@@billfranks9881me when all the boomers have no nurses to take care of them and end up alone in hospitals because they decided to slash the birth rate in half and buy a third luxury SUV instead of giving their grandchildren enough money to survive on their own
@@jesuslover4436you know most of the boomers still alive are the ones who did well enough to not die by 60 right? The current decade they are in is where the rich poor divide really starts to show on life expectancy
@@bruh-nk6higoogle the us treasury breakdown of consumer spending by age bracket, in the last two decades the elderly have gone from making up the smallest % to the largest percent, boomers are comically evil selfish HOA despots
Is home ownership not better now than before? In the past 2 years probably not, but anyone who still owns a home and have had it before 2021, their house shot up in value for just....existing.
Im 27 , I just asked my mom if she was able to live on her own when she was younger (she’s 50) and she said she was able to live on her own off minimum wage since she was 18 years old. For reference, we live in Los Angeles 💀😂 so anecdotally, that sounds like a massive shift 😂
Dude, when I was in my teens 20 years ago, I knew 2 Mcdonalds managers that were roomies, they could afford a 3-bedroom house in a NEW neighborhood. Today? I'm 35 living in a camper trailer on my own families property so I only have to pay for the water and electricity I use, my diet is mainly ramen and chili. Inflation fucks ONLY the poor, Destiny hasn't been poor in YEARS
My grandparents bought their first home in the 60s off of a single minimum wage income with no family help, had three kids adopted a 4th. This was not uncommon at the time as most women didn't work. Nowadays families have two working parents and either can't afford a home or are barely scraping by. Love Destiny but when he is wrong he goes full tilt lol.
There's definitely been an obscene shift in CA that hasn't happened to nearly the same degree nationwide. My childhood home increased in cost by 6x over the past 20 years; based on CPI, it would have only increased by 1.7x. This all comes down to the fact that California makes it nearly impossible to build new housing, particularly apartments, which exacerbates the problem by making many wealthier single people and small families live in single-family homes that they underutilize. For a bit of contrast, my brother moved to Oklahoma and is able to afford a (somewhate run-down) 19th-century mansion on a pretty middle-class salary.
This is wrong. Us bank had a lawsuit back over 10 years ago about stacking and banks had to process transactions In order, not picking which to process like the example he gave. I worked in banking over a decade and managed half of it.
How many Boomers I've heard say to me... "When I was your age, I supported a wife and my kids and bought a home in the suburbs" but neglected to mention that their job was to run their parents business.
Alot of that also had to do with a much smaller population and much less taxes ie the welfare system. The tax rates were much similar today but not everything was taxed. For instance if something said it was 5 dollars it only cost you 5 dollars. Not some state and local and city tax bs adding 7.5 percent onto every single purchase.
21:14 Well, lets say this girl lives in an area that walmart pays $14 an hour. Their lowest offered wage. Period. In the entire country, $14 an hour is the LOWEST they will offer. So she makes AT LEAST that. 40 hours a week. That is 2080 working hours a year. That is $29,120 a year gross. $560 a week gross. She would be taxes federally at 12%. Roughly $492.80 after federal taxes. I'll use my own State of Wisconsin as a tax reference. She would see a weekly check of roughly $474 per week. She is $16,000 over the poverty line. She would not qualify for welfare. The median rent for a studio apartment in Wisconsin is $613 a month. $474 x 52 weeks in a year = 24,648 / 12 months in a year. Roughly 2,054 per month. Most apartments the Landlord will cover, water and waste. That leaves Electric/Gas, Internet, Phone, Car loan + Gas, and food. $2,054 - $613 (Rent)= $1,441 Median Electric Bill for Studio in WI = $111 $1,441 - $111 = $1,330 Median internet $74.20 $1,330 - $74.20 = $1,255.80 Walmart Family mobile cost $25 a month. $1,255.80 - $25 = $1,230.80 Let's say she lives within 25 mi from work. Median cost of gasoline in WI per month, $150 $1,230.80 - $150 = $1,080.80 Median cost of food for single person per month in WI, $400 $1,080.80 - $400 = $680.8 Median cost of car loan in WI is $400 $680.80 - $400 = $280.80 That leaves $280.80 for miscellaneous funds for the rest of the month. I don't know about you, but she is kind of struggling. She is a broke down car away from losing it all. That's struggling.
Get a roomate... I don't understand this concept that everyone needs to live on their own in a studio. The second they find someone they like they will outgrow the space. Then what happens to the studio? Our parents were not living alone near a city. They worked and lived in whatever town they grew up in or immigrated to. We have a better quality of life but not the same expectations of life.
@@joshs239hey man if you want to put your safety and possession in the hands of another person, that's on you. I'll be damned if I recommend it for my little sister I've had 15 different roommates and the vast majority were some kind of addict or a slob or some kind of addict and a slob. I don't see why it's unreasonable to aspire to a greater standard of living for ourselves and others
Bro last time I cried I had 60$ left for gas and I look in my account and they charged me $120 and I called the bank saying I can't even get to work to pay you back and they waived the fee thankfully. But I realized they can just wave the fees, they're like a mobster who can choose to fuck you or not and most of the time they just choose to fuck you
They actually get penalized with lack of federal incentives by collecting too much from OD now. Before this, there was literally no mercy and no existing OD protection.
It’s like Destinys living in a new world now that he got money if people were really dedicated to the cause they wouldn’t ask for money from the people why they live wealthy and generous lives 50% of us can’t afford a $400 bill
@@UmiUmiUm-m2k That problem is destiny doesnt believe and probally never believed in handouts that much. he seems to beleive in the free market. You are talking about dumbsan.
Aba: The perception seems to be that older generations were able to purchase a home with an average job. Destiny: Boomers got help from their parents to get in their first home. Aba: Wouldn’t that reinforce the perception that without that help being given to zoomers that there’s legitimacy to their struggle for upwards mobility. Destiny: …….. No. I don’t think so. 😂
@@mofishin2648when has he scoffed at trade school? I’m pretty sure he’s been in favor of them on pods. They just aren’t a replacement to college for most people you’ll make more money with a 4 year degree than a trade. Edit- he does at the end. I think he’s scoffing at the discourse not the school themselves. Some communities push trade school and say college is worthless and that’s just not true when you look at any data point.
Just because Gen Z is still buying homes doesn't mean that they aren't paying way more than previous generations for housing. If more of Gen Z's paycheck is going towards housing, the sentiment that they are doing worse financially is completely understandable.
Except they're not still buying homes, their generation is still at the age where only those with family wealth are buying. Marriage rates for gen Z is down *a* *lot* compared to other generations, so there are fewer zoomers with dual incomes, which is going to heavily impact the generations' ownership of property moving into their 30's. Everything points to zoomer ownership of property being lower than all previous generations.
I have a home....and this is true. It's a struggle to pay on it but It was cheaper than renting. Let that sink in. It was cheaper to pay on a mortgage than rent
One reason it's not affordable is that debt is up but also not proportional to wages. There is way more shit to buy, subscriptions / monthly shit. Lol, phone, internet, etc. they didn't have this .
buying houses seems kinda retarded anyways dunno. isnt it like always always always better to sink the money in etf portfolios like by a large margin? like whats the deal with people buying houses i really dont get it.
I saw this live. Bad take. I have no chance of ever being able to be on my own. Everything is too expensive. 66% of people in their 20s live with their parents for a reason
Honestly I was making 22hr two years ago and saving up by living at my parents helped save because rent food and car payments would've made me paycheck to paycheck
The harsh truth is that most of the world doesn't live alone and if they do it's in such shit conditions. The west is going backwards a bit, yes, but it's really not that strange in the grand scheme of things, especially when you're young and working shit jobs - it is the norm even in the west. Share a place with a friend or a partner and it's still much much better than most of the world.
Consider moving. You can live on your own as a single person in most cities in Louisiana while making $13 per hour 40 hrs per week. I made $19.90 per hour there and was legitimately rich. I saved over half of my post-tax income for retirement. This was 2019. Edit: this was 19.90 as a 1099 employee, not w2, so if you can make that as a w2 employee, you're loaded.
Destiny has reached peak privilege. And he keeps speaking from experience that he no longer have like you’ve been reach for too long and now your calling all poor people entitled 😂
He's a Democrat. If he says the economy is poor, it makes his party look bad. Destiny is a Biden bro, he's the opposite side of the same coin as a MAGA Trumper.
@@jamesmitch9792yeah. He’s the one that said blue collar workers are bottom of the barrel. He is pathetic Coomer. He couldn’t do his job without real men around.
The girl may act a little annoying but she’s not really wrong, I feel like this is an issue that most people in America agree with yet people on twitter dogpiled her.
I've worked shitty retail jobs for a decade at this point and almost entirely disagree with the girl in that clip. 40 hours working in a Walmart has never been great. Should it be? idk, that's a different discussion, but lets not lie and act like people were ever buying houses from 40 hours a week at Walmart lol. My biggest issue with the clip is the sentiment that she shouldn't have to "waste" her life working a 9-5 though. That alone comes as incredibly whiny and entitled to me at least.
@@Adrian.Christ Definitely super entitled, but I think for many people pay has not kept up well at all in relation to the rising prices from inflation. It wasn't as easy as she makes it out to be, but I've cut back on indulgences and I'm still saving way less than 10-15 years ago.
The only person in my age group that I know who owns an actual house is my buddy who works construction and makes over 100K. Other than that, they rent trailers or still live with their parents.
Wells Fargo actually got in trouble for over drafting its consumers. They would take $35 for ever transactions or everyday your account was over drafted. It was so bad, that people had upwards of $100+ in just fees alone for products that maybe amounted to $15
Every bank got in trouble at one point for that destiny is 100% right about the overdraft fees and their practices!! Hence why it’s always Fuck Bank of America I remember being a college student working and they would hit me with overdrafts every chance they got and like destiny pointed out it was usually for the most innocuous of shit… like that gas station charge for gum, they will hold that shit for like 4 days if they can possibly get an overdraft charge from it… like I could’ve paid for this 7 times over but now I paid an actual bill that they take out immediately and all of sudden I’m negative by 2 bucks but owe 40$ magically like I somehow spent way more then they allowed me too based on what is available In my account
@@foolwatch9008some banks charge you also per transaction and also per 24 hours it’s under. Mt bank does 45 per charge and a 35 dollar charge per day you are under.
I'm Gen Z, some of my peers do indeed have a delusional concept of how "easy" things used to be in Ye Good Olde Days, working class people weren't just handed everything on a silver platter. But, Destiny is for sure out of touch with his takes on housing and the current economy being "okay" or the same as they were for him. Cost of living, be it housing, groceries, or anything else is awful right now. I'm 24, and in the past year went from a service job making $12/hr full time in relatively rural Southern Coastal North Carolina town (nearly double minimum wage there for reference) to a $26/hr entry level IT job at a locally high profile company this year and living next to my office in a smaller business centric city in the north east. So I have some level of prospective into two very different job types and areas. In NC I was lucky enough to have lived with family who refused to take rent beyond me contributing to utilities and food costs, so I was relatively comfortable regardless of my low income. But, I can say for certain, that those around me weren't, and things have gotten progressively worse there since the pandemic. The housing prices may have been cheap relative to some other parts of the country especially pre-pandemic, but the primary issue was a complete lack of diversity in employment opportunities and low pay resulting from a lack of competition between employers, especially for "non-skilled" labor. The only jobs available there fell into three categories: service/commercial where pay usually was around $8-12 for standard employees and $15-17/hr for supervisor (my 40-year-old manager who had spent a decade working as a corporate trainer prior to their current job made $17/hr when I left), degree based stuff which was limited in positions available and variety as well as not having particularly good pay: ~$40k/yr based on the indeed listings, and blue collar work (which I'm less familiar with bc I had less interaction with people working in it). These wages are completely disproportionate to what housing costs there now to a laughable degree, since 2018 when my family member bought their house there, it has increased in value from $200,000 for a 2-bedroom house to $335,000 over 4 years. This or another similar lack of good employment is basically the case everywhere I've been with a low cost of living and housing. It's fucking insane. Even now with more than double the income, I'm comfortable enough to not be stressed about it but have VERY little wiggle room now that I'm living on my own and that's with me having made literally every "correct choice" financially: zero debt of any kind (didn't go to college, got a certification for IT instead, and just now took out my first credit card soley to balance my outgoing bills with my biweekly pay and start building credit at a better rate), I don't have a car, cook my own food, I mean shit, I haven't even really been dating since moving due to time constraints so far so that's another expense I'm not paying 😂. The only area I spend more money than I have to in is that I chose to move into a nice 1200sqft 1 bedroom corner apartment vs a 600sqft studio and the difference is only $200/month (well worth it to not feel like I live in a prison cell to me). I'm lucky enough to be renting from the company I work for because that dropped my rent price from what would have been $2200 to ~$1500/month. All in all, after all expenses, a modest 401k contribution (that I get matching from with work), and monthly savings put into a high-interest account, I'm left with at MOST $200-300 in money to spend on myself. If I had made ANY slip-ups, had a car payment, student loans, or didn't have benefits from work, I'd be living on a skin-tight budget. And the only reason I was able to get a job this decent is through connections, and having made a good impression workinf for the same company when I was interning for them in High School.
@zklpr4661 it was just the bog standard CompuTIA A+ cert. To my knowledge it's sort of the industry standard and covers more or less everything you'd need to some degree, it was fairly easy to just study for myself using their materials, RUclips lectures, and being generally tech savvy. I'm only working helpdesk so nothing more specific was necessary for my current position. That said YMMV on how useful it ends up bc a lot of companies want prior experience sadly. I was extremely lucky to already have an in-road for this job so I got hired with no prior job experience regardless of it being a requirement. Someone I know high up in the company put a word into the IT director's ear and one of my previous managers when I worked at a summer job in maintenance here in HS gave me a phenomenal recommendation as well. Both of those factors on top of the IT director being down to teach me from scratch really worked out in my favor. Sadly, connections are the most useful thing to have in the world
@mackinator bro just writing this on mobile, and on a Samsung Fold to boot was fucking torture. Google has done zero optimization for foldables despite selling them. Tbh It's a miracle it's not more fucked up than it is. The field that shows what you're typing only shows three lines at a time, and any time you try to long tap something to copy/paste/highlight something the little pop-up box glitches and covers the ENTIRE bottom half of your screen with a gray box. Trying to format this shit is not on the cards.
In the 1950's, an 'average' person absolutely could support a family and own a house. Now, 'average' in this case doesn't mean someone working as a cashier at a grocery shop, but it would include things like mailman, delivery driver, factory worker, policeman, firefighter, electrician, truck driver, construction worker, plumber, teacher, office job, taxi driver, pilot, security guard etc. Some of these jobs were easier to get back in those times and required less education, but the main point is that there were jobs which were easily accessible to people with just a high school diploma and sometimes basically no education, which would pay them enough money to at the very least own an apartment and be self-sufficient. These days, it depends where you live but home ownership is very much out of reach for people that have just graduated college and are now looking for work in a larger city. You can meme about there being cheap houses in Idaho, but unless you are doing remote work there really aren't that many job opportunities in those places either. The city I live in has an absolute housing crisis where an average three bedroom bungalow will set you back 1.2 million on average. In the 1950's, owning home was accessible to the middle-class. It's not the same in every city, but at least here home ownership is a privilege only the upper-middle class can afford. You need to be making over 100k a year though preferably 150-200k to comfortably buy one.
The discussion was about those in poverty ie, those at or close to minimum wage so from this view, the point about the house in Idaho is obviously relevant as there are minimum wage jobs in Idaho.
