Is It Too Late For Young People To Get Ahead Financially?

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The biggest financial mistake you will ever make was being born after 1980, homes are unaffordable, you need a loan to go to college, jobs are scarce and financial meltdowns are common. If you are a young person you have to ask yourself, is it too late for me to ever get ahead financially?
Bill Gates, Steve Jobs, Paul Allen, Steve Balmer, Eric Schmid and Vinod Khosla all have some things in common. These men are all tech billionaires who were born in 1955. According to the author and journalist Malcolm Gladwell this is no coincidence. Gladwell argues that Bill Gates wouldn’t have founded Microsoft if he wasn’t born at just the right time. 1955 was the right time to be born if you wanted to be a tech billionaire because you would have been the right age in 1975 to capitalize on the personal computer revolution right as it was beginning. If you were born after 1980 you were the right age to start paying five figures for college tuition, six figures for a basic home and entering the job market after the dot com bust, the global financial crisis or the Covid-19 Pandemic. Gladwell noticed that people ascribe Bill Gates's success to being "really smart" or "really ambitious". He noted that he knew a lot of people who are really smart and really ambitious, but not worth sixty billion dollars.
Tech billionaires are not the only group this happens to. A common and seemingly unavoidable problem with online Role-Playing Games is that long term players who started the game when it first launched have had time to level up their characters, collect the best gear and build in game fortunes. The game developer needs new players to join the game to grow their revenue base or at minimum replace players that get bored of the game and cancel their subscriptions. New players will be competing with existing players have more actual experience behind the keyboard and have higher level characters in the game that new players just can’t compete with. Nobody wants to spend their free time getting PWNED on an old video game, so developers must choose one of two options. Option one… reduce the gap between new players and old players and risk making their most loyal customers angry, or option 2, let the level gap grow so new players can’t compete and let the game slowly die as it loses players.
Back in the real world we are being faced with exactly the same challenges and there are four big reasons why young people may never get ahead financially.
The first reason is job opportunities.
Working a job is how most people build wealth. Even people who go on to be successful business owners normally get their start in a professional career where they can build up skills, gain connections and earn enough money to go out on their own. The average age of retirement has been slowly increasing in America for a long time now, and that isn’t just affecting people at the end of their careers it’s also effecting young people. If people have to work for longer before retiring, then there is less room at the top of the corporate ladder for young people to move up into.
Despite this, millennials make more money than any other generation did at their age, but they are less wealthy because to access most high paying jobs they have been forced to work in high cost of living cities. Here they are competing with senior professionals in the penultimate years of their careers but still aren’t quite ready to retire yet. These are people who were able to buy homes in these cities before they became unaffordable. When baby boomers were around the same age as millennials are today, they controlled 22% of the nation’s wealth, compared to just 7% controlled by millennials. It’s a chicken and egg scenario, older generations need wealth to retire, and younger generations need older generations to retire in order to build wealth.
Nobody wins but young people lose.
So it’s time to learn How Money Works to find out if you’re a young person if it’s too late for you to ever get ahead financially, or if you were born before 1980, to find out how long your children will be living at home.

[@HowMoneyWorks]

Start your career the modern way! Use code WORKS50 for $50 OFF their full course with my link - coursecareers.com/howmoneyworks

[@diegoyanesholtz212]

This started in 1971, when we got rid of the gold standard!

[@roxaskinghearts]

The only thing i care about is when will microprocessors become 1 cent on the scale everyone can easily have a arm based super computer in their pocket solid state batteries and the low low energy cost of arm processors with its power lasting over 12 hours in a phone o that will never happen because of pests or what not clearly never heard of all that plastic waste that is dirt cheap and the east fact you can coat something in it like a microwave fill it with some gas to help prevent degradation while also not having a huge ecological impact easy i know and better make storage parks here on earth with companies like Elon musks boring company hate him all you want argue money all you want o whos going to pay for it i can make anything pay for itself in this modern economy in a means that isnt getting tax payers to fund it either im more a big blimp kinda guy and if i had a nuclear blimp kinda like russias boat o my god id be unstoppable in terms of economic potential can be used to transport materials on mass can be used to get heavy machines with solid state batteries even a lithod battery and much more easier take them to its next site solar could even be a very viable optional option specially if this blimp had more helium or other fuels o someone can shoot it down or rocket it down no they really cant if it was made right and made to do big jobs really fast because my steam works if i lived on the ocean be a interesting concept as well a floating island that uses the power of the sun and tries to keep a movement capability

[@Peacefulnessxxx]

I am fairly relaxed it will happen patience as people want things but not to work for them though prices are going up and wages have not moved one bit then we hear of a wage price spiral.

[@WetPig]

@@diegoyanesholtz212 It would happen regardless, as there are to many people and too many people live longer than before. Sprinkle in a bit of absolute corporate greed and a mentality that "profits are the sole thing that describes any business", delete unions, divide people by making them fight over your newly created propaganda machines (social networks) about topics that are largely irrelevant - and you get our current situation.

[@yunleung2631]

Does this company enable time travel?

[@lonelychameleon3595]

Being born is the worst financial mistake you can make

[@TheEVEInspiration]

Underappreciated comment, we get born with a huge debt these days and not great prospects!

[@davidebic]

Depends in which family you are born, though.

[@Lonovavir]

Having children is mistake #2.

[@evilsheepmaster1744]

@@davidebic On average, being born is the worst financial mistake you can make

[@wholeNwon]

Wow! That's a depressing view of life.

[@alphasia91]

Boomers: When life gives you lemons, make lemonade Gen X: When life gives you lemons, start a business selling lemonade Millennials: As if life would just HAND you lemons

[@willardSpirit]

Gen Z: have to get lemons with installment loan and interests along with a delivery surcharge.

[@handlemonium]

And I still gotta slave away in my 20s, 30s, 40s, 50s, 60s and maybe even my 70s squeezing them just to enjoy a few dozen precious gallons of it in "retirement" whatever that'll mean 🙄

[@du_san]

Cave Johnson: When life gives you lemons, don’t make lemonade. Make life take the lemons back! Get mad! I don’t want your damn lemons, what the hell am I supposed to do with these? Demand to see life’s manager! Make life rue the day it thought it could give Cave Johnson lemons! Do you know who I am? I’m the man who’s gonna burn your house down! With the lemons! I’m gonna get my engineers to invent a combustible lemon that burns your house down!

[@Lonovavir]

@@willardSpirit: The generation after generation Z: What's a lemon?

[@AmericanBulldogFit]

@@Lonovavir Did you just assume my fruit?

[@ROVA00]

My biggest financial mistake was not investing and buying a home in 1998 when I was in middle school

[@denniedollreborn8711]

Sad but true. I should of bought that house in 3rd grade if I knew how hard it would be now

[@andresi126]

@@denniedollreborn8711 tbf your chances of buying a house then was prob better than now... even tho u were pre-puberty🤣

[@goldenegg7447]

so far, my biggest financial mistake not knowing about bitcoin when I was born in 2004

[@hieug.rection1920]

Not buying that house in 2009 and not buying Bitcoin when it came out and was used by stoners to pay for weed in hippie communes were definitely my mistakes.

[@ROVA00]

@@hieug.rection1920 another huge mistake was not putting my life savings into a made up coin with a cute dog on it. Who would have thought it would become an actual thing of value?!

[@patriciaa4451]

"You will never afford to buy a house. This is the deal you made by being born after 1988." -John Oliver

[@byloyuripka9624]

john oliver is annoying af, just a mouthpiece for all the oligarchs presented in the beginning of this video

[@akivaweil5066]

False, you just can't buy a home in massive cities where everyone wants to live. It is a simple supply and demand issue due to a huge increase in population.

[@sakmadik69420]

literally 1984

[@NelsonGuedes]

​@akivaweil5066 yes, young people complain too much. Why can't we be satisfied with living in a mud hole in the middle of a forest!? Why!?

[@sakmadik69420]

@@akivaweil5066 issue like *skill issue?*

[@rileyketvirtis9228]

My biggest regret is being 7 in 2008. I was in third grade when I should have been buying real-estate.

[@mingazzini]

Same…

[@high-endsecuritysystem.2817]

Hello.

[@ToxikDouche]

I graduated hs in 09. Walked straight into a hellscape.

[@richXPT707]

Kids these days!!!

[@ganymedehedgehog371]

If I just bought bitcoin instead of Pokémon cards and gameboy games I’d be able to buy a starter home.

[@andrewfriedrichs9340]

10 years ago when I started my job I was told there was great room for advancement because so many people were 5 years from retirement. I'm still waiting

[@Lonovavir]

Same here, do we work for the same company?

[@lucaspm98]

That’s on you to stay at the same job for 10 years at all, much less one with empty promises. You have to switch jobs every 3-5 years max to maximize career and compensation advancement.

[@alexhigginbotham8635]

@@lucaspm98 - Yea... that gets exhausting. There are much better strategies than that to secure a good future and stability... but the newest generations basically aren't being taught anything and corporations love a rotating door. Saves them millions if not billions over time.

[@travisshooks7374]

When has the way to success ever been waiting for someone else to get you there? Go make that shit happen.

