Why Young People Are in So Much Debt

[@business]

Young Americans today face a serious debt crisis. And it’s making the American Dream seem more like an illusion. Learn more: www.bloomberg.com/news/features/2024-10-31/why-gen-z-is-sinking-deeper-into-debt-explained

[@Azel247]

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

[@vibol03]

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

[@very_tall_dude]

Become an electrician. No school loans, decent living

[@jonasking3670]

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

[@secretpeace-wp6xg]

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

[@michaelsmith953]

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

[@CT-ue4kg]

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

[@SubvertTheState]

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

[@SirHouseFly]

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

[@Yaddysgeijutsu]

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

[@SirHouseFly]

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

[@Yaddysgeijutsu]

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

[@containedhurricane]

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

[@magnificentworldj]

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

[@containedhurricane]

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

[@BachLe-th8fm]

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

[@americameinyourmouth9964]

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

[@mateusdavo]

Is too expensive

[@cryptoaj]

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

[@magnificentworldj]

Finding appropriate job is difficult to be suitable for your qualifications

[@ajohn502]

What did you major in?

[@totit_t1445]

State of California? 🤔The welfare state?

[@jhonethegreatest1261]

You're welcome

[@cryptoaj]

@@ajohn502 accounting

[@Peterl4290]

Student loans, in my opinion, are severely mismarketed. You are offering a large loan to a young adult who is unaware of the long-term effects.

[@larrypaul-cw9nk]

Your parents are there to guide you because of this. Find someone with common sense who will help you if you don't have parents or if your parents are as ignorant as you are. Consult a financial specialist if you lack financial knowledge.

[@Jamaal67i]

You're right, I and a few Neighbors in Bel Air Area work with such advisor who prefers we DCA instead of a lump sum purchase, Following this, my portfolio grew 40% in the last quarter.

[@sabastinenoah]

I've been getting suggestions to use one, but where and how to find one has been challenging, Can i reach out to the one you use?

[@Jamaal67i]

Annette Christine Conte is a hot topic among financial elitist in The US. She's gained some reputation for her works during Covid. All the info. you need to set up an appointment is on her web page.

[@sabastinenoah]

My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.

[@Kyla94934]

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

[@ClaxtonBay123]

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

[@Noah_527]

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

[@ca60453]

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

[@terrie3957]

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

[@thedude5040]

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

[@markusmegatron]

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

[@ChosenOne6666]

Your comment lacks research.

[@rampaginwalrus]

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

[@ChosenOne6666]

@rampaginwalrus Those are private universities run by trust

[@scubathesteve]

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

[@Joe-ti7qd]

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

[@FradAnner]

I started my first job in 1985 and a few years later, I set the goal to have $1 million saved by the time I retired. I'm 3 years from retirement and hit that goal last year, but I now know I should have moved that goal post further out to $1.5 million or more. I remember as a kid thinking millionaires were these people who lived like demi-gods among all us serfs. Now I am one and still don't feel any different from a serf.

[@ColoGamerpro]

I would really love to know how much work you did to put in to get this stage

[@FradAnner]

@ Steady progress! A solid strategy is crucial for growth and minimizing taxes. After six months of getting affiliated with Stephanie Janis Stiefel , l'm averaging 35k a week . It's not huge, but it eases financial stress. Best of luck on your journey!

[@ColoGamerpro]

@@FradAnnerI know this FA, Stephanie Janis Stiefel but only by her reputation at Neuberger Berman ; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since l watched her interview on WSJ last month.

[@JessieeAlmar]

solid growth - thanks for sharing

[@MhadzVai]

@@ColoGamerproSame here, I got to know about Stephanie Janis Stiefel on here in 2020. Since then l've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.

[@icomefromcanadia2783]

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

[@Nullsing]

Young people are not the only one has bad spending habits, the government in general has much worst spending habits.

[@icomefromcanadia2783]

@Nullsing I didn't say anything about age. I said people in general have bad spending habits.