Move to Minnesota. Where I am, in the metro area rent is 'crazy high' in the sense that it's effectively doubled in the last 5 years but it's still very easy to find affordable housing. Not on minimum wage but you don't need a college degree of any kind to live comfortably here. Yeah, things are worse elsewhere, I'm priveleged to be in the midwest but holy shit, I feel like all of my generational peers are complete pussees. Put a little effort in at work and you can VERY easily hold down a $20 an hour job. If you can do that and budget you can live comfortably and save as a single, non disabled adult. And I hear/see these same complaints I hear from other millenials/gen xers from Minnesotans and other similarly privileged Americans so I don't buy this crap either unless they're in the slums of a deep south state or something like that. Obviously things are worse than they were in the past and maybe D is out of touch on that to a degree but I 100% agree that damn near 90% of Americans
Can someone explain how he thinks gas prices dont matter, but you having to have a monthly phone bill or Internet severely impacts your financial status now? Like i was paying $25 for a full tank now its fucking $40 or $50 sometimes.
It is a braindead take, anytime something that you pay for regularly increases in price like gas, or groceries it has a larger impact on your budget than those individual transactions. Especially gas prices, because it has a knock-on effect into every other commercial good even if it's not easy to see
Because he's a rich internet boy who's out of touch with the rest of us now. My truck used to cost about 30-40 to fill up pre pandemic. Now it cost about 60.
Also lmao @ destiny thinking 2 dollars buys you two McDonald’s burgers, just checked for my city and it’s 6 dollars for one and they don’t let you steal free drinks anymore either he’s so insanely out of touch
I think he was talking about the past. It’s for sure more now but here in CT you can get 2 cheese burgers and a water for 4 dollars. I don’t think he’s denying shits more expensive but everyone does make more money in some places that just doesn’t keep up in others it’s fine.
@@kirkvanallen5202 he is 100% verbatim saying that inflation adjusted things are not more expensive, at the same time as admitting that when boomers were kids they got huge gifts and inheritances to offset the high cost of youth, which zoomers don’t get today, and which wouldn’t show up in basic economic data
@@jesuslover4436 that’s kinda true in some departments. Min wage here is 15 now or about to be. Cheeseburger at McDonald’s 2 bucks when min wage was like 7.50 it was a dollar. We can look at gas and if we are going buy min wage it’s actually more affordable now where I live. We go by mortgages it’s for sure not but that’s because of this market.
@@orangutanenthusiast5631 are you aware that the Fed’s cost of living basket which is where that number comes from consistently shrinks the amount of sq footage they think is normal? When housing goes up, they just shrink the size of the generic aggregate they look for. So that number is meaningless. But you didn’t care anyway did you you just wanted to be smugly callous lol
My cousin is one of those people that pretends like she 'made it' on her own, even though she has literally no college education and everything was given to her by my aunt. They live in Europe, and for years she lived alone, rent-free in one of the two apartments that their family owns. My uncles parents originally bought them as an investment and then gave them to him; they planned to rent them out for extra income but when she turned 18 my cousin forced her parents to let her move in there. She then went to some unaccredited art school for a few years and became a tattoo artist. She didn't have to pay any rent, she just spent whatever money she made on food, booze and going to events. She would force her parents to pay for her to 'travel' as well. She didn't want to go with them either, she just went alone which I found funny. Eventually she met some guy from South-America while in Barcelona and now she is living there with him, still getting an allowance from my aunt. Honestly hearing her talk about how 'independent' she is makes me want to vomit. She would be on the street if her parents didn't give her money. What makes it the worst is that she doesn't really want much to do with them otherwise, she is the person that sticks around a few days until they force more money out of you and then leaves again. Idk how people put up with this... I know that she is their daughter and all but how do you love such a parasite?
Love blinds unfortunately the stories I could tell you about my girlfriends brother absolutely parasite from a super wealthy family and fancies himself a genius and hustler but his dad still pays for his haircuts at 27 💀
@@SlackerMagician it's not a waste if you go into something practical that you need a degree for like engineering, nursing, law school etc. There are a lot of fields today where experience and general aptitude is what really counts, such as programming, though in many cases it's still beneficial to have gone thru formal education. the place she was going to wouldn't have counted for anything though and I doubt it taught her anything you couldn't just learn from RUclips tutorials. Just found it comical that she felt so cultured and superior despite not even going to college or having any kind of success in her field... which was already a low bar to begin with
Millenials and gen Z are one of the only generations where the majority are just expected to succeed on their own or crash and fail . Love should be the primary reason that binds a family, but having them there so the older generation can help the younger is perfectly reasonable.
Millennials and Gen Z are also the most financially illiterate and wasteful generation. Boomers saved a lot and didn’t spend money on luxuries like food delivery or general dining out. This generation is also a bit more entitled. If more of them stayed living at home with their parents for longer and avoid ridiculous university debt they could easily save for a house before they’re 30.
Based! How do you expect your kid to have the love and empathy to want to take care of you when you're older if you kicked em out at 18 cuz they're now magically able to get a house or pay rent with a high school diploma. Why would they even consider it when they know damn well that they're not gonna get much out of your will cuz yo waige havin ass said "fuck college" and thought that working a partime job on a fulltime basis was a gud long-term idea.
@@theprofesionalist7927 It's the Cognitive dissonance that gets to me. Here we have an older generation that rode the high road with Daddy's money and influence, most succeeding purely on the goodwill of their older generation. Now that they're older they just can't understand how "kids these days are soooo lazy" "Why won't they get up off their asses and work for 40+ hours while going to college and paying absurd rent and utility prices, only for half a decade to pass and your left with 30k in debt and with a depreciating college diploma.
It’s amazing because as a young adult, someone who went to high school without any financial or bank education-when I got an over draft fee, I didn’t understand why it bounced and I got a 35$ fee when I was using my debit card all day and still had money in there but my purchase from 2 days ago was finally processed AND then I got over draft charged for every purchase that occurred “after” the over draft that never occurred in that moment but retrospectively. What a predatory BS system.
it's crazy. We just moved from australia to canada and i had to learn about the "Insufficient Funds Fee". Not only do we get hit with an overdraft fee if our account goes into the negative, i *also* get hit with a $40 fee if a transaction gets declined due to insufficient funds. it's wiiiiiild
Oh my god. I can´t believe you people are real. What did he get wrong? Are you even intellectually capable of following the conversation between the two, or...?
The guys who gets invited to studios by the largest political streamers in the world for debates and has actually participated in canvasing while spending a couple hundred thousand is a Kardashian. Most politcal streamers are too busy milking their base to ever have a fraction of his debates.
My pops was probably making like 40-50k before he bought his first house. He basically bought it as a gift before my parents got married. My mother didnt have a dime to her name when they got married. The house was 150K. Imagine that nowadays that isnt middle America. This was in Toronto Canada. I could probably get a tiny little condo for 5x that cost, oh and wages arent 5x or even kept pace with inflation. Lovely.
@@justifano7046yeah if you want to commute four hours a day. and remember tiny says if you are a Real Poor you aren’t allowed to complain about gas prices while having to drive for 1/3 of your waking hours!
I remember what it was like to get those overdraft fees when you didn't realize your auto payment decided to charge 2 days early and before you realize it the bank puts you -300 in overdraft. Fuck that man...
It's your fault, because you should have known it will be charged earlier because it lands on the weekend this month, and it's your fault because you should have known that you have overdraft fees, and it's your fault for even getting a lease on a car that you have to pay for, you could have gotten a cheaper one. Or at least that's how my father always shamed me...
yeah destiny is just absolutely out of his mind on this take, it literally takes 30 seconds to do the math and realize how much worse it’s getting but he’s so entrenched in his centrist old person smugness he can’t even entertain it for a second
If he looked into the homeownership rate data at all, it would be obviously flawed as well. What he's using is actually an "owner occupancy" rate, which more accurately captures "non-renters". This means people who live with their parents live in "owner-occupied" houses and thus increase the homeownership rate. If you follow any of these sources, it traces back to the Census Bureau's Annual Social and Economic Supplements. The data dictionary doesn't seem to have anything that could be used to calculate a "true" homeownership rate (percentage of people who personally own the homes they live in), where these generational breakdowns could be pretty easily slapped together with the H_TENURE and AGE1 variables.
The average house costs around $400k to $500k. 80% of Americans make $40k to $80k a year. If you luck out and you and your partner both make $80k and you save and are frugal, you'll be able to buy a house eventually. If you are single and make around $40k to $80k, good luck with that.
Gen Z has no clue how recent 20 years ago is, but definitely, 40+ years ago people (GenX and further back Boomers) could live off a single salary not anymore. Gen Z needs to realize that Millennials actually went through several financial crashes and wars and cost of living crises. Boomers 40+ years old were different, they had the best in terms of rising salaries and asset wealth.
I think the main problems where millennials and gen z are getting fucked are: 1. Cost of housing (related to income, the actual cost of the property ) currently at like 7 times yearly earnings and crazy rates on top of that, with rental prices surges keeping saving down. 2. The amount of insane constant costs that are required (example: insurance medical or home or rental ) these cost just are required and are super expensive 3. Student loans (this may be objective but everyone I know has student loans to some varying degree) 4. Retirement ( current retirement packages are far worse than any generation before I.e no pensions and constantly decreasing company matching) 5. Individualism ( millennial and gen z have some of the lowest marriage rates meaning their household incomes are dropping along with the structure of relationships). 6. Disappearing of the middle class ( slow increases in wages for the median to upper median earnings, most of the wage increase to the median income publish anywhere is stating increase to wages along with inflation but most of the growth was actually the upper class.
Kinda agree but not a few thinks I noticed that are common are. Gen z has way more spend more because of technology either on it or through it. Most stories I hear boomers worked minimum but didn't have shit or do much. Ac, tech, internet, car payments, fun. Most of this is usually by choice like if you have a ne phone and getting a 15k+ car and smoke alot but so broke. That's just some example some have stats to back up
@@pip0109 wages is not a reference to hourly wages, it is yearly wages , including salaries and hourly wages. Both of which make up the lower and middle class.
My dad raised 3 kids and bought a house with a factory job that he never progressed to management in. I would not be able to buy anything more than a 1 bedroom apartment on that type of job. Destiny you're out of touch. You being poor 20 years ago no longer applies.
This guy is so out of touch. Look at growth rates of wages and then look at the cost of living and inflation. American average wages have remained pretty stagnant.
As a poor person, I ran the numbers on my expenses and saw I was in the positive by roughly $50. It’s a coin flip as to whether I’ll end up in the positive or the negative.
It's the warehouse/factory jobs. Back in the day those were the jobs you could work full time and still support your family, now they're either outsourced or done for cheap labor.
@@FlarkusChunswen Before the time of NAFTA and other free trade agreements were signed. Now because of advancements in technology, even some service line jobs are in danger of being off shored. Because labor cheap in other countries, they'll have it done there and bring the product back here to sell.
@@FlarkusChunswen Prior to 1980, the US had manufacturing jobs for everthing. Every brand name thing you see used to be made in the USA which meant there were actual real factories that paid good wages that you could get out of high school. This is the story of detroit. Everybody there worked for the car industry and subsidary industries, the entire city was Detroit motor city. Good jobs that paid well that didnt need college degrees because before the college degree scam started (i.e. gov't paying for subsidized college) it was accepted that college was only for the egghead super smart, not for everyone. Nixon was the one that started the process of selling the US out to china and giving away all our factories so that they could make shit cheap. It worked for a while until low skill factory workers lost their jobs.
no Destiny Zoomers don't want to do the same thing forever they're just stuck there because there are NO jobs that pay well or give better hours. which is why she works at walmart.
THANK YOU! After that sentence, I couldn't bridge anything he said, because if he imagines how low the quality of life is, then just trying to SAVE for a college degree, not even studying while working too, is impossible. how tf can they get a better job? where??
Boomers absolutely did not get help from their parents to buy homes on average. My grandfather could afford 3 kids, 2 cars, a mortgage, and money for yearly vacations on the pay of a mill worker while my grandmother didn't work. Both were from pretty low class backgrounds too. Boomers genuinely had it so easy in terms of the economic benefits they enjoyed at the time. As the years have gone on, the gap between the earnings of the average person and the cost of goods and services has just continued to expand.
My grandpa was a coal miner, my grandma worked part time in a butcher's shop. They had 5 kids and bought a house, then downgraded to an apartment for just themselves. My dad has been a fabricator with no qualifications all his life, he never went for management or asked for raises, while my mom works part time (~20 hours) in retail. 3 kids and a house. I would not be able to afford a house on my dad's wage. I had to go to university.
@@user-sk4ds1rg1z You know what, that's another thing I forgot to mention. The qualifications needed for a job that pays the same wage that people with 0 qualifications could earn just a few decades ago has increased a lot. I have a feeling that the wage issues mentioned in my previous comment will gradually change over time for the better. We seem to be in quite a slump economically right now, despite what Destiny seems to think. The only thing he doesn't realize is that the only people really suffering are the working class.
I can't vouch for the particular stats in this video offhand, but the "homeownership rate" is usually just the share of people in owner-occupied houses. This is pretty unhelpful, given that moving back in with your parents actually _increases_ the rate.
Not quite. The census calculates the rate per occupied housing unit, not per person. "Of the 126.8 million occupied housing units in 2020, 80.1 million (63.1%) were owner-occupied. This percentage is also called the homeownership rate."
Eh, they make sense to me, even if banks are predatory about them. You can opt out of them (which most banks won't tell you) and just have your card decline if you're trying to spend more than you have. The reason the option exists is ostensibly so you're not fucked if you run out of money in an emergency. I once had my identity stolen while I was on the road, and I needed gas to get where I was going. Since I could overdraw my account, my bank just told me to do that to limp my way there, and they'd waive the fees and make me whole. If my card were set to decline before it hits zero, I would've been stranded. Again, banks get predatory with it. The insane fees plus not telling you you can opt out is really inexcusable. If we're talking about a financially literate 30+ year old, fine. But for 18 year olds just getting their first bank account, it's pretty fucked.
@@foop145yes auto protection, however that doesn't account for the banks purposefully (pending) a charge to delay the payment upwards of 2 days. That is preditory. Espessially when you are paycheck to paycheck. I have had up to 15 pending charges on my debit card at one time. When I checked my chase balance I was so pissed off because some of the charges had been pending for 6 days.
If gen z wants the true life advice, get an accounting or finance degree. So many 22-25 year olds are joining my industry starting at above median salary. And the average age of retirement in my specific line of work is in the mid 50's. That's 10-years sooner than my parents retired.
I had probably one of my lowest of low moments in a bank due to over draft fees. I still remember it to this day. Yeah, it was my mistake to overdraft but the consequences felt un fair. That thing Destiny said about getting hit on multiple small purchases happened to me. I owed like 200 in overdraft or something. Back in 2005 when I made like $8 an hour. Melt down in the bank... super embarrassing. I didn't know how I was going to pay my rent. I remember the teller telling me that they had to charge me the fees because it was like I was spending money I didn't have and the bank was loaning me the money. Being poor wasn't easy but loosing your dignity as you beg the bank teller to forgive the overdraft is something special.
Yep, it was not a proud moment for me. I am normally a very chill person and the idea that I could lose my apartment all due to a tiny mistake I guess just pushed me past my point.@@CockatooDude
@rushking19 it's not a double edged sword, there's nothing good about it. It's charging people money because they don't have money. Should be illegal everywhere
Grocery food is expensive but not hella…. Cooking for yourself, shopping for deals, and using the “discount” meat section to freeze and meal prep makes a big difference
@@DougDimmaDab Still not like it was. My chicken breasts went from $12 to $17. Beef is like $8/lb. Coke Zero is somehow $8/12 cans now?! Eggs, yogurt, cheese, etc. went up a good bit too. Rice and pasta is cheap! And bananas are suspiciously cheap
Groceries are expensive because you’re shopping at Publix, Trader Joe’s, and Whole Foods, and you’re buying name brand or completely unnecessary shit. Food is unbelievably affordable.
