Are Millennials Bad with Money?

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Boomers accuse millennials of being fiscally irresponsible, while millennials say boomers broke the economy… so who’s right?
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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Matthews
Images by: Shutterstock
Music by: APM
SOURCES:
www.urban.org/urba.../state-m...
www.businessinsider.com/mille....
listwithclever.com/.../millen...
www.padillacrt.com/.../weighin...
www.forbes.com/.../millennial....
ktbenefits.com/.../industry-t...
www.forbes.com/.../student-lo....
www.inc.com/.../63-percent-of....
www.pwc.com/.../pwc-millennia....
www.investopedia.com/.../what....
smartasset.com/.../years-of-w....
www.healthsystemtracker.org/....
trends.collegeboard.org/.../2....

[@BardWannabe]

I’m surprised this comparison didn’t bring up the fact that Boomers have done a horrible job saving for retirement themselves.

[@therogueflieger]

I think part of it is that Boomers don't watch KZbin videos on money as often.

[@Cameroner1]

True, not only am I expected to support myself and my family through retirement, but my parents are banking on me supporting them as well. I imagine many other millenials are in the same crushing position

[@BardWannabe]

Cam Rodriguez Don’t get sucked into your parents’ expectations. If they can’t afford to retire, then they don’t get to retire. Retirement is a privilege one must earn for oneself.

[@TumblinWeeds]

BardWannabe while it’s perfectly understandable to not want to do so, I don’t think it’s _good_ to leave your parents-people who raised you for years, possibly paying for your education and getting you through hard times-to rot when you are able not to. Let people make this decision for themselves.

[@forbiddenwar45]

@@BardWannabe So when they are unable to work due to physical conditions, you are fine with your parents losing their home and dying on the street homeless?

[@Will-cb4wb]

"no one is gonna help them out of this mess so theyre gonna have to start educating themselves now" ... Oh, hello two cents

[@darcflame37]

" *Figure it out yourself* " -Financial Education Video

[@darcflame37]

Brilliant Advice

[@franciscopartida4167]

@@darcflame37 They didn't say "figure it out yourself". The message is to take responsibility for your own learning, aka, use your resources to actively help yourself.

[@darcflame37]

"No one else is likely to help them out of this mess" "So they are going to have to start educating themselves now" -No one's going to help you, Boomer won't teach you, clean their mess up yourself.

[@guy_5108]

@@darcflame37 Millennials are adults. Who do you expect to teach you now? You're not 10 ; school isn't going to force you to learn and hold your hand. You have to seek knowledge yourself. This channel has dozens of videos with financial advice which is a good start and you have the entire Internet to educate you for free. This video wasn't about financial advice but the rest are so watch those instead and don't complain about the free and easy to access resources.

[@jacqslabz]

I once had a boomer ridicule me for being “so lazy” because I graduated from college with any debt. She went on about how she worked hard and paid her tuition as she went. Completely ignoring the fact that my tuition costed about 10 times as much while minimum-wage wasn’t even close to something like 10 times as much. For the record, I worked the entire time I was in college, and it was barely enough to help cover Ramen noodles.

[@jdsim9173]

And i'll bet you got a useless degree.

[@charlesphilhower1452]

Considering the large number of degrees that fail teach marketable skills many should think about alternatives such as going to a trade school. Trade schools may require more maturity, basic knowledge and determination than may college courses may require.

[@joshuachang5210]

Not relayed but the “men” in ramen actually means noodles. So ramen noodles is basically ra noodles noodles

[@BenShutUp]

Well this is depressing. I need a $5 latte and a $6 oversized muffin to get me through this day now.

[@LesbianCinemaCircuit]

As a millennial, I watched my parents and grandparents work at companies all their lives, only for some crazieness to come and rob them of the benefits they earned. I don't think millennials prioritize experience, I think we're scared to spend our lives working for something that will never come. Most of us don't even think we'll receive social security when we're older. We have lost hope and faith in the established systems our elders relied on.

[@k_a_y_l_e_e]

i remember being taught in college that social security for millennials will not be a thing. we won't get anything. straight up. that is something that really stuck with me the past few years since i graduated and it's something that always comes to mind when i'm made to feel guilty or trash talked by older generations. i know it's cliche to say but they _really_ don't understand.

[@ntmn8444]

Two cents did a video on this topic, take a look at it. I have heard the same thing my whole life, and that’s why I’ve taken up investing for retirement. But we will still get benefits, just not as much as boomers today.

[@deficator750]

I noticed that too many people just don’t bother its like trying to save up for a lottery

[@emmacat3202]

Yet, we still have to pay into these systems we'll never get to use. I want my tax dollars back.

[@inorite4553]

Thats kinda what happens when the Boomers spent a lifetime dissolving faith in government institutions and saying government was the problem. Now we see that government has a hand in solving some of these problems but Boomers are still in political office. Its long past time for Millennials to start replacing Boomers and get our system of government working for us now.

[@spacecaptain9188]

Millenial perspective: In my engineering classes, I was told (repeatedly) that I should not stay in any position for more than 5 years. To do so would render me unhireable by other companies, (Which is increadibly important, since so many jobs are sent overseas). This is apparently also common advice given to tech students. I have not personally seen many companies hire from within, or invest in frequent training in other industries either.

[@12martin12rojas]

I was literally about to criticize what you wrote, but I realized its very true especially in high positions. The company I work for always needs new management because they get new offers and take them and they never promote from within and get someone from even out of state

[@112428]

@@12martin12rojas As an engineer who graduated in 2016, by being willing to move jobs I doubled my income in 5 years. In Indiana I went from making $40k at a manufacturing plant, to $90k working from home with some travel. Moving positions is the only way to get a raise now, but it can be very lucrative when your peers aren't willing to give up the stability they already have.

[@lizardchase2296]

The reason we constantly switch jobs here is the wage stagnation. Rule in this household is once the raises or paid for training stops, it’s time to take the skills elsewhere for higher pay and get more certifications. Not that companies are trying to fight back with forcing this “non-compete” agreement that ties your financial hands. Be wary of those, friends. We finally got debt free and are building towards our future because I can recognize in my 30s that I don’t want my children taking care of me. My retirement isn’t their responsibility, it belongs to my husband and I. I wish my mother would get that. Nothing saved towards retirement and she still spends every penny while parading that I’m her retirement plan. She thinks I’m joking when I say retirement is the reward for saving your whole life, disability is something else. 🤷🏽‍♀️

[@rlam4648]

I tried to buy a house this month. I was putting down 3% and payed for asking. However, after doing my own research into finding out what kind of homeowners insurance I discovered the property is involved in a lawsuit and the baby boomer seller lied about everything on the paperwork. Soooo my first home buying experience ended up with me busting the seller for fraud.

[@simunator]

classic rookie move buying a used product

[@nickc3657]

I’m a millennial who eats out at most once a month, has never had avocado toast, and doesn’t drink, but I’m still broke as hell. *I’m* the one telling my parents that “getting something to eat” isn’t something to do whenever you feel like it.

[@xhauntedpassionx]

Avocado toast isn't even that expensive so it's kinda ridiculous how "avocado toast" = bad with money. Its literally a slice of toast, with 1/2 an avocado on it. Maybe a sauce/spices/other toppings. (But yes, people seem to forget about Gen X, my own Gen X parents are doing horribly financially)

[@noon110]

The avocado toast thing is a joke. I don't remember who said avocado toast = bad originally, but I know Graham Stephan popularized it as a joke

[@112428]

@@noon110 It was an Australian billionaire who said it in an interview about younger generations. Then it became a running joke.

[@dota-ed4638]

Money is just a I owe you one ticket, you could go to a wild forest and live there, hunt yourself, sew yourself, idk somehow make a internet antenna, or you do something for people, humanity, there is no such thing as i have no money, you are not doing enough but asking for too many favors. It is really simple to understand.