[@Nullsing]

@@icomefromcanadia2783 Yes, fully agree - but sadly not much you can do when the system are built up on debt in general

[@blumtndu2]

As a Canadian it’s slightly shocking when we travel to the states and see the cars and houses that everyone has. At first you wonder how all these people afford these purchases- but then after some digging you realize that SO much more of it is financed through debt, basically because the system allows for it. People finance things simply because they can, and because everyone else is doing it it becomes the norm. It then becomes very unsurprising how America runs into severe debt bubbles every 10-20 years that sends the world economy spiralling

[@N6EAJ]

​@blumtndu2 I used to think it was an American only thing too, but then I started watching Til Debt Do Us Part. Many Canadians have terrible spending habits/ debt too.

[@donovanj7878]

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

[@firstpostcommenter8078]

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

[@mack-uv6gn]

😂

[@ArtSmosh1274]

​@@firstpostcommenter8078 Those countries tax eat all there money

[@teebone2157]

They never talk about that

[@teebone2157]

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

[@MichaelBabich]

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

[@microsoul669]

Also student debt

[@Joe-ti7qd]

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

[@zerocal76]

That wasn't fluff. Some of the graphs were useful, especially as proof to older generations that keep thinking "you just need to work harder" or "you should have gone to college" mmhmm

[@vibol03]

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

[@KiingM]

When did you graduate?

[@yussefthe3rd]

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

[@thefeminine9152]

30k is still insane!

[@vibol03]

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

[@yussefthe3rd]

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

[@DarkKolibri]

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

[@ChristiaanHW]

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

[@oceanwonders]

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

[@Nathan-ty8yg]

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

[@Omer1996E.C]

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

[@Joe-ti7qd]

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

[@wranglercody8422]

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

[@tylerdurden8378]

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

[@Drunken_Master]

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

[@TheWebstaff]

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

[@Omer1996E.C]

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

[@Yoyoma55]

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

[@Artistically.Autistic]

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

[@ilsa_xo]

All by design.

[@Artistically.Autistic]

@@ilsa_xo I was completely shocked when I first heard about it from a visiting American friend. My friend makes roughly the same as me, similar age with about the same student loan debt but because of the American studen loan system, she was much worse off than me. It's just disgusting how Americans are treated by their own institutions, who are supposedly there for them. I hope Americans push back hard, it's unacceptable.

[@MTGeomancer]

What are you all talking about, student loan tax? Do you mean interest? Loans (of any type) do not get taxed in the United States. Students in the US get access to up to $27k in federal loans (over 4 years). If they come from a low income family, $19k of those loans are subsidized (meaning they pay no interest).

[@Artistically.Autistic]

@@MTGeomancer Apologies, I could be misreading the US student loan system but the impression I got is the student loan repayment is a tax paid on the monthly salary. That's how I paid off my student loan here in the UK.

[@JanBruunAndersen]

​@@Artistically.Autistic - is not a tax. Perhaps the word you are looking for is "deduction"? Or automatic, mandatory payment?

[@Tangerinetaco]

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

[@darex0827]

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

[@WorstPaperCut]

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

[@cibuya]

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

[@WorstPaperCut]

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

[@darex0827]

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

[@l0os176]

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

[@to1ex]

but also 15 year old don't really work because of that so i don't think there are too many of them

[@pandafreak46]

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

[@andrewsnyder9262]

It won’t. If it could get better it would have already. Best to position yourself for degradation.

[@MTGeomancer]

You're right, these are not new issues. In fact many of these "issues" are significantly less of an issue than in the past. For example interest rates, they're average right now (the video cherry picked only looking at the past decade which was the lowest on record). Ask someone around in the 80's and they'll tell you about mortgage rates in the 16+% range. To answer your question though, it will never get better. At the individual level, it will only get better once the individual stops blaming others, and takes responsibility for themselves. If you want change, you have to change yourself, because the world isn't going to change for you.

[@raze2012_]

When enough of your/my generation become the voting block to appeal to. So, maybe another 20 years when all the boomers die out? If all this social media could get young people to vote instead of be sold on propaganda, maybe it could happen much sooner.

[@mutedearthvirgo]

Yes some people are doomspending on "luxuries", but let us not forget that many of us are "doomspending" on chipotle, organic groceries, and walmart furniture...things that would barely be considered luxurious for an educated, full-time employee.

