Also the banks that hold all those reverse mortgaged homes to pay for EOL care. Xennials and Gen X know we are not getting a DIME from our collectively narcissistic family. Some will luck out. Not nearly enough to stem the tide of profound discontent at the richies. The Tax Man Cometh.
That's been happening for years. I'm GenX, my boomer parents spent over a million dollars on mid to low end care homes for my grandmother. it was over a 15 year period and for the last 10 years of that she was all but a vegetable. I visited her more than any of her children or other grand children and I only saw her 3 times a year. It's only going to get worse in the future. The truly sad thing is just being alive isn't living. These places pray on peoples conscience and suck the family dry.
@@tundeukthe problem I've found with that option is what does the carer do once the person dies? Being 40, with a big employment gap, and little real world experience isn't a great place to be.
Couldn’t agree more along with the fact that they’re barking up the wrong tree. The problem isn’t not taxing the wealthy or blaming seniors for not giving their money to young people. The problem is that if you have the vast majority of your population being raised by a single parent you’re screwed as a society. You have less parental oversight. You either have less Mother or Father influence bc of who isn’t in the household. Your finances are destroyed. You have no time to go over homework. The statistics are clear. Look and see which demographics are the most successful. Then match that up against single parent households. It couldn’t be any more obvious.
If you were born in America you are already more privileged than most of the rest of the world. If you were born to parents who care for you and will raise you to be a good citizen (work for what they have, don't commit crime, etc.) then you have hit the lottery and you can do anything you put your mind to (provided you are willing to put in the work).
As someone who has had many corporate jobs, I disagree with Galloway about going into the workplace. I have no friends from my workplace - they are nothing more than acquaintances, most of these people I don’t even remember nor recall. We trade our labor/time for currency and Corporate uses that labor/time as input for a product. Nothing mor, nothing less. Go find friends in your neighborhood, at the park, at a museum, etc. Every woman I dated, I met somewhere other than the workplace.
I think people met their partners at work back in the days when people actually had breaks together, lunch hour, time to chat at the water cooler. companies now expect so much more productivity while running a bare bones workforce where only one person can be on break at a time if your colleagues are even in the same location
Well he said "1/3 of relationships start in the workplace". Everyone wants to be the "1". Nobody ever considers they might be the "3". your experience doesn't invalidate the statistic. It falls perfectly into it.
Agreed. I'm 56 and worked since I was 16, most of it in corporate and non-profit offices. Although I get along with 95% of my coworkers, and many of them feel like friends much of the time, the reality is that almost none of my coworkers are actual friends. They're what I call situation friendships. Other than about 5 people from the last 4 decades, who are still in my life as true friends, work friends do not transfer to real life friends typically...sadly.
A job honestly doesn’t gives you the time, space and opportunity to chase your dreams and achieve your goals. From personal experience i can tell you working a serious job is modern day slavery. they pay you a small amount for doing a significant amount of work and promises you promotion. Best advice make investments and take calculated risks that would guarantee your success.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment
Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
It does matter who's in government, not so much in the short-term, but if Americans can consistently elect people who are financially responsible and not corrupt, then we can turn this trend around. It will take a long time and Americans aren't known for electing financially educated people into office so it's more likely America will simply collapse under the weight of the stupidity of its people while politicians launder all the money they can through pet projects and wars.
It's a bit annoying and unfortunate. When i was born, the national debt was $2,150 per person. Now it's over $100,000 per person. And I'm not even that old. It's truly alarming and best advice get out of debt, make regular investments and be debt free and financially stable.
@@Derekhoffman312 Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my Financial advisor are working on a 7 figure ballpark goal, tho this could take till 2025
I just turned 40 and look forward to paying everything off and living very minimally after I wrap up all my debts. My goal is to reach a point where I interact less into this economy because I don’t care much for this “society.”
You may be right. I am fortunate that I am passionate about metalworking and that I went into a skilled trade. Even then, passion isn’t everything. I take pride in what I do most, by the fact that most people don’t want to do what I do, and I am proud of the value of doing the work that needs to be done. Mike Rowe talks a lot about this.
@@catfromtrigun When I say retirement, I don't necessarily mean I sit around and complain about the kids on my front lawn. I mean the economic freedom to pursue my own interests in tasks that I have intrinsic motivation to do. I'm lucky enough to work in a profession that I'm passionate about, but the tasks required from me aren't things I have any interest in doing. In other words, I want to be my own boss but don't have the financial freedom to pursue it because without a salary I'm a few weeks away from homelessness.
First 10 minutes is EXACTLY what I am experiencing and facing. I a 34 year old registered nurse. Decent income. No kids yet but would like some. I sacrificed a lot because I wanted a better future for myself and I am doing VERY well for someone my age but even I who has a good amount of resources are facing a massive level of anxiety about how I am going to care for my aging parents who haven't done enough to provide for themselves.
If you're a competent nurse, then you know that kids are out of the picture for you. Let it go and come to terms with the reality that you deliberately gave up motherhood to pursue other things in life.
Money does buy happiness for sure, especially when you focus on relationships. Just today, I paid for my friend to come visit his family for Christmas. That brings me more joy than any product I could ever buy.
It buys stress relief. Not everyone is happy with their wealth, but they're certainly less stressed when the bills are paid and they can handle any emergency.
Depends on the field. I've seen many nurses working even in the ER late into their 60s or even 70s. My own grandmother is in her late 60s and still working as a nurse in the hospital (not bedside, but still). If you have knowledge and your skills are in high demand you will be able to find and keep a job. The people who will have trouble are those in service, tech, offices generally, or manual labor (low-skilled) who are not physically fit anymore.
Nobody wants to hire them because most of them are unhealthy, don't take care of themselves, and have severe health problems. It's a liability to hire American boomers. Why would you want to hire someone who is overweight, has diabetes, is a daily fall risk and heart attack risk, and has to call in sick constantly? I've seen multiple boomer guys die or have to quit at my workplace because they were unhealthy and didn't take care of themselves. They didn't even make it to 70 years old.
Seriously this conversation so far is “I’m a rich online media influencer who travels the world but the majority of you should be a happy wage slave working your ass off in an office 60 hours per week and love it.”
@@akumacode things are never going to change in our favor. The elite will never abandon this system and are currently in the process of installing authoritarian tech fascism to make sure things never change.
Unfortunately, corporate life isn’t risk-free or stress free. My father worked for IBM for 30 years (he’s in his 80’s now) and retired with a nice pension. People under 60 have never really known that type of security. Companies have zero loyalty to employees, lay people off in a whim with seemingly no regard for their personal performance (just wipe out a whole division to bump the stock price for a quarter), and give no pensions. On top of that, career growth within a company is far harder than for those who move around. So I can’t imagine that the average job tenure for people who work at corporations is more than 3-5 years anymore. Yeah, a paycheck every two weeks and some health insurance is good, but I am just saying that Prof G’s Morgan Stanley friend example is a unicorn.
If it’s removed we will have a revolution. Let’s face it, it’s the one thing we get that matters to us. Without social security, what good is the government?! Just to fight its wars?!!
Retirees withdraw far more in social security and Medicare than they ever put in with interest. You only put in the money you put in so as with all retirement plans it’s not adjusted for inflation.
Its never going to be, because its apart of the infrastructure created to keep the 1% being 1%. If the outcome he predicted were to come through, wealthy would be distributed away from the 1% and at the end of the day, the 1% wont allow that to happen.
I'd argue wealth is primarily a lot of Luck. Like, I moved to Oregon when I was 24 because I wanted to livebtgere and Netflix had just started a call center and were doing employee stock plans. Just dumb luck on that company working out grossed me over a million 15 years later. Then I backdoored into a 6 figure job. Like its all random chance. Some people have parents who can get them into Harvard, some don't.
Significant wealth is a lot of luck. Reasonable wealth is a matter of consistency, strategic thinking, and sheer fucking will. If there’s any luck involved it’s being born in a two parent household with decently smart parents are aren’t crazy addicts.
@@SwaeTechagree with much of what you said, but I haven’t met or read about any super wealthy person who didn’t bust their ass. Luck is where opportunity and hard work meet. Unless your inheriting money, if your super wealthy your putting in the time.
@Rob-me8vp but there's ton of people putting in the time, the fact that the majority of those won't ever get even close to wealthy proves that there is a decent amount of luck involved, being in the right place, at the right time, with the right people, doing the right thing.
@@SwaeTech You’re downplaying luck by a lot. Health, socioeconomic background, and peer influence are all very important. Being in a stable environment while you are growing up is very much up to chance. Overall, it’s better to be lucky than good, but better still to be lucky AND good.
One thing the “I dont understand how anyone would want to retire”crowd doesn’t realize is that a lot of people have hobbies and interests that they can’t pursue because they have to work so much, if I could retire now, I’d spend my day playing guitar and doing woodworking, making improvements on my house and volunteering in my community
For some people, their only passion or reason-for-being is their job or business and they have no other hobbies. Usually, those people are quite uninteresting. But I'm like you. I can think of 5 activities, passions and interests I'd pursue all day.
My boomer parents who received an inheritance from their parents had 200,000 in the bank but they didn't take care of their health and became drunks the last 15 years. So they ended up in a retirement home in their 60's costing 10,000 a month. I'll probably not get any kind of inheritance. And that's okay I still care about them. But sometimes the narcissism of boomers really sickens me. The boomers left the country 36 trillion in debt. Many of them really are crap people.
Crap people...who worked overtime whenever asked, who showed up early and stayed late, never missed a day, stayed 30 years+, etc. No today's employers are crap people, enabled by crap voting for crap government.
It’s so fascinating listening to this as an autistic person. Because I get my joy from my hobbies and interests. The second I have enough I get to just do that all the time I’ll be instantly happier. Work and socialization with normal brain ppl is exhausting.
You likely can't get in those places without an Ivy level degree or good personal connections. Some of us don't have those connections and we never will.
One of my parents is homeless and unable to work. I fully support him while the VA denied his disability claim and SSDI will take at least 280 days to review his application. My other parent is on Social Security and Medicaid but she still can't make ends meet. I'm supplementing her income to keep her from being evicted, but she insists on having lots of stray cats and a dog that I'll be burdened with when she can't take care of them. My siblings don't help and use their kids or own expenses as an excuse. I'm single and childless and will likely die alone with no one to help me in the way I am doing for my parents.
Contact a company named Allsup. They will help expedite your father’s disability. Someone I know is using them and it has seriously expedited the process. And they stay on top of things, including making sure all deadlines are met. He wouldn’t have a chance without them. Their online form is very thorough but they know it and help you every step. They are highly rated by the Better Business Bureau. It’s worth a shot.
Make friends at work? Every person I met at work that I thought was my friend betrayed me or would sell me out like judas for a free sandwich. The work environment is hostile af and people are about themselves.
