Z and Millennials are gonna have to think real hard on who we elected etc.
I’m going on 33 this year, live with my mom all my life and I know financially I couldn’t ever do it without her. When I graduated high school so many were happy to live on their own yet a year or two later they are back living with their parents or other family members because they can’t financially do it. So glad there are facts to back all this madness up.
@@WildLifePrime taking care of 4 kids must be really hard with the prices of everything going up these days
So glad I won the $3,000 month lottery I still work though
@@dracojensei1141mmmm congratulations
So what did you do after high school? Job? College?
I moved out twice and back in twice. I'm 31.
Everyone's situation is different but I'd rather give my mom money and help her than pay a "landlord" who works for a giant company and lives 700 miles away.
That's the thing, sacrificed so much for the degree and now it's not paying. It's a hard mental decision to leave and start at a retail or other department.
What degree do you have? Whatever it is don’t do retail. Look for businesses that just want grads w degrees for like an entry analyst or ops role, network, and interview prep.
degrees do not work unless it’s engineering or another science field.
@@TheRealbenjibits depends on employeer. I know my teacher said some employeers offer interviews depending on where you went to school and how your outcomes were. For example I got a interview offer because I passed a certain test and in that company everyone who passes a similar test always gets an interview.
Someone needs to fold my clothes.
@@socalrefrigeration548 yeah but there would need to be enough need to make money
As a gen z with a decent paying job, it is about imposible for me to live on my own, in a town of 12k. You would think housing would be cheaper here, but you’re wrong. Middle of Wisconsin, and apartments are 1k per month. Then I have 350 per month in health insurance, I have food and gas and other expenses. At that point I’m close to spending all my money each month
This is the kick in the butt I needed.
Whenever I feel stressed, anxious about not being able to afford a house, a month's worth of groceries, rent going up, bills, etc I always say to myself, "Thank God I don't have or want children."
Children will just make you disassociate debt with life. Why define our lives by the amount of debt load we can handle?
@@nuance9000 thank you for thinking you know me more than I know myself.
🖖
I totally get that vibe, I often think I would like to have children but I can't afford it I can barely afford myself
It's because Democrats use high taxes, open immigration, and over regulation to put slack into the labor market. Which lowers wages at the bottom and drives up housing prices at the same time. To the point tens of millions of people don't have any money left over at the end of the month. And it's the low wages at the bottom that allows the excesses at the top, causing the wealth gap.
It a deliberate policy because Democrats need a permanent underclass of unemployed and underemployed to be dependent on government so they will keep voting Democrat to get handouts.
Same reason Democrats pushed banks to make zero down loans to minorities at the top of the housing bubble. To drive them into poverty.
Same reason Democrats give easy access to student loans. Because they know only 40 percent of black students graduated from four year bachelor degree programs within six years. And only 64 percent of white students. They know the debt without the degree would drive them into poverty.
Every single thing the Democrats do is designed to create an underclass of poor people.
This is why Japan's population is dying, I mean they get little pay but they are expected to have kids ? I'm sorry but no. I'm not having kids if I can't make at least 80k a year by MYSELF. I'm 17, and I'm sure prices and life will become more expensive that's why I'm setting it high. I need to be in a good state to even think about having kids first right ? I know for sure, a child can never be happier than their caretakers
It's worth remembering that quite a few in the Boomer generation (and older) were running on single incomes and STILL doing well. Single income families with stay-at-home moms was quite common. Since the 90s, multi-income families has become far more common, practically necessary in most cases. It's reflected in home and rent costs: working minimum wage, you'd need 2, maybe even 3 incomes for rent in most cities.
Move out of the city. You might actually be able to afford a living on a lower income job in a place where the prices are far cheaper.
@@xejelah Less jobs. No social life in suburbs. Still expensive in most cases.
@xejelah and if you're disabled and cant drive due to it? then what?
i was able to find a job i could work when i lived in a city for about a year and a half, was independent and able to get around on my own thanks to public transit.
now that im back to living with my parents in suburbia, i have to rely on them or my sister to drive me around and they all work, so i have to get a job within walking distance. No one is getting back to me for an interview and I am extremely limited in my options now.
What else am I supposed to do?