[@ArgumentumAdHominem]

@@alexhigginbotham8635 Can you give an example? What are new generations not being taught?

[@Mike-dd8bd]

Most of my friends who are doing well today have had massive help from parents. Paying for college, letting them live at home until they have money saved (or just never leaving), having connections at big corporations etc. Even just growing up in a nicer place that your parents put you gains friends who help you later in life. From my perspective parents role plays a huge part in your success. If you struggle good chance your kids will also, sadly.

[@zuzanazuscinova5209]

Totally. Who your parents are is the most important thing. This is nothing new and has always been the case throughout history. It's just how the society is.

[@acters124]

@@zuzanazuscinova5209 The who you know starts from conceptions. By the time you are born your parents being able to raise you higher than themselves is a hard pill to swallow. My grandparents and parents(Iguess all of my ancestors) have forsaken every offspring they had for fast lifestyles and end up making giant mistakes. Eventually crashing financially perfectly timed to around their old age when they usually stopped working. This world can be cruel but only if we allow ourselves to stop helping the next generation.

[@Zack_Wester]

This and if you live whit your parrents that lives in good part of town. and you applie for a job one question that always will be asked sooner or later is your location of residency and if you live in good part of town (that increases your hire chance). if you live in a bad part of town your not that interested for the employer.

[@enviedeveryday2835]

Now u see why blks struggle

[@pritapp788]

And even then, there are levels to this game. Kids of middle class parents who make a decent income from work but own no significant assets and don't have the right business "connections" might stand a better chance than their working class peers, but they'll never catch up with their peers who were born in inherited wealth and status. In fact they'll most likely see the gap widen.

[@EventHorizon_Alex]

I’m glad to say that this channel has always given me high quality content in crushing any remaining hope and dreams I had with economic reality. I give it a perfect 10/10.

[@IncredibleMet]

Look, either you’re Lennie or George. I feel like this channel is telling us to be George.

[@conradbielicki774]

@@ezmaass Your 'buy and hold' advice starts create problems when everybody does it. Also, LLCs can still profit off of properties with massive vacancies because of how the scarcity increases the cost (an example of supply and demand). The problem with housing is that you can't just 'no, I'm not going to buy this until it's affordable'. If the housing market is controlled by a small pool of holders, the situation is very bad and people do have no option but to suffer or resort to some form of civil disobedience. It happens over and over again in history but we never learn.

[@joseafalvel]

this channel says nothing but BS, financial freedom is possible but if you live convinced that the boomers, the government, big corps, illumaniti or anything had nothing better to do than create a conspiracy against you and you can't do anything about it you'll just have a "happy" depression to share with a bunch of losers who also feel special for taking the red pill instead of using the system to their favor

[@yonmoore]

Haha there are ways of getting ahead but you need some sort of pain, or need, or ambition to drive you to obsess over the idea until it becomes a reality for you. No one ever got rich by skipping lattes, I get that. But if you can pay attention to your spending and spend only on things that are actually important to you (and that could include lattes), you can at least make some headway financially.

[@00HoODBoy]

​@@ezmaass whos owning and buying the homes? What good does Research do if the Returns are half? 20% of your income If you have debt and have to Rent is simply delusional. People live paycheck to paycheck Out Here. Inflation, wage Stagnation.

[@zimbu_]

Well, to become a billionaire like Gates you also needed to be the son of multi millionaires when you were born in 1955. Preferably one multi millionaire parent who could help you make useful contacts in your chosen field of computer technology by giving you access to people like the CEO of IBM, and then the other multi millionaire parent could preferably be a famous lawyer who can help you negotiate for good clauses on contracts that allow you to sell the operating system you're making for IBM to its competitors.

[@TheJoker-qn6vw]

They never disclose of what goes on behind the scenes, and it is there that all the magic happens...but to the public, they like to use the term "self-made."🤣🤣

[@somethinglikethat2176]

Were his parents rich? Well of sure, but I didn't think they were multi millionaires

[@lonestarr1490]

@@somethinglikethat2176 Going strictly by definition, you're a multi millionaire once you've exceeded 2 million. They probably haven't done so back in the day, but speaking in today's Dollars, adjusted for inflation---I'm not so sure. Even dentists got quite wealthy back then.

[@zaco-km3su]

@@somethinglikethat2176 They were.

[@zaco-km3su]

@@lonestarr1490 They were multimillionaires.

[@justinfowler2857]

I was born in 1981. Since my working career started there have been 4 recessions 4 "Once in a lifetime" Events 2 unpaid for wars And everything is designed to fail.

[@Moses_VII]

woah

[@DeafEnder]

@@ezmaass and what happened almost immediately after 1929? Our future thats what.

[@wholeNwon]

Cheer up, Bunky. You're depressing an optimist like me and that's really hard to do.

[@beccangavin]

⁠@@ezmaass Just pointing out that we were children in the 90’s so we missed the boom and walked into the bust afterward so if our parents didn’t do well in the 90’s we weren’t starting at a good position at the beginning of the bust. Second, the point OP made about the wars being paid for makes a difference. We paid for WWI and WWII and we spent 20 years in Iraq and Afghanistan while we kept taxes low so government debt increased. After WWII, the GI bill increased access to education which moved a bunch of white people up to the middle class, but we don’t have anything on a comparable scale now. We’re part of the most well educated generation ever but saddled with historic amounts of debt. There has been 0% interest rates but the costs of everything has skyrocketed so even when we’re paying low interest, we’re still paying more for things in comparison to our incomes. I like your positive outlook, though.

[@drtyhay]

Also the boomer politicians keep raising the national debt, meaning eventually we'll (gen z/millennials most likely) end up stuck paying for all of the boomers bad decisions

[@willlive6845]

My dad worked in HVAC for almost 40 years. He was able to buy two homes and own a business all with a massive drinking problem. I went into HVAC also, after 3 months in the field I started making 25 dollars an hour. I can barely afford basic necessities. The world is not the same.

[@jordan.na.dzielni]

Damn

[@christiandauz3742]

Be a hacker, steal from the Pedophile Church

[@Hitman.13.]

Bruh I am an Electrician apprentice, started 2.5 years ago at 12$/H now I am making 22.50/H and after finishing the 5 years apprenticeship I ll be making 50/H, but still 100k is barely middle class now, BARELY

[@atl3630]

Yah, ask yourself who changed it and why.

[@feba33]

​@@atl3630capitalists, for profit

[@moneysins]

Remote working solves so much of the problems; there are so many wonderful and affordable cities that people can’t move to because companies force them to be in office for a job that’s all emails and spreadsheets anyways

[@rimondas6729]

Yes Like I can work from Bali with fraction of the cost but my Company Is against Remote Working for some reason

[@OrdigTroll]

The bosses know this, which is why they're forcing so many people back to the office.

[@jaredmonk5328]

@@OrdigTroll I don't know that I think most boss hate their employees and want them to not have any money. I assume it has more to do with all the reasons that How money works brought up in his video about why companies are making people work in the office.

[@rnt45t1]

Exactly. The only reason I bought the house I did last year is because I don't have to commute anymore.

[@mrreziik]

Yeah and companies are cutting that opportunity to maintain the status quo

[@idiotengineer3925]

My aunt bought a 4 bedroom house in Seattle in the 80s for around 180k out of college and it's worth millions when she sold it this year. She literally did no saving or extra investing and was able to retire this year, moving into her husband's inherited family home. My parents lost their house in 2008 and I make multiple times what she did and am not even close to a home ai 30

[@thedog5k]

Things are fucked rn man

[@blurabbit6476]

That's tough man, keep it up

[@TheGreatWasian_]

Tbh I’m going to try to join the Air Force and then get tf out of this country

[@idiotengineer3925]

@@TheGreatWasian_ if you do one thing, sign the smallest amount of years possible on your contract

[@TheGreatWasian_]

@@idiotengineer3925 that’s probably good advice 🤣

[@moneysins]

All these new sca- I mean alternative investments are just preying on people’s financial insecurity

[@HowMoneyWorks]

Absolutely correct. People who are desperate are much more likely to buy into an "investment" that promises to generate unrealistic returns.

[@sp123]

Alternative investments exist because there are no new industries making people rich anymore. The elites used to build wealth by creating, now they build wealth by keeping what they have and increasing the cost to access it

[@moneysins]

@@HowMoneyWorks Trick that’s old as time really, except in history most of the victims were absolutely destitute, where as today the victims are just poor enough to fall for the scams yet has just enough money to pay off enormously for the scammers.

[@wrongtime9097]

My biggest financial mistake was allowing every teacher I've ever known since middle school pressure me into going $35k into debt over college.

[@high-endsecuritysystem.2817]

Hello

[@tomjones2056]

That isn’t even that much debt…

[@masonhock6442]

@@tomjones2056It is considering the debt is for a degree and not an asset. I believe the stat is like 75% of college graduates in the US work in a field not using their degree. Meaning for 75% of people that $35k for the most part went down the drain.

[@blackairforceone]

Depends what you studied... What did you study?

