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re: Another shaky sign of a lost generation: Welcome to the #YOLO economy
Posted on 5/16/21 at 7:31 am to Friscodog
Posted on 5/16/21 at 7:31 am to Friscodog
quote:
They do not want to start with a cheaper car, or smaller home, etc.
In many places the “smaller” homes of yesteryear are largely gone. They’ve been torn down/added on to etc.
The whole “just buy a starter home” isn’t all that feasible in a lot of places these days.
1
Posted on 5/16/21 at 7:35 am to Friscodog
quote:
They do not want to start with a cheaper car, or smaller home, etc.
The thing is right now there aren't really cheap cars or reasonable, cheap housing. These are 2 perfect examples of how things are warped as hell right now.
Posted on 5/16/21 at 7:41 am to JohnnyKilroy
quote:
The whole “just buy a starter home” isn’t all that feasible in a lot of places these days.
Yeah and you can't exactly raise a family in those areas b/c the cost is so depressed due to the overall area being shitty. For a local example, the housing prices in suburbs of Lake Charles in the good school districts are insane right now. So yeah, enjoy living in Westlake for a reasonable price.
Posted on 5/16/21 at 7:46 am to SlowFlowPro
quote:
In many places the “smaller” homes of yesteryear are largely gone. They’ve been torn down/added on to etc.
The whole “just buy a starter home” isn’t all that feasible in a lot of places these days.
Let's also include the fact that most of these "starter homes" are snatched up immediately by Gen X/Boomer real estate investors forcing younger generations to continue on the rental treadmill. The only way I was able to grab a "starter home" was to pre-empt its listing, otherwise it would have been grabbed immediately to add to the portfolio of some mom and pop real estate investing operation.
And that's the best case scenario, in many locations there are actual large scale financial institutions artificially raising the price of properties by bidding up the price to price out younger families and young professionals for their own investment portfolios.
Posted on 5/16/21 at 7:49 am to wutangfinancial
quote:
The system is broken while I love the highest standard of living in human history!
Millennial burnout: ‘The first generation predicted to go backwards in terms of life expectancy’
Duke Researchers: Life Expectancy Down For Gen-Xers and Millennials
Millennials earn 20% less than baby boomers did—despite being better educated
OECD: Millennials have to fight harder to stay in the middle class
Millennials poorer than previous generations, data show
Many millennials are worse off than their parents -- a first in American history
Millennials are the biggest — but poorest — generation
quote:
Despite making up nearly a quarter of the population, millennials — defined as those born between 1981 and 1996 — own a scant 3% of the country's wealth, according to the Federal Reserve's Survey of Consumer Finances. In comparison, when baby boomers were the age millennials are today (around 1989), they controlled 21% of all national wealth. Generation-X'ers at the same age (in 2004) held 6%.
Posted on 5/16/21 at 7:52 am to Blaeke
quote:
And that's the best case scenario, in many locations there are actual large scale financial institutions artificially raising the price of properties by bidding up the price to price out younger families and young professionals for their own investment portfolios.
yeah that's what I was saying to stout earlier. RE used to be a good investment vehicle for normal people but it's now completely in the gears of major corporate commodification, which will take it out of the reach of your average joe. any realistic opportunity outside of traditional means (like index funds, etc.) runs into this same issue. Add in all the cheap money and inflation and it isn't realistic for individual-types anymore.
At least until the bubble pops again, but then, like i said earlier, it's all about timing. Older millennials didn't have proper savings to really take advantage of the post-2008 prices, and generally faced economic turmoil. Then when things were getting better and they rebuilt themselves, the covid-economy hits.
Posted on 5/16/21 at 7:55 am to PrimeTime Money
quote:
Seems a little silly. Many millennials went to school, got good jobs, got married, bought a house, etc like people have always done.
Some were lucky with their micro-setting or were lucky with timing. On the whole, millennials were fricked big time.
This isn't a discussion about individuals. It's about the entire generation, and it's not looking good...and it's not their fault.
Posted on 5/16/21 at 7:59 am to go ta hell ole miss
quote:
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?
Wages have stagnated while the cost of everything has gone up. Then we have the post-Covid Trump bucks inflation that's about to add in costs and not raise wages looming. How are millennials going to adjust when they're saddled with debt and stagnant wages while any opportunity to combat inflation was outside of their reach prior to inflation making it much more expensive?
quote:
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.
a. They have less money to invest, for reasons stated above
b. The data clearly shows they are the first generation to face a depressed economic future than previous generations.
quote:
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.