@@daallahw0lf130 check again, lmao price of a dozen eggs haven’t increased that dramatically. There was a brief period with an egg shortage from an outbreak of Avian flu… but that requires knowing what you’re talking about to notice
My mother is in her 70's and insists that it was like 1000 times easier to own a home when she was young. So no matter whether it's true or not, it's the Boomer's fault that it's like this or that it's perceived that way lol
My dad's a boomer and always disagreed with the idea that houses were more affordable. He shared a rental with 4 of his friends for years before he became a sales manager for the company he was a part of, which allowed him the money to move out on his own, but he was still in a rental. It wasn't till he and my mom got married that they were able to buy the home I grew up in. He was working class and so was my mom.
As a zoomer, I hit that "aha" moment when I was making fun of my gen alpha cousin calling her an "iPad kid". Reminded me when I was younger and the older generations would dog on us for using shit like RUclips. Made me realize every generation has their time that they're getting dogged on, and eventually will end up being the most influential living generation. Every generation goes through this, we'll be fine.
This seems like a silly comment. Are you really that uncritical of our RUclips use? You really don't think any of those criticisms of us were valid? You don't think maybe we're all wasting hours of our precious lives? I mean... I think that's really bizarre. I think the criticisms of Gen Alpha and Zoomers and Millennials are all similar and are valid and to just go "well every generation is criticized" and ignore that all of the criticisms are valid is very odd to me. We should be working on ourselves and having candid discussions with each other about how to better model healthy behavior to the younger generations. Being an iPad kid is not good. And me being on RUclips for hours a day during the most formative years of my life was not good. We've gotta be honest about this stuff, man.
@@zenleeparadise Not that I don't think the criticisms were valid. Just pointing out that every generation will go through a phase they feel "attacked" by the other generations, and we will eventually be the one "attacking" younger generations. Despite the specific valid problems each generation had, they all turned out okay in the end, and so will we, and the next generations as well. If you want to talk about the validity of the criticisms you can do that for sure, I was more focusing on the feeling of "gen Z feeling under attack from other generations", and how that feeling is normal and every generation goes through it.
Be easy on Destiny, he’s still arguing that the increase in aggregate spending over this past Christmas indicates that the cost of living did not rise in recent years. Not everyone understands that when CPI increases fast (~ +4% in 2021, +7% in 2022, +4% in 2023), consumption reduction can still result in a spending increase. Destiny comes from the “special” school of thought that posits that on average, price increases make people spend less. From the same people who brought us such bangers as “eating more causes weight loss”, “sitting on the couch is the best way to get ripped”, and “here’s a failproof method to win against slot machines”.
Liberals can't maths😂 I used to love all that progressive shit then I became a manger of a small business and realized oh we don't make any profit maybe 1-3% after taxes and payroll.
@@BLASTbeatDAD one time I noticed a $5 charge for a fee from the weed dispo that I had used my card at like a month before. They had just started accepting debit cards to buy weed but there was a $5 card fee.
Blackrock and china are buying up all the real estate. Because its an asset thus it passively generates capital these high interest rates are making them billions a day. Then because capital gains are taxed at 1/15th per 1% compared to 20% on regular earned income they are killing the US economy by 2030.
I don’t even think that’s really true. It’s not like he was loaded the first few years he was streaming, certainly not any more rich than an average middle class person. The statement might be true if you said he’s been not poor for longer than he’s been poor, but rich is a stretch of the definition of rich that I don’t think too many people would agree to, probably not even you.
In 2011 we could afford an apartment working minimum wage at 40/hr a week. Maybe things were more expensive where he was at, but apartments used to be sub $700 in my areas
15:00 i find this a funny thing, when you're young you see how unfair the system is and you want to change it, then when you get older you accepted that the system is just fucked like that and you dont bother to even think it can be changed, you literally get stuck in a mentality that we should work ouselves to death, rich become richer, poor become poorer, but of you're just lazy, the worlds is govern by rich people making everyone think working all the time for the rest of your existent is the only way this system works, which is complete bullshit as we have been overproducing everything for the last 50 years that we basically throw away everything and shit it to poor countries. we could live with way less work, but capitalism will drive people to their edge just to squeeze their last dying breath work out of them, i stand by about 95% of what destiny says but his ignorent vieuw with how the system works and how its normal just disgust me
Its not that the problems aren't worth solving, it's that we've yet to find a solution. Yes, capitalism is flawed, but compared to what? The alternatives are try stuff that doesn't work, try stuff that doesn't work as well, try something brand new and untested or keep our imperfections at the minimum possible
@@nathanmcdowell4731this has nothing to do with capitalism, local zoning prevents new housing from being built and 80% of boomers refuse to downsize their house when they retire (real stat) it’s just about suburban McMansion boomers being cartoonishly evil and wanting to maximize their home price so they can afford infinite luxury SUVs when they eventually sell
@@nathanmcdowell4731 I dont think capitalism in itself is a flawed system, its the rules around it that makes it so it becomes unfair, i'm talking purely in the us but it relates to eu for a big part (Im a eu cuck), the amount of cuts buisnesses for example get is astonishing, same goes for rich people, they basically live without paying tax, leveraging their massive amounts of wealth wich are basically indestructible if used wisely to pay less and less in taxes so one big problem is rich people that made the system work for them, then we got the working class that's being MASSIVLY dissadvantaged, if you have less money, you're going to pay more, if you got more money you're going to pay less, meaning the clove between rich and poor, capitalism should be way more "socialistic" in the sense that it should try to prioritize paying the people that work hard instead of paying the people above the hard workers A LOT more. they do deserve more pay as they have to have had more time working on their craft to be able to guide more people, but the gap has become WAY to big for it to be excusable, often their work load is even less than a working class person so they're basically no reasoning for this being as high as it is. then you got the amount of billionaires that basically suck money out of the economy to hoard on their massive pile of money, im not a "eat the rich" type of dude but they just shouldnt be able to infinitely hoard money, in the buisnessworld monopolies also cant exist (even do they defo do in some capacities) so money shouldnt be able to be hoarded with a few people there's a lot more problems i could get into that makes it so the system fails the people but these are a few already sorry for wall of text, i hope you understand what i'm saying, give me some counter points if you got some
Destiny is out of touch. I'm not even a zoomer, I'm a millennial but it seems pretty obvious to me that a lot of things are worse now. I mean just the food alone is crazy expensive and wages aren't keeping up with inflation. Stuff that you could get for 1-2$ in 2009 is now 6-8$ but it's not like the minimum wages today have tripled. Wages increase ever so slightly while the cost of living skyrockets. It's not sustainable. Another important factor is robotisation and AI. Stuff you didn't have to worry that much about 20-40 years ago but today it seems like all jobs are at risk. I don't hear people talking seriously enough about AI, every time people discuss it it's just about 2D artists getting replaced, but in truth there are very few jobs that an AI software can't do better and 50x faster than a human. It can replace voice actors, writers, composers, modelers, animators, scripters etc. Multiple fields are about to be completely removed and millions will become homeless. Because unlike popular belief, no AI won't create enough new jobs to replace the ones that vanish.
The dude has no clue on prices these days, back in like 2015 till when pandemic hit i spent 60$ for groceries and was able to buy quite a lot. Once pandemic crept up I wasn't able to purchase as much for that 60$ and the first time i got hit hard was when i got to nearly 90 dollars for what I regularly purchased. I have still maintained my 60$ budget and it has helped me find different things to buy but you cannot spend the same way as before. People have daily/weekly budgets and when the economy decides to say fuck you, you can't tell people that money isn't a problem to them when they now have to make adjustments because of things they had no control over.
When hasn’t this been the case? Why are you so convinced this is exclusive to the current generation? His point was zoomers have it better or at least equal to most other generations which is obviously true just looking at poverty data even without accounting for the fact that the data has only gotten more accurate over time or that the experience of poverty is just better with more tech available so you can cry on tik tok instead of have literally nothing to do outside of work.
Plus by now your wages really should have caught back up to inflation if they have not you might really want to concider moving to a differenet company becuase your boss is just being greedy at this point
@@orangutanenthusiast5631 I dont know who you are talking to, I never stated exclusivity just that there is tangible and visible effects that a lot of people are experiencing and destiny is just talking out his ass on this front.
@@Trigonxv1 his entire take is based on comparison to other generations, not vs some arbitrary nice ideal world… His only claim was it is better or the same now as it has been since the baby boom
They were working 40 hours but they were struggling in beginning. They worked and did their best and survived. However it was not so forever, they struggled for a while and then it became better and that is the experience of most people. When it got better it was good for a long time and people just do not mention the struggle as much. Or do not believe that the struggle was that bad afterwards.
From my POV (tail end of Gen-X) the biggest thing that the younger generations don't take into consideration when talking about what previous generations had is just how little was considered necessary. My grandparents had 6 kids. Their house was 3-bedroom
"if you want to own a house stop eating avocados" Ass take. With all due respect, half of the things you listed are absolutely necessities. Not DoorDash or designer clothes, but internet + cellphones + a car for each (depending on where you live) have become necessities and are actively keeping zoomers poorer (mostly the cars). You can't apply for most jobs without internet and they require you to have a cellphone and internet access to communicate. Because of lack of public transport, cars are necessities too. God I hate American infrastructure. The reason it seems like zoomers "have more needs" is because we live in a very consumerist society that promotes buying as much useless shit as possible at all times. Your generation did have it easier by having a lot less financial pitfalls to fall into.
@@rarespetrache7482 I must not have been clear in my comment. I was never saying that it was easier or that it was younger generations' fault. I was trying to show why direct comparisons to older generations and how some will say that it should be just as easy for them to buy a home as it was for their grandparents is just simply ridiculous. We're not comparing apples to apples. What was considered good then is considered not good enough today, and I don't think you're even arguing that point. All said however, younger generations should not be defeatists. You have more opportunities than at any time in history. Just try not to make bad comparisons. Just curious, you mentioned Zoomers. My understanding was that max age on Gen-Z was mid-twenties. Do you think you should be able to buy a house at that age?
One big issue with homeownership right now is people’s expectations. When people are looking at houses they have an expectation they’ll be able to afford a move-in ready house similar to what they grew up in. Sometimes people don’t consider that if their ultimate goal is affording a home, they have to start somewhere and a lot of times that’s not a 2,000sf 4-bed house. It’s not lost on me that wage increases haven’t paralleled the rise in home prices, but I do know a few people who make decent money who just aren’t willing to look at smaller, more affordable properties
The problem is all the Gen Z people who have got a house are the ones that never needed to worry in the first place. Its likely the same for every generation you have all the people with rich parents + the lawyers etc who get a house nice and early like the previous generation but now (at least in the UK) people who would have also been able to afford a house in their late 20s like engineers cant anymore which I imagen is going to show in the data in 5/10 years
One thing that i find religious people do much better then secularist's is 'Nepotism'. Though it might sound wrong, and in a lot of cases it is, but families used to be the the best fall back for young adults; allowing them the ability to branch out, but safely fail if they're not up to the task. Nowadays, when someone finds a job a lot of the time people are too scared to leave it if it causes them mental suffering, and ask for a raise in fear of being replaced.
I'm confused, does inflation and overall COL not factor into Destiny's equations? Just in 2022 we had 8% increase. • U.S. inflation rate for 2022 was 8.00%, a 3.3% increase from 2021. • U.S. inflation rate for 2021 was 4.70%, a 3.46% increase from 2020. • U.S. inflation rate for 2020 was 1.23%, a 0.58% decline from 2019. • U.S. inflation rate for 2019 was 1.81%, a 0.63% decline from 2018. In the meantime, median household income has dropped (2022: 74,580). Wage growth has essentially stagnated over the past 5-6 years. What am I missing? Can anyone explain to me why D is skipping this evaluation?
I agree with the girl. sure shes working at Walmart but this point can be applied elsewhere. Most Gen Z have a problem with finding fulfillment within their lives and works doesn't help at all. atleast with boomers they could get an entry lvl job and afford a house while most gen z will never own a house
I don't understand Destiny's reaction to this kind of thing at all. He front loads the stream with a bunch of venting that sounds like it could've been from the same tiktok, and then he sees her struggling as part of the working poor, and he reacts viscerally to what...her age? It's BS.
@@Xenomorph6793 He’s saying that it sucked back in his day and this still sucks today so nothing has changed. The point of the tiktok instead is that working minimum wage used to be better 20 years ago because you could afford more
It sucked for Millennials as much as it does for Zoomers and it still does now. Destiny's made his money and become a millionaire, has his house/apartment in Miami and can afford to have a string of bad marriages and still come out smiling financially - he's so far out of touch that this take of his is just pure cringe.
Rent is supposed to be higher than the mortgage. Thats standard. The crazy thing is now mortgages are MORE than rent. THAT is weird and economically weird
Stop voting democrat. If you read their policies it is all about increasing taxes and raising the minimum wage. That is directly how you cause inflation and cause the econony to to slow down.
Weird how rent shot up almost 50% for some places… I am with Aba on this. Not to mention, I went to school for jobs in the city… but I have to leave at 6am to get to work, and I don’t get home until 6:30 each day. It sucks. And then they close lanes to deter and coerce people to take public transportation… where it would take 20 minutes without traffic, public transportation will always be about 2 hours.
I can agree with aba and some of the younger generations but what I don't agree with is when people act like people back in the day that people didn't also work long shifts are well into retirement
There's also the swath of new expenses that need to be considered that earlier generations didn't. You can't go without a phone, you can't go without internet and you can probably function without a laptop or a tablet but these days it'd be tough. Granted, you can certainly *survive* without these things and still work a 9-5 min wage job but if we're talking about aspirations, the "homeowner" comes a lot later.
Bro Destiny, doesnt that simply mean people are taking on more and more debt? I feel like thats where all the fear is coming from along from taking those huge mortgage payments. So that leaves you with little savings money that even Destiny admitted to that people arent able to save as much as people used to. So yeah, people are able to live IN homes but they arent exactly living due to boomers using them as an investment which Destiny even admitted to hating. Like we also cant forget about the quality of homes that are ACTUALLY being bought and sold. But the hate from boomers also stems from increase college loans so now you have to take on even more debt with high intrest rates, with the rate of pay not really catching up with mortgages or productivity as it did decades ago. Because there was a point in time where they were pretty neck and neck.
Exactly. Pointing to the homeownership rate is a bit like dismissing rising food costs by pointing out that people are eating just as much as before. Also, the homeownership rate itself is a red herring, since it's actually measuring owner-occupancy, which means living at your parents' house counts _towards_ the homeownership rate for your generation. Fundamentally, the problem just comes down to the fact that housing is being built at a far slower rate than the increase in the population. This is down to zoning, legal issues, regulations, geographical limitations, and increased development cost, which all seem like perfectly valid issues for Destiny to talk about.
@@SlurMaster9000 Fundamentally, the problem just comes down to rich people treating housing as a financial investment. It's not like we couldn't support our booming population. We can, and we did - all the way up to 2014. The difference is that, from 2014 onwards, a switch flipped and prices started to rise when rich people decided to gobble them up. The solution is NOT to build more houses, in the abstract, for rich people to gobble up. That's not going to solve our problems. You want to know what a world with extreme wealth inequality looks like? Well, here it is. It's Crapitalism.
