Told my grandma that I don't have kids cause I cant afford daycare. She told me the church would do it for 50 a week. Went to the church and it was 500 a week. Grandma was telling me the price to send My aunt and mom to daycare in the early 80s
@@LauraBeeDannon you know that not all grandmas have nothing to do with their day, right? Some are retired and have the time to take care of other's children, but some other still are on the work field, and either you are 30 years old or 70 years old, your work hours are about the same, which means if the mom can't take care of the child, neither can the grandparents.
Minimum wage in 1980 ~ $3. About 20 hours of work to pay for daycare. (Post tax) Minimum wage in 2024 ~$7 About 80 hours of work to pay for daycare. (Post tax)
@loiuls5578 It was just a question because I thought I was the only one who had parents that didn't help with grandkids. Sadly, around here, a lot of grandparents have custody because of parents' bad choices. My older friends are always babysitting their grandkids. My mom worked until she was 70. When she was younger, she helped my sister with her kids a lot, having them stay weekends and such. When my kids came, I think she was just burned out. Now she has to take care of my dad and doesn't have much free time to just visit with them.
no one listens...I said parent plus loans...they took on loans for their kids and grandkids. some boomers are on the hook for 200k loans for their kids and grandkids
Exactly! Large business/corporations have worked to dissolve the things that the previous generations used and benefitted from that the generations before them fought to bring with their lives (picketing, strikes, etc)…. The people became complacent, and the people in power took advantage…. They’ve been fighting us all to turn us into slaves to make them more money…. We need to fight again… and not yield until we finally get what we need and want: security, stability, and happiness!!!!!
@@thehistoryandbooknerd8979It’s not the large corporations. It’s the regulations here and there and everywhere. Like take housing for example. Everywhere is desperate for starter homes. But building companies can’t build a classic 2 bedroom, 1 bath house from the 1950s zoning laws won’t allow it in most places. So they build bigger homes and the starter home prices sky rocket because there’s not a lot of them. Then you have all the taxes from the government; where I am they raised property taxes, they just came up with a new apartment tax that’s expected to raise rent about $100/month, and they are putting a tax on college students to get around the university not paying taxes. Then you have all the permitting fees for every wanna put fresh mulch down need a permit. Wanna put out a plastic kiddie pool from Walmart need a permit cause it’s more than 1 ft deep. That’s not even accounting for corporate regulations the government forces them to adhere to. Cause while I’m just a low level worker I talk enough to upper management about this kind of stuff. There are certifications that have to be in place to sell and are renewed every year. We have to be externally audited a lot despite never having issues. You have people trying to sue for ridiculous sums of money because heaven forbid someone told them “I’m sorry we can’t do that because of OSHA” and they take that as a personal attack (yes I have seen this happen and it’s absolutely disgusting because upper management was trying to protect the workers and got reported for it by someone on a power trip). I’m also going to lay some fault at unions. Largely because every union me, my mom, and my sister have been in have been worse than the corporation/organization they are supposed to be protecting workers from. My union demanded I work harder like 7 days a week 12 h a day; it was miserable. I remember when my dad died they were furious I skipped work to go to his bedside and funeral. Corporate basically screamed at them a bit to get them off my back. Then my mom’s Union has been petitioning for lower wages for years in response to the company giving everyone raises without prompting. And my sister’s teachers union is pure evil. The school was paying teachers $5/h cause “were a non-profit” and blah blah blah, and the Union went along with it saying that my sister needed to learn how to “better emphasize with kids from low income families” and said she was ungrateful as they took most of her pay to cover Union dues for them to not do anything to help the teachers. The school ironically was better because they at least were sympathetic to the teachers and didn’t gas light them. I could go on but at this point I’m rambling.
Did he never have issues with his health? Did he never have to deal with grief? Did he never have a bad breakup? Did he never get bullied in school? Did he never have any stress about raising a child? Did he never have to worry about finding another job due to being laid off, toxic work environment, lack of hours or pay? Did he never feel lonely in his life? Did he never have to experience a natural disaster? Did he never have anyone lie to him or steal from him? Did he never have to make a very difficult decision that came with consequences? Did he never have to deal with financial insecruity? Did he never have to take care of his parents? I don't understand
@@gloriousgal9958it's that OG mentality. hard exterior, internal lying to themselves. Some people just don't want to be seen or perceived as weak. I would say OPs dad is barely human at this point. Which is the issue
We were lied to and sold a pipe dream of retiring in comfort after seeing boomers retire in massive houses driving corvettes, not realizing that they sold us for that luxury.
If everyone in this comment section pulled together, we could probably afford to live... for like a year. Lmfao. It's insane how savage the economy is and how little older generations care.
Yet chances are all you reading this will choose to or already have kids adding extra costs and condemning the child to grow up into an even worse situation than today.
The boomers have fucked up big time and will be the last generation to be able to retire. This means we have to prepare ourselves for the long haul and buck the fuck up… STAY HARD!!!!!!
As a Gen Z representative, I have no college debt, have a 2 year degree, work a full time job, but can’t even live on my own. When my dad was my age, he had a full time job and could afford an apartment, a truck… meanwhile that same apartment now I can’t afford. 20 year difference. It’s 2.3k a month to rent it. I make just over that before taxes. It’s crazy to think that one income used to support an entire family and send kids to college
Ikr?? & most renters expect 3 times the rent!! Fellow gen z-er here, looking for a place currently, I freaking have 10k in savings w/ my beloved total rn & will have my bio-father for backup ONLY BECAUSE HE'S FINANCIALLY STABLE & WILLING TO HELP JUST IN CASE & support from the state. I am a foster kid, my family situation was due to familial trauma passed on rather than income issues or drug issues per se, so v different kind of a mess & situation there, but it does put me at an advantage compared to other foster kids & I am happy with that, which is why after gaining the distance I needed, I am rebuilding my familial relationship *at a distance*. Anyway, the fact that because of that, you'd assume I'd be able to secure my rent fairly easily, right? WRONG! STILL CAN'T FIND A SINGLE DAMN APARTMENT WILLING TO TAKE ME IN B/C I AM TOO YOUNG & DON'T SPECIFICALLY SOMEHOW MAKE 3× THE RENT MAGICALLY! Like legit I cannot live w/ bio family, but I also cannot just leech off this foster family & so I have been searching for housing for 3 months, but renters are so out of touch it's insane.
