As an elder millennial, one of the few advantages is having lived through the Great Recession. My advice. Reduce unnecessary expenses, increase your savings by investing in financial markets and do not sell. One thing I know for sure is that diversifying your income can help insulate you from much of the craziness going on in the world.
The stock market is a way to hedge against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I work for a bank, the amount of people mostly millennials who come to sign up after they lost all their money in a robbery is extremely high. When asked why they don’t open a savings, they would go on some vague description about not trusting banks, makes me painfully sad.
Ideally, financial advisors can help with wealth management. The biggest blunder is putting everything in one place, rather it should be equally distributed across your savings account and investment portfolio. At first hand experience using an advisor, I've witnessed tremendous increase in my cash reserve from $550k to a whopping 7 figure amount, after pulling off profits in barely 3 years now.
The end of my investment worries came in the person of a wealth advisor ''Theresa Leigh Detrick'' The exciting part is being carried along, proactive approach of investing instead of just sending away capital. Hence, I have total control of funds in my portfolio.
@@M.Morgan crystal-clear! just copied and pasted her full name on my browser, spotted her consulting page instantly and glanced through her credentials, she seems highly qualified and well matched if I was to hire an advisor
We might be "catching up," but we are doing it with multiple jobs, being as frugal as possible (many people foregoing having kids!!), and more sacrifices not covered as much in this video. I am a Black millenial in my mid-30s. I make 6 figures in my main job and still work 2 jobs on the side just so i can afford my kids. I am very frugal, putting a lot into my retirement acct, separate EFTs, and my kids' 529. My student loans were forgiven (big thanks to the Biden PSLF waiver!!), and thats the only reason i have a positive net worth!
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I hear what you're saying and you've done an admirable job. I know it sounds like you're unable to reap what you've work on but if you're a homeowner and have a promising retirement account then rest assure your children will grow up to take advantage of all your sacrifices.
We got married in 2006, bought a home in 2007, and a recession hit in 2008, laid off and got a lower paying job a few months later. We barely saved our home. Yet people still ask why we didn't have kids. 🙄
@@OnurGeafer There's an evident reason for that, poor people tend to value quantity over quality for various reasons, increase risk of infertility, childhood mortality etc. Rich people value quality over quantity and the middle class are sort of in-between, except they don't have the financial capability like the rich counterparts.
Feel bad for the older generation people who cant learn about financial literacy easily like us when they were young. We just have to invest as much as we can from 20 to 40 and we will be financially free at 40 for sure no matter what situation we r in.
With all due respect, Americans seem to be tending toward a kind of debt slavery. First student loans, then mortgage, then credit card and medical debt. A large portion of the population seems to be nothing more than indentured servants.
@@mubaddagammoh4912 Yup, came here to say this. Americans' lack of financial literacy is quite sad. We spend so much money on so many things that have such little value when we don't have much money to begin with already.
@@WeArePharmers man i am 39 years old i came to the US back in 2014 had 30k in my name spend them on cars and to get going (legal immigration) worked our a** off (my wife and I) first house 2018 this year i bought a rental back in February and moved to a bigger house last month making over 100k last year (first time) no college degree over here just work don’t complain and don’t buy stuff u don’t need
Don’t worry the American dream will be soon the European dream. Everything shit that happens in America will always find a way into Europe sooner or later
I feel like losing 10-12 years of compound interest (from being gutted by the recession, low wages, and crippling student loans, and thus unable to invest much) still puts a lot of millennials behind.
I feel that. I now can say I am getting a good paycheck. I graduated in 2019 and couldn't find a job. Then I finally got one at the end of 2019. Only to being laid off a couple months later due to covid lock downs. Wasn't until the end of 2021 that I got a job which sucked. Then in 2022 I got a better job that I've been with since. So almost 4 years of fear and bills. Still feel it to this day
@@aygwm man, shut up. "bUy ThE dIp" he said. As if anyone knows where the market really ever bottoms out. If that was an effective strat no one would be using dollar cost averaging in the first place.
I’ve been wanting to invest in the s and p 500 since 2015 but only as of the last couple years have I been able to now that we’ve been in a recession. On top of this, there’s been more talk than ever before that a new s and p 500 all time high is years away. Very frustrating to be a millennial.