@@Holl0-001 Nah , Nathan being was born later , not sure how much later but he already was working full time by then. keep in mind he met nathan's mom because they were coworkers in his post college workplace
Depends on the company you work for and what you specialize in. If it's a small shop yeah no shot but if you're working a big union company with bells and whistles feel like it's feasible got my eyes on one of those positions recently
Bro is rich and hasn’t interacted with normal people outside in forever. Maybe he should pick up a few shifts cleaning carpets and see how real people see things
Agreed, and the worst thing about it is that he wasn't born rich. Even with the experience of the common man, he has completely forgotten it and makes these brain dead rants that are totally out of touch.
@@SmilingDesperado Destiny will be the first to acknowledge that it's harder to get a loan now than in the past. He will acknowledge black rock buys some property and rents it back to Americans. He will acknowledge that more cities like LA need to build more to bring rent and home prices down. He will acknowledge all the problems modern America has but at the same time say it's easier or the same as the past? He is in denial 😐
The quality of life increases because new products 5 years ago can be found cheap pre owned today while the same product didn’t even exist 50 years ago. Literally everything on average is better than what was used years ago because the better things didn’t exist back then, and better things will replace today’s things, that’s what people refer to with quality of life increasing. If poor Americans have iPhones and are obese we’re doing pretty good
It hasn't improved. He's just an out of touch democrat. There are more Americans on psych meds now than ever before, not just one but multiple psych drugs. Wouldn't say that quality of life is improving.
It’s not more expensive you just expect more, there is a reason people used to be less fat and it isn’t because food was healthier. Not to mention, you would rather be on tik tok than have literally nothing else to do but work or read books you can’t even afford and don’t pretend otherwise.
I am a supporter of destiny. I really wish I could talk to them about this. I think now that he’s got famous and has an amount of wealth he’s forgetting what the actual issues in America are people can barely afford a $400 emergency bill. how are they able to afford homes
Because most people in bad financial situations is due to bad spending habits. So when forced(a mortgage), they will adjust their spending wants to needs(mortgage).
The beginning of this , Destiny is spot on. I STILL get slammed with overdrafts occassionally but it was constant when I was younger. My bank would open an $80 hold every time I paid debit on a gas pump. So I'd pump $15 of gas, knowing I have $50 bucks left, and my bank would charge me $80, and refund what wasn't used, but they'd hit me with overdrafts because I'd go -$30. I never thought how fucked up this was until I was older. I'd be -$150, get my measly check at the end of the week and the cycle would continue. Just happened recently as well. I couldn't go to the store to buy a pack of cigarettes because my card would be declined (correctly) but they let an internet company charge me $50 when a free trial expired.
Im 38 never had to deal with overdraft fees, not because I had a good job, rich, or never overdrafted. I just didn't bank with companies that had overdraft fees.
bro i remember as a kid when my family became super financially fucked i was so happy cause we started eating pizza like 3 nights a week cause it was the easiest way to feed 4 people with $10
Most single ingredient foods are way cheaper than that. Fruit costs close to nothing. You can get a whole kilo of 80/20 beef mince for $5. Vegetables are cheap as hell. A kilo of whole oats is a dollar. Body builders will make a week’s worth of chicken, rice, and broccoli for $1 per kilo. I don’t believe that poor people have to buy processed foods to survive. Were your parents really that poor? $10 for 4 people is probably double what they needed to spend.
Steven is just factually wrong about economics sometimes. How the f is someone supposed to buy a $400k house with a household income of $50k a year?! Come on guy.
@@Scufflordsas someone also looking, this is sorta true but realistically you’d need to be making 100k to actually afford a home with low rates like you describe and be comfortable
@Scufflords 20% of 400k is 80k, considering the average home price in many areas across US is between 300k-500k, making 60k a year is not enough unless you're single on that income and can save up for 4-10 years depending on how much you're willing to put aside each year but if you have a family you might as well double that, and since we're talking about gen z where most people are college age well it's gonna be a very long time before you can even think about buying a home.
@@Scufflords I agree people our age lack financial literacy and get caught in the sticky web of lifestyle inflation that's certainly a huge factor but you must also consider the cost of everything else is so much more too. You can't save up then buy a home like that just to realize you can cover a mortgage but not your other living expenses. Buying a few groceries items can easily run you $200, and that's just buying regular stuff. If you wanna be healthy and consume whole foods or anything minimally processed it's gonna cost you more plus if you have kids even more! You can't isolate the expense of the home you have to see the big picture it's everything! Since home ownership is most people's biggest purchase in life on average that's not an easy task. When you actor the inflation of living expenses it's even harder.
He's also factually wrong about homeownership rates. They're actually just measuring owner-occupancy, so many of the ~30% of young people living in "owner-occupied" houses are actually living with their parents. The fundamental question is how those two numbers have changed over the past couple generations. If it would have been a $40K house on an income of $5K in 1980, things haven't gotten much worse. The reality is that in much of the country, houses have grown in cost far faster than wages have grown, so things are appreciably getting worse. If you're in Utica, NY or Moline, IA, houses probably haven't gotten too much more expensive, but that's not much consolation to people who don't have family or can't find decent jobs in such places. The solution to these increasing costs is just to reduce the barriers to building new housing due to zoning, regulations, and frivolous lawsuits (e.g. California's lawsuits under CEQA claiming a building's shadow is an environmental threat). This is ultimately why the housing supply hasn't kept up with demand, and could be solved fairly easily if there was some focus on it.
You dont own a house, the bank owns the house - we should change the rhetoric to "i took a loan out for a house" instead of " I own a house". Unless you paid off your house you dont really own it.
you kind of own it. you own equity in it, if the bank fully owned the house they could just kick you out at any time for any reason and tell you to get bent.
My mother is 52. She worked at mc Donald's in a normal position at 18 and was able to afford her apartment, car, bills, groceries and still have money set aside all while enjoying going out. Destiny is a smart guy and normally informs himself before speakyon a topic as far as i have seen but you are completly wrong on this one. The cost of living compared to wages gap has only exponentially increased since the 70's. Put both percentages on a graph and tell me they wage gap isnt different 😅.
Sorry, but your mother either is "misremembering" or had other income or roommates. No one was affording that on a min wage mickey D's job back then at 4.25 or 5.15 an hour or even if you got the massive .25c-50c raises they used to give out.
Your mother got a job at mcdonalds, then moved out of her home at 18 years old and lived alone, bought a car, and paid for all of her own bills and food? She's 52, that would put her 18th around 1990. This sounds like either you or she is coping
@@winstonwolf6791 You speak from your knowledge of the time having done so? No o didn't think so. With all due respect your opinions will never hold more weight than people who actually lived through the time your SPECULATING about from stuff you read about online. That's just a REAL fact for you
@@os-tin You can be slanderous in nature all you like but you can't change the facts. Your speaking from an opinion stand point while I provided information from someone who actually lived through the era your speaking about from what you read on the internet, source - trust me bro, yeah ok😭. With all due respect there is a largely fundamental difference between the two and your feelings don't mean ish. I also find it hilarious you chose to speak like it's fact all while ignoring the fact that I said educate yourself and put each category on paper, bar graph, percent, hell a fkn pie chart who cares! 🤣The fact won't change, COPE SOME MORE
@@TheGospelofKenneth I was actually being kind, as your mother most likely blatantly lied to you. The numbers are what they are and it is impossible for what you posted to be true as I already said. Just like it is impossible your mom walked 20 miles to school in 2 feet of snow uphill, BOTH ways, as the old joke goes about parents retelling their kids how easy or tough they had it.
Your opening story here is exactly why I left bank of america. I owed them for 2 over drafts, like $9 between the two, even though the large payment I made was a day later. I owed $79 all of a sudden even though I was expecting to pay like $39 with OD, and it screwed me for a week as I was terrible with money 15 years ago. It sucks being poor, the more I make, the cheaper it is to have my 15 various accounts and investments managed and shit compared one account I may have $300 at most in at any time
2:13 Same happened to me, when my Netflix subscription charged me $12. It was even my understanding that my account COULD NOT be overdrafted, but subscription charges functioned differently so they could overdraft me. For the smallest, most unnecessary service of Netflix. I ended up owing $140ish, but because this hadn't happened before they knocked it down to only the first 2 days and I still had to pay $70. The bank teller that went over all this with me said something almost exactly like "ya, people's Netflixes do this all the time to them"
You should have refused to pay. Overdraft allowance is a legal contract, if you didn't sign it, you are not legally obligated to pay it. I overdrafted close to $1k with my first bank, but because they couldn't produce a signed overdraft contract, they had to eat it and I got a new bank.
based off my experience as a millennial, whenever i hear of a boomer working a "shit job" and buying a house its usually a "job" that people are surprised make bank, like garbage men or plumbers or mail man, hell even management at places that are considered "brokie" jobs like mcdonalds is lucrative. the problem is these arent "jobs" they are careers and zoomers dont want them because then theyd feel like NPC's.
Destiny doesn't realise how dumb his comment about the petrol was. Like he chose to "worry" about the larger less frequent payment because it was bigger, and when it came around it felt like it was fucking him, but because the petrol/food costs are smaller, you didn't think about them in that way. But if those more frequent yet smaller payments were even smaller, then when the large payment comes around it wouldnt fuck you. The other people are choosing to "worry" about the more frequent payments because as those get larger, due to the frequency you are required to do them, it overall hits you harder and harder at the end of the day
The biggest difference just comes down to how much you drive. If your commute is 5 miles in a city every day, then $4 gas is just $40 every month with a 20mpg car. If your commute is 1 hour on a highway every day (let's say 50 miles), that becomes $400 every month. People in cities complain about the cost of housing, people outside of them complain about the cost of gas.
1:21 Bro this right here is the biggest of big trues. Bro I felt all of this in my soul and the best part is if a payment bounces…THEY CHARGE YOU $35 ANYWAY! Like holy shit you hit me with the fee pay my fucking rent. Now I have your fee AND the late fee to deal with. Holy shit Im having flashbacks to my warehouse days.
Destiny is ignoring the fact that GenZ got a MASSIVE boost in ownership because of the pandemic. The article he brought up with the graph literally says GenZ who didn't buy in during that small window are going to be left behind and will be paying higher percentages of their wage if they ever do buy housing.
God I hate whenever Destiny talks about issues in the USA and a bunch of Euro-"individuals" come out of no where and starts making fun of NA, though ironically they don't seem to know that the USA isn't the only thing in NA. Bank overdraft fees 100% exist in Europe, including charges on accounts that don't have enough money that's above 0, so if you don't have over 100 Euros or whatever made up currencies they have over there you will be charged.
Yes but the regulations on how much fuckery they can pull and the actual prospect of surviving insolvency from it makes it a lot less prevalent and cases that do occur a lot less serious. You would find it hard to find someone homeless who doesn’t have a big spending habit on some dumb shit in Western Europe even the slums are more liveable and with actual income support you can live alone even on minimum wage, the same can not be said for the US.
I swear everyone is trying to gaslight me that cost of living is 'best its ever been'
Skill issue
@@billfranks9881me when all the boomers have no nurses to take care of them and end up alone in hospitals because they decided to slash the birth rate in half and buy a third luxury SUV instead of giving their grandchildren enough money to survive on their own
@@jesuslover4436you know most of the boomers still alive are the ones who did well enough to not die by 60 right? The current decade they are in is where the rich poor divide really starts to show on life expectancy
It’s because we’re richer than before. The problem isn’t we don’t make enough, it’s dumb shit like not building enough housing
@@s1nqyy there is millions of vacant homes lol.
the more Destiny talks about the economy
the more I'm convinced he's out of touch.
Give examples or shut up
@@bruh-nk6hithe 2016 election should be the big example.
and it was gen Xers who made it happened.
@@bruh-nk6higoogle the us treasury breakdown of consumer spending by age bracket, in the last two decades the elderly have gone from making up the smallest % to the largest percent, boomers are comically evil selfish HOA despots
@@bruh-nk6hid riding Destiny is loser behavior
he's a moron
Destiny to say home ownership is better now then before is just factually incorrect
Why not add a number? Or some quantity? Like: homeownership is 50% lower. Something that can be measured or sourced, instead of your feelings. Cringe.
@@Jones-ke6bthouse price to income ratio.
Is home ownership not better now than before? In the past 2 years probably not, but anyone who still owns a home and have had it before 2021, their house shot up in value for just....existing.
No it's not? Gen Z homeownership rates match that of boomers when they were 20+ years old
@@SJSharkByte so did prices tho lmao, you get that right? its not cause 1 number goes up everything is good
10:18 Destiny says he commuted to work then proceeded to estimate the distance in blocks not miles 🤣
Holy shit it’s actually insane
Loooooooool
108th/Maple to the Horseshoe (the commute he describes) is about 17 miles
Im 27 , I just asked my mom if she was able to live on her own when she was younger (she’s 50) and she said she was able to live on her own off minimum wage since she was 18 years old.
For reference, we live in Los Angeles 💀😂 so anecdotally, that sounds like a massive shift 😂
yeah Destiny never takes inflation into account.
also my life is better, now I have facebook and tiktok.
Same here even over on the South side it's crazy fuckin expensive like 500k for a 760sqft house 😂
Dude, when I was in my teens 20 years ago, I knew 2 Mcdonalds managers that were roomies, they could afford a 3-bedroom house in a NEW neighborhood. Today? I'm 35 living in a camper trailer on my own families property so I only have to pay for the water and electricity I use, my diet is mainly ramen and chili. Inflation fucks ONLY the poor, Destiny hasn't been poor in YEARS
My grandparents bought their first home in the 60s off of a single minimum wage income with no family help, had three kids adopted a 4th. This was not uncommon at the time as most women didn't work. Nowadays families have two working parents and either can't afford a home or are barely scraping by. Love Destiny but when he is wrong he goes full tilt lol.
There's definitely been an obscene shift in CA that hasn't happened to nearly the same degree nationwide. My childhood home increased in cost by 6x over the past 20 years; based on CPI, it would have only increased by 1.7x. This all comes down to the fact that California makes it nearly impossible to build new housing, particularly apartments, which exacerbates the problem by making many wealthier single people and small families live in single-family homes that they underutilize.
For a bit of contrast, my brother moved to Oklahoma and is able to afford a (somewhate run-down) 19th-century mansion on a pretty middle-class salary.
As a guy that worked in a bank, yes it’s intentional.
Also, yes, $35 is standard across many banks
Finally we have an answer, thank you.
This is wrong. Us bank had a lawsuit back over 10 years ago about stacking and banks had to process transactions In order, not picking which to process like the example he gave. I worked in banking over a decade and managed half of it.
And it’s $48 here in Canada 😢
$48 CAD at TD
@@howdareyou41 yup smh
How many Boomers I've heard say to me... "When I was your age, I supported a wife and my kids and bought a home in the suburbs" but neglected to mention that their job was to run their parents business.
Zoomers think destiny is smart
Alot of that also had to do with a much smaller population and much less taxes ie the welfare system. The tax rates were much similar today but not everything was taxed. For instance if something said it was 5 dollars it only cost you 5 dollars. Not some state and local and city tax bs adding 7.5 percent onto every single purchase.
@scottsetzke7967 its even deeper than that.
@michaelturley3457 do they? Im a millennial.
@@fantasyskeep millenial here as well, Im aware its more complicated but the points Ive noted are very large factors.
21:14 Well, lets say this girl lives in an area that walmart pays $14 an hour. Their lowest offered wage. Period. In the entire country, $14 an hour is the LOWEST they will offer. So she makes AT LEAST that. 40 hours a week. That is 2080 working hours a year. That is $29,120 a year gross. $560 a week gross. She would be taxes federally at 12%. Roughly $492.80 after federal taxes. I'll use my own State of Wisconsin as a tax reference. She would see a weekly check of roughly $474 per week. She is $16,000 over the poverty line. She would not qualify for welfare. The median rent for a studio apartment in Wisconsin is $613 a month. $474 x 52 weeks in a year = 24,648 / 12 months in a year. Roughly 2,054 per month. Most apartments the Landlord will cover, water and waste. That leaves Electric/Gas, Internet, Phone, Car loan + Gas, and food.