I work at a small hedge fund firm(35 people). The people are friendly and we collectively work on projects which builds relationships. I think it’s different in large corporations. Lots of people want to hide out and ride off the work of others. They are therefore extremely defensive and unfriendly in an effort not to be exposed. At smaller firms you can’t hide. I mainly work remotely which almost makes me want to work harder to prove I’m trustworthy and not slacking like some remoters. It’s a shame some people abuse working remotely bringing about the call for mandatory back to office. The money saved working from home equates to a 30% raise. With inflation and no raise recently this is huge.
You know what's interesting though? I never see comments from people saying that they are on the other side of your experience. RUclips is mostly an anonymous outlet for users, which is a greater testament to this absurdity. Why don't we ever see comments like "People shouldn't make friends at work, but I definitely have and will sell out my comrades for a free pizza voucher".
Yes, his story about him paying $280k a year for his dad’s care. That’s not possible for anyone but the 1%. Shit out of luck because he can’t move mum and dad to the Bay Area? He could sell his house move to Kansas with his parents and afford a nice early retirement.
I guess at least they are acknowledging it (to make the money that ensures they are not in that bucket ... ) but still better than acting like it's Your personal moral failing...
My parents sold their home and contributed the proceeds for an ADU attached to our home. That worked for about seven years before they became so reliant that they could not be left alone. Fortunately, my father and mother were very thrifty, raised during the depression. Scarcity was an every day real deal. Still, my father‘s monthly cost for his board and care facility is $7500 a month. If Mom was still here, the cost would be $15,000/mo. That doesn’t count insurance or pharmaceutical costs not covered by insurance.
I like everything Scott is saying but most of us don’t have any of those connections. I’m happy with my 50k a year but I know I won’t have children with that amount in California. I’m just grateful I get to have food every day, clothes and a roof above my head. People need to be grateful on what they have. Most people in the world are starving or poor.
Yes they are. Most people in the world are poor. They are poor when it comes to material possessions but rich in family and community. The first world countries are rich in material possessions but poor in family and communities.
@@anthonyfrattalone9937yes, yes they are…! If you live in America- consider yourself probably blessed and fortunate and to have more than 90% of the world
Yeah, there are definitely two sides to this. I am next door to you in Arizona and our rents are getting too high, our rents in Phoenix are closing the gap with you guys in Cali and we don't even get a coast for that price. BUT on the flip side, I see reports that say that you need to make a minimum of 100K a year to live comfortably in Phoenix in 2024, which begs the question how we are defining "comfortable". I am able to live in Phoenix just fine on 50K. I have a house. I have a fairly new car. I don't stress about bills, and I have money to invest. I am 50, so my only child is already grown and married with her own household. I know that it is harder with a family and I do wind up contributing to her household bills regularly because they are raising two children on my son-in-law's ~50K salary alone, but I question the idea that you need 100K a year to live a comfortable life.
@@mercedesb2299 Yeah it brutal right now. I still have hope that prices will go down or the value of the dollar will climb back up in the future. I just turn 30 years old and I live with my brother. We bought a home together and work together in a small business cleaning pools in south side of California. I live in a desert and the cloest beach is 2 hours away. The houses here are priced so high that it basically impossible to acquire one as a single person now, unless you make 140k. I've been living fine with my brother but we don't really go out much and we eat one meal a day. We been trying to pay of this house as fast as possible and by next year will be done YAH!. Im hoping our business get bigger and we will get more income in the near future. If not, I already have plans to save up all of my money in the future and just plan on moving to another country that is safe and the houses are extremely affordable and cost of living (for me that is going to be Japan! They are looking for young people and offering a lot of aid just because of the population collapse). I feel like in the future middle class people will have to either live in cars or vans and save up money and potentally use it to buy homes in foreign lands and learn a skill that can help you work from home. Hopefully it doesn't come to that. but i wish everyone luck in their own current endeavors.
I don't like the argument that men die early if they retire, therefore men shouldn't retire, I feel like its kinda like saying "this guy who ran a marathon at full sprint died right after he reached the end, therefore he should have kept running and he would have been fine" instead of "maybe the race was too hard on him and he should have had someone give him some water or helped him take a minute to catch his breath instead of ruining his body by only caring about the race"
Right? People are forced to work so hard they don't have time to foster relationships or discover hobbies. So when they retire they don't know how to be normal. The answer isn't working them until death. It's to give them work/life balance for the 40 years they work.
Yeah there's a difference in experience between a desk job and construction work. A desk job person might benefit from continued routine but that's because the routine isn't back breaking. Sucks for the younger generation trying to move up the "desk job" ladder though
@@ss-ds2dnWC rates for LBP is similar in white collar workers and blue collar workers. Sitting loads the disc to 150% to 175% of body weight do the change in biomechanics for cextended periods of time. Sitting also increase the rate of diabetes, stroke, CVD and other diseases. Be careful what you wish for.
@@Rob-me8vp yeah but they have the option to get standing desks, under-desk treadmills etc. I hear that a lot of BC injury is from dudes messing around but I assume there's still a lot of unavoidable risk even if they're careful. But whatever, I wouldn't know. My job is technically "gray collar"
28 дней назад+7
My dad's a Boomer. He retired at 56 years old, but he's not going to be leaving a red cent to me or my siblings. Not because he wouldn't want to, but there isn't going to be anything left when he goes.
Kids 10-15 the best years of your life ! Damn.... sorry you feel that way Galloway. Personally, my time with my three sons continues to get better each year. They are 18-22. Each chapter has brought it's joys (and challenges), and now I sit across the table from three men where we exchange ideas and knowingly by all of us - have great experiences with each other. For anyone who reads this with a young family - don't be "told" by someone on RUclips what is and isn't for you. Always good to hear perspectives, but each of our lives and the relationships within is different. And most importantly, you can shape them.
I think Galloway means; the 10-15 years are a time when your kids are not so involved in their own interests and with friends, that they still have enough free time to interact with you. I would say; childhood is a great time, due to not having the stresses of adult life, and retirement so you can engage in those interests, hobbies, etc, that you have put off. This is of course as long as you are financially secure and in good physical health.
I enjoy my son more and more myself every year…he’s 20 1/2. He’s an absolute blessing to be around. Completely agree with you- our relationship gets better and better
I'm 54, self-employed carpenter for 10 years, mainly because I wanted to be a general foreman, but my inability to keep my opinions to myself prevented that. I love it. BUT, work has been slow the past couple years for personal reasons, and I looked for work with commercial construction companies. I found out PDQ that no one wants to hire a 54 year old carpenter that's been doing his own thing for 10 years.
They can't afford your experience. Apprentices and laborers are also getting a huge increase in wage as the demand for development increases, but young men have stopped going into trades. They also aren't interested in quality -- just people to slap stuff together. You're definitely better off staying independent, and moving somewhere else if need be. Lots of places experienced carpenters are absolutely loaded with work opportunities and able to charge out the nose for it, ESPECIALLY if you have pride in your work.
I’m around 40, and I’ve been working in information tech for 23 years. My brain is exhausted, I do get great joy solving problems but maybe 10% is solving problems and 90% is normal mental crushing work. I’d retire all day long…
Don’t forget the mental paper cuts of meetings with people that draw on forever in long conversations and suddenly you realize half your workday is waiting like a Pavlov’s dog for someone to mention you on something.
@@t3morga when more money doesn’t even move the needle much then I think a huge question I’m asking myself is how we can keep this pending train wreck from happening. All I come back to time and time again is reducing work hours. To the comment right under this one, we all know how many hours are just flat out wasted. We could probably have an extremely productive 20 hour week vs a very meh 40 hours. I’m not saying 20 hours is a solution but we need another Henry Ford to setup a new workweek. How we are still on the same system built to produce cars… really hurts my brain.
I've been white collar for almost 20 years. I long for the days AI takes over and actually works for us. People have no idea how good this going to be but it's not today. People are going to be needed for the language requirements (speaking AI tongue, so to speak) and engineers for the AI datastores/algorithms. Still going to need CDLs, still going to need retail delivery drivers, still going to need service and retail to some extent. There's no way AI just does everything for us without needing people. Not in our lifetime.
@@meanguitar Important to point out that tech changes every year. If you haven't been involved since 2022 there might be some missing information from your resume. In 2 years there are many changes and companies hiring typically want cutting edge tech.
He’s right about connections. Google rejects 98% of applicants but my daughter was one of the lucky 2% because someone that worked there that had been in the Michigan Marching Band with her recommended her. It helped that she graduated as a triple major with a Masters in Management by age 23 when they hired her although none of her degrees were computer related. It also helped than her mother was highly successful and taught at Yale about the importance of social emotional intelligence and she passed those skills on to her. I’m an entrepreneur too so this talk was all very entertaining and interesting to me. My biggest difference with Scott is I don’t drink and I am not an atheist but I respect his intellect.
well said! Very different generation with a completely different mindset. I do think most girls won't mind a hint of knowing someone is interested as long as you're not being pushy but still VERY RISKY EVEN
False, if you look at stats on where people met, at work is number 2 on the list. Yes you have to be more diplomatic at the beginning stages of dating compared to the 70s.
Mid 50s...the smartest thing i did (and i have yet to regret this) the smartest thing i did was to recognize that the only opportunities presented to me when growing up was too minimize risk of doing things that put me into abject poverty. Having to compete with baby boomers when starting out in the job market...resulted in in next to 0 opportunities for job growth.... having parents that had 0 imagination as to what i mignt have been able to work toward...So... i never got married (so i cannot get divorce ráped) and never had kids (and risked the unknown costs of what ever that would have involved) The best i can do is take care of myself.... and only after all these years one again...these conversations on this thing called the internet... are they revealing to me how much i (and we) have been lied to my (our) entire life... i grew up in a pool of lies... could not prove it until i was too old to take advantage of the realization that the lies existed.
My God, you and I are strangers but you EXACTLY matched my observations and decisions. I think over the next 20 years there will be a massive realization of how the American Dream was a total impossibility. Be good to yourself and thank you for sharing. ❤
Word. I was happier being a weekend waiter..which is a job i hated and was terrible at...than being a senior developer..because people in restaurants are SO much more alive and fun than techies. Its why i always took low-end second or intermediary jobs..i'd find much cooler hotter girlfriends too.
This is the biggest issue today. Even had inflation not gone crazy in 2022 people were already behind and struggling. I realize a lot of people make bad decisions financially, but even people who are smart about money are struggling. The young kids are essentially screwed right out of the gate. When I got out of college I could buy a rough house for $42k. I spent 8 years rebuilding it and was able to sell it for everything I had in it. Kids today don't have that option.