I think Millennials like me are salty because we were told that college was the ticket to a better life. I think it was definitely true in a time when college was more prestigious. This is no longer the case. College has become standard. Masters degrees are like having a minor or extracurricular activities. Many PhDs are struggle. It wasn't like that before. When I listen to older folks who are successful, its hard to believe the opportunities they were given just by finishing school. An MBA grad from a top school easily waltzed in to the consulting and banking firms. Computer Science graduates (not even graduates) got jobs in tech fairly quickly. Today an MBA or engineering graduate must spend 4 months of intense interview preparation, networking, create lots of applications, must do 6 full day interviews to secure one job, not to mention all the other steps in the process. It just doesn't feel right. It shouldn't be so hard just to survive if you work, and it shouldn't be so hard to thrive if you work hard.
@@maestrulgamer9695 Yes, but not only that. There is also competition for limited resources in the form of housing. The suburbs were built from the city center from the 1950s and onward, peaking in 70s. Every since then, the amount of new homes has not kept pace with population. Its like getting to a buffet but all the good food had already been eaten. Now you're left with crumbs, scraps, and bone.
@@maestrulgamer9695 Yes, younger people have not been encouraged to do trade work which is now in high demand. But there are lots of developers and regular people who would like to build if they were allowed to. They just aren't allowed to by zoning and prohibitively expensive requirements etc etc.
This video doesn't mention that we're getting hit by multiple factors at once. Inflation, corporate involvement in real estate, and recovery from a global shutdown from the pandemic. In addition to food and energy supplies hampered by the war in ukraine. Maybe on paper, millenials are doing ok but when was the last time negative factors like these all happened at once?
It's not about corporate involvement in real estate, it's about a shortage of housing brought about by policies designed to favour property owners - such as parking minimuns.
@@MsArt888 What are you talking about? This is all about corporate involvement. One generation ago, we didn't have Blackstone. Black rock and Zillow. Buying up all the properties. Also in the past, nobody thought about buying Hundreds of properties to rent out, we also have reits that didn't exist.
@@dachicagoan8185 And those are absolutely not the main drivers of the housing shortages. The main driver is the lack of housing being built due to overregulation and NIMBYism.
I think the biggest problem is that the study seems to have been done in 2021, which was a rare moment, a snapshot of a good time in the past 4 years when people suddenly had jobs, were buying up properties before the costs soared, and before the effects of the war in Ukraine took effect, remember when workers had basically all the sway and could request to WFH and have all these benefits and companies would give them out to attract the best talent? Now every single one of those metrics have gone in the dump just two years after. Layoffs everywhere, housing and rent prices skyrocketing with no end in sight. Cost of all goods and necessities have gone up. I remember feeling pretty good in 2021 about my prospects, a year later, all of that went away.
As a member of gen z, we dont feel salty, just downright depressed. The price of college is even worse for us while the value of degrees in the workforce seems to decline with many entry level jobs paying less and requiring more experience. Home ownership is a straight fever dream, especially in any sort of city. Wealth inequality, inflation, and the national debt all seem to be simultaneously spiraling out of control. Not to mention getting constantly robbed by current healthcare prices. I'm almost done with college and my goal when I graduate is to get the fuck out of this country and move to anywhere else that has a better social saftey net.
As a gen z with no degree, homeownership is possible. But you will live like its the 1940s to afford it. An old house that needs everything, you work and go home to only internet. Thats after savings for multiple years living that way. Sucks a ton the first few years then you get used to it. All my advice is from neighbors in their 70-80s on how to they lived when they were 20. No tv, a basic phone, no ac, the smallest bit of heating during winter. Slowly improving each year. Sucks but my mortgage is 600$ and the rent next door is 2k.
@@kfox9650 Where I live those rent and mortgage prices are flipped. I agree that home ownership is possible, but you have to sacrifice virtually every other comfort and luxury to achieve it. As someone who massively values travel and the outdoors, I'm not ready to throw away the best years of my life health-wise so I can barely afford a house I don't like. I am completely fine with renting for the foreseeable future or until the housing market crashes.
@@Isaac_L.. my area is just suffering because people are moving in from out of the state. Now bigger businesses are building apartments and large oversized homes then charging rents that make no sense for the area. Like the average couple’s total income for the month wouldnt be enough for the rent. Ie new downtown apartments are 55 and older. 3k a month, non section 8 housing. 1 br and 1 bath.