[@AlanSmith88888]

As someone who graduated in 2005, I feel terrible for the young kids of today. How on earth are you supposed to afford 100k in school fees. Its ridiculous.

[@LesserMe]

Graduated this year (2024), with no student loan debt. It can be done but some people take the easy route.

[@Skillseboy1]

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

[@doctographer7504]

Well said

[@Curiousinternetperaon]

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

[@supdoug]

Amen to that

[@ISpitHotFiyaa]

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

[@Noah_527]

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

[@NirvanaFan5000]

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

[@NirvanaFan5000]

p.s. the comments here also showing this.

[@linearcannon5078]

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

[@doujinflip]

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

[@TheZombieGAGA]

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

[@supr_be]

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

[@number2and3]

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

[@oksowhat]

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

[@TheMsdos25]

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

[@MrKillswitch88]

When I think of capitalism it is hard to not think of demographics as far as psychology goes be it that the US has far too many sociopaths and psychopaths making things horrendously toxic for the rest of the population.

[@stefanossmitty3318]

@@number2and3absolutely correct. I went to CUNY and graduated with $0 in student loan debt, while working as a full time student. I did have debt for grad school but paid it all off through discipline and sacrifice. It took me years to finally buy a flat screen tv, skipped the weekly brunches, put off the trip to Bali, until I was out of debt and was able to go when I could pay cash and had savings/investments. So glad I wasn’t shaped by social media.

[@joemacy2776]

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

[@sethferri]

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

[@theepicgamer1196]

I have no clue where the numbers in the video are coming from. I am in Florida, and the in-state schools I considered were (and are) NO WHERE NEAR THAT. The undergraduate cost of attendance at the University of Florida (UF) for the 2024-25 Academic Year is $6380 per year in tuition/fees. The associate degree cost of attendance for Daytona State College (DSC) is $3106 per year in tuition/fees.

[@MTGeomancer]

That's no different than in the United States. You're forgetting that this video has an agenda and cherry picked examples to fit that agenda. You can google in-state tuition as well as anyone else and see that tuition is not that high. Someone already gave you Florida. Another data point is Montana, only $8,460 per year.

[@alinakiermaier2652]

In germany you get paid when you get a degree

[@janfgfdx5165]

I mean some things you can't not pay like the bills but first try to cut down on buying things you don't need. Like do you really need a new iPhone every year?

[@LesserMe]

You may have missed the 'doom spending' bit at the end. Apparently, some people do to 'feel better' at the end of the day.

[@pingchen7563]

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

[@marky1974]

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

[@doujinflip]

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

[@marky1974]

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

[@Erin-rg3dw]

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

[@neilmckay8649]

The future economy NEEDS these younger generations to have disposable income

[@ilsa_xo]

American billionaires don't care about us. They run the show and the economy. The big time billionaire Mercer said Americans aren't worth anything to him unless they have big money like him.

[@sixfootse7en248]

Costs of everything is skyrocketing, while wages have barely budged. It’s not difficult to figure out.

[@CaptScrotes]

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

[@sagepirotess6312]

Well, your an American who valued himself on independence. So do it! If you can't find opportunities or resources locally look nationally or globally for the best resources and opportunities for you. And change your victimhood mindset!

[@CaptScrotes]

@sagepirotess6312 I'm not an American 😬🙏

[@cookiesncream8490]

With the way the economy is right now, my sister and I decided it makes the most sense to buy a house together. Owning a separate home each just isn’t affordable, and sharing a mortgage feels more manageable between us than with a future spouse. We’d rather invest together as siblings and keep expenses lower by staying single, rather than taking on the extra costs that often come with having a family.

[@VietVuHunzter]

Why people are so surprise about this consumerism?

[@znubionek]

im surprised because im not getting any "dopamine hits" when buying stuff. normies are weird

[@felixthecat2786]

What exactly is there to save even? Some people are paying 1000+ in student loan payments. Rent is half of your paycheck and the cost of food is skyrocketing.

[@leakyabstraction]

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

[@juremartel2906]

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

[@1ktales]

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

[@lingth]

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

[@cmLMolde]

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

[@CoryPchajek]

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

[@dimon22323]

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

[@RespectfullyCurious]

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

[@AndyWarhole-w7q]

They build those, it’s called condo.

