Millennials facing scariest financial future of any generation since Great Depression

[HMFIC_BROWSIN]

AI will carry all these low iq millenials to great lives. In 4 skynet

[headturner1]

getting wealthy is supposed to be about hard work, creativity, and risk-taking. bitcoin is just risk-taking.

Exactly, it’s a fukin Hail Mary for a lot of people. Let it fly baby because why not?

[JackTheMiscer]

baby boomers:

fuacked up the economy...


... asks why you dont have a job.

[seanb1979]

Millennials are in line to inherit $30T+ from the Baby Boomers. They might not be happy now in their 20s and 30s, but they're going to be just fine in another 15-20 years.

nah, government will just keep raping the american people for all they're worth because its what people with power tend to do

[iabs]

Nothing is really gonna change for us so whats the point of worrying. Hopefully the house doesnt come crashing down until we are too old to care. Just live life and enjoy the ride. We wont be as bad off as our children. Most of us will live comfy but wont have much to pass down. Whatever. Dont have kids.

Middle class is being squeezed sadly, too many morons on both sides of the isle are too busy fighting about bull**** like trannies, bathrooms, identity politics in order to see the great middle class robbery of history. Dems will bribe the poor to keep power and republicans bribe the rich. SRS. They stay in power while the bulk of the masses fight about white vs black, women vs men, tranny vs ******* vs cis gendered male.

You think identity politics, tranny and racial issues is by chance? they put up a shiit fest in front of your eyes so you don't bish as they pick your pocket.

[HMFIC_BROWSIN]

Sons

Netflix has a p/e of something like 190
Amazon has a p/e of like almost 300
Bitcoin is, well, it's almost 20k as of this post right now sons, and it's absurd
FIAT is so primed to go up in flames

The world is gonna come crashing down up on you little sons like a tsunami, you're gonna be in FEMA camps sons. Even rich boys like me are gonna have one heck of a time with property taxes, cuz the government is gonna go full control son. Hold onto your sphincters sons

Lmaoooo. Jeff bezos amzn stock taking me to the promise land. BTChad too. Ride the wave or be a cuck on the sidelines. Choice is yours.

[Hadtodoit]

I think it's more to do with work ethic.

For almost understandable reasons. People are so insanely entertained these days. Back in the day, money led to happiness and comfort. These days, hanging out in your parents basement playing some incredible video game online with 10 friends can bring you comfort and happiness. It's not sustainable but that's why people work less - too much cheap entertainment accessible from home in your sweats.


I saw someone post in here "hard work doesn't get you anything these days" lol ok... I have multiple friends in construction. No degree, just some decent hard work with few years of persistence and they are still making $90k/year with no degree, just hard work. Hard work still does it for you.

I also know multiple business owners and the common theme is lately (last few years) you just can't find any good applicants. Open position, you're lucky if the interview-ee even shows up or doesn't have a drug habit or neck tattoos.

Culture is half the problem. That being said, yes, cost of living is increasing faster than wages and that concerns me.

[wincel]

well i may be a total degenerate loser, but at least I have no debt

[Admired]

How much do most of you got saved? And please don’t tell me you just keep it in your checking account not collecting interest

I was very fortunate to invest in bitcoin in 2013, I have around 27, so with my additional Chase investments I'm sitting at around $700k. I think if bitcoin keeps on the path by 2020 I should be set.

[gottk2x]

I'll just keep working jobs I enjoy and retire when I'm dead

[Peter Ruby]

Just wait until automation becomes the norm. Chit is gonna be rough for a lot of people.

[dannyg1217]

So, they go to expensive out of state colleges and get liberal arts degrees and complain that they are saddled with too much debt?
No excuse for dumb decisions, I went back to school in 2012 for three years and came out with a job before I graduated and only had about 35k debt. And that was with paying nothing out of pocket.

[katya422]

Retirement at 75 isn't happening.

I realize the misc says their stupid chit about making $500k as a 17 year old engineer right out of high school but it's not real. They will change the normal retirement date soon and many of us will work until we die.

Fully expect this. Like that funny game where you try to get in the car and your jackdonkey friends pull away, so you walk up to the car again and they pull the car away again...

And Medicare is more screwed than Social Security.

All you have to do is cut off the power for 1 month and the majority of us in the western world would legit die

Have no basic survival skills lol

True. Legit concern and it could happen from hacking or from a natural event (EMP).

