Responsible reporting would have been addressing the fact that wages are not keeping pace w/ cost of living. At thirty I’m fully employed in an office job (not fast food, retail, etc.) with two roommates and margins are incredibly tight. That’s the larger long term problem here, and we’re focusing on the nuances of a pandemic & on people with extraordinary life circumstances multiplying the struggle (single parenthood) which is misleading. I’m responsible, work hard, avoid extra spending, am responsible ONLY for myself & it’s still impossible to consider living alone in a way that’s money-wise.

@robertmanley2687

Жыл бұрын

The boomers grew up in a America where the American dream was obtainable. Our parents WWII generation wanted us to do better than them. 4 years USF and 2 years FAU cost total $7,500 in the 70's. First house $22,500 in 1977 now worth $400,000. After WWII America was the largest industrial power in the world for 35 years. Globalization outsourced you generations future to China.

@LaSombraa

Жыл бұрын

At 30 with roommates? Time to get a SO….

@juliekswanson

Жыл бұрын

CEO pay meanwhile continues to soar to unbelievable heights. The wealth in this company is all being sucked to the top.

@olivia12333

Жыл бұрын

The only way to make more money is to swap jobs every 2-3 years. I have a degree + 9 years professional experience at an office technical job, and new hires just out of college are making more than me. I like my job and I’m good at it, but I’m underpaid by 20k-30k and it’s unsustainable to stay here.

@TheForever206

Жыл бұрын

@@LaSombraa Considering decreasing marriage rates and increasing divorce rates, wouldnt bet on it.

30 somethings are racking up historic debt because the cost of living is at an all time historic high. No other reason.

@carlbrutananadilewski8395

Жыл бұрын

Exactly. Folks are paying $2-3k for friggin rent!!! The middle class CANNOT afford that.

@kaseyc5078

Жыл бұрын

Thank Joe Biden!!!

@Summer_haiku

Жыл бұрын

It’s not all the rent, it’s making decisions like putting your kids in all these after school activities, spending on non-essentials. These people need to upskill if they want a higher lifestyle of living

@karakol86

Жыл бұрын

I wouldnt say no other reason.

@AvgJane19

Жыл бұрын

THIS

I have never had credit card debt in my life. I can’t even imagine the stress. I paid off my student loan and my only debt is my mortgage. I’ve always been very conservative but also fortunate that I’ve never had A medical crisis or anything major like that. Or kids.

@Starry_Night_Sky7455

Жыл бұрын

No kids. That was smart.

@MKiurinuRigold

Жыл бұрын

❤ wow 🤩 you are very financially literate and you are superb in paying off your student debt on your own

@felixthecat2786

Жыл бұрын

I don't have a credit card either or even car debt (I do not own a car), but I do have student loan debt. It's the only debt I own and I never want to own a house or condo.

Being a single parent is the easiest way to get into debt. Be responsible as to who you have children with. That cannot be stressed enough!!!

@pearlperlitavenegas2023

Жыл бұрын

Some of us are single parents because the other parent died 😪 stop judging

@Julia-en1ok

Жыл бұрын

@@pearlperlitavenegas2023 - I think P is talking about MOST single parents, not every single one of them.

@robertdevoy3119

Жыл бұрын

@@pearlperlitavenegas2023 True but rare.

@robertdevoy3119

Жыл бұрын

Yes, be sure he will be able to pay support after you dump him.

@jenjones90

Жыл бұрын

That's like telling a DV victim "you should have chosen a partner who wasn't going to hit you".

That female reporter (Gina) didn’t compare or bring up that our parents (millennials parents who were millennials ages 80s and early 90s) didn’t have NEARLY the same economy.

@joesmith3590

Жыл бұрын

The generation before grew up during the Great Depression eating tumble weeds and rebuilt the country. The issue is the younger generations have had it too easy and is lazy and irresponsible with money. A generation where the “poor” are obese no surprise they don’t have any money discipline. That is learned

@ecclairmayo4153

3 ай бұрын

Our parents in their 30's dealt with 18% inflation in the late 80s!

I really feel bad for my generation. I was lucky to get into a home with a insane interest rate before the pandemic. Now I look around and think people have no chance at my age anymore. We make a combined income of $140,000 and pay for one child to go to daycare and we can barely save money. It's insane

@davidheinzmann4403

Жыл бұрын

I worked nights, my wife worked days. It can be done

@thisisme3238

Жыл бұрын

@@davidheinzmann4403 Takes a lot of self-discipline, but it can definitely be done.

@privettoli

Жыл бұрын

It also depends on region you live in. In California, Seattle, NYC, etc. it would be much harder than somewhere in the middle of nowhere.

@angelinimartini

Жыл бұрын

@@privettoli middle of nowhere pays middle of nowhere wages. We are now competing with outside money. It’s hard everywhere.

@privettoli

Жыл бұрын

@@angelinimartini you're right, it depends on whether you're working remotely for another market or not. At the same time, saving money in a more expensive area might give you a boost in a cheaper location.

It is easy to take on debt and even more so with inflation and housing going crazy! I've always lived below my means due to growing up poor. Now I'm 28, earn $112k+, no debt, and over $100k net worth so far. Still can't afford a house out here, but when I can it'll be small and I'll have a roommate.

