re: Another shaky sign of a lost generation: Welcome to the #YOLO economy

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I do agree with this, and it extends to more than just wealth. Housing (and even more, decorating that house) has this same pattern. Nobody wants "starter homes" these days and it's all about over-buying super nice housing. Then you have to have perfect decoration with matching blah blah blah.

But, on the flip side, these people have had their prospects decimated by 2, 100-year events back to back. And they see people who do get rich "right now" and it's hard to not want to dangle your toes in those waters.

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Good luck even finding a "starter home" at "starter home" prices in today's housing market. Unless, ofcourse, you move to some tiny community where your best career opportunity is working at a service station unless you're the son/daughter of a "prominent" family in the community where you just fall into the family business and collect a cushy pay check doing nothing. Even though the previous year showed the value of WFH in most circumstances, the boomer-driven senior leadership is reluctant to let the trend slide permanently because where else would they be able to slap asses (I mean socialize) and display their theater of "productivity" without an office. Meanwhile, your brilliant cousin is wealthy because he dumped his stimmy in dogecoin in January.

Why even bother accumulating wealth the traditional way when hyper inflation and coming high taxation will pretty much nullify all of those older, proven methods. Might as well play the crypto market and hope you don't get screwed.

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You see that cat is out of the bag right now, at least for the short term.

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Yes, that is the case for many markets but you are in SWLA. You have no idea some of the deals that have been had or are still out there right now. A ton of people got insurance money then sold their house at a steep discount. Even with repair cost, you can still be in a unit for well below market value.

You and I can talk more in private about it if you would like.

Well said, mate. Been on that same path myself and relative to others I have very few concerns.

Regardless of circumstances in any generation, there are always opportunities for those who make responsible decisions. I agree that the people who do that are few and far between which, in my opinion, just widens the potential for success for those who don't do stupid things or waste their resources.

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but no matter how hard things appeared, the same principles applied. Limit spending. Live within your means. Save and plan. Don’t chase quick riches. Find sources of happiness outside of wealth accumulation.

Things work out in the long run when you’re the type of person who lives that way. Always has. I’ll continue betting on it.

For those jumping on some kind of YOLO economy because they feel disenfranchised, well, that’s on them

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Game, set, and match

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A lot of the problem is everyone wants it RIGHT NOW! Hardly anyone wants to build wealth slowly and steadily over time.

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Correct. A big misconception about this is that it's just a section of the younger generation that is behaving in this way. It's not. Our institutions, corporations and politics are behaving in this manner too.

Short term profit goals, driven buy stock prices and quarterly earnings reports, have shifted or focus away from long term growth and stability.

Same with politics. The focus is what will get me votes for the next election instead of what will help grow and maintain the stability of the nation.

The further we go down this road the harder it is to come back so everyone just keeps doubling down and staying the course. How it ends is pretty clear now, the question is when.

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Short term profit goals, driven buy stock prices and quarterly earnings reports, have shifted or focus away from long term growth and stability.

Same with politics. The focus is what will get me votes for the next election instead of what will help grow and maintain the stability of the nation.

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This is very true. I am amazed when I see my company make extremely short-sighted decisions to meet some quarterly target which has a very visible long-term negative impact. It's just stupidity (or their chasing an incentive that is not provided to the general work force).

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Things work out in the long run when you’re the type of person who lives that way. Always has. I’ll continue betting on it.

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Or you can do both. I've been Mr. Responsible forever building wealth over time. At some point I had enough where I am able to take risk. I don't do it because of any emotional need, sense of frustration, etc. I do it because I can do it without jeopardizing my future, and want larger gains. However, being responsible and living within your means is the foundation for all of that.

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I meant comparing them as equals, because the whole point is that Boomers had it much easier than Gen X, who had it much easier than Gen Y/Millennials

It's a big "no shite" that Boomers had it easier

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From the standpoint of the US economy "booming" in the 1950s and 1960s during the youth of the boomers sure. But that is an event that is nearly unprecedented in the history of mankind. I honestly don't know what is worse; a boomer getting fired before they retired, a Gen X getting fired mid-career, or a millennial not being able to enter the work force in 2008.

Some other factors to consider.

Male Boomers were drafted and fought in Vietnam.

Gen X was one of the most aborted and neglected generations in American history.

Two things millennials did not have to face.

But even those two things did not apply to the entire generations as a whole.

I think it is interesting and edifying to analyze history from a generational lens, but to collectively identify with a generation and base grievances on that is no better than collectively identifying with a race, class or gender and basing grievances on those factors.

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Dot.com meltdown was mine

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In fairness, that was a blip on the radar in comparison to the subprime crash and covid. Also, we weren't in a constant state of low rates and printing money.