@@xejelahHeheh yeah, 2 bed 1 bath at 1250 a month, totally affordable at minimum wage. It's a shitty position to be in, the whole entire system is rigged to make the young man pay for the older man's games.
@@xejelah Rent is less in those places because wages are lower. You can't move into the country and get a better deal, it's basic economics.
Average car payment $716?? If you’re buying a car that expensive and can’t afford it that’s on you!
mfer all cars will be that expensive and soon
Every car is that expensive nowadays
These people dont want to buy a used car. Gotta have the newest thing.
@aprils.r8418 Buy yourself a 1980s mercedes benz for less than 5k and you can keep that car running for decades.
I really appreciate the stats graphs and facts from this video.
For years I’ve said it’s not commiserate when the expenses grow but the wages don’t grow at the same pace.
I’m British and I feel this hard because when I was born my mother owned a 10 bedroom property which at the time was worth £112,000 in 1992. She sold it in 2000 and bought a smaller 4 bedroom house. The 10 bedroom house just sold this year for £2.4 million 😅 the house I grew up in would’ve set me and my siblings for life lol
No point dwelling! Think about it this way, people who will be looking to buy houses in 10, 20 or 30 years will look back at todays house market with huge envy and jealousy as prices will be even more exorbitant!
The people who sold the house for 2.4 million should have been put into jail for fraud and completly dispossessed. It is basicly a crime of greed they are doing ruining the people financially they are selling the house to.
@@emmachine27 ..Are you living in the real world? 💀 They sold the house according to market demand. It’s no different than buying stocks in hopes of It 30x in 20 years
@@Natak222 exactly that is indeed how I look at it, same with the stock market. In a Crisis everybody’s panicking but nobody’s noticing that it’s an opportunity rolled out right at your very doorstep. My mother made her fortune from buying real estate in 2008 when the crash happened
@@emmachine27 well unfortunately it’s just inflation, nothing criminal about it, it’s the result of an economy getting richer or other economies getting richer
The issue is a lot of commodities are being bought as investments by massive corporations, especially housing. The median income has stayed pretty much the same relative to inflation. We need to stop large investment groups from buying out literally everything you need to live
Actually their acquisitions are way down. Rents are getting softer and the appreciation rate is back down to normal of 4-6% a year in most of the country. Many new builds coming up as well. We were 500k starts short since 2012 after the crash.
Absolutely! Thank you!
Black rock and vanguard are using your 401k money to price you out of your own home.
Lol you wish. No, the problem is they're buying neccesary goods that you need to survive, like medicine, housing, and infrastructure. It's called rent seeking.
Doesn’t it make you wonder what’s the point of living if it’s so freaking expensive these days?
When air b&b hit the market, that is what fucked up house prices.
Anyone who uses it has caused the problem and cannot complain.
After our groceries went up it was hard. I went from a size 4 jeans down to a 00. My husband dropped almost 50 pounds. Because we could only afford so much. We earned to much for food stamps but all our money we earned went to our bills and children. We left America. No shit we left and our money goes so far. We have a comfortable safe life now…sadly not in USA. (Millennial)
Based
$1,250 rent for a 50k income 🥹
As a realtor in miami, I'm seeing people lease 2,200/m with 50k incomes. A 1,250 rental is literally just a shed or a room.
Sounds the same as an apartment!!
Earning less than $2k but paying over $1500 for rent. Where is rent $1,200, I need to move there.
@Manao A. trust me you don't want it, unless you're ok living in a small room and sharing the same bathroom with 4 other people
@@mr.boostang2064 Unless one makes a ton of money what other options does one have?
@donaldlyons17 not mocking the low-income, just stating how unrealistic that 3-4 times the income for rent is. The average 2bed in miami goes for 2,000/month. That means a young couple or single parent needs to make in excess of $6k-$8k a month to live comfortably. That's roughly a 85k-120k household income. Most of the tenants that need these units make an average of 40k-60k
I'm a millennial who graduated college in 2008. 2008 they ruined my life. My degree was for nothing. Alot of us were forever screwed in 2008 and 2009. And everytime I start to get back on my feet we end up with another phucking economic crisis and I AGAIN have to start over.
as a zoomer, my strat is to not try. I wont have to start over if I never started in the first place 👍
@@baronzad2056 I need to learn that lesson and accept it
There was a housing crash between 2008 and 2012. Foreclosures were off the charts. You could have picked up a great home for under 50 k. Why didn't you buy a house then? Let me guess the starter home you could afford didn't check all the boxes of your "dream home".