[@Skwertydogs]

I have never understood the metric of "eating out" as the standard of achievement. I have eaten out at a restaurant maybe five times in the last twenty five years. It was actually out of inconvenience that I was traveling and had to eat at a restaurant. Restaurant food isn't that good. There are few executive chef's anymore. Most restaurant food is just microwaved in the back by some guy making minimum wage complaining that he can't afford to eat the food he is "cooking".

[@jennrodriguezdaluz]

the one criticism i have of this video is the "less willing to work the same job for a lifetime" statement. i feel like that is more of a "less likely to work the same job for a lifetime" as job stability seems to be an absolute unicorn now a days. i admit my husband and i are are on the older end of the millennial scale, but as time goes on we and our friends are finding it harder and harder to find jobs willing to invest in long term employees (HELLO TECH INDUSTRY) and don't seem to mind a lot of turn over. there are many reason for this of course, but as we face a changing and challenging financial landscape, having job stability like our parents had is probably the one thing our generation agrees on, in our case anyway.

[@mackaarony]

Agreed. Sadly, the best way to get a raise is to change companies.

[@drewpierpont3361]

The reason is because retirement is more portable. More investment options exist than before and there aren't pensions making people incentivizing people to stay with the same company forever.

[@balthorpayne]

@@mackaarony Absolutely. I'm in tech myself and got a couple years experience, and a little probing looks to get me a 40% raise if I move on, whereas asking internally I have to hit a certain benchmark in terms of seniority AND the pay is less than I could get elsewhere. Even when you love your company, the best way to get ahead is to move on every 2 years or so. Its disappointing.

[@sarrahwilson8149]

The best thing I did was change Companies. The avg amount of jobs a person has now a days is 7.

[@balthorpayne]

@@sarrahwilson8149 Thats it? Lord, I've had 19. Some short lived, and I worked many concurrently, but 7 sounds so low.

[@wing3789]

Can you blame them for not reaching out for help in financial literacy when everywhere you look it's crowded with bad information and financial advisors aren't even legally required to have their client's best interest in mind?

[@ShaunakDe]

This. I was sold a whole life policy that was terrible for me.

[@wing3789]

@@ShaunakDe I'm sorry to hear that, I hope you got out of it

[@mystiqueisland777]

Doesn't help that the republicans actively worked to destroy education. Or that Clinton destroying the Glass-Steagal act and letting Sally Mae off the leash, has lead to the crisis we are in. And lets not forget the destruction of unions!

[@larsreed7116]

Completely agree. Seeking "professional" advice on investments and debt management is just asking for another expense to add to the others. This channel is better financial advice than many professionals provide, and certainly better value for your money.

[@chowsquid]

Fiduciaries are. Everyone else with a commission is just there to make money 💰

[@max_paynetothemax9499]

make a playlist on financial literacy.

[@RBzee112]

That's what this whole channel is.

[@darcflame37]

Do it yourself, that's the message of the video, js

[@m106test3]

@@darcflame37 what does making a KZbin playlist have to do with millennials

[@lanreyjoseph]

They are drinking coffee to keep up with their three jobs.

[@anthonycmiller]

a cup of homemade iced coffee will cost you just over 20 cents, including water, electricity, coffee beans, filters, and milk. Buying starbucks or mcdonalds coffee regularly is just a flat out horrible financial decision, often costing thousands of dollars per year. They wouldn't need 3 jobs if they made coffee at home and exercised basic financial skills like budgeting.

[@vicgamesvt9682]

@@anthonycmiller if you work everyday on weekdays you work 240days a year but let's assume for some reason you buy coffee 300 days a year a large coffee at my local timhortans is $1.30 so 300x1.3=390. That's still alot of money but I don't think that that's what's draining everyone's money.

[@alex2143]

@@vicgamesvt9682 I’m willing to bet most people pay a lot more for their coffee. Let’s use your numbers but say that a cup of coffee costs $3. That’d be $900 a year, just for one simple thing. And the point is that it IS what’s draining money. Ever heard of a death by a thousand papercuts?

[@vicgamesvt9682]

@Luís Filipe Andrade yeah my amount is wrong I think because of corona the cost of a large coffee costs $2 now but if you want to be fancy you could buy a icecapp for $3 or a Starbucks for $4

[@David-sq2en]

@@alex2143 why you refuse to use the prices from the example of someone who is actually buying the coffee at the price and insist to come with numbers out of nowhere... This is my cost for coffee: k-cup coffee machine: $15 Coup of coffee that I make in said machine: $0.35 The place I work in does not even offer a kitchen for employees (why should they) i have this machine on top of some filling cabinet and wash my mug (that I bought second hand at a thrift store for $0.40) in the sink in the bathroom. and I have a second machine in my 320 sq feet "apartment" (that I'm renting) so i can start the day with some coffee right away. Before the pandemic, the only reason why I went to Starbucks was to do business (besides my job, I have a gig doing websites) so maybe someone buy a website. But apparently I can tax deduct this... so... there is that. Also if you see me around with bottled water, I don't buy those, I refill them.... don't think now that I am paying $900 for bottles of water... Please, fix your numbers.

[@robertmelvin7908]

I partially agree. As a Boomer, I remember being taught about compound interest and savings when I was in grade school; education that may not exist today. It's true large companies 50 years ago offered pensions and health care, but that wasn't the case for smaller jobs - and most of those large companies moved overseas. So many Boomers aren't that well off. What I've seen is that Boomers who were taught good financial planning from parents who lived though the Great Depression and WWII generally have the skills to understand entrepreneurship, savings, budgeting and investing.

[@channell11]

The big thing is that people want the good stuff to not change (pensions, higher pay, lower requirements), but they celebrate more women in the workforce in the 20th century, more immigration, and cheap goods as a result of automation and Chinese factories. Nobody seemed to teach them that labor value is a function of supply and demand.

[@shadesofricoeur4207]

I am a millennial and a financial minimalist, and it's difficult enough keeping my own self afloat. I have no idea what I am going to do about my parents who haven't saved much of anything for retirement.

[@hedderperez8739]

My exact worries.

[@marianogoncalves18]

Thank goodness I live in Europe. I'd hate to be an American living in the USA

[@rogofos]

Its good to be russian, becoes I never have to worry about student dept and insurance becoes its all free here. I also dont have to worry about retirement, becoes I'll die before it even start...

[@yihtorng]

Well I face the same issue in Malaysia as well

[@Fgcbear15]

My dad plans on living on my not yet purchased land in an rv. My mother is bad with money, had 6 kids, housed my grandparents and uncles, and my disabled brother. So they will not have a lot of savings even though my dad makes way more than me. I have to get into a better situation but I have 40k in debt and currently put 1k a month towards it and it still feels deafening.

[@Samanthayeoqy]

There is also the thought of "I'm never gonna afford it anyway" that makes Millennials spend instead of saving it. It would take 10 to 20 years of saving to even get a down payment for a house, whereas in Boomers era, saving 1 to 5 years would be enough for a down payment then. To note also that promotion for Milennails are becoming more hard to get as boomers are staying on the job longer too. Take a look at retirement ages between 1990 (50) and 2010 (60) . And can't blame boomers for staying on as everything is shrinking, medical cost rises and insurance covers less and less, cost of living is higher than their pensions, some boomers was forced to retire and found themselves needing to find a job. Take a look at Singapore, grandpa and grandmas would need to work at hawker stalls as cleaners since they can't afford even with their pensions.

[@archdukefranzferdinand567]

You have to live lavish on top of a low paying job to have to wait 20 years for down payment

[@riffdex]

It’s insane to think that it takes 20 years to save a down payment for a house nowadays. Yes, houses are much more expensive nowadays after adjusting for inflation than they were in the 80s, but the standards of living has also increased. It is hard to compare median housing prices from those two times when houses nowadays are much more sophisticated than houses of decades prior. I’m a millennial who bought a house at age 24 (now 28). I lowered my standards and specifically chose an older house (built in 1932) that was reasonable for me. By making this choice, working hard, and living frugally, I got on the path I’m currently on and will have my house paid off in full before my 30th birthday. I’m not saying it is realistic to pay off your house this quickly. By all means, get a 30 year mortgage and pay it off over 30 years. But to imply that a millennial owning a home in this day and age is so impossible, is simply ridiculous. Take ownership of your circumstance, stand up, and find a way to achieve your goals.