[@leedlbagginshield8492]

As a German, it’s insane that education costs that much money in the US. On the other hand, we got high taxes here

[@BrianM180]

Millenial: **is born** "I'll never financially recover from this"

[@Catata123]

Only 3 minutes in but I can say that it certainly feels impossible. I graduated college in the aftermath of the Great Recession. There were no jobs. Anywhere. Anywhere except the minimum wage service sector. Now a pandemic. It's not all bad though. Giving up on traditional retirement inspired me to get into better shape because hey, I'll have to work this body until they put it into the ground!

[@wholeNwon]

@@rusticfightr Predicting low/lower returns from equities has been a trope for generations. The scenarios vary but they are proffered to shield "investment professionals" from the ire of their clients/victims when they under-perform as usual.

[@tonyraffetto931]

Same!

[@wholeNwon]

@@rusticfightr Change is the law of life...always has been....always will be. So what? Rather than worrying about geopolitics or population statistics, make your own life work. No one has EVER been able to predict the future with repeatable certainty. So cheer up.

[@mikeydude750]

@@rusticfightr Here's the thing. This is absolutely, completely true and it would be foolish for anyone to pretend that the 21st century can repeat the likely unique circumstances that allowed such insane economic and population growth. However, you have zero control over this, and it won't matter what you've done when this ponzi scheme of an economy collapses due to stagnating resource availability and the effects of climate change. What you're really doing by saving for retirement is hedging against this system /not/ collapsing, meaning you'll need to have a retirement fund to live off of. And in this country, this society, not having a retirement fund after you can't work due to old age is basically a fate worse than death. Don't save all your money to the point where you live miserable now, enjoy life while it lasts, but don't just blow it all either - because you might actually make it to old age and doing that without having any money is going to be a horrible way for your life to end.

[@SurpriseMeJT]

@@rusticfightr The value of money is adjusted by governments. If there are too many people, the governments will adjust the currency and vice versa. Just save and invest - be happy with less and stop comparing yourself to others. Focus on the goals.

[@ROMANTIKILLER2]

The fact that as a manager in a big company in my late 30s I still cannot afford what my blue collar parents born in the early 1960s could speaks volume of how things have shifted, especially on the subject of owning a house. As for retirement, that word is now simply referring to an utopistic golden age that only those born before the 1980s can ever experience.

[@high-endsecuritysystem.2817]

Hello

[@hoaxnineteen]

We need to watch Scarface again and sell crack

[@me0101001000]

I'm 25, still in school, and I'm doing my best, but I really am worried for the future. I'm keeping total spending below 40%, and I'm still behind. I have a second job, I'm moving to cheaper housing, really anything I can do without compromising my studies. I want to have kids in my 30s, but I'm really worried I won't be able to afford caring for them properly, let alone buy a house to raise them in.

[@ericpeterson541]

I’m in the same boat

[@circletech7745]

Not having kids is a valid option we should all consider. If having a kid would significantly decrease your standard of living you are best to not have one. If you still want to meet your need to care for someone you can volunteer somewhere.

[@dnevinski6409]

​@@circletech7745sure if you don't want a family...but some ppl do want to have a family

[@flakes369]

@@circletech7745 This nihilistic bull shit needs to stop and is civilization threatening. Having children is infinitely more valuable than any material "standard of living" increase

[@flakes369]

Dude you'll be able to care for your kids you'll be fine.

[@duo317]

Oh boy, a new "how money works" video, can't wait to feel existential dread on a wednesday again

[@joshuagunthner1838]

The crazy part is now there's a divide within millennials. Those who snuck into home ownership before or at 2020 when the rates dropped and prices skyrocketed. And those who couldn't and are now stuck with high prices and high interest rates, pretty much doubling mortgage payments compared to the same property in 2019. Gen z and younger millennials will look at older millennials who were able to take advantage of this the same way millennials look at boomers. bought my home in Feb of 20 for 400k and didn't have a 20% down payment, just 5% . Then with home values rising and interest rates lowering we were able to refinance at a lower rate and get rid of pmi due to home value increase. Its the new "bought my home in the 90s for 100k" 😂 The interest rates are now 7% and my home is worth 700k. You need twice the income to afford the same thing I bought 3 years ago.

[@sp123]

I bought a place in December 2019 and by 2021 the price of the house almost double

[@pisceanbeauty2503]

You don’t know what may happen in the next five to ten years. The market fluctuates so much it’s really a craps shoot.

[@henrytep8884]

It’s a double edge sword though, in the sense that you can’t really sell that place and find something similar in your neighborhood. So you’re stuck in the home, and there are less people willing to buy the home for whatever book value you believe your house is worth. So yes, you gained equity, but no, you’re not doing shit with your place or equity for a long time so it doesn’t really exist until you do something with it. In the other hand I can liquidate my portfolio that made more in that time and only pay for long term capital gains tax, which is a much better deal for me personally. But nothing is guaranteed when it comes to book value. What’s real is how fast and close to expectations you can sell your asset for.

[@meilad4178]

If you don’t believe in excuses and you put 100% into it, it is still possible! Yes you have to work your ass off and sacrifice and work more then just 40 hours a week, work 80-100 hours a week and don’t fall into consumerism traps and I guarantee you can afford that same house today and eventually when rates go down you can refinance as well but yes you will have to survive this rough patch. It’s never easy but you’ll get tougher to handle it as you put that kind of work in both physically and mentally.

[@joshuagunthner1838]

@Eric bought my first home in 2008, very familiar with that crisis. You're confusing the cause here. Last time you had the double whammy of building too many homes and the subprime mortgage crisis where Wall Street created this whole new investment type mortgage backed securities and then bet against the housing market. Neither are present this time. This time you have a supply side issue tied to record inflation as a result of stimulus/federal spending. Go ahead and wait it out. See how that works for you lol. In AZ we have a new wave of restrictions due to water shortages. This limits future builds and further impacts supply. Yet we have all sorts of business moving in either from CA or as a part of the data center/microchip business. These contracts are long lol. Idaho is in a similar situation as are a lot of growing areas. It's not going to be like 2008. This is a k trend not a v trend. Some areas will win, others will lose. 2008 wasn't like the last crisis before it and the next crisis isn't going to be like 2008. The overall trend is up, you may think you can buy the dip but that dip could be higher than the prices right now.

[@simonbad]

Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.

[@Erinmills98]

Big moving stochastics are not the secret to high returns. It involves controlling risk in relation to reward. Putting on the proper size and spinning your edge as many times as required to achieve your objective. That is valid for both day trading and long-term investments.

[@IrenaDolinsek]

@@Erinmills98 I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns.

[@AstaKristjan]

@@IrenaDolinsek Who is your financial coach, do you mind hooking me up?

[@AstaKristjan]

@@IrenaDolinsek I did check her out, I see why you said she's probably booked up, her creds/resumé is topnotch. I booked a consultation with her regardless...

[@hardlife507]

This comment is Spam guys.

[@roseroland1998]

I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.

[@high-endsecuritysystem.2817]

Hello

[@turtleanton6539]

Bots

[@moderngamer136]

It seems like a full overhaul of the entire US financial and legal systems is the only way to avoid widespread social collapse. More people are realizing that its practically illegal to be impoverished in this country. Its just a matter of time until enough people decide to take action, or be subjugated while trying

[@SethKyros]

Sadly, there's about 95% chance that if enough people decide to take action, it will end up on subjugated while trying

[@JanitorScruffy]

My financial advice for the future is to simply be good friends with people who currently have aspirations of being a Commissar/Gestapo and using that to get you one of Jeff Bezo's summer homes. When things do change, just back the winning horse and profit!

[@stevencooper4422]

Maybe as a cohort it is too late, but for you, individually, it may not be. If you're still in your 20s or 30s, give it everything you got.

[@wholeNwon]

That's what I did: Worked 24/7, kept learning, became very successful and retired 16 yrs. before my associates. Now I play sports, otherwise enjoy life and support charities.

[@citramate3633]

That's basically it. Just know that it will take a lot more active effort rather than passive effort to get there

[@pritapp788]

You don't understand it, do you? Giving "everything you got" can help you earn a little more, but that is work income which is taxed. Anybody that works only half as hard but has assets/inheritance from their parents has a much easier path. You are shifting the blame to where it shouldn't be. It's not a person's freaking fault if their parents don't have significant assets to pass on to them or connections that can help them find a well paying job.

[@stevencooper4422]

@@pritapp788 I'm telling this to upper middle class/ professional class Zoomers, not the working class or regular middle class who are by and large fucked. If you don't know your daddy, the situation ain't looking so hot.

[@TheSpecialJ11]

​@@pritapp788 You don't seem to get that for no one with no assets, your options are to not work hard and have no savings, screwed for the rest of your life, or work hard and fail, and have a little savings, significantly less screwed for the rest of your life, or work hard and succeed, and not be screwed for life. Yeah the best way to win at poker is be dealt a different hand, but you've got the one you've got, you better work it. (Folding isn't an option, because it's only one long round of poker, not many short ones)

[@Stefi747]

Hard to find a better video that explains Millennial troubles than this.

[@somethinglikethat2176]

​@@ezmaass he backed his argument in the video with data. Do you have any to back yours?