[@aman888]

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

[@Nonsense116]

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

[@Erin-rg3dw]

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

[@bobbih2022]

Yes! Thank you. Stop buying the “lifestyle” you can’t afford.

[@matKilla9801]

Except for the majority of GenZ who did pull back spending and still can’t afford to live…

[@masquereseau5635]

By looking at this video, I just understood why I've been getting richer lately. All these doom spenders are actually filling my pockets...

[@criptufu9213]

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

[@doujinflip]

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

[@NNokia-jz6jb]

Both will get one into a GOV job.

[@kenyu4258]

I feel bad for them… but at the same time, they all AGREE that they have a SPENDING ISSUE, that is ON THEMSELVES! ‘Doom spending’ is the biggest factor in their finance and it’s one that only they can cure.

[@elai3147]

keep spending and living beyond your means, those of invested in banks and credit card companies thank you

[@kkp4297]

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

[@Ioncandi]

I attended UC in the 80's. I still have the receipts. Only $375 for full time courses every quarter. Crazy!

[@RespectfullyCurious]

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

[@annaesposito929]

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

[@Joe-ti7qd]

Your little shoebox money. Haha.

[@davidr7819]

Me too! 😂

[@sleepy_dobe]

Yes, costs are rising too quickly, yet Gen Zs are also among the highest spenders on unnecessary items like, travelling, concerts and events, dining in restaurants, entertainment and leisure, personal care services etc.

[@orlandoedelriocantillo9404]

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

[@xDUnPr3diCtabl3]

It’s US

[@burntxela1258]

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

[@Redothisaccount]

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

[@sidradzz]

stop spending.. start saving..

[@krushrpants]

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

[@eduard348]

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

[@briancarroll0]

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

[@Noah_527]

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

[@luismorales8164]

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

[@matKilla9801]

Do you believe that New York should not have any therapists? Because that is essentially what you just argued for. If you believe the occupation should exist across the country, then the living and education costs should be affordable for everyone working that career across the country.

[@2696yogesh]

That's how I ended up buying an iPhone. I didn't know there was a term for it. I was so frustrated with the current situation in almost every area, be housing, insurance, taxes, retirement planning, basic transport and food costs, that it made me question the point of it all. I am killing myself for a future that might never come. Then I was so close to buying a Mustang but somehow I controlled my emotions back then, but that demon still lives inside me and peaks out every now and then. It's hard.

[@Ja50nkAt]

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

[@tannerstull6490]

26 here 450K Why are you working min wage jobs plenty is willing to hire paying more than that with no experience needed

[@bigelbow4854]

Let me tell you what nobody is going to tell you. Building wealth has never been a one person’s job especially if you are just starting. One of the best choices you can make for your life at this point is to be able to get someone who believes in your growth and will be willing to help you grow. You can make a big change before Christmas and have the celebration you have been wishing for. Big thanks to Larysa Caba. I will always be grateful for everything you did.

[@dominicleong4385]

I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.

[@militaryorderly5386]

I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.

[@jasperflontes4289]

I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.

[@fred5528]

I will like to knw mre

[@militaryorderly5386]

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

[@bigcahuna42366]

The private four-year college I went to in the mid-late 90s was $13K - $15K per year for tuition, room, and board. It's now $46K per year.

[@zakuma22]

If living in the most affordable housing and eating the cheapest food is the way of life according to my Boomer folks, that's not what the "most powerful country" in the world resonates with.

[@TPixelAdventures]

The US education system is absolutely wild. That, and the similarly exploitative Health system. Doom spending is just a symptom of the problem because people have lost hope in the future.

[@FredrikNaevisdal]

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

[@paradoxalJohn]

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

[@Immacu1ate]

It’s almost like there was a spike in the labor supply in the 1970s. Companies didn’t have to compete for labor due to women and immigrants entering the work force in higher numbers.

[@pensacola321]

America is the greatest country in the world... If you have a lot of money! Otherwise, not so much.

[@clammyjones]

Why are they going to schools that are this expensive? Go in-state or do community college and pick a real major.

