Why Young People Are in So Much Debt

[@Azel247]

Yearly tuition of 90k is insane... I can't even imagine paying that much for any degree

[@vibol03]

Yup these kids are paying 90k a year for a degree that earns them a few dollars more an hour than fast food workers.

[@very_tall_dude]

Become an electrician. No school loans, decent living

[@jonasking3670]

She must be going out of state. There’s something she isn’t saying.

[@secretpeace-wp6xg]

Its not too insane if you're going for a doctorate degree for example last time I checked those can cost around 100k or more even if its a public school.

[@michaelsmith953]

Out of state and to a private school. My school was $5k tuition instate, $20k for out of state.​@@jonasking3670

[@containedhurricane]

That's why young people don't want to have children

[@magnificentworldj]

That is really critical point which can cause and its consequences may be disastrous for country's future

[@containedhurricane]

@@magnificentworldj Luckily, the US government has been successfully implementing the annual DV Lottery program, that has been attracting immigrants to mitigate the birth rate problem

[@BachLe-th8fm]

@@magnificentworldj it happens in every country all over the world:((

[@americameinyourmouth9964]

Older gens didnt go to college at the same rates as millennials and gen z. Young people were debt trapped into worthless degrees.

[@mateusdavo]

Is too expensive

[@CT-ue4kg]

In my opinion, student loans are massively missold. You are selling a huge loan to a young adult who doesnt understand the life long conseqeunces

[@SubvertTheState]

And "responsible" (really submissive) adults are happy with the way student debt cannot be discharged through bankruptcy. Boomers and GenX are wondering why Millenials and GenZ arent living the way they did, well minimum wage isn't $38 an hour, like it was in 1965. Adjusted for inflation.

[@SirHouseFly]

feels like these sorts of predatory loans should be taught in high school

[@Yaddysgeijutsu]

​@@SirHouseFlyschool is the first predator School is nothing more than a company working for a profit childern are already a child labour they are working for school so that school will gain money and those who get the first mark are the employee of the year

[@SirHouseFly]

@@Yaddysgeijutsu as in do not get a formal education whatsoever or?

[@Yaddysgeijutsu]

@@SirHouseFly let me ask you something is you are against child labour are not??

[@markusmegatron]

universities should spend money for education and not for sports teams and stadiums

[@ChosenOne6666]

Your comment lacks research.

[@rampaginwalrus]

i hate capitalism but those sports teams and stadiums are often a huge portion of their profits

[@ChosenOne6666]

@rampaginwalrus Those are private universities run by trust

[@scubathesteve]

lol right... Typically the football program pays for every other sport at a university. Atleast it did at mine. Some of these university teachers make over 100k for maybe 10 hours a week of work lol

[@Joe-ti7qd]

@rampamging walrus oh no they aren't. Stadiums especially are a massive hole that do not roi well.

[@icomefromcanadia2783]

Yes people have bad spending habits, but a critical problem is that it is WAY too easy for ppl to get credit and debt. Everywhere you go you're being solicited for a credit card or buy now pay later. Governments need to take some ownership for enabling bad behaviour and need to start restricting credit and BNPL. A person making less than $50K should not be able to have 10s of thousands of dollars in consumer debt by their mid 20s..or ever.

[@wranglercody8422]

Learn a trade instead of going to college. We desperately need more plumbers, electricians, mechanics, carpenters.

[@tylerdurden8378]

The funny thing is you will make more in the trades. However, there is still a massive social stigma against anything other than "white collar" work. Some schmuck making $60K/year in an office will get more respect than an electrician making over $100K.

[@Drunken_Master]

Learning a trade is a clear sign of lower intelligence and lack of ambition.

[@TheWebstaff]

​@@Drunken_Masterlol clearly you have not seen what the trades have to learn these days. It's not easy.

[@Omer1996E.C]

​@@TheWebstaff No, regardless of the income, being in trades is one of the greatest evidences on being less educated, cultured and affluent. I personally know trades are actually being more lucrative, but the indication and social stigma is real.

[@Yoyoma55]

Trades are great when you are 20-40. Swinging a hammer for 10 hours a day is hard when your 50

[@Tangerinetaco]

5:48 - Tuition is $90,000 a year at her school!?!?!! Go someplace else!! 😱

[@darex0827]

People making terrible decisions on which schools they go to. Going out of state is idiotic unless you / your family have the cash. Community college for the first couple years, transfer to the state college to finish the degree. Make sure you are studying in a field that has a solid track record for employment. But nope, get a blank check from the government to have fun for four years.

[@WorstPaperCut]

@@darex0827 dont forget...more and more students are choosing useless degrees. Like gender studies, political science, or liberal arts.

[@cibuya]

can someone please explain me how you can even spend 90k? Ivy league colleges are around 50-60k? Do this people go to a mediocre college and spend more than ivy league?