@@isabellaflorentina7574 Buy a home with what deposit? They were straight out of college
@@KitKat-te7jn it's called SAVINGS. I was just starting my 3rd year of college when I bought my first home. Worked all night 11-7 shift and busted my a$$ at college during the day. And received no help at all from my parents/family. Sometimes you have to Make sacrifices. Like foregoing the newest iPhone for instance in order to save money. It can he done.
The real problem is the United States and Canada for that matter have run out of desirable places to build affordable or entry level housing. Zoning and planning laws have locked in legacy housing in many areas. There are no places left now with a reasonable commute to a major employment center to build single family housing. Remote work put pricing pressure on places that were previously relatively cheap because they were located far from major employment centers. In addition, years of near zero interest rates allowed people to borrow more money for the same monthly paying creating 'asset inflation'. Older folks with fat 401Ks started buying 2nd and 3rd rental homes for cash.
canada still has space but not infrastructure or ways to build
Something not mentioned is there are increased utility costs (Internet, Cellphones), higher taxes, and increased regulations. Plus there are fewer opportunities for younger people to work, the cost of things people need the most outpaced inflation, globalization, increased national security costs, and a border crisis that has been going on for decades causing all sorts of mayhem.
That’s because boomers didn’t have cell phones, internet, or cable tv . So we had more money to pay off a house or other things.
The cost of living was 50% Less in decades past. It is completely unaffordable to save anything beyond basic necessities.
word
The standard of living is much higher now. Houses are bigger, we have more tech. Etc. all of which adds to cost. People could buy smaller houses. My wife and I make about $90,000 a year together(for the past 2years, before that we made ~$20k-50k and we live just fine, we save for retirement at 15% right now (hopefully can get that to 20-25% in the next couple years), can take a decent vacation about 1 time a year, and own a home at about 27% of our monthly income (we also put down over 25%). House is worth about $400k and we took a $285k mortgage. And we are 28… I will say we’ve been together since 17 years old and have worked diligently and with some wisdom to accomplish all this.
@@Zombiebeast1995 good for you, glad to see a success story. But in places like Canada, average shithole homes cost approximately 600,000. In the middle of nowhere you can get it for less, but this is only cheaper if you have a remote job or are a plumber or electrician because there’s absolutely no work in these towns or cities.
I’ll only speak for the US because I know it is easily possible here to get ahead and become a millionaire, without even making a ton of money.
Whats you phone and company try mint mobile
my mind is always blown when people say things like your auto loan should be under 10% or your housing costs should be under 30% when most people i know have rents that cost them around 70-80% of their income and have to steal food from where they work to live. And that's the cheapest rent possible
not a US citizen, but yeah, we have it even worse. Renting of a tiny apartment is 80%. I work 60 hours a week with almost 10 years experience in my field to afford just renting. There's no way I can put aside money for buying a flat. I can't work 15 hours 7 days a week.
It's not that crazy when you look at median wages
@@jsebby2284 true slave wages, yet if they go up things will increase even more. Can we even win???
@@k-dogg9086 I'm not sure what you're asking?
@@jsebby2284 it was a rhetorical question..
If you consider the hovels that are being bought in expensive cities today, you will be amazed.
Moldy, dilapidated houses in ugly areas for exorbitant prices.
Around 25 years ago you would have been able to get several solid houses in prime locations for this amount of money in those cities.
A historian reports the housing prices in Amsterdam were nowadays so high, you can not find those prices again in the whole history of that town.
That means, no starters, no culture, no places for invention and young people, no interesting shops or local business ideas, only the rich!
I believe the cost of living crisis partially explains the generational gap of job hopping vs staying at the dame company. Previous generations could stay at a company for 20+ years because it was actually affordable. Younger career professionals who are saving for a house/being financially comfortable job hop out of necessity.
Yeah many onlie say switching jobs is the easiest way to increase income and I tend to agree.
Worked for me, I stayed at my first job for 10 years and it screwed me financially. I finally jumped...