[@SmallSpoonBrigade]

@@riffdex Not true, the standard of living has increased because of cheap credit, people put things on their credit cards and hope that they'll be able to pay it off. As far as housing goes, in those decades you had a huge number of people moving from rural areas with cheap housing to more urban areas with expensive housing. What's more, the cost of housing has relatively little to do with the actual building on the land, the land itself has gotten super expensive. The land my parents' house is built on alone is worth roughly 25x what they paid for the land and the house when they bought back in the mid 70s. Perhaps if you live in a dying city or one where there's little chance of growth in the future that may be the case, but in areas that people want to live, the cost of housing has been growing a ton. It makes that whole average housing cost pretty much meaningless. You happened to be able to get that done, but you're completely full of it if you're suggesting that it's a reasonable possibility for more than a tiny fraction of the folks in your generation. Houses are just not that cheap and jobs just don't pay that well.

[@riffdex]

Chris L I live in a largely populous and growing city. I never said it was possible for 100% of the time, but to imply it is a tiny fraction is not based on any true science. It’s simply your bias coming to light. Maybe if you stopped being a victim for a moment you would discover it’s not impossible to survive in this day and age. In fact, it’s easier to survive nowadays that almost any other time in the history of civilization.

[@Samanthayeoqy]

@@riffdex To even to qualify for financing, from the articles that I found. "The national qualifying income needed to buy a home is $55,575 with 10% down, and $49,400 with a 20% down payment, according to data from the National Association of Realtors’ Metropolitan Median Area Prices and Affordability index from the fourth quarter of 2019. " Which from what I calculate, around 4000 per month, which is almost impossible for any young adult who is just starting out. The average salary for ages 20-24 Monthly Salary: $2,496 The average salary for ages 25-34 Average Monthly Salary: $3,436 which means that I wouldn't be able to afford to buy a house till i'm around 25 and up, and I would have to save all my money by not renting, no car, no loans for the downpayment too. Is it possible to share your salary when you are 24 years old and how much your house cost?

[@quimblyjones9767]

I am a millennial and I'm bad with money.. I'm bad because I used to blame my parents for not teaching me but now I'm getting better because I've decided to take action, subscribing to two cents is one step. Thank you very much for doing this

[@sagan.]

So just to clarify “We’re not great with money because we eat out a lot and want to have “experiences” but we were also kinda screwed to begin with because Healthcare, education and Living costs weren’t the same as baby boomers’ situation” ...Pretty solid conclusion imo.

[@KhamTVinc]

My mom taught me from an early age to save for emergencies and planned expenses. So I thought EVERYONE knew/did this. I never put too much thought into it until I hit my 30's. We've all had things come up. A flat tire, broken phone, or an illness that costs us money. I would always handle each of these and just rebuild my savings. It felt good to stay ahead of the unpredicted... I had my reality check when a friend had a financial "emergency" of $500.00 to replace their tires. I remember telling them "just pull it from your savings, no big deal." The mere concept of having a savings confused them. They told me they never were told about this. Ever. We were both 30. I then learned my next lesson. Never tell people, even friends or family, that you have a savings. It ended my friendship because I refused to help them. Their mind set was "you have all that money and I am broke you need to help me."

[@umarmohammad6841]

we're the 8 percent bois

[@JeffMorrisonAdventures]

🤑 keep hustlin! And being a professionaly frugal!

[@engitect]

The 2%ers are probably stocking up assets for their financial freedom.

[@sahilhassan8538]

I go onto r/wallstreetbets. I'm glad to be in the 0.1%

[@DrFuzzyxFuzz]

@@sahilhassan8538 lol

[@aidoll3692]

I don't understand it enough to confidently say that

[@ShannaCarlson525]

I wish this channel was around in '07 and '08 before I went to college. It was impressed on me that getting student loans was just how things were done and that everyone has them. Some days I wish I never went to college or at least delayed going to college until I had some savings built up to pay cash for it. Such a waste of money. If I ever have kids I'll be living in a country where college is free and the cost of healthcare is something you don't have to think about. This country is broken.

[@simpressed5756]

i went to college in 2010 and was pretty much told that a 4 year degree was my only option for getting a good job and taking out 40k in student loans was completely normal and okay. it has taken me five years to find a job that pays 40k a year (before this i was making 25-30k) and cannot afford to repay my student loans on top of rent and bills (i can't live with my parents because i had to move cities for this job). i have had no other choice but to go to grad school so that i can get a higher paying job (and defer my loans), which is causing me to rack up even more debt. the system is absolutely broken, if i had never gone to college and just worked i would be in a BETTER financial situation.

[@victordonavon292]

Rule 101 of economics: There is no such thing as a free lunch. Think about it.

[@majeck]

5:35 I doubt even boomers have "finanical" literacy

[@saschamayer4050]

Just like GenX-ers. Seems to be heredetary?

[@KohMediaTV]

Thank god I'm not the only one who noticed the spelling error. Get your shit together two cents!

[@n3v3r1s4]

I love the irony there =D

[@SmallSpoonBrigade]

Clearly they don't, just look at how many of them wound up destitute in old age, despite the various pension programs out there, the ability to buy a house with just one income and the degree to which the stock market has grown over the decades they were working.

[@matthewmelson1780]

I like how they mentioned financial literacy as if its millennials fault that they weren't properly educates.

[@gregcountryman8770]

Baby Boomers need to realize that finances/money has changed so much over the years, but they still teach old money habits that don't work anymore.

[@mymom1462]

Austin Martín Hernández Shut the fuck up Boomer

[@gug1970]

@@mymom1462 and they wonder why people think millenials are dicks.

[@Blaze6432]

@Austin Martín HernándezI only replace my phones every 5 years and I always pay for them in cash. My car was under 10k (2016 with 40k miles) and I plan to have it for a while. I eat out only at lower tier restaraunts about 2 weeks and to top it off I live in a cheaper city on the cheaper side of town. So my spending habits aren't the issue, my issue is that there is no garaunteed employment even though I have work experience and a degree.

[@Blaze6432]

@Austin Martín Hernández I have an S6 that i got a fee months after it launched. Im actually going to try and replace it in the spring. Ijust take really good care of my phones (I invest in screen protectors and really firm cases to help me extend their lives.) Status update, I ended up nabbing a job with the city hall doing Engineering tech work. I love it but even at $18/hr I have to be really careful. Although I'm also recovering from my moving cost (just moved about 3 months ago to the outskirts of Tampa). It's tough but I manage it well.

[@carmcam1]

@@mymom1462 I was born 1986 and notice the spending ramp up of people today. Childhood was simple back then, today i find it ridiculous how demanding children get with things they don't really need, like electronic gadgets.

[@jjava.bean5]

I think it's kind both but mostly millenials are right. everyone isnt "perfect" with money spending (mills and boomers) especially when they're young. But because the economy is so broken, our bad spending hurts us way more than boomer's did, leading them to believe they're perfect and were irresponsible

[@gug1970]

Here we stand at the pinnacle of the most wealthy society that has ever existed living in almost unimaginable luxury compared to just 100 years ago... but wait... 'our economy is so broken' ??? Boomers dont believe they're perfect. its just so blindingly obvious to anyone with a few years under their belts that (many) of the young are fucking nuts.

[@Aragon1500]

Yet the gap between poor and rich is wider than ever we are poorer than we've ever been in terms of real dollars.

