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re: Another shaky sign of a lost generation: Welcome to the #YOLO economy
Posted on 5/16/21 at 1:35 pm to SlowFlowPro
Posted on 5/16/21 at 1:35 pm to SlowFlowPro
quote:
Luck (primarily based on timing) is the predominant factor in wealth accumulation right now and the flip side is that as these bubble economies crash, the unlucky will find themselves in dire situations.
What type pf absolute idiocy is this? Having a good or service or quantifiable skill that is in demand is and always will be predominant factor in wealth accumulation.
2
Posted on 5/16/21 at 2:04 pm to Sid in Lakeshore
He's partially right most wealth is driven by randomness. It's a combination of timing, entrepreneurship and access to capital.
Posted on 5/16/21 at 2:06 pm to Eighteen
quote:
IMO Boomers are going to drain all of their wealth
Nope. Its estimated at a 68 trillion transfer. There will be plenty left unless you see the Democrats going after it to redistribute.
This post was edited on 5/16/21 at 2:08 pm
Posted on 5/16/21 at 2:09 pm to Sid in Lakeshore
quote:The problem here is people think wealth should be wide. And by "wealthy" the think Gates, Buffet, Musk, Bezos.
What type pf absolute idiocy is this? Having a good or service or quantifiable skill that is in demand is and always will be predominant factor in wealth accumulation.
That kind of wealth is... largely luck. But those are the magnificant outliers. One can be damn wealthy and not a household name wealthy.
One of the greatest tricks anti-capitalists have perpetuated is convincing people to compare themselves to the mega-rich, rather than measuring their own wealth.
House size, car features, even apartment sizes and amenities have all MASSIVELY improved in the last 30 years. But people are still miserable because they don't have Jeff Bezos type wealth. It's silly.
Posted on 5/16/21 at 2:10 pm to wutangfinancial
quote:Millineals are doing everything they can to eliminate the latter.
It's a combination of timing, entrepreneurship and access to capital.
Posted on 5/16/21 at 2:12 pm to Taxing Authority
quote:
House size, car features, even apartment sizes and amenities have all MASSIVELY improved in the last 30 years.
Not to mention, having a world of information in the palm of the hand.
But I think in the race for the material something got lost along the way.
This post was edited on 5/16/21 at 2:13 pm
Posted on 5/16/21 at 2:25 pm to tiggerthetooth
quote:
Do you live in or near a major city?
Buying in Lake Charles. Why?
Posted on 5/16/21 at 2:27 pm to RogerTheShrubber
quote:Yea. Saying "there's less opportunity today than decades past" is silly. Self-education has never been cheaper. It's never been easier to learn a skill. It's never been cheaper to market one's skills. It's never been easier to communicate with customers. In the entire history of mankind.
Not to mention, having a world of information in the palm of the hand.
Posted on 5/16/21 at 2:32 pm to SlowFlowPro
10% bonds 70% S&P 500 index fund 20% crypto
This is not financial advice
This is not financial advice
Posted on 5/16/21 at 2:33 pm to Taxing Authority
But thanks a lot boomers 
Posted on 5/16/21 at 2:41 pm to Taxing Authority
You can learn a technical skill using forums and YouTube. It's the will to succeed and the death of the entrepreneur spirit that is the problem. Instead you see sky screaming at the system. Meanwhile there are multiple countries in South America that experienced the same cultural entitlement with hYpErInFlAtIoN and mass suffering. Strap up 
There is a massive shortage in skilled labor, millions of open jobs as we speak, but we don't have opportunities.
There is a massive shortage in skilled labor, millions of open jobs as we speak, but we don't have opportunities.
This post was edited on 5/16/21 at 2:44 pm
Posted on 5/16/21 at 3:21 pm to wutangfinancial
quote:I know a guy who taught himself how to splice fiber optics from watching YouTube videos after he got laid off in the oilfield. He ended up having to take a $600 in person class to get his certifications and now works for an At&t contractor. He does pretty well and gets a ton of overtime due to the lack of qualified workers.
You can learn a technical skill using forums and YouTube. It's the will to succeed and the death of the entrepreneur spirit that is the problem. Instead you see sky screaming at the system. Meanwhile there are multiple countries in South America that experienced the same cultural entitlement with hYpErInFlAtIoN and mass suffering. Strap up ?
There is a massive shortage in skilled labor, millions of open jobs as we speak, but we don't have opportunities.
Posted on 5/16/21 at 3:44 pm to Limitlesstigers
I know a kid that pulls in thousands creating websites for small businesses in the DFW area because he learned WIX using YouTube videos and online resources. It's his side job.
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