Not to mention they use to give raises more liberally, now companies want you to work hard “for the sake of working hard” and instead of giving you a raise they give you a pizza party
@@FrackaLacka literally this. Over a year of working, I got less than a dollar added while simultaneously being told I was one of the hardest working employees. I can't afford to move out of my parent's house because rent for a "cheap" apartment alone is about 70% of what I make in a month (where they give me hours). I'm looking for a second job. My coworkers who have two jobs are still needing financial help from their parents to afford apartments. But hey, who needs reasonable raises when our company can buy us candy and nearly expired cereal.
Not to mention that there used to be something called a pension that incentivized people to stay long term. Then companies reneged on this in order to increase profit margins and dumped everyone onto the casino that is the stock market in the form of 401ks. My parents had to delay retirement because their 401k took such a big hit in 2008.
Won't lie as a millennial having lived through 2 recessions I can't help but feel behind and I'm tired of trading time for money (how do you put a price on your time) it doesn't matter what I do I can't get ahead. Thanks for reading.
“I’ve lived through eight recessions, twelve panics, and five years of ‘McKinleynomics’…” I hear you though, seriously. When I graduated high school in SoCal, there were NO jobs available anywhere in my neighborhood.
Start trading. First 1,000 I get again is going to a trade. Always wanted to always broke, but this time my broke a** is gonna put money into stocks!
To have more, we have to create more. Government prevents creation in so many ways across so many sectors. The vast majority of the issues you identified can be explained by one or more government policies.
While home prices were a lot lower compared to income in the 80s, interest rates were quite a bit higher, making the cost of homeownership higher than you think. Groceries, clothing and electronics/ appliances were also substantially higher.
I’m genX and my husband and I didn’t buy a home until I was 40 and he was 46. It’s easy to point your finger and blame others for all your problems. Being young and just starting out is hard. I lived paycheck to paycheck for a long time. That’s how long life works.
As a fellow Gen Xer, I did without for so many years to finally afford the down payment on a condo. I remember the interest rates on mortgages going up to 12% to 15% in the 1980s and the recession of the early 1990s. My entertainment budget was $15 to $20 a week in the 1990s....that was the cost of takeout food for one person and a VCR movie rental...hanging out at bars and restaurants was too expensive. I learned to work on cars and fix things to keep repair and maintenance costs down. I have never purchased a new car and had to work 3 part time jobs at times, just to pay the bills. Life has always been tough and an unfair struggle...either be innovative and adapt or die...it's that simple.
Wife and I made 120k a year. The only debt being student loans. Rent took over half our income. A single bedroom apartment outside the city. Moved back home to Montana built a yurt instead of a typical house. Best thing we ever did. Homes are stupid expensive. We still are poor but happier.
We were in Seattle. Housing was insane.
That’s sounds exciting living in a yurt though 😊
Mind if I ask what area? I'm from Colorado, I've been wanting to leave permanently (I've moved back to Denver a few times and keep regretting it) and Montana is one state I'm considering on my list. The yurt sounds bad ass!
Montana. Just outside Helena. We were fortunate to have family owned land. Land is not cheap either. The right place in Montana is still attainable for moderate incomes though.
You made a 120K a year you weren't poor. If you were spending 50% on rent then move to a cheaper place
There is a very important part missing from this analysis.
The way that a Household Income was achieved is VERY!!! Important!
All the way to 1990 the majority of household income was achieved through a Single Wage. And this the whole difference.
My parents both worked in the 80s… In fact my Dad started off with 3 jobs, then cut to 2 then 1 - when he became a manager and earned more. My Mom started with a part-time job in the evenings (so that she was home with us during the day) then started a full time job when we grew a bit older.
@@mikezerker6925 I didn't say ALL 🙂
We doubled the supply of workers, but the demand didn’t increase with it. Wages were halved for all
@@yuriysemenikhin302 most of my friend’s had parents where both worked FT in the 80s and 90s… 2 parent income was commonplace.
@@mikezerker6925 Put a like on your answer 🙂
Over the space of the 80's, depending on the area you lived in, women's "right to work" has generally turned into an "Obligation to Work"
So you are right, talking about your experience, and you are wrong at the same time, because the change had been gradual and did not happen evenly, it was also more complex then people simply being forced to go to work.