[@HermanWillems]

My Boomer parents where VERY bad financially. Both had a decent income, got loans for everything.... made so many bad decisions. And still turned out fine, could always buy houses and cars. They could afford all the bad choices. I learned from that, and yes i made a few bad decisions myself. (Bought myself a sportscar, but no loan though....) But really i need to watch my steps very carefully. I TRIPLE check and take decisions VERY VERY carefully before buying something. And i focus really much on calculating everything to get max profit out of my spending and investing and savings. I also want to pay off my mortgage a bit quicker so i have more financial freedom and no stress.

[@OnyxAgainstTheWorld]

Not to mention our society it BUILT on consuming. We have to constantly consume and buy crap we don't need or the whole thing goes belly up. Which I don't really feel bad about, honeslty

[@weareorigin]

Now there's cellphone bills, internet bills, Netflix, hulu, Disney Plus, Amazon Prime membership, Patreon donations, etc. It takes longer to pay off a house, even if the house is old & needs repairs every year....so the renting costs more too. Millennials aren't taught to be conservative with money in schools, while everything around them costs more than what their parents were paying.

[@favioescalon528]

Disney plus isn't even out yet 🤣🤣🤣 but I get the point. I started and IRA this year, I turned 21 a while ago so I hope I can max it out every year

[@MK-qh3li]

patreon donation isn't a necessity

[@HeyUncleA]

You don’t need all that stuff... good luck. You’re digging yourself into the hole.

[@darcflame37]

@@HeyUncleA He means in general, you can't even get Disney Plus right now even if you wanted to. He speaking in general terms and using examples to back it up.

[@TumblinWeeds]

Austin Napier _in general_ , people still don’t need most of that stuff. You can’t blame the subscriptions of making you poor when you choose to buy them yourself.

[@adriandatura]

This is why I've been taking small business and financial classes in high school and am currently getting my Associate's in Business Administration. I absolutely _suck_ at math and public speaking, but I still want to know the rule of the game so I can have a few more cards in my hand.

[@beth8775]

You totally just explained to me why my step-daughter decided to major in business when it's the last thing I expected her to choose.

[@djwestbrook36]

Don’t take on debt to do that. An associates in Business Administration barley means anything. I have one .

[@adriandatura]

@@djwestbrook36 I'm avoiding debt like the plague it's all grants and college savings my parents built for me

[@robertmelvin7908]

I also recommend taking a few English writing classes to assist in writing proposals. The best writing class I ever took, allowed the students to rewrite the assignments and resubmit, so that we could learn from OUR mistakes.

[@3of11]

Must be nice to be gen x, watching millennials throw avocado toast at boomers, and boomers throwing fox news displaying TVs back.

[@rushdiahmad2435]

Our turn next..

[@Caroline-yo2zo]

Gen Z and X are just waiting on the sidelines for their turns...

[@KrisRN23935]

Caroline I find it funny because it could literally be my sister and me.

[@jimsykes6843]

No it sucks, we gen xers just want people to pay attention to us

[@rinreborn7364]

What is gen x? Im 96 am i a millennial or gen x?

[@adaking4992]

*Gen z looks around, obviously confused*

[@HermanWillems]

As a millenial i feel fucked, but then i look at Gen Z... omg guys you don't know what is waiting for you. You guys are even fucked MORE.

[@ntmn8444]

Wake up. Looks like you guys are about to face the same hardship we faced 11 years ago. I was in college when the economy collapsed and we went into a recession. The last 10 years have been a wtf for Millennials. I hope you don’t, I don’t wish the same on to you guys, but prepare yourself. If you’re working, start investing, start saving. Take whatever you can now and put it away for your future. I have so much hope for you guys. I really do.

[@KrisRN23935]

Nt Mn As a Gen Z’er I genuinely thank you.

[@scotttape1418]

@@ntmn8444 thank you. I am gen z and I have been doing extensive research on balancing finances and costs. I know it will be a difficult road when I'm older but I am optimistic about being mostly prepared for the rising costs of living.

[@kazuthegreat]

I'm 23. I've been learning more and more financially since last year. Started a Roth IRA, started increasing my credit score and became a member of Navy Federal in order to be approved for low-interest rates later down the line. I also have cutting down on my spending realizing that I don't need to eat out all the time.

[@Iffy50]

Healthcare is a national embarrassment. Medical technology has made prices soar and has lowered our standard of living. Everything else is the fault of the people having problems. Years ago houses were cheaper (even adjusted for inflation), but the average house was much small. I've looked at loads of houses and the older the house, the smaller the bedrooms tend to be. There are plenty of housing options for people on a budget if you don't have an "I deserve" attitude. (at least where I live)

[@eclecticmusafir]

Graying millenial here ('81 model year), and I absolutely agree that it's on our generation to self-teach. My parents' generation was largely financially illiterate, and I didn't learn anything meaningful from them other than how to balance a checkbook. (Who still does that?) Boomers left us a fractured system, but it's more productive to see those as challenges, rather than obstacles. 1) My solution to college debt (which started when I initially went to college in 1999) was to join the Army. I paid off the debt, and then went back and finished my degree 20 years later, with the government footing the bill. *Zero debt*, at the cost of a few injuries. 😁 Aside from scholarships, military service is the only viable way to avoid college debt. 2) After university, personal finance is my post-secondary education. It took a fair amount of reading to re-program my brain from the marketing I've been indoctrinated with since childhood. I make a very nice salary, but aggressively budget and suppress lifestyle inflation...my minimum savings rate is north of 20%, while still enjoying a comfortable, normal quality of life (sans ramen noodles and ketchup sandwiches)

[@cecilcaplinger3622]

I have been saving for college for the past 2 years I feel so out of the loop in comparison to all of my peers and like I'm dragging behind but I also really don't want to be in debt

[@SilverHawk214]

I'm doing the same, it's rough but I think it'll be worth it 10 years down the road

[@alexanderharaldh4831]

So you expect that you won't get, or just barely get a better salary after graduating from college?

[@cecilcaplinger3622]

As someone trying to become a pastry chef no I don't think I'm going to be making enough to pay for all of the things that I need in my life and student loans thankfully right now I am living for free with my grandparents and can afford to save to go to college but I will never expect better times I will learn to live when times are rough and avoid overspending in hopes that that money will magically come back to me when times get better

[@jjava.bean5]

If you have the option of learning your career for free, on KZbin, online, etc instead of going to school....do it. If you have the option of going vocational, certification instead of degree... do it. And if you need to do degree, stay with your folks and go to community college instead. If you can possibly join the military for the shortest contract (4 yrs) and then still have enough time to go to school, do it. You only get one chance, so the costless options to do your career are better. The worst part is regret. Having debt and then also finding out it's not the career you wanted is the worst. If its possibly to "try out" your job before studying for it that's better. If theres ways to learn and practice for free too. The debt isnt worth it!

[@jjava.bean5]

@@cecilcaplinger3622 if you're planning in being a pastry chef dont bother with school! learn online and apply at the best bake shop on your town. Learn from the people there. If they dont accept you go to 2nd best in town. And then 3rd best. Keep applying (at above average places, not shitty places) until one gives in. Learn for 6 months then try to "move up" to the next best place.

[@anthonymeleco2280]

I've finally cut down massively on food spending. If I get food out, I'll spend maybe 4 dollars on dollar menu items. Sit down restaurants are done for me. I stopped getting coffee and make my own at home. That said, I don't make anywhere near enough to get out of debt any time soon. I legitimately would live at work if I could put that money into student debt

[@beth8775]

This is exactly why so many people are actively choosing to be homeless. The stealth camping/living in your car on purpose thing is surprising at first, but then you hear why.

[@jjava.bean5]

If you have no one else to care for dont hesitate. Do it. I wish could've done the same, personally I would find it kinda fun and exciting. But I'm married and have 2 dogs. Fam wouldnt have been comfortable like that.

[@beth8775]

@@jjava.bean5 Me too. Married with a kiddo. Have to have a solid place.

[@ELCLAVE300]

You need to start selling heroin.

[@through_theroof]

When they named off the basic financial literature terms and I only knew one....😭

[@noisycarlos]

Which one did you know?