[@WorstPaperCut]

@@cibuya Ivy league colleges are 90k per year. Do your research next time. Also the students in this video have a student debt total of 90k. Thats 90k for a total of 4 years. Ivy league would be $360,000 in 4 years.

[@darex0827]

@@cibuya medical school / dentistry / law schools can be insane. So can certain private schools. People are idiots.

[@cryptoaj]

I just finished undergrad at 26 finally with very little debt thanks to the state of California. However the job market is BRUTAL

[@magnificentworldj]

Finding appropriate job is difficult to be suitable for your qualifications

[@ajohn502]

What did you major in?

[@totit_t1445]

State of California? 🤔The welfare state?

[@Kyla94934]

I'm an older millenial and will also never be able to buy a home. Things are atrocious

[@ClaxtonBay123]

Why wouldn't you be able to buy a home?

[@Noah_527]

I'm also an older millenial. What career path did you choose? You have likely been in the workforce for 15-20 years already.

[@ca60453]

Same. Home prices are way too high ad if you do find a home in reasonable price you likely will get outbid by a corporation. My only hope is moving overseas to buy a home. I'm looking at South America.

[@terrie3957]

Even if you can, don't, they are as badly built as everything else in the economy. Repair costs over the time span you own the house add to cost and can make it impossible to live in and unsellable potentially making it a risky asset as well. Also factor in climate change, houses are built for the normative weather pattern in terms of humidity and temperature and if those change they degrade much faster.

[@thedude5040]

I'm 32 and built my house at 29...

[@Skillseboy1]

The fatalist view feels off to me. Thinking that youth spend much of their money because they don't consider their future important misses a larger development. Today we have access to more entertainment value than ever before. Access to easy travel, streaming platforms, holiday options, diverse clothing, activities, video games, nightlife, etc. etc. We hardly talk about how people were able to save for a home - because they had little else to spend it on. We've built an insane dopamine driven casino for ourselves and have convinced ourselves to believe we need it.

[@doctographer7504]

Well said

[@Curiousinternetperaon]

@@doctographer7504 kinda like blaming US obesity for the food in the US, sure it’s a major factor, but you still only have yourself to blame. Also older generations had their own challenges.

[@supdoug]

Amen to that

[@ISpitHotFiyaa]

There has always been stuff to spend it on. All the stuff you mention has been around in some form for many decades. The world the boomers grew up in wasn't Little House on the Prairie.

[@Noah_527]

@@ISpitHotFiyaa There have always been stuff to spend money on but many boomers were raised by parents that survived the great depression. They know how to find a deal and stretch their dollar. If you look at their houses you also won't find nearly as much stuff inside it. They lived much simpler lives.

[@nicolasbenson009]

The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. Meanwhile, foreign nations continue to desire the U.S. dollar, despite their own economies facing significant challenges, some even worse than that of the U.S. This situation raises concerns about who will ultimately bear the consequences of these economic dynamics.

[@TinaJames222]

They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.

[@Vincent-j8u]

People often overlook the value of financial advisors until they experience the downside of emotional decision-making. I recall a few summers ago, after a difficult divorce, when I needed help reviving my struggling business. I did some research and found a licensed advisor who worked diligently to grow my reserves, even amid inflation. As a result, my reserves grew from $285k to around $720k.

[@sharonwinson-m8g]

This sound interesting. I’m not really one to use pro analysts, but I guess it would not hurt to try one. My portfolio is in the red waters right now

[@Vincent-j8u]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@vibol03]

I attended a local university and only ended up with 30k of debt after i got my degree. High schools need to educate their students better about choosing the correct university. 90k per year is insane.

[@KiingM]

When did you graduate?

[@yussefthe3rd]

"Only" 30k. 😅I agree that financial literacy is non existent in America, especially at the high school level.

[@thefeminine9152]

30k is still insane!

[@vibol03]

@@yussefthe3rd i still consider myself lucky compared to these kids. You sound like you don’t live in the US so i dont expect you to understand.

[@yussefthe3rd]

@@vibol03 First off, props on considering yourself lucky, it's the mindset and perspective that matter, not just the amount. Second, appreciate the share and respect for making pragmatic decisions to keep the debt low.

[@donovanj7878]

This video is missing the part about the jerks who are underpaying everyone.

[@firstpostcommenter8078]

Well, this is what happens when countries don't have unions and universal healthcare

[@mack-uv6gn]

😂

[@ArtSmosh1274]

​@@firstpostcommenter8078 Those countries tax eat all there money

[@teebone2157]

They never talk about that

[@teebone2157]

​@ArtSmosh1274 but Healthcare and taxes eat all the US citizens $$

[@DarkKolibri]

Better title: Why Young AMERICAN People are in So Much Debt

[@ChristiaanHW]

are you telling me the world is more than just the USA?

[@oceanwonders]

Bloomberg is American, so they're really only trying to speak to their target audience.