@@joegrazulis2810 OK but we didn't have the option of sitting behind a webcam making 100k a month. We didn't have the option of releasing apps and music and videos and profitting. We didn't have the freedom to take gig work when we wanted. I live among gen-z...plenty of them are doing just fine because they are hustling the way we did. Lastyly, who cares about a house...maybe 10% of my gen-x buddies every owned and their wife took them all in divorce.
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
Having an lnvestment advser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know
A huge percentage of us don’t have any generational wealth. I’m going to get absolutely zero from either of my parents. It’s so disheartening. In turn, I’ll have nothing to leave my children. Divorce, pay cuts, reduced salary for over a year now, dental emergencies, medical expenses, even veterinary care… it’s too much. Makes me sad for my kids. I wanted to give them a leg up. A home, some land, anything but there is nothing 😢
This 51 year old woman is exhausted. I have an office job but it's very demanding. I work 45+ hours a week. It's stressing me out. I can't imagine keeping up that level for more than another decade. I would prefer to be working only 30 hours a week. All I want is to hit my FI number so I can drop to part-time. I don't think I want to fully retire though. I love the days I get to work from home. It's quiet, and I'm so much more productive. I also get 2 hours of my day back from commute time. I'm an only child with aging Boomer parents (both divorced and single) in another city. I'm not sure if I'll even be able to continue working full-time if I need to move my parents here and take care of them. My dad's parents both had Dementia in their 90's. At least I don't have children to worry about too.
The problem is we don't solve our problems. We have been putting band aids on everything for 30+ years. We need reform on healthcare, the social security system, immigration etc. But all we get are soundbites from politicians who only want us to vote for more gridlock in DC.
Ideally I would like to semi retire and work about 20 hours a week while being financially independent. The problem is in the US our healthcare is tied to or jobs. If we had socialized care more people could work part time by choice
I feel as if the "Greatest Generation" who truly knew sufferring haven lived through the Great Depression and fought in WW2. Really served up something sweet for future generations, but for 80 years the rich have been tearing at it like a pack of wild dogs and these times we are living through are the result.
So what do we do in response to a massive problem brought on by terrible economic policy? Nothing! We turn it into an occasion for more hustle bro business mindset advice.
Most people want retirement because most jobs suck. I don't want to do nothing, I just want to do an economically bad job that I like when I'm retired (when I do not have to worry about money)
You guys can't think of answers? You want to force savings on people who already don't make enough money to save anything, but you don't want to force government and the corporate sector to restore pensions? That doesn't even occur to you? Investing in our society, our PEOPLE--the source of why you guys are rich to begin with--isn't a thing?
They have made so many rules and laws that set society up for them and screwed the rest of us. I live in a "snowbird" destination that seniors from elsewhere move to and I am increasingly infuriated by the 55+ housing. I didn't mind it so much when real estate prices and rents were reasonable but they have both increased by ungodly amounts. Age is a federally protected category, so housing is not supposed to be able to discriminate or deny someone the right to live in a certain neighborhood based on age, race, etc...But for some inexplicable reason they were able to vote themselves an exception to the federal law. So you can't discriminate based on age, unless the 55+ crowd decides to do the discriminating. That is fine. In my state, there are entire cities that are 55+. There are huge neighborhoods that span nmultiple city blocks that are all 55+. Roughly 75% of the manufactured home parks are all 55+. People will all say that seniors need special care so they have to have their own exclusive housing, but we are not talking about assisted living facilities or care homes here. These are mostly single family homes with huge yards, 2 car garages, swimming pools, you know ....family homes, completely reserved for 55+ while more and more families with kids are forced into tiny apartments for $2000/mo or they are homeless. I am 50 years old and it gets more irritating the older I get. There are massive areas of my own city that I can't buy or rent a house in because I am 50 not 55. Now, it is the princviple of the thing, I will NOT move to one of those neighborhoods even when I am 55. I hope that more Gen X hold out too and don't buy or rent their houses as we age in.
Heritage Hills in Somers New York is a 1600 unit condominium complex that was effectively sued for keeping out families due to its designation as senior housing. This was several decades ago. It is possible. And would benefit the oldsters as well.
He's just laying out the points from his book, most people aren't listening to multiple podcasts with him in it so they might only hear him talk about it once or maybe twice (I have also heard it multiple times though because I listen to lots of podcasts)
Almost every person I know despises their job. Very very few people enjoy their work. It’s a nightmare really for most people. That’s why everyone is so desperate to retire…. Because they are miserable spending almost every waking hour doing something they despise.
Retirement is essential if your job is soul-killing. I don't think the careers of those who love their work are soul-killing. But how many folks have that kind of job or career. Not so many.
The blaming of boomers really bothers me. I’m 47, my parents are boomers. They did nothing but teach me to work hard. They retired but not wealthy. If they have health problems I don’t know what I’ll do, but it’s not their fault if that happens. Caring for an older parent is part of life. There is no world where I blame them for my economic well being.
Galloway thinks people should not retired and stay working but no place will hire anyone over 65 believe me! This is an academic guy talking about extending your life by working longer, but where are those works for old people????? Can Mr. Galloway find me one?
I was lucky to land a good paying job but not 6 figures and on night shift. Physical and demanding. I tried to get 3 of my friends on over the years. None of them were interested. Now they complain about their situation. I drove cheap cars good on gas and have saved some. My wife works for the post office. She has done well also but sacraficed being forced to work lots of saturdays and sundays. They cant find anyone to work now. They show up day 1 wanting to pick their schedule. Then they quit.
"At the end of my life, I've already planned the music I'm going to play: Tom Petty and some 80s" 🤣🤣 He's really fun to listen to. When this dude is on any podcast anywhere, I am there.
@Rob-me8vp - Ah ya NO. Depends on who you are. Over 60% of people in US make 65K or less a year. If you're 21 years with only HS, probably making 25-30K per yr starting. If your max is 65K, your medium is about 47k over your 45 yr working life. Most people get about a 3-4% return at that income level, so that 15% save will net about 900K after 45 yrs (and that's ignoring whether COL will allow 15% savings). Do the math. Its comfortable, but that ain't wealthy! You're still 8 steps to homeless and 1000 steps from wealthy. Better than most in that bracket, but this BS don't add up and is only trying to justify the inheriting-moochers class (which vast majority wealthy are) not paying their taxes.
a ya no. If you make $25k/yr starting at age 20 and invest 15% of your income into a low cost index fund returning 9% historically matching the market that means at the end of 45 yrs of investing $312.15/mos that equates to $2,427,583. That doesn’t even include your SS which is weighted higher for the lower brackets of your income. That isn’t too bad even after accounting for inflation. What matters most is time in the market! Next 80% of today’s millionaires are self made. No inheritance. Most from jobs that aren’t high paying ie teachers, firemen and police officers. They were just smart with their money and invest early and consistently. Last, top 1% pay 26% of FIT, top 10% pay 47% and top 50% pay 97%. Top 1% pay the most taxes as a percent of income and goes down accordingly based on income earned. Look at the US tax info. Forget the BS Buffet and Gates tell you. They want to look like good guys.
@@Rob-me8vp Sorry but 9% historically matching the market doesn't mean what you get as returns - Middle class are lucky to get 4%, the fund does need to get paid after all. Your numbers are highly inflated. And these millionaires (BTW $2,500,000 is still not wealthy) teachers, firemen and police officers you point out are PUBLIC EMPLOYEES with unions and pensions that WE pay for. I don't think most people want that to be where wealth should come from. So top 10% pay 47% in taxes yet own 80% of all wealth in this country. That's fair to you?
@@BrianG-vn8kwJesus Brian, get a clue. The historical average is 10%. The whole point of John Boyle setting up an index fund at Vanguard was to provide an extremely low cost fund that tracts the market. It was designed to be low cost for the average investor who wasn’t wealthy. The index funds beat portfolio managers 8 out of 10 years. You can set up an account online at a company such as M1. It is incredibly cheap and yes tracks the market to give a historical return of approximately 10%. I’ve done it for decades. I don’t make a lot of money but have become well off. This is not rocket science. There are plenty of investment books and podcasts to learn from. I love how people say $2.5 million isn’t well off. I guess you are too 1% and can tell people how it is done. Please give me advice bc I am willing to take any pointers you might have.
@@BrianG-vn8kwwhy do I care how much some one else is worth as long as they are doing it legally. Why would I want to stifle someone’s entrepreneurial spirit and drive to create something that benefits me and society. They create products that can benefit me, give me a higher quality of life, improve life expectancy and create jobs. Why are you so jealous of other people building and creating. Stop thinking that just bc someone has money that they screwed someone over. Them building and creating wealth doesn’t take anything away from you.
Only few people understand that longevity is a blessing for an individual but a curse for the nation. Old people pull too much resources which should be invested in children. People tend to forget that children are the future of the nation. No children - no future.
Last thing i want is for my kids to watch me fall apart from old age. I want to be around my future grandkids when im older but ill never retire " move or die " is what ive noticed with old age. The minute you stop having tasks and needs that must be met everyday. We kind of just wither away. Working keeps you young. Its a yin and yang scenario. We work all the time only to wish we never have to work but then once we stop working it seems like our purpose is skewed. I know there are some outliers but for most people this is what ive noticed
Retirees suffer a lot in the U.S. because of a severe lack in community and personal cultivation. Without a job, many people realize their relationships and spirit are lacking. Elders do not suffer in the same way within other cultures that do not have a deadly combination of individualism, consumerism, and ideas that tell people they are nothing if they do not produce wealth.
@donventura2116 I agree, but at the same time, there were different expectations than there are now. Back in the day it was common place for your parents to live with you and help raise their grandkids while also passing on knowledge to the new generation. Now instead the common thing is that each generation is more inexperienced than the last because society is changing so fast that the prior generation has nothing to offer except for material assets. There is no community or loyalty.
@donventura2116 in reality producing wealth is different for every person. For some its just getting out of poverty. For others it's creating business. Men cannot simply exist because it's in our very nature to produce " wealth" to survive wealth has always meant " a means to make my life easier" no one wants wealth just because. They want it to be able survive and thrive
I think it's important to note that "men being the primary physical laborers" being the norm until fairly recently is more of a perception than a truth. Women who birth & raise children and are responsible for the majority of household care are generally doing very hard (unpaid) labor. Not to mention the women (poor & POC) who did all of that & had to work jobs to support their families on top of the household labor. It's an outdated concept perpetuated by people who don't understand the work. Just because most women weren't busting rocks & bailing hay doesn't mean that their jobs weren't very physical in nature.
Remember when you had to HAND wash your 5 kids clothes after making dinner? You Want to fuel your retirement? Get kids... Your parents were broke when they had you as a kid, like all of humans in history. Governement paying you to get kids, that a real job now ;)
It's certainly labor, but not hard labor equivalent to trade jobs. It has its challenges but it is not work that physically destroys spines, knees, shoulder joints, and turns hands into calloused sandpaper. It will never be as tiring as working on a roof. At worse someone tending to a household may have lower back issues stemming directly from cleaning after decades of poor posture and no exercise.