The Canadian housing system right now is arguably a lot worse, but my partner and I managed to buy a house last year at 23 during all the interest rate hikes. Neither of us have degrees. I work a warehouse job and she has been working retail most of the time. Neither of us have any sort of financial help from family or friends. We aren't struggling to save and we aren't living paycheck to paycheck. Sure, the saving is slow and some months you dont save, but we are not barely scraping by. We go out on dates and have a yearly vacation. The thing is you have to have a partner, and you have to be financially responsible. No $1k/month car payments, no $200/week alcohol bill, etc. Our mortgage with utility bills, property tax, etc. right now is about $2700/month. Watching doom and gloom videos don't help you. It just makes you more likely to believe nothing is in your control. But when you step back and make a plan to improve or work towards a long term goal, things actually start to change for you. Know that it is possible. It's not likely going to be a giant, 2 storey house with upgraded appliances or whatever, but it's not going to be a shack in the woods falling apart either.
Zillennial here, if anybody my age is doing "well" right now with the state of the world as it is, I'd like to ask them a few questions. Chiefly where did you get all the money
I was fortunate enough to have chosen a cheaper college that gave me a significant scholarship so I graduated with a very manageable debt. I was lucky enough to get a reasonably well paying job without any connections within a year of graduating, & I stayed in my parents' house for a few years while I built up enough money to afford a down payment on a condo at 26. I realize that this may not be possible for everyone, but that's why I feel financially comfortable now.
This was a bad take, kinda disappointed. Yes, incomes have caught up but home prices, childcare and other things have increased far more than inflation so millennials are spending more of their income on necessities, leading to a lower standard of living than their parents, when they were socialized to believe that they’d out earn their parents, like boomers did for their parents.
*Karl Marx has entered the chat* But no seriously when they broke down the racial pay gap it's like that's so strikingly based around and connected to class/generational wealth. The Debt Collective's Rally to End Student Debt showcased that with endless black women who came out to say they were the most affected by Student Loan Debt. We pressured Biden to take action on Student Loans. I'm surprised the video didn't showcase how black women do on the economic ladder with or without generational differences?
I feel the inflation caused by the 2020 pandemic hurt us more than the 2008 recession. Even though both me and my husband have better paying jobs in 2023, we can't afford as much as we used to.
@@_Konrad_ that's not that different from when we emtered the labour force. I think the '30 test' is a good one to measure the fortune of a generation. How are they doing at the age of 30 on average? In your 20's life may still be a bit rough. You need to get your footing, may need to rent exorbitantly or live with your parents. That's all part of the deal, especially pre 25. But if a generation, on average, structurally is still in that situation if it's members cross the 3 decade mark that to me is a sign of serious trouble.
Na, 08 was worse. Even though inflation is eating away how much we earn now, back in 08 employment was much more difficult. Something (even small) is way better than nothing
Millenials are going to be really annoying when they get old lol. "You kids think you have it hard...I had to make it through 2 recessions! With a TV show host as a president! All we had to listen to was mumble rap."
@@anthonycekic4509 yeah, I meant it lightheartedly. The idea of every old generation eventually getting bitter and obnoxious is a little funny to me. The way I see it, every generation will have their own unique difficulties. Most of the time too, it's not so much intentional behavior between generations, and more where people in those age groups happen to be financially. So it doesn't make sense for me to point fingers in that way
@anthonycekic4509 Older Millennial here. At times, I do feel very salty and bitter, too. But since I can't change the circumstances, I may as well turn towards looking for what I can do rather than what I don't have access to.
Since Biden took office, there seem to have been more unfavorable results in America especially the millennials. The retirees among them who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $87k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
@@TomD226 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
Landmarks in life… 1) Buying your first car 2) Graduate high school 3) Enter college/university 4) Graduate college/university 5) Hired at your dream job 6) Buying your first home 7) Marrying your partner 8) Starting a family 9) Nurture your family’s life progress 10) Retire comfortably We were promised all of these…but now you’re lucky to get any of these at all.
