Gen-Z Is "Doom Spending" To Cope With Life

[@reddude5]

As a guy in my mid-30's, here's my advice to Gen Z -- life without money in your 20's may be hard, but it's significantly harder without money in your 30's, and I'm guessing 40's too. you don't want to be living with helpless regret as a broke older adult.

[@TonyMoze]

What about in your 70s, when you don’t have the full energy and vigor to keep up with a job to earn said money…. Example: The Tech Industry with all the 100s of tabs you have to use to keep track of stuff

[@cr4yv3n]

Gen Z is not expecting to live to 40 lol

[@thefourhicks]

Guy in my late 40s. Can confirm. In my view, the solution is to find a profession/career that you love, and become an expert at it-then the market will pay you a premium. It’s much easier to save when you have a healthy income.

[@cr4yv3n]

@@thefourhicks in your 40s? I am 41 and doubt I can still do it, man =/

[@UnderTheRadar-cc7we]

my advice, buy a 5k beater car for commute and buy a no downpayment home with USDA loan, expand radius to 60 miles to find a qualified home... Renting is a means to save for a home.

[@elgatomoscato230]

They're basically saying, "the system can't destroy my financial future if I do it first!"

[@johnderek2896]

If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance but if you want to make your money work for you...prevent inflation

[@minidinusmark1794]

Trading with an expert is really beneficial. This will help you not to lose your money in the trading market.

[@johnderek2896]

Jane Roy

[@johnderek2896]

My financial advisor , she’s a professional and has helped many become millionaires fr

[@RodneyGildert]

Speaking of being successful I know I'm blessed if not I won't have met someone who's as spectacular as Mrs Jane

[@alvinjecob7238]

Over here, I lost alot of my savings which I will never try anymore. I'm such an idiot if I think about what I did trading on my own with no professional guide

[@MistahFluffay]

As a financial advisor, this could not be more true. The younger the client is, the harder it is to convince them to invest and save.

[@c7042]

If you are not a fiduciary, then, you are a salesman and your advice is worthless, self-serving, and possibly destroys the future lives of your clients.. Are you a fiduciary?

[@tylergodwin319]

@@c7042chill out lol

[@mikkosilakka]

Save for what? Penny saver will be penny saver

[@MistahFluffay]

@@c7042 yes of course, wouldn't comment otherwise lol. fully licensed with finra.

[@lindacgrace2973]

I'm old. I remember growing up in the 50s. I remember the unstoppable economy, the safety of our small town streets, and NASA fuelled dreams of conquering space. I also remember segregation, atom bomb drills at school, and being locked inside on sweltering summer days in a house with no a/c when polio had been reported nearby. EVERY generation thinks that {insert current traumatic events here} is the WORST thing that ever happened. I remember my folks paying 16% interest on a mortgage, and my grandparents stories of hard times from the Depression. This is NOT the worst economy ever - it just feels like the worst because it's all new to young people. Talk to old people and get some perspective! Pessimism does not serve you and is a monumental waste of lifespan.

[@clownworld3913]

ok boomer

[@stevenporter863]

The first comment just means people think the past was better, more honest and safer because of a 'ignorance is bliss' thing; meaning everything now is more accessible and you can hear the bad news 24/7 as it unfolds.

[@lindacgrace2973]

@@stevenporter863 True.Until Viet Nam, for instance, you didn't have hear about every single horrible thing happening in the war, 24/7. And, even with Viet Nam camera crews, it was brief clips in small doses on the evening news. Kids nowadays are bombarded 24/7 with negativity. I remember the 1950s one 60s as being much more optimistic.

[@dima6488]

You also forgot to mention that said 16% mortgage was paid on a house that costed a maximum of one or two annual salaries. Or the fact that you could support a family on one salary. The cost of living right now is at an all time high, millions of families are struggling to keep above water, with one emergency away from bankruptcy. The amount of couples choosing not to start families for financial reasons is skyrocketing for multiple years now, and many will be lucky to retire in their 70's if at all. Not even going to get started about AI taking countless amounts of jobs in the next few years, something we're not ready at all to deal with as a society. All of that while boomers are chilling in their mansions that they paid off in two years on a factory worker's salary.

[@clownworld3913]

@@dima6488 But like, dude, what about having to get under a desk once a month and staying inside without airconditioning?

[@ANecessaryEnd]

I enjoy the genuine, let's sit down and just have a conversation, feel of this video. No hard cuts, no script, no unnecessary editing. Even your fidgeting and the sound of things like your coffee cup moving adds to the overall genuine nature of the video. More of these, in my opinion.