[@Nathan-ty8yg]

That's not completely true, though: debt is a huge problem for all kinds of age groups all over the world.

[@Omer1996E.C]

​@@Nathan-ty8yg ya, but nobody gives credits to young people so easily, but in America. Idk how American banks are so fearless about the consequences.

[@Joe-ti7qd]

The whole world has this issue. How ethnocentric. You went to college. You should know that word.

[@MichaelBabich]

Resume without 10 minutes of fluff and repetitive words: Cost of living increases faster than income adjusted for inflation.

[@microsoul669]

Also student debt

[@Joe-ti7qd]

And it will only get worse. We are in a debt spiral. No politican can fix it. Buckle up because nothing is stopping this train.

[@elmernagui744]

Never Introduce Yourself to a Lifestyle You Can't Afford and Never adopt a lifestyle that depends on someone’s else money.

[@NirvanaFan5000]

to me, the scariest part is how the situation is causing people to abandon higher education. if this election cycle has shown anything, it's how desperately americans need more education and critical thinking skills

[@NirvanaFan5000]

p.s. the comments here also showing this.

[@linearcannon5078]

We have more americans in higher education than ever before and we are not getting better at all, actually we are more divided and confused than ever. Higher education is not really high education.

[@doujinflip]

Colleges are still arguably better than career bubbles where the social environment is a lot more bland and uniform. At least you’d be reguarly exposed to out-of-state and international students who can’t easily become your coworker where you put up professional social barriers on.

[@Artistically.Autistic]

In the UK, student loan tax doesn't get deducted on the first 20k each year, allowing for a base living. The US version is quite sinister, it deductes the student loan tax on the gross amount. This leaves Americans in a hard place or worse destitute. That's outrageous.

[@supr_be]

i will never understand student loans. what a broken system the US have. my condolences. capitalism went out of hand.

[@number2and3]

We have public and community colleges that are quiet affordable; are loans perfect? No, but with Fafsa these are cheap options, it's the massive use of private schools that people take 0 personal accountability over... Shaheem went to NYU why not CUNY? He went for a luxury private education instead. We cannot recreate 1950s growth or 1950s circumstances that is constantly referred to here.

[@oksowhat]

education is an investment, most school that want loans are pvt, state schools are cheaper after aid

[@TheMsdos25]

If college wasn't expensive, the government wouldn't be able to use the G.I. Bill to entice young people into fighting their wars.

[@l0os176]

2:38 Why are 15 year olds being lumped in with 24 year olds? In my state, a 15 year old can't eve work more than 3 hours on a school day. Their earnings and opportunities aren't comparable to 24 year olds.

[@TheZombieGAGA]

8:25 doom spending is like retail therapy with a fatalist twist

[@neilmckay8649]

The future economy NEEDS these younger generations to have disposable income

[@VietVuHunzter]

Why people are so surprise about this consumerism?

[@RespectfullyCurious]

A lot of these comments show how little critical thinking skills many of you have. You all are giving your anecdotal opinion even after this very video provided data to explain why things are a certain way.

[@krushrpants]

Interviewing a LCSW (a very low paying career), living in the highest cost of living city in the US, who also attended one of the highest tuition schools on the east coast (NYU, an $80k/yr+ school) is an edge case at best. Shahem's life decisions put him in this financial position - Career choice? School choice? Where to live? Probably not the most optimal life decisions

[@eduard348]

That's why the subjective reality is backed by objective numbers in the video. Objective numbers are there to demonstrate that no matter how you stack up the life decisions, young people are much poorer than the previous generations. Individualism wont help the fact that we are bringing children to increasingly cut throat environment and being surprised they don't have children, have no place of their own, are unable to plan and build up the future for themselves and the country inevitably turns feudal.

[@briancarroll0]

He's also clearly decided to have high expenses in other aspects of his life which you can see just by looking at him

[@Noah_527]

@@eduard348 What does much poorer mean? That they can't afford all the stuff they think they need to live a "normal" life? Who decides what "normal" is? Nice clothing, expensive housing, new cars. These are not things that one needs to purchase but many of Gen Z are fixated on doom spending because they think they need it to be normal. It's a personal choice to live like that!

[@luismorales8164]

Exactly what I was thinking. He has a bachelors degree in political science with a minor in gender studies and a masters in social work. College students need to pursue marketable degrees to have a chance in this economy. He could have also attended a community college and transferred to a state college to save tons of money. Most employers do not care what school you attended.

[@ZOCCOK]

The last part, the doom spending, is the last nail in the coffin. And the people who believe in this outlook are also probably not wrong. However the way they have gone about this issue is just making things even more worse.

[@marky1974]

It makes no sense to take out that amount of student debt unless your guaranteed a correspondingly high income after graduation..do shorter/cheaper courses and learn on the job..college degrees are a racket..