@@AscheOfTheLakethat guarantees I can get the same job I’m working now? Nothing is cheaper than living with my parents and paying a fraction of the bills
@AscheOfTheLake Moving costs money. Moving means leaving a social support network (doctors, therapists, public transit, regular pharmacy or grocery store, family, friends). Moving means the housing you move to wants you to already have a job there to prove you can pay rent. But you can't afford to change jobs until you have stable housing in the new area. And saving money requires making enough money to have extra after expenses. And having a job that pays well means more schooling which costs more money....which you can only do when you have a job that pays enough.... But yes, sure. Just move.
What's not addressed here is that the reason the housing market is so screwed up right now is due to investment groups swooping in and buying up every decent property they could get their hands on and jacking up the price of them. Demand for cheap housing is always pretty stable throughout the generations, the difference between today and the past is that there are corporations with a lot more capital than the average person that can put bids on property higher than what a normal person can. This in turn drives up the prices of everything around it. Apartments that were $500 dollars years ago are worth three to four times that only because of this false narrative due to demand still being the same but now everyone is fighting for a lower supply of cheaper places to live, meaning these places can charge more and more. Hopefully, this bubble will burst sometime so that prices fall to where they should be as opposed to where these few corporations are pushing them to be.
basic human rights should not be a profit center for someone else. Also I live in the central valley of California, and we need to start building vertically, luxury houses can be purchased inside of multi-family dwellings, New York has them, Seattle has them, San Fransisco has them. That is how we build lots and lots of houses without taking up lots and lots of land. Not everyone needs to have a manicured lawn with a white picket fence, we need to maximize our space. Same thing goes with commercial farming we have a very limited resources, if we went vertical with hydroponics and more liquid feeding we could quadruple or more the yield per acre for less money.
@@dashkataey1740I landscape in a very affluent area. Most of the houses are gigantic, beautiful, and very very expensive. EVERY one of my clients is a boomer. All of them. All 45. All elderly. Boomers have ALL of the money in this country. Period.
not really. less than 1/4 are investment purchases. The biggest issue is monetary debasement. Homes are high value stable physical assets that involve shorting USD via debt. Everyone flocked to do the same thing at once as soon as credit was cheap and the money supply was skyrocketing.
Fun fact, in 1970 lower middle class income was about 20k a year, which adjusted for inflation is $161,898.73 in today's money. So really they're not that far off
@@noiosobear6284 according the the US census the average wage in 1970 was 9780 a year, which if you plug into an inflation calculator will give you 79k a year. Currently our median salary is quite a bit lower than that at 59k a year. We lost 25% of our buying power from 1970, which was to be frank not an economicly strong year to begin with
@@liliththefirehawk796 my first answer of 19k I saw somewhere but after getting into this debate it seems like there's a lot of wiggle room on what people call middle class, so while I think it's accurate in a way, it's also subjective. The better thing to go off of is just the plain median household income which was a touch under 10k (source is the US census data which you can find on their website). Adjusting for inflation we've lost 25% of our buying power while housing and college have more than doubled. I have no idea where 6k came from
@@quentincesari5018no he can't wooly mammoths are extinct. The ecosystem has changed. The only perseverance hunters left are a few small tribes in Africa.
This is not counting accdiental use of money. Car broke down? Are you sick? Pet is sick? Insurances? Rent? Literally, anything can set u back financially.
@SomeCowguy Sometimes pets are rescues, and you do what you can. Would you leave a starving dying kitten on the street? Anyways, the main reason I'm not having kids either it's more expensive than a pet.
@@t-nugget4383 how's the job market there though? often times i find "good deals" on homes, then looking at the demographics, nearby companies for working opportunities, and crime rates (including the most popular crime committed) its usually a small population rural town with a high crime rate for drug felonies and auto theft. no jobs outside of walmart, wafflehouse, and goodwill. so sure, you get a 4bd 2.5bth for 425k, but nothing else. thats all you get.
My grandpa went to Clemson when it was less than $800 a semester. He paid it off while he was in school. Back in the early 70’s late 60’s. My mom went to Clemson in the early 90’s and her tuition was like $3.5k a year, excluding room and board. Clemson is now $29.8k a year including tuition, room & board, and books (tuition being $15.5k a year). From 1995 to 2024, tuition at CU increased 443%
Millennial here. I went to Clemson from 06-12. Left with $33k in student loans into an atrocious labor market with a Civil Engineering degree. It took me a year to get a job (not career position) making $32k a year. A few months later I found a careerish position making $20.50/hr and worked 60-80 hours a week to make about $75k. When that contract ran out 1.5 years later the labor market was much better but bumped down to $55k with $5k-$10k raises most years since then. I'm doing well now but it took about 5 years out of college to feel like I even had my feet under me. I had the luxury to live at home in this time which was a huge help financially but not so much socially. I bought a house in a not so popular area in 2018 for $265k and sole for $411k in 2022 allowing my wife and I to move to a more central place. I know I'm one of the lucky ones and it took hard work AND some lucky breaks to get where I am now. Gen Z will have much higher student loans and a much harder time buying a house. For now, they have a MUCH better job market with much higher initial earning potential. Millennials and Gen Z will have to pay for the sins of the Boomers who have used their bloated population to wield too much political power. They have destroyed the environment, pumped up national debt, and pushed income inequality to the limit. I am interested to see how the transfer of wealth from Boomers to the next generations plays out as they die off. Likely a lot of Millennials will go from broke to rich and maybe here are enough boomers with multiple homes that it helps the housing supply when they pass and stop hording. I recommend to get a college degree. Make it cheaper with tech/AP credits if you can. Get a SMART degree that has earning potential, generally STEM. Not to be a dream crusher but "feel good" jobs don't always pay the bills. Get internships that relate to your career ASAP to maximize earning and build career knowledge. Live at home as long as possible. Good luck!