[@YTBoof]

7:27 inflation coming down doesn’t mean things get cheaper, that’s deflation. If Inflation comes down that just means prices stop rising as fast as they did previously. People wanting their salary to raise at the same rate of inflation or close to It isn’t irrational. If we do go through a deflationary period, then it would not be unreasonable for salaries to decrease.

[@iXpertMan]

^ fact

[@anniealexander9616]

I'm Gen x and I'm very frugal. I'm also debt free. I'm so sick of taxes, insurance, and healthcare cost. It's redicioulous!!! I appealed my property taxes and got $1300 back but it was months of heII. Monday, I will swap insurance companies AGAIN to save on insurance. When I get sick, I go to work. Last week, my dentist tried to charge me $55 for my free cleaning. ENOUGH!! It's Saturday, I've been putting things in my cart online. They are offering some good coupons. $40 off $200 or 20% off a larger order. I didn't buy anything but the cost is so much smaller than the things I mentioned. It's my paycheck but the govt and insurance companies get it before I do.

[@matthewholliman1399]

Keep it up, invest what you can.

[@awolf81]

I loathe insurance companies! Car insurance is infuriating. My premiums gradually increase independent of maintaining a clean driving record, making no claims, same credit score…ect. A few years ago I got pretty pushy asking questions regarding why my car insurance premium was increasing. Eventually he just said the reason was “proprietary”. 😡🤬 Thank you for the opportunity to rant, kinda therapeutic.

[@Curlylemur]

I remember when I was a teenager and my step dad said his was only like 20ish a month and that when I turn 25 or whatever it would be that as long as I have a clean driving record... I have a clean record, but my insurance is still like 80ish a month.

[@MechE11B]

USAA upped my car insurance twice in six months. When I called to ask WTF happened since I've had not tickets and a clean driving record of 25 years. They said my premium is going up because other drivers have been making claims and they need to cover the costs... WTF? Charge them more then? Make it make sense.

[@RayTheomo]

Have you tried cutting back on Starbucks? 😏 No but fr its like we're damned if we do. Damned if we dont. Im 24 and i am so disillusioned with this country and economy its not even funny. I literally have no responsibility except myself and i make 21/hr and i still feel like my head is BARELY above water.

[@contournut5726]

lol, $4 for an espresso coffee, you really do make coffee at home. Try $6.

[@emclaire18]

$10.75 for an iced latte here in LA including tip.

[@ryanconrad92]

@@emclaire18 If you tip baristas, that sounds like a you problem. They’re literally doing their job, not providing additional service that’s above and beyond. Never tip at coffee shops.

[@liam1902]

@@emclaire18 Tipping for traveling to the coffee shop and ordering/picking it up yourself 💀. This is why I just don't go anywhere anymore lol

[@unashamedly1776]

I mean, I just looked and a grande Americano at my local Starbucks is $3.95, so he's not too far off. (Yes, Starbucks is mediocre coffee; but they're everywhere so it is a good comparison to use)

[@funtechu]

I think the last time I bought a coffee at Starbucks was in 2019, so that didn't seem too far off.

[@MrMoonDollar]

It's clique, but: don't give up. I always hear from being in the workplace, in and around my generation, that it's hopeless, even though they also have no financial discipline, frugality, or wisdom in spending. No one ever said you could have it all, all at once. You will never get there if you never try. Trying doesn't guarantee success, but you're still in the game, and you can still win.

[@Sofus-fu4ro]

As a gen z I say just spend the money the likely hood unstable future is through the roof with or without money with the way the world is going

[@TropicalBeatDown]

I grew up in the late 80s, 90s and early 2000s....and until 2008 there was nothing that seemed remotely like a recession, but prices never felt like they were as ridiculously over-priced as they are now.

[@Novaximus]

Gen Z is still pretty young though. Most people doom spent in their early 20's. You still likely had a support system around. Mom and Dad are still alive. Brothers and sisters live nearby. You have a lot of friends you can crash with. Gen Z isn't old enough to have the fear of God instilled into them to change their priorities. Being alone and facing the real possibility of being homeless in the freezing cold because everyone is gone, dead...whatever the case... You're on your own. Until that happens Gen Z isn't going to care about tomorrow.

[@AmpereNA]

I was very lucky to have finally been taught at 25 what it’s like to fear homelessness. It really does change your mind

[@JR-gy1lh]

Most younger Americans don't have a fucking clue how bad it could get. Prosperity for so many years has created a weak generation.