[@justinmellem8964]

​@@ezmaass you know two things can be true at the same time right? It's like saying well instead of being mad about being born without legs you should just grow some and not acknowledge the lack of legs because it won't get you anywhere.

[@wholeNwon]

@@ezmaass I think I like you. Can it be that you are under 40?

[@Stefi747]

@@ezmaass I don't advocate to wallow in self-pity. I too have sacrificed my 20s working hard to get educated, get into a well-paying career, pay off my student debt, buy my first home, and consistently invest a significant portion of my income for retirement. The question everyone should be asking is this: Why does it require this much effort and discipline to attain the same standard of living that the average baby boomer enjoyed with a mere high school diploma? (while also supporting a stay-at-home wife and kids)

[@mmjahink]

@@ezmaass Ah yes, the classic Conservative argument that boils down to the unhelpful and condescending "You need to take personal responsibility". Your personal story does not align with the struggles of common people. And if you're not a boomer, then it's all the more baffling that you have no apparent empathy.

[@mrtriffid]

Huge resentment over unequal outcomes (i.e. wealth distribution), starting in the late 19th century and growing into the 20th century, led to COLLECTIVE action which led, ultimately, to political power and the creation of a large middle class, and the most equitable conditions ever witnessed in the USA. Those conditions have been under constant assault and have eroded substantially since the 1970s. Personal "Investing" and "saving" strategies will not reverse this general trend. The odds are stacked against you, folks, in a rigged game. Collective action is the ONLY real solution.

[@jingbot1071]

There's some non collective action that could also be very effective. It's TOS tho lmao

[@diegolikescode]

This was the kindest slap in the face I've ever taken in my life. Thank you and see you in the next one

[@user-kh7eb7yy4q]

I live in Belgium and I feel like now is actually a great time to enter the labour market. Every one is hiring because of lot of people are retiring. Housing is stil relatively affordable in in my country too. And no one goes into debt for education because if your parents do not support you the government will. Working conditions are really good too. Thanks to unions and our “ work to live” culture compared to America. I feel really lucky😊.

[@calencrawford2195]

For those who are confused, what the op means by a "work to live" culture is that most of the world 'works to live,' and the United States 'lives to work.'

[@David-wp2iw]

Yes, belgium is very attractive but. What about 55% tax if you earn 80k a year. Basically whatever you do, you suck around 2-3k salary amounts after tax. Can this buy you a 300k house ?

[@michaelvm2404]

I guess you skiped the part where every job offer asks for: -You must be in your mid 20s with at least 10 years of experience -Proficiency in English, French, Dutch, other languages are a plus -Own a Velociraptor

[@calencrawford2195]

@@michaelvm2404"Before entering this starting position for flipping hamburgers, you must earn five Michelin stars"

[@pritapp788]

Europe is an outlier bro. Everywhere else charges insane tuition fees for higher education. And Europeans retire much earlier than in North America or Asia. BTW I'm very skeptical about the idea that new jobs are created by people retiring, as in a number of cases the company might simply not replace the person as a cost cutting measure.

[@logansinclair7872]

Both of my grandfathers are in their late 70’s. Neither have a college education and both had stay at home wives their whole lives. My wife and I both have degrees and both work and the only way we’ll ever afford a home even comparable to theirs is if we catch a windfall via inheritance.

[@fanofcodd]

You just need to work harder bro Well at least you have a partner. Most people are single and living the same thing.

[@chrisklugh]

All us young folks have to look forward to is a lifetime of low wage/high rent lives paying for the retirement of our parents. This is not a problem the Rich and Powerful wish to solve. They are too busy looking at their Quarterly then to be thinking of long term equality of equity of the economy. If you define the definition of Slavery and take out the ethnic history, and just look at the characteristics of what they were, this is what we are, and will be forever. And ever. Resistances is Futile. You will be poor and be happy. Or dead. Choice.

[@zacharybob4336]

That's ridiculous, there are other options. You could also be poor and utterly dejected.

[@maxscott3349]

@@zacharybob4336 Yeah, I'm not going to let the Man stop me from being poor and miserable

[@kavky]

Don't be such a downer. Look forward to the societal upheaval that will arrive with the demographic collapse.😉

[@HaloFTW55]

I can buy a gun and ammunition/maintenance items for said gun yet I can’t afford an apartment flat. You’d think something as basic as a place to live would be more affordable and people would have learned that.

[@pisceanbeauty2503]

While we try to make systemic changes, we will just have to reimagine what an “adult” life looks like. I am in my late 30’s and still have not bought a home, I don’t have any kids. A while ago I had to realize that my life was not going to be like my parents, and I had to switch up my strategy if I was going to be a financially stable young adult. Do what you need to do to ensure you can save (within legal and ethical bounds). Don’t get caught up in consumerism and keeping up with the Jones’. So many little money traps we fall into to feel like we are “normal”. It’s okay to live with family, friends, not live in the trendiest city or neighborhood, shop at discount stores, not travel in a decadent manner, buy second hand, walk or take mass transit, not buy a new car every 5 years or expensive-ass vehicles, eat out constantly, etc. don’t feel bad about not doing that stuff. Get creative about money saving strategies, but don’t get caught up in scams. You’ll have more in the long run putting that $50 a month in an IRA then fooling around with crypto, MLMs, or day trading.

[@xDarkxZerox1]

Facts, those "small" expenses and consumerism is what makes you stay poor.

[@cesargonzalez6242]

My auto insurance went up due to my insurance company left California. New Insurance company raise my auto insurance by $100. Sadly the competition charges $400 a month for auto insurance. I don't know what to do anymore

[@baronvonjo1929]

I agree with everything except using mass transit or walking. If you live in a area that is walkable or has public transportation you already spending way to much on rent and the inflated costs related to such areas.

[@CorinthianIvory]

In summary: 1) Save money as if your life depends on it (because it does) 2) Invest for the long haul (life extension is gonna keep this hell gondola going) 3) Sell crack as a side hustle (I recommend 50 Cent books & Biggie's 10 crack commandments as a guides) 4) Keep it big pimpin' homies!This is not your fault, but damn sure is your responsibility!

[@very-mean-spirited-lizard]

@@xDarkxZerox1 These "small" expenses are in fact what they are: small expenses. Also, how much consumerism can a young person actually enjoy, if the flats they live in, do not even allow them to buy all this unnecessary stuff? Are they all hoarders or what? I think that young people do spend a lot of money but it is not what was listed in OP's comment. Young people spent their money on experiences. It is in fact the boomers that buy bullshit from shady websites and this 24h TV ad channels (I am exaggerating of course, but not much). What makes you stay poor is not your behaviour, it is the fact that the business owners (boomers in general) are not willing to pay the young people what they are worth. Did you watch the video? They do not live in the same situation as the Boomers and they have to make up for it by earning more. They are actually entitled to demand more.

[@mutedearthvirgo]

I made the mistake of choosing to work in social services, so my income has been pretty stagnant for the past 10 years. I finally moved to Mexico in 2022 to cut my cost of living in half, but even from here the American dream still feels hopeless. I've had to start considering that maybe I just won't go back. My quality of life here is much better anyway.

[@ROVA00]

Mexico can offer a pretty good life if you have a decent job

[@joseafalvel]

@@ROVA00 I confirm, it's funny to see how many americans complaining when I'm having the time of my life working for an european bank, a high-paid job, doing home office and even with the inflation the cost of living it's quite low, I use the tools the system gives me, government bonds are over 11% yield because our dumb ass president hasn't a better idea to retain foregin investors, I opened my brokerage account and I have access to the New York Stock Exchange from a decent in a relatively nice mexican neighborhood

[@gabe752]

Have you had problems with crime/insecurity? When I go to bogota I feel that

[@kavky]

I think we've gone full circle now that gringos are immigrating to Mexico.

[@na27000]

​@@gabe752That is the reality anywhere in LATAM.

[@why712]

started investing at 20, still feel behind the curve.

[@Lonovavir]

It doesn't help that we need to invest $200-$300 to replicate what $100 did in the 80s.

[@pisceanbeauty2503]

You are probably not.

[@Demopans5990]

Done so the same around 16, then sold part of my investments to pay for college. The inflation rate of dollars is never going to outpace the interest rate on federal student loans, so having a lower balance helps. Also, before anyone says college is useless, I'm aiming for the AI field with a CS degree. If retirement isn't happen traditionally, I'm just going to make robots that automate most work that exists today so everyone is forcibly retired, damn the consequences

[@SurpriseMeJT]

If I started investing at 20, I would have retired at 35 or 40.

[@atheneus]

I started investing before I was even born. Still behind the curve

[@bradfordloebs8133]

I am with you on the 1980s cutoff--a time when funding for social services curiously became stretched or underfunded. It almost makes you wonder if there was a major fiscal policy paradigm shift during the 80s that has persisted and resulted in widespread financial stress, despite the fact that the US has never been richer on a real per capita basis. If only we had the internet to find out what that paradigm shift was.

[@olive8604]

(It’s neoliberalism for those at home wondering.)