Ok hear me out.. At 38 years old and 20 years of working and thinking about it and making what you make. Make friends. Friends you are willing to be an actual family with. Like.. 2-4 should be enough to make this work. It will take several years and being roommates during that time to be sure. Now buy a house together. You can't afford a child so you don't need to plan for a child, but you and some friends could buy a house together and live a very comfortable and fulfilling life together. Family doesn't have to be two sexual partners and their offspring. It can be anything.
Im 23, i get a discount on rent, no college debt, and dont make splurge purchases, rarely eat out, and have an okay job and it is a struggle to be able to save anything
Welcome to being young. I was broke and in debt until age 30. Don’t get a victim mindset like many of the other whiners in this comment section. Keep grinding.
Go into a trade and you can have a life. No student loans and we're needing trades people badly, ie. plumbers, every type of repair person, electricians, etc.
It seems like the elites plan to naturally reduce the population growth of the world is coming along nicely. If the exponential growth of consumers goes down by raising costs of living and tightening the supply of essentials then we won’t have an over population crisis we’ll have an under population crisis. Just what they wanted…
@@susanpendell4215 There's a reason trades have a bad reputation. Work environment is more toxic, job has much higher risk of injury and bosses do everything they can to blame you so they don't have to pay workman's compensation. And most of the trades pay very little, plumbing and electrician are a few of the better ones, so many others (truck driver, repair technician, carpenter, etc) pay close to minimum wage.
My boomer aunt owned a 3br house that she bought in the 90s for like 100k. She said she was getting tired of paying for repairs and maintenance which would cost 1k on an especially bad month, and said she was gonna sell the house and go back to renting. The same apartment she rented in the 90s for less than 400\mo was now going for 1600
And a house you buy/rent now for 1600 will be how much in 30 years? Same cycle, you aren't a victim Kids these days are too stupid to do a logical comparison
@@pauljansen6650 Yeah, I see you have the same absolute lack of logic followthrough that she had. The house I buy for 1600 will be worth nothing because it does not and will not exist.
@pauljansen6650 Except when you calculate for inflation modern prices are still WAY higher than their equivalent back then. Loans are far more predatory now as well, and wages have basically not changed at all in the past 20 years or longer. Boomers these days are out of touch and entitled brats who don't want to put forth any effort to help others and fix the problems they created. Grow up already.
Older people have always told younger generations to work harder, but nowadays there's just no chance of us enjoying the same luxuries they had without preexisting finances, funny that a lot of them got help but we're just lazy
Reminder! When minimum wage was created, the intention was that it was the minimum need to FULLY SUPPORT A FAMILY AND BUY A HOUSE. ON ONE INCOME. It was supposed to be ABOVE THE POVERTY LINE. Not whatever this hell hole is.
I believe minimum wage was supposed to be for one or two people, on bare minimum necessities. Food, water, rent, etc. Not a whole family. Do correct me with sources if I'm wrong, though.
@@buffchicken8201 you are in fact wrong. If you look it up the OP is correct it was originally the minimum wage to live an "American lifestyle" back in the day. That included housing, 1 or 2 cars, kids, sports, colleges, and a vacation every year or two
@@buffchicken8201nope, the creator of minimum wage stated, repeatedly, exactly what the point was for minimum wage. The minimum amount of money a family can live on.
@@SlavicWeapons this isn't a conversation of a living on it this is about what they are comfortable living on. Please watch the video before you act like you know what you're talking about
@@joshuamclean4588 by the way if I was making $900,000 a year which is what you're implying that you're making I wouldn't be bothering with online debates about boomers and gen z
I know right??? All my bills are like 3000. If my household made 78k we would live far better than we are now. We are a family of 3 on 62k. If we made 78k we could afford to have vacations and a lot of luxuries.
North Dakota. South Dakota is having more people move here for the lower taxes, and the bigger cities are wasting tax payer money so we have to pay more to make up for it
That's honestly very expensive. My property tax es in Illinois are $4,000 for the year and my homeowner's insurance is $2,000 for the year on a property worth 300K
I’m at 10 years in a basement apartment that I rent from my ex girlfriend’s parents =\. Thank god we stayed in good terms because I can’t afford to lose this place even if it sucks
partially why i didnt go to college and learned one of them fancy trades no one likes to do. and id be damned if i didnt make close to genz and the boomers combined
@@richardbringman8908yep, the trades are where the money is at. Everyone jumped on higher education for "better jobs" and now with all the welders and stuff getting older, and the, say, programming market overcrowded, the welder probably makes just as much and is easier to find such a job.
Our best hope as Gen Z: Invest like hell (responsibly), live with your family/trustworthy friends as long as you can for low to no cost, and instead of giving your kids the same financial advice your parents or grandparents might give you, save or earn enough to buy them 10 gold bars so they'll actually own their own house. Earn, invest, buy gold, be surrounded by good people, and hope you make it to your thirties/forties. And by FAR the most important part in that equation is the people you can depend on, NO ONE can do ANYTHING truly alone, there is no shame in accepting help smartly.
No, best thing you can do for you kids is to not have them. Stop having kids until the 1% gets off their wealth or they are the only ones left and nobody is there to clean their mansions and cook their meals.
@@thanoshadtherightidea8724 I'm trying not to judge. What is your logic exactly to say that all poor and middle income people should stop reproducing and existing just so the rich can suffer? I ain't depriving my family out of spite.
He’s talking monthly payment, not total. That’s probably the bare monthly minimum you can pay, but it would probably not even pay off the interest, meaning in reality, it’s costing you more.
I'm blessed to live in France where the state pay for your school. I would have to pay 4k a year if not for that, but I have to pay 0k a year now. I wouldn't had made it in any other country... With how poor and broke my family is...