[@manoftomorrow5987]

Exactly…when I was in my 20s I lived the same way because I could run to mom to get me through to the next pay day.

[@ironically_iconic9848]

I really don’t believe it’s simple naivety, as a “Zoomer” I could die at any second and wouldn’t care. We don’t care what happens to us.

[@Sofus-fu4ro]

Your wrong there are plenty of gen z in there 20s like my self who have delt with homelessness which is not the end of the world and easy to get out of cause of the amount of help, at least in my country Living on the street is a over exaggeration as long as you do what your told you won’t have to sleep on the streets in the cold if you do drugs or alcohol then your gonna have almost 0 help Then again America sucks and the supports are non existent due to selfishness I have no reason to care about financials being homeless is not the worst thing

[@donnabennett5454]

That's the whole point. People in general, not just gen z, don't want to sacrifice anything. I saw one video (can't remember which one it was), where the lady said we shouldn't have choose between wants and needs. We should be able to have it all. Sure, it can be done. But, you have to make sacrifices to get there. Pretty much everyone has the "want it now" mentality.

[@bonerjams2k3]

That's every female.

[@donnabennett5454]

@@bonerjams2k3, that's why there's guys with car and boat payments.

[@Sofus-fu4ro]

No sacrificing is not an option, go ahead and sacrifice what you want but I ain’t making more sacrificing beyond what sacrifices gen z already has to make due to a greed filled future

[@professormustard75]

As a Gen Xer, we all felt like it was hopeless too. My first house was crappy. So crappy. But it appreciated and allowed me to build up a little money and I got to move into a less crappy house and then an even less crappy house. But then 2008 hit and it seemed like the world was ending. It didn't. Keep your eye on the ball. Live in a less expensive area if you can. Invest consistently. You'll get there but don't expect to be there when you're 30. It takes decades.

[@lexa_power]

How do you invest if your salary doesn’t even cover your rent?

[@mocheen4837]

Cut your expenses and find ways to save. I grew up on welfare and in a single parent home. I dropped out of college as well. Do not buy into all the yolo hype on social media. Not everybody drives a Mercedes and lives in a mansion. Live below your means and be content.

[@CapeSIX]

I’ve sold my life for a year and I’m on track to make $120,000 this year. But I’m even poorer now not living with my parents making $70,000. So after this year I’m going back to living with my mom

[@mocheen4837]

Move home and build a cushion first.

[@CapeSIX]

@@mocheen4837 ya going back to my $80k year job but no more rent and free food

[@manuelseda9197]

Yep I bough so many things this week from shoes, to accessories and even skin care

[@karynm3365]

This is nothing new! I'm a boomer and there's a lot of people my age that had that same mentality in the early 80's. It didn't end up well for them! Save, invest and be smart and frugal. You'll thank yourself later!

[@marksoberay2318]

Why? What is the point of having lots of money when elderly?

[@joshuaknapp5966]

​​@@marksoberay2318 I don't want to work till I'm 60 and die at 72 from stress related to work. I'd rather save and retire early. Doesn't mean I still don't go on trips and enjoy myself now, but I definitely invest more than my peers. Work just comes down to trading your time for goods and services, I value my time more so than having the newest things.

[@raiden031]

​@@marksoberay2318it would be nice to retire while you still have good mobility and energy

[@nidaashraf1572]

This early retirement fantasy is creating immense pressure of making huge money really quick and fast on the minds of people,they are getting over indulged in work hence falling prey to various physical and mental issues as not every one has the same luck of make humangous money and real quick. So the point is make enough money to enjoy a normal and healthy life ,stop following stupid cravings for luxuries or laziness of making atleast coffe by your self and spend a healthy emotionally stable life ,offcourse spend money when you need it and when you need the most but this approach to enjoy all today and forget the rest is stupidity

[@nicksmith9]

You are literally the most privileged generation to ever exist statically speaking. You had everything handed to you.

[@ryankelsey9646]

I’m a millennial who is working class with 2 k in debt that will be gone in a month or so. I will never go back. I’m inheriting my grandmother who I live with’s property including a house, so I’m just gonna live on the fringe of society and watch the world burn. Maybe build a little nest egg if I can stay focused.

[@DeaconBeanCooter]

Doom spending?!? It's like a messed up pre midlife crisis

[@Cookies205]

It's nihilism induced self-harm

[@demorippa]

Every one needs to do what they want but just need to accept whatever consequences they incur in the future, without blaming anyone but themselves.

[@stevenporter863]

Exactly: I always say nobody has to do anything if they are willing to pay the price of not doing it.