@blaze376192

Жыл бұрын

This is my exact situation aswell. I told myself I wanted to get in the 100k a yr club before I turn 30..... But now after accomplishing I realize it doesn't mean a thing in this economy.

@stuffykong

Жыл бұрын

It's the mindset that matters! I also grew up in a family that watched money, so we lived very poor. I also carry lots of the habits into my life.

@jeretso

Жыл бұрын

When I bought my first house after college I got roomates too. I also drove an old 2-door car, gave up drinking and ate a lot of ramen.

@joesmith3590

Жыл бұрын

Find a partners you will make 100-200k. With the extra salary it is a lot easier. The world isn’t meant for you to live alone since we had woman join the workforce. You can if a decent income but it isn’t easy still.

@iveyhealth2266

Жыл бұрын

You make 112k a year and still can't afford a home. That's insane! Are you in California? It's basically the same here in Florida.

The game has changed. Stop using credit cards, eat at home, invest what you can, stay away from debt, save, save, save. Reward yourselves for your discipline and live within your means. If you follow this plan you will be in a better place.

@bev7236

Жыл бұрын

Yep!

@grantcanty7294

Жыл бұрын

always use credit cards because 1) it builds credit which will help lower borrowing costs when you apply for a mortgage and 2) rewards. just treat it like a debit card so you don't overspend

@steveestebon2079

Жыл бұрын

Use credit card RESPONSIBLY

@mmp495

Жыл бұрын

@@grantcanty7294 cc's with great precaution. They are not helpful to everyone and the banks NEVER lose out on money from ppl using them. I personally don't use them and have done great without.

@normabates2314

Жыл бұрын

This sounds sweet on paper but with inflation and the wages not matching it’s really hard to save. Mind you a lot of us don’t have access to government assistance and still have to pay ridiculous rent prices (it’s almost impossible to find rent controlled apartments) food is just as expensive making it at home as eating out and not to mention medical bills, utilities, phone etc. if you have any money to save consider yourself lucky compared to the average wages. Times are not like in the boomer days.

I just don't understand how anyone can allow any Credit Card debt to be unpaid when it's due? Do they not realize that the Interest rate is about 24%?

@jaydubya9265

Жыл бұрын

It’s free money

@aboutface102

Жыл бұрын

@@jaydubya9265 Lol, if that’s really what they think, may god have mercy on their soul

When I was in my thirties, I racked up debt. What disturbs me is seniors who are in debt.

@nickstone1167

Жыл бұрын

They're dead soon, they don't care. Their kids better not accept the debts though.

@ERuth0420

Жыл бұрын

@@nickstone1167 sadly they won't have a choice in states with filial laws.

@ecclairmayo4153

3 ай бұрын

I hate to see so many seniors homeless on the streets. I shudder to think what it will be like when we age.

I received two stimulus checks total, $1200 in the first round and $1400 in the second split into two deposits. I saved them both; due to the rise in cost of housing and everyday goods vs the rate of increase in my pay I am at a net negative compared to my ratio pre pandemic. I am making more every year, but this annual increase is well overtaken by the rising costs. My spending habits have not changed what so ever because I live on a strict self imposed budget. The stimulus checks did not effect how I spend money at all and I am still losing. I am a single man taking home $50K a year in Tx and I am struggling. Stimulus checks are not what is causing this ‘millennial spending issue’. This is not a matter of self control.

Treat a credit card like what it actually is: an invitation to fall into a hole.

I like how he asked ‘how did millennials get themselves into this situation,’ as if they opted for this path on their own. Should we start with Reagan or the financial crisis or the pandemic or the other financial crisis? Or maybe inflation and generally growing costs or business-ification of all aspects of life (like housing). Or unrealistic expectations like having to have a college degree for every single job while being charged crazy amounts for education and the primary “solution” is student loan…debt. Annoying.

@proud2bnumber1

Жыл бұрын

Yes I really hated how he phrased that...

@mclau1524

Жыл бұрын

dude my landlord charges me $2400 for rent and Im sure he just pays $1200 a month for it and keeps the rest

@RealMattHaney

Жыл бұрын

@TommyGoGetter I went to medical school and accrued large amounts of educational debt. I bought my first home at 37. Regardless, an anecdotal experience is by definition not the norm.

@nickstone1167

Жыл бұрын

It's a blame game, because clearly those with power dont actually have any. Until you decide to deviate, then suddenly ..

@donaldlyons17

Жыл бұрын

No one in finance talks about underlining conditions that lead to issues. Sure many don't have an issue but plenty do. I also say we can't make the same incomes have higher expenses as a group and expect many to avoid poverty and being broke.

Inflation is through the roof while the wages have gone up just a bit.

@stachowi

Жыл бұрын

That “stimmy” money wasn’t free… politicians and bankers made out like bandits 🤡

@yuanruichen2564

Жыл бұрын

Inflation is inevitable when you stop importing cheap chinese products

@innocentrage1

Жыл бұрын

I got a 45% raise last year switching jobs but now its like I hardly made more money because of inflation.

@gregorypaine513

Жыл бұрын

BIDEN S AMERICA!

a large part of being broke is due to single parent households. it's just not economically viable to raise a child by yourself, and many of us millennials were told you can do it on your own... no actually you cant. the other part is the cost of housing and transport. factored in, even if you own your own car outright, your cost of fuel, insurance, new tires, repairs and rent/mortgage is going to be around 50-60% of your income. combine that with rising costs of food and a job market that really has never recovered from the 2008 disaster, it doesnt leave alot for you at the end of the month.