Millennials can't afford starter homes or cheap cars. Have you priced either lately? Trucks cost what starter homes should, and starter homes in areas where you can raise a family are 3.5-5x what trucks cost these days
Posted on 5/16/21 at 8:00 am to chalmetteowl
quote:
what the frick do you think AOC and Zuckerberg are?
AOC is one of 435. that's what, 0.2% of Congress?
Zuckerberg isn't a politician
Posted on 5/16/21 at 8:03 am to SlowFlowPro
quote:
Older millennials like me are absolutely fricked, long-term.
The victim generation. Weak minded. It's why this nation is fricked
Hopefully we save it
Posted on 5/16/21 at 8:04 am to Jcorye1
quote:
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.
It's also tough because we KNOW the prices are inflated and one of 2 things will happen: (1) the bubble will pop, and who wants to be holding that asset? (2) the government will print more money and make credit even cheaper to just make the bubble bigger, which will just raise prices more.
Rational decision-making is being punished so that boomers's assets don't decline. I guess they're just praying they die before their preferred policies create inflation that will destroy their savings.
Posted on 5/16/21 at 8:04 am to SDVTiger
quote:
The victim generation. Weak minded. It's why this nation is fricked
I am not fricked, personally (at least not yet). My generation? Oh yeah it's been fricked over with bleak outlooks moving forward.
Posted on 5/16/21 at 9:12 am to SlowFlowPro
Get those facts out of here Jake.
Us millennials just need to work harder and pull ourselves up by our bootstraps. /sarcasm
Us millennials just need to work harder and pull ourselves up by our bootstraps. /sarcasm
Posted on 5/16/21 at 9:52 am to SlowFlowPro
I understand the grievance arguments
You think as a millennial I don't understand what the complaints are?
"A very underrated way that boomers and older Gen X are creating insane barriers to entry is that they have created lifestyles that are so expensive to maintain, they can't retire."
Millennials are just as greedy and even more entitled than boomers were. They're too stupid to understand that you can't suppress volatility for eternity. The piper always gets paid and will in due time. You're simply observing the effects of demographics, which millennials are partly to blame for. Millennials would scream the loudest if we went the alternative route and stopped suppressing volatility. In fact, it would be so ironic wishing the boomers wealth drained out while they are just entering peak earning years as the corporate sector goes through an extended period of insolvency.
You think as a millennial I don't understand what the complaints are?
"A very underrated way that boomers and older Gen X are creating insane barriers to entry is that they have created lifestyles that are so expensive to maintain, they can't retire."
Millennials are just as greedy and even more entitled than boomers were. They're too stupid to understand that you can't suppress volatility for eternity. The piper always gets paid and will in due time. You're simply observing the effects of demographics, which millennials are partly to blame for. Millennials would scream the loudest if we went the alternative route and stopped suppressing volatility. In fact, it would be so ironic wishing the boomers wealth drained out while they are just entering peak earning years as the corporate sector goes through an extended period of insolvency.
Posted on 5/16/21 at 9:54 am to SlowFlowPro
quote:
the government will print more money and make credit even cheaper to just make the bubble bigger, which will just raise prices more.
How cheap would government credit be if they let asset prices drop in your opinion?
Posted on 5/16/21 at 9:55 am to wutangfinancial
Government will double down, watch.
They don't get it.
They don't get it.
Posted on 5/16/21 at 10:07 am to SlowFlowPro
The meme stock buying is frightening. I only started following these stocks on reddit after working for a company for which I exercised options with before it became a meme stock.
There are so many people out there locking their life savings and retirement plans into these massively speculative stocks where their "deep dives" are simply repeating each other and reading the companies press releases.
There are so many people out there locking their life savings and retirement plans into these massively speculative stocks where their "deep dives" are simply repeating each other and reading the companies press releases.
This post was edited on 5/16/21 at 10:19 am
Posted on 5/16/21 at 10:15 am to Cfrobel
A lot of lessons will be learned and have the past several weeks. Most of the companies are like owning 100 year bonds with bad credit quality
Posted on 5/16/21 at 10:20 am to SlowFlowPro
quote:and he has more power than at least 80% of them
Zuckerberg isn't a politician
Posted on 5/16/21 at 10:24 am to tiggerthetooth
quote:
Millenials have only now started to have a voting impact. The issues talked about in this thread started years ago before millenials hardly voted.
I would venture to say they outnumber GenX. Also, I know very few conservative activist in either GenX or Millennials.
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