My favorite arguement to why young people arent successful is "youre lazy" or "not working hard enough." Absolutely laughable. I and my girlfriend, both of us at 23, can work jobs that pay 20+ and hour, and STILL not afford a house. But its MY fault for not working hard enough. Its MY fault that I have to spend money on outrageously priced groceries so i can, yknow, keep living. And its MY fault that we live in a world where everyone tells me to break MY body and MY mind to afford to retire, to take care of my broken body THEN, and not now.
Work harder and make more money kid
Today, $20 an hour is what FAST FOOD employees make.
A professional career can net you more like $30 an hour to start. Wages are very high right now, so if you are only making $20 an hour, you may need a new career. I was in your exact same shoes, so I went back to school to learn accounting. I now make $37 an hour, and that is low for the profession.
In 1980 my husband made 135 dollars a week. Every third week 20.00 would be taken out for OHIP. Things were not easy. Our rent was 240.00 a month plus hydro and phone. We heated with hydro. Life has always been a challenge. It is what causes us to grow up. We had 4 children to feed. No life was not easy but we survived.
"Rent with 30% of your income or less" proceeds to laugh in Miami prices.
That’s where I’m at and I’m thinking the same thing. I think 40% is the lowest I’ve heard out of all my friends. And we all have decent paying jobs
Get a roommate it’s the only way
Why are you living in Miami?
@@BilalKhan-kv7ti because it’s warm and it’s fun
@@nickmazzio6622 you can't get 30% because your paying extra for the good weather and sun
My husband is 26 and I'm 24 living in a small house with his 64y mom that helps with the house bills. It's really frustrating living with a parent in law as a married couple(for the obvious reasons) but we have no money to afford renting a place or buying a house. His mom had to co-sign for him to be able to get a car and he makes 40k an year, it's just not being enough to have anything in savings at all. We live in the woods and I stay home all day because I don't have a car and for not having any experience or worked before it puts me all the way at the bottom, I've been applying for jobs online and in town like crazy and I don't even get called for interviews. It's making me suicidal being in this situation and what is going to save me is someone giving me a change to work somewhere so I can start saving money and buy a cheap car for myself and then go from there but I can't even get a job.
Id sooner be a Partisan, and burn the fking country down, because its failures unto its people, is not worth spilling your own blood over. Take it from me, as a millennial with the same issues, but i live in a 3rd world country on the brink of collapse, and we dont off ourselves, i dont consider my life so worthless to indulge this corrupt state with my death. So darling, dont succumb to hopelessness, keep your chin high. We have to shape the future, even if it means we have to do it like humanity has always done it, risking our lives and building a new age on the bones of the old.
Have a little self respect and integrity.
Theres a video on youtube about signing up to be hired as a friend on particular websites - totally legic, no dodgy business. Have a look into it because its accessible globally, you just need the internet.
Theres a few options for online hustling - dropshipping, selling white label products, etc. You can also apply for transcription work if youre a fast typer with good heating.
Can also potentially study something like counsellong which many therapists do remotely... and therefore, nationally, globally, etc.
If you have a degree you could always start a youtube channel about your specialist subject to keep you fresh while youre in this limbo.
Wish you all the best x
Q
You are BLESSED to live in the woods 🪵.
Here's a helpful hint.
#1 gather branches from the forest floor.
Start a fire 🔥 make some food.
#2 gather berries and mushrooms.
Berries make great jam too...eat it on toast.
#3 take some seeds and spread it around, grow some vegetables in containers or a small patch.
#4 raise rabbit 🐇 and quail....you will have meat, fur, eggs, and livestock to advertise and to sell.
#5 youtube stuff and learn and earn.
#6 you can tutor neighbors kids in English and Math.
#7 See what's FREE. A bicycle 🚲 can help!
GET A RIDE INTO TOWN
and look around!!! Walk 🚶♀️ by homes 🏡 and see if they put stuff on the sidewalk and it's for free. People donate, clothing, shoes, electronics, furniture, etc....
Pick it up and take it home to use, sell, or gift 🎁 to others.
HAVE HOPE, FAITH AND LOVE.