@Julia-en1ok

Жыл бұрын

The market recovered fine after the 2008 scene...and in fact, it was the best time to invest. And WHO told you that raising children on your own could be done by one person? Be careful with excuses.

@michalstelmach4203

Жыл бұрын

single mothers complain the most. But… 75% divorces are initiated by women. Among women with college degrees percentage rises to 90%! So if you choose to leave your husband because you are bored take responsibility and stop complaining.

@Starry_Night_Sky7455

Жыл бұрын

​@@michalstelmach4203I'm betting they're not divorcing due to being bored 🙄. What kind of stupid lack of real life do you come from? I'm very much against kids unless it is a two parent household that is financially well off. Few moms are divorcing due to boredom. Moms have a full time job managing kids. There isn't any weekend off. They can't leave kids at work once evening arrives. It's a constant job. The dad that provides the other half of the genes has to be fully invested too. Kids are a long taxing commitment. Quite commonly a mom gets divorced due to some form of toxic abuse. In this case, the best thing is to separate. Kids cannot be exposed to such an adverse experience in the home. People need to take this family thing seriously.

@AlphaGeekgirl

Жыл бұрын

Despite what everybody is saying, the cost of living is actually cheaper now than it was 30 years ago when I was paying 17% interest on my mortgage, which was 85% of my wage for at least eight years

@zuzanazuscinova5209

Жыл бұрын

Who said that?

Trick is to never borrow money.

@innocentrage1

Жыл бұрын

Just live with your parents till your 80

@RealShaktimaan

Жыл бұрын

​@@innocentrage1 nothing wrong with that. Entire world outside of USA does it.

@absndus

Жыл бұрын

@@innocentrage1 I have done a lot of that, I see no problems. Live on $200.00 a month rent with them and able to save monies as much as possible and increased my biweekly contribution to my 401K to the SP500 index ETF. It is hard, but it took me a lot of discipline, loyalty, humbleness, and money management skills.

@cutehumor

Жыл бұрын

​@@innocentrage1 get a better high paying job. Oops you got a useless liberal arts degree?!

@AV57

Жыл бұрын

@@innocentrage1 my parents kicked me out 1 month after I graduated high school (2004). They said they had done their job and the rest was up to me. So, I never really had a chance to save money. It's always been a challenge just to avoid the gutter.

There could be a million reasons why our generation has taken on so much debt, but from personal experience, the number one reason is non essential spending. Doordash, eating out, new cars, closets full of clothes, alcohol, streaming services, gym memberships, vacations, on and on and on. I have friends who make 100k a year who are drowning in debt more so than the ones who barely make 50k. Again, so many reasons, but in my circle of friends and family, it is over spending and not knowing basic budgeting. We are a one family income, have four children, live below our means. We have a car and house payment, no student loans, very minimal debt (from the non essentials i mentioned earlier). The pandemic scared us smart.

@iank3924

Жыл бұрын

No. Just stop. Cola. Cola. Cola. The insane divide between the rich and the poor. The destruction of the nuclear family. It's not door dash.

This will not end well.

@dickriggles942

Жыл бұрын

Yup, America is screwed. So are many Western countries. Most Canadians can't even afford housing and Trudeau is letting in 400,000 people a year, who will all move to Toronto or Vancouver. Clown world.

@robertjamesonmusic

Жыл бұрын

Not to sound like a dick but given how the times are, maybe she should have stopped at one kid?

@stachowi

Жыл бұрын

I owe I owe so off to work I go…

@shuki1

Жыл бұрын

It's a cycle. Too many people think that we are experiencing things for the first time, but just are ignorant that life has never been 'easy' and perhaps the difference over time is that people are more wasteful and spend more on entertainment and luxuries.

Klarna, Afterpay are a new kind of debt that makes it easier for young people to fall into debt traps

@absndus

Жыл бұрын

I am seeing these type of third party finance tech companies being attached to Amazon, Apple, Walmart, and Kohls. Scary. :|

It's also the generation that loves social media too

It seems that consumer debt will rise unimpeded until lenders clamp down. They set the ceiling vs any floor being created

Well I had Cancer, and had to take a loan out to live while I had treatment, no fault of my own but here I am.

Congrats on dealing with your debt, Stacey! Lot of respect for the determination.

Can we talk about all other aspects when it comes to discussing debt; such as car payments; rent; average utilities; income, retirement balances; etc

@enhancedutility266

Жыл бұрын

I've gathered data over the last year or two and Americans are paying More for everything across the board especially if you're millennial I read somewhere where millennials pay half their earnings and just rent alone and that over a course of a decade of millennial will end up paying $100 to $200,000 in rent

6 words that sealed my financial fate: student loan debt; public school teacher. The positives: zero credit card debt (paid that all off over the course of a couple years) and no car payments (paid in full) . Still, the student loan debt is crushing. And yes, I do work 2 other jobs in addition to my main job and live a very minimal lifestyle (and no kids) .

@cartel_papi

Жыл бұрын

what's your student loan amount?