$2,054 - $613 (Rent)= $1,441
Median Electric Bill for Studio in WI = $111
$1,441 - $111 = $1,330
Median internet $74.20
$1,330 - $74.20 = $1,255.80
Walmart Family mobile cost $25 a month.
$1,255.80 - $25 = $1,230.80
Let's say she lives within 25 mi from work. Median cost of gasoline in WI per month, $150
$1,230.80 - $150 = $1,080.80
Median cost of food for single person per month in WI, $400
$1,080.80 - $400 = $680.8
Median cost of car loan in WI is $400
$680.80 - $400 = $280.80
That leaves $280.80 for miscellaneous funds for the rest of the month.
I don't know about you, but she is kind of struggling. She is a broke down car away from losing it all. That's struggling.
Now at the sales tax of 6.5% on all of those purchases and shes negative😂
car insurance
Get a roomate... I don't understand this concept that everyone needs to live on their own in a studio. The second they find someone they like they will outgrow the space. Then what happens to the studio? Our parents were not living alone near a city. They worked and lived in whatever town they grew up in or immigrated to. We have a better quality of life but not the same expectations of life.
@@joshs239hey man if you want to put your safety and possession in the hands of another person, that's on you. I'll be damned if I recommend it for my little sister
I've had 15 different roommates and the vast majority were some kind of addict or a slob or some kind of addict and a slob. I don't see why it's unreasonable to aspire to a greater standard of living for ourselves and others
@brentwilkins8381 Insurance isn’t free + a deductible could fuck you just as much, not to mention having to get to work while the car is being fixed
Bro last time I cried I had 60$ left for gas and I look in my account and they charged me $120 and I called the bank saying I can't even get to work to pay you back and they waived the fee thankfully.
But I realized they can just wave the fees, they're like a mobster who can choose to fuck you or not and most of the time they just choose to fuck you
They will only wave 5 of them though. So hopefully you overdraft a day or 2 before you get paid. that is per month.
They actually get penalized with lack of federal incentives by collecting too much from OD now. Before this, there was literally no mercy and no existing OD protection.
@DrStrangelove_ yes, it depends on the bank, but usually, just gotta ask usually
It’s like Destinys living in a new world now that he got money if people were really dedicated to the cause they wouldn’t ask for money from the people why they live wealthy and generous lives 50% of us can’t afford a $400 bill
@@UmiUmiUm-m2k That problem is destiny doesnt believe and probally never believed in handouts that much. he seems to beleive in the free market. You are talking about dumbsan.
Aba: The perception seems to be that older generations were able to purchase a home with an average job.
Destiny: Boomers got help from their parents to get in their first home.
Aba: Wouldn’t that reinforce the perception that without that help being given to zoomers that there’s legitimacy to their struggle for upwards mobility.
Destiny: …….. No. I don’t think so. 😂
Destiny also scoffs at the idea of going to trade school but military is a great option ...
but but
now our standards of living is better,
we have tiktok and OF
see how technology has made our lives better?
Destiny is not an economist. Hes such a cry baby sympathizer. Sucks for young kids beliveing this crap from a rich gamer.
Excuse me, Destiny does research and cites studies so every statement he utters is factual
@@mofishin2648when has he scoffed at trade school? I’m pretty sure he’s been in favor of them on pods. They just aren’t a replacement to college for most people you’ll make more money with a 4 year degree than a trade.
Edit- he does at the end. I think he’s scoffing at the discourse not the school themselves. Some communities push trade school and say college is worthless and that’s just not true when you look at any data point.
Just because Gen Z is still buying homes doesn't mean that they aren't paying way more than previous generations for housing. If more of Gen Z's paycheck is going towards housing, the sentiment that they are doing worse financially is completely understandable.
Except they're not still buying homes, their generation is still at the age where only those with family wealth are buying.
Marriage rates for gen Z is down *a* *lot* compared to other generations, so there are fewer zoomers with dual incomes, which is going to heavily impact the generations' ownership of property moving into their 30's. Everything points to zoomer ownership of property being lower than all previous generations.
I have a home....and this is true. It's a struggle to pay on it but It was cheaper than renting. Let that sink in. It was cheaper to pay on a mortgage than rent
@HRRRRRDRRRRR ^ depends. Some of us do but only because rent is higher than a mortgage in some places
One reason it's not affordable is that debt is up but also not proportional to wages.
There is way more shit to buy, subscriptions / monthly shit.
Lol, phone, internet, etc. they didn't have this .
buying houses seems kinda retarded anyways dunno.
isnt it like always always always better to sink the money in etf portfolios like by a large margin?
like whats the deal with people buying houses i really dont get it.
I saw this live. Bad take. I have no chance of ever being able to be on my own. Everything is too expensive. 66% of people in their 20s live with their parents for a reason
Yeah, sad. I'm surprised that Destiny is so consistently out of the loop when it comes to the economy.
I feel it, make 21 an hour in a state that isn’t even expensive to live in. Still can’t afford my own place
Honestly I was making 22hr two years ago and saving up by living at my parents helped save because rent food and car payments would've made me paycheck to paycheck
The harsh truth is that most of the world doesn't live alone and if they do it's in such shit conditions. The west is going backwards a bit, yes, but it's really not that strange in the grand scheme of things, especially when you're young and working shit jobs - it is the norm even in the west. Share a place with a friend or a partner and it's still much much better than most of the world.
Consider moving. You can live on your own as a single person in most cities in Louisiana while making $13 per hour 40 hrs per week. I made $19.90 per hour there and was legitimately rich. I saved over half of my post-tax income for retirement. This was 2019.
Edit: this was 19.90 as a 1099 employee, not w2, so if you can make that as a w2 employee, you're loaded.
Destiny has reached peak privilege. And he keeps speaking from experience that he no longer have like you’ve been reach for too long and now your calling all poor people entitled 😂
every time he talks about the economy
his takes are the most our of touch I swear..
Exactly why he can’t see that Biden is garbage
Streamers and internet influencers are no different than rich hollywood celebs at this point
He's a Democrat. If he says the economy is poor, it makes his party look bad. Destiny is a Biden bro, he's the opposite side of the same coin as a MAGA Trumper.
@@jamesmitch9792yeah. He’s the one that said blue collar workers are bottom of the barrel. He is pathetic Coomer. He couldn’t do his job without real men around.
Destiny has become so out of touch, he really needs to touch grass and not spend most of his life in his room in the internet.
The girl may act a little annoying but she’s not really wrong, I feel like this is an issue that most people in America agree with yet people on twitter dogpiled her.
She’s kind of right, but “20 years ago” is where she lost me cuz that’s not true at all…20 years ago, millennials were saying the exact same thing 😂😂
She's not right about anything though.
I've worked shitty retail jobs for a decade at this point and almost entirely disagree with the girl in that clip. 40 hours working in a Walmart has never been great. Should it be? idk, that's a different discussion, but lets not lie and act like people were ever buying houses from 40 hours a week at Walmart lol. My biggest issue with the clip is the sentiment that she shouldn't have to "waste" her life working a 9-5 though. That alone comes as incredibly whiny and entitled to me at least.
@@Adrian.Christ Definitely super entitled, but I think for many people pay has not kept up well at all in relation to the rising prices from inflation. It wasn't as easy as she makes it out to be, but I've cut back on indulgences and I'm still saving way less than 10-15 years ago.
when i was her age I worked full time making 12 an hour and had 3 other roomates thats how we afforded to "live on out own"
"Homes are more accessible" Being rich has really made destiny very silly
Being lefties is always guarantee for stupid.
The only person in my age group that I know who owns an actual house is my buddy who works construction and makes over 100K. Other than that, they rent trailers or still live with their parents.
Wells Fargo actually got in trouble for over drafting its consumers. They would take $35 for ever transactions or everyday your account was over drafted. It was so bad, that people had upwards of $100+ in just fees alone for products that maybe amounted to $15
they still do that
@@mikegribanov6105I think it’s limited to three now
Every bank got in trouble at one point for that destiny is 100% right about the overdraft fees and their practices!! Hence why it’s always Fuck Bank of America I remember being a college student working and they would hit me with overdrafts every chance they got and like destiny pointed out it was usually for the most innocuous of shit… like that gas station charge for gum, they will hold that shit for like 4 days if they can possibly get an overdraft charge from it… like I could’ve paid for this 7 times over but now I paid an actual bill that they take out immediately and all of sudden I’m negative by 2 bucks but owe 40$ magically like I somehow spent way more then they allowed me too based on what is available
In my account
How can you rack up300$ in overdraft from one purchase?
@@foolwatch9008some banks charge you also per transaction and also per 24 hours it’s under. Mt bank does 45 per charge and a 35 dollar charge per day you are under.
I'm Gen Z, some of my peers do indeed have a delusional concept of how "easy" things used to be in Ye Good Olde Days, working class people weren't just handed everything on a silver platter. But, Destiny is for sure out of touch with his takes on housing and the current economy being "okay" or the same as they were for him. Cost of living, be it housing, groceries, or anything else is awful right now. I'm 24, and in the past year went from a service job making $12/hr full time in relatively rural Southern Coastal North Carolina town (nearly double minimum wage there for reference) to a $26/hr entry level IT job at a locally high profile company this year and living next to my office in a smaller business centric city in the north east. So I have some level of prospective into two very different job types and areas. In NC I was lucky enough to have lived with family who refused to take rent beyond me contributing to utilities and food costs, so I was relatively comfortable regardless of my low income. But, I can say for certain, that those around me weren't, and things have gotten progressively worse there since the pandemic. The housing prices may have been cheap relative to some other parts of the country especially pre-pandemic, but the primary issue was a complete lack of diversity in employment opportunities and low pay resulting from a lack of competition between employers, especially for "non-skilled" labor. The only jobs available there fell into three categories: service/commercial where pay usually was around $8-12 for standard employees and $15-17/hr for supervisor (my 40-year-old manager who had spent a decade working as a corporate trainer prior to their current job made $17/hr when I left), degree based stuff which was limited in positions available and variety as well as not having particularly good pay: ~$40k/yr based on the indeed listings, and blue collar work (which I'm less familiar with bc I had less interaction with people working in it). These wages are completely disproportionate to what housing costs there now to a laughable degree, since 2018 when my family member bought their house there, it has increased in value from $200,000 for a 2-bedroom house to $335,000 over 4 years. This or another similar lack of good employment is basically the case everywhere I've been with a low cost of living and housing. It's fucking insane. Even now with more than double the income, I'm comfortable enough to not be stressed about it but have VERY little wiggle room now that I'm living on my own and that's with me having made literally every "correct choice" financially: zero debt of any kind (didn't go to college, got a certification for IT instead, and just now took out my first credit card soley to balance my outgoing bills with my biweekly pay and start building credit at a better rate), I don't have a car, cook my own food, I mean shit, I haven't even really been dating since moving due to time constraints so far so that's another expense I'm not paying 😂. The only area I spend more money than I have to in is that I chose to move into a nice 1200sqft 1 bedroom corner apartment vs a 600sqft studio and the difference is only $200/month (well worth it to not feel like I live in a prison cell to me). I'm lucky enough to be renting from the company I work for because that dropped my rent price from what would have been $2200 to ~$1500/month. All in all, after all expenses, a modest 401k contribution (that I get matching from with work), and monthly savings put into a high-interest account, I'm left with at MOST $200-300 in money to spend on myself. If I had made ANY slip-ups, had a car payment, student loans, or didn't have benefits from work, I'd be living on a skin-tight budget. And the only reason I was able to get a job this decent is through connections, and having made a good impression workinf for the same company when I was interning for them in High School.
Just curious, what/which certifications did you get to start out in the field of IT?
@zklpr4661 it was just the bog standard CompuTIA A+ cert. To my knowledge it's sort of the industry standard and covers more or less everything you'd need to some degree, it was fairly easy to just study for myself using their materials, RUclips lectures, and being generally tech savvy. I'm only working helpdesk so nothing more specific was necessary for my current position. That said YMMV on how useful it ends up bc a lot of companies want prior experience sadly. I was extremely lucky to already have an in-road for this job so I got hired with no prior job experience regardless of it being a requirement. Someone I know high up in the company put a word into the IT director's ear and one of my previous managers when I worked at a summer job in maintenance here in HS gave me a phenomenal recommendation as well. Both of those factors on top of the IT director being down to teach me from scratch really worked out in my favor. Sadly, connections are the most useful thing to have in the world
Bro, learn to write in paragraphs.
@mackinator bro just writing this on mobile, and on a Samsung Fold to boot was fucking torture. Google has done zero optimization for foldables despite selling them. Tbh It's a miracle it's not more fucked up than it is. The field that shows what you're typing only shows three lines at a time, and any time you try to long tap something to copy/paste/highlight something the little pop-up box glitches and covers the ENTIRE bottom half of your screen with a gray box. Trying to format this shit is not on the cards.
You are clueless.
Aba shows up around 22:30 if you want to skip Destiny's bullshit.
In the 1950's, an 'average' person absolutely could support a family and own a house. Now, 'average' in this case doesn't mean someone working as a cashier at a grocery shop, but it would include things like mailman, delivery driver, factory worker, policeman, firefighter, electrician, truck driver, construction worker, plumber, teacher, office job, taxi driver, pilot, security guard etc. Some of these jobs were easier to get back in those times and required less education, but the main point is that there were jobs which were easily accessible to people with just a high school diploma and sometimes basically no education, which would pay them enough money to at the very least own an apartment and be self-sufficient. These days, it depends where you live but home ownership is very much out of reach for people that have just graduated college and are now looking for work in a larger city. You can meme about there being cheap houses in Idaho, but unless you are doing remote work there really aren't that many job opportunities in those places either. The city I live in has an absolute housing crisis where an average three bedroom bungalow will set you back 1.2 million on average. In the 1950's, owning home was accessible to the middle-class. It's not the same in every city, but at least here home ownership is a privilege only the upper-middle class can afford. You need to be making over 100k a year though preferably 150-200k to comfortably buy one.
The discussion was about those in poverty ie, those at or close to minimum wage so from this view, the point about the house in Idaho is obviously relevant as there are minimum wage jobs in Idaho.
@@orangutanenthusiast5631 You still can't afford a house in Idaho off of minimum wage or close to minimum wage lol.
Why does a cashier not count as average?
@@EpicFaCe441Cashier req 0 skills. In fact, they got rapidly replaced by self-checkout in Europe.
Move to Minnesota. Where I am, in the metro area rent is 'crazy high' in the sense that it's effectively doubled in the last 5 years but it's still very easy to find affordable housing. Not on minimum wage but you don't need a college degree of any kind to live comfortably here. Yeah, things are worse elsewhere, I'm priveleged to be in the midwest but holy shit, I feel like all of my generational peers are complete pussees. Put a little effort in at work and you can VERY easily hold down a $20 an hour job. If you can do that and budget you can live comfortably and save as a single, non disabled adult. And I hear/see these same complaints I hear from other millenials/gen xers from Minnesotans and other similarly privileged Americans so I don't buy this crap either unless they're in the slums of a deep south state or something like that. Obviously things are worse than they were in the past and maybe D is out of touch on that to a degree but I 100% agree that damn near 90% of Americans
Can someone explain how he thinks gas prices dont matter, but you having to have a monthly phone bill or Internet severely impacts your financial status now? Like i was paying $25 for a full tank now its fucking $40 or $50 sometimes.
It is a braindead take, anytime something that you pay for regularly increases in price like gas, or groceries it has a larger impact on your budget than those individual transactions. Especially gas prices, because it has a knock-on effect into every other commercial good even if it's not easy to see
Same.
