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re: Another shaky sign of a lost generation: Welcome to the #YOLO economy
Posted on 5/15/21 at 1:15 pm to jclem11
Posted on 5/15/21 at 1:15 pm to jclem11
quote:
Millennials are working longer hours than previous generations. This has been mad worse by the WFH of the covid shutdown.
Millennials get to click mouses to make money while being at home with their families. The horror.
1
Posted on 5/15/21 at 1:19 pm to wutangfinancial
quote:
Millennials get to click mouses to make money while being at home with their families. The horror.
Completely handwaving it because you have no response or rebuttal.
Boomers are so mad at millennials for calling them on their bullshite.
Posted on 5/15/21 at 1:22 pm to stout
quote:
Another factor is social media has greatly increased the fear that you are behind your peers.
This is so true man.
Posted on 5/15/21 at 1:22 pm to jclem11
Handwaving what exactly? I'm guaranteed younger than you.
Posted on 5/15/21 at 1:28 pm to SlowFlowPro
You know, I think the OP has a strong point. In 1999, eTrade was barely a service but me and other 20 something friends joined. We each put in 1K (individual accts) and played around trading names like Akamai, Corel, Dell and even some penny stocks. Really didn't have many research tools back then like now as well.
Fast forward, and a kid today could gamble 1K on a silly DOGE that started at .002, say screw it it's just 1K and buy at .01. 3 months later, that kid has 50K. Hell, why not.
Posted on 5/15/21 at 2:03 pm to Muthsera
quote:
spend $300-400 on smokes and booze and weed
Yeah that’s a bit much but I’m gonna do what makes me happy, I’m in this group 37, married bought the house before kids, and I’ve saved more this last year than ever, everything this past year has made me more and more conservative,
but I’ll still enjoy myself
This post was edited on 5/15/21 at 2:04 pm
Posted on 5/15/21 at 2:47 pm to SlowFlowPro
quote:
This generation of people about 28-40 (the "millennials") have had their economic future destroyed, effectively.
You’ll have to explain that one to me. How? Their future is still 25-40 years. They should easily be able to adjust to whatever gloom, doom and destruction you thank has caused the destruction of their economic future. What was it exactly?
YOLO is a lot less applicable here than FOMO. People see others getting rich off crypto or NFTs or meme stocks and get in too late. If they would just keep regularly investing it will continue to grow and their economic future will be better than the generation before them and much better than two generations before that.
Millennials need to accept that riches don’t come overnight for the overwhelming majority of people. Part of the problem is they’ve never been told no, so when the real world tells them they cannot have a big house, fancy cars, expensive clothes, vacation homes, deer camps, boats and eat at fancy restaurants five nights a week they think life is unfair to them.
This post was edited on 5/15/21 at 2:49 pm
Posted on 5/15/21 at 3:04 pm to 9Fiddy
quote:
I’ll say it until the day I die that dawn of social media was the real world’s Skynet coming online. For every social media “personality” pulling in a quick $10,000 per month or more after taxes are thousands of viewers jealous and wanting that same success immediately. It’s infiltrated every aspect of society and we keep going further and further down the rabbit hole.
social media lead to the image over substance boom
as long as you can present your ideal image to the world on social media, the reality of your life really doesnt matter
Posted on 5/15/21 at 3:54 pm to stout
quote:
Leaving college with tons of debt only to find that their new skills and zero experience aren't worth more than $40K per year probably creates some of that urgency too.
I'll never understand this. Everyone is in such a rush to get out into the working world that they race through college and expect to be closing on a new place and driving a 30k car within the year.
Kids should join the military and then go to college for free. Graduating at 26 with that background is better than Graduating at 22 with no work experience and sometimes even better than grad degree at 25.
Posted on 5/15/21 at 4:10 pm to lsupride87
quote:
Millenials have not yet been in positions of power in corporate or politics to make any real influence
what the frick do you think AOC and Zuckerberg are?
Posted on 5/15/21 at 4:15 pm to Muthsera
quote:
Also, since when was "getting rich" the primary aspirational goal of society? If you value stability and family and ownership of your future, you can still control that far more easily than getting to some specific number of zeroes in your bank account.
That's a difference I see in the last couple of generations: they are appallingly materialistic. I can remember saying things like "so-and-so used to make really good music before he sold out." Nowadays that's not even a complaint that would make sense to young people. Their pop culture figures spell their stupid made-up names with dollar signs.
Posted on 5/15/21 at 4:26 pm to SECSolomonGrundy
quote:
That's not really true unless you got a useless degree like gender studies and saddled yourself with tremendous debt.
I don't care how late I am to this party, this is just completely wrong and I say this as someone who is legit in the top 3% as far as salary goes.
First grain of salt here is it does depend on where you live. If you live in Denham and work at a plant, you probably don't notice what I'm about to say.
But before you say "well everyone could choose what I did" – if everyone did that you'd be experiencing what everyone else is now, dufus.
Look at what a 300k house will get you in New Orleans, then look at Atlanta, Dallas, Austin, Nashville, Boston, Seattle, Portland, etc...
Bigger cities are where the majority of millennials live.
Then let's put what the average salary is of US professionals (51,000) and the median salary (30k) and tell me wtf anyone making that will be able to buy in any major market, and hell, any suburb of a major market.
Even if you are a top earner as a millennial, making early 6 figures, you still cannot afford a family of 4 in any of the major markets because things like daycare, healthcare, groceries, etc. are getting more and more expensive by the day.
To really live comfortably in any major market, and even in most mid-markets, you have to make 200k or more and that is top 5% of earners. Meaning, 95% of people simply can't do that.
Idk why you frickers would rather bicker about who's left or right, you're all getting screwed and you need to start realizing it.
Posted on 5/15/21 at 4:27 pm to SlowFlowPro
quote:
have had their economic future destroyed, effectively
What? No. This is ridiculous
Posted on 5/15/21 at 4:36 pm to chalmetteowl
quote:
AOC
Has she even gotten one piece of legislation passed?
Posted on 5/15/21 at 4:45 pm to dandyjohn
quote:
To really live comfortably in any major market, and even in most mid-markets, you have to make 200k or more
Posted on 5/15/21 at 4:55 pm to Turbeauxdog
quote:
If you make low 6 figures you're putting over 15k a year into a retirement plan you're never going to see.
Given the willingness of the government to manufacture money, I'm not worried (at 45) about getting screwed out of Social Security. I'm worried about inflation and its impact on my retirement.
This post was edited on 5/15/21 at 4:56 pm
Posted on 5/15/21 at 5:03 pm to Teddy Ruxpin
quote:
Has she even gotten one piece of legislation passed?
she sets the temperature for every other Democrat
Posted on 5/15/21 at 5:16 pm to SlowFlowPro
It's tough not to get frustrated when you're a CPA making upper middle class money, and the homes in a lot of areas are just so damn inflated it effectively makes people move.
Posted on 5/15/21 at 6:15 pm to dandyjohn
It's not economical to own a house in the beltway's in the urban centers. Why would millennials expect to be able to afford $700-1M homes? Works from home is the ultimate equalizer and 5G is going to expand where the oppressed Millennials can click mouses and raise a family. The cry babies have never left home. There are plenty of nice small towns that are cheap.
Posted on 5/15/21 at 6:24 pm to wutangfinancial
quote:
It's not economical to own a house in the beltway's in the urban centers. Why would millennials expect to be able to afford $700-1M homes?
quote:
There are plenty of nice small towns that are cheap.
Wow
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