@MrSupernova111

Жыл бұрын

I'm not a school teacher but student loan debt crushed me too for a few years. Sometimes I question why I decided to go back to school but in the end I'll say it was worth it. Since I graduated from college I've been putting every dollar possible to paying off debt and even started rebuilding my savings at the beginning of last year. The past few years sucked but my combined savings will exceed $100k by next year. I hold a regular job so its not like I'm making six figures or anything remotely close to that. Just pure discipline and sucking it up while I get my head above water. Now, my only issue is trying to purchase a house with these insane prices that we have today. For the time being I'll have to continue saving and hope my salary can support a mortgage payment in the near future. Anyway, stay the course and good luck!

@infinite_vortex

Жыл бұрын

@@cartel_papi 130,000. 2 degrees: special education and school counseling.

@infinite_vortex

Жыл бұрын

@@MrSupernova111 thank you and best of luck to you too!

@notsodelusional

Жыл бұрын

Good luck. There are a number of strategies for accelerating the debt payoff. If you can stick through the difficulty, the retirement plan will be very beneficial for you. Good luck!

Americans living on credit cards. Excellent way to grow your wealth.

Need more news videos speaking on this issue.

I've seen a lot of comments noting that the 60's were a great time for some in the US. If we had a candidate advocating for that sort of tax structure/etc. they'd get called a radical socialist or similar by WSJ/others. Look at the tax rates, company pension rates, school funding, etc. in that time. The powers that be really need to get this under control. The greedflation/consolidation/and high barriers to entry for starting businesses have placed 2 generations in a tough spot. And the only reason this has happened is because a whole generation refused to pay it forward when it comes to social programs. They cut cut cut for some temporary marginal tax relief. The US birth rate will likely decline sharply if these factors remain. That'll really spell doom for the US economy should it happen.

@shanecoleman2937

Жыл бұрын

​@@summerrose4286 Am I correct to read that you think people just live off the gov now? Which of these programs can I hop on? What are the limits/requirements? The 60's certainly weren't sparse. Housing to median income was at a much smaller ratio. Healthcare was cheaper. Companies offered pensions. Good paying jobs could be had without a college degree. Teachers, libraries and schools were better funded. The SSI age was lower. Programs are more means tested now (See ADFC -> TANF) etc.

@Starry_Night_Sky7455

Жыл бұрын

Greedflation. That is really what's happening.

I paid a plumber $100 to show up and look at my sink last week. He was here for about 30 minutes. And I paid him $200 in total. I'm pretty sure he didn't go to college. His truck was a lot nicer than mine too.

@fredsandford2292

Жыл бұрын

Check local plumbers that have advantage plans. Simple fixes are free ie unstopping a sink.

@djm2189

Жыл бұрын

Yeah, the trades are where its at if not a good college degree. Most degrees suck. Trades are always a good option. It was my second choice. Did college and now at 28 earn $112k+, no debt. We might make the same but I work from home, killer benefits, and will continue to easily grow in income due to my career vs the trades. But many trades people make 100k easily.

@jeretso

Жыл бұрын

I paid $700 last winter for an hour

@realdeal139

Жыл бұрын

Yup, plumbers and electricians are gouging people. Furthermore, I Have yet to meet an honest one too.

@Starry_Night_Sky7455

Жыл бұрын

Your PhD tenured professor will need a plumber. But a plumber probably doesn't need a professor. He just needs people that need a plumber. Same goes for every other vital necessity like the power plant, water plant, and especially those that provide us with air conditioning! It's HVAC appreciation day every day!

Using credit cards when you're unable to pay off the balance can be a significant financial mistake. It's recommended to avoid using credit cards altogether if you're unable to pay them off before closing date,, except for essential expenses like rent or food in cases where you don't have the available funds. However, it's advisable to explore alternative options such as finding cheaper rent or visiting food banks before resorting to credit cards.

@sps6

Жыл бұрын

These are basics in finance management...it's astounding people don't know about this...even well educated

@___beyondhorizon4664

Жыл бұрын

I had my Amex when I was a student at MSU, they set up tables for new applications. It got my attention because they gave away huge beach towels with Amex on it😁 till this day, whenever I call to redeem my cash back bonus, they always thank me for a royal member since 1994. I always pay off before the due date each month. Sometimes when I travel in the early 2000, I would Walk into an Amex travel office to pay my bills in Paris and Bogota Colombia. Now I can schedule payment in advance with direct payment transfer, it's useful when I travel out abroad. Growing up poor taught me to only spend what I can afford. I survived the housing bubble, during late 90"s, everyone I knew were buying a house. I have a commitment problem 😅, I cannot go thru tons of documents when buying a house. It turns out renting is better option for me as a world traveler. I survived the 2008 financial crisis buy taking a teaching job in China from 2009-2013. Now, I'm trying to survive the post pandemic job crisis, inflation, high rent etc. I still don't have credit card balance, only spend on food and toiletries. I'm proud of walking out of H&M or Forever 21 not buying anything 😅 I talked myself out of buying things I don't have an occasion for. When I took 10 days off to the DC cherry blossom festival on April 1- 10, I only spend on food and Lyft, all the museums , event are free in DC, plus cheap flights+ hostel.

@kevinweyrauch4875

Жыл бұрын

This sounds like fantastic advice for kids going into college that was never taught how credit cards work.

@JoyofBooking

Жыл бұрын

Why not use free imaginary money to live the lifestyle you want? You can just declare bankruptcy or settle the debt, so you get 10s of thousands of dollars for free, there's really no consequences other than your credit score taking a hit

@privettoli

Жыл бұрын

@@JoyofBooking I hope you're not serious. Good luck finding rent after bankruptcy.