Because he's a rich internet boy who's out of touch with the rest of us now. My truck used to cost about 30-40 to fill up pre pandemic. Now it cost about 60.
Also lmao @ destiny thinking 2 dollars buys you two McDonald’s burgers, just checked for my city and it’s 6 dollars for one and they don’t let you steal free drinks anymore either he’s so insanely out of touch
I think he was talking about the past. It’s for sure more now but here in CT you can get 2 cheese burgers and a water for 4 dollars. I don’t think he’s denying shits more expensive but everyone does make more money in some places that just doesn’t keep up in others it’s fine.
@@kirkvanallen5202 he is 100% verbatim saying that inflation adjusted things are not more expensive, at the same time as admitting that when boomers were kids they got huge gifts and inheritances to offset the high cost of youth, which zoomers don’t get today, and which wouldn’t show up in basic economic data
@@jesuslover4436 that’s kinda true in some departments. Min wage here is 15 now or about to be. Cheeseburger at McDonald’s 2 bucks when min wage was like 7.50 it was a dollar. We can look at gas and if we are going buy min wage it’s actually more affordable now where I live. We go by mortgages it’s for sure not but that’s because of this market.
@@jesuslover4436inflation adjusted, cost of living is way lower now that it was for boomers people just want all the new phones and shit.
@@orangutanenthusiast5631 are you aware that the Fed’s cost of living basket which is where that number comes from consistently shrinks the amount of sq footage they think is normal? When housing goes up, they just shrink the size of the generic aggregate they look for. So that number is meaningless. But you didn’t care anyway did you you just wanted to be smugly callous lol
My cousin is one of those people that pretends like she 'made it' on her own, even though she has literally no college education and everything was given to her by my aunt. They live in Europe, and for years she lived alone, rent-free in one of the two apartments that their family owns. My uncles parents originally bought them as an investment and then gave them to him; they planned to rent them out for extra income but when she turned 18 my cousin forced her parents to let her move in there. She then went to some unaccredited art school for a few years and became a tattoo artist. She didn't have to pay any rent, she just spent whatever money she made on food, booze and going to events. She would force her parents to pay for her to 'travel' as well. She didn't want to go with them either, she just went alone which I found funny. Eventually she met some guy from South-America while in Barcelona and now she is living there with him, still getting an allowance from my aunt. Honestly hearing her talk about how 'independent' she is makes me want to vomit. She would be on the street if her parents didn't give her money. What makes it the worst is that she doesn't really want much to do with them otherwise, she is the person that sticks around a few days until they force more money out of you and then leaves again. Idk how people put up with this... I know that she is their daughter and all but how do you love such a parasite?
Love blinds unfortunately the stories I could tell you about my girlfriends brother absolutely parasite from a super wealthy family and fancies himself a genius and hustler but his dad still pays for his haircuts at 27 💀
a typical 'victim'
you say that as if going to college isn't a complete waste of time and money
@@SlackerMagician it's not a waste if you go into something practical that you need a degree for like engineering, nursing, law school etc. There are a lot of fields today where experience and general aptitude is what really counts, such as programming, though in many cases it's still beneficial to have gone thru formal education. the place she was going to wouldn't have counted for anything though and I doubt it taught her anything you couldn't just learn from RUclips tutorials. Just found it comical that she felt so cultured and superior despite not even going to college or having any kind of success in her field... which was already a low bar to begin with
Lmao destinys little bait, "i stopped showering with nathan at 11, shortly after he stopped breast feeding" 😂
LOL I laughed cause I knew he was about to trigger a bunch of people 😂
I dead asses like he hast to be trolling
Millenials and gen Z are one of the only generations where the majority are just expected to succeed on their own or crash and fail . Love should be the primary reason that binds a family, but having them there so the older generation can help the younger is perfectly reasonable.
Millennials and Gen Z are also the most financially illiterate and wasteful generation. Boomers saved a lot and didn’t spend money on luxuries like food delivery or general dining out. This generation is also a bit more entitled. If more of them stayed living at home with their parents for longer and avoid ridiculous university debt they could easily save for a house before they’re 30.
Based! How do you expect your kid to have the love and empathy to want to take care of you when you're older if you kicked em out at 18 cuz they're now magically able to get a house or pay rent with a high school diploma. Why would they even consider it when they know damn well that they're not gonna get much out of your will cuz yo waige havin ass said "fuck college" and thought that working a partime job on a fulltime basis was a gud long-term idea.
@@theprofesionalist7927 It's the Cognitive dissonance that gets to me. Here we have an older generation that rode the high road with Daddy's money and influence, most succeeding purely on the goodwill of their older generation. Now that they're older they just can't understand how "kids these days are soooo lazy" "Why won't they get up off their asses and work for 40+ hours while going to college and paying absurd rent and utility prices, only for half a decade to pass and your left with 30k in debt and with a depreciating college diploma.
It’s amazing because as a young adult, someone who went to high school without any financial or bank education-when I got an over draft fee, I didn’t understand why it bounced and I got a 35$ fee when I was using my debit card all day and still had money in there but my purchase from 2 days ago was finally processed AND then I got over draft charged for every purchase that occurred “after” the over draft that never occurred in that moment but retrospectively. What a predatory BS system.
it's crazy. We just moved from australia to canada and i had to learn about the "Insufficient Funds Fee".
Not only do we get hit with an overdraft fee if our account goes into the negative, i *also* get hit with a $40 fee if a transaction gets declined due to insufficient funds.
it's wiiiiiild
@@radred609 Canada boy here 🤭😪
Destiny is like the Kim Kardashian of political streamers
Oh my god. I can´t believe you people are real. What did he get wrong? Are you even intellectually capable of following the conversation between the two, or...?
Nah, Destiny is way cuter.
The guys who gets invited to studios by the largest political streamers in the world for debates and has actually participated in canvasing while spending a couple hundred thousand is a Kardashian. Most politcal streamers are too busy milking their base to ever have a fraction of his debates.
@@goddessrick8734 to assume Destiny is not milking you, for Contant is hilarious
I wonder when will his sextape surface.
Also: he and Kanye would be a pretty couple imo.
My pops was probably making like 40-50k before he bought his first house. He basically bought it as a gift before my parents got married. My mother didnt have a dime to her name when they got married.
The house was 150K. Imagine that nowadays that isnt middle America. This was in Toronto Canada. I could probably get a tiny little condo for 5x that cost, oh and wages arent 5x or even kept pace with inflation. Lovely.
You can buy a house on 50k today...
@@justifano7046yeah if you want to commute four hours a day. and remember tiny says if you are a Real Poor you aren’t allowed to complain about gas prices while having to drive for 1/3 of your waking hours!
@@justifano7046 try reading what was written again. then try again and again.
thank god aba came in cause destiny has brainrot that almost instantly gets a little better when hes challenged by someone he likes and isnt battleing
Yeah if this was a viewer that convo would of went way different XD
I remember what it was like to get those overdraft fees when you didn't realize your auto payment decided to charge 2 days early and before you realize it the bank puts you -300 in overdraft. Fuck that man...
FUCK overdraft fees
It's your fault, because you should have known it will be charged earlier because it lands on the weekend this month, and it's your fault because you should have known that you have overdraft fees, and it's your fault for even getting a lease on a car that you have to pay for, you could have gotten a cheaper one.
Or at least that's how my father always shamed me...
It's so fucking annoying, once I paid the fee, only to get another overdraft fee somehow
This was a couple weeks ago, fuck them
28:13 Median new house and car was 2.5x median income 60 years ago. Today it’s 6-8x. You’d need to make $170k to be equivalently middle class
yeah destiny is just absolutely out of his mind on this take, it literally takes 30 seconds to do the math and realize how much worse it’s getting but he’s so entrenched in his centrist old person smugness he can’t even entertain it for a second
If he looked into the homeownership rate data at all, it would be obviously flawed as well. What he's using is actually an "owner occupancy" rate, which more accurately captures "non-renters". This means people who live with their parents live in "owner-occupied" houses and thus increase the homeownership rate.
If you follow any of these sources, it traces back to the Census Bureau's Annual Social and Economic Supplements. The data dictionary doesn't seem to have anything that could be used to calculate a "true" homeownership rate (percentage of people who personally own the homes they live in), where these generational breakdowns could be pretty easily slapped together with the H_TENURE and AGE1 variables.
The average house costs around $400k to $500k. 80% of Americans make $40k to $80k a year. If you luck out and you and your partner both make $80k and you save and are frugal, you'll be able to buy a house eventually. If you are single and make around $40k to $80k, good luck with that.
People just refuse to not live in tier 1 cities no one made you work at Walmart in LA instead of Omaha or even, god forbid, a town 😮😮
@@orangutanenthusiast5631Dude it's not even big cities. Medium and small towns have commensurately lower wages as well.
Gen Z has no clue how recent 20 years ago is, but definitely, 40+ years ago people (GenX and further back Boomers) could live off a single salary not anymore. Gen Z needs to realize that Millennials actually went through several financial crashes and wars and cost of living crises. Boomers 40+ years old were different, they had the best in terms of rising salaries and asset wealth.
I think the main problems where millennials and gen z are getting fucked are: 1. Cost of housing (related to income, the actual cost of the property ) currently at like 7 times yearly earnings and crazy rates on top of that, with rental prices surges keeping saving down. 2. The amount of insane constant costs that are required (example: insurance medical or home or rental ) these cost just are required and are super expensive 3. Student loans (this may be objective but everyone I know has student loans to some varying degree) 4. Retirement ( current retirement packages are far worse than any generation before I.e no pensions and constantly decreasing company matching)
5. Individualism ( millennial and gen z have some of the lowest marriage rates meaning their household incomes are dropping along with the structure of relationships). 6. Disappearing of the middle class ( slow increases in wages for the median to upper median earnings, most of the wage increase to the median income publish anywhere is stating increase to wages along with inflation but most of the growth was actually the upper class.
Kinda agree but not a few thinks I noticed that are common are.
Gen z has way more spend more because of technology either on it or through it. Most stories I hear boomers worked minimum but didn't have shit or do much. Ac, tech, internet, car payments, fun.
Most of this is usually by choice like if you have a ne phone and getting a 15k+ car and smoke alot but so broke. That's just some example some have stats to back up
If you are having a student debt, while still working an hourly job, something had gone terribly wrong, AND it is not the Economy ;)
Hahaha, you sound like a dumbocrat. 😂😂😂😂😂
@@pip0109 wages is not a reference to hourly wages, it is yearly wages , including salaries and hourly wages. Both of which make up the lower and middle class.
My dad raised 3 kids and bought a house with a factory job that he never progressed to management in.
I would not be able to buy anything more than a 1 bedroom apartment on that type of job.
Destiny you're out of touch. You being poor 20 years ago no longer applies.
Dide aba popping into this circle has to be the best thing to happen on youtube what a combo,
Take a shot everytime Destiny says OK...
I'll be drunk
More like I'll have liver failure
This guy is so out of touch. Look at growth rates of wages and then look at the cost of living and inflation. American average wages have remained pretty stagnant.
As a poor person, I ran the numbers on my expenses and saw I was in the positive by roughly $50. It’s a coin flip as to whether I’ll end up in the positive or the negative.
It's the warehouse/factory jobs. Back in the day those were the jobs you could work full time and still support your family, now they're either outsourced or done for cheap labor.
Back in what day? What day was this?
@@FlarkusChunswen Before the time of NAFTA and other free trade agreements were signed. Now because of advancements in technology, even some service line jobs are in danger of being off shored. Because labor cheap in other countries, they'll have it done there and bring the product back here to sell.
@@FlarkusChunswen Prior to 1980, the US had manufacturing jobs for everthing. Every brand name thing you see used to be made in the USA which meant there were actual real factories that paid good wages that you could get out of high school. This is the story of detroit. Everybody there worked for the car industry and subsidary industries, the entire city was Detroit motor city. Good jobs that paid well that didnt need college degrees because before the college degree scam started (i.e. gov't paying for subsidized college) it was accepted that college was only for the egghead super smart, not for everyone. Nixon was the one that started the process of selling the US out to china and giving away all our factories so that they could make shit cheap. It worked for a while until low skill factory workers lost their jobs.
Worst Destiny Take of 2024. Hope it doesn't get worse from here.
no Destiny Zoomers don't want to do the same thing forever
they're just stuck there because there are NO jobs that pay well or give better hours.
which is why she works at walmart.
THANK YOU! After that sentence, I couldn't bridge anything he said, because if he imagines how low the quality of life is, then just trying to SAVE for a college degree, not even studying while working too, is impossible. how tf can they get a better job? where??
"In Bidens America no one is doing poorly"
t. Destiny
TDS
Boomers absolutely did not get help from their parents to buy homes on average. My grandfather could afford 3 kids, 2 cars, a mortgage, and money for yearly vacations on the pay of a mill worker while my grandmother didn't work. Both were from pretty low class backgrounds too. Boomers genuinely had it so easy in terms of the economic benefits they enjoyed at the time. As the years have gone on, the gap between the earnings of the average person and the cost of goods and services has just continued to expand.
My grandpa was a coal miner, my grandma worked part time in a butcher's shop. They had 5 kids and bought a house, then downgraded to an apartment for just themselves.
My dad has been a fabricator with no qualifications all his life, he never went for management or asked for raises, while my mom works part time (~20 hours) in retail. 3 kids and a house.
I would not be able to afford a house on my dad's wage. I had to go to university.
@@user-sk4ds1rg1z You know what, that's another thing I forgot to mention. The qualifications needed for a job that pays the same wage that people with 0 qualifications could earn just a few decades ago has increased a lot.
I have a feeling that the wage issues mentioned in my previous comment will gradually change over time for the better. We seem to be in quite a slump economically right now, despite what Destiny seems to think. The only thing he doesn't realize is that the only people really suffering are the working class.
I can't vouch for the particular stats in this video offhand, but the "homeownership rate" is usually just the share of people in owner-occupied houses. This is pretty unhelpful, given that moving back in with your parents actually _increases_ the rate.
Destiny is the most ignorant economic person i have ever heard
that doesn't seem true at all
Not quite. The census calculates the rate per occupied housing unit, not per person.
"Of the 126.8 million occupied housing units in 2020, 80.1 million (63.1%) were owner-occupied. This percentage is also called the homeownership rate."
Overdraft fees will never make sense to me. I loved that segment of rage. I feel it lol
Of course it makes sense. Its a blood price.
"were gonna charge you for the money you don't have" makes perfect sense hahahaha
Eh, they make sense to me, even if banks are predatory about them. You can opt out of them (which most banks won't tell you) and just have your card decline if you're trying to spend more than you have. The reason the option exists is ostensibly so you're not fucked if you run out of money in an emergency.
I once had my identity stolen while I was on the road, and I needed gas to get where I was going. Since I could overdraw my account, my bank just told me to do that to limp my way there, and they'd waive the fees and make me whole. If my card were set to decline before it hits zero, I would've been stranded.
Again, banks get predatory with it. The insane fees plus not telling you you can opt out is really inexcusable. If we're talking about a financially literate 30+ year old, fine. But for 18 year olds just getting their first bank account, it's pretty fucked.
@@madd_megz Interest? Have you heard of a loan? That's literally what a loan is.
@@foop145yes auto protection, however that doesn't account for the banks purposefully (pending) a charge to delay the payment upwards of 2 days. That is preditory. Espessially when you are paycheck to paycheck. I have had up to 15 pending charges on my debit card at one time. When I checked my chase balance I was so pissed off because some of the charges had been pending for 6 days.