[@NCSTATELUVER89]

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

[@dsdsdsds88888]

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

[@guardianoffire8814]

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

[@Antonio-hb8rd]

That's an essential

[@bathombre9739]

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

[@imanigordon6803]

you know kids have fake studded teeth, right? lol

[@Heretus]

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

[@motomatt4266]

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

[@kacperpiotrowski7239]

Potient comment, but Milk is alredy spilt. Queztion now is what to do with those "useless" graduates?

[@joetran8798]

If Gen Z and Millenials are spending so much instead of saving money, then they have no one to blame but themselves. I sacrificed and saved to be able to afford what I have. That's part of life. They can't have their cake and eat it too.

[@bad444]

Spending money you don't have is one issue, but it will get worst. Automation is driving wages down. It is company greed and materialism. Thinks about 40 years ago and what was available to buy and how we bought. Mall and cash vs card and online shopping.

[@salah.3034]

De 7 000 $ à 45 000 $, c'est la fourchette minimale de rendement des bénéfices chaque semaine. Je pense que ce n'est pas mal pour moi, maintenant j'ai assez pour payer les factures et prendre soin de ma famille.

[@codenameblazer]

1995 are Millennials, not Gen Z.

[@samuelgold394]

What’s the cut off?

[@patrickpaterson8785]

I feel like I've seen this same video a dozen times, and it almost always boils down to "I was sold on going to an expensive college, and now have to repay my 6-figure student loan debt with my $40-60k/year job". These same people tend to rate themselves as "above average" intelligence.

[@NathanAtkinson590]

Solution is to live like a hermit. I do and it’s great. No keeping with Joneses and my spending is nearly zero outside of life essentials.

[@raze2012_]

Hermits still pay rent.

[@patriciaberrini2245]

I was very informed by this excellent video. Everyone should be “assigned” it as homework.

[@grafando]

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

[@Atlas-tp8dw]

👏

[@janfgfdx5165]

People buy every new iPhone that comes out then wonder why they are in debt

[@lorirogers9304]

Spend8ng habits is a problem with young people-not just student debt

[@untouchable360x]

Gen Z has a spending problem. You have to choose one of two pains in life. The pain of discipline or the pain of regret. Discipline weigh ounces while regret weighs ton.

[@caitlinweiss8801]

Spending on what? Rent and food?

[@Ioncandi]

Can't blame the young. You have to make mistakes before you can learn. I was in my 20's in the early 90's and made a lot of mistakes-personal, financial, and professional. It's too easy now to say I wish I had... Life just doesn't work that way.

[@kolonarulez5222]

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

[@averytucker790]

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

[@Noah_527]

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

[@jeremytoney9367]

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

[@ZOCCOK]

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

[@DomMcD]

The problem is that young people are disillusioned about what kind of lifestyle they can actually afford. Spending $800+ dollars on a phone, $200 on airpods, $10 for a cup of coffee multiple times a week, Doordash (as if eating out itself wasn't expensive enough), who knows how much on clothes and beauty products, going an elite college regardless of cost, etc etc etc. These are not essentials, (and previous generations didn't have many of them). Why is nobody talking about lifestyle inflation? Also, being in debt in it of itself is super expensive. If you have ANY credit card debt just realize that a noticeable percentage your hard-earned income is going to some rich upper-class executives at some bank via all the interest and fees you're paying.

[@javascriptkiddie2718]

The problem is not working enough which translates to not enough money. I buy all that stuff without thinking twice about it, but I also work 60+ hours a week.

[@passenger175]

You said it, this is it. Also, yearly holidays abroad, beauty products for women and gaming hardware for guys. Etc etc. I myself am a mid-millennial and have had spending problems, you are right. This is often a neglected point, but it is probably just as important as income comparisons

[@janfgfdx5165]

I'm young and I don't get why people need an 800$ phone.

[@raze2012_]

Because an 800 dollar phone that lasts 2-3 years is still less than a month of rent. Less than half or a third in some areas. People diverting to avacado toast need to check out Zillow and update themselves on what housing costs now.

[@raze2012_]

​​@@passenger175my PS5 was $500 for what I'll probably use for 10 years. Rent is $2200 this month. Try again.