[@Mayanime3]

I knew zero 😅

[@through_theroof]

noisycarlos inflation

[@xsamsungg5735]

compound interest means you get interest on interest. Say you have 1 dollar in the bank with 100% interest. Next year you'll have two dollars, because it doubles. After that year you'll have 4 dollars, then 8 dollars etc. because it "compounds". Risk diversification just means to split up your investments in a diverse portfolio, so that potential high risk investments are kind of "covered" by lower risk investments. If you loose money on the higher risk ones, at least your losses won't be too high because you had some capital invested in lower risk securities that won you some of those losses back.

[@sminthian]

They've gone over all of those, just keep watching Two Cents videos.

[@JensenPalmer]

One financial challenge is that we seem to still live paycheck to paycheck, even though we’re making relatively substantially more money. We follow all the financial advice we see online and from talking with people, etc. We don’t eat out that much and cook many of our own meals. We try to plan and budget those meals. We only really have one student loan as debt and use our credit cards responsibly and pay them off each month in full. We don’t buy new, fancy gadgets or really anything (we’re actually pretty stingy), and a plethora of other things. We’ve made a budget and included all the odds and ends that we could think of, but no matter what we do, we are only just barely able to scrape by each month and can never save anything substantial for a rainy day or emergency car repairs or savings for a house or whatever. It just seems like no matter what we do, we get close, but never close enough to make a meaningful difference. We feel like we’re going to be chasing this carrot for the rest of our lives and we don’t know what to do. Any help?

[@joseppebatman]

I can say I was very bad with money. I was one of those folks that ate our almost every day. I started cooking at home and it’s changed my life. Thank you guys!

[@TheAlchemistZero1]

Eating out, and 'frivolous' spending is a form of escapism. If life seems insurmountable, even something as benign as a cup of coffee can offer a few moments of pleasure (Dopamine). This is the same argument that has been made of the impoverished. "People on government assistance shouldn't have nice shoes, (let alone anything)". Generally speaking, people cannot save their way out of poverty.

[@MisterTutor2010]

You can't save your way out of poverty because there is an ultimate limit to how much you can reduce expenses.

[@peanutman5240]

A mantra for people with no meaning or discipline

[@jjava.bean5]

I just see it as a bandaid solution. At some point you have to confront the actual problem: poverty. Yes, when you're in actual poverty, theres a limit on how much you can actually save by reducing costs. Cancelling Netflix and not going out to eat only goes so far. At some point you must accept you have a real problem and address it in a meaningful way. Find some way to actually get out of poverty and actually make more money. Make THAT your ultimate goal, instead of these stupid short term solutions that better-off people with strong opinions tell you in blogs and magazines.

[@crimsonite1524]

escaping poverty takes radical steps, thats why people with a talent, or being the first one to reach a particular literacy threshold and entrepreneurship are the common ways of escaping, they are radical transformers, saving should be towards those radical transformers or else it barely makes a difference especially if an unfortunate life situation happens

[@aaronlandry3934]

eli soopu Not necessarily. It just takes a decent know how to escape poverty. You’ve just got to know how to cut out unnecessary expenses, pay off debts, and work on getting yourself out of your hole. I’ve seen several people go from impoverished to perfectly normal before. It’s not easy for sure, but that can be said about anything with money

[@smithsonlathe6708]

I'm a millennial and I'm watching two cents 😜

[@I-Know-Best]

no way

[@abenezertasissa49]

😂😂😂 Nice one!!!!

[@AnchoviePossum]

neoliberal capitalism (a.k.a. Reaganomics) is destructive to peoples quality of life

[@EdriczZ_]

@@AnchoviePossum ur mom is destructive to peoples quality of life

[@hamsterama]

@@AnchoviePossum The reason Reaganomics is destructive to people's quality of life is because ur mom ate all the food. So, she's fat while the rest of us are starving.

[@CGZ26]

Wait, millenials in the U.S eat out on average 5 times a week? I'm a millenial and I wish I had the money to do that in my country at least once a week.

[@PixieoftheWood]

I'm a millenial in the US and I wonder how anyone can afford to do that. In just three fast food meals I spend enough that I could have bought food for a whole week.

[@vaderladyl]

Well I know some that buy their three daily meals at restaurants or delis .they never ever cook.

[@b.cdrisk2035]

Where are you from?

[@kurayamisidekick]

>Over 1/4 of millenials spend more on coffee than they save. That will happen for anyone living paycheck to paycheck. They'll spend more on *anything* compared to savings, because they have no money left to save with. This is a bit of a useless metric if you don't know how much they save, and how much they spend on coffee. If you spend 5$ a week on coffee and 0$ a week saving, you're spending more on coffee than saving, but again could be simply because you don't have money left to save, and that one coffee a week is your only treat. Just saying.

[@k_a_y_l_e_e]

*_louder for the boomers in the back_*

[@BTrain-is8ch]

If you don't have money to save then you definitely don't have money to spend on coffee. That metric tells you a lot about some people's priorities.

[@kurayamisidekick]

@@BTrain-is8ch People are not machines, if they work all day every day with no rewards or happiness they will not last long. If coffee once a week is your only frivolous spending, and it is making you happy, by all means by that one coffee à week to stave off depression. I agree that if you're spending an absurd amount on coffee though, one 5$ coffee a day, and that is more than what you are saving, then you're definitely spending way too much on coffee. The problem is that the "spend more on coffee than savings" metric can't tell you if someone is allowing themselves that one and only luxury they can afford, or if they're spending irresponsibly on drinks. That's all I'm saying. There are a lot of irresponsible spenders out there, but the standard of "spend more on coffee than savings" is not a good metric for this scenario.

[@BTrain-is8ch]

@@kurayamisidekick Beyond necessities (saving/investing is a necessity) I avoid spending money on things that don't produce long term improvements to my quality of life. If it's something that's going to be forgotten a day or week later it's not worth spending money on. If people care about their finances they need to reconsider what rewards and happiness look like. Five dollars less debt should be a reward. It's also five dollars more net worth. Five dollars invested should be a reward. It's an opportunity to turn that five dollars into more dollars. That coffee is a short term boost that you're going to forget and literally piss down the drain later that day. For the people that value the coffee that highly? Perfectly fine. But I don't want to hear their complaints later when their priorities have shifted and the opportunity cost on those coffees has had time to compound. They got their instant gratification. The people that opted for delayed gratification don't owe them anything.

[@kurayamisidekick]

@@BTrain-is8ch That's totally fair, and it's definitely a good way of living. I'm just saying though that we all need some things to make us happy, or else we fall into depression. It's a simple fact of life, all work and no play makes for really depressed people. For some, one cup of coffee a week is that thing that makes them happy, and to save 5$/week by not having coffee would cost them far more in lack of motivation and happiness. There are far too many people who spend far too much on coffee that they really don't need to spend, and I'm there with you about that. If you spend 100$ of coffee a month, that's clearly far too much. If you're spending 20$ a month on coffee, and it's the one luxury you allow yourself, and you're barely breaking even, I'm not going to berate them for doing one thing that makes them happy if it's within reasonable limits.

[@Xollas]

No one wants to look at investment firms advice because those are the same jackels that dropped the economy in the first place. Further home ownership is such a burden that it forces commitment to a lifestyle and job. There are no guaranteed jobs so we have to stay flexible. Home ownership destroys any flexibility and could ruin us financially. Unless your in your perfect dream job and situation home ownership almost feels like a mistake.

[@piyh3962]

Please do a video on ppo, hmo, hra, hdhp, hsa and all those great three letters health care acronyms

[@amysofia5783]

My dad worked at the same pharmaceutical factory since he was 16 for over 30 years until one day new management came in and fired 3/4 of the company to cut costs. Now my dad has been jumping from job to job trying to find one that pays even close to what he had. His entire retirement has been drained in the course of a few years. Unfortunately, it's not just us millennials who are struggling to feel valued in today's job environment...