[@jghifiversveiws8729]

Neoliberalism is Leftist speak for corporate Regulatory Capture of major governmental and non-governmental institutions. It should be noted that the 80s was also the beginning of America's deindustrialization and rapid financialization.

[@BTrain-is8ch]

The US collectively decided those services weren't worth tax dollars and most Americans STILL believe the same. Just find any MfA survey that compares support for MfA and support for MfA if the respondent's taxes increase. Americans don't like taxes. Especially the ones that want a robust safety net apparently.

[@olive8604]

@@BTrain-is8ch No one collectively decided anything. People with money and power decided they wanted more money and power, then invented propaganda to convince people that that was a good idea. Go read a book you pompous bootlicker. 🥱

[@AR7271]

@@BTrain-is8ch What does MfA stand for?

[@Azel247]

As the millennial, the toughest part was to curb your spending in your late teens/early 20s so you could save up for your down payment. This means no eating out, no vacation, no new car and being seen as "poor" for those few years. This was extremely tough as all your friends are showing off their lifestyle through instagram/facebook. If you saved hard, there was a window of opportunity around 2008-2014 where you could have entered the housing market and ridden the wave up.

[@pagle958]

@@ezmaass hahahahaha they aren't agreeing with you, they were saying it was POSSIBLE to own a home if you cut back all spending. Now its IMPOSSIBLE with saving alone. You'd have to have almost zero living expenses for 10 years and you might be able to save for a shoebox

[@asimplenameichose151]

My wife and I basically did this, but it is _still_ financially difficult even today. (But we _are_ in a house with a relatively low mortgage payment at present compared to what we would face if we sold now and re-bought tomorrow.) We moved to rural nowhere just after the GFC and lived on next-to-nothing for years, eventually got into a really old house near the market bottom (still was expensive), had children, improved the house and profited on it a number of years later. We are doing better now than we might have been, but circumstances even prior to the GFC (and medical issues) made it practically impossible to save any money for many years despite working multiple simultaneous part-time gigs (3 to 5 at a time). Everything has felt like one continuous hustle and I've been going through a years-long burnout as a result. My wife worked before the children came but she is home schooling them, so we have been trying to make everything work with one person's income for the long haul. Took our first actual family vacation (after close to 20 years with almost no breaks from any work) last year. Oldest child is 12. Not sure if / when we'll be able to go on vacation like that again. Future is difficult to look at right now, even acknowledging that we at least are in a home with debt payments we can mostly afford (for now).

[@thebeatles9]

and when you are working twice as hard as other generations and have twice as many mental health issues

[@Brurgh]

you have to remember a lot of that is the fault of Social Media too... when our parents were young they would buy a new car, they would literally haev to drive it to meet up with drives to show it off. On top of that... there was no mobile phones, tablets, no technology, a lot less to show off. Accessibility to "luxery" items was very limited. Social Media closes that gap and you can show off to everyone you know and their uncles the car, phones, tablet, computer, laptop, whatever it may be so much easier now which puts pressure on others to want the same. This on top of trying to save for a downpayment for a house and paying rent makes lifes decisions much more difficult.

[@RossBradley-vd5rc]

@@ezmaass Demand for Homes in the US is being kept bouyant by investment firms like Blackrock, etc. buying up new developments in bulk as rental and investment assets, not by a cadre of first time buyers being able to afford homes inspite of the current economic climate. If you were as knowledgeable as you think you are then you would know this, so stop being so haughty to others when you don't know all the facts.

[@Merione]

This is exactly why, as long as I'll get even marginally better than my parents are currently doing, I'll be happy, and I'll encourage my future children to aspire the same. I know I won't be able to reach high levels of wealth alone because the environment is too unstable right now and my life is too short. But in the long run my family can.

[@nomodz4real]

Unless you get an in on home ownership/wfh with good pay/ and a car then yeah most of us young people are SOL.

[@Demopans5990]

The places in the US where a car is an optional expense are also places where housing costs are absurd. If you don't need a car, NYC is just as affordable as elsewhere, meaning not very considering how Florida and Texas are facing rising property costs

[@ericleonardjr]

I'm 22. I got my cdl for free from a government program for low income individuals. With my first driving job, I'm going to make $80k in my first year. I know many truckers that make 6 figures. There's a company in my city that pays $130k a year (hourly pay with a lot of overtime) only need 2 years of experience, and a hazmat endorsement. Fuck college, get a trade. There are electricians, plumbers, and other tradesmen making 6 figures with a few years experience. There's about 3 million skilled trades jobs going unfilled, and most of these jobs are paying $50k+ a year. I know the economy is fucked but it's not completely hopeless.

[@mtd963]

Keyword you're 22. Wait and see in 10yrs

[@ericleonardjr]

@mtd963 What's gonna happen in 10 years lol? In 10 years, I'll have more experience and make more money. I probably won't even still be driving in 10 years, to be honest. I plan on starting my own business.

[@josephmichaels7316]

@@ericleonardjr I think that's the right mindset. You don't even have to start a new business. Being flexible with the market, learn in-demand skills, whatever it takes. I didn't go into the trades, but that's what I keep suggesting to people who are looking for a way to get ahead. It would have left me with fewer loans and less time in a classroom.

[@travisshooks7374]

Good for you man. You have a mindset that will make you successful.

[@trevorbiltoft2603]

You have a great mindset. But you're re making a mistake by counting that 80k you're "going" to make when it's not in your hands yet.

[@BlessedAreTheCheesemakers]

Plus you get the added bonus of the people with statistically the easiest lives ever talking s*it to you about why you're not successful!

[@tommy9083]

And how hard they had it...

[@Lonovavir]

According to them it's our fault (damn that morning Starbucks!!!!), not the lack of apartment/housing construction, the 2008 recession and sky high University tuition.

[@BlessedAreTheCheesemakers]

@@tommy9083 uphill in the snow both ways (also college was free and houses were 30K-60K and if you worked full time literally anywhere you could buy one)!

[@BlessedAreTheCheesemakers]

@@Lonovavir nah man - your avocado toast is frivolous

[@Lorellindil]

4-6% growth annually isn't enough when that's not even keeping up with the dollar's continued loss of buying power. Even 7-10% isn't enough anymore. I'd say the future's never looked so uncertain, but we probably wouldn't be here if the people in power had bothered to pay attention in History class.

[@SurpriseMeJT]

Financial projections are useless.

[@djm2189]

I feel this. Im 28, earn $112k+, no debt and 100k net worth between cash and investments. Im still way behind. Cant afford a tiny home, rent is going up everywhere, cant afford kids. Idk what to do next. Stuck on the same space of this board.

[@ArgumentumAdHominem]

Is it that bad? By the time you are in your mid 30s you will have 200k if not more. Marry somebody who has a similar situation, together you should have more than enough to cover a sizeable chunk of your mortgage and happily have kids. I know it is a bit more complicated than that, but what you describe sounds far more like a great springboard for future opportunities than ultimate doom.

[@djm2189]

@@ArgumentumAdHominem you're right. Sometimes you feel stuck in a rut even though you're fine. My annoyance just comes from my past. I'm first gen American, grew up poor and the 100k income or 100k savings was seen as this astronomical thing that would give you a solid middle class life with a home then kids. But the home piece has been hard and made me feel like a failure. I'm not and am lucky and grateful. Thank you!!

[@polyteky]

are you in tech?

[@marcoprolo1488]

Can you telework from a shit hole for a period of let say 3 years ? No expense at all, just sport (a cheap one) and work. I did that and I bought my first house at 38 nearly cash by moving to yet another country.

[@tiredmeekala]

You're still ahead of the curve in comparison to most Americans imo. I'm in an almost similar boat. 27 turning 28 this month. 100k net worth between cash and investments no car debt, still owe $14k on my student loans (initial $30k), I have the $14k saved up and is going to make a lump sum payment soon before loan repayment starts up again. And I think the only reason why I'm able to get this far is to have little to no expenses due to living at home rent free. And I started out making $14/hr and is now making closer to $60k/yr. Now currently saving up to be moved out by 30. I still do feel behind because it feels like what I save up is still not enough especially when trying to save up an emergency fund and retirement portfolio on top of trying to save up to move out and pay off student loan debt.

[@swampcastle8142]

I've come to the conclusion that intergenerational wealth is the only thing that works in the modern day for the average person. A modest investment over 2-3 generations will result in the kind of wealth we all wish we had. The hard part is how do I convince my kids and grandkids to be on board and not just fritter their inheritance away? (GenX-71)

[@dcgamer1027]

I feel it is super important to note that games have a thrid choice that make things work and that is fresh wipes. Games like tarkov or even various mobile games do this and do it well, resetting the server can help new players catch up and old players experience that race again. It can be done in a way that everyone is happy, but it scares me to consider the implications in the real world, especially as the old die off and the young hold more power. I think people should be a little more concerned with it all, but maybe it just means we need better inheritance taxes or social safety nets idk.

[@codyaragon93]

The game analogy also doesn’t take into account inheritance. The wealthiest, most experienced generation is starting to permanently sign off the servers and leave all their gains to newer players.