@17:40 Except the vast majority of people are not actually good at anything and never will be no matter how hard they try, let alone be great at something. This is called gaslighting.
Totally agree with the headline, I heard a development economist say the other day that in G7 countries people with a paid off home and a full pension are the world 1 percenters.The fact that the majority of those people are baby boomers which is the biggest generation in numbers and by and large they live 20 years longer than prior generations means that their "American Dream" will be come a nightmare for the following generations.
@23:00 I would bet the vast majority of entrepreneurs who make it have a safety net via their parents. It's not too scary to take a risk like that when you know you'll have a place to sleep and something to eat regardless of the outcome.
It’s hilarious listening to this 34:20 as a dairy farmer who works 7 days a week, my wife and I pay ourselves no weekly wage or salary. We live off around $40k/year for food groceries plus generosity of family and friends. What are the jobs that are paying $200-600k? Genuinely curious what kind of jobs folks in this comment section might have and what your salaries are? Thank you!👇(i might not be rich but I got raw milk like nobody’s business 🥛)
Enlightening as an entrepreneur who overcame a lot of ups and downs. I walked away from a corporate job and became great doing something I enjoyed which was building buildings. I have been able to provide a fairy tale life for my wife, daughter and granddaughter and myself. I owe my success to my employees and to my wife and to God.
Yeah, this is the world we live in. It doesn’t have to be this way. I wish somebody or some party would stand up for most of us.
28 дней назад+1
I have seen several of my clients have that serious conversation about wages, then get the raise, and then be the first fired when the redundancies come. You need to be very careful about your financial security when you go into that convo
I have an aunt who us almost 90; she walks 3-5 miles a day, us incolved in a few cherity organizations, and is socially active in ither ways. She looks many years younger than her age; he mind is sharp as a tack, and will hopefully live beyond 100 years of age. My hope is to invest the $300,000 that I should recive as my share if my larent's home when it's sold, and to invest that money in a way that will allow me to retire in 10 years, when I'll be 70. I have multiple auto immune disorders, mild scoliosis, and a skull defect, allthough I would like to return sooner due to how qorking in retail is taking it's toll on these health conditions. As long as I have managable aches and pains; have no worries about not having housing, foood, health car, etc, and I'm able to travel a couple of times a year, I will be happy.
coming up and having parents that imposed so much pressure to get me out of the house, even if it meant landing in a poverty cycle. its going to be hard to convince me to move them in with me later down the road....
(16:10) - The office is pretty sparse and overall attendance is roughly 20% to 30%. In theory what Mr. Galloway says would work, but only if others follow suit.
Listening to this makes me happy to be retired out of the country. I am happy with what I have, including a great Tica wife (pictured). Happiness is a feeling, not a bank account or mansion or Ferrari. Got your health and the basics? You're good.
It's not one extreme or another. Nobody is trying for a mansion, but you do need a decent roof that you own, and a dependable car, and money for vacation or an oasis of a yard to enjoy days off. Helping your kids succeed takes some money . Money is the number one stressor in relationships, so it's better to have some. The tropical beach dream goes very bad if you need a tooth pulled and no money, or the landlord sells and you end up worrying about where you'll live at 65yrs old. So no, happiness doesn't just live in your heart, it lives in your pocket.
@waitaminute2015 Happiness lives in your pocket? Who told you that? You just made the extremist argument. A billionaire with a b for a wife, a druggie for a son, and health problems . Yeah, he's delighted with life.
Excellent podcast thanks for having Scott Galloway on. He is always interesting to listen to. I agree with him 100% about using your 20s to investigate what you want to do in life. I focused on my career in my 30s and 40s and 50s and luckily I had a mother who taught me how to save and invest all along the way, so I am in good shape for retirement. I love the idea of an adulting class for highschoolers. if you don’t have a parent to teach you good moral values along with financial literacy you’re out of luck! It would be awesome to see high schools adopt a curriculum to support the young person going out into the world! Thank you again for an excellent conversation!
Super solid advice and direction. The perspective of Scott holds an abundance of what I would call wisdom. This podcast spured the first non-fiction book purchase I have made with eagerness in some time. What we need now is a way for those who have made the mistake or had the misfortune to enter their later adulthood without a grasp on the principles of success to stay invigorated enough to make the most of their remaining lives. Perhaps the book will share some of what is need for those as well as their younger readers.
For people with no money, make sure your parent have nothing, no money in the bank, no income etc. The state will then step in and cover the costs of care.
Sad but true. My FIL has a small pension and social security. Too rich for programs but too poor for old age services...so we pay for the delta...had we nit saved and paid off debt we would be in a bad spot.
I have investments and a financial advisor who is recently informed me that by the time I retire, I will likely need $5 million to retire and I did some back of the napkin math myself in discussions with him and determined that I would need $10 million and he said yeah you’re probably right.
That spiel ending around 22.54 made my day. I hung in with the boredom and ‘corporate’ stuff for years. Amazing to learn it was a solid decision lol. Mind you, there were 3 kids depending on me alone. In the twilight of my legal career, I now work for one of those kids. Gold. Not complaining. Interesting vid, thanks.
I dont like the outdated advice of DONT work on creative pursuits in “hobby fields” with people- creating bonds and asking for help and taking risks, but DO go out to the bar and drink alcohol to do those things.
I don't agree with Scott on everything, but he makes a lot of points that really resonate with me. No matter what, everyone can take away something useful from this conversation.
I’m 22. I don’t expect to get social security at all. Luckily I’m start enough that I started my 401k at 19. I agree with Scott’s idea about some sort of sovereign wealth fund that is essentially a forced retirement account for everyone so we can avoid this situation
How does this work for minorities in the US not foreign born people who most of the time do not have the same opportunities as the average white male? There is usually not many American born people of color in these rooms. Just curious.
Jordan keeps saying "house". What house? What is this "house" you speak of? I'm not familiar with that word or concept. My grandma is homeless. My mom is homeless. I was sporadically homeless my whole life. My bf and i rent a tiny apartment we can't afford with two bedrooms. One for my elementary school aged son (and sometimes mom), and the other for us. And our cats. That's the future of America, Jordan. Not Full House. Not even Married With Children. Titus was a more optimistic sitcom than our American nightmare is gonna be.
Check out acorns.com/jordan to sign up and receive a $20 bonus investment when you start saving and investing with Acorns
There is going to be a massive transfer of wealth alright, from boomers to private equity that owns care homes.
Also the banks that hold all those reverse mortgaged homes to pay for EOL care. Xennials and Gen X know we are not getting a DIME from our collectively narcissistic family.
Some will luck out. Not nearly enough to stem the tide of profound discontent at the richies. The Tax Man Cometh.
That's been happening for years. I'm GenX, my boomer parents spent over a million dollars on mid to low end care homes for my grandmother. it was over a 15 year period and for the last 10 years of that she was all but a vegetable. I visited her more than any of her children or other grand children and I only saw her 3 times a year. It's only going to get worse in the future. The truly sad thing is just being alive isn't living. These places pray on peoples conscience and suck the family dry.
Could you have looked after her and bank the money?
@@tundeukthe problem I've found with that option is what does the carer do once the person dies? Being 40, with a big employment gap, and little real world experience isn't a great place to be.
@@joshrobinson506They could have cared for her :)
The key to personal and professional success is having parents with personal and professional success. Seriously. Nothing else even comes close.
Couldn’t agree more along with the fact that they’re barking up the wrong tree. The problem isn’t not taxing the wealthy or blaming seniors for not giving their money to young people. The problem is that if you have the vast majority of your population being raised by a single parent you’re screwed as a society. You have less parental oversight. You either have less Mother or Father influence bc of who isn’t in the household. Your finances are destroyed. You have no time to go over homework. The statistics are clear. Look and see which demographics are the most successful. Then match that up against single parent households. It couldn’t be any more obvious.
yeah but then you're not out there asking what the secret is.
give them secret n°2, yourn°1 is not usefull lol
If you were born in America you are already more privileged than most of the rest of the world. If you were born to parents who care for you and will raise you to be a good citizen (work for what they have, don't commit crime, etc.) then you have hit the lottery and you can do anything you put your mind to (provided you are willing to put in the work).
So true. This is the dirty little secret of life: Parental sophistication and surplus is huge.
Divorce is very destructive.
As someone who has had many corporate jobs, I disagree with Galloway about going into the workplace. I have no friends from my workplace - they are nothing more than acquaintances, most of these people I don’t even remember nor recall. We trade our labor/time for currency and Corporate uses that labor/time as input for a product. Nothing mor, nothing less. Go find friends in your neighborhood, at the park, at a museum, etc. Every woman I dated, I met somewhere other than the workplace.
Yeah, friendship at work is a HUGE mistake
I think people met their partners at work back in the days when people actually had breaks together, lunch hour, time to chat at the water cooler. companies now expect so much more productivity while running a bare bones workforce where only one person can be on break at a time if your colleagues are even in the same location
Well he said "1/3 of relationships start in the workplace". Everyone wants to be the "1". Nobody ever considers they might be the "3". your experience doesn't invalidate the statistic. It falls perfectly into it.
Agreed. I'm 56 and worked since I was 16, most of it in corporate and non-profit offices. Although I get along with 95% of my coworkers, and many of them feel like friends much of the time, the reality is that almost none of my coworkers are actual friends. They're what I call situation friendships. Other than about 5 people from the last 4 decades, who are still in my life as true friends, work friends do not transfer to real life friends typically...sadly.
A job honestly doesn’t gives you the time, space and opportunity to chase your dreams and achieve your goals. From personal experience i can tell you working a serious job is modern day slavery. they pay you a small amount for doing a significant amount of work and promises you promotion. Best advice make investments and take calculated risks that would guarantee your success.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment
@@PatrickLloyd- Could you kindly elaborate on the advisor's background and qualifications?
Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
It does matter who's in government, not so much in the short-term, but if Americans can consistently elect people who are financially responsible and not corrupt, then we can turn this trend around. It will take a long time and Americans aren't known for electing financially educated people into office so it's more likely America will simply collapse under the weight of the stupidity of its people while politicians launder all the money they can through pet projects and wars.
It's a bit annoying and unfortunate. When i was born, the national debt was $2,150 per person. Now it's over $100,000 per person. And I'm not even that old. It's truly alarming and best advice get out of debt, make regular investments and be debt free and financially stable.
@@Derekhoffman312 Safest approach i feel to go about it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert.