[@doujinflip]

“Learn on the job” assuming companies even give OJT anymore, rather than leaning on the public sector (schools and military) and private competitors to do the training for them.

[@marky1974]

@doujinflip I was out of work for 8 months after the com bubble burst..bought myself the Core Java books and thought myself Java..

[@Erin-rg3dw]

Most jobs don't want to teach. Also, salaries and in-demand jobs are constantly changing. A few years ago, there was a big push for computer degrees. Now, big tech companies are laying off those same people and it's not as in-demand. You can't always know what the market will be a few years down the road.

[@aman888]

Important to note, the one woman who says at 3:32 "maintain the lifestyles they've always had". Gen Z hasn't been taught to pull back spending on non-necessities. Where in previous generations who have lived through recessions and even worse, depressions, learned and figured out how to reduce spending and life meagerly. That's called 'entitlement'. Recessions and high-rate environments are not new cycles. They've occurred before and they'll happen again.

[@Nonsense116]

Great point. I'm glad I wasn't the only one that spotted that. Yes this generation has it harder than anyone. Also they are entirely failing to help themselves. It's like drowning but actively swimming deeper and deeper.

[@Erin-rg3dw]

I think it could also be used to mean that they're using it to meet everyday expenses, like groceries. You can scale back to a point, but there's still a break point. Or like it in my case, too many big unplanned expenses wrecked my savings faster than I could re-save (unexpected home repairs and car repairs).

[@leakyabstraction]

I was thinking when reading the title that hey, I'm not in debt. But then I realized that I'm not even young anymore 😂

[@bigelbow4854]

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[@dominicleong4385]

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[@militaryorderly5386]

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[@jasperflontes4289]

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[@fred5528]

I will like to knw mre

[@militaryorderly5386]

I feel this is quite an easy one. You already have her name which makes it easy for you. Just look up her name online. I’m sure you will come across her. That’s how I found her too.

[@kkp4297]

college is a fuggin ripoff these days. adjusted for inflation, college costs double what I paid. University of california tuition is $15000 now. I paid $7500 in today's dollars, adjusted for inflation, back in 2000. UC is double the inflation rate !

[@annaesposito929]

Please Americans, keep on spending, I am fully invested in your equity market.

[@Joe-ti7qd]

Your little shoebox money. Haha.

[@davidr7819]

Me too! 😂

[@criptufu9213]

I think university is really missold. If you are thinking about going to university as an investment, yes, the more specialised you are the more you make on avarage, but it has to be an area with real world/industry application. 7:37 Dude got a degree in Political science and Women's & Gender Studies. Can't make this up I'm not a degree "purist", it's ok to get a Genders Studies Degree if its a field they are interested on, but don't expect it to make financial returns.

[@doujinflip]

I can see those fields rolling into jobs in data analysis and marketing, though those careers aren’t straightforward to break into.

[@JoMamma-v6s]

Those "degrees" shouldn't even be allowed

[@NNokia-jz6jb]

Both will get one into a GOV job.

[@NCSTATELUVER89]

The guy in the beginning stating that he is very broke while laughing and showing his studded tooth 😂

[@dsdsdsds88888]

That’s a basic living spent for this gen you don’t know that … shopping , spending , travelling and taking photos on iPhone 16 Pro Maxxxxxx 😊😊😊😊😊😊

[@guardianoffire8814]

@@dsdsdsds88888 Most of these younger adults realized they can try saving all they want but will get no where, so most give in spend on such items which cost significantly less.Think about how many Iphones one must buy to equal in value to house. Lets be clear the wealthy elites get the govt to pay for their stuff with subsidies. The best way for them to get back at the older generations is to target Social Security.

[@Antonio-hb8rd]

That's an essential

[@bathombre9739]

And manicured hands - look at them nails when he is typing

[@imanigordon6803]

you know kids have fake studded teeth, right? lol

[@ryanmeier8994]

Genuine question though, why don't americans go study abroad? For the price of college in the US you can spend half the amount in europe and live like a king. Or if you wanna be on a budget spend like $20k total for a four year degree

[@eat_ze_bugs]

Those with the money would have already gone abroad. Those who can't are stuck with the option of loans. Plus, it doesn't help that Americans pay taxes regardless of where they live and students abroad are not allowed to work full time in other countries.

[@pandafreak46]

You know, I'm getting tired of being told about the issues. I've known about all of this for years. When am I going to start hearing about how it's going to get better?

[@lingth]

Why dun the builders make smaller homes like cheaper ones for first timers? Homes under $250k, it may not be big, maybe like a 1 or 2 bedroom home. not everyone need a LANDED home with a garden and 4 or 5 rooms and a garage.

[@cmLMolde]

Regulations, infrastructure, price for the land. And lastly as my father taught me; "air is cheap" increasing the size of a apartment is fairly cheap, compared to dividing it into two apartments. As two apartments means double the work and cost of bathrooms/kitchens. And lastly market conditions, developers would want to earn as much as possible as a safeguard against the risks of the investment. And if that means heavy competition with other developers for the same clients, then so be it. Its the same reason there are skyscrapers that are "empty".