Little I've read on it if the actual physical grid were wrecked it would take a long time to get it back up because the large transformers take a long time to manufacturer and the current capacity for building them isn't up to recovering from a widespread emergency.

People dependent on medical devices would likely go first. Grid down would affect transportation, communication, manufacturing, water treatment...just getting a safe shutdown on nuclear energy plants would be hairy.

Millennials are in line to inherit $30T+ from the Baby Boomers. They might not be happy now in their 20s and 30s, but they're going to be just fine in another 15-20 years.

Wouldn't depend on it. A lot of that wealth is held as real estate and also AFAIK most people that need any kind of long term nursing home care have to go to Medicaid which requires that you spend all your own money first.

Since this is the puppy upper thread of the day:

https://www.theguardian.com/commenti...ath-earth-food

[Hadtodoit]

I was very fortunate to invest in bitcoin in 2013, I have around 27, so with my additional Chase investments I'm sitting at around $700k. I think if bitcoin keeps on the path by 2020 I should be set.

Oh my god man. You're so lucky. That's awesome.

It definitely could go up more before it pops but seriously, you may want to cash out now and take that win. It's already a life changing win, go the slow/steady route from here on out and you're set. You'd feel so bad if that shrunk down to $30k or something... idk man. When you're up at the casino, walk.

Either way, that's awesome though. I'd be on cloud 9 if something like that happened to me lol.

[Admired]

Oh my god man. You're so lucky. That's awesome.

It definitely could go up more before it pops but seriously, you may want to cash out now and take that win. It's already a life changing win, go the slow/steady route from here on out and you're set. You'd feel so bad if that shrunk down to $30k or something... idk man. When you're up at the casino, walk.

Either way, that's awesome though. I'd be on cloud 9 if something like that happened to me lol.

Thanks. I understand your thinking but holding has gotten me this far. People have been saying sell ever since $1k, but I have a strong feeling as do other top bitcoin investers that $100k+ prices are not out of the question.

[Hadtodoit]

Thanks. I understand your thinking but holding has gotten me this far. People have been saying sell ever since $1k, but I have a strong feeling as do other top bitcoin investers that $100k+ prices are not out of the question.

I get that, and it's possible it hits that before a collapse but saying "holding has gotten me this far" is like someone at a casino saying Roulette has won like 5 times in a row, why not play 5 more rounds with my winnings. It gets riskier and riskier the higher it gets.

Just a friendly tip form one investor to another, I've been doing this a long time. You can cash most of that out now and have a completely life changing success under your belt, or get greedy and hope for more but also possibly lose it all and then struggle forever.

A bird in the hand is worth two in the bush. You won. Don't assume you can repeat it.

[Serenadium]

For the purposes of millenials escaping the rat run, Cryptocurrency is an answer only if you have enough invested having regard to the marketcap, otherwise you are too late to the game and are looking at gains that are inconsequential on your life (i.e. owning $5,000 worth of cryptos at a $550b market with a chance of doubling it or so - $10,000 won't even cover half of your expenses in a year).

The below is a rough guide of the amount you need to have in the game to have a meaning financial impact on your life IMO.

Format: Market cap (date) = minimum amount you need to have in the game

$5,000,000,000 (Jan 2015) = $5,500
$7,000,000,000 (Jan 2016) = $7,000
$19,000,000,000 (Jan 2017) = $20,000
$100,000,000,000 (June 2017) = $100,000
$550,000,000,000 (current) = $1,000,000
$1,000,000,000,000 (conservative maximum of cryptocurrencies) = $2,000,000
$5,000,000,000,000 (realistic maximum of cryptocurrencies) = $4,000,000
$10,000,000,000,000+ (optimistic maximum of cryptocurrencies) = unlikely to get any higher, take your money out, or leave it in blue chip PoS coins. If dividend paying cryptos are deregulated from being classified as securities, then you can hold blue chip dividend paying cryptos.

[Tanerian]

Nothing is really gonna change for us so whats the point of worrying. Hopefully the house doesnt come crashing down until we are too old to care. Just live life and enjoy the ride. We wont be as bad off as our children. Most of us will live comfy but wont have much to pass down. Whatever. Dont have kids.