I remember a boss a few jobs ago being super upset because his wife was done being stuck at home and wanted to work again but her entire paycheck was just going to the child care she was no longer doing full time. I was like that's the cost of adult conversation 😂
That's why I stayed home to care for my own kids... That's literally my whole damn paycheck if I went to work. I'm lucky enough where my husband can be the only one working and I'm able to stay home though.
@@egf326 That is more than 10x what it costs here. And that is for licensed daycare. Its even cheaper for unlicensed . Low income people qualify for $10/month daycare.
@@kpepperl319sounds like no matter what, having a child cuts a family’s income in half. You either give up your salary or lose your entire monthly income. But at least you get to raise your kids instead of some stranger
This is exactly why the morgage company is hounding me to refi and pull equity out of my home. I have been pushing to finish paying my house off asap. They see their interest potential shrinking in real time. Once it is payed for ill be in the position you just described the boomers in. Except ull be 35-38 instead of 70.
Must be nice being able to pay for daycare. I have two children and we take turns taken care of them because One works in the morning comes home and then the other works in the afternoon. We cannot afford childcare.
Okay i don't know what generation I'm in but I'm 31, make 62,000/year after taxes, my husband makes 42,000/year and i feel financially happy. Mortgage $2000/month(can't afford without my husband -need at least $72,000/year to afford-, wouldn't have qualified for mortgage without my husband) One car paid in cash, child on the way, never use i phone (waste of money) cricket wireless, might switch to mint Mobile to save money. Contentment with wisdom is great gain. ❤
And you probably live in a low-pop area that would qualify for govt loans like FHA, while the math this guy is doing is closer to major cities. Location makes a BIG difference.
@@CosmicCarnage420 me? It's called North Richland Hills in Texas a very wealthy place to live near Fort Worth and Dallas. It's the best place I've ever lived super fancy here.
@@user-jt6ny6pj2u Texas is a cheap place to live. I'm glad you like it there! I lived there for a few years but there's a lot of major issues I have with it so its not for me.
@@user-jt6ny6pj2u well, unless you have someone that will watch the kid for free so you can work, I guess it won't be that financially comfortable anymore.
got a home for 170k now because housing where I live went down for a few months, now it's already valued at 200k after 5 months, inflation is going nuts
I'm 26, never had college debt but have a 4yr degree, work full time. was going to move out in 2020 but covid doubled then tripled the prices of the houses i was originally looking at. I'm worse off now than i was then in terms of being financially close to moving out.
@@P40ginthe sooner people like you realize it’s corporations with a lack of government intervention that are making things so expensive, the sooner we can actually get something done to fix it
Yes they do, when their Geopolitics send Trillions more overseas, and their Climate & Carbon Tax, by Biden mind you, does cause inflation. Biden could've kept the country open during COVID, and Biden could've worked with China and India on Belt & Road but Kamala ruined that relationship (US-ASEAN, SINO-Pacific) making BRICS form ranks & hedge the PetroDollar. Biden's failed Geopolitics just made Saudi Arabia hedge the PetroDollar, which will drive more inflation the longer they don't trade in it. You sheeple need to humble yourselves, so you can actually learn. Admit that you don't know anything about anything, and start to learn. Until you do that, your hubris will keep you clueless, and you will lose in this economy. @@dr.chimpanz.1324
I wish a lot of people would take time to think about the disabled people in this country that are supposed to survive on $900 a month to $2000. My aunts neighbors are in their 70s and make $1300 a month combined. Section 8 pays some of their rent. They must pay 30% of their income. They are required to pay full utilities and they qualify for $81 a month in food stamps.
Back in 1970 the minimum wage was @ 1.60. I worked 40 hour week and after small taxes brought home 60 bucks a week. Went to college on my own dime, did not live at home with parents after 18. They did not owe me any more. Served in Air Force for about 300 bucks a month got food and barracks to live in plus that. As time went on and education finished got married and got a small started home that needed work, lived 20 years there no help from parents. At near 50 finally got a nicer newer home after 30 years hard work and saving. You can do it to if you want. No one helped us either.
@@rigobertoitachijohnson well was 1970 it's on Google the whole military pay scale for that year. We did get fed 3x day and sleep in barracks back then and if sick military hospital care. Dentistry if large other then filling came out of pocket. 50 years ago?
Name one place where you don't have to pay your way lol. Either pay for it out of pocket or threw taxes. Only difference is threw taxes you have to pay even when your fine and keep paying for everyone else even crack addicts
@@jackstoltz1379 Firstly, it’s significantly cheaper through taxes, and secondly, you also pay for everyone else when you pay for private insurance, even when you’re healthy. That’s the entire point of insurance. However, it’s significantly more expensive to do it that way, because private insurance companies are there to make money, and are incentivized to _not_ pay for your healthcare as much as possible. Also, what’s wrong with letting addicts have access to healthcare? You must have some twisted ethics if you only want “respectable people” have access to healthcare and let everyone else suffer for no reason.
@@jackstoltz1379Addicts have a literal mental illness and need care, so tbh, I don't give a fuck if my taxes pay for their healthcare, they need it and public healthcare is overall cheaper to have than private. It's basic human decency and common sense.
@@notpublic8961 What then if you get so sick that you can’t work? That’s exactly the period when you need insurance, but now you’re unemployed because you’re sick, and can’t pay because you’re uninsured.
Reading through the comments it's kind of sad, once again everyone's assuming GenZ is lazy and weak, when in reality the whole world both figuratively and literally on fire. Everything costs a hell of a lot more than it used to be, to the point there are some working two full-time jobs and still barely surviving off of the bare minimum of necessities such food and shelter, World War III is right around the corner and in many places Civil Wars, and it certainly doesn't help that the entire generation is constantly getting hated on for simply existing. So no GenZ and even Millennials are not lazy and weak, they are doing what they can to survive in our world that is currently burning itself to the ground because some higher-ups wanted to throw Tantra Tantrums.
LITERALLY. Everything goes up $3 every month I swear. Also the world population has nearly doubled since 1980, that makes things harder. The world is entirely different now. They were there when it was being built, and now it’s collapsing before our eyes. Also we have access to so much information they didn’t back then, no wonder we feel depressed and anxious and miserable. That’s one part they won’t understand but will call us “weak” for. We have to put up with so much shit they never had to, that’s just the truth.
