I know this is a rhetorical question

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But why are so many millennials and younger generations broke? I am 38, so right on the edge of being a millennial, went to college, got a degree in a STEM field, and make a pretty darn good living. I know a lot of people will say they are lazy, which a lot of them are, but what are the underlying reasons on why some of them are so terrible off financially? I'm sure spending $50k to get a degree and end up working retail or starbucks doesn't help.

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1. Spending
2. Maybe the majority don’t earn like you do.
3. Maybe they complain about being broke because they only have $5000 in the bank when you may have $25000 discretionary income.
4. Maybe inflation has EVERYONE thinking they cannot go to five guys.


Glad you’re earning like you do. I did not, early on. Everyone needs to stick with it and wait for a good President again.

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I am 38, so right on the edge of being a millennial

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You are not, either. You are a full-fledged millennial. Folks born in 1980 to 1982 can try to claim Gen X status, but not you.

I get it - not everyone can be part of the most awesome generation of Americans (Gen X) and your millennial brethren, collectively, are *ahem* "not optimal".

ETA: And the answer is almost always spending. If you make little, but spend less you will be wealthy over time. If you make a lot, but spend more, you will be broke forever.

“Everybody wins a trophy”

I think many grow up on a pop culture of sex, bling, and nihilism, believing that the ethics and order of things don't matter and that in order to BE successful, you must LOOK successful, and so if they can't immediately be that media pop star, able to whisk themselves away at a moment's notice, on their own jet, and have millions of followers telling them how awesome they are, they can't be successful. Most jobs, let's face it, are drudgery. It's real work, and who wants to do REAL work down with the dull, dirty masses when your aspirations are to be that media butterfly flitting from one amazing moment to another?

Too many grow up with no realization of the reality of life. It's brutal and spits out the weak.

Reasons I'm broke:

1. I have a wife

2. I have two children

3. One child is in third year of college, and the is in med school

4. I'm self employed and pay for my families own medical care, premiums alone are $40,000 per year.

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some of them are so terrible off financially?

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Pretty simple really for the vast majority... No one taught them how to manage their money and resources... If they wanted it they bought it, even when they did not need it AND they have no clue the difference between a want and a need...

It has only gotten worse over time and will continue to get worse...

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You just repeated my question....

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not following. Expound more on your statement pls.

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1. Spending

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This.

I'm squarely a millennial and my wife is on the border of millennial/gen z.

We don't make a ton of money, but we have enjoyed modest travel while dating and before kids.
If we went on a 15-20 day trip you can bet that more than half of the nights were spent in a tent and we'd have one luxury hotel or lodge for a couple of nights to relax after roughing it.
We've always wanted to go to Europe together, but we know that we don't really have the means to do it.

We have the cash, but know that we need that cash for other reasons (financial security).
It comes down to maturity, sacrifice, and delayed gratification.
We are blessed to have been taught that. I learned the hard way. My dad died without owning a single thing. It was all borrowed. I vowed not to be like him.

We have a nice house (to us) in a desirable area (to us) and we don't have expensive hobbies.
We read, we watch tv, we play with our son, and we splurge on a nice dinner now and then.
I grew up hunting, fishing, and playing golf. That's not feasible now and I'm totally ok with it.

Few people my age live like this. Especially the uneducated. Just calling it like I see it.

How much does your average Milennial and Gen Z spend on technology, food, drink, clothes, travel, and transportation? I'd love to know.
I'd imagine these are the things that get them.

I'm a boomer. I know boomers who have been broke all their lives despite making decent money. The reason: 'I'm just not good at handling money.' They're not lying or making excuses. They simply never learn the difference between a 'need' and a 'want.' And math never enters their brains.

What we have with younger generations is exacerbated by the expansion of the welfare state starting in the 60s and 70s.
It's not just food stamps and section 8 housing. There are thousands of welfare programs out there. One of the best is 'I hurt my back'.
You can live OK while broke. But you won't get any girls.