Middle class is being squeezed sadly, too many morons on both sides of the isle are too busy fighting about bull**** like trannies, bathrooms, identity politics in order to see the great middle class robbery of history. Dems will bribe the poor to keep power and republicans bribe the rich. SRS. They stay in power while the bulk of the masses fight about white vs black, women vs men, tranny vs ******* vs cis gendered male.

Das it.

[MyGhettoFantasy]

But back in your day I'm sure there were lots of useless courses as well?

It's a political talking point.

The objective reality is mathmatical. If there is rich there must necessarily be poor. If we lived in a hypothetical world that valued gender studies over engineering we would have rich gender studies majors and poor engineers (and farrrrrrrrr less innovation).

The point, though, is that 1+1=2 and rich=poor. That is how Capitalism works. It gets politicized because it is an economic system that operates in stark contrast to our political system of Democracy. They don't necessarily jibe and in no way is this better illustrated in how money has commandeered political office.

What's more is that of everyone did pursue the most employable degrees there wouldn't be enough jobs in their respective fields and we would still need people to do all of the other jobs anyway.

This doesn't mean that a major in gender studies is worthwhile but the solution isn't for everyone to flood the job market with the most employable degrees. The competition would be insane.

To start with society as a whole needs a better education on how to maximize the income that they do make and to become better with their finances overall.

That doesn't change the fact that we live in a debtor's society but maintaing your debt is a far better situation than falling behind.

[Hadtodoit]

For the purposes of millenials escaping the rat run, Cryptocurrency is an answer only if you have enough invested having regard to the marketcap, otherwise you are too late to the game and are looking at gains that are inconsequential on your life (i.e. owning $5,000 worth of cryptos at a $550b market with a chance of doubling it or so - $10,000 won't even cover half of your expenses in a year).

The below is a rough guide of the amount you need to have in the game to have a meaning financial impact on your life IMO.

Format: Market cap (date) = minimum amount you need to have in the game

$5,000,000,000 (Jan 2015) = $5,500
$7,000,000,000 (Jan 2016) = $7,000
$19,000,000,000 (Jan 2017) = $20,000
$100,000,000,000 (June 2017) = $100,000
$550,000,000,000 (current) = $1,000,000
$1,000,000,000,000 (conservative maximum of cryptocurrencies) = $2,000,000
$5,000,000,000,000 (realistic maximum of cryptocurrencies) = $4,000,000
$10,000,000,000,000+ (optimistic maximum of cryptocurrencies) = unlikely to get any higher, take your money out, or leave it in blue chip PoS coins. If dividend paying cryptos are deregulated from being classified as securities, then you can hold blue chip dividend paying cryptos.

Hope everyone reading this realizes that this guy doesn't know what he's talking about at all, it's over inflated and nobody has any clue if it will continue to rise just like roulette at a casino. Don't let FOMO control your life and lose your ass.

[musD]

the children of yuppies will have it pretty good I think, many of them around me in toronto will inherit millions.

[Ikeman83]

I think if people really went out and spoke a lot of "millennials" you will see how hard some of them work, srs

doing months of free work so it looks good on their CV etc, a lot of us know how saturated the workforce is and are slaving away trying to make ends meet

I think perception is skewed in regards to this topic

Saturated workforce? LOL

[Serenadium]

Hope everyone reading this realizes that this guy doesn't know what he's talking about at all, it's over inflated and nobody has any clue if it will continue to rise just like roulette at a casino. Don't let FOMO control your life and lose your ass.

I don't think you understood the post, it is advising people AGAINST people from putting money in it if they dont have enough to blow (which would be 50% of people in this forum).

If cryptos were to reach mass adoption however, a $5 trillion market cap is objectively reasonable.

[AdvancedDreamer]

Millennials don't know how to save money. They think they need the latest gadget or the freshest clothes.

[Hadtodoit]

I don't think you understood the post, it is advising people AGAINST people from putting money in it if they dont have enough to blow (which would be 50% of people in this forum).

If cryptos were to reach mass adoption however, a $5 trillion market cap is objectively reasonable.

Oh yeah, I was focused on the first sentence and missed some others. My fault.

[guest89]

I think it's more to do with work ethic.

For almost understandable reasons. People are so insanely entertained these days. Back in the day, money led to happiness and comfort. These days, hanging out in your parents basement playing some incredible video game online with 10 friends can bring you comfort and happiness. It's not sustainable but that's why people work less - too much cheap entertainment accessible from home in your sweats.