Dang. Puts into perspective for me how lucky I am. I'm a very late millennial or early Gen Z depending on who you ask. Born early 1997. I've done 2-7 on this list. Hopefully will do 1 and 8 in the next few years. I've got 40+ years to go before I reach #10 though. And sometimes I wonder how I will keep up my energy to work for FORTY MORE years.
so far I've only got 2) Graduate high school 3) Enter college/university 4) Graduate college/university technically 10) Retire comfortably as well, I was fortunate to have the opportunity to attend a few financial literacy courses during college and have certain influences on how one ought to invest. So provided USA doesn't collapse and I continue to save & invest I should be able to retire. but the rest... oh man god help me
I'm a young gen-x, 1976 and I've always been behind. I couldn't afford a house in my 20s and then prices shot up, yet I often get treated by millennials and gen-z as if I had it all handed to me. As you mention in the video, it depends on generational wealth, which my family didn't have growing up. I've also met quite a few millennials who were given a lot to build a house on or inherited a condo from a grandparent or aunt and were (and still are) way ahead of me financially.
Y'all need to know this. A well known podcast in the US taught me how the rich don't teach how to achieve success. They seek the idea of Fin. Consultants to help grow their finance
To achieve success, a financial consultant is needed to achieve it. engage in a variety of investment ideas of consultant and I have acquired great returns so far of $3,500 just in 7days with $500 investment
A couple factors for millennials making strides in the past few years might be the student loan payment pause, the older generations finally retiring during Covid, the explosion in remote work allowing us to live further from expensive city centers, and a skill set that lended itself to so much of the economy making strides online. But yes, the socioeconomic class you start out in is the biggest indicator of how much you can grow your wealth.
Disagree. College education expense and planning needs to happen 10yrs+ before entering college. Same for buying a house. I know of lower class folks rising and middle class folks struggling.
While the millennial income may be higher than gen x after inflation, this video doesn't account for the rise in cost of living. So the income doesn't have nearly as much purchasing power
Hell no! im right at the end of the millenial age range. Ill never catch up to what my parents had. And they joke to my face about spending my inheritance and leaving me with debt. Im sure there are plenty of people around my age in similar circumstances. The fact of the matter is we will never get the life they got. Its already too late. To say that we 'finally' caught up in our 30s and 40s is bull****. We shouldve 'caught up' in our 20s when they had opportunity, abundance, wealth and independence. Its already too late. No forgiveness.
As a millennial, no. No we are not. My husband and I both have hood jobs and no debt except student loans and housing fees more unaffordable than ever.
@@Will-jg2zs Definitely sounds like magic. "Have you tried just wishing really hard for enough money to 1: Pay off all your debt, and 2: set aside to save?" Fucking genius, why didn't we think of that? Do you have any idea how tight the budget of an average Millennial has had to be for our entire lives? Do you remember all those 'Millennials are KILLING X industry!' articles that were just talking about how we never buy this or that, spend way less money on things like weddings and jewelry and whatever else? That's because we were (budgeting).
I'm doing "better" than I was ten years ago. my job pays twice what I got when I started working, I my car and loans are paid off so I really only have credit cards for my bills, my job is stable and my career path is clear. on paper, I'm doing great. in reality, it sucks. rent devours half my monthly income now, and the other half is done in by groceries and gas being well over twice as much as they were even five years ago, much less ten. all the progress I've made is like treading water, I'm not drowning but god it's so much deeper and harder to push forward compared to before.
Using *DATA* from 2016, 2018, and 2019 is wild... In addition, ya'll reference Millenials born in the 1980's. 0:10 There is a *big* difference between Millennials above age 35, and below 35.
@@Britterstein Or cherry-pick numbers less. I checked the numbers in 2021, there were about 54% of adults 18-29 that lived at home. That is 15% higher than the Great Depression. Yes it's a mix of Gen Z and Millennials, but it goes to show the current situation. Especially moreso that student loans are about to spark up again which means less discretionary income and less saving ability
We’re a childless couple in a HCOL area, under 200k joint income, and I’m *so* relieved I chose not to pursue a college education that would have saddled me - and thus my wife - for decades to come. High interest college loans need to be abolished/capped.
Thank you for being sympathetic to the student loan crisis despite not having loans yourself! So many people without loans take this moralizing holier than thou attitude of "well I didn't take out loans so why should I help others"? As if a 17 year old understands what they are signing up for when they take on debt for college.