[@Cyclops0000]

I am a millennial and have done everything right so far but I'm still struggling. I've saved 80% of my income since 19 but the price of housing is impossible to keep up with. I can just about afford a mortgage on part ownership of a small house after 9 years of saving. My parents got a mortgage on their first home at 22, both working similar low paid jobs. The salary has not kept up with inflation. I'm doing the same or more work for about 40% less money when accounting for inflation.

[@Phrancis5]

GenX here. We were certainly in the middle and saw these trends changing. I feel like we got the best and worst of both worlds. We also grew up in an analog world and witnessed the digital boom. Thankfully I embraced tech and made a decent living, but Bernie is right. The sys is so broken.

[@kelly1573]

I feel like as a GenX, I'm watching a tennis match between the Millennials and Boomers. And I too agree, that the system is broken.

[@channell11]

It's less about the system being broken as people wanting the economic climate of yesteryear but a progressive society, economic policy and technological advancement that make it impossible. It was a bunch of parents who worked in the rat race for 40 years and told their kids to "do what you love" without warning them that not everything you love is going to pay. It's a student loan program that gave virtually unlimited funds to teenagers with little question as to how they would pay it back. You made the right decision and embraced a path with a future-a lot of people are facing the consequences of their poor decisions that the system gave them a lot of help in making.

[@jimsykes6843]

@@kelly1573 Yes, and I'm rooting for the Millennials. Damn Boomers don't know how good they had it

[@fionafiona1146]

I can avoid the student loans but saving is really hard.

[@Watch-0w1]

Yeah hard with all debt weighting ppl down

[@gottowonder7168]

I don't have major debts but with me and my wife's combine income we are paycheck to paycheck

[@DearRachie]

Do you keep a written budget? I started a few months ago and now I’m saving every paycheck. Gotta “pay yourself first”

[@Watch-0w1]

@@gottowonder7168 you try elimated some bill. That u don't need

[@fionafiona1146]

I am making 8k a year, there wouldn't be a chance to pay rent if I had to. Obviously I am working on that part but with 35+h of university, comuting there and the benefits I am receiving while without "work qualifications (having earned over 12 k in a year before age 25)" I don't have incentives to work more than 10 hours a week. I got insurance (because communism 😉) But University takes up 20% of my budget(in direct fees, without book and supplys ) and food 60 % leaving me with the question of getting a new (used) laptop by next term or moving the money to higher interest savings (I get 3%on 500-999€ and hardly ever get to the high end).

[@DragoNate]

Not being able to find a job, getting no response from employers, asking questions to an employer so I know what all is required of me for the job & getting either no answer, repeat answers or attitude that says "yeah, we really don't want to hire you, so just shut up & stop emailing us" are all reasons I have for not having a job. Can I just pursue creative passions? Well, that's not easily financially stable either. It's at the point I don't even know what to do anymore.

[@ICYkoncept]

Thats really unfortunate to hear, i'm sorry for your position. What degree and types of jobs are you applying to? You might have to change up the strategy, job fairs, try to get an in person interview, maybe pivot your career into something more hirable, more schooling directly related to open positions (nursing), move to a city/loc with more need?

[@DragoNate]

@@ICYkoncept I appreciate you concern. I actually don't have a degree currently, largely because I can't afford it right now. I was an athletics coach (mainly parkour, a bit of gymnastics) for a little while so I have that kind of experience at least. Unfortunately, moving right now is out of the question, at least for a couple years. My mother has Multiple Sclerosis so I have to do a lot to take care of her and our place. She still works right now so it's not too bad, but of course, it would be nice if she didn't have to. In the mean time, since I'm spending a lot of time at home, I was trying to find a job I could do from home, but nothing so far has worked out. I'm still looking at that & trying though.

[@aerofxunme]

@@DragoNate Use Internet to learn new skills like video editing, photography, digital marketing etc and take up assignments pro bono as you start and build up your profile. That's how you can make it big as a freelancer.

[@ICYkoncept]

DragoNate look into a trade school, something in plumbing, electrician, construction. Find a manual or retail job

[@DragoNate]

@@aerofxunme I do lots of video already, was trying to look for something there, but nothing has worked out yet. I'm still looking though.

[@joelman1989]

this is a breathe of fresh air. I grew up poor and during the recession. No one taught me about financial literacy and so I made many mistakes like take on loans and high infest debt. I was blessed to come across a little book called “the elements of investing” at my work library. It changed my life. I’ve read dozens of books on everything from taxes to insurance to investing and im saving money, almost done paying off debt, And I feel independent financially and well on my way to a comfortable retirement. I’m trying to figure out how to pass this information on. So far I’ve just given away books. There’s a poem called the bridge builder where a man crosses a chasm with no problem but builds a bridge for a younger man who may fall in it. I think we should all be bridge builders. Spend less time criticizing others and more time teaching and being examples to them.

[@thatonellamawhoissoobsesse8138]

Hey, do you have any book recommendations for creating a job that fits an at home schedule maybe? Or any entrepreneurial books that you'd recommend?

[@joelman1989]

@@thatonellamawhoissoobsesse8138 I’m not the most well versed in entrepreneurship lit. I’m not an entrepreneur but I’m my career I work with a lot of them. Some books that see on almost everyone’s shelf are Blue ocean strategy Start with why Atomic habits (more self help) First break all the rules Traction (imo this is a bit outdated and dense but still valuable). Personal finance books I usually recommend: The millionaire next door (old but still valuable.) The elements of investing (nice and short, to the point) Finally. I haven’t any book recommendations on working from home (indistractable is a good one for when you have to work from home). My recommendation if you want to get a job working from home (not entrepreneurship route) is to find a skill that’s cognitive (and/or technology based) in nature and master it. For example accounting or cyber security. Because these skills don’t require you to be hands on. A job like data analytics or cyber security or even customer success will increase the chances of finding a remote job. Mastering the skill ensures you’ll always be employed, and it ensures that you have leverage. If you are the best at what you do, companies will be inclined to meet your demands in order to keep you. You have leverage to request remote work because if replacing you will be a challenge for them. Good luck!

[@Baxtexx]

I love how older generations are always angry about younger generations when it was their job to raise them and leave them a better world. 😃 And as usual, this video is mostly for USA. In most western countries, Healthcare and education is free. But yeah, this problem exists in other countries as well and as this video points out, there are a lot of factors in play here.

[@BjorckBengt]

It started with Reaganomics when Americans were told that they would be better off by leaving more money to the rich due to some "trickle down" magic. How anyone can believe this is truly chocking.

[@marekspot9314]

Every country has its own unique set of problems, even the western ones. Czech republic (middle Europe, you would call it eastern Europe) has a portion of education and health care "free" but has rather low wages though the majority of prices are on par with much wealthier countries (for example Germany). The average yearly wage (which most of Czechs don´t have - average vs. median) is about 16 000 USD for 2019...

[@dszmaj]

well... it's not free by any means... you just pay different currency like quality or extremely long queues (for a doctor or surgery, so long that many die waiting)... aaand it's more expensive anyway, because if "free" is not accessible within sane timeline you have to pay for it and it's a lot more than it should be, it's also corruption, because someone decides about things and that someone is not going to refuse for a generous enough amount leaving poor to just die waiting as I mentioned ;) so a sane, private sector for education and health makes a lot more sense than public one, but don't look at USA for an example, it's filled with socialist regulations that don't regulate anything, just increases costs and lowers availability

[@jmoa5758]

Like just like Greece, Spain and Italy... oh wait those shit countries filed bankruptcy and one of the on verge of collapse. Just like UK.. oh wait they are a backwater tech country with a terrible healthcare's system. And France... uh oh.... let's not start. Norway? You mean those fucks who bitch about US being involved everywhere but takes on US military protection so they don't have to spend to have their own standing military because if they had to do their shit economy would collapse? The list goes on. Europe is being Carried by a few nations, and the majority are dead weight.