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my Financial advisor are working on a 7 figure ballpark goal, tho this could take till 2025
This is definitely considerable! think you could suggest any advisors i can get on the phone with? I'm in dire need of proper portfolio allocation
Annette Christine Conte is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I like scott, but he VASTLY overestimates the personal fulfillment people get from work. Im in my thirties and looking forward to retirement.
I just turned 40 and look forward to paying everything off and living very minimally after I wrap up all my debts. My goal is to reach a point where I interact less into this economy because I don’t care much for this “society.”
You may be right. I am fortunate that I am passionate about metalworking and that I went into a skilled trade. Even then, passion isn’t everything. I take pride in what I do most, by the fact that most people don’t want to do what I do, and I am proud of the value of doing the work that needs to be done. Mike Rowe talks a lot about this.
@@catfromtrigun When I say retirement, I don't necessarily mean I sit around and complain about the kids on my front lawn. I mean the economic freedom to pursue my own interests in tasks that I have intrinsic motivation to do. I'm lucky enough to work in a profession that I'm passionate about, but the tasks required from me aren't things I have any interest in doing. In other words, I want to be my own boss but don't have the financial freedom to pursue it because without a salary I'm a few weeks away from homelessness.
48 and planning on 6 more years. If I didn't have school age kids I might sell my house and move to Europe and retire today.
We all need things to stay passionate about, but for many of us that passion is decoupled from income earning activities.
First 10 minutes is EXACTLY what I am experiencing and facing. I a 34 year old registered nurse. Decent income. No kids yet but would like some. I sacrificed a lot because I wanted a better future for myself and I am doing VERY well for someone my age but even I who has a good amount of resources are facing a massive level of anxiety about how I am going to care for my aging parents who haven't done enough to provide for themselves.
If you're a competent nurse, then you know that kids are out of the picture for you. Let it go and come to terms with the reality that you deliberately gave up motherhood to pursue other things in life.
You traded a future with kids for a career. You were sold the lie. Then your parents also have to face the consequences of their past decisions.
Don’t listen to these people. You can still have kids if you want them. Many people have kids in their late 30’s and early 40’s.
I'm much younger then you and I also have this problem to figure out. My parents are 50 years older then me. I'm in this with you, we can do it.
send them to the RNC headquarters to ask where the trickledown is
Money does buy happiness for sure, especially when you focus on relationships. Just today, I paid for my friend to come visit his family for Christmas. That brings me more joy than any product I could ever buy.
Fuck yeah 🎉
I’m real happy when I get to stay in the Mediterranean for a month. Money buys happiness beyond a doubt.
It buys stress relief. Not everyone is happy with their wealth, but they're certainly less stressed when the bills are paid and they can handle any emergency.
Read what you wrote. You BOUGHT your friend a trip with MONEY, that you EARNED!
Money doesn’t make you happy, spending money makes you happy
Part of the problem is expecting people to wait to retire until their 70s but no one will hire a 60 year old because they're too old.
Depends on the field. I've seen many nurses working even in the ER late into their 60s or even 70s. My own grandmother is in her late 60s and still working as a nurse in the hospital (not bedside, but still). If you have knowledge and your skills are in high demand you will be able to find and keep a job. The people who will have trouble are those in service, tech, offices generally, or manual labor (low-skilled) who are not physically fit anymore.
Yep
Nobody wants to hire them because most of them are unhealthy, don't take care of themselves, and have severe health problems. It's a liability to hire American boomers. Why would you want to hire someone who is overweight, has diabetes, is a daily fall risk and heart attack risk, and has to call in sick constantly? I've seen multiple boomer guys die or have to quit at my workplace because they were unhealthy and didn't take care of themselves. They didn't even make it to 70 years old.
She is talking about kamala
@@thepanda9782yeah, the people that really need the job are the ones that no one wants to hire
People who work in media (podcasters) talking about working till you die piss me off more than anything in the world. F right off
Seriously this conversation so far is “I’m a rich online media influencer who travels the world but the majority of you should be a happy wage slave working your ass off in an office 60 hours per week and love it.”
Same. My 45+ hours a week office job is pretty brutal. It isn't physical but it's still wrecking my health.
Didn't Ben Shapiro recently say that retiring is stupid 😂 he's obviously never worked in construction.
You might be mad about it, and that's fine. But if you want things to change in your favor you need people like this in your corner
@@akumacode things are never going to change in our favor. The elite will never abandon this system and are currently in the process of installing authoritarian tech fascism to make sure things never change.
Unfortunately, corporate life isn’t risk-free or stress free. My father worked for IBM for 30 years (he’s in his 80’s now) and retired with a nice pension. People under 60 have never really known that type of security. Companies have zero loyalty to employees, lay people off in a whim with seemingly no regard for their personal performance (just wipe out a whole division to bump the stock price for a quarter), and give no pensions. On top of that, career growth within a company is far harder than for those who move around. So I can’t imagine that the average job tenure for people who work at corporations is more than 3-5 years anymore. Yeah, a paycheck every two weeks and some health insurance is good, but I am just saying that Prof G’s Morgan Stanley friend example is a unicorn.
If social security is removed as Scott suggests then I expect my money back
If it’s removed we will have a revolution. Let’s face it, it’s the one thing we get that matters to us. Without social security, what good is the government?! Just to fight its wars?!!
Adjusted for inflation and with interest.
Retirees withdraw far more in social security and Medicare than they ever put in with interest. You only put in the money you put in so as with all retirement plans it’s not adjusted for inflation.
You were taxed. It was taken from you, not "invested".
Its never going to be, because its apart of the infrastructure created to keep the 1% being 1%. If the outcome he predicted were to come through, wealthy would be distributed away from the 1% and at the end of the day, the 1% wont allow that to happen.
I'd argue wealth is primarily a lot of Luck. Like, I moved to Oregon when I was 24 because I wanted to livebtgere and Netflix had just started a call center and were doing employee stock plans. Just dumb luck on that company working out grossed me over a million 15 years later. Then I backdoored into a 6 figure job. Like its all random chance. Some people have parents who can get them into Harvard, some don't.
Significant wealth is a lot of luck. Reasonable wealth is a matter of consistency, strategic thinking, and sheer fucking will. If there’s any luck involved it’s being born in a two parent household with decently smart parents are aren’t crazy addicts.
@@SwaeTechagree with much of what you said, but I haven’t met or read about any super wealthy person who didn’t bust their ass. Luck is where opportunity and hard work meet. Unless your inheriting money, if your super wealthy your putting in the time.
@Rob-me8vp but there's ton of people putting in the time, the fact that the majority of those won't ever get even close to wealthy proves that there is a decent amount of luck involved, being in the right place, at the right time, with the right people, doing the right thing.
@@SwaeTech You’re downplaying luck by a lot. Health, socioeconomic background, and peer influence are all very important. Being in a stable environment while you are growing up is very much up to chance.
Overall, it’s better to be lucky than good, but better still to be lucky AND good.
One thing the “I dont understand how anyone would want to retire”crowd doesn’t realize is that a lot of people have hobbies and interests that they can’t pursue because they have to work so much, if I could retire now, I’d spend my day playing guitar and doing woodworking, making improvements on my house and volunteering in my community
For some people, their only passion or reason-for-being is their job or business and they have no other hobbies. Usually, those people are quite uninteresting. But I'm like you. I can think of 5 activities, passions and interests I'd pursue all day.
There is a big difference between working for yourself and working for someone else.
My boomer parents who received an inheritance from their parents had 200,000 in the bank but they didn't take care of their health and became drunks the last 15 years. So they ended up in a retirement home in their 60's costing 10,000 a month. I'll probably not get any kind of inheritance. And that's okay I still care about them. But sometimes the narcissism of boomers really sickens me.
The boomers left the country 36 trillion in debt. Many of them really are crap people.
Honestly only having 200k in the bank as a boomer is broke.
I can’t even imagine having that much
You can always use the trusty pillow
Crap people...who worked overtime whenever asked, who showed up early and stayed late, never missed a day, stayed 30 years+, etc. No today's employers are crap people, enabled by crap voting for crap government.
Big f’ing facts. Boomers act like their generation was so damn great but they are the sole reason why the U.S. is in such a mess.
It’s so fascinating listening to this as an autistic person. Because I get my joy from my hobbies and interests. The second I have enough I get to just do that all the time I’ll be instantly happier. Work and socialization with normal brain ppl is exhausting.
Agreed.
I went into the wrong industry. I’m 15 years into my career and I don’t even make half an entry salary at google or Morgan Stanley. This is depressing
Consider it an opportunity to self assess. Work to live, don't live to work. Everyone has to have an income, but to what extent?
Most people don’t make that much money. Somewhere along the lines of 5% make over 200k and only 14% make over 100k.
You likely can't get in those places without an Ivy level degree or good personal connections. Some of us don't have those connections and we never will.
One of my parents is homeless and unable to work. I fully support him while the VA denied his disability claim and SSDI will take at least 280 days to review his application. My other parent is on Social Security and Medicaid but she still can't make ends meet. I'm supplementing her income to keep her from being evicted, but she insists on having lots of stray cats and a dog that I'll be burdened with when she can't take care of them. My siblings don't help and use their kids or own expenses as an excuse. I'm single and childless and will likely die alone with no one to help me in the way I am doing for my parents.
Yup all alone @ 67 & can't even afford Medicare & no Social security either on $20,000
Contact a company named Allsup. They will help expedite your father’s disability. Someone I know is using them and it has seriously expedited the process. And they stay on top of things, including making sure all deadlines are met. He wouldn’t have a chance without them. Their online form is very thorough but they know it and help you every step. They are highly rated by the Better Business Bureau. It’s worth a shot.
Make friends at work? Every person I met at work that I thought was my friend betrayed me or would sell me out like judas for a free sandwich. The work environment is hostile af and people are about themselves.
Dating a coworker can be asking for a sexual harassment lawsuit, particularly for males.
Our society is so overcompetitive. We become enemies of each other and no sense of community or solidarity.
I work at a small hedge fund firm(35 people). The people are friendly and we collectively work on projects which builds relationships. I think it’s different in large corporations. Lots of people want to hide out and ride off the work of others. They are therefore extremely defensive and unfriendly in an effort not to be exposed. At smaller firms you can’t hide. I mainly work remotely which almost makes me want to work harder to prove I’m trustworthy and not slacking like some remoters. It’s a shame some people abuse working remotely bringing about the call for mandatory back to office. The money saved working from home equates to a 30% raise. With inflation and no raise recently this is huge.
You know what's interesting though? I never see comments from people saying that they are on the other side of your experience. RUclips is mostly an anonymous outlet for users, which is a greater testament to this absurdity. Why don't we ever see comments like "People shouldn't make friends at work, but I definitely have and will sell out my comrades for a free pizza voucher".