[@CorinthianIvory]

Yeah, I'm not looking forward to the Wealth Redistribution/Genocide pack. History shows even if they miss you, they usually get totalitarian

[@TheMysteryDriver]

Most people won't pay any inheritance tax. And if you're going to inherit that much then your parents or grandparents should have that money in trusts and funds that won't get hit by taxes.

[@dcgamer1027]

@@TheMysteryDriver agreed, seems like a bad decision overall, be better to limit accumulation in the first place. It also just feels bad/evil for the government to take from you when you lose a loved one. Still it's technically an option, even if a bad one

[@tehevilengineer7939]

Man when is that balance patch to money, I need some power creep real bad.

[@Not.Jason.from.the.southwest]

For people under 27 that I mentor I give them my speech " the advantage you have is you don't have living experience with what things were like when times were good. "Your job sucks, your life sucks, and the world hates you. That's your baseline, and it can only go up, or you can die. Either way, I already got mine so I don't care. ". Seriously though, I do encourage them to never give up because I have a sneaky suspicion that the mark of success right now is simply surviving.

[@Ansalion]

That would be the mark of success if much wealthier people aren't highly visible in media and their ideas don't permeate through our society. Hard to believe surviving is success when Bezos is living it up in his rocketship and Bill Gates is telling you that you need to pay money to send your kid to charter school.

[@ChefBuck]

Preach !

[@brugs628]

Surviving something is only considered a success if there is something that is worth surviving for. Surviving for the sake of surviving means nothing now. This is not back in the day when we are trying to keep the species alive, so surviving was very important. Living just to live is hollow, and empty. If you do not understand that there are worse things than death, and this is one of them. Knowing that you will always be scraping by. Knowing that simple things people had 40 years ago you will not. It is a wonder why the suicide rate is so high with young people. I hope the older generations really enjoy what they have. It came with a cost that they can see now in real time. But lets be honest, they are more worried about getting Trump in office than to see what consequences their actions hold. "The younger generations are just lazy" Echoed by one of the least educated generations of the modern times. One of the worst things you can do in life, is lie to your self and tell yourself that everything will be alright as long as you work hard, be kind, and be persistent. None of these things work. These are all lies. Do not fall into the trap I did, where I believed it. I believed that it was my fault, and that if I only worked harder and was better I would be successful. That is a lie. Most things that happen to you in life are beyond your control. Also how you react to things happening to you, does not have any effect on your success either so that is another lie. It took me half of a life time to find this out. Good luck to all of you out there in the same boat as me (1984) we are going to need all the luck we can get. But just like this video states. For some of us it is already over and we just do not know it yet.

[@Merrybandoruffians]

Lmao, I’m 29 I tell the older people in my life this all the time. Im not old enough to remember the 90s and my whole life has been recession after recession after school pew pewing after war after botched election after pandemic. I feel weirdly calm and detached from all of this because it’s kinda just normal to me. It’s almost like a joke

[@johnfisher8401]

oh trust me when I say, it WILL absolutely get worse, without a fucking doubt. This? this is nothing, seriously, just wait for the real issues to start coming into play. Its going to be bad.

[@bambuu4a]

Idk. I am living in Ukraine, working 2 jobs on fereign company and I am able to save up to $5k per month to invest or buy a home. So, the idea is to work for rich country and live in poor one with good services ans save difference. 10-15 years will be enough to accumulate enough money to live good life. I am 25, by the way

[@jansafar3540]

Yes, I am thinking about doing this as well, this video assumes you'll stay in the same country but nowadays leveraging the cost of living difference is a simple way to increase your standard of living massively. You could be making an average Western wage while living like a king in countries like Thailand.

[@bambuu4a]

@@jansafar3540 totally makes sense!

[@stereozero396]

People did used to do the same here in Lithuania. But food, energy, rent prices and apartment prices went trough the roof here, so you can barely save.

[@lexm17]

Yes but cost of living differs from country to country. So in the UK saving 5k a month would be impossible unless you’re a millionaire. Same in US and all Western European nations.

[@jansafar3540]

@@stereozero396 Same here, the Czech Republic is really getting close to the cost of living of Western countries like Austria, so even with a western wage you wont be nearly as rich as you wouldve been with a Western wage 10-20 years ago.

[@ronmexico5908]

Choosing to have a kid today means opening up a brokerage account for them before they're born to fund their retirement

[@wholeNwon]

Of course. Everyone should.

[@wholeNwon]

@@Whatapp1900 Very unlikely.

[@justinfowler2857]

Baby boomers: Climb to the top like we did. Also Baby Boomers: Oh and we took all the ladders with us and dug a huge hole where we started

[@wholeNwon]

Boo-hoo.

[@RTB1400]

@@wholeNwon Boomer self-revealed? 🤔

[@wholeNwon]

@@RTB1400 Yes...a man who lived through wars, major recessions, market collapses, massive inflation, housing collapse, polio, influenza A2, etc. and still succeeded. So, get to work and make the world, or at least this country, a better place for everyone.

[@RTB1400]

@@wholeNwon Terrific, glad you're doing well. How many bodies are you standing on top of with your privileges, metaphorical or literal? Survivorship bias abounds, systemic issues remain, hard work or not.

[@wholeNwon]

@@RTB1400 Zero...none...metaphorical or literal. I gave and give to social service programs, endowed a scholarship for future health care professionals and paid/pay large amounts of $$$ in taxes for schools and other gov't. activities. I have sheltered no money abroad and willingly expose myself to taxation for the benefit primarily of others. If you are young, it's your job to correct the "systemic issues" you perceive. Of course, I see them, too. All I can do about them now is to vote. I never miss any election and never vote my own wallet unless that happens to coincide with the best interests of all of the people. Get to work. You have a lot to do.

[@Umbreon-ln7fe]

As a young person I can confirm that my net worth doubled during the pandemic; I went from -$10k to -$20k.

[@ww45818]

Poor financial education is a big contributor. Idk about anyone else’s situation, by my financial education “go figure it out” I had no clue about saving money, retirement, getting a house, nothing. I’ve made it a mission to financially educate my kids by showing my mistakes, and getting all my kids into a saving habit instead of debt and spending habit like I did. I may not retire with a lot, but I will die making sure my household break this family tradition of poverty and finds out how to live comfortably without worrying about money (Not billionaire status, just comfortable)

[@pritapp788]

Giving your kids a sizeable inheritance, assets, a trust fund, stocks or real estate will be far better than any "advice" you can provide. I am sorry to be this blunt but this is the reality: advice can help them save a little here and there but it's not wealth that can grow and compound like large assets/inheritances.

[@johnfisher8401]

exactly@@pritapp788 learning about money isnt that difficult, at least the fundamentals and thats all you need to not end up broke and on the streets. We just may have to accept we will be working until we drop dead, or have a retirement of five years and end up on the street.

[@potapotapotapotapotapota]

Let's say the average salary is like $50K and the average house cost $500K at 5% interest p.a. So let's say you spend half of your salary on your mortgage (leaving you with just enough to live paycheck to paycheck) - it would take you at least 30 to 40 years to completely pay off your house. There is honestly no way most people are going to even bother. All the while, the banks make a fortune off of you and the rest of the population, giving them even more power to make the problem even worse in the future.

[@jakaivanic7217]

Comparing at least 30 year older Gates' net wort with Zuck's is not good example. You should compare them at same age.

[@MarksmanSpecialist]

it's not even about saving, its also about nature and government interventions. You can see in china, how some business and manufacture owners literally get wiped out and losing multiple homes, and also family putting down on 2 generations of saving for a mortgage on a tofu dreg overpriced home, they are literally wiped and dead but still alive.

[@runescapestats534]

Good information here. I really like the MMO metaphor. As an 18 year veteran of an MMO I can say it’s spot on

[@johanneslebrecht3097]

Sewer side rates in the youth are spiking. It’s almost like there’s nothing to look forward to.

[@Ben-kz2km]

9:30 "Getting a down payment together can now take more than a decade" You should also mention that in that decade, home prices have at least doubled, so add another few years for you to catch up with the new prices, all while the prices keep rising.

[@1_jahwarrior]

Please do more content speaking on this because us Millennials are here wondering about our existence and what we're doing wrong. 😔

[@high-endsecuritysystem.2817]

Hello

[@pritapp788]

Imagine being handed a life sentence for having the "wrong" parents and being born at the wrong time.

[@OperationDarkside]

Yep. Definitely a feel-good video.

[@HunterTracks]

I live in Eastern Europe. My mistake was being born at all.

[@wholeNwon]

That's pathetic. My grandparents were born in Eastern Europe. You know what they did? They got out, emigrated to the US, worked like hell, started their own business, became very successful, etc.

[@nalm7985]

​@@wholeNwon this is exactly what the video is talking about. His fault is not being born at the time your grandparents did

[@wholeNwon]

@@nalm7985 My grandparents' lives in Europe were threatened by war, food shortages, social stagnation, disease and hopelessness. Here there were exploitation, no labor rights, severe social prejudice, no "safety nets of any kind, etc. but they MADE it work for them. Now young people confront all of those horrors and more....oh, wait, NO, they don't.

[@garrettrinquest1605]

2:49 "The average age of retirement has slowly been increasing... for a long time now." Shows a graph that flatlines until 2020. What?!?