[@CheetahFoxx]

"Well, I always like an excuse to delay gratification..." -Hank Hill

[@thatwasprettyneat]

The housing shortage is caused by people buying homes/apartments as investments. You can't live in a home if someone else owns it, unless they're willing to rent it to you, and if they did, it would have to be worth it to them, and obviously most of the time it's not. This problem is not going to resolve itself.

[@ogxeman]

Graham thinking coffee is still only $4 goes to show how he really doesn’t buy coffee 😂

[@louishamel2833]

actually a black coffee usually goes for less than that

[@autobotdiva9268]

@@louishamel2833 what country you live? its not america

[@bonerjams2k3]

What kind of idiot buys coffee? Lol

[@louishamel2833]

@@autobotdiva9268 Canada, a starbucks black coffee cost around 2-3$ CAD which is even less in USD

[@mandi3891]

I really don't get the interest point regarding salary increases. When inflation "goes down" the prices are still going up, just not as fast. Why should salaries go down? Ofc they should keep up with the inflation.

[@nik-challengeman383]

This dude doesn't comprehend the concept of deflation 🤭

[@billjohnson7904]

not a fan of Ramit's racket, he just sells very expensive courses to spendthrifts.

[@alainportant6412]

its trash

[@stereomaster4231]

His book is good. No need to buy a course

[@alainportant6412]

@@stereomaster4231 no need to rape and defecate on the streets either

[@alainportant6412]

@@stereomaster4231 and yet

[@avres13]

As a Guatemalan who’s now an American citizen making $45k I have a house and support my wife going to school to be a nurse practitioner it’s about discipline. Location makes a huge difference, we love the Midwest and can’t imagine living anywhere else.

[@ProfessorWambsgans]

College costs have gone up partly because of government support for loans, but more so because of government *lack* of support to subsidize state institutions. The amounts that states provide to state colleges and universities has plummeted since the 1970s, and that's a huge reason why costs have risen. State schools are still great deals, but they lack the support form the states (most of them, at least) that they need and deserve.

[@TigerTT]

It's because they already know that inflation will be a million times worse in the future lol

[@Courtney-Alice-Gargani]

I think people in general don't want to put effort into being successful because they want to get rich quick and not work hard the rest of their life.

[@nicolasgirard2808]

Animals are programmed by evolution to conserve energy so yeah, obviously people would rather not work.

[@wulfsorenson8859]

That’s because they know now they have zero chance of getting rich through conventional means like a career or buying a property.

[@Eltipoquevisteayer]

Tbh you could live an honest and dignated life with a simple job

[@wulfsorenson8859]

@@Eltipoquevisteayer not any more you can’t.

[@tokyojon4344]

Yes, interest rates were high in the early 1980s, however by 1983 or certainly by 1984, you could refinance at a much lower interest rate.

[@allanskibel7918]

Always remember "Trust but verify"

[@midnightbudgets]

Great advice Graham. This reminds me that it’s never too late to make a change and start today.

[@somedude8873]

3:00 Yeah Graham, maybe Im misunderstanding your point but the interest rate is factored into the housing payment. He's talking about the housing payment being extraordinarily high compared to now, which already factors in that price. Factoring in maintenance inflation due to the cost of goods and services, even with higher interest rates back then, we still pay significantly more than we should be for housing. So it seemingly balances out when you dont consider that wages have not matched that rate of inflation of housing.

[@whorhaydelfuego7190]

I don't know if it's because I grew up in a town that I knew as a kid I would likely never be able to afford to live in as an adult or what. But I've always been bemused by people complaining about the impossibility of buying a home when they are insisting on living in very expensive areas.

[@nicolasgirard2808]

Fair point however most of the good jobs are located in those expensive areas. If you can land a high paying job in a cheap area you have a golden ticket to home ownership, but it's unlikely for most people

[@stevenporter863]

Exactly. People tend to live where they don't need to spend their entire waking life working, commuting or getting ready for their commute to work.

[@whorhaydelfuego7190]

@@nicolasgirard2808 The point is that if you can't afford to buy a house withing commuting distance of where that "high paying job" is, then that job isn't really high paying. The pay might sound good on paper but if it's destroyed by the cost of living then it's not worth it. My pay is good but not great, even for where I live, but I can support a family of four on it pretty comfortably and we've even got a home in a desirable area/neighborhood. It is "fly over country" so not desirable to everyone but that's part of the trade off.