I saw someone post in here "hard work doesn't get you anything these days" lol ok... I have multiple friends in construction. No degree, just some decent hard work with few years of persistence and they are still making $90k/year with no degree, just hard work. Hard work still does it for you.

I also know multiple business owners and the common theme is lately (last few years) you just can't find any good applicants. Open position, you're lucky if the interview-ee even shows up or doesn't have a drug habit or neck tattoos.

Culture is half the problem. That being said, yes, cost of living is increasing faster than wages and that concerns me.

Exactly this. Older generations went to work. Bought a house. And bought a car. They might have had a simple radio and TV in their home for entertainment. And a simple land-line in their house. They didn't spend a sh!tload of money on the luxury items or 'entertainment'. They gave no thought to items they didn't have cash for. They didn't get into debt for stupid BS that they didn't need.



They MIGHT have went out to eat once a week. They MIGHT have went to the movies once a month. Any activities/hobbies might have been something simple like basket-ball, baseball, etc. at the local park. Their expense for recreational actives would have been buying a bat, or a baseball glove, etc.


Until you get a full time job at 16-18 years old and start working. And ONLY spend money on saving, buying a car to get to/from work/ and investing and eventually a down payment on a house/mortgage. You've got no room to complain.


If you have a smartphone. A 'smart' TV. A tablet. A computer. Any kind of gaming console or gaming PC. Any kind of higher end/luxury vehicle. Eat out more then 1x per week. Go out and do something 'fun' more then once per month. Etc. and complain about your financial situation, your doing it wrong. I guarantee you unemployed millennial's have far more luxury items and necessary spending then the previous generations would have even when they worked 5-6 days per week.



The only reason for someone to be in debt at a young age is if they have a medical issue that causes the debt or if they are buying a home. If your racking up credit card debts or loans for other purposes you should probably check your millennial privilege and you deserve the fate you receive in terms of retirement/finances. And no college is not a justifiable reason for debt. If you don't have the money to pay for it and aren't athletic or intelligent enough for a scholarship, you shouldn't go to college.

[Jasonw1178]

Generation X'er here.

Every generation has it's issues. Every generation sees the next one and rolls their eyes as sees the next generation as much worse than their own but I can't say there weren't plenty of idiots in my generation, but most of us have grown up. Most of us. A lot of Millennials haven't yet. I think the big difference is that is that Millennials are more coddled. About when they came along, that's when non-competition sports came where they didn't keep score. That's when it just seemed the "soccer mom" were the majority. When I went to HS, most of us had beater cars. I was lucky and was able to get a Ford Escort which was only 3 years old with 24K miles on it and that was because my parent knew I was about to buy some 1960's car and she didn't want that in her driveway, so I put it down on the car. However, I had one of the nicest cars in the school, and no we weren't in a poor area. A few years later I'll be damned if it seems half the kids had not only new cars but high end cars. A lot of my friends got kicked out of the home right after HS. I went into the military. Most of us in HS had jobs. We didn't cry about minimum wage, we accepted it. When we talked about what was going to happen after HS, we talked about what we planned to do, not just what degree we were going to get. If you had that mentality, you would never have fields like gender studies.

Now we have college grads who haven't ever had a job before. Coddled their whole lives. Here is an ugly fact about education. If you aren't smart enough to get accepted, you can buy your way into many schools, as long as you pay, you can play, and there are student loans where you only have to just sign your name but you don't even know what the impact of signing your name is yet, but you are gonna learn! Half these schools are nothing more than diploma mills. What you need to understand is that schools are a business. Don't think that they are looking out for your interest more than theirs. That pretty much goes for everything but schools are no exception.

[flat6pilot]

There's no jobs. The blue collar jobs that paid a sustainable living are gone. Over-saturation of kids with degrees makes them near meaningless now, but you're really sunk if you don't have one. People aren't getting married anymore so no dual income. Lots of factors at play. Not good.

[pojo18]

I was very fortunate to invest in bitcoin in 2013, I have around 27, so with my additional Chase investments I'm sitting at around $700k. I think if bitcoin keeps on the path by 2020 I should be set.

I would NOT keep posting this on public forums...

[Bar182]

University should only be for STEM subjects.

All other roles should just be on the job experience.