I've been taking care of myself since 17 and most of my millenial peers have been taken care of or subsidized by parents until we were in our 30's. now they are trying to get better degrees and have kids while figuring out how to be an adult.

@gab1172

Жыл бұрын

Fr

@AV57

Жыл бұрын

I'm 37 and have a large group of millennial friends. None of them have been subsidized by their parents after 18.

@David-mu1wz

Жыл бұрын

@@AV57 Very rare to not have moved back home, had a healthcare, insurance, parent plus loan, co-signer, been taken on vacations, received Money for leisure, textbooks, gas or help with a payment during that period. Congrats to you all! sheesh I'm 30 and some of my friends started paying phone bills a few years ago

@realme-pw2lc

Жыл бұрын

I, since 15. Now turning 30, still figuring things out.

@AV57

Жыл бұрын

@@David-mu1wz it’s not rare.

Please stop these audio-focused videos. It's so low-effort. Put some work into it...

@bullpup1337

Жыл бұрын

stop watching then. even better, stop commenting! thanks

@tupisamba211

Жыл бұрын

@@bullpup1337 you are totally right. Asking for effort is one step too far! The gaul I have...

@bullpup1337

Жыл бұрын

@@tupisamba211 actually yeah. You sound like an entitled douche bag. Nobody here owes you anything. Make better content yourself if you think it is such a low effort.

Scary that some people have huge debts that’s so stressful

@DRob-gq3ki

Жыл бұрын

If you have huge debt it’s easier to just stop paying them off all together withdraw your money into cash work under the table or get a job that makes tips and pretend like its not there.

Spending money on useless stuff merely serves as a distraction from facing who we reallt are. Once the useless stuff no longer distracts us, we go out and spend more money on more stuff to distract us....until it doesn't anymore. And the cycle continues. The key is to make use of things that cost no money and still distract us.

@stuffykong

Жыл бұрын

I agree. As the pandemic died down a bit and I took a look around, I realized all the stuff I had purchased in anticipation for a life that still hasn't come back 100% (clothes, shoes, etc). So I put myself on a no buy for 6 months and have found it has been really great. My new goal is to avoid buying anything until I can use up everything I own. I have also been donating and giving away tons of stuff. Consumerism is definitely something we easily fall into if we aren't self aware.

Those silly millennials blowing their money on luxuries like child care, shelter, and groceries.

@CHMichael

Жыл бұрын

Miami is expensive. No way I could maintain my lifestyle over there.

@furiousbane

Жыл бұрын

😂😂😂

@kaseyc5078

Жыл бұрын

And iPhones, Nikes and Netflix subscriptions

@sps6

Жыл бұрын

And buying from influencers, expensive hobbies etc..

@ERuth0420

Жыл бұрын

Ah yes because those women who blew hundreds of thousands of dollars on a college degree only to have children out of wedlock, yes, so smart. My wife has no student debt because she knew at a young age that she wanted only to be a wife and a mother, so that "luxury" will be unnecessary when we have children. Of course her family disowned her for it, but that freed her to be with me. I am infinitely blessed. So sorry that most women choose the harder path, but in the end, you will learn...

WSJ: Americans in their 30’s…shows pic of a 54yr old woman and a 13yr old girl

I treat cc as debit and not see available credit as “free money”

When I am low on cash, I go back to my parents' place to eat

Nobody commented how Stacey got 3 extra credit cards since the beginning of the pandemic?

@Gabster1990

Жыл бұрын

She probably lost her job during the pandemic.

@innocentrage1

Жыл бұрын

So? I got 6. You get the reward sign up bonus and pay it off in 12 months before the interest hits

This debt surge for Americans in their 30s is concerning. It's a reflection of financial challenges many face today. The younger generation often battles student loans, housing costs, and job instability.

I have to wonder if these record figures are adjusted to inflation. Of course as money is constantly losing value, everything is always at record level in unadjusted dollar amounts. The right analysis would be to compare the level of debt over time as a percentage of income, and as a percentage of net income.

I love to hear that Stacey is working the Ramsey plan!

Wages are too low as opposed to the cost of living and instead of raises, businesses issued back handed pay cuts, with credit cards.

Would love to see a review like this of those of us in our 40s…always been focus on boomers and millennials, rarely much on gen X

@AV57

Жыл бұрын

Gen-X was small enough to where it had opportunities to fill in the gaps of Boomer deficiencies in the workforce. If it had been a larger generation, it would have really suffered due to the seniority of the Boomers. Millennials have been waiting for a good 20 years now for the Boomers to finally retire so that they can move into positions that offer a wage that can sustain a family.

@joesmith3590

Жыл бұрын

@@AV57 mileniala didn’t want the jobs that paid well. Their is high paying jobs all over we have unfilled or had to fill with overseas people. After gen x the people didn’t want to do the jobs that paid well they wanted to do what they wanted and they paid for it.

@joesmith3590

Жыл бұрын

@@AV57 lol basically saying we at 30 want management roles that require decades of experience. Th is is why your generation will never not be poor. When boomers retire those jobs will be taken by hungry young foreigners or locals not the milenials that gave up lol.