[@nicolasgirard2808]

@@whorhaydelfuego7190 renting is typically a lot cheaper than buying in the big cities where the good jobs are. So the best strategy is to rent and put all your excess savings into the market for long term growth.

[@wulfsorenson8859]

Because expensive areas are where most of the work is!

[@marksoberay2318]

Graham I don't want to be a jerk here but I want you to make a video on something, why do you save? is this for some day when you're old to spend a much money on what? I almost got killed at 43, I learned we need to live our lives now

[@thebrownfeministcanada]

I know what you mean. I support moderation, savings for rainy days but also taking that one vacation a year to a place you want to explore before you die…we never know when we will die and if we will be healthy enough to enjoy the opportunities. I enjoy Grahams channel, but some of his savings behaviours remind me of someone I knew who had mental health issues and used extreme savings as a means of coping and control on things they could control as they couldn’t control much else in their environment. It became the only way they could feel successful or happy or powerful.

[@SoUnDMaN831]

I save because ,Yes, at some point I will get old and not be able-bodied enough to work and then older you get, health issues will arise that you will need to pay out of pocket for. I’m sorry you almost got killed at 43, but it seems like the bad experience affected the way you few money. What are you going to do if you have no money and are 75? Be a homeless senior citizen?

[@iv6335]

My grandfather was always a hardcore saver. Never spent money on anything, just saved everything "for the future". It would be 100F outside? Open a window instead of turning on the AC. One of the cheapest people you'd ever meet. End result? For nothing. My grandmother got sick. Even though she was elderly, medicaid said "you have too much money, we're not covering anything". He spent millions of dollars keeping my grandmother alive to no avail, and she passed away. A few years later, he started getting sick. Same issue "you have too much money, we're not covering anything". End result? He passed away with less than $10k in his bank account, and his primary residence in such disrepair that we (his heirs) ended up selling it for land value for pennies on the dollar because no bank was stupid enough to mortgage a house that would have been easily condemned if a city inspector ever happened to drive by it. That's it, no other assets. Before all this happened, he had around $5m in the bank and a few investment properties. So he never took a vacation, never went to the movies or a show, never even left more than 20 miles from his home, sweated through the sweltering summers, went out to eat only when someone else invited and paid, drove only econoboxes, and just lived a generally miser lifestyle, for what? To save medicaid a couple million dollars over a few years (which isn't even a rounding error to them, that's effectively $0) Good job saving for the future grandpa.

[@rtothec1234]

I must be in the minority of millennials who believe in small actions having significant long term effects. - Son of uneducated, immigrants with little to no money. - Worked many jobs. Shitty jobs. - Consistently saved. - Got a small student loan. - Went to college. - Worked while studying. - Graduated. - Got a job, started at the bottom. Climbed the corporate ladder. - Kept saving consistently. - Lived below my means. - Continued socking away money. - Bought a house in early 30s. - Continued living below means. - House halfway paid off at early 40s. 🤷🏻‍♂️ Yeah maybe it was easier to get a house in the 60s /70s but to say that there was never a point in GenXers and Millennials to save and forgo several short term pleasures is a bit disingenuous. Millennials, we had about 15 decent years where we could’ve chose to save and not blow our disposable income. And if we chose to not save for a downpayment for a home I think it’s a wasted opportunity.

[@ltxr9973]

Americans/Anglos have always been terrible when it comes to handling money. That whole "buy now, pay later" mentality and not paying in cash will break your neck. It's absurd and nobody would do it where I live. Except people who have nothing to lose which seems like a good explanation to why Gen Z would be doubling down on it.

[@mocheen4837]

This happened in Japan when people could no longer afford a home. They started purchasing luxury vehicles and sports cars. I know younger people who just gave up on buying a house and just choose to travel and buy new cars while renting.

[@Vicarivss]

To live is to struggle and life is worth the struggle.

[@dandrake337]

People in their 20’s are wasting money… I never thought I’d see the day.

[@WtfReal]

If it was easy everyone would do it. It's because everyone wants a shortcut after being ingulfed in social media. For most people building long term financial hard is an extremely long and hard process.

[@justincadle7070]

It’s not a housing shortage! It’s a lack of affordable housing!!!! For Pete sake

[@richguy011]

No way did boomers look back from 1950's to the 1920's and think it was a better time financially. Their parents were the ones that went through the Great Depression. They may have looked back and thought that the world was safer on a global perspective since before WWII though they were still able to afford housing, medical, etc.