I think along with actual inflation, we're seeing unnecessary "inflation" of education/experience requirements for given employment opportunities. I'm a manager at an employment agency, I've seen this "qualification inflation." There is, sadly, seemingly no such thing as an actual entry-level job, and the inflation of college degrees (seemingly the only replacement for job experience) is outrageous. I don't blame millennials and gen-Z'ers for pursuing self-employment.
I'm a Gen Z who had to drop out at 16 to work full-time because my parents were too lazy to take care of their MINOR child. Now I'm 22, have my own Rental & I now have my own car, but I know making big money, or buying a home, is no longer possible. I make minimum wage, and I am self employed with a driving job on the side. I barely can save $150/mo. How millennials thought how bad they would be economically, is actually happening to my generation, Z. But if I stop working to go back to get my GED, and then go to College, I literally can't, I'd lose my home, car, and Job. Its like I'm forced to be stuck in my "class" for the rest of my life.
Never said the average parent was lazy, I said that mine were. Dad was an Alcoholic, Mother was a Drug Addict, CPS refused to get involved as I was malnourished and had wounds from them. Highly doubt I can get justice now, but they're in the past, long cut off, have no clue what they're up to now. But yeah, because of their negligence, I had to go into survival mode and start working under the table at 16. Stashed as much cash away as possible to get the car and trailer home rental I have now, I do have an emergency fund, and even though I do make minimum wage & have my side job, I do get Health Insurance and Dental, but that emergency fund is far from being able for me to stop working, get my GED, & a 2 or 4 year Degree, because if I stop doing what I am now, I'd run out of money in 3 months, lose my health & dental benefits, and get evicted & have my car repossessed, all just because I wanted to pursue my education, the system is designed, for some people like myself, who are unskilled, to NEVER be able to climb the "economic ladder". Now, is it possible for me to have around 2-4 years of bills saved up eventually in my 30's or 40's? Sure! I'd be able to pursue my education then, but I'd have way less time than my peers did, to enjoy that salary that comes with a Degree. So I'm stuck waiting until then, to do so. Literally typing this out on my break LOL.@@justenoughrandomness8989
I saw a headline that went like "Millennials are into gig work" and that made my blood boiled. The youth is "into" (forced) gig work, as much a poor person is "into" skipping meals.
The best thing we could ever do for the young in this country is put an end to the degree racket and stop trying to push people with different aptitudes and interests into the same mold at the high school level.
I’m a late millennial (graduated highschool in 2011) and finished university around 2015 so I think I escaped the 2008 recession and went into the workforce during the recovery boom. Still even though I’m doing ok financially now in my career there’s still not much hope here for home ownership here in Canada. A 1 bedroom condo here costs 500-600k which requires an annual salary of $120k to even qualify for a mortgage of that size. An actual house is around +800-900k and is out of grasp for anyone except existing home owners.
I’m also a late millennial. I’ve got a solid career and make just a little over the average for a working adult. I am fully aware of the fact that I will not be able to afford a home until my parents pass. They know it, I know it, we’ve talked about it. It feels weird and morbid but it’s just true. I don’t make enough to be able to save for a down payment and even though a mortgage would be cheaper than my rent, that downpayment is a HUGE barrier. Thing is, I’m not convinced we escaped the effects of the Great Recession. I don’t know if you remember at the time but every “entry level position” out of college required years of experience because we were competing with Elder millennials who had degrees, had been working at Starbucks while taking unpaid internships, and therefore had experience we didn’t have. It took me 4 years before I had a full time job that paid enough for me to move out. And I know plenty of people for whom it was even longer.
Rent also costs half or more of a single income. I have the lowest rent i have seen amongst my peers and even then it is a huge chunk of my paycheck. A literal shack costs 400k in Utah Rent and housing is insane in America right now, and you cant just choose to live somewhere else because the job opportunities are a lot worse in cheaper places
Can ppl stop gaslighting us. First we were lazy and self obsessed, then we were adult babies who had stunted development now it’s like stop complaining your doing fine you just think your not because of fomo! And what about the future if we have really caught up which honestly I don’t believe that will be wiped out in the next few years as we pay for our parents care as they age with no pension or S.S to rely on. I’d say the only thing that’s changed is at 20 we felt guilty about getting a coffee everyday and today we don’t.