[@Baxtexx]

I'm not saying that other countries are better, they sure have their problems as well.

[@korikakumei]

I love how millennials are finally justified in this video. (For the most part). Shut up boomers! Also I'm one of the lucky ones, no student debt, and I managed to get a job in banking which taught me some financial literacy.

[@MMafi88]

Well, it's not our (millenials) fault but it's our responsibility to take care of our lives, cause nobody cares. Either that or a revolution :P

[@gottowonder7168]

@@MMafi88 yeah I'm down with a revolution 👍 eat the rich and watch the old die

[@abhinavvasudevan5540]

@@gottowonder7168 What is your problem with rich people?

[@gottowonder7168]

@@abhinavvasudevan5540 because as the rich hoard money the poor struggle.

[@kailiak4271]

@@abhinavvasudevan5540 Yep, it's called a trickle-down economic system that the U.S. unfortunately buys into.

[@dawnphun3991]

I agree with the coffee ... So I needed to own an espresso machine. $6 a coffee, 5 times a day??? Nope...

[@whizkid235]

Lol true. I’m a millennial and I work 3 jobs. I try my best to only spend money on things I need and I rarely go out to eat or travel. I barely manage to get by and by the looks of it it’s going to take me another 8-10 years to save enough for a down payment on a house and a car. But now I’m thinking... where will I get the money to buy all the furniture?!?!?

[@ninjaguysith]

Can you do a video about the cost of living in different places in America? Is it worth it to work in a high paying area and plan for retirement in a low cost area?

[@Peppermon22]

fireguysith yes this is great. I don’t like how they lump incomes together. Some states have lower wages some states have crazy cost of living.

[@richard1113]

This is my plan.

[@IkaikaArnado]

Yes. Make a ton of money then retire in a third world country like South America or Bali...

[@munstergirl25]

The Problem is, will you really want to give up the place and people you've come to know, potentially for decades, for a new place once you are in your 60ies. It works for some people, but is no solution for a majority

[@richard1113]

@@munstergirl25 Yea, that's a good point. But maybe people don't need to go THAT far away. Florida is where a lot of people retire and so do many of their friends so it's less of an issue.

[@RipMinner]

Lady the High interest credit card to pay off low interest student loans is the right thing to do as you can file bankruptcy on the Card and not the loan. When your pay is crap you take any way out of debt slavery.

[@klbittick]

I'm a millennial unicorn. My baby boomer/gen x parents were incredibly bad with money. I still remember how bad bankruptcy was as a teen. All I wanted were nice clothes that actually fit and food in my stomach and I never got that due to bankruptcy. So in my early 20s I staved off of any form of sebstudent loans and didnt get involved and so did my husband. Also I didnt get involved in any heavyweight debt until I felt that I was financially ready and that took a lot of my own research because again....the schools dont teach it and my parents were bad at it.

[@tobeytransport2802]

2:15 in the uk everyone has to pay council tax on the property they live in regardless of whether it’s rented or owned

[@pritapp788]

I love how they say millennials are "delaying" marriage, having children and home ownership when many won't do any of these or won't be able to afford it even if they wanted.

[@Crowscendo]

that moment where millennials have to educate themselves... still sounds like we got dropped on our heads

[@jenniferfreedberg8687]

The video also said that only ~30% sought professional advice, which is often behind a paywall. I wonder what percentage of millennials used youtube/google to figure finances out?

[@LucasFernandez-fk8se]

Jennifer Freedberg probably the 30% that is financially literate is the same 30% that sought the advice

[@Crowscendo]

I use KZbin to do my financal stuff also have an advisor. I am that 8% who is advanced

[@billdrastal6398]

As a for asking for help, my personal experiences boil down to a trust issue. For me I don't see trust worthy sources for good info, 2 cents is an exception, you guys are killing it!! :D What I tend to see are institutions that are just happy to get my money, books looking to sell themselves or financial gurus selling me on get rich quick schemes. Maybe I'm over thinking a lot of it but after watching the market crash in 08-09 with all the "experts" not seeing it, giving bad advice, and in some cases screwing people over, its hard to know who to trust.Boomers don't seem to want to understand what is actually going on in our lives to sit down and help us solve it they just tell me what they did works and will always work and then parrot some "millennials suck" meme they saw on Facebook and then I'm like "okay I'm out I don't need to deal with this". Best I can do is be cautious and figure out what to do.

[@metricmine]

My wife's grandfather started off poor and was able to buy over a dozen properties and build homes for his 10 children and rental properties, using income from being a tailor, without having to take a loan or mortgage. I would like to see a tailor do that today and still survive with just the necessities.

[@pattybips5519]

My milennial son has a401k, him and his wife are owning a home, he bought at 28 yrs. his job is not near as lucrative as mine was at his age but he is more financialy savvy than I was and I am very proud of them both. That being said, I hope I can leave them some inheritance because it is a really different world financially than when I was young

[@GreenBoiler]

What happened in 1971? Why has the cost of living increased without a corresponding incease in wages? What is sound money? Why has the M2 monetary base increased 500% in the last decade? What is the cantillon effect? Why is only 10% of my money actually in the bank reserves? Why is the M2 velocity slow/low? Why is the gini coefficient so high? Why is the federal fund rate so low for so long? How is money created? What's the difference between money and currency? What is sound money? Why is gov running on a perpetual budget deficit, they wouldn't inflate away the debt would they? What is the Triffin dilemma? When will Gresham's Law reverse in Theirs Laws? Baby boomers had it easy. 😔 Millennials are about to learn what money is. 😕 ~My two sats

[@rolanie3727]

They cant answer those questions because it is PBS and they would have to admit that the government has failed the people for the sake of the financial oligarchy.

[@dragonslair951167]

Funny thing about financial literacy- none of the topics you mentioned were covered in much detail in grade school- I only started learning those concepts in college.

[@leviscott8802]

I appreciate y’all’s videos!

[@10feralratsinacoat76]

With the stats at the end of this video, I’m curious on what demographic views your videos the most?

[@isaacmijangos]

Y’all did not just do Blockbuster like that 😂😭 it’s a classic !

[@yme3267]

*shrugs shoulders in a 23 year old gen zer* *laughs nervously after seeing the federal governments spending during the pandemic*

[@johnl119]

Oh wow...this one got me to sit up straight and start evaluating things....thank u 2 cents

[@michi225]

Great video guys. So if I wanted to seek professional advice for savings, investment, and debt management, what are some reputable sources?

[@Baxtexx]

Books, like "I will teach you to be rich" by Ramit Sethi is a good start. Don't go to banks for financial advice, they will just trick you. If you want to seek out an expert, make sure they have an hourly wage and not a percentage from your investments.

[@simplestatic3751]

Dave Ramsey has a well laid out step-by-step plan that is pretty popular. He also doesn't blanket rag on millennials like everyone else. Something worth researching

[@suadela87]

Dave Ramsey’s book Total Money Makeover is a good start. His website lists many other sources that will help. He even has a class you can take called Financial Peace.

[@Xollas]

Honestly university level used textbooks on economics, investment, and finance. University Lectures work too.

[@SB-bn4go]

The most basic book I have read recommended by most “gurus”- The Richest Man in Babylon. Something I go back to reference on a regular. You even can listen to the audio book for free on KZbin.

[@jpm_drums]

Face it Zoomers, your parents are expecting you to maintain them after they retire too.

[@weaverfever550]

Solid video, scary times.

[@lukaadamovic4280]

You are the best!!! Love watching your videos!!

[@salvador36a]

Now the question is where do we seek financial education?

[@beth8775]

Other than this channel, I have no clue. That's why I'm here.

[@mariateresa1415]

Books. There is loads and loads of books encompassing all human knowledge. Go online, look for one that's complete enough, buy and read it.

[@beth8775]

@@mariateresa1415 As someone who has lots of books and goes to the library frequently with my child, I know that not all the books out there offer good or up-to-date advice.