@@charliemayfilms1550the population may decline soon, prepare for the western collapse. I have a PDF projection of the 2025 population of many countries and it isn't looking good for the west
Gen Z is not lazy nor weak. They're just like previous generations at that age. Previous generations just didn't have a nice place to broadcast their whining out like gen z does.
i'm sorry, but how do you even get close to $5,271 take-home, when you're paid 78k/year? the fed & state taxes combined will be like 35%, which would leave you with a little over $4,200 / month. am i missing something?!?!?!?!?!
$5271 is def wrong for the take home pay unless the assumption is no state income tax maybe you get to $5100. 35% is too high probably closer to 25% (fed + state 5%). So probably closer to 4800 a month. But this then doesn’t include health care or if you pay higher state income tax.
yes you are. this all depends on what state you're in. My salary is 60k in Austin, and take home is around 50k. at 75k here, you are taking home at least 5k/mo
I think he's using a prior years rates, maybe married filing jointly where the standard deduction is higher and the brackets are all higher. Also some states have no income tax at all.
@@NotAdachiPeople yup that’s the mentality they seem to have. They sucked all the value out of the greatest economy in history and left us with shambles by the time they are leaving the world. Worst generation in history.
That's because when SSI was created back after WWII ended (we got the idea from the n*z*s,) one person getting the benefit was funded by 16 people in the workforce. The Boomers were taught that retirement was a 3-legged stool of pension, personal, and SSI. Pensions were replaced by 401k's, which put the responsibility back into the individual's lap. In the last 10-15 years, a SSI benefiter is being paid by 1.5 people in the system. By the nature of why we call them boomers, they have out populated that leg of the stool, leaving them with 2, which one may not have been as fortified as the rest. Later boomers might not have even had a job with a pension and are stuck in the same boat as the following two generations. So with high education loans, high childcare costs, and so on and so forth, Gen X, Millennials, and Gen Z all have to find the ability to save for their entire retirement, which really means not working a job you hate when your body is breaking down further in your 70s. I had a substitute teacher in elementary school who said our generation wouldn't be able to retire until we were 72 because there would be too big of a job deficit if we left the workforce before then. That wasn't too far off, just the reason why is certainly not to keep the economy afloat.
And they had the best of everything…. Best stock market over the last 40 years. Jobs. Pensions. They are also the idiots who voted in these corrupt lifetime politicians…. I have 0 sympathy for them
Wife and I are 33 with about $800k in investments, excluding home equity and rainy day funds. I've always strived to stay on top of my finances, hoping that being disciplined in my 20s would allow me/us to have more breathing room in our 40s+ but it gets hectic, should we get a partner?
My wife and i (mid 30s) just did our net worth calculation and were astonished to find out that combined we're net worth millionaires, with ~450k in retirement/investments. Years of driving 20+ year old cars with multiple shades of paint (or as i called it, "custom" paint jobs) and knocking out $170k in student loans literally paid off. To people going through the struggle, take it step by (non trademark) baby step. You'll get through it. Its worth it.
I’m 42 with $997k in my 401k. I started working full time right out of high school. I'm still with the same company. I've been in their 401k plan since I was 18. I contribute 10% and get a 4.75% company match. My f/a who isn’t very traditional taught me that compound interest is you best friend. The sooner you start, the better off you are. I didn’t feel the need to mention the roi on brokerage account used under guidance of Jennifer Mackimm Wesley but surely get a partner.
He doesn't give any information. He's just randomly selecting numbers without context and then going "oh look these numbers don't add up correctly you should feel wronged." First off, property tax and insurance is all dependent on where you live. Second off, how much you spend on daycare is dependent again on where you live and what kind of daycare you're sending your kids to. Third off, you don't need to be going out buying some $450,000 fucking house if you can't afford it. Lastly, there's no way you make 171,000$ a year and you can't live comfortably. You have a problem with spending money and you don't know how to manage it and save it. The biggest problem with this generation is not that they don't make enough but that they think that they have to make a certain amount to live a certain life instead of realizing that they need to budget and learn to live more modestly. People are all complaining that they can't live like millionaires when they've done nothing to live like millionaires.
Please note that this number fluctuates depending on the state that you're in. Surprisingly you can still make about 80,000 per household in the state of Texas around the fort Worth area and live comfortably as a Gen z couple
Remote working for an "city job" in suburban area is currently the only way to have financial stability with fixed income (aka no inheritance, well thought investments paying off etc, just budgeting properly)
What the fuck are you talking about? 80k was barely livable in Dallas Fort Worth in the 2000s. I know because I was there. Things have only gotten worse.
Then how the hell am I making it on my own with one job then? of course I don't have debt or child support eating away at my check I make $51,000 to $54,000 and live in a 1 bedroom 600 square foot apartment paying $1052 a month for rent.
I said it in another video and I’ll say it again. They don’t care, they lived their life, bought their stuff when it was affordable and have their stuff. They don’t deal with super inflated prices, rates, and not the reality of today’s problems. Heck most have social security the rest of us younger generation won’t see.
After taxes I made 29k last year and with tax return took me back up to 34.5k. Im a millennial 38. Worked full time in a factory for the last decade and thats the most money I ever made in a year. Im single. Yet I own a home. If you have decent parents do no fall for the lie that you are a failure if you dont move out at 18. Work a job and save. Pay your parents some to help with bills if they will let you stay but dont get out here and pay insane rent if you can help it. I realize thos only works if you happen to have family you get along with and no everyone has that.
Also a big problem with that is more than 50% of kids turning 18 have parents who are no longer together so parental help is just automatically out of the window because neither individual will want to help out their child they feel like they just had to raise themselves for however many years they’ve been split up “I finally get to have my own freedom” is how a lot of parents of think when their kids finally hit 18 nowadays
@@astral8382 I live in small town Tennessee. Poverty line for a family of two (I have a child who's 15) is around 20.5k so by that standard I quite a bit above the poverty line although I'm certainly not rolling in money and my son is severely enough autistic that I don't know that he will ever be able to hold a job. It's possible after he turns 18 if it's been found he can't work he might be able to draw some money. The house payment on my house is a mere 285$ insurance $130. I owe 32k on it.