[@DionTalkFinancialFreedom]

I purchased a house for 100k that would sell for 400k today. In a town without a store. With one blinking red light. No good internet connection. No theatre. Now the town has Walmart. Safeway. A movie theatre. Home Depot purchased the location and is building. No one talks about houses are more affordable now than ever. Just not where people want to live. Lots of places a house is less than 100k but all people focus on is comparative numbers. Instead of comparative assets.

[@justintempus7406]

My hometown had one stop sign, no lights. 35 miles from the nearest Walmart, 15 from the nearest grocery store. Houses were 70-100k in 2006 on 5-10 acres. Now those houses are 450k and there's still nothing downtown but a gas station, a volunteer Marshal's office, and a post office. Anecdotes cancel out.

[@wulfsorenson8859]

There’s no work in these towns.

[@samsmusichub]

It's tough out here fr.

[@therockbottom5256]

Just started but I know it’s about the Little Treat Epidemic

[@TheGrahamStephanShow]

Yep

[@een-n-out]

Small expenses add up and lead to less money set aside each day. $10 a day gets expensive real quick.

[@MarcioNovelli]

In Canada, our houses cost twenty times our annual income… look it up.

[@27jyp]

I do not think America should be complaining compared to Canadians. And I am Canadian.

[@MarcioNovelli]

@@27jyp The average house price in America is $387,600 which converts to $534,000 CAD. The average house price is Canada is $719,400 which converts to $522,000 USD. Our house prices are 35% higher than America’s house prices. Let that sink in. 😳

[@weird-guy]

In my country is 16 times🤣🤣

[@weird-guy]

In my country is 16 times🤣🤣

[@27jyp]

@@MarcioNovelli Plus, our income is way lower than US income and heavy taxes.

[@NEWHAMPSHIREGUY]

Thank you for pointing out the mortgage interest change! That is huge and no one mentions it. It's easier to show a doom narrative vs income. Part of the inflation on homes was my house bought in 2000 had the same monthly payment as twice the cost in 2019 thanks to lower interest rates. As you mentioned salaries are higher than they were then. Housing costs were almost flat. Granted since the pandemic rising house prices and rates have made this worth but no one is doing the fair comparision of costs. Selling GenZ a bill of goods for clicks

[@Dna_Geckos]

Lumber never went back down to normal at all

[@rob8582]

Graham when are you gonna have Ramit on the Iced Coffee Hour!!?

[@AnimsOnDemand]

Ngl, I feel like Ramit would turn it down because of the guests that they have on the show. He's a pretty big lefty

[@Tquaxify]

Based on experience, don’t spend money and time just to impress people you don’t even know and learn healthy habits early so you can feel good in your 30s and beyond

[@lucillehjort971]

Back in the 50's, tv wasn't even on during the day and the channels went off at midnight..

[@PeraEnergy]

Man inflation going down is not things costing less, it's still growing but slower

[@coastalhillbilly3419]

Newspeak, Keeping up with the Joneses is now Doomspending, new word to justify living above one’s means

[@wulfsorenson8859]

Interests rates may have been higher for a few years but what was the wage to house price ratio back then? Lmao telling Gen Z to cut out Starbucks to afford a house is like telling a morbidly obese person they will become slim just by cutting out full fat milk in their daily coffee 😅

[@justeb6612]

I think it is completely utterly fair because that $80,000 house is now worth a million😂 so it paid off in the end. Unlike today's economy, stuff like that will not pay off. And besides it's a house that we need to live in, not a want and I really wish America can understand that😢😂

[@Laz_RS]

Live your life when you are young enough to do so. The dividends of having a social life when you are young, out weigh having a lot of money when you are old.

[@financeabcs]

Great points made 👏👏👏

[@alexpettit3265]

Hahahaha, I was so excited when lumber got cheaper and I even texted my whole family to let them know 😂

[@JohnGalt1960]

I cut back on all my spending, minimised all my bills and started actively boycotting the entire economy,I have plenty of cash on hand now and I live very frugal,I stopped being a consumer of nearly all things 😊

[@victorbaird8220]

I hit the like button so I can feel good about myself 😊

[@MrMountain707]

This has always been true ever since home ownership has become a pipe dream.

[@mariaantwan7479]

You’re wrong about inflation dude. Just because inflation doesn’t rise doesn’t mean prices will go down. It just means it stopped rising but the price will remain at the new price

[@chrisschultz6129]

A few years ago people were raising the alarm because young people in London and Hong Kong had this same attitude that they would never be able to save up enough to buy a home or to support a family; so they just spend all their money at the bars and live for the here and now. Looks like this attitude is spreading worldwide.