Q ❤️
Hang in there. It will happen!!
a cosigner was needed at 40k a year?? What car did he buy if you dont mind me asking? in the early 2000s i was making around 40k and i could walk in a bank and ten minutes later walk out with a fat check. by myself. but i was buying a Ford Ranger so it was a practical purchase.
As a Millennial myself who has never even earned the national median salary I don't get this fatalistic crap. We saved our pennies in a brokerage account until we had enough to buy a place with 20% down while maintaining a six month emergency fund. If we'd just sometimes saved some at the end of the month if we had any left then we'd have never gotten here.
British and screwed by the housing market. Thanks for seeing us mate! ☕️ 🫖
I just spoke to a 23 year old insurance agent and she said she’s moving back in with her mom because rent is too high to function. Paying monthly for something she’ll never own and can get kicked out of for any reason. Plus most of us are just waiting for some kind of inheritance. That’s the only way you’ll get a house now and that’s moving in after the grandparents die. This is a major problem.
I totally agree with you 👍 💯
Rent is Never A good thing. Don't listen to the Retards.
Don't count on inheritance ..your Grands are living longer and sicker...unless you are willing to move in and care for them 24/7 for years then Medicaid will require they are BROKE before nursing home will be covered
That 30 percent rule for rent is impossible in the days of rapid inflation
You should fix it by robbing your boss.
@@socalrefrigeration548 lol that is crazy!!!
ANARCHYYY
When I was in college remember reading you shouldn't buy a home no more than 3 or 4 times your yearly salary. I thought I'd make 50k out of college --09. Was underemployed for the first few years, then decided to pay off my loan and by 2016, my market was already pushing that threshold.
By today's prices, to stay in that calculation. The avg price in my area went from 215k to 415k in less than 10 years. I have no clue how a Gen Zer will get that. I have no clue how millennials who kept on the debt burden will ever get there. I've scratched my head on how any of this is sustainable. You'd have to make six figures by that conservative rule of thumb I read about almost 20 years ago.
Yeah, he gives you all these great tips to spend less and forgot all about inflation making that impossible...lol
The “Nice” got my like for the video. Thank you for that.
Wife and me are both millennials and if we didn't spent our 20s fuvking around, working shitty jobs and having a couple of unplanned kids, we'd easily have a house now. Even though houses have skyrocketed in price in the city/suburbs, houses in rural areas are still very affordable. We're lucky now that we have stable jobs and can actually take the work with us, we're pushing now to make sure our kids have assets to help them get through. If we had that mentality in 2013, we'd be a lot better off. That's entirely out fault.
We are screwed, especially those of us who didn’t start planning and being conscious of this at 20 years old. Travel, partying, poor decisions, just being uninformed - boom! You’re screwed!
You mean you had...fun? Damn I thought your 20s was suppose to be a time of fun and fuck ups
@@thepspman116 Work comes first, fun second, thats why its called work hard play hard, but now were encouraged to play hard and work back breakingly harder.
Lol doesn’t matter how HARD you work, the wages aren’t increasing and rent isn’t getting cheaper either.
Instead of saying "we are screwed". Try to make plan to get out of that. Humans are superior to animals because of they can control their impulses and they can adapt. If there was some east asian who just magically appeared in US or in Europe with no experience or education, I'm pretty sure he could get out of that problems.
@@tayacushenberry No kidding. Working harder doesn't matter if hard work only gets you another day of hard work. I was *better paid* (adjusted for cost of living) 15 years ago in a call center than I am now in a white collar job that pays 10x what I made back then. 100k is the de facto new minimum wage and most households (let alone individuals) don't make that much.
Boomers had it easy, its funny that they dont want to accept that.
I suspect that a lot of them are just out of touch with current reality for the working class. They remember how it was for them. Post WW2, housing was abundant and inexpensive. Loyalty to employers was still a thing and still rewarded. Heck, careers that paid pension when you retired were still fairly common. Most of them are now retired, already own their homes, already have their pension, and haven't had to deal with the housing and job markets in years. So when they hear us complain that we're working 2 full time jobs and still struggling to pay bills, they assume we're just doing something wrong. The news picks up on "silly wastes of money" like avocado toast, and many in the older generation see that as the perfect explanation for why we're struggling while they were fine. Note: Since there is a lot of economic variation among the Boomers, this is an extreme generalization.