Pause student loans for 3 years. Pause car payments for a year and give people like $10k in cash, yeah they are gonna catch up. That's gone now. Loans are restarting. Car, and housing prices are at insane levels and credit card debit just topped $1T. This stubborn bubble is gonna pop sometime.
I'm a millennial trying to save up as much as I can so hoping my kids can enjoy some of that sweet sweet generational wealth. Help create a cycle for generations to come.
You're doing what sensible faithful folks have done since the dawn of humanity, instead of pretending our generation somehow has it worse than the ones that didn't have modern medicine or safety nets. In 50 years you'll be well spoken of. Good on you!
Good luck 👍 if you're working remote consider going to a country where the cost of living is dirt cheap. Then you only have to pay extra for an international school and can start putting money towards generational wealth.
I was what I'd call a lucky millennial in that I started college when the recession started, but still had a few years of school. The labor market had started turning around by the time I was done with school but the housing market hadn't turned around yet. The only difference between me and someone who is struggling financially is 100% luck. It wasn't because I was extra smart or financially savvy, I just ended up at the cheap place at the cheap time.
Everything goes out the window if you live in a high cost of living state like California. I have 3 adult children ages 23, 25 and 33 at home. They are all well educated, employed in their careers and they still do not earn enough to be able to afford a home in the foreseeable future. Happy that my own home is paid off and they have a place to live, but truly worry about what opportunities they will have.
Mr. Rogers from “Mr. Rogers’ Neighborhood” received a free mansion from his parents on a lake in Winter Park, FL while he was studying music 🎼 because he couldn’t fit a baby grand piano 🎹 or bigger into his dorm room at Rollins College down the street. If i received a free mansion during college, I’d be carefree like him too! 🤓
Now that I'm in my mid thirties with a full time salaried job, girlfriend on route to wife with same and a condo of my own, it feels as a middle millennial that I FINALLY reached adulthood.🎉
Disappointed to see so much context is missing, first time I feel like it on this channel. Sure you can compare adjusting for inflation, but what about the number of years lost in pensions because companies don't offer those anymore, years of lost time to build your family when you are still young and healthy, weeks of paid time off not offered anymore to younger generations, the full time labor (at home and at work) needed by 2 parents to support their 1-2 children when older Gen X or Boomer parents could afford to do so on only 1 income, etc. Sure 52% of millenials own a home, but do they also have the same number of kids, cars, vacation, pension fund as the older generations? My mom told me their mortgage went up by only $100 in the 80's crisis! Now we hear of people paying thousands more per month due to the interest rates and they are just sitting at 7 to 8%. And still my mom didn't have to go out and find a job, one income for a non-university educated dad was plenty. 15% on a very cheap home is very different than 7% on a crazy priced home. Anyway, would love to see those factors added in. Thanks for looking into it!
I recently rewatched your video on 5 ways people are dumb with their money. However, do you think you could create another video that highlights tips/habits of how we could be smart with our money?
The biggest lie was that we should go to college and we'll be making bank after graduation. I remember seeing one certain house and I was like "wow, it costs X euros. If I'll get a good paying job and earn Y euros per month, it will take me 43 months to afford that home." Now, after graduating, I have reached my salary target, and in fact slightly over that... however, it would take me about 80 months to buy that house now, due to inflation. And now my "big" salary is seen as completely average in my country. It feels like this whole system is a huge scam, and money is a made up number on screen. They just keep raising the bar, so you work harder but don't get much further.
It is a huge scam. They want to destroy the middle class. That's what they call equality. They want people to be forever renters. Won't work but now we suffer.
@@chowsquid Bruh it definitely hasn't been like this before - how do people in the last century afford good houses on normal jobs? Including my grandparents who simply bought it outright without a mortgage. In the past, everyone lived in nice houses in the countryside, while now most people don't have other options than renting an apartment. I can't name another era where the "normal" price of a home in USA was 300-400k... we're getting scammed and you're not noticing it. Normalizing it is not the way to go.
Our generational negativity is because we're tired of being told to work harder or get another job that pays more when that doesn't exist and the working demands that the pandemic created skeleton crews out of means none of us feel that we have job security. Because some of us couldn't afford a degree but work hard and have decades of experience now shouldn't mean we need to go into debt for school now to apply for job listings that might be real or just a front. Corporations have become incredibly greedy everywhere they can, and that impacts their employees.