[@ka9202]

From the "Great Resignation "to the "Great Give Up", geez sounds depressing

[@frank2050]

Inflation never really goes down, with our monetary system, it only slows. Also, wages take generations to catch up to spikes in inflation. Kind of feel like both of these guys are disconnected from reality.

[@CheetahFoxx]

Inflation is a vehicle for the government and banks to transfer wealth from the poor/average to themselves.

[@dannymartial7997]

I genuinely think Gen Z's biggest issue is instant gratification and dopamine chasing. I see all these TikToks of Gen Z complaining about not making enough money to support their monthly expenses, but their monthly expenses are ludacris. I make over $100k a year, and spend like half of what they do, and most of them are making $40k-60k... Their spending is way too high, and when someone wise tells them to cut back, they say you're out of touch with money, and you expect them to live like a hobo. The consensus seems to be that $300/mo on "fun" is the bare minimum, and I think that's insane.

[@autobotdiva9268]

you sound like a failed boomer. my husband makes over $100k but family insurance is $700 per PAY. Switched to mine for $114 per pay.

[@dmoneyy0089]

Really appreciate the video on the main channel and great insights.

[@ilzeberzina1485]

I live in EU. Our household net income is 36k/year, we save 7-8k per year. We plan to build our house, totalling somewhere around 250-300k. Though we will be saving 10k per year when all our kids are in kindergarten.

[@FlameHashiraAries]

I personally don't believe there's a housing shortage. If homes became free, I think at least in America we can fit anyone in a home. Apartment or house

[@joeycannoli518]

Its an artificial shortage, outside investors like BlackRock bought up a ton of the properties and they remain vacant or charge disgusting amounts of money in rent. They don't want you owning a home unless you're paying 500k+ and a lot less people have the ability to do that anymore. Interest rates are super crappy too comparitvely to a couple years ago so financing these houses on the price they are now is like setting yourself up for bankruptcy.

[@ronaldcampbell17]

Your take on this is way better and down to earth. Thank you.

[@robertmatthews2009]

Conditions change. It's not always going to be like it is now. When things do get better, when the pendulum swings in the other direction, do you really want to enter the good times saddled with a huge debt?

[@Nikita_Andreyev]

I live in Russia. We do have the same point - you will never get acceptable future here despite how tired on the job you are. All the diffirense between offered future is would you like do die tired or not. You can't chang your time for money/house or any other financial goals. There is no such option as to get "American dream" by anyway. You will never get it. And why you should do the job you don't like? For what? Then you just shoud relax and enjoy. This is going everythere. It's not only an American issue.

[@weird-guy]

Sounds like my country😂almost no upwards mobility so we just ´enjoy´ life at least we have a high home ownership rate, but we new buyers we are fd

[@patmarek1222]

Well... Maybe you don't believe saving money won't buy you a house but it's always money for emergencies, other big purchases, maybe opening a business. There's a lot you can do with it.

[@gliver2549]

Inflation going down does not mean price going down, deflation is when the price goes down. Lower inflation means rate of increase in price is down, but prices will never come back down!

[@ClearlyNutz]

GenZ is smart enough to see that if they buy financial assets at current prices they will not be rich. They will be bag holders.

[@wulfsorenson8859]

Exactly

[@imojen83]

Regarding people longing to be born in, & live in a different time (that has likely passed)- the movie, Midnight in Paris is a good watch!

[@johndroyson7921]

It's deficit spending. It's addicting and I get it. But it's the same thing the government is doing with reckless abandon. They don't seem to think there's a future worth saving... or even balancing the budget for.

[@alexbernstein1450]

A median house 40 years ago was much smaller.

[@desultorilypanacea]

You can order hot water to go from some coffee places for like 20 cents. Then you put in a tea bag or one of those instant coffee packages.

[@dylan.-6527]

Just drink it cold?!?

[@kyungshim6483]

What?! Even if that is true, that is some next level frugality. I thought I was being frugal by thinking of ways to sneak in cold beers to a football match.

[@BEACHDUDE71]

Go ahead and spend, there's no future 😂

[@NalDeryoga]

im 25 just now starting to try and make a change in my education to hopefully go to a long term career. I've wanted to learn investing and etc but never had a lot of money set aside to just throw into a void and wait months xD

[@ttstang89]

Even though higher interest rates in the 80s, compared to 2023 the relative burden is 30% higher now than it was then. In the 80s, saving up 20% to put down on a home would only be 62% of your income, now it's 117% almost double.