[@CoryPchajek]

We should have a lot more mixed use zoning also but NIMBY’s will always vote that down. NIMBY’s are by far the biggest problem but most people don’t wanna admit it.

[@dimon22323]

It will quickly cause overpopulation of area so the people living in this zone will vote it down. The problem is bigger than "just remove requirements", it's the people themselves want to preserve their comfort out there and challenged to accept reality that there will be more around them what will in result also depreciate their own investment in assets there, and so on - infinity loop.

[@RespectfullyCurious]

Regulation. Zoning. NIMBYs. Return on Investment. Many places you can’t build anything but single family homes instead of multi-unit buildings because of regulation, zoning laws/codes, and NIMBYs straight up being pieces of 💩 and blocking any development. In many places, it’s not worth the return to build single family homes since they don’t return as much money to build versus multi-unit buildings; but remember you can’t build them.

[@AndyWarhole-w7q]

They build those, it’s called condo.

[@Powaup]

Universities need to stop increasing costs. No reason they should cost this much it’s not like the level of teaching has increased proportionally either

[@Noah_527]

The only way that happens is if we do away with student loans, which I'm entirely in favor of. Prices would drop overnight. Make kids get jobs in college and pay as you go, like many generations did.

[@kiingisking]

young people with no wisdom and who don't listen to their parents are in debt

[@chicitizen]

What if their parents are in debt? Should we listen to them, younger generations lack financial literacy along with the ridiculous cost of living.

[@joemacy2776]

I feel this. I'm 28, and the only financial stability I have is having my parents to back up. I'm autistic and relying partially on disability payments to survive. I have a part time job, but it's not big money. I'm grateful for the support I get from my mom as I would probably be homeless without it, but I wish I could be more financially independent. The economic conditions for young people just aren't what they used to be, and most older people don't get that.

[@orlandoedelriocantillo9404]

Well... This is the landscape and not just in the US... Worldwide

[@xDUnPr3diCtabl3]

It’s US

[@burntxela1258]

Still doesn’t make it right, but i agree all developed nations are seeing roughly the same issues

[@Redothisaccount]

Financialization is taking place world wide. But yes the US is definitely leading. As the world’s largest economy it’s kinda natural, and it’s part of the problem. Economies aren’t something where bigger = better. It’s about how you use it and where. Never before has a single economic system, neoliberalism, dominated the world. And even countries that do more to regulate their economies it’s always next door looking to step in.

[@motomatt4266]

Man, some of this is just natural selection at this point. I graduated last spring with a BBA from a D1 state university and only paid about $8,000 for the whole degree. I did it by using the pell grant and attending a CC for the first two years. I paid for my living expenses (rent, car, food, etc.) and tuition by delivering food. Theres no reason to go to these top/private universities unless your tuition is being paid by wealthy family, or a scholarship. The ROI just isn't there.

[@diaryofdreamer]

The mental disconnect you have to have to brag about having a masters degree and then complain about being in debt. People think having a masters or PhD means you're intelligent or superior, but what it actually means is either your family is loaded, you got a scholarship or you're too dumb to realise the debt trap you're putting yourself into.

[@ClaxtonBay123]

These conversations always treat an entire group of people as the "Victim" of circumstances out of their control. It NEVER covers where its their fault. It never concers personal responsibility. Managing your personal Finances, not drowing yourself is useless unnecessary debt. Nobody is coming to save you. You have to save yourself

[@paradoxalJohn]

Amazing. Go to a college with a tuition higher than the average yearly salary of your country. You can't afford it, but that's okay, the loans have got you covered. The college just happens to be located in one of the country's most expensive places to live. I guess you have no choice but to live there, then. Then, sprinkle reckless spending here and there. 5 years down the road, you're drowning in debt, and somehow it's everyone else's fault.

[@mickkaylaerbach4559]

Interview young adults that didn't go to large universities. Interview those who went to small and local colleges, or trade school.

[@sethferri]

Student loans is INSANE in the States... My total tuition as a Canadian for a 2 year Business degree, including books and parking, totaled under $30,000.

[@Oxazepam65]

Gen Z should put their priority straight: saving money for a house. Those who live above their mean are digging their own grave.

[@1ktales]

tbh, when I started going to college in the early 2000s, the tuition literally doubled over those 4 years. Coincidentally, it seemed like the administrative faculty's salaries also ballooned during that time. Honestly, a lot of public universities don't feel like public universities given the absurd salaries the deans, etc, rake in. When you pay deans better than a lot of CEOs and defer accountability by offering loans so there's no market incentive to keep costs down (by, say, paying deans a modest salary), you tend to get massive tuitions. While there are still some state schools where the tuition isn't completely outrageous, the amount of value a college education provides is getting smaller and smaller since everybody has a degree anyway and a lot of them don't help much even with jobs in that field since a lot of learning only happens when you start working.