People having kids on minimum wage is why we are here middle class isn’t much better…. If your house isn’t paid car paid and money in the bank you have no business having kids
They will say, “pick yourself up by your bootstraps” when they are the reason the country is in debt. They were given plenty by the generation prior and then proceeded to give themselves additional help for decades through grants and tax credits.
@@belialbathory2299 that's where I always get confused. Everyone complains about housing, but stay for jobs. I guess my thinking is, do you want a house with less job opportunity or job opportunity with no house. I mean life's all about sacrifices.
I'm a gen z. Married, with 2 kids. We have a mortgage and a car payment. My husband was the only one who went to college and he worked his way through so no debt. We live comfortably on 75k a year. We have more than we need. It's a single person income too. I stay home with the kids. Not saying this is possible for everyone, but without student debt it's much easier. We live well below our means.
Good for you. I know it is tough for some people. But college is mostly a scam unless you are truly smart enough to get a CPA, or go to Law School, or Med School. Or you get a degree in something you can do like coding or something. I work at a two year traditional career college that now offers 4yr degrees. The two year degree students do very well. But they learn to Do stuff or Fix stuff or Make stuff.
Highly recommend working your way through school and starting your degree at a community college. I graduated with my associates and went from my community college to transfer into a public university, i even got a scholarship from my school just for being a transfer student, $3k in total, and my courses are roughly $700 a pop. Paying your way through and taking a bit longer is leaving me with a lot less stress abd I just got my first job in my career field so when I graduate with my bachelors I’ll have roughly 2 years of experience plus a degree (if you want to go into accounting getting a job as an accounting clerk doesnt take much background knowledge, just time management and a willingness to learn. Also collections isn’t a bad starting ground if you can’t get hired).
Most boomers will probably have some recurring health bills which get ignored a lot in these types of comparisons. With healthcare prices always increasing boomer couples now get close or meet their out of pocket maximum which can be 10, 15k even if they only have one chronic condition and that doesn't include prescriptions.
@@YeeterMcBeater470 Besides federal jobs with pensions I have not seen medical guaranteed after retirement so many pay for a policy within their state. A deductible is the amount a person pays before the insurance starts paying. Then the insurance pays a percentage typically ranging up to 90% for the most expensive, then you have an out of pocket maximum which is the most the patient pays out of pocket before the insurance covers 100% which can get high like 10, 15k. If a boomer makes 70k I do not believe they are eligible for assistance with their medical premium which could be hundreds to low 1000's per month. So factor in a scenario where a boomer is paying $1000 per month to have 90% reimbursement with a chronic health condition that will be 15k out of pocket and you are up to 27k not counting prescriptions. We need to consider the difficulties from both sides, not what statistical manipulation makes one generation look like it has more trouble than another. Everyone has it tough.
I currently make more than my high school math teacher than what he did at the time. He currently owns a million dollar home because he bought his home before gentrification in the early 2000s. Half of my paycheck goes to apartment rent. Thankfully I’m single, no kids, no debt, and contribute to my Roth and 403b. And I’m somewhat living paycheck to paycheck. It’s unnecessarily tough out here for frugal folks. I’m still saving for a house to avoid PMI. Being house poor send a chill down my spine.
Comparing generations is always tricky, but it's not fair to label an entire generation as lazy. Gen Z might approach things differently, but they face their own unique challenges and contribute in their own ways. Plus, it's important to remember that circumstances and societal expectations have changed drastically since WWII. Let's focus on understanding and supporting each other rather than making sweeping generalizations.
Only way for things to improve is for people to take responsibility for their own selves and stop relying on government to take care of them. Time we got government out of things they have no authority being in, like the housing market.
@@John_Buck Yes I agree. We need to allow larger auto loans for single adult men (bachelors!!), legalize the devil's lettuce, and make homosexuality part of sex ed in elementary schools! Then I'd be proud to say I'm American and I'd at least know I'm free!
Boomer here. When I was Gen Z's age, I didn't "match" my parents home with one of equal value. I found a "starter home", in a less attractive neighborhood, with a smaller yard, and the smaller square footage. Live in that home for 15 years, build up your equity, and then use that equity to get a nicer home. Lots of ideas for starter homes. One idea is buying a lot and putting a mobile home on it. At least then you're building up equity on the land.
There's no starting homes anymore that's a joke. Most shitty homes I've looked at are at least 250k. I cannot afford even 20% of that which is what they're asking for
@@emilyyvette I just sold my house for $299 k. Almost 10 acres of land, about 1300 living area. It's an unusual home, but its newly painted, has a new pergo floor, vinyl siding. Anyway... that's in East Tennessee. I'm retiring to a Eastern European Country. Of course I've got my social security, for however long that lasts (government sucks), but living expenses are super cheap, less than half. Apartments by the seashore run around. $40,000. I saw one guy that bought a nice strip of land along the main road in town. He put in a septic, electric, built a nice mini warehouse. Anyway, what I'm saying is that there are still many options. It may involve moving. Don't give up looking because then you accept your fate, expand your possibilities. Also, I don't know your circumstance, but it helps if you're a dedicated partner with another productive and a reasonable person.
Try finding an affordable starter home. In Denver area, it's impossible..you're still looking at about $550,000 for a 1300 SQ foot house in a safe (not trendy or affluent) neighborhood.
@@tatianafollett5757 I look at this entire situation of unaffordable housing as a failure of the federal government. They have created this inflation with their incredibly irresponsible spending.