[@mariateresa1415]

@@beth8775 most university level textbooks release new editions every year, so that's a good start. Additionally, we are not talking about knowing all the most recent derivates here, but the basics of finance. Those have been the same for decades nowadays, si even a 5 years old book will do the trick

[@modernalchemist2690]

@@mariateresa1415 Ah yes, the university textbook scam.

[@feynstein1004]

Hmm I think with the rise of automation in the future, this problem will only get worse, possibly leading to an economic upheaval. Not trying to sound apocalyptic, just realistic lol

[@BjorckBengt]

In France it led to the guillotine coming to use. Universal basic income could prevent it from happening again.

[@ShiningSakura]

@@BjorckBengt nothing in life is ever free, care to tell us who is paying for all of this?

[@BjorckBengt]

@@ShiningSakura Actually, many things are becoming very cheap to produce due to automation, however there won't be anyone who can afford it anyhow since they won't have any income. You cannot have a society were 1% owns all the means of production and have work free income while the rest not even have work. You may not believe this but it may only take a few decades and the majority of jobs will be automated. It started with manual labor. Then the machines didn't need any supervision due to computerised machine controllers. Then office work became automated. Nowadays with AI most work at an established company can be done with the help of computers. Trucks and taxis will drive themselves. Same with planes and ships. Maybe 5% of the population will be needed for further development of the supply chain structures but repetitive jobs will be done by machines and soon even creative jobs will be done by computers. This transformation is great as long as we do not let a few people get the full control of of the machinery and the outcome.

[@darcflame37]

@@BjorckBengt I can see a world were certain service jobs exist, when you need that human interaction. Like small dinners that can't afford automated systems, sex workers, counselors or shrinks. Still, a minority population would be employed. Maybe temp jobs to get things started off for a company would exist or odd jobs. If the 1% issues remain though, there might be a lot of people in the streets. It might get worse of course, anyone who has a job may be ridiculed as the majority would be jobless and anyone else would be rich, perhaps they would be stuck in the middle.

[@darcflame37]

@@BjorckBengt not sure how you would balance the lack of income and excess of time among the majority.

[@inspirenak]

Once again, thank you so much for you educational video content!!!

[@kardohassan]

thanks for your channel

[@FinanceOptimum]

Don't forget monetary policy: 1971: moving completely off Gold Standard 2008: printing trillions to bail out the banks ($3.8tn since 2008) This inflates asset prices such that only the top 0.1% benefit effectively (as well as foreign capital that wants to park their money and escape their local currency) Also, yes millennials are bad with money...

[@barrydavis7305]

This is right on the money

[@bendavenport5306]

True

[@stevewindass2387]

Based

[@proof4469]

This isn't a generational problem. This is problem of the elites.

[@terenceting26]

By the time I finish my degree I'll have a $45K student debt, that's enough money to buy a Mercedes.

[@JazminBautista]

Was it worth it? Or do you regret going to college?

[@theaubreyjames]

@@JazminBautista i regret goin im 26k in debt smh

[@ChunWong]

Very well researched and presented, keep it up!

[@gomarcoe]

Great video, On point.

[@evanever]

For a lot of millennial it's a vicious cycle: poor wages + high cost of living -> more work -> more stress -> more spending (no time to learn to cook, for example), -> more work, etc.

[@TommyNguyen1010]

As a 28 years old owning a home and put away 15k a year on 401k plan, the best advise I can give is to have a budget and dont buy things on payments. If a car cost 20k and you cant down 10k on it then you cant afford it. Same concept can be apply for cell phone bills.

[@mindleaves]

Agree! Well done !

[@bintwang]

I am so impressed by the way you two overlap eachother setences, its so fluid and the enthusiasme on the lines are so nice. It makes listening to you so much better. Are you two a couple? Subscribed!

[@LostMySauce]

Closing on a home at the end of November. We worked our asses off for the down payment and closing costs. We're 26 and 29. It's not impossible with the right mindset.

[@DeadboySe7en]

Whenever an older generation makes fun of my generation...”okay boomer”

[@JazminBautista]

When they were our age, they were made fun of too.

[@proof4469]

"OK boomer" is great if the boomer is making simplistic insults (e.g. "Millenials are special snowflakes" "Millenials are immature and dumb"), but never use it in a serious argument/debate. I've seen some young people reply "OK Boomer" to an older guy's paragraph of actual arguments and it made me cringe severely.

[@SeanLei]

Boomer: Dang millennials won't buy my house, they suck with finance! Millennial: I want the flexibility that comes with renting and don't want your house far from the city, sorry not sorry.

[@cassandra2646]

This is the importance of having more liquid assets before buying property assets. After buying a house or any property, make sure you still have more liquid assets. So that you won't blame the next generation for your irresponsibility. Haha.

[@balthorpayne]

Also, because no job last forever, renting means I can take myself anywhere I need to be to actually get ahead. I can't sit on a job waiting for raises and a pension.

[@SeanLei]

@@balthorpayne Hit the nail on the head! Nowadays it's far less likely for a millennial to have the same job for 30 years, whereas with boomers it's much more common

[@whispie.]

Boomer: I bought this rental house when it was cheap and not only these idiot boomers paid my whole mortgage, now I have an extra monthly income. Keep on wanting “flexibility”, millennials, I’ll soon have enough saved for another rental house

[@kozmaz87]

Adding myself to the list here. 31 and just moved in to my own flat that has a 35 year flexible mortgage on it. This was basically the only option for my generation at the moment around London(UK). There are loads of investment properties here that are kept empty by their respective owners. There would be more than enough to to around but the piggybanks for banks and russian oligarchs leaves new developments sold out before they even open to those with bottomless pockets. Competing with them on a paycheck is not possible. We are forced to leave our jobs and move to another company for more money every single year. The raises oherwise would not match inflation let alone appreciation of property markets. It took me 6 years to save up for a deposit. It is this runaway goal that requires sacrifice. I don't complain though. Previous generations lived through diseases, famine and wars... all we have to put up with is the government corruption preventing a sensible residential housing legislation being put in place modelled after similar ones in other countries successfully applied to protect the bona fide real people in the market just to be able to own their home and gain equity while doing so. Also generational lines and comparisons based on those are usually used for one thing and the one thing only: to complain about a broad group of people usually in a very unproductive way.

[@Geekprimeit]

You guys are great thank you so much for the content

[@young9534]

Man I fall in the high financial literacy group. But my self control is terrible so I still end up spending too much money on dumb things.

[@_Wai_Wai_]

Avocado toast seems like sensible purchase and even an investment in your health, compared to the processed crap some Boomers put into their bodies.

[@JazminBautista]

I think every generation has its own bundle of people who do not know how to handle their finances.

[@tiffanyrodriguez5815]

I would love to see more videos. These videos not only help me but they give me confidence in my financial future

[@brazewrech3127]

Damn boomers voted in a 20 percent income tax, and the next few generations voted to raise this. Hope you enjoy camping equipment when you retire.

[@shakysliders1689]

what's "finanical literacy"? I've always thought of myself as very financially literate, but this is a new one for me...

[@zanderstone2898]

When you walk into a room full of people and you can't tell who the fool is...

[@TheRealE.B.]

*Precisely because home prices have risen faster than wages, many home buyers should probably be putting down 25% or 30% instead of just 20%.* *To find out house much house you can afford, ask a bank how much they'll lend you for a mortgage. Then divide that number in half.*

[@alvarobalderrama2950]

Love you guys!!!

[@akumacode]

Thank you Two Cents for helping me become more financially literate

[@katyoutnabout5943]

I’m millenial and i can confidently say i don’t overspend on food going out :)

[@JazminBautista]

That's what I'm saying, not every person has the same problems. A general statement that doesn't go with every millennial

[@danijanimi]

I love this channel!! 🙆🏾‍♀️ You guys are perfect ❤️

[@jasmineyoungblood]

Wow 😭. I didn’t expect to be called out like this.