[@Ja50nkAt]

18 years old aren't going to make wise decisions about future employment prospects, that's the real problem.

[@angelasoWA]

$90k tuition is ridiculous unless you are rich. Also, the highest paying jobs, folks need to research those, don’t get a Masters degree in some field that doesn’t pay well. I mean, most students don’t have a clue what they want to do, neither did I…but some degrees don’t pay well and one can easily find information online to determine whether you’ll earn enough.

[@averytucker790]

"Why Young People Are in So Much Debt?" - We got suckered into going into college. - We have to rent everything. Since buying is insanely high. - Both of those previous things have countless payment fees and interest that make it very hard to pay off. - And most of us can't even get a job with that useless piece of paper we spent $25,000 to $400,000 in loan money on. - Internet and phone bills aren't really a luxury anymore. - The price of living is WAY higher than when we grew up. Meaning even though we're getting paid WAY more than our parents and our grandparents we actually have less money. - Companies love to sucker us into a contract every single day, and every single hour of each day. - And all of our favorite pleasure activities are subscription-based. In Short: Gen-X and Baby Boomers had it MUCH easier than us young folk. What with being able to get a house with ease, starting a business taking less effort than getting a job, being able to walk into a business anytime you wanted for an interview, and everything being cut and dry.

[@Noah_527]

Student loans have been around for a long time. Colleges have been expensive for the last 30 years. Did you have any career guidance from parents, other relatives or someone outside of the education industry? Outside influence and guidance can help many young people decide on an affordable career path and higher education. Options like community college do exist.

[@jeremytoney9367]

The reasons you give might be valid if there wasn’t one big problem. The fact is that what is for sale in the price range that you yourself can get into means that it’s either out of your price range or you’re just looking in the wrong place because of your looking in New York then yes you’re gonna pay a higher cost so yeah you’re going to have a house payment of $400,000 and I don’t know very many young people who have $400,000 they can just spend just like I didn’t know a person who had $10,000 to pay court costs because that’s what the judge offered the person. In fact they offered him three choices but at that time that person didn’t have $10,000 to waste. I’m going to tell you that if you want to spend money then go ahead and spend the money but you’re gonna sacrifice the future and you’re gonna do that permanently so it’s up to you. You decide it’s $400,000. What you wanna pay for a house because I know there’s areas in the country where houses like what you’re looking for aren’t $400,000 they are maybe 157,000 not the most ideal place to live but it is a college town so you could go to college it might not be the Ivy league New York university or Northern Illinois University college that would save you money so you could buy a house for $157,000 at least in that particular city. The choice is yours to make you decide where you wanna live and you decide how much you wanna pay and if you decide to pay 400 grand for a house and 60 grand for a car, then you’re paying half $1 million for something when I could take that half $1 million put it into an account and generates some serious income with it and I don’t I live in a place where I still have to pay rent however that rent is only $300 a month so what you have to do is you have to decide what you want what you really want!

[@grafando]

People splurge on everything - an expensive college, expensive cars, expensive makeup, expensive clothes, vacations, etc. and then the media has to ask why people are in so much debt? Isn't it obvious?

[@Atlas-tp8dw]

👏

[@didierpuzenat7280]

0:05 Am I the only one who think this graph is meaningless ? When you are young you buy things, a car for example ; then you work , later you buy a house ; (...) ; and quite latter you have finished to pay your house and you can sell it to buy a new one. For this graph to mean something it should compare what debt each generation had *at a given age*.

[@argentaegis]

Depends on the purpose of the video.

[@juremartel2906]

Doom spending really shows how flawed the current economy is. You cannot afford to buy a home, have children, or save enough for retirement, so spend it all and enjoy it now. It's a negative feedback loop that will end badly.

[@FredrikNaevisdal]

With that tuition college isnt worth it, in Norway there is only 60 dollar tuition every semester which makes it still worth it here

[@paradoxalJohn]

In Brazil the public colleges are all paid for by taxes. Competition to get in is tough, but if you do, you pay nothing from start to finish in most programs.

[@_robbo9053]

“Older people don’t understand “. Heard this every generation.

[@doujinflip]

Older people didn’t used to have as much political weight though because the youth used to consistently outnumber the retired as political constitutents.

[@pingchen7563]

Even state school, tuition, room and board and food cost easily over 30K…. While entry level job hovering around 45-50K…. It just doesn’t make any sense….