They had the greatest standard of living in history. The whole world was in ruins except the United States
No one wants to accept being told a significant portion of their life successes were primarily dependant on demographics in a culture that prioritizes individual responsibility.
So true...at this point, I have more in common with the Silent Generation than I do with a Boomer. I'm Gen X by the way...I don't even waste my time rationalizing with a Boomer anymore.
I don't generalize about an entire generation. You mustn't either. All boomers did not have it easy. My family was very poor and lived in a dangerous place, including inside the home. We had terrible schools. My family had a small water heater in the kitchen of our rented apartment and we all took turns using the same bath water. Do you know what it's like to go to bed hungry and know there's still going to be no food in the morning? I don't know where all of these upper middle class boomers were, but I certainly never met them. My mother made about $3,000/year in 1966 (that's about $27,000 for a family of five now) and my father was a lazy bum who didn't work. It's not boomers like me who are out of touch with today's reality; it's these RUclips videos that are out of touch with how diverse boomers were. Yes, there were pensions, but you had to work at the same place for 10 years to get one by the time I was working in the late 1970s. Where I worked closed after 7 years, so no pension.
I am from gen X. I think the problem may lie in spending habits. Till to this day, I cook my own food and only eat out if necessary. I do not drink at Starbucks. I have a basic car and an old smart phone. I saved my money each month while keeping my monthly expenses under tight budget. I never went for brand names and do not own anything I don’t need.
Now in 40s, I have a house and no debt. I am teaching my kids the same thing.
I see my younger co -workers spending every day on Starbucks and eating out every day. Some don’t even have kids, and still they are always running out of money. However, everyone has money for expensive make up and brand names, but nothing saved for long term.
I always remember a mantra “ need vs want”
If you always go for “want”, you will stay poor.
Agree with what you said110%
As a millennial I don’t know a single person making over 50k a year.
So the advice basically boils down to: Don't live in a city because then you won't be able to find somewhere to live that fits within your 30% budget.
Don't live in a rural area because you need to have job options so you can hop jobs for better pay.
Don't have outrageous debt so don't buy a car unless you can afford it, even though you'll need it to commute to work.
Did I miss anything?
You can get a cheap toyota corolla for 2k or sometjing
@@marmedalmond9958 And spend 1k a month repairing it, and missing work 2-3 times a month because it broke down on the road or didn't start at all.
... and that's assuming you had 2k to buy it outright in the first place. Poverty charges interest. :)
@@SkySong6161 a 2008 toyota corolla is one of the most reliable cars. In 3rd world countries, people still drive them
@@marmedalmond9958 doesn't mean you still don't have to repair them. A lot. Speak from experience from having a 2000 Corolla for 15 years and over 200k miles. I eventually got a different car because it needed repairs so consistently, and so expensively, that the car payment was *cheaper* than fixing it. Unless you're the sort that can do *all* of your own car repairs - you have both the expertise, the time, a location to do it in and the equipment - there's no getting away from the fact that as a car ages, it's going to need an increasing number and increasingly expensive repairs, no matter what kind of car it is. Reliability can kick that can down the road for a while, but not forever.
@@SkySong6161 then ill buy a bike thend
I was 30 when I bought my first house in 2018 at $210k. I used a VA home loan that saved me around $30k from fees and other costs while buying a home. In 2018, I was maxed at $250k for the home loan. Now my house is valued at $309k. I would not be able to afford my house if I bought it today. I did refinance in late 2020 or early 2021 when the loan % went low. I refinanced my home at 2.25% today my mortgage is $1001 a month.
You my good sir/ma’am got to the American Dream before it was too late. I’ll be using a VA loan in a few years as a gen z guy. I have no clue what imma do with those interest rates and pricing. Wishing the best for you tho.
I’m 27 and want to get a house with the VA home loan
@@CarlosRamirez-no2js do you have a DD214?
Its a fight.
Dense populated areas offer the jobs to be able to buy property at least 2 hours afar.
There is no point on spending 12 hours, 5/7 to sit in a house in the middle of nothing, on the weekend beside just showing up to sleep.
I rather keep renting on spot. Which is crazy as well but instead ive a lot more time beeing alive.