[@mst-pierrem5729]

Let's be real though. They saw Covid-19,their being told the world is physically going to be awful. Plus, with the Internet everything is so rapidly acessible. So, I kinda get the general depression of well whatever being in what mid-twenty... People are talking too much with a negative twist. We need to talk about positive and spread it like no tomorrow !!! Hope is the gold of the will to live and smile at the future!!

[@rebeltheharem7028]

@2:31, even if interest rates were significantly higher, like around 15% 40 years ago, they were STILL much more affordable than today, which goes to show you how bad it got.

[@rpena0899]

The overall advise here is great and all but graham seems to be stuck in his wealthy bubble and doesn't understand what most avg workers are going through. Half of workers can't afford a $500 emergency and about the same if not more are living paycheck to paycheck. Ya everyone needs to be responsible but avoiding the main cause of these problems (the redistribution of wealth from workers to the rich) is what's hurting these conversations. If the fed min wage ($7.25) had kept up with productivity since it was introduced, it would be over $23/hr by now. Workers are getting less of the money they produce and corps are giving it to their rich shareholders instead. Most people can't personal responsibility their way out of our broken system. And I'm saying this who is doing everything these guys are saying to do. Good job, investing, etc.

[@JessicaHicks]

3:23 drinking matcha as he talks about cutting back on matcha.

[@laundrygoddess4]

He can afford it? 😂😂

[@regtalkswealth]

Doom spending Gen z are losing their minds🤣

[@MegaJohnnycage]

The interest rate argument doesn't really hold, it's true in the 80s and early 90s yes interest rates were higher, however that was a blip and as soon as the recession of the early 90s ended rates dropped, and were normal again. So unless you lost your home in the early 90s, you are golden, you bought an extremely cheap home and once you got over that temporary blip things got very east for the rest of your life. and now you can sell your home for millions depending on your city, but if your in a big costal city and you bought in the 90s- early 2000s you absolutely jackpotted, and that is what happened for majority of boomers and xers. SO the whole rates were soooo in my day high just doesn't hold up to any scrutiny.

[@wulfsorenson8859]

Then the boomers now sit in their million dollar properties and call the younger generation lazy and useless for not getting a property and having a family like them 😅

[@notequalto5179]

I'm scared man. 24 here. But yeah, I suppose the best we can do is make decisions where we can. It's hard not to be hopeless about the future. But maybe if we have reasons to keep trying to protect our finances, maybe the effort will be worth it.

[@ParkDari]

I am Gen x. Only rich people had soda pop in their fridge or actually owned a hairdryer when I was a kid.

[@FreshWaterWindsurfer]

Great video thank you!

[@themittymak]

Graham having multiple rental properties trying to talk about housing shortage.. bro, you're the reason there's a housing shortage

[@ericeven4090]

He is supplying houses to people who rent. How is he or any other landlord the reason for the housing crisis? Can you imagine the horrors the country would be in if everyone stopped renting out houses and apartments? That means everyone would be forced to own and that's not a viable scenario.

[@themittymak]

@ericeven4090 You rent an apartment; you buy a house. Haven't you been following the whole Zillow thing about buying a ton of houses and inflating costs for entire areas? People can't buy houses because they're all up for rent. Blah, blah, housing shortage... They'll build more, and property tycoons will buy them up and rent them out. The problem will still exist. And your comment about buying not being viable is absurd. Rent for a decent-sized house is upwards of $4k. The mortgage for the same house is about $1k. Let's not forget most renters need to make 3x the monthly rent to be considered a tenant. It's asinine.

[@Oathbetrayer]

Change title to "Cope with being enslaved by the Oligarchy" Who wants to work to keep them rich?!?

[@rangledangle3371]

I’d pay $25% interest on 15 blueberries any day compared to what we have now.

[@micahedgerton1179]

Graham, to just shrug off inflation and say wages will eventually catch up is such a bad take. Tell that to people who have empty wallets before the next pay day. The state of the economy, inflation, the high costs of rent, mortgage, energy, gas, food, car insurance, car payment, etc are largely due to how the govt has mismanaged monetary policy and printed trillions of dollars. Many people have been irresponsible with their finances, but life is very expensive right now, and many people are really hurting financially.

[@EbayNomad]

Making $4 dollars by not buying coffee is some real girl math Graham😂

[@001sander2]

Low interest rates are a main contributor to asset inflation which has made housing prices soar.

[@YokubouTenshi]

7:57 This point doesn't make a lot of sense. If inflation has come back down, the prices are STILL HIGH, your wages shouldn't go back down. Historically, people DO take wage cuts in times of DEFLATION, where prices (not inflation) comes down.