If gen z wants the true life advice, get an accounting or finance degree. So many 22-25 year olds are joining my industry starting at above median salary. And the average age of retirement in my specific line of work is in the mid 50's. That's 10-years sooner than my parents retired.
I had probably one of my lowest of low moments in a bank due to over draft fees. I still remember it to this day. Yeah, it was my mistake to overdraft but the consequences felt un fair. That thing Destiny said about getting hit on multiple small purchases happened to me. I owed like 200 in overdraft or something. Back in 2005 when I made like $8 an hour. Melt down in the bank... super embarrassing. I didn't know how I was going to pay my rent. I remember the teller telling me that they had to charge me the fees because it was like I was spending money I didn't have and the bank was loaning me the money. Being poor wasn't easy but loosing your dignity as you beg the bank teller to forgive the overdraft is something special.
Shit man, I'm imagining the situation in my head and it's something I wouldn't wish even on the people I hate the most.
Yep, it was not a proud moment for me. I am normally a very chill person and the idea that I could lose my apartment all due to a tiny mistake I guess just pushed me past my point.@@CockatooDude
overdraft should be illegal
@@SlackerMagicianits a double sided sword either you have no money at all or over draft to buy something
@rushking19 it's not a double edged sword, there's nothing good about it. It's charging people money because they don't have money. Should be illegal everywhere
9:09 Fast food is absurdly expensive too. Grocery food is expensive as hell too. Most people should buy a corolla tho
Grocery food is expensive but not hella…. Cooking for yourself, shopping for deals, and using the “discount” meat section to freeze and meal prep makes a big difference
@@DougDimmaDab Still not like it was. My chicken breasts went from $12 to $17. Beef is like $8/lb. Coke Zero is somehow $8/12 cans now?! Eggs, yogurt, cheese, etc. went up a good bit too. Rice and pasta is cheap! And bananas are suspiciously cheap
Groceries are expensive because you’re shopping at Publix, Trader Joe’s, and Whole Foods, and you’re buying name brand or completely unnecessary shit. Food is unbelievably affordable.
@@DougDimmaDabBro eggs went up from 2$ to literally 6 or even 7 dollars. Tf you talkin about?
@@daallahw0lf130 check again, lmao price of a dozen eggs haven’t increased that dramatically. There was a brief period with an egg shortage from an outbreak of Avian flu… but that requires knowing what you’re talking about to notice
Aba W
My mother is in her 70's and insists that it was like 1000 times easier to own a home when she was young. So no matter whether it's true or not, it's the Boomer's fault that it's like this or that it's perceived that way lol
My dad's a boomer and always disagreed with the idea that houses were more affordable. He shared a rental with 4 of his friends for years before he became a sales manager for the company he was a part of, which allowed him the money to move out on his own, but he was still in a rental. It wasn't till he and my mom got married that they were able to buy the home I grew up in. He was working class and so was my mom.
As a zoomer, I hit that "aha" moment when I was making fun of my gen alpha cousin calling her an "iPad kid". Reminded me when I was younger and the older generations would dog on us for using shit like RUclips. Made me realize every generation has their time that they're getting dogged on, and eventually will end up being the most influential living generation. Every generation goes through this, we'll be fine.
Gen alpha is certifiably dumber though
Gen Alpha won't be "fine" they're in legitimate trouble.
@@LuciferArc1go watch “Juvenoia” by vsauce
This seems like a silly comment. Are you really that uncritical of our RUclips use? You really don't think any of those criticisms of us were valid? You don't think maybe we're all wasting hours of our precious lives? I mean... I think that's really bizarre. I think the criticisms of Gen Alpha and Zoomers and Millennials are all similar and are valid and to just go "well every generation is criticized" and ignore that all of the criticisms are valid is very odd to me. We should be working on ourselves and having candid discussions with each other about how to better model healthy behavior to the younger generations. Being an iPad kid is not good. And me being on RUclips for hours a day during the most formative years of my life was not good. We've gotta be honest about this stuff, man.
@@zenleeparadise Not that I don't think the criticisms were valid. Just pointing out that every generation will go through a phase they feel "attacked" by the other generations, and we will eventually be the one "attacking" younger generations. Despite the specific valid problems each generation had, they all turned out okay in the end, and so will we, and the next generations as well. If you want to talk about the validity of the criticisms you can do that for sure, I was more focusing on the feeling of "gen Z feeling under attack from other generations", and how that feeling is normal and every generation goes through it.
Be easy on Destiny, he’s still arguing that the increase in aggregate spending over this past Christmas indicates that the cost of living did not rise in recent years. Not everyone understands that when CPI increases fast (~ +4% in 2021, +7% in 2022, +4% in 2023), consumption reduction can still result in a spending increase.
Destiny comes from the “special” school of thought that posits that on average, price increases make people spend less. From the same people who brought us such bangers as “eating more causes weight loss”, “sitting on the couch is the best way to get ripped”, and “here’s a failproof method to win against slot machines”.
Liberals can't maths😂 I used to love all that progressive shit then I became a manger of a small business and realized oh we don't make any profit maybe 1-3% after taxes and payroll.
if you ever use an atm, there's a $3 fee just waiting to cause an overdraft.
5 if you withdrawal money from cash app or pay pal.
@@BLASTbeatDAD one time I noticed a $5 charge for a fee from the weed dispo that I had used my card at like a month before. They had just started accepting debit cards to buy weed but there was a $5 card fee.
50% of Americans accumulate 2.7% of the wealth in America where are all these homes getting bought with 2.7% destiny. You lost the thread bro.
Blackrock and china are buying up all the real estate. Because its an asset thus it passively generates capital these high interest rates are making them billions a day. Then because capital gains are taxed at 1/15th per 1% compared to 20% on regular earned income they are killing the US economy by 2030.
Destiny at this point has been rich more than he has been on the week. He can’t understand why ppl struggle nowadays lol
True but it's not like he never had to work before massive inflation we experience
I don’t even think that’s really true. It’s not like he was loaded the first few years he was streaming, certainly not any more rich than an average middle class person.
The statement might be true if you said he’s been not poor for longer than he’s been poor, but rich is a stretch of the definition of rich that I don’t think too many people would agree to, probably not even you.
@SDREHXC it's cope, trying to reason with him will give you brainrot
Idk he nailed the overdraft fee struggle pretty well
@@tingzing5668 yeah that a paycheck to paycheck problem of overspending
In 2011 we could afford an apartment working minimum wage at 40/hr a week. Maybe things were more expensive where he was at, but apartments used to be sub $700 in my areas
15:00 i find this a funny thing, when you're young you see how unfair the system is and you want to change it, then when you get older you accepted that the system is just fucked like that and you dont bother to even think it can be changed, you literally get stuck in a mentality that we should work ouselves to death, rich become richer, poor become poorer, but of you're just lazy, the worlds is govern by rich people making everyone think working all the time for the rest of your existent is the only way this system works, which is complete bullshit as we have been overproducing everything for the last 50 years that we basically throw away everything and shit it to poor countries. we could live with way less work, but capitalism will drive people to their edge just to squeeze their last dying breath work out of them, i stand by about 95% of what destiny says but his ignorent vieuw with how the system works and how its normal just disgust me
Its not that the problems aren't worth solving, it's that we've yet to find a solution. Yes, capitalism is flawed, but compared to what? The alternatives are try stuff that doesn't work, try stuff that doesn't work as well, try something brand new and untested or keep our imperfections at the minimum possible
@@nathanmcdowell4731this has nothing to do with capitalism, local zoning prevents new housing from being built and 80% of boomers refuse to downsize their house when they retire (real stat) it’s just about suburban McMansion boomers being cartoonishly evil and wanting to maximize their home price so they can afford infinite luxury SUVs when they eventually sell
@@nathanmcdowell4731 I dont think capitalism in itself is a flawed system, its the rules around it that makes it so it becomes unfair, i'm talking purely in the us but it relates to eu for a big part (Im a eu cuck), the amount of cuts buisnesses for example get is astonishing, same goes for rich people, they basically live without paying tax, leveraging their massive amounts of wealth wich are basically indestructible if used wisely to pay less and less in taxes
so one big problem is rich people that made the system work for them, then we got the working class that's being MASSIVLY dissadvantaged, if you have less money, you're going to pay more, if you got more money you're going to pay less, meaning the clove between rich and poor,
capitalism should be way more "socialistic" in the sense that it should try to prioritize paying the people that work hard instead of paying the people above the hard workers A LOT more. they do deserve more pay as they have to have had more time working on their craft to be able to guide more people, but the gap has become WAY to big for it to be excusable, often their work load is even less than a working class person so they're basically no reasoning for this being as high as it is.
then you got the amount of billionaires that basically suck money out of the economy to hoard on their massive pile of money, im not a "eat the rich" type of dude but they just shouldnt be able to infinitely hoard money, in the buisnessworld monopolies also cant exist (even do they defo do in some capacities) so money shouldnt be able to be hoarded with a few people
there's a lot more problems i could get into that makes it so the system fails the people but these are a few already
sorry for wall of text, i hope you understand what i'm saying, give me some counter points if you got some
Destiny is out of touch. I'm not even a zoomer, I'm a millennial but it seems pretty obvious to me that a lot of things are worse now. I mean just the food alone is crazy expensive and wages aren't keeping up with inflation. Stuff that you could get for 1-2$ in 2009 is now 6-8$ but it's not like the minimum wages today have tripled. Wages increase ever so slightly while the cost of living skyrockets. It's not sustainable.
Another important factor is robotisation and AI. Stuff you didn't have to worry that much about 20-40 years ago but today it seems like all jobs are at risk. I don't hear people talking seriously enough about AI, every time people discuss it it's just about 2D artists getting replaced, but in truth there are very few jobs that an AI software can't do better and 50x faster than a human. It can replace voice actors, writers, composers, modelers, animators, scripters etc. Multiple fields are about to be completely removed and millions will become homeless. Because unlike popular belief, no AI won't create enough new jobs to replace the ones that vanish.
Always nice to see Abba join the stream and say shit you're thinking in chat
I wish that would happen to every stream I watch.
The dude has no clue on prices these days, back in like 2015 till when pandemic hit i spent 60$ for groceries and was able to buy quite a lot. Once pandemic crept up I wasn't able to purchase as much for that 60$ and the first time i got hit hard was when i got to nearly 90 dollars for what I regularly purchased. I have still maintained my 60$ budget and it has helped me find different things to buy but you cannot spend the same way as before.
People have daily/weekly budgets and when the economy decides to say fuck you, you can't tell people that money isn't a problem to them when they now have to make adjustments because of things they had no control over.
When hasn’t this been the case? Why are you so convinced this is exclusive to the current generation? His point was zoomers have it better or at least equal to most other generations which is obviously true just looking at poverty data even without accounting for the fact that the data has only gotten more accurate over time or that the experience of poverty is just better with more tech available so you can cry on tik tok instead of have literally nothing to do outside of work.
Plus by now your wages really should have caught back up to inflation if they have not you might really want to concider moving to a differenet company becuase your boss is just being greedy at this point
@@orangutanenthusiast5631 I dont know who you are talking to, I never stated exclusivity just that there is tangible and visible effects that a lot of people are experiencing and destiny is just talking out his ass on this front.
@@Trigonxv1 his entire take is based on comparison to other generations, not vs some arbitrary nice ideal world… His only claim was it is better or the same now as it has been since the baby boom
They were working 40 hours but they were struggling in beginning. They worked and did their best and survived. However it was not so forever, they struggled for a while and then it became better and that is the experience of most people. When it got better it was good for a long time and people just do not mention the struggle as much. Or do not believe that the struggle was that bad afterwards.
From my POV (tail end of Gen-X) the biggest thing that the younger generations don't take into consideration when talking about what previous generations had is just how little was considered necessary. My grandparents had 6 kids. Their house was 3-bedroom
"if you want to own a house stop eating avocados" Ass take. With all due respect, half of the things you listed are absolutely necessities. Not DoorDash or designer clothes, but internet + cellphones + a car for each (depending on where you live) have become necessities and are actively keeping zoomers poorer (mostly the cars). You can't apply for most jobs without internet and they require you to have a cellphone and internet access to communicate. Because of lack of public transport, cars are necessities too. God I hate American infrastructure.
The reason it seems like zoomers "have more needs" is because we live in a very consumerist society that promotes buying as much useless shit as possible at all times. Your generation did have it easier by having a lot less financial pitfalls to fall into.
@@rarespetrache7482 I must not have been clear in my comment. I was never saying that it was easier or that it was younger generations' fault.
I was trying to show why direct comparisons to older generations and how some will say that it should be just as easy for them to buy a home as it was for their grandparents is just simply ridiculous. We're not comparing apples to apples. What was considered good then is considered not good enough today, and I don't think you're even arguing that point.
All said however, younger generations should not be defeatists. You have more opportunities than at any time in history. Just try not to make bad comparisons.
Just curious, you mentioned Zoomers. My understanding was that max age on Gen-Z was mid-twenties. Do you think you should be able to buy a house at that age?
One big issue with homeownership right now is people’s expectations. When people are looking at houses they have an expectation they’ll be able to afford a move-in ready house similar to what they grew up in. Sometimes people don’t consider that if their ultimate goal is affording a home, they have to start somewhere and a lot of times that’s not a 2,000sf 4-bed house. It’s not lost on me that wage increases haven’t paralleled the rise in home prices, but I do know a few people who make decent money who just aren’t willing to look at smaller, more affordable properties
The problem is all the Gen Z people who have got a house are the ones that never needed to worry in the first place. Its likely the same for every generation you have all the people with rich parents + the lawyers etc who get a house nice and early like the previous generation but now (at least in the UK) people who would have also been able to afford a house in their late 20s like engineers cant anymore which I imagen is going to show in the data in 5/10 years
One thing that i find religious people do much better then secularist's is 'Nepotism'. Though it might sound wrong, and in a lot of cases it is, but families used to be the the best fall back for young adults; allowing them the ability to branch out, but safely fail if they're not up to the task. Nowadays, when someone finds a job a lot of the time people are too scared to leave it if it causes them mental suffering, and ask for a raise in fear of being replaced.
I'm confused, does inflation and overall COL not factor into Destiny's equations? Just in 2022 we had 8% increase.
• U.S. inflation rate for 2022 was 8.00%, a 3.3% increase from 2021.
• U.S. inflation rate for 2021 was 4.70%, a 3.46% increase from 2020.
• U.S. inflation rate for 2020 was 1.23%, a 0.58% decline from 2019.
• U.S. inflation rate for 2019 was 1.81%, a 0.63% decline from 2018.
In the meantime, median household income has dropped (2022: 74,580).
Wage growth has essentially stagnated over the past 5-6 years. What am I missing? Can anyone explain to me why D is skipping this evaluation?
nothing makes me think destiny knows the struggle of being poor more than the mental check of your bank account, that shits so real
I agree with the girl. sure shes working at Walmart but this point can be applied elsewhere. Most Gen Z have a problem with finding fulfillment within their lives and works doesn't help at all. atleast with boomers they could get an entry lvl job and afford a house while most gen z will never own a house
I don't understand Destiny's reaction to this kind of thing at all. He front loads the stream with a bunch of venting that sounds like it could've been from the same tiktok, and then he sees her struggling as part of the working poor, and he reacts viscerally to what...her age? It's BS.
@@Xenomorph6793 He’s saying that it sucked back in his day and this still sucks today so nothing has changed. The point of the tiktok instead is that working minimum wage used to be better 20 years ago because you could afford more
It sucked for Millennials as much as it does for Zoomers and it still does now. Destiny's made his money and become a millionaire, has his house/apartment in Miami and can afford to have a string of bad marriages and still come out smiling financially - he's so far out of touch that this take of his is just pure cringe.