[@cesargonzalez6242]

This is the most depressing video I seen. Sadly, is true. I still live with my parents mainly due to a shockingly low rent of $400 but is my cousin's house which my cousin's brother and his family live. 9 people living in a three bedroom apartment is common today. The rent in Los Angeles is sky high meaning I must pay $1500 or more for a studio or $800 to rent a room to live with strangers 😮😢. How in the hell am I going to buy a house in Los Angeles when most homes are $1 million dollars or half a million for a fixer upper

[@robwerts995]

They should include free nooses with these demoralizing video's. They suck every last bit of hope out of you.

[@Kris5344]

I was born in 84. Came to US in 96 Graduated trade school in 2005. Started investing 10-15% of my salary same year. Lived with parents till 2010. Got 30 year mortgage in 2012. In 2034 (at 50) My house will be paid off. The. I plan to sell it and moving to lower cost of living area to retire. One coffee a day won’t make or break you but all luxury purchases we convince ourself each day to be necessities will.

[@michaelangeloabarreto4588]

Your videos are so well put together. But also so depressing to watch lol

[@pif5023]

And that without factoring in AI into the picture! I am lowkey hoping the system collapses for good.

[@Demopans5990]

I have an evil plan where I leverage AI to replace most manual labor, and some higher paying ones. Robots costs cents to operate compared to wageies. Without money to spend, wageies don't spend much, if at all. Without consumption spending, bye bye economy

[@pif5023]

@@Demopans5990 yeah, the true revolution of AI is being the second thing that can generate surplus value on the market beside human labour. Essentially it is something you buy that can create something you can sell on the market at an higher price of its input materials. AI mimics human labor and it comes in competition with human labour on the labour market. For that truly to happen we need an AGI. For the moment is just a tool as it requires another human being to maneuver it and direct it but as soon we figure out how to have it understand what to do by itself it will be life changing.

[@somethinglikethat2176]

​@@Demopans5990 AI is likely to come for office work before manual labour. Software is cheaper than robots

[@Lonovavir]

I started investing at 24 and feel like I should've started 4 to 6 years earlier. I don't think my investments will be enough to retire at 70 (not 65) and will most certainly need some SS/Medicare money.

[@thanasballabani1026]

Then invest in individual growth stocks, blue chip companies instead of index funds or etfs.

[@Mersoh]

@@thanasballabani1026 That's terrible financial advice, most of the best professional investors fail to beat ETFs long-term

[@user-fuk3b2is4z]

Lmao… if 46years isnt long enough then you got some spending issue. 46 years wayy more than the stnadard 30-35 years

[@thanasballabani1026]

@grfff3 no it's not terrible. Retail investors unperform the SP500 because they get too emotional and sell when the market is down. This is a fact. They buy companies that don't understand and panic. I don't invest in VOO or VTI and I'm up 35% this year compared to 12% VOO.

[@faker5104]

I invested when I was 9 years old... but I felt like I should've started in the womb.

[@marko1kacanski]

Excellent sound editing & design Mr. HMW, the buildup and the beat drop at 0:14 is * chefs kiss *

[@goldengate2369]

I love the transition between the video and the ad!

[@vulpixelful]

Vanguard wants to get people investing, but they also don't want egg on their face, so they underestimate returns all the time, even in previous bull markets.

[@attackofthelumbie9029]

The s&p 500 has 9.8 percent returns over the last 30 years. This entire video was such an exaggeration of today's financial climate. Is it way tougher than being born in the 50s and 60s? Absolutely, but it's not completely doom and gloom as everyone portrays it as. Unchecked pessimism is just as harmful and unchecked optimism

[@wholeNwon]

ALL of them do that for a variety of reasons. But Vanguard is really good for many things.

[@wolverinehulk9387]

As i always thought, I'm born in the wrong era.

[@wholeNwon]

Who in the world hasn't said that at one time or another? You're not unique.

[@KennyBare]

Using billionaires to make your point is a bad idea. It's an apex fallacy.

[@henrytep8884]

Then use metrics that you think would be viable. Can you think of any life expectations where younger people aren’t falling behind compared to the older generation? Just because the video used some billionaires as an example, doesn’t mean the video centered around billionaires wealth accumulation and it doesn’t even invalidate the point that it’s harder to be as successful in life, obtain the material wealth that older generations had at certain age. But I would ask you to give the metrics you believe are salient to the point the video is making and provide your argument as to why you believe these things.

[@henrytep8884]

And I didn’t even include relationship and family formation that is affected by socioeconomic conditions. Again, you’re also making a fallacy called the fallacy fallacy.

[@Xander-dx6mw]

9:17 homeowners can offset interest paid against income, but only if it exceeds the standard deduction after the last tax law change. The number of homeowners that itemized before the tax law change was close to 60%, and the number now is under 20%. For all tax payers (not just homeowners) it was 32% pre tax change, and is 13% as of 2021.

[@vanguardas9927]

For your analogy about MMORPG games such as WoW. Lost Ark has a different approach that keeps everyone happy. 1) Old players are rewarded because they will ALWAYS be ahead and at the top 2) New players are rewarded by in game rewards to help them access end game content/raids very quickly. 3) New players will still enjoy the full game content, but will never catch up to the old players in terms of net worth 4) New players don't get shit on by old players since PVP doesn't include item stats, only for PVE. It would be good if this translates to the real world, where young working adults get financial assistance instead of the retired boomers getting more privileges outside of healthcare.

[@IndigoBellyDance]

My parents bought their home for 75,000 & paid a total of 2 grand for my mom’s college (dad got great jobs w/No college). I spent $40,000 on college and even tho I have a professional job I can not get a home loan for 1 million 🙀😿😿

[@AlphaPsionic]

Such an inspirational and feel good video! After watching i feel truly inspired to get up..... and run head first into the wall! But, bad jokes aside, well summarized with perfect pointers.

[@combatjeyj6234]

Probably yea

[@sawomirgut71]

Well, you can print money, you can't print land. And apparently we are so busy printing money, that we can't figure out why real estate is so expensive.

[@MegaCooliam]

I wish this channel weren't so US centric. Fun to watch still.

[@smarttechtips6011]

From Mozambique here. I love your content so much

[@sokolovfm]

About moscow. Rent in the center is around 1k. Periphery - 0,3k.thats gonna be normal apartments. Very good developed metro system, no need in car. Most Universities cost 6k$/year. Salary in tobacco shops for example are high 1,5k/month after tax. Come to Russia, we dont have any inflated problems:)

[@doragary3717]

We are already in the big crash , inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt,the FED will have to pull all the stops . The unfortunate issues is that the other market are being decimated. If you want to stay green ,you have to rely on a lot of diversification. Currently up 15% and being carful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.

[@davidsamuel7425]

People believe their currency has the worth it does because they have no other options. Even in a hyper-inflationary environment , individuals must continue to use their hyper-inflationary currency since they likely have minimal access to other currencies or gold /silver coins.

[@alexmorris5360]

Inflation is going to gradually going to become part of us and due to the fact any money you keep in cash or in a low-interest decline in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income,investing is the only way most people ever enough money to retire.

[@donaldjack5487]

You’re right I diversified my $350k portfolio across various market with the aid of an investment coach Jessica Katherine Ellis I have been able to generate a little bit above 1.2m in net profits across high dividend yield stocks, ETF and bonds during this red season.

[@janechane7279]

@@donaldjack5487 How can I reach out to this coach? Because I’m seeking for a more effective investment approach how good is this person at portfolio diversification, particularly with regards to digital assets?

[@donaldjack5487]

*JESSICA KATHERINE ELLIS*

[@markomak1]

Nice of you to mention online games. In WoW guilds there's points (that you gain through raiding) that you trade for gear basically. And in order not to make it impossible for new members to attain gear, there's almost always a decay of the existing members' points. Other options usually are loot councils.

[@chriscollins3848]

Great video. I find the core concept to be accurate amongst my peers and family. Also typo on Career (carrer) at 7:47

[@felipeegoavil3969]

At 9:56 you showed how in a specific city home prices dropped almost 12%. That's one of the big short term impacts of high interest rate, by increasing the short term carrying cost it creates an expensive buying opportunity that if you can reach the low interest cycle will lead to the person having an increase on asset values thereafter

[@user-dj4pq1sh6o]

I wouldn't look at it like that. Simply, LIFE CHANGES. Do you think everyone born in the 1840s grew up being wealthy and successfull? Most men born in that era died very young during the Civil War. Times change. I as a Millennial, left the system years ago. Last job I had was in September 2010. I just enjoy life the most how I possibly can. And believe me, I've been broke most of the time ever since but I AM FREE.

[@hydriumetern7808]

I think it's really funny the subject matter of this video and the sponsor really clash with each other

[@lluewhyn]

Actually, the best time to buy a house was when you were a young professional around 2010-2014 or so. The aftereffects of the housing crash were still in effect and you could get reasonable deals. once 2016 had rolled around, however, it began to switch to a buyer's market and by 2018 you started seeing the offers above asking issue. It's cooled down a little in the past year, but not by much.