@davidwood974

Жыл бұрын

@@AV57 Millenials entered the workforce 20 years ago...no way the millenial generation is ready to fill slots of experienced boomers, let alone been waiting 20 years...except those that feel entitled to go from just entering the workforce to taking over for senior leaders, which is why so many have the reputation of entitled brats and keyboard warriors.

@dave23024

10 ай бұрын

Exactly. As a 44-year-old Gen-Xer, I'm "way too old" to care about Millennial problems. They vehemently kept us out of the workforce and now they own it, but they don't seem to own any mirrors.

People really desperately need to learn to be intentional with their finances... I graduated from university in '15, paid off $67k in student / car loans, then saved for a small down payment for my first home... I've not paid aggressively on it because of historically low mortgage rates- rather I have just boosted emergency reserves to $20k, meanwhile saving $108k into my retirement. It helps living in the Midwest- very affordable. I feel very grateful to have reached this financial standing, nearing age 34.

@travelpro23

Жыл бұрын

People who speak like you typically feel that you are above others; do you want an award certificate for saving/paying off all of your debt? Congrats. Do you know how many people are NOT able to do that, even when managing money intentionally? This comment was very tone deaf, especially in the economy we find ourselves in.

@bSQUARED08

Жыл бұрын

@@travelpro23 my bad for celebrating my victories 🤣

@travelpro23

Жыл бұрын

@@bSQUARED08 you literally stared off with saying what others need to do with their money (not knowing anything about other’s financial situations), and then gloated about you paying off things, on a thread that’s literally about people being in debt due to not having enough to make ends meet. Maybe you should celebrate and pat yourself on the back on a different thread!

@bSQUARED08

Жыл бұрын

@@travelpro23 do you disagree that people should learn to be intentional with their finances?

@katy1282

Жыл бұрын

@Brett Burton, congratulations to you. You have done a great job. Very inspiring indeed. Wish you many more accomplishments in the future.

First of all don't be a single parent.

Good interview- graphics (charts, animations etc) would add a lot to the video.

2 years ago when everyone was buying up $500K houses they said millennials had highest credit scores with most secure financials.

Squarely a mid-lennial here at 35 and very proud to say I have no debts of any kind! That'll change when I get married and buy a house but for now I'll enjoy the feeling. 😅

@eddiemalvin

Жыл бұрын

Congrats on being debt free! The good news is... getting married shouldn't put you in debt. Quite the opposite. When my partner and I got married, our combined incomes and shared expenses put us in a much better financial situation. As long as you "do the math" before adding a new home and children into the equation, you'll be fine. Best of luck!

@neilmckay8649

Жыл бұрын

Love the term 'mid-lennial'. People in their 30s often try to live like their parents or the stars in the sitcoms and therefore spend beyond their means trying to convince others and themselves that they are not losers. Financial balance is a long game.

@aboutface102

Жыл бұрын

Having a mortgage shouldn't count as debt in most cases because it actually increases your net worth. Or should anyways unless you buy in a bust town.

@cityofabscissae

Жыл бұрын

Make it your aim to always be debt-free. I'm a 41-year-old millennial and bought my first house at age 35 with $252,000 cash that I had saved since my first job in high school. I married before I turned 37. I carry no debt and feel the freedom of not being tethered to a lender or having to pay unnecessary interest. Buy a fuel-efficient vehicle and you're on your way to a good financial future. We grew up on government assistance for half my childhood, so I learned the value of a penny.

@jeffreycheng5984

Жыл бұрын

"Live your best life! Have incredible relationships, just don't get state divorce laws involved. They will dictate your finances in the likely event your marriage becomes non-functional! Be careful out there! I wanna keep ya outta my office!"- Jonathan Noble Esquire. Pennsylvania divorce attorney who has practiced in fields of divorce and family law for 20 years.

Love the snowball method! Nice effort Stacey.

Imagine what will happen to our economy when these indebted generations reach their 40s and 50s, so economically most active and productive age. With easy money and speculations, we’ve just sacrificed our future generation for the wealth of very few who don’t even care about us. Once this shifting of economical burden to future generation happens, it keeps going from one generation to the next one in vicious circle. The worst thing is, those few people with concentrated wealth have now even more political power.

@alexandrugheorghe5610

10 ай бұрын

It's a vicious cycle.

No DISCIPLINE, no SELF DENIAL, no, STREET SMARTS. Too much SELF INDULGENCE, sense of ENTITLEMENT and ENVY of what others have.

My husband and I gave up on pursuing buying a home.

Anyone struggling with their finances needs to listen to Dave Ramsey and actually do what he says. I was $120,000 in debt in 2019, but I now have a positive net worth of almost half a million because I followed his baby steps and realized that I was the problem and I was the only one who was going to fix the issues I had with money. Avoid debt at all costs.

@tysonreuter5788

Жыл бұрын

How in the heck did you climb out of that hole so fast?

@stevemount

Жыл бұрын

@@tysonreuter5788 my side hustle turned into my full time job and I've been able to increase my income big time. Your income is the biggest tool you have so I'm always looking for ways to increase it

I think the problem is that we, as a generation, are not educated about debt and the consequences of taking on debt. This is not helped by the fact that we are being sold debt as a solution to our problems and that we live in a 'I want it now' society. We need to educate ourselves because we can't rely on anyone else to tell us because either it's not in their interest to tell us or they don't know themselves.