[@alexclifford2485]

There are many things skewed against young people. A very expensive housing and rental market relative to salaries, high student loans with most courses offering very low or negative ROI... but we need to get out of this victim mentality. The issue can be solved with new housing that is rightsized to the needs of the community, smaller houses and apartments. Cities and towns which have employment within walking, biking or transit distance. And not promoting courses which saddle young people with huge debts with no return. There has been a huge amount of misinvestment and bloat into housing, university degrees but with no practical skills and a kind of learned helplessness. We should focus on where you can help and add value rather than moaning. Work effectively, sell your time where you earn most. And the policy level initiatives should look at how can we provide people their needs in the most effective way or cost.

[@Heretus]

Taxes and inflation are sky high thus the cost of living is extreme while salaries are laughable

[@rowmen]

Dude went into 150k debt for a Women's and Gender Studies degree 🤣

[@nunyabidness3075]

I lived through the exact thing when I was young, just didn’t get to finish my masters. Nothing new here except the taxes are lower and the houses are more expensive. Both of these things are the result of government policies. Also, we were all told by head hunters to cut the facial hair and conform in dress. I think the biggest issue facing today’s young adults is internet culture.

[@cynder2694]

The problem is that the "lifestyle generations before had" was in reality never sustainable. It was at the sacrifice of natural resources and poorer countries, those things run out. We just have to learn to get by with less and achieve a sustainable level of consumption.

[@M43782]

As a young person from Eastern European country, I think it is their fault. Their brains are poisoned by social media, and artificial expectations. For example if the guy cannot afford renting his flat (50% of income means it is to expensive to him) he can rent a room. Or if the city is to expensive to him, he can move to another city. The property market in the USA is affordable for me with some exceptions. But these exceptions are caused by people living in a particular are that are earning huge salaries, so the demand for this place/land is huge.

[@TheNish101]

Also, if you notice companies keep making spending and access to credit easier along with employing dark patterns. Doom spending is just the by-product.

[@kloss213]

In the late 70s early 80s any credit was near impossible to get. Today you can just swipe away and easily get approved.

[@trixyarias4689]

At some point I would think this system will collapse because the tuition for colleges will beat out the wages one would earn in any given job anyway because wages aren’t moving the same wage tuition is. At some point colleges will be completely elite just like they used to be before.

[@CaptScrotes]

I'm in this guys boat. No fam to support me, no significant other. Just friends. They're like family, but if things fell through it would feel absolutely vile to rely on them. Some of us have to do this thing totally on our own. Get health insurance, get car insurance and get contents insurance.

[@kolonarulez5222]

I've accepted the fact I'll never move out of my folks' house. I'd be on the streets with pay I receive at nearly 30. I go home and go right to sleep to avoid spending money

[@mjphyil]

Several problems with your analysis and statistics. First - getting student loans for a degree that will not pay for that debt is simply bad planning or bad educational practices. As a financial counselor one of the examples I use every day is social workers - get a Master's degree but no matter what - get a job at barely $60K anywhere in the US, and if you went into debt to get that Master's degree, you've got 90-145K in debt, that is just bad decision making, compared to a software engineer who, with a BS can get a starting job at $120K. Second, you are using 'average debt' not median debt - so that means that 50% have less debt and 50% more - that doesn't give any useful information as to how bad the problem is or isn't, you are making assumptions based on an average not a median value - which would be more useful when talking about how much someone is in debt. Third, a lack of financial training and basic budgeting. I speak to people every single day who have no idea what a budget is or how to live by one. I can tell you that once this skill is learned, their situations improve regardless of how much money they are earning.

[@d3vilman69]

Quality of college education does not increase at same rate as the ridiculous increasing college fees. Despite spending so much in student loans, having a college degree doesn't guarantee a job that pays a decent salary. Modern living does not make sense any more. If people are getting married, please don't have kids as life will be much tougher for them later.

[@HiroshimaXl]

Buying a Nissan Sentra was the worst mistake i ever made financially. It ate all of my savings and put me so deep in debt needing to constantly repair the thing. Eventually interest payments on my credit card exceeded what i could save and it snow balled further.

[@DaneReidVoiceOver]

Gen X and Boomers also partnered at earlier ages so they weren't buying homes alone.

[@kpinthebubble]

As a 1995 baby, I am genuinely confused as to whether I am a young millennial or old Gen Z 🙄

[@eddiemalvin]

The guy says he grew up in "abject poverty" and yet he has $150k in student loans? I guess he never filed a financial aid application through FAFSA and other programs. What a tragedy of missed opportunities.

[@jasonreviews]

everything is gamble now.

[@OwnNothingBeHappy519]

I will admit that I am a doom spender too. I quickly spend every dollar I make on rent, car note, utilities, insurance, groceries, and student loans.

[@navisoul-oi8mo]

Shouldnt have spent it all in tatoos and piercings. :D

[@infernoboi92]

The person who grew up in a middle class family will save us!

[@Redothisaccount]

Another side is like to bring up is the more unspoken “it’s our duty”. Consumerism keeps the economy going. Nobody wants to sacrifice the economy but we all know it needs change. Definancialization will take time and serious systemic changes. And it’s hard to see those changes happening from below deck-level of a big ship.