@@maestrulgamer9695sounds like you’re privileged, I know many single mothers who have to work two jobs and barely get to see their kids but sure they should keep slaving away to just barely keep up right?
@@m.b.62 Imagine calling others priviledged just for stating a fact of life. For every single mother who has this problem,there's also at least one mother who stays with the kids withought needing the jobs because of child support. If you become a single parent,you already screwd yourself!
@@maestrulgamer9695your prob a troll but there can be many resons why a parent is single due to bad luck, such as the mom dieing during child birth. Is that the dad's fault? Or if a drunk driver crashed into the father when he was driving home to work. Not every single parent is a result of a bad relationship
Elder Millennial and first generation college grad here. I earned my MEd in ‘09 with $75k in student debt with 5 lenders and different rates. $650 a month on a teaching salary! As I paid one off, I snowballed that payment into the next one, but didn’t finish until I was 37 years old. There is no way I could have paid them off so fast if I had kids. We finally got to buy our first house, with a big helping hand from an inheritance, and got our keys the day before my 40th birthday. I feel so behind on my retirement contributions (and interest!!) because of the student debt. And I really wish we could have afforded a house when rates were rock bottom.
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I'm curious how the economic gains for millennials are impacted by the decision to never have children. Persons without children and planning not to have children can probably take on higher risk investments and can move jobs/locations more easily, so is there a statistically significant gap between the financial health of millennials with children, millennials who delayed children, and millennials not having children?
Households used to have a single income earner, now they have two, yet are still behind. Further, while productivity has skyrocketed, wages have stagnated. The end result is that millennials are working much harder, yet still behind.
At least one counter argument to "millennials" doing well is how most of these stats in the video include the age range as 1980-1989, which is an odd range as its usually includes up to mid 90's. It doesn't sound like much, but Ive experienced the impact a handful of years makes. I rented a room from a homeowner that was only 4 years older than me while looking for my own house to buy. He got the house for 225K with only a little work being put into it and within 5 years, the same type of house on the street were selling for 600K plus. Despite us both being millennials, starting work 4 or 5 years later had a 250K impact on my life, and I certainly am not the only person thats experienced this.
Whom did you poll with those numbers? The 179 rich millennials of the world? Because the rest of us are still struggling, living at home with parents, renting a room in a house or in small apartments not meant for families to be in.
i have reverse fomo, the only reason i'm not broke af rn is I don't look at social media and develop the most crippling form of envy this poor generation will ever experience ( i can't imagine the next generation going through the largest technological leap mankind has to offer and saying no to that) . It would be devastating to my wallet wanting to fit, and had to create my own form of sense of belonging the most frugal way possible. Although my education has helped me form these habits that's without it's downside; one being I am literally alone in this endeavor. I can not relate to anyone except maybe hermit or some new age urban technological monk. My job didn't exist 10 years ago, and it won't exist in a few years. I have become so frugal idk what i want anymore, i just wanna live a normal life.
I'm 40 an "old millennial" and after going to community college, university, and grad school, I finally have a job making $150k, $17k in car debt, and $12k left in student loan debt with no other debt. I have a strong retirement savings and starting to invest in the stock market, and will buy my first house soon. It was a very difficult and rocky start, but I feel like I've finally made it!
Find out what "Compound Interest is, and how it works". Get rid of Car loan, FOR SURE. Car loans suck the life out of your finances. Approach most other debts with the view of how to make a Cash purchase. Anything over 4% is too expensive. imho
@@d1amonddbw I'm able to save $5k-6k a month after all expenses. Together with my partner we are at around $250k/ year. My car payment is only $384 for a brand new Audi (worth $40k resale, so actually an asset at this point. I put a down payment and got a good amount trading in my previous car), the car I've always wanted. Money is useless if it doesn't bring you happiness and help you achieve your dreams, goals, and what you've always wanted.
Yeah, 91-94 range got absolutely shafted. Graduate HS into a recession. Either take a bad job or get a degree. If the latter, get to graduate into a mediocre job market and then have a pandemic thrash your progress
Everything is more expensive now, but that doesn’t affect just millennials. It does hinder our ability to invest more. Hopefully the logistics situation gets resolved soon.