@@davidh7799 I've moved 1500 miles away from my whole family, including my great grandfather who I've had to miss his funeral because im too busy busting my ass to work so I CAN afford a house someday. I have a dedicated and hardworking boyfriend who also busts his ass 10 hours a day and 8 hours on Friday working 48 hours a week. We're putting in the work. We're saving. We're hoping to get enough for the 20% down and move closer to the east coast so it'll be easier to see family in Maine where we're from. It's tough. We'll do it, I'm not giving up. I want the stupid American dream, I want to live in a house we bought. Preferably with old but sturdy bones and a nice fresh coat of paint. I want to be a stay at home mom someday so I can bond with my baby. I want the white picket fence and a dog and a cat. I'll work my ass to get that but I'm working 10x harder than previous generations had to so they could achieve it. I'll work while I'm young but it's rough. I have the drive, the discipline but I'm still struggling to put the savings away. I just wish the older generation appreciated and acknowledged that were working harder than they ever had to. It'd be nice for them to admit it.
This generation isn't greedy. We just want to live average lives with all basic needs met. I just want to make sure my family is cared for and has the means to get by when we're all too old and tired to work. I hardly think that's unreasonable.
3,5 k a month after housepayment is already a lot 😳 My husband and I with 1 toddler and a baby, a big house(recently bought and payments necessary), a car and only 1 income of my husband below 100k and we live a good life. I think people expect way to much luxury nowadays.
It depends largely on where you're located. Some areas are significantly more expensive than others, meaning that your salary figure can mean very different things depending on where you are. In some areas, it can be more than three times as expensive to live there... so if you're comfortable on say 35k in a lower cost area, you'd need 105k to just be equally as comfortable in a higher cost area. The system isn't even broken, either; it's performing exactly how it was designed to by those who want to maintain separation between the wealthy and the worker.
@@Lostachilles ok that makes sense. I automatically asumed the people who complain don't live in an expensive area. Of course we could live in an area, where even a smal flat would be more expensive than our house payments with a garden for the Kids. Would be stupid to live there though 😅
@@fuuhoji648The apartments being built in my area are insane. 654sq ft studio with no mention of utility costs or a parking spot is going for 1.8k a month. Another apartment that was built in a crappy location to pull out onto the main road only has one size with a 1.2sq ft, two bedroom, one bath apartment going for 2.5k a month, again with no mention of utilities or a parking spot included. I have a friend who was trying to close on a townhouse with her sister but when they had a professional look, it was covered in black mold and other areas of disrepair that they pulled out and can't find a place that doesn't require a 5-year rental history that isn't under family members. They are contemplating doing a 6-month or year contract with a rental to see if the market changes but even that has been a challenge because that studio apartment is the cheapest in my city unless you qualify for low income housing. Our minimum wage is $15/hr. The cheapest house in my city limits starts at 250k for a trailer home around 700sq ft. There is even a listing for a 345sq ft house with a loft built on an incline (so no yard, basically) and is near no schools, no grocery store, no public transportation, no nothing going for 350k. My city has a population of 43k. We're not big or fancy but the good paying jobs are with the military or you have to commute to the big city. The former is difficult to get your foot into the door with and the latter can take up to an hour and a half to get to by car...if there is no traffic.
@fuuhoji648 Well, it might be stupid for you personally to live there, but for many people there are multiple reasons to not leave for the more inexpensive countryside like their type of job could be limiting the areas in which they would find work or don't forget relatives that might rely on their help.
Hey dudes. 32 here. Just finished paying off my student loans of only 3k because I wasn't going to waste my time digging myself out of a financial pit. Moved states and bought a house (paying a mortgage) I am the provider for my family, myself, wife, 4yo son, 3mo son. I'm a construction worker. I have been doing this for a few years. I had a 30k camper and 28k truck for gavee about $800/no for each on top of the house/rent because I purchased while renting. The camper has been sold though I owned it for a few years, the truck has 11k on it. Was only 4k but I used the value of the truck against a new vehicle purchase for my wife. So we don't have two vehicles that are not owned by us. My house is small as well as my yard. I live in Michigan. With all this being said. Is it just that you want to have more than what you might think I have?
Idk man. I feel like people want any excuse to not work and make something out of themselves. Gen Z is very well positioned to skyrocket through a career with the correct skills, as boomers are holding all upper management jobs and they're almost gone right now. The whole deck is about to shuffle and these folks won't be there for it because they want to whine about how city apartments cost 3k a month instead of finding a better job and increasing their skills.
Yep, I work with a bunch of guys like you, I'm a bit older, gen.... hell, everyone forgets we exist (don't mind that) so much that I've forgotten what they call us. College is just a recipe for debt and being told lies. Get in the trades, the plumber that has to fix your water line can't do it from a call center in India or China and the trade unions (only good unions) don't let illegals in.
Not everyone is suited to construction. The truth is most lower education jobs that pay well are pretty specialized. You may not think construction falls into that category but it does. Even if you discount the physical demands, I'm sure things like scheduling or even how to use certain tools safely would disqualify a surprising amount. For many jobs in tech, many places are actually not hiring as much as you think. Many jobs, like teaching and nursing, don't pay enough for as many hours that's required. Again, many of these jobs require certain temperaments. Many high schools push college even if a student would do better in a trade, because college acceptances look good to potential students and parents. Guidance counseling is a crapshoot even if you have a counselor who does their job (many students never see one). There also seems to be a startling lack of financial literacy taught to younger generations.
Dude, I salute you. It’s crazy to me that more people don’t see it. We know though, we smart folk know how those boomer woke up thinking about ways they could screw things up for people three generations after them. After coffee they sit in their cozy circles and contemplate the various ways to dodge the best chooses and only pick the bad ones. I’m so glad we have people that can think and know what the right choice is these days. If only those boomer had not completely stole the future of their grandkids. We would have had such a perfect world then. I’m sure some boomer will bring up all the wars they lived through, or 22% interest on houses with double digit inflation or something about their troubles with corporations that had all the power, but that is nothing compared to having pay for cell phones, internet, auto lights, doors, locks, cameras, 3000sq Ft homes, subscriptions and all our other necessities. They don’t know what it’s like to pay all those things. Don’t get me started on 4.75 minimum wage before the 90’s! That is so much when gas cost $1.25 per gallon of gas and only one car to fill up. If only we could go back to having four people living in a two bedroom one bath house and one car per family with the same 6-8 home cooked meals every week because someone stayed home to raise kids. If we could just do that, then we could show those dumb boomers how easy they had it. They just don’t know. But you my man, you are one of the enlightened ones. So much smarter then the rest. Bless your soul and your good work of stocking these flames of anger toward those villains. Disliked, commented and blocked because the boomers.