Student loan payments begin this summer. That will be the final nail in the coffin. All these fools that spent money carelessly since the pandemic and racked up historic amounts of debt will be in a world of hurt. Luckily, for those of us who took advantage, paid off debt, and saved we will have opportunities to acquire more reasonable priced assets like a (first) house.

@albertoulloa22

Жыл бұрын

It is not luck, there is something wrong in the system so that the generation with more university degrees lives with deprivations. the 2008 crisis and the crisis caused by the pandemic and inflation have affected our economy in a devastating way. go back to the 70's, 80's and 90's people with an average job were able to buy a house. That world no longer exists. If you were lucky enough to acquire a house, congratulations. You are an exception, not the rule keep that in mind

@Emiltecknar

Жыл бұрын

@@albertoulloa22 i mean If you try to get a house in the most sought after places on earth you probably gonna have to be ready to pay a high price. Older generations did not Do that

@stachowi

Жыл бұрын

I’ll believe them paying when I see it… you know they’re going to be defaulting and the government will have to bail out the dead beats…. We live in an age of bailouts and zero accountability, that’s why we’re seeing what we’re seeing. I paid and sacrificed bc I didn’t have any chance of help…

@BTrain-is8ch

Жыл бұрын

@@albertoulloa22 The something that went wrong is that people mistook the degrees for being valuable. Differentiation in the labor pool was and continues to be valuable. When everyone has a degree they stop being a differentiator. Also the homeownership rate in the US oscillates between the mid 50s and the low 60s. People with average jobs have never been able to buy houses as the default circumstance.

@mushroomtits8387

Жыл бұрын

@@Emiltecknar not a strong argument in the least. U sound like a NiMBY advocate. They tend 2 say that double talk

Doesn’t it seem pretty normal that people in their 30s are buying houses and so mortgage debt is significantly increasing at this age while gen x has already bought homes and cars and boomers debt is decreasing because they’re paying off their homes? I feel like these large numbers don’t mean anything if they aren’t disaggregated.

@JaZmine147

Жыл бұрын

My friends in their 30ies can't afford to buy a home. Decent homes are 6 figures now where I live. And some of them being single doesn't help much with taking on loans.

@Madamchief

Жыл бұрын

When has there ever been a house less than $100k?? Maybe our grandparents could get a house for less than "6 figures"

@gio.orbit5498

Жыл бұрын

I think they're talking about credit card debt only, if we talk about overall debt than yea what you said would make sense

@ddellwo

Жыл бұрын

Hailey - if that’s really your picture you are stinking adorable…….👍

@leilaniz5909

Жыл бұрын

​@lfymedia5498 well, my credit card debt which almost meets her average, just under 6k, is from a combination of the pandemic, moving to an area where we can afford to start a family, and getting married 😅 not too bad considering

Stacey is a single mother. No wonder she is struggling. Bad choices of fathers!

That sounds like Snowball debt from the Dave Ramsey’s baby steps. 2:41

In 2019, lost my professional job, had $50000 in debt from student loans, car loans, & credit cards. A year ago, got debt free. Today, at least $100000 in retirement accounts.

Wages aren’t keeping up! We have a family of 3 living in a major coastal city on 80k /year. Older family keeps telling us how much we a failing, telling us we should be able to buy a house, own two cars, go on vacation. We are extremely responsible with our money and have no credit card debt, we are working down a student loan we can’t afford everything people keep telling us we should be able to afford but we can’t.

Jeff Bridges stared and produced in a movie about tight money decisions families are forced to make. Watch it. It's like 30 years old, and still relevant

@friendsofjordanveal

Жыл бұрын

American Heart? Blown Away?

@Starry_Night_Sky7455

Жыл бұрын

No title? Who is this? I'd have to Google.

This is the generation that thinks "KZread" is a career, no pension plan, no benefits, no vacation and no future but they all want to be famous on KZread. You get what you put out, it is just that simple.

Because they think they deserve more than they actually deserve. I lived with roommates until age 27 and drove a beater til age 27. My 21 year old niece drives a Mercedes’ and lives alone and is broke.

Maybe because Rent is too high

@kaseyc5078

Жыл бұрын

Yet the border is wide open with people coming and making housing situation worse

Not to mention the lack of home ownership (and ability to) makes us fall victim to rising rents that you have no choice but to keep paying to live somewhere

It's crazy how uninsightful this piece of journalism was considering the title

As a millennial I saw all my friends choose to party and drink and spend money frivolously on clothes and cars and vacations and every other stupid decision you can make in life meanwhile I was consistently working 12 hour days day after day week after week year after year I now own 8 cars, cash, my home... cash and ZERO debt meanwhile everyone around me can barely get by because of a lifetime of stupid choices and absolutely no impulse control or willingness to sacrifice anything And then you read the comments here and see nothing but endless excuses because nobody wants to ever take accountability for their poor choices. Maybe one day all these people will stop blaming everyone else and take accountability for their life no matter what the situation is.

@Sydrel

Жыл бұрын

Great achievement Daniel 🎉🎉

@SevenEllen

Жыл бұрын

I saw something similar while I was at uni. One of the guys living in our shared dorm blew his student loan on partying and I thought it was the stupidest thing he probably did in his life. I hung onto my four figure savings like glue and defended it fiercely when I got my first place because I knew this wasn't a game. I wasn't playing House, this was real now, and it was up to me to pay the bills and take care of myself.