I'm 30 years old, single lives in Tokyo. I don't drink, smoke. I don't have a house, car. I work in the IT field in full-time and annual income is 6.5 million yen. It's only $40k due to weak yen. Meanwhile, average house prices in Tokyo reaches over 100 million yen. (which is $700k)
It's impossible to buy a house in my life. I want to get out of this rat race.
Im a nurse, ive been working full time since i graduated for, lets say 4.5 years. I am still nowhere near being able to afford a small home. And renting would take about half my income. I save about 95 percent of my income. The residents i work for have no clue of how hard it is for people, they are all out of touch and do think its our problem
I was also a male nurse and left after 8 years for some of the reasons you mention. The job is disgusting, people are disgusting, and there is no reason to that when you aren't getting anything for it.
Hospitals are the most toxic workplace environment ive ever experienced
If I were you… I’d just be a travel nurse because they make way more
@@monadejaneiro yeah I'm not a nurse so I don't know the reality of it but it's hard to feel sympathetic for nurses when every day I see job posting for nurses advertising a 30k signing bonus or something insane like that
It's because Democrats use high taxes, open immigration, and over regulation to put slack into the labor market. Which lowers wages at the bottom and drives up housing prices at the same time. To the point tens of millions of people don't have any money left over at the end of the month. And it's the low wages at the bottom that allows the excesses at the top, causing the wealth gap.
It a deliberate policy because Democrats need a permanent underclass of unemployed and underemployed to be dependent on government so they will keep voting Democrat to get handouts.
Same reason Democrats pushed banks to make zero down loans to minorities at the top of the housing bubble. To drive them into poverty.
Same reason Democrats give easy access to student loans. Because they know only 40 percent of black students graduated from four year bachelor degree programs within six years. And only 64 percent of white students. They know the debt without the degree would drive them into poverty.
Every single thing the Democrats do is designed to create an underclass of poor people.
When he was talking about retirement I had the thought “why wouldn’t I just quit life? I’d rather live and spend happily while young and able to enjoy more” and I think that scarily reflects my thoughts on what’s important in life
I think many people choose the "stack up debt and die young" lifestyle, but wouldn't do so if there were other options. That's also why I think crime is sky high.
Making 6 figures (which really isn’t much btw), no student loans, no credit card debt, a credit score over 800, no car payments, put nearly 3K a month into stocks… still living with parents 😎
Air B&B industry is a huge issue when it comes to this issue. Also, Wallstreet level property development companies are buying homes in certain areas in mass quantities. If we're not careful, it's going to create monopolies in the housing market.
Degrees have lost value this is true. I have learned (being a college student myself) that you have to get the experience in college to even compete these days and just keep looking for opportunities.
We have inflation of diplomas
I was born in 1997 and things have been tough. The pandemic hit only a few months after I finished college. That pretty much derailed everything I was working for and it was like starting over when jobs started back up. It took over 2 years to find work with decent wages that could keep me ahead of rapidly rising costs. Doing okay now, but dealing with some of debt from that time so realistically have no disposable income. Many of my friends from high school and college who are around the same age are in very similar situations
thats exactly what happened with me also, I feel like I just started to slowly get myself together 2 years from now but I'm still struggling honestly
1996 here and same
It killed my 78k a year job and I had to work from scratch to even try to get back to that and I still haven't reached it and it's not jobs I love like that one
‘99 here and I’m still living at home been looking for work since traveling after the pandemic. I see all my classmates from high school living it up on their own and I wonder how They’re managing it, questioning my
Position
Same. I'm basically only above water because my parents can help me a little. It's a big deal if I can save 100 dollars from a paycheck. Like major celebration time. And I don't even rent a big place. Less than 80 sqft and in a lower middle class area. I haven't given up, but let's just say I spend a long time listening to the Guts theme some nights.
Giving the "advice" to keep certain expenses below a percentage of your income is USELESS for someone with an income that cannot achieve those ratios.
I live in Montana. Rent $1500-$1800/mo if you go above a studio (a reasonable ask for a grown adult with a career)... average income is $56k
So the average person is fkd from the start.
"Just move" isn't an acceptable answer for the entire average population... that would be 50% of all working montanan's.
Cool stats/guidelines, but about as helpful as our parents saying "I'd never pay that much, and this place is a dump anyway" before driving home to their $400 mortgage