I’m gen X and divorced with no kids. I’ve worked in construction in Massachusetts for almost 30 years now so I’m doing ok. I work in different houses weekly so I see a lot of family’s and how they live. I’m always shocked at how many younger people there are out there, married with a couple small children buying up $8-900K houses and doing $200K renovations all while starting families. Both working from home. A lot of times I’ve noticed it’s “generational wealth” that allows them to have those lifestyles.
One income of a couple dollars a WEEK used to support a family AND a farm. Now two incomes combining for 6 figures a year is becoming necessary to just do the first part
@@antontsau Just got my CETa certification for associate electronics technician. There's no point in staying in America though, it's only gonna get worse. You people certainly didn't make America better.
When my grandma was 20 years old back in the 1970s, she was able to have her own car, her own house. Today, thats nearly impossibile and youd need to be a 1% earner
@JenniferLeigh-qf2tn The avg home costs like 500k now. Investment companies want to make us rent forever so they are buying out housing developments to rent or to stop them being built to begin with. Any house under like 300k is either so far in the middle of nowhere that what you are suggesting is we become homesteaders. Or it is in a bad area of an inner-city and requires like $100,000 in repairs.
I do like these videos and calling out that things really ARE harder now financially, but college debt is a choice. It was a choice that many were tricked into, but we need to keep telling the next group of students going to college to not make the same choice instead of just talking about how bad it is
I know a lot of people doing okay with their life financially. They don’t even come close to making 100k. Just live in your means. In 2010 I was making 35k and wasn’t rich but had money to spend. I was single.
There is no way daycare is 2500. My kids are in on of the best private schools in the nation where 80% of graduates go to icky league universities. And I don’t pay 2500 a month
Millenial here...Im a single father of two (which I have custody of) and dont make anywhere near this insane salary of 171k Yet I invest over 20% of my income, pay all my bills comfortably, own my own home, and am paying cash for my Masters at Johns Hopkins. Anyone who works their ass off, AND makes smart decisions, can make it. You wont get anywhere working hard while also being a dummy or unwilling to make the necessary changes.
If your living with someone and not paying any bills then sure. But you cant live alone with 1k unless your homeless and being extremely frugal with your money
Who in God's name are you talking about? worked three jobs in old clothes, beat up old car. Never new. Had little food, no children. Lots of university debt. Slept on a mattress on a floor, no TV, -- just WORK. THAT WAS ALL. NO HOPE OF A HOME. That was most boomers. This is stupid crap. You people want EVERYTHING. It isn't going to happen unless you live very low. Like buy a Hud home, live with parents or 3 adults who work 24/7 with no children in a one bedroom apt. That is how you survive. Sorry, wealth does not come easy. Homes cost 450K back then, too, but making $5.00 an hour nobody looked at those homes. You go to a place and buy a home at age 60 for $100,000 or less and live there. Or one for $75,000. It can be done. No children. Now, that's the way most boomers have it. -- Not this crap-- luxury and stuff. You guys are totally insane and greedy as hell for young people.
@@DarkyahwehUnless you have generational wealth or can earn a fortune at some point, you will be normal. Live very low, pay off debt, old clothes, old cars, zero luxury, little food, no children, work minimum 3 jobs. And rent a room or be an apartment manager or share tiny apt with 3 working adults who sleep on sofas or the floor. Never home, always working. Or live with parents, care for them, pay rent , utilities home insurance, debt-,and inherit home way down the road. Your generation makes a fortune doing nothing-- can work from home... you guys can survive, but you bitch like babies.
In Finland: We earn 150k$ in a year, which will be 85k$ after taxes, so about 7k/mo. 450k$ house here with the 4% interest makes 2k/mo. Altogether 2500$ per month for 15year old, two story 1500 ft2 house which is 40km from the capital and 15km from the 2nd biggest city. Student loans are 250$/mo. Daycare in bilingual private daycare costs 450$/mo. People who worked in the US said they need to earn double to be able to live like here although the taxes are way more higher here.
I live off roughly 40k a year… 30 years old, own my house, car, and have 2 kids… it can be done but not easily. Cut out unnecessary expenses and set your mind to living in what you can afford. The normal townhome is not the starter home it was in the 50s, buy a complete rehab home and put in the work to make it livable. Yes everything is more expensive, but people are also way lazier with their hands than ever before. Lastly I say this as someone who is not a trades person or college grad, just a regular kitchen worker. Anyone can do it if they try hard enough, a lot just give up because it’s too hard before seeing the payoff.
The daycare may be inflated a bit but overall I still a think 171k is an underestimate. Especially in a bigger city. There are other costs too but pretty accurate analysis
Ha! Starter homes don’t exist anymore. I live in the Midwest. Supposed to be the best standard of living in America. You’re lucky to find a house under $400k. I would take a fixer upper, I’m not picky. The problem is the real estate boom where people found they could flip houses to make income. Now we are paying for it because there’s less inventory and the inventory available is high cost and modeled well. No chance for starters anymore.
Also, because of spawl caused by nimbys, anywhere where there are new builds, you'll be paying for the house with time. The places that are generally walkable and thus, great places to raise independent children also are places where you pay an arm and a leg to rent
I live in California and a $450,000 home is still far from being a starter home. The house I’m renting is a three bed two bath and it is worth 300,000. I do not live in a starter home. I just rented before shit hit the fan.
@@charizardsniper5064right so since it hit the fan, how much can that house sell for? Just because it was selling for 300k 5 years ago doesn’t mean that’s the price it would go for now. “Worth” is not a stable fact, it changes with the market.