Yep
Two over privileged people talked about a problem they never experienced
Yup
Yes, his story about him paying $280k a year for his dad’s care. That’s not possible for anyone but the 1%. Shit out of luck because he can’t move mum and dad to the Bay Area? He could sell his house move to Kansas with his parents and afford a nice early retirement.
I guess at least they are acknowledging it (to make the money that ensures they are not in that bucket ... ) but still better than acting like it's Your personal moral failing...
@@paulbellas8797uhhh, 0.1% or less
My parents sold their home and contributed the proceeds for an ADU attached to our home. That worked for about seven years before they became so reliant that they could not be left alone. Fortunately, my father and mother were very thrifty, raised during the depression. Scarcity was an every day real deal. Still, my father‘s monthly cost for his board and care facility is $7500 a month. If Mom was still here, the cost would be $15,000/mo. That doesn’t count insurance or pharmaceutical costs not covered by insurance.
Wait until you learn how money operates. You are going to save $7,500
So your parents qualify for Medicare; as it can help pay for long term care.
Harris wanted to address these costs. It's a shame.
I like everything Scott is saying but most of us don’t have any of those connections. I’m happy with my 50k a year but I know I won’t have children with that amount in California. I’m just grateful I get to have food every day, clothes and a roof above my head. People need to be grateful on what they have. Most people in the world are starving or poor.
No they aren’t
Yes they are. Most people in the world are poor. They are poor when it comes to material possessions but rich in family and community. The first world countries are rich in material possessions but poor in family and communities.
@@anthonyfrattalone9937yes, yes they are…! If you live in America- consider yourself probably blessed and fortunate and to have more than 90% of the world
Yeah, there are definitely two sides to this. I am next door to you in Arizona and our rents are getting too high, our rents in Phoenix are closing the gap with you guys in Cali and we don't even get a coast for that price. BUT on the flip side, I see reports that say that you need to make a minimum of 100K a year to live comfortably in Phoenix in 2024, which begs the question how we are defining "comfortable". I am able to live in Phoenix just fine on 50K. I have a house. I have a fairly new car. I don't stress about bills, and I have money to invest. I am 50, so my only child is already grown and married with her own household. I know that it is harder with a family and I do wind up contributing to her household bills regularly because they are raising two children on my son-in-law's ~50K salary alone, but I question the idea that you need 100K a year to live a comfortable life.
@@mercedesb2299 Yeah it brutal right now. I still have hope that prices will go down or the value of the dollar will climb back up in the future. I just turn 30 years old and I live with my brother. We bought a home together and work together in a small business cleaning pools in south side of California. I live in a desert and the cloest beach is 2 hours away. The houses here are priced so high that it basically impossible to acquire one as a single person now, unless you make 140k. I've been living fine with my brother but we don't really go out much and we eat one meal a day. We been trying to pay of this house as fast as possible and by next year will be done YAH!. Im hoping our business get bigger and we will get more income in the near future. If not, I already have plans to save up all of my money in the future and just plan on moving to another country that is safe and the houses are extremely affordable and cost of living (for me that is going to be Japan! They are looking for young people and offering a lot of aid just because of the population collapse). I feel like in the future middle class people will have to either live in cars or vans and save up money and potentally use it to buy homes in foreign lands and learn a skill that can help you work from home. Hopefully it doesn't come to that. but i wish everyone luck in their own current endeavors.
I don't like the argument that men die early if they retire, therefore men shouldn't retire, I feel like its kinda like saying "this guy who ran a marathon at full sprint died right after he reached the end, therefore he should have kept running and he would have been fine" instead of "maybe the race was too hard on him and he should have had someone give him some water or helped him take a minute to catch his breath instead of ruining his body by only caring about the race"
I agree. The goal for me is not to have to work, but if I want to work it is on my own terms.
Right? People are forced to work so hard they don't have time to foster relationships or discover hobbies. So when they retire they don't know how to be normal. The answer isn't working them until death. It's to give them work/life balance for the 40 years they work.
Yeah there's a difference in experience between a desk job and construction work. A desk job person might benefit from continued routine but that's because the routine isn't back breaking. Sucks for the younger generation trying to move up the "desk job" ladder though
@@ss-ds2dnWC rates for LBP is similar in white collar workers and blue collar workers. Sitting loads the disc to 150% to 175% of body weight do the change in biomechanics for cextended periods of time. Sitting also increase the rate of diabetes, stroke, CVD and other diseases. Be careful what you wish for.
@@Rob-me8vp yeah but they have the option to get standing desks, under-desk treadmills etc. I hear that a lot of BC injury is from dudes messing around but I assume there's still a lot of unavoidable risk even if they're careful. But whatever, I wouldn't know. My job is technically "gray collar"
My dad's a Boomer. He retired at 56 years old, but he's not going to be leaving a red cent to me or my siblings. Not because he wouldn't want to, but there isn't going to be anything left when he goes.
Kids 10-15 the best years of your life ! Damn.... sorry you feel that way Galloway. Personally, my time with my three sons continues to get better each year. They are 18-22. Each chapter has brought it's joys (and challenges), and now I sit across the table from three men where we exchange ideas and knowingly by all of us - have great experiences with each other. For anyone who reads this with a young family - don't be "told" by someone on RUclips what is and isn't for you. Always good to hear perspectives, but each of our lives and the relationships within is different. And most importantly, you can shape them.
I think Galloway means; the 10-15 years are a time when your kids are not so involved in their own interests and with friends, that they still have enough free time to interact with you. I would say; childhood is a great time, due to not having the stresses of adult life, and retirement so you can engage in those interests, hobbies, etc, that you have put off. This is of course as long as you are financially secure and in good physical health.
I enjoy my son more and more myself every year…he’s 20 1/2. He’s an absolute blessing to be around. Completely agree with you- our relationship gets better and better
I'm 54, self-employed carpenter for 10 years, mainly because I wanted to be a general foreman, but my inability to keep my opinions to myself prevented that. I love it. BUT, work has been slow the past couple years for personal reasons, and I looked for work with commercial construction companies. I found out PDQ that no one wants to hire a 54 year old carpenter that's been doing his own thing for 10 years.
They can't afford your experience. Apprentices and laborers are also getting a huge increase in wage as the demand for development increases, but young men have stopped going into trades. They also aren't interested in quality -- just people to slap stuff together. You're definitely better off staying independent, and moving somewhere else if need be. Lots of places experienced carpenters are absolutely loaded with work opportunities and able to charge out the nose for it, ESPECIALLY if you have pride in your work.
I’m around 40, and I’ve been working in information tech for 23 years. My brain is exhausted, I do get great joy solving problems but maybe 10% is solving problems and 90% is normal mental crushing work. I’d retire all day long…
Same as a 35 year old software developer
💯 ....22 years in and mentally exhausted
Don’t forget the mental paper cuts of meetings with people that draw on forever in long conversations and suddenly you realize half your workday is waiting like a Pavlov’s dog for someone to mention you on something.
@@t3morga when more money doesn’t even move the needle much then I think a huge question I’m asking myself is how we can keep this pending train wreck from happening. All I come back to time and time again is reducing work hours. To the comment right under this one, we all know how many hours are just flat out wasted. We could probably have an extremely productive 20 hour week vs a very meh 40 hours. I’m not saying 20 hours is a solution but we need another Henry Ford to setup a new workweek. How we are still on the same system built to produce cars… really hurts my brain.
With Ai gutting the white collar sector basically you won't be able to retire but you also won't be able to work at all.
I've been white collar for almost 20 years. I long for the days AI takes over and actually works for us. People have no idea how good this going to be but it's not today. People are going to be needed for the language requirements (speaking AI tongue, so to speak) and engineers for the AI datastores/algorithms. Still going to need CDLs, still going to need retail delivery drivers, still going to need service and retail to some extent. There's no way AI just does everything for us without needing people. Not in our lifetime.
@Helikzhan-s7p I've been unable to find work or any kind since 2022 but I'm an engineer
@@meanguitar Important to point out that tech changes every year. If you haven't been involved since 2022 there might be some missing information from your resume. In 2 years there are many changes and companies hiring typically want cutting edge tech.
Turns out Andrew Yang was on to something when he floated U.B I.
He’s right about connections. Google rejects 98% of applicants but my daughter was one of the lucky 2% because someone that worked there that had been in the Michigan Marching Band with her recommended her. It helped that she graduated as a triple major with a Masters in Management by age 23 when they hired her although none of her degrees were computer related. It also helped than her mother was highly successful and taught at Yale about the importance of social emotional intelligence and she passed those skills on to her. I’m an entrepreneur too so this talk was all very entertaining and interesting to me.
My biggest difference with Scott is I don’t drink and I am not an atheist but I respect his intellect.
Find a mate at the office.. bro this isn’t the 80s anymore you’re gonna just get fired
well said! Very different generation with a completely different mindset. I do think most girls won't mind a hint of knowing someone is interested as long as you're not being pushy but still VERY RISKY EVEN
False, if you look at stats on where people met, at work is number 2 on the list. Yes you have to be more diplomatic at the beginning stages of dating compared to the 70s.
@KorakBrosepf where's the study?
My boss moved our in office day so no one is able to talk to one another in person
Yeah, you’ll get fired if you date someone you work with.
Mid 50s...the smartest thing i did (and i have yet to regret this) the smartest thing i did was to recognize that the only opportunities presented to me when growing up was too minimize risk of doing things that put me into abject poverty. Having to compete with baby boomers when starting out in the job market...resulted in in next to 0 opportunities for job growth.... having parents that had 0 imagination as to what i mignt have been able to work toward...So... i never got married (so i cannot get divorce ráped) and never had kids (and risked the unknown costs of what ever that would have involved)
The best i can do is take care of myself.... and only after all these years one again...these conversations on this thing called the internet... are they revealing to me how much i (and we) have been lied to my (our) entire life... i grew up in a pool of lies... could not prove it until i was too old to take advantage of the realization that the lies existed.
My God, you and I are strangers but you EXACTLY matched my observations and decisions. I think over the next 20 years there will be a massive realization of how the American Dream was a total impossibility. Be good to yourself and thank you for sharing. ❤
Two of the most important factors in any job are 1. Who you work for, and 2. Who you work with. That is a fact in any job but very difficult to find.
Word. I was happier being a weekend waiter..which is a job i hated and was terrible at...than being a senior developer..because people in restaurants are SO much more alive and fun than techies. Its why i always took low-end second or intermediary jobs..i'd find much cooler hotter girlfriends too.
Health / elder care has exponentially increased. Home mortgages have exponentially increased.
Salaries and wages, have stagnated.
Innovation has stagnated..my city has so few startups compared to just 2010.