[@rockydejavo]

The book “Outlier” definitely opened my eyes. Amazing book.

[@Dedprotectr]

I love being born in a generation where I have to see through exploits, jump through hoops, heavily analyze economics, and sacrifice anything and everything -- so I can maybe probably (not) be able to both not go to work and not have no money, when I'm about 80 years old! yippee!

[@Ronniezim]

This country is going to break. Something will have to happen..

[@Code7Unltd]

>Something I have an answer... Guillotines.

[@judie_peach378]

I’m so excited for this new season, I hated the friendship alliances.

[@twrex-13]

Also older generations largely had their higher educations subsidized by the government. My parents and I went to the same college. Their YEARLY tuition was $100. My semester's tuition 30 years later was $7500. And it was a relatively cheap in-state school. Add to that that many of their friends didn't even have to go to college to create a stable, good life for themselves (compared to that simply not being an option for any of my friends), and things look even worse

[@joesphcu8975]

To combat the negative effect of inflation, it’s a good idea to diversify your portfolio across different asset classes, such as stocks, bonds, and real estate, since this can help protect your portfolio against inflation. I’ve heard testimonies of people accruing over $550k during recessions

[@alexyoung3126]

For a successful long-term strategy you have to seek guidance from a broker or financial advisor.

[@lawerencemiller9720]

With the help of an investing advisor, I diversified my $400K portfolio across markets, and I was able to earn over $900k in net profit from high dividend yielding equities, ETFs, and bonds.

[@kimyoung8414]

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@lawerencemiller9720]

My consultant is Eileen Ruth Sparks, She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision. I basically follow her trade pattern and haven’t regretted doing so

[@kimyoung8414]

Impressive, i’ll most definitely check her out. I buy the idea of employing the services of a Financial Advisor because finding that balance between saving and living requires counsel.

[@Darrida]

How are you going to invest if world inflation was 8.7% last year? I.e. you need a business that will bring in at least 10% just to keep the money you've put aside. The return on the best stocks was 1%. Stocks are also a risk. Bond yields were negative when adjusted for inflation.

[@slimjim2584]

This is the true fallacy of the "growth" since 2007. All assets are effectively inflated like an athlete who has taken steroids, while anybody living on cash gets their value inflated away. The Fed has not helped with artificially low rates for such a long period, look at how banks straight collapsed because they were trained like circus animals to think the Fed will always save them. A correction should of happened around 2020, but the governments all had the pandemic excuse to not just print but DUMP money into the system. The way to reduce this sugary liquidity is taxes, but the US congress would rather create more inflationary schemes than do what needs to be done, as the "right" thing would mean "number go down" and the "portfolios" of themselves and their elderly fixed income electorate goes down, thus congress is effectively getting itself unelected.

[@lucaspm98]

Yes, about 3/10 years have negative real returns. The other 7/10 more than make up for it. There are very few investments that both beat inflation and have no downside risk.

[@Darrida]

@@lucaspm98 The best thing they taught us in college was Newton's mathematical analysis. Land, real estate, even an oil rig are the first derivative of capital. Production is the second derivative. You can invest in commodity markets. But the only way to beat inflation is to get and keep your own manufacturing business. And you could hire people when you retire. Investing in stocks is when you give your money to another person so he can extract a second derivative of his capital. But you have no control over his business.

[@TheJoker-qn6vw]

You've not even factored "increasing taxes"...😂😂The system is rigged.

[@stevefl7175]

That same way you invested in the 70s and 80s when inflation was much worse then it is now. Put your money in and let it grow over a long time period. If you're investing you're looking at a long term horizon. Not just a couple of years.

[@bloodCount8895]

My old hometown of Weston, FL (Broward Co) is completely a Boomer house rich city now. My parents bought their new construction home in Weston back in 1994 for 275k. They sold the home during the Covid craze for 1.25M. Weston had a bunch of neighborhoods that were categorized in the 90s (middle class, upper, and rich). My parents' neighborhood were homes from 190 to 450 top with upgrades. There were 4 subdivisions in my neighborhood where the first 2 were 200 - 300 top, another one that was 190 to 250 top, and the last one that started at 300 and went up to about 450 in 1993-1995 when building. 30 years later the one subdivision that was 190 to 250 in 1994 are now selling for 1.00-to-1.33-million-dollars. There's another neighborhood down the street named Hibiscus Island. Those homes in 1994 were literally 125 to about 185 (upgrades). A home recently sold there for 750+. We're talking a 1,300 sq ft 1 car garage home. No side yard and barely a backyard. Every other neighborhood in Weston is now a million-dollar home subdivision when in 1994 to about 2014 Windmill Ranches, Windmill Lakes, Windmill Reserve, and some sections of the Weston Hills Country Club were million-dollar homes. Now from 2015 to Present (but 2020 is when it really got out of hand), every single neighborhood in Weston has homes listed for a million+ and have sold for a million+ even after Covid. Now the schools are A+ rated and the town is nice with little to no crime. But no Millennial or Zoomer and even most Xers can afford to buy even a 600k townhome in Weston. Hell, the Garden Homes of Country Isles in Weston were built in the late 80s for under 100k. I saw on Redfin one sold for 675. Once again about 1,200 sq ft 1 car garage no side yard basically no backyard, and those homes are duplexes. WTF!!!!!!! I wanted to come back to my hometown bc of the schools and area BUT NOPE, and I make almost 200k with my wife's combined income.

[@SuzukaKobato]

This information is very important to be able to get ahead financially when you are young.

[@bankruptWoodenSandals]

these videos are good but lol sometimes i think i should not care, for example im a millinial but im from a 3rd world country with pay of $200 max per month and my parents blew all their lifetime $60,000+ saving cause they were dumb, so for me i dont care at this point if i can afford a house or study and i dont even have a health insurance....when shit hits the fan just accept it and try to learn few skills i guess. (anyone reading this lol atelast u are having a better life than me, dont give up)

[@Nick-es8fl]

I fdon’t f you fbut a

[@wholeNwon]

Wow, that was really depressing. My parents had only a low income but were avid savers. When I was old enough to develop an understanding of equities and bonds, I was able to help them invest....not speculate....invest. They became millionaires at a time when that was still a lot of money. They enjoyed that security and remained frugal. I followed their life's pattern, was never in debt except very briefly with a mortgage. The miracle of compound interest reminded me of the TIME-VALUE of money. Each of the tech billionaires you mentioned was an interesting study. Simple luck often paid major roles in their success. That's all right but, in building financial security, one can't rely on luck nor should one lament apparently not having it. My best advice for young people is to invest in something like the Vanguard Total Stock Market Index ETF (or index 500 or total world index or a combination thereof). Add money according to the calendar not what you or others "think" the markets will do. Reinvest dividends when paid. Then walk away. NEVER SELL...NEVER. Do not use a broker or "financial advisor"...no one you have to pay. NEVER listen to any of the talking heads. The trick then is to stay healthy and to live long enough. This simple approach will give you the greatest likelihood of achieving wealth from equities.

[@ArgumentumAdHominem]

So 20y/o should invest their pension money into an index fund, wait 50 years, then extract it and live happily ever after, right? It did work really well in the last 100 years, I agree. But can we really assume that US economy will continue to grow on average over the next 50 years? With the compounding interest on national debt? OMG dude, there totally will be a big boom in our lifetime. No clue when or how exactly it will pan out, but its gonna be loud.

[@devinkipp4344]

​@ArgumentumAdHominem that's not a guarantee, though. We've never been here before. There is no model to work with. Predictions of the future are more useless than ever before.

[@ArgumentumAdHominem]

@@devinkipp4344 Ye, you 100% right mate. Heck do I know, time to stack up on gold or sth :D

[@wholeNwon]

@@ArgumentumAdHominem You are conflating personal/private debt with public/national debt. They are really not the same at all. Our national debt is nothing with which you as an investor building his own financial future should be concerned or by which he should be influenced.

[@ArgumentumAdHominem]

​@@wholeNwon I agree that the two are not the same, but I am not convinced they are independent, and even less so that private investors should not be concerned about it. To me it seems that if US government were to collapse under its debt burden, be it through hyperinflation or otherwise, most if not all private investment strategies would be affected in a drastic way. Westerners have lived in relative prosperity for the last 70 years, and the new generation is becoming less and less aware that this stability is not really guaranteed. If you knew for a fact that the system stays stable for another 10,20,50 years, it is sensible to invest in stonks/index funds etc. If you knew for a fact that your country was about to go into a war or fall apart, it would be a no-brainer to move your money somewhere else. Why not hedge?

[@zandaroos553]

I have one major critique with this: in countries with positive population growth projections like the U.S, the demographic pyramid will stabilize and retirement age increases will likely subside. Along with that lower returns expectations mean calmer capital markets, stronger influence of labor on the economy and less economic concentration, which may help restabilize CoL disparities. It’s likely the entire developed world is currently in its “late 1980’s Japan” state and that we may enter a cooldown period soon.

[@WaterCarrier07]

This is the kind of content needed to appropriately analyse the current financial situation when those who were fortunate enough to be born at a different time don’t appreciate that good fortune