Rent is supposed to be higher than the mortgage. Thats standard. The crazy thing is now mortgages are MORE than rent. THAT is weird and economically weird
In 2022 there was a point where it was a $30/month different between the two lmao
Stop voting democrat. If you read their policies it is all about increasing taxes and raising the minimum wage. That is directly how you cause inflation and cause the econony to to slow down.
Destiny doesn't believe people can't afford food lolol
Weird how rent shot up almost 50% for some places… I am with Aba on this. Not to mention, I went to school for jobs in the city… but I have to leave at 6am to get to work, and I don’t get home until 6:30 each day. It sucks. And then they close lanes to deter and coerce people to take public transportation… where it would take 20 minutes without traffic, public transportation will always be about 2 hours.
I can agree with aba and some of the younger generations but what I don't agree with is when people act like people back in the day that people didn't also work long shifts are well into retirement
Banks intentionally stack your charges in hopes you do overdraft. That is a fact.
There's also the swath of new expenses that need to be considered that earlier generations didn't. You can't go without a phone, you can't go without internet and you can probably function without a laptop or a tablet but these days it'd be tough. Granted, you can certainly *survive* without these things and still work a 9-5 min wage job but if we're talking about aspirations, the "homeowner" comes a lot later.
Bro Destiny, doesnt that simply mean people are taking on more and more debt? I feel like thats where all the fear is coming from along from taking those huge mortgage payments.
So that leaves you with little savings money that even Destiny admitted to that people arent able to save as much as people used to.
So yeah, people are able to live IN homes but they arent exactly living due to boomers using them as an investment which Destiny even admitted to hating. Like we also cant forget about the quality of homes that are ACTUALLY being bought and sold.
But the hate from boomers also stems from increase college loans so now you have to take on even more debt with high intrest rates, with the rate of pay not really catching up with mortgages or productivity as it did decades ago. Because there was a point in time where they were pretty neck and neck.
Exactly. Pointing to the homeownership rate is a bit like dismissing rising food costs by pointing out that people are eating just as much as before. Also, the homeownership rate itself is a red herring, since it's actually measuring owner-occupancy, which means living at your parents' house counts _towards_ the homeownership rate for your generation.
Fundamentally, the problem just comes down to the fact that housing is being built at a far slower rate than the increase in the population. This is down to zoning, legal issues, regulations, geographical limitations, and increased development cost, which all seem like perfectly valid issues for Destiny to talk about.
@@SlurMaster9000 Fundamentally, the problem just comes down to rich people treating housing as a financial investment. It's not like we couldn't support our booming population. We can, and we did - all the way up to 2014. The difference is that, from 2014 onwards, a switch flipped and prices started to rise when rich people decided to gobble them up. The solution is NOT to build more houses, in the abstract, for rich people to gobble up. That's not going to solve our problems. You want to know what a world with extreme wealth inequality looks like? Well, here it is. It's Crapitalism.
27:00 Says the guy who literally dropped college cause he couldnt work and study at the same time
I think this was the point where Nathan was born so that was probably a large factor for him dropping out. Could be wrong tho
@@Holl0-001 Nah , Nathan being was born later , not sure how much later but he already was working full time by then.
keep in mind he met nathan's mom because they were coworkers in his post college workplace
I dropped out 2x because I had to work more that was 2011 with no jobs.
He's so frustrating with this argument
As a machinist you used to be able to get a house and car and wife 2 kids but not anymore on single income
I mean, you can if the single income it high enough
Depends on the company you work for and what you specialize in. If it's a small shop yeah no shot but if you're working a big union company with bells and whistles feel like it's feasible got my eyes on one of those positions recently
Destiny is insane when it comes to how millennials and zoomers have it bad compared to past generations. He is so out of touch🥲
Cause he's rich.
Bro is rich and hasn’t interacted with normal people outside in forever. Maybe he should pick up a few shifts cleaning carpets and see how real people see things
Good thing they spend enough time on phones whining about it into the void while zombie scrolling tiktok. That will surely improve their lives.
Agreed, and the worst thing about it is that he wasn't born rich. Even with the experience of the common man, he has completely forgotten it and makes these brain dead rants that are totally out of touch.
@@SmilingDesperado
Destiny will be the first to acknowledge that it's harder to get a loan now than in the past. He will acknowledge black rock buys some property and rents it back to Americans. He will acknowledge that more cities like LA need to build more to bring rent and home prices down. He will acknowledge all the problems modern America has but at the same time say it's easier or the same as the past? He is in denial 😐
"the quality of life has increased"
yeah
now we have tiktok, and OF
see how my life has gotten better
while everything else is more expensive.
The quality of life increases because new products 5 years ago can be found cheap pre owned today while the same product didn’t even exist 50 years ago. Literally everything on average is better than what was used years ago because the better things didn’t exist back then, and better things will replace today’s things, that’s what people refer to with quality of life increasing. If poor Americans have iPhones and are obese we’re doing pretty good
It hasn't improved. He's just an out of touch democrat. There are more Americans on psych meds now than ever before, not just one but multiple psych drugs. Wouldn't say that quality of life is improving.
It’s not more expensive you just expect more, there is a reason people used to be less fat and it isn’t because food was healthier. Not to mention, you would rather be on tik tok than have literally nothing else to do but work or read books you can’t even afford and don’t pretend otherwise.
I am a supporter of destiny. I really wish I could talk to them about this. I think now that he’s got famous and has an amount of wealth he’s forgetting what the actual issues in America are people can barely afford a $400 emergency bill. how are they able to afford homes
because it's a BS stat .
Because most people in bad financial situations is due to bad spending habits. So when forced(a mortgage), they will adjust their spending wants to needs(mortgage).
The beginning of this , Destiny is spot on. I STILL get slammed with overdrafts occassionally but it was constant when I was younger. My bank would open an $80 hold every time I paid debit on a gas pump. So I'd pump $15 of gas, knowing I have $50 bucks left, and my bank would charge me $80, and refund what wasn't used, but they'd hit me with overdrafts because I'd go -$30. I never thought how fucked up this was until I was older. I'd be -$150, get my measly check at the end of the week and the cycle would continue. Just happened recently as well. I couldn't go to the store to buy a pack of cigarettes because my card would be declined (correctly) but they let an internet company charge me $50 when a free trial expired.
Boomers inherited a better world than the one they'll leave behind.
So? Did you expect the world to improve forever?
@@stewie4467 bro what do you mean “So?” We still have to live in this world
Well for anyone complaning about gas in the US, in Sweden diesel was about $3 per liter at the peak 2022 and are now about $1.8 per liter
You can tell when steve is "on one" as the kids used to say when he says "okay" 6 times in a single paragraph.
❤
Im 38 never had to deal with overdraft fees, not because I had a good job, rich, or never overdrafted. I just didn't bank with companies that had overdraft fees.
I love how Destiny’s comment section or chat will call him out when he’s blatantly wrong
lol be real he’s never going to read this and will continue to smugly shove his head into the dirt and ignore it
@@jesuslover4436 he’s not reading this but he definitely reads his chat
bro i remember as a kid when my family became super financially fucked i was so happy cause we started eating pizza like 3 nights a week cause it was the easiest way to feed 4 people with $10
Lucky, I wish my parents were poor :(
Little ceasers has done more for the working class then lefties ever will
Most single ingredient foods are way cheaper than that. Fruit costs close to nothing. You can get a whole kilo of 80/20 beef mince for $5. Vegetables are cheap as hell. A kilo of whole oats is a dollar. Body builders will make a week’s worth of chicken, rice, and broccoli for $1 per kilo. I don’t believe that poor people have to buy processed foods to survive. Were your parents really that poor? $10 for 4 people is probably double what they needed to spend.
I still have fond memories of getting those $5 "Hot n Ready" pizzas from Little Caesar's every weekend during the recession
@Queef_Storm rice is dirt cheap. If you don't mind having rice for multiple meals you can get a healthy balanced diet for around 4$ a day
Steven is just factually wrong about economics sometimes. How the f is someone supposed to buy a $400k house with a household income of $50k a year?! Come on guy.
Well, a mortgage primarily.
@@Scufflordsas someone also looking, this is sorta true but realistically you’d need to be making 100k to actually afford a home with low rates like you describe and be comfortable
@Scufflords 20% of 400k is 80k, considering the average home price in many areas across US is between 300k-500k, making 60k a year is not enough unless you're single on that income and can save up for 4-10 years depending on how much you're willing to put aside each year but if you have a family you might as well double that, and since we're talking about gen z where most people are college age well it's gonna be a very long time before you can even think about buying a home.
@@Scufflords I agree people our age lack financial literacy and get caught in the sticky web of lifestyle inflation that's certainly a huge factor but you must also consider the cost of everything else is so much more too. You can't save up then buy a home like that just to realize you can cover a mortgage but not your other living expenses. Buying a few groceries items can easily run you $200, and that's just buying regular stuff. If you wanna be healthy and consume whole foods or anything minimally processed it's gonna cost you more plus if you have kids even more! You can't isolate the expense of the home you have to see the big picture it's everything! Since home ownership is most people's biggest purchase in life on average that's not an easy task. When you actor the inflation of living expenses it's even harder.
He's also factually wrong about homeownership rates. They're actually just measuring owner-occupancy, so many of the ~30% of young people living in "owner-occupied" houses are actually living with their parents.
The fundamental question is how those two numbers have changed over the past couple generations. If it would have been a $40K house on an income of $5K in 1980, things haven't gotten much worse.
The reality is that in much of the country, houses have grown in cost far faster than wages have grown, so things are appreciably getting worse. If you're in Utica, NY or Moline, IA, houses probably haven't gotten too much more expensive, but that's not much consolation to people who don't have family or can't find decent jobs in such places.
The solution to these increasing costs is just to reduce the barriers to building new housing due to zoning, regulations, and frivolous lawsuits (e.g. California's lawsuits under CEQA claiming a building's shadow is an environmental threat). This is ultimately why the housing supply hasn't kept up with demand, and could be solved fairly easily if there was some focus on it.
You dont own a house, the bank owns the house - we should change the rhetoric to "i took a loan out for a house" instead of " I own a house". Unless you paid off your house you dont really own it.
you kind of own it. you own equity in it, if the bank fully owned the house they could just kick you out at any time for any reason and tell you to get bent.
My mother is 52. She worked at mc Donald's in a normal position at 18 and was able to afford her apartment, car, bills, groceries and still have money set aside all while enjoying going out. Destiny is a smart guy and normally informs himself before speakyon a topic as far as i have seen but you are completly wrong on this one. The cost of living compared to wages gap has only exponentially increased since the 70's. Put both percentages on a graph and tell me they wage gap isnt different 😅.
Sorry, but your mother either is "misremembering" or had other income or roommates. No one was affording that on a min wage mickey D's job back then at 4.25 or 5.15 an hour or even if you got the massive .25c-50c raises they used to give out.
Your mother got a job at mcdonalds, then moved out of her home at 18 years old and lived alone, bought a car, and paid for all of her own bills and food? She's 52, that would put her 18th around 1990.
This sounds like either you or she is coping
@@winstonwolf6791 You speak from your knowledge of the time having done so? No o didn't think so. With all due respect your opinions will never hold more weight than people who actually lived through the time your SPECULATING about from stuff you read about online. That's just a REAL fact for you
@@os-tin You can be slanderous in nature all you like but you can't change the facts. Your speaking from an opinion stand point while I provided information from someone who actually lived through the era your speaking about from what you read on the internet, source - trust me bro, yeah ok😭. With all due respect there is a largely fundamental difference between the two and your feelings don't mean ish. I also find it hilarious you chose to speak like it's fact all while ignoring the fact that I said educate yourself and put each category on paper, bar graph, percent, hell a fkn pie chart who cares! 🤣The fact won't change, COPE SOME MORE
@@TheGospelofKenneth I was actually being kind, as your mother most likely blatantly lied to you. The numbers are what they are and it is impossible for what you posted to be true as I already said. Just like it is impossible your mom walked 20 miles to school in 2 feet of snow uphill, BOTH ways, as the old joke goes about parents retelling their kids how easy or tough they had it.
Fact of the matter is that there are more opportunities and threats to make and lose money. The average person loses out in this scenario
Your opening story here is exactly why I left bank of america. I owed them for 2 over drafts, like $9 between the two, even though the large payment I made was a day later. I owed $79 all of a sudden even though I was expecting to pay like $39 with OD, and it screwed me for a week as I was terrible with money 15 years ago. It sucks being poor, the more I make, the cheaper it is to have my 15 various accounts and investments managed and shit compared one account I may have $300 at most in at any time
Dude... That rant about overdraft was so fucking cathartic... It was me every fucking month for awhile lmao.
2:13 Same happened to me, when my Netflix subscription charged me $12. It was even my understanding that my account COULD NOT be overdrafted, but subscription charges functioned differently so they could overdraft me. For the smallest, most unnecessary service of Netflix. I ended up owing $140ish, but because this hadn't happened before they knocked it down to only the first 2 days and I still had to pay $70. The bank teller that went over all this with me said something almost exactly like "ya, people's Netflixes do this all the time to them"
You should have refused to pay. Overdraft allowance is a legal contract, if you didn't sign it, you are not legally obligated to pay it. I overdrafted close to $1k with my first bank, but because they couldn't produce a signed overdraft contract, they had to eat it and I got a new bank.
@@TheKeefeStonebased and 1k theftpilled
based off my experience as a millennial, whenever i hear of a boomer working a "shit job" and buying a house its usually a "job" that people are surprised make bank, like garbage men or plumbers or mail man, hell even management at places that are considered "brokie" jobs like mcdonalds is lucrative. the problem is these arent "jobs" they are careers and zoomers dont want them because then theyd feel like NPC's.
Destiny doesn't realise how dumb his comment about the petrol was. Like he chose to "worry" about the larger less frequent payment because it was bigger, and when it came around it felt like it was fucking him, but because the petrol/food costs are smaller, you didn't think about them in that way. But if those more frequent yet smaller payments were even smaller, then when the large payment comes around it wouldnt fuck you. The other people are choosing to "worry" about the more frequent payments because as those get larger, due to the frequency you are required to do them, it overall hits you harder and harder at the end of the day
The biggest difference just comes down to how much you drive. If your commute is 5 miles in a city every day, then $4 gas is just $40 every month with a 20mpg car. If your commute is 1 hour on a highway every day (let's say 50 miles), that becomes $400 every month. People in cities complain about the cost of housing, people outside of them complain about the cost of gas.
1:21 Bro this right here is the biggest of big trues. Bro I felt all of this in my soul and the best part is if a payment bounces…THEY CHARGE YOU $35 ANYWAY! Like holy shit you hit me with the fee pay my fucking rent. Now I have your fee AND the late fee to deal with. Holy shit Im having flashbacks to my warehouse days.
Destiny is ignoring the fact that GenZ got a MASSIVE boost in ownership because of the pandemic. The article he brought up with the graph literally says GenZ who didn't buy in during that small window are going to be left behind and will be paying higher percentages of their wage if they ever do buy housing.
God I hate whenever Destiny talks about issues in the USA and a bunch of Euro-"individuals" come out of no where and starts making fun of NA, though ironically they don't seem to know that the USA isn't the only thing in NA. Bank overdraft fees 100% exist in Europe, including charges on accounts that don't have enough money that's above 0, so if you don't have over 100 Euros or whatever made up currencies they have over there you will be charged.
Yes but the regulations on how much fuckery they can pull and the actual prospect of surviving insolvency from it makes it a lot less prevalent and cases that do occur a lot less serious. You would find it hard to find someone homeless who doesn’t have a big spending habit on some dumb shit in Western Europe even the slums are more liveable and with actual income support you can live alone even on minimum wage, the same can not be said for the US.