This is the biggest issue today. Even had inflation not gone crazy in 2022 people were already behind and struggling. I realize a lot of people make bad decisions financially, but even people who are smart about money are struggling. The young kids are essentially screwed right out of the gate. When I got out of college I could buy a rough house for $42k. I spent 8 years rebuilding it and was able to sell it for everything I had in it. Kids today don't have that option.
@@joegrazulis2810 Immigration, Black Rock, inflation, shipping jobs overseas. America is a rotting corpse.
@@joegrazulis2810 OK but we didn't have the option of sitting behind a webcam making 100k a month. We didn't have the option of releasing apps and music and videos and profitting. We didn't have the freedom to take gig work when we wanted. I live among gen-z...plenty of them are doing just fine because they are hustling the way we did. Lastyly, who cares about a house...maybe 10% of my gen-x buddies every owned and their wife took them all in divorce.
As a soon retiree, keeping my 401k on course after a rocky 2022 is top priority. I have been reading of lnvestors making up to 250k ROI in this current crashing market, any recommendations to scale up my ROI before retirement will be highly appreciated.
The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.
Having an lnvestment advser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K so far, that made it clear there's more to the market that we avg joes don't know
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I worked for a big corporation and I hated it. Now I have my own business, I will never go back.
I had my own business, until they shut down the world.
A huge percentage of us don’t have any generational wealth. I’m going to get absolutely zero from either of my parents. It’s so disheartening. In turn, I’ll have nothing to leave my children. Divorce, pay cuts, reduced salary for over a year now, dental emergencies, medical expenses, even veterinary care… it’s too much. Makes me sad for my kids. I wanted to give them a leg up. A home, some land, anything but there is nothing 😢
But you give them everything you have now, and that’s the most important thing.
This 51 year old woman is exhausted. I have an office job but it's very demanding. I work 45+ hours a week. It's stressing me out. I can't imagine keeping up that level for more than another decade.
I would prefer to be working only 30 hours a week. All I want is to hit my FI number so I can drop to part-time. I don't think I want to fully retire though.
I love the days I get to work from home. It's quiet, and I'm so much more productive. I also get 2 hours of my day back from commute time.
I'm an only child with aging Boomer parents (both divorced and single) in another city. I'm not sure if I'll even be able to continue working full-time if I need to move my parents here and take care of them. My dad's parents both had Dementia in their 90's.
At least I don't have children to worry about too.
The problem is we don't solve our problems. We have been putting band aids on everything for 30+ years. We need reform on healthcare, the social security system, immigration etc. But all we get are soundbites from politicians who only want us to vote for more gridlock in DC.
Ideally I would like to semi retire and work about 20 hours a week while being financially independent. The problem is in the US our healthcare is tied to or jobs. If we had socialized care more people could work part time by choice
Amen!
I feel as if the "Greatest Generation" who truly knew sufferring haven lived through the Great Depression and fought in WW2. Really served up something sweet for future generations, but for 80 years the rich have been tearing at it like a pack of wild dogs and these times we are living through are the result.
So what do we do in response to a massive problem brought on by terrible economic policy? Nothing! We turn it into an occasion for more hustle bro business mindset advice.
Most people want retirement because most jobs suck.
I don't want to do nothing, I just want to do an economically bad job that I like when I'm retired (when I do not have to worry about money)
There’s never a more untrue statement than money can’t buy you happiness
Wealth seeking by all means and the sole end is a perversion of what little time we have on this earth.
You guys can't think of answers?
You want to force savings on people who already don't make enough money to save anything, but you don't want to force government and the corporate sector to restore pensions? That doesn't even occur to you?
Investing in our society, our PEOPLE--the source of why you guys are rich to begin with--isn't a thing?
Learn basic econ
@@closer20jc , a good: a brilliant comment from a bot. Thanks for playing.
They have made so many rules and laws that set society up for them and screwed the rest of us. I live in a "snowbird" destination that seniors from elsewhere move to and I am increasingly infuriated by the 55+ housing. I didn't mind it so much when real estate prices and rents were reasonable but they have both increased by ungodly amounts. Age is a federally protected category, so housing is not supposed to be able to discriminate or deny someone the right to live in a certain neighborhood based on age, race, etc...But for some inexplicable reason they were able to vote themselves an exception to the federal law. So you can't discriminate based on age, unless the 55+ crowd decides to do the discriminating. That is fine. In my state, there are entire cities that are 55+. There are huge neighborhoods that span nmultiple city blocks that are all 55+. Roughly 75% of the manufactured home parks are all 55+. People will all say that seniors need special care so they have to have their own exclusive housing, but we are not talking about assisted living facilities or care homes here. These are mostly single family homes with huge yards, 2 car garages, swimming pools, you know ....family homes, completely reserved for 55+ while more and more families with kids are forced into tiny apartments for $2000/mo or they are homeless. I am 50 years old and it gets more irritating the older I get. There are massive areas of my own city that I can't buy or rent a house in because I am 50 not 55. Now, it is the princviple of the thing, I will NOT move to one of those neighborhoods even when I am 55. I hope that more Gen X hold out too and don't buy or rent their houses as we age in.
You must be talking about Florida
Florida?
Heritage Hills in Somers New York is a 1600 unit condominium complex that was effectively sued for keeping out families due to its designation as senior housing. This was several decades ago. It is possible. And would benefit the oldsters as well.
@sylvial8411 I'm really surprised that you said New York. I thought that it was Florida
Scott has told these stories almost word for word on countless podcasts. It literally sounds like a recording
True, it is a bit repetitive
He's just laying out the points from his book, most people aren't listening to multiple podcasts with him in it so they might only hear him talk about it once or maybe twice (I have also heard it multiple times though because I listen to lots of podcasts)
We should be worried if all his stories told were different.
These are his advertising bits to build his brand.
Almost every person I know despises their job. Very very few people enjoy their work. It’s a nightmare really for most people. That’s why everyone is so desperate to retire…. Because they are miserable spending almost every waking hour doing something they despise.
Measuring the events of your life against financial milestones seems like a very sad life.
We need to make the word "enough" the coolest word on the planet
Retirement is essential if your job is soul-killing. I don't think the careers of those who love their work are soul-killing. But how many folks have that kind of job or career. Not so many.
The blaming of boomers really bothers me. I’m 47, my parents are boomers. They did nothing but teach me to work hard. They retired but not wealthy. If they have health problems I don’t know what I’ll do, but it’s not their fault if that happens. Caring for an older parent is part of life. There is no world where I blame them for my economic well being.
You are a good human being and understanding the cycle of life. I am Sure your parents had something to do with that. ❤
Galloway thinks people should not retired and stay working but no place will hire anyone over 65 believe me! This is an academic guy talking about extending your life by working longer, but where are those works for old people????? Can Mr. Galloway find me one?
I was lucky to land a good paying job but not 6 figures and on night shift. Physical and demanding. I tried to get 3 of my friends on over the years. None of them were interested. Now they complain about their situation. I drove cheap cars good on gas and have saved some. My wife works for the post office. She has done well also but sacraficed being forced to work lots of saturdays and sundays. They cant find anyone to work now. They show up day 1 wanting to pick their schedule. Then they quit.
The fact that “drink more” is good advice for the society we live in tells you how garbage neoliberalism is.
Sometimes it feels like this man is the human embodiment of depression. Lol
Our current financial system is depressing. No other human emotion available to process information this monumental.
Bc he lost almost 400k betting on the election
Yet he’s worth a lot
Professor Gloom. And yes, he’s totally a sound bite guy. It’s a tiresome rhetorical technique.
He's said his sister has told him he always seems pissed off whenever she sees him. Maybe she's right!
This is such a great video. Thank you for posting!
"At the end of my life, I've already planned the music I'm going to play: Tom Petty and some 80s" 🤣🤣 He's really fun to listen to. When this dude is on any podcast anywhere, I am there.
$1 million at 65 for my kids sounds great, but what will be the value of $1 million 65 years from now even be?
The best advice is to automate your savings at least 15% of your income and put it in a low cost index fund and never touch it. You will be wealthy.
@Rob-me8vp - Ah ya NO. Depends on who you are. Over 60% of people in US make 65K or less a year. If you're 21 years with only HS, probably making 25-30K per yr starting. If your max is 65K, your medium is about 47k over your 45 yr working life. Most people get about a 3-4% return at that income level, so that 15% save will net about 900K after 45 yrs (and that's ignoring whether COL will allow 15% savings). Do the math. Its comfortable, but that ain't wealthy! You're still 8 steps to homeless and 1000 steps from wealthy. Better than most in that bracket, but this BS don't add up and is only trying to justify the inheriting-moochers class (which vast majority wealthy are) not paying their taxes.
a ya no. If you make $25k/yr starting at age 20 and invest 15% of your income into a low cost index fund returning 9% historically matching the market that means at the end of 45 yrs of investing $312.15/mos that equates to $2,427,583. That doesn’t even include your SS which is weighted higher for the lower brackets of your income. That isn’t too bad even after accounting for inflation. What matters most is time in the market!
Next 80% of today’s millionaires are self made. No inheritance. Most from jobs that aren’t high paying ie teachers, firemen and police officers. They were just smart with their money and invest early and consistently.
Last, top 1% pay 26% of FIT, top 10% pay 47% and top 50% pay 97%. Top 1% pay the most taxes as a percent of income and goes down accordingly based on income earned. Look at the US tax info. Forget the BS Buffet and Gates tell you. They want to look like good guys.
@@Rob-me8vp Sorry but 9% historically matching the market doesn't mean what you get as returns - Middle class are lucky to get 4%, the fund does need to get paid after all. Your numbers are highly inflated. And these millionaires (BTW $2,500,000 is still not wealthy) teachers, firemen and police officers you point out are PUBLIC EMPLOYEES with unions and pensions that WE pay for. I don't think most people want that to be where wealth should come from. So top 10% pay 47% in taxes yet own 80% of all wealth in this country. That's fair to you?
@@BrianG-vn8kwJesus Brian, get a clue. The historical average is 10%. The whole point of John Boyle setting up an index fund at Vanguard was to provide an extremely low cost fund that tracts the market. It was designed to be low cost for the average investor who wasn’t wealthy. The index funds beat portfolio managers 8 out of 10 years. You can set up an account online at a company such as M1. It is incredibly cheap and yes tracks the market to give a historical return of approximately 10%. I’ve done it for decades. I don’t make a lot of money but have become well off. This is not rocket science. There are plenty of investment books and podcasts to learn from. I love how people say $2.5 million isn’t well off. I guess you are too 1% and can tell people how it is done. Please give me advice bc I am willing to take any pointers you might have.
@@BrianG-vn8kwwhy do I care how much some one else is worth as long as they are doing it legally. Why would I want to stifle someone’s entrepreneurial spirit and drive to create something that benefits me and society. They create products that can benefit me, give me a higher quality of life, improve life expectancy and create jobs. Why are you so jealous of other people building and creating. Stop thinking that just bc someone has money that they screwed someone over. Them building and creating wealth doesn’t take anything away from you.