[@Chris-v9p2s]

I actually think the problem is lack of purpose. Decades ago, you'd have a job you're progressing in, a wife, kids, a house etc. by the time you were in your 30s. A lot of 30 year olds have none of that and if you have no purpose, you may as well rack up a ton of debt

[@eve_sayings]

I love your content ❤

[@karolziewiec85]

Is this 45k yearly income in 2023 is before or after taxes?

[@rodolfowu4659]

Will there be a part 2, detailing the issues in the income part? How, for instance, shareholder remuneration eats a significant portion of what workforce remuneration used to be? Or how disproportionately taxed those two are, increasing wealth concentration?!?

[@BlueFlyer83]

Doom spending? You mean a lack of self control? This is indicative of failed parenting. These kids were never taught to live below their means.

[@grimeyyouth]

They CANT live below their means because everything is so high, they can't afford necessities so they turn to spending small amounts of money more often on things that are considered luxuries, but since those have also increased in price due to inflation, it ends up costing them in the end. Those 20 dollar items spent throughout the week really do add up and before you know it most people don't realize they have spent 1,000. Stress is a major factor in this and because you've never grew up in this current economy I don't think you realize the impact, candy bars are 3-4 dollars right now.

[@paradoxalJohn]

@@grimeyyouth Gen Z can't afford necessities, so they spend on luxury? What?

[@ajohn502]

He majored in Political Science, Women & Gender studies. That’s why we’re having this conversation! 😂

[@magicxsquare_]

Our money is worth 86% less than our grandparents; we are basically in debt to survive.

[@THEFIRE360]

7:37 political science and women & gender studies. I'm not questioning your work ethnic. But I will question you for your choice of major in college. 😂

[@NirvanaFan5000]

he has a masters in social work (which the gender studies degree helps)

[@PedestrianPony]

I did my MBA during Covid and the entire program from a state school was less than $20k. I have no idea how that guy racked up $150k in student loans???

[@mainstreet6999]

Cuz college costos and housing costs are through the roof...

[@thephotochad]

Even if you're making it in the US, the US won't make it in the long term. The debt will never be repaid, people hate each other because politics, we're fighting endless wars, etc.

[@henrythegreatamerican8136]

It's not just young people. The majority of people including the entire country as a whole is in debt. And that's because "the wealthy" own the majority of assets in the country and overcharge us into debt to use those assets. The solution is a wealth tax on the assets they own whether those assets are sold or not. This would solve the majority of debt issues and let more regular people own stuff without the huge debt.

[@ericprieto4348]

so tax people who did it right and were smart with their money

[@michaelsmith953]

Honestly not even....all we need is to make sure wages keep up with inflation. The fact that wages can be so low as everything from housing to food multiplies in value is clear extraction from the higher castes.

[@henrythegreatamerican8136]

@@ericprieto4348 Your knowledge of taxation and "people doing right" is limited. Perhaps learn how to make a more educated response on the topic.

[@henrythegreatamerican8136]

@@michaelsmith953 Keep dreaming about wages. It's just not going to happen. The underlying problem is asset ownership. Wages won't matter as robots and A.I. start taking away more jobs. But asset ownership will matter greatly.

[@Denominus]

There’s the traditional problem of people living beyond their means, and this being made much worse by social media. Then there’s big student loans being normalized, the rising cost of cars and people buying WAY more car than they can afford. Now add in the rising cost of living and inflation and we have a perfect storm for over-indebtedness and financial ruin. In tougher economic times, financial discipline and deferred gratification aren’t optional, they are mandatory. It’s still very much possible to thrive if you practice both.

[@Hobo_productions]

Older gen z here. I have never had debt and we spend our extra money on investments.

[@mw5095]

Rich parents pay for their sorry kids school and the majority of the time they waste it with a degree that isn't worth anything. They also help pay for their house. The talent in this country is usually people that didn't have wealthy parents. If the playing field was ever leveled the wealthy kids wouldn't have a prayer and their parents know that

[@tylerdurden8378]

100% spot on.

[@Toyota4Life]

The youth or the future, and if you already given them the bad start what does that say for the future of this country?

[@ntag411]

Doom Spending? Is that why the luxury sector has been exceptionally well for the past many years? 😮

[@X-Warrior.1119]

Where is the Andretti's Interview?!

[@iony10]

"Doom spending" sounds a whole lot like how the US government spends their, or rather, 'our' money....

[@just4ivaylo92]

If you're going to talk about how big and serious this problem is, don't interview children that don't understand that they shouldn't be spending $90,000 a year in college.

[@dquan731]

So, gen a median income declined 6%, but their debt went up 15%. They do this to maintain their lifestyle…the most irresponsible thing I’ve heard. Cut your spending, increase your earnings. Doom spending is idiotic.