[@Xuyesi]

This really pisses me off. We aren’t sticking up for ourselves politically while no solutions are even being discussed or news outlets inform us and have us expect to accept it.

[@leonardojimenez2415]

The problem is that none of these degrees are worth something. Only Engineering, anything in the medical field, Science, Mathematics, Technology are worth going to college for. The rest of the degrees can be earned at a community college which is a 1/4 of the price. Most of the kids grew up thinking living on campus was the norm. That’s why financial education is important at a young age

[@Ioncandi]

Regular college is a bad decision unless you are going to be a lawyer or doctor. Trade school is what young people need to be attending. Actual get WORK skills to get a position where you can only go up with your work ethic.

[@LesserMe]

I'm not sure if the rate of investment is worth it on even some doctorate and medical programs. But since we are incentivizing capitalism through education, we are probably opening ourselves up to some future terrible doctorate and medical professionals.

[@_robbo9053]

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

[@doujinflip]

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

[@dac889]

You DO have options, they just may not be what you expect or what you want to hear. Live with your parents. don’t go to college, or drop out if you’re already going. Be as frugal as possible. Spend money on reducing your need for money. Learn skills to be self employed. If you’re going to doom spend, at least buy something that may help you, like Bitcoin. The government is not coming to save you.

[@briangasser973]

You can go to a state university in NY for $10,644 per year living at home. It is not as glamorous as going to a private university and living on campus, you can get a 4 year degree in science, business, nursing, or engineering for under $50k. For all the people being interviewed, how many are carrying around a +$1k iphone and then complaining about debt. Housing has gotten more expensive.

[@OwnNothingBeHappy519]

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

[@dt855]

When it comes to college, people really need to be more pragmatic. Going $160K into debt to get a Masters in social work is irresponsible. Yes, it's what you want to do, but you knew what social workers make. What did you expect?

[@Venomater2012]

College education should not be or feel like a requirement. There are so many college educated people that there are not enough jobs that they are trying to qualify for. People need to go to college for jobs that we need to economically and socially grow. Being happy is important, but we also need to remember that we are part of a society. College counselors, parents, and especially high school counselors need to give realistic outlooks on what is to be expected and needed. This is why all the new generations feel this way. Social media needs to be either regulated more or abolished until we can get ourselves together.

[@REgamesplayer]

Maybe he needed to skip that avocado toast if he wanted to afford a home.

[@passenger175]

And all that clothing and apparel 🙂

[@alexclifford2485]

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

[@Denominus]

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

[@iony10]

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

[@ryanmeier8994]

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

[@eat_ze_bugs]

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

[@raze2012_]

Same issue as anything else. Traveling costs money. People taking out debt have no money. It's also not straightforward at all to get into a school abroad. I'm also sure it's one of those "if everyone does it we all suffer kind of thing". Schools are paid for with taxes and we didn't contribute to the Vat.

[@DerPortiMorti]

IMHO the one underrated aspect in the video is the blatant advertisement blasts you get in social media. Consumerism has become even worse because social media has allowed for much less distinction between actual content and advertisement, with the value of advertised goods shifting towards the much higher-value luxury segment. I have almost NO social media (except YT and LinkedIn), limit my spending and luckily as European no college debt. This has me allowed to build a massive bank roll (portfolio) already by my early 30s, where essentially money is not an issue anymore already due to high returns.

[@user-xg2vy3ri6r]

Competing with each other on social media for status by overspending

[@elmernagui744]

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

[@pepercat17]

Okay. I withheld my opinion but on college tuition I must speak. How in the world did you go for a program that was 90k a year? Sis, please?! Why did you agree to that? There wasn’t a more affordable school with a similar program or another alternative? Everything else I will completely agree on- but student loan debt I’m tougher on. College is an investment not a dream realizer. No one should go to college just to go to their “dream college” unless it’s within their means to do so. If you’re hard up today, taking 90k a year isn’t going to make tomorrow hopeful! I’m just blown away that she agreed to that. I don’t accept that she couldn’t find another school with a similar program.

[@diaryofdreamer]

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

[@TravisPluss]

Keep the interest rates high! Low interest rates is partially what caused the prices to inflate to begin with.