Not really - more than a decade of economic crisis after another has made it all but impossible to save any money and now the soaring cost of real estate makes it nearly impossible to buy a damn house! And this thing about millennials now owning homes at 52% has more to do with members of the old generations dying off and leaving their homes to the younger ones: for those of who don’t have ancestors with a significant amount of wealth that recently kicked the bucket, getting a house is an uphill battle!
Why does everyone talk about fomo. Keeping up with the Jones, has always been a thing. My generation has been screwed, and anyone talking about the 70s is ignoring the income and housing price gap, etc. They were JUST off fiat in 1970s
my parents were boomers, and growing up in the 80's and 90's we lived pretty much paycheck to paycheck. now they're retired and have a million dollar home on a canal lot in Florida. they built the place for $400k right before Covid skyrocketed the housing prices and they made bank off of it. they also got lucky in the late 90's selling their old house and investing in stocks when they were low and making a small fortune off of that. they just have good luck
There are 4 ways to get into college/university: (1) be smart, and I mean, super-super smart. You have to be at the top of your class, the star of the show. Valedictorians do well in school; they do well in college; heck, they do well in life. (2) be athletic; if you are not book-smart, then you may be able to get into college based on the athletic program. (3) be rich; if you come from a rich family, then you can go to any college/university you want, don't have to worry about needs-based or merit-based scholarships or student loans or aid, and just fly by, maybe even hire some tutor to help you understand the material to do well on the exams. (4) be the child of the university faculty/staff; generally speaking, the children of faculty and staff will get tuition discounts, and double discounts when both parents are faculty/staff. Just tuition discounts, though. The family still has to pay for textbooks and supplies.
I love Two Cents. But "The Lost Generation" is a term preserved for the brave men of World War One and the ones living up to the second. Please do not misappropriate this term. It surely was not meant disrespectful, but comparing Millenials to that is a bit over the top. A 34% decrease in wealth is not as dramatic as a 200% increase in bullets trying to pierce your skin.
This video seems so out of touch. I’m a millennial and the whole “fomo” thing pissed me off. I just want to work a job in the field I went to school for, drive a used car and have a 600sq ft house. I’m not asking for a fucking lot. Idk any millennials that can buy a house
Why would it follow that women making more than men delays parenthood? Are you shying away from saying women can't find a man who makes more than them before settling down? I know feminists hate having hypergamy called out.
I'm in the gray area known as Xennial (part X, part Millennial). When you look at how inflation has exploded, it's no wonder why we're making certain choices. The cost of housing, cars, and childcare is ridiculously high. Even groceries are way up. Nicely done video detailing the information.
I graduated in 2007 and lost my job during the recession and decided to move to California with $5k and a very low $32k a year job in 2009. Only in the last 5 years did I finally feel closer to the middle class. I was lucky enough to buy a cheap condo in 2012 and sold it in 2017 for a nice profit and bought my current house, when it was still cheap.
When was this video made? We can't afford houses right now despite our income looking higher than before because wages did not grow as fast as the housing price.
college choice and circumstances make a BIG difference in debt. I attended the local community college then transferred to a state college on grants for disabled students, so I don't currently have any student loans to pay off. my nondisabled sisters on the other hand chose to attend a private college a took out loans, leaving them both with tens of thousands dollars in debt
Investing for Gen-Exer's was way more expensive. I still remember the $14.99 eTrade commercials as being really cheap for a trade. Not to mention dial up internet was $40 for 40 hours per month just to surf the web.
I really like your videos they are really informative. I would like to suggest a topic which might be interesting for some: What would the tax system in the US look like if US had a state pension system, universal health care system and free education system like most of the western European countries have? If you need details, I can send you tax details from Germany as a reference.
I'm gen X my wife is a millenial and we finally paid our house off this year and have no other debt. we are also lucky enough we both get to work from home, although she doesn't have the freedom to set her own hours like I do. People keep trying to get me to take higher paying positions at other jobs because I do make very low pay for my career with my years of experience and my professional license, but I wouldn't be able to work from home and I'd have to travel with mandatory overtime. why would I do that when I no longer need the extra money? we make more than enough to cover our bills with everything being paid off, plus we don't have kids.