I'm very concerned it's going to get way worse in 2025
It will. All the villains who benefit from billionaire-friendly policies are going to get even stronger.
Its rare to see wisdom and life lessons like Scott Galloway's on youtube. Great interview.
Only few people understand that longevity is a blessing for an individual but a curse for the nation. Old people pull too much resources which should be invested in children. People tend to forget that children are the future of the nation. No children - no future.
Last thing i want is for my kids to watch me fall apart from old age. I want to be around my future grandkids when im older but ill never retire " move or die " is what ive noticed with old age. The minute you stop having tasks and needs that must be met everyday. We kind of just wither away. Working keeps you young. Its a yin and yang scenario. We work all the time only to wish we never have to work but then once we stop working it seems like our purpose is skewed. I know there are some outliers but for most people this is what ive noticed
Retirees suffer a lot in the U.S. because of a severe lack in community and personal cultivation. Without a job, many people realize their relationships and spirit are lacking. Elders do not suffer in the same way within other cultures that do not have a deadly combination of individualism, consumerism, and ideas that tell people they are nothing if they do not produce wealth.
@donventura2116 I agree, but at the same time, there were different expectations than there are now. Back in the day it was common place for your parents to live with you and help raise their grandkids while also passing on knowledge to the new generation. Now instead the common thing is that each generation is more inexperienced than the last because society is changing so fast that the prior generation has nothing to offer except for material assets. There is no community or loyalty.
@donventura2116 in reality producing wealth is different for every person. For some its just getting out of poverty. For others it's creating business. Men cannot simply exist because it's in our very nature to produce " wealth" to survive wealth has always meant " a means to make my life easier" no one wants wealth just because. They want it to be able survive and thrive
My mother raised me to never discuss money. She had a copy of Emily Post's etiquette book in one hand. This was a cultural value.
A bad value she taught you...too bad.
I think it's important to note that "men being the primary physical laborers" being the norm until fairly recently is more of a perception than a truth.
Women who birth & raise children and are responsible for the majority of household care are generally doing very hard (unpaid) labor. Not to mention the women (poor & POC) who did all of that & had to work jobs to support their families on top of the household labor.
It's an outdated concept perpetuated by people who don't understand the work. Just because most women weren't busting rocks & bailing hay doesn't mean that their jobs weren't very physical in nature.
I can't imagine having to clean and cook for myself. I mean running a household where I have to be there all day? Impossible.... *said no one ever*
Remember when you had to HAND wash your 5 kids clothes after making dinner?
You Want to fuel your retirement? Get kids... Your parents were broke when they had you as a kid, like all of humans in history. Governement paying you to get kids, that a real job now ;)
You live in a fantasy world.
It's certainly labor, but not hard labor equivalent to trade jobs. It has its challenges but it is not work that physically destroys spines, knees, shoulder joints, and turns hands into calloused sandpaper. It will never be as tiring as working on a roof. At worse someone tending to a household may have lower back issues stemming directly from cleaning after decades of poor posture and no exercise.
😂😂😂😂😂😂😂😂😂
This was a great discussion.
I liked & subscribed.
Scott gets what going on,
probably the big brother we all wish we had. ❤🎉
Great interview. Scott Galloway is such an interesting and great human being. Inspiring.
@17:40 Except the vast majority of people are not actually good at anything and never will be no matter how hard they try, let alone be great at something. This is called gaslighting.
I love the way he describes whatever affords you the life that you want becomes your passion. It's 100% on point.
Totally agree with the headline, I heard a development economist say the other day that in G7 countries people with a paid off home and a full pension are the world 1 percenters.The fact that the majority of those people are baby boomers which is the biggest generation in numbers and by and large they live 20 years longer than prior generations means that their "American Dream" will be come a nightmare for the following generations.
@23:00 I would bet the vast majority of entrepreneurs who make it have a safety net via their parents. It's not too scary to take a risk like that when you know you'll have a place to sleep and something to eat regardless of the outcome.
Awesome interview.. great guest.. China Show sent me over
It’s hilarious listening to this 34:20 as a dairy farmer who works 7 days a week, my wife and I pay ourselves no weekly wage or salary. We live off around $40k/year for food groceries plus generosity of family and friends.
What are the jobs that are paying $200-600k? Genuinely curious what kind of jobs folks in this comment section might have and what your salaries are? Thank you!👇(i might not be rich but I got raw milk like nobody’s business 🥛)
Scott the Boomers have done enough damage. This was the Gen X and Z election calling out the bullshit.
Enlightening as an entrepreneur who overcame a lot of ups and downs. I walked away from a corporate job and became great doing something I enjoyed which was building buildings. I have been able to provide a fairy tale life for my wife, daughter and granddaughter and myself. I owe my success to my employees and to my wife and to God.
Yeah, this is the world we live in. It doesn’t have to be this way. I wish somebody or some party would stand up for most of us.
I have seen several of my clients have that serious conversation about wages, then get the raise, and then be the first fired when the redundancies come. You need to be very careful about your financial security when you go into that convo
And when the market tanks and no one has anything whey they turn 65 what should happen?
I have an aunt who us almost 90; she walks 3-5 miles a day, us incolved in a few cherity organizations, and is socially active in ither ways. She looks many years younger than her age; he mind is sharp as a tack, and will hopefully live beyond 100 years of age.
My hope is to invest the $300,000 that I should recive as my share if my larent's home when it's sold, and to invest that money in a way that will allow me to retire in 10 years, when I'll be 70.
I have multiple auto immune disorders, mild scoliosis, and a skull defect, allthough I would like to return sooner due to how qorking in retail is taking it's toll on these health conditions.
As long as I have managable aches and pains; have no worries about not having housing, foood, health car, etc, and I'm able to travel a couple of times a year, I will be happy.
coming up and having parents that imposed so much pressure to get me out of the house, even if it meant landing in a poverty cycle. its going to be hard to convince me to move them in with me later down the road....
(16:10) - The office is pretty sparse and overall attendance is roughly 20% to 30%. In theory what Mr. Galloway says would work, but only if others follow suit.
Listening to this makes me happy to be retired out of the country. I am happy with what I have, including a great Tica wife (pictured). Happiness is a feeling, not a bank account or mansion or Ferrari. Got your health and the basics? You're good.
This is the way. I'm retiring to Belize.
@TheyRiseBand Congratulations. Good move. Belize has a relaxed Caribbean vibe.
It's not one extreme or another. Nobody is trying for a mansion, but you do need a decent roof that you own, and a dependable car, and money for vacation or an oasis of a yard to enjoy days off. Helping your kids succeed takes some money . Money is the number one stressor in relationships, so it's better to have some. The tropical beach dream goes very bad if you need a tooth pulled and no money, or the landlord sells and you end up worrying about where you'll live at 65yrs old. So no, happiness doesn't just live in your heart, it lives in your pocket.
@waitaminute2015 Happiness lives in your pocket? Who told you that? You just made the extremist argument. A billionaire with a b for a wife, a druggie for a son, and health problems . Yeah, he's delighted with life.
@waitaminute2015 I explained why you're wrong, but the pansies at yt stepped in to protect you.
You are absolutely right n stay blessed. No sugarcoating
Dear Scott Galloway, you are one of my heroes.
Excellent podcast thanks for having Scott Galloway on. He is always interesting to listen to. I agree with him 100% about using your 20s to investigate what you want to do in life. I focused on my career in my 30s and 40s and 50s and luckily I had a mother who taught me how to save and invest all along the way, so I am in good shape for retirement. I love the idea of an adulting class for highschoolers. if you don’t have a parent to teach you good moral values along with financial literacy you’re out of luck! It would be awesome to see high schools adopt a curriculum to support the young person going out into the world! Thank you again for an excellent conversation!
For real. I wasted my 20s being a square, focusing on college and work, and what do I have to show for it? Just regrets.
Super solid advice and direction. The perspective of Scott holds an abundance of what I would call wisdom. This podcast spured the first non-fiction book purchase I have made with eagerness in some time. What we need now is a way for those who have made the mistake or had the misfortune to enter their later adulthood without a grasp on the principles of success to stay invigorated enough to make the most of their remaining lives. Perhaps the book will share some of what is need for those as well as their younger readers.
Smoke 1 for me! 💙😶💙
For people with no money, make sure your parent have nothing, no money in the bank, no income etc. The state will then step in and cover the costs of care.
Sad but true. My FIL has a small pension and social security. Too rich for programs but too poor for old age services...so we pay for the delta...had we nit saved and paid off debt we would be in a bad spot.
I have investments and a financial advisor who is recently informed me that by the time I retire, I will likely need $5 million to retire and I did some back of the napkin math myself in discussions with him and determined that I would need $10 million and he said yeah you’re probably right.
you'll NEED $333,333 annually in retirement?? WTH
Can you tell me how investing in space exploration is an investment with some kind of payout?
That spiel ending around 22.54 made my day. I hung in with the boredom and ‘corporate’ stuff for years. Amazing to learn it was a solid decision lol. Mind you, there were 3 kids depending on me alone. In the twilight of my legal career, I now work for one of those kids. Gold. Not complaining. Interesting vid, thanks.
I dont like the outdated advice of DONT work on creative pursuits in “hobby fields” with people- creating bonds and asking for help and taking risks, but DO go out to the bar and drink alcohol to do those things.
I don't agree with Scott on everything, but he makes a lot of points that really resonate with me. No matter what, everyone can take away something useful from this conversation.
Im 41, will never retire but thats ok, work is good for you. Keeps you sharp.
Thank god my parents had their shit together.
My mom said her health insurance is $2700 a month. I’m like I cannot help you 😂
I’m 22. I don’t expect to get social security at all. Luckily I’m start enough that I started my 401k at 19. I agree with Scott’s idea about some sort of sovereign wealth fund that is essentially a forced retirement account for everyone so we can avoid this situation
47:55 that actually sounds fun lol. If Scott starts doing some sort of one-on-one mentorship/ consultation I'd be the first to sign up!
How does this work for minorities in the US not foreign born people who most of the time do not have the same opportunities as the average white male? There is usually not many American born people of color in these rooms. Just curious.
Jordan keeps saying "house". What house? What is this "house" you speak of? I'm not familiar with that word or concept.
My grandma is homeless. My mom is homeless. I was sporadically homeless my whole life. My bf and i rent a tiny apartment we can't afford with two bedrooms. One for my elementary school aged son (and sometimes mom), and the other for us. And our cats.
That's the future of America, Jordan. Not Full House. Not even Married With Children. Titus was a more optimistic sitcom than our American nightmare is gonna be.
Not a conundrum. Tax those who are hoarding resources.