@SevenEllen

Жыл бұрын

Why the heck do you need eight cars??

1. Bad with Money. 2. Worthless college degrees, about 75% of degrees!!

Not me! I have $14 in debt I don’t shop online unless necessary

Is crazy how people dont have self control. I am 37 and my husband 39 we just paid off our mortgage now on September 2023 is just the most amazing relief. Now we just want to focus on investing and saving for retirement. We don't have the newest house in the block or the most modern home, we have all what we need. People called us crazy for been working so much and skipping wants for over 3 years now. I have a couple of friends that are our age and they have over half of million in debt including mortgage, cars, patios extensions and vacations. I look at them and I pray for them because a bad season can hurt them really bad to them and their family.

Advertisers, lenders, and manufacturers all want us to believe we have to own the latest and greatest. Just because something is not shiny and new does not mean it needs to be replaced. Growing up under parents born during the great depression taught me a lot about the value of a dollar. Consumer debt only makes someone else rich. Compounded interest works two ways: pay it and remain saddled to payments and a life of work, or earn it and save for your own future.

No millennials were born in the 2000s FYI. The general cut off for Millennials is typically around 1993-1996. Meaning that folks born in the late 90’s early 2000s are the oldest members of Gen Z

@Truth-of-the-matter

Жыл бұрын

1982-1994ish. Not sure where you found your information.

@bonquiqui874

Жыл бұрын

@@Truth-of-the-matter pew research center defines the cutoff as 1996, I used the 3 year range to account for other sources. But there are also people who consider themselves on the cusp of any generation and they typically are near the very beginning or very end. This was mostly in response to him saying the early 2000s for millennials which is just not true

@Madamchief

Жыл бұрын

It's an arbitrary measurement for sociologists... It really doesn't matter, but you have it backwards. Gen Z is born after 2000

Me 27 graduated College 3 years ago, and have a degree I can't use in my valley I have to move to LA wich before the 2nd great depression I was ready but now It's extremely hard to do anything. Am in a loosing battle trying to get my foot in the door.

Millenials weren't born in the early 2000s, that was Gen Z. The cut-off age for Millennial generation birth year is 1995/6. How does this reporter do an entire video about a generation and not even have the most basic information on them.. Ridiculous.

When she said “I could go spend money if I wanted to.. but I have debt” like no, u can’t go spend money. SMH it’s basic math, you’re in the red, negative,. -_-

Thank goodness

Is $6000 really considered A HUGE amount of debt for one person?

@privacyplease1556

Жыл бұрын

$6000 on just credit cards is a huge amount of debt. That’s the problem. People are financially illiterate. Because it’s never just the credit cards. It’s $6,000 in credit card debt. Then $30,000 in student loans. Then $40,000 on a new car.

@chowsquid

Жыл бұрын

Just give it a few months….😂

@jeretso

Жыл бұрын

Add in 20% interest credit cards and brand new truck over MSRP to carry all the purchases

@samtraveljunkie

8 ай бұрын

wrong. 6k on zero percent interest credit cards is a smart move, depending on annual salary and if you can afford to have more than triple of your debt in savings ( you can pay them usually within 24 or 18 months) - plus CC gives you points which can be used to travel / stay in hotels or get cash back sometimes upto 5% back. However, if you have a designer handbag or some bulljive LV or hermes purse bought on your CC for 6k - yea that's plain dumb and stupid haha. buying groceries or paying insurance or gas payments or paying at restaurants using CC is always smart@@privacyplease1556 You are right that people are dumb when they buy a 75k car on salary of 100k. its plain dumb

We are just loading up on debt -- and are waiting for the economy to crash, then we'll file bankruptcy and drop all of that big debt load. That's what I am doing, and gonna be scott-free soon.

@Wong-Jack-Man

Жыл бұрын

I filed bankruptcy 2 yrs ago after a failed business and was one of my low points in life plus a divorce at the same time. Today Im free snd have saved up alot of money and of course no debt and never plan on it again. I’m more financially literate today and focus on earning and keeping wealth and live a minimalist life. I’m not worried about not having to make a big purchase until my Bk falls of my credit report on 10yrs.

@MrSupernova111

Жыл бұрын

lol

@mamotalemankoe3775

Жыл бұрын

@@Wong-Jack-Man This something Americans take for granted, your bankruptcy system is very, very, very lenient to the debtor compared to most nations, even if you are poor. In my country, your debt will only be forgiven after 10 years of filing, and many poor people lack the funds to pay the court to conduct the procedure to begin with. Your nation is flawed, like all others but it does have clear and powerful strengths.

A revolt is necessary but we are so distracted and divided.

Shampoo price hit me....crazy price.

@williamjacobs

Жыл бұрын

Same. 4:49 "2 shampoos, a body wash, and a deodorant. $40. Basic stuff."

Debt was fine when rates were low but now with fed funds at 5% you don't want it at all.

I joined the army after high school, did my 6 year contract, got my Gi-bill, so no debt from school, saved everything for 6 year’s and after I got out for another 5, meaning I lived below my means like the lady, invested where I could, saved where I could, looked for deals, applied for everything that could save me money, mind you I did all this while going through a divorce, living in my car for 3 years ( I had a goal and I was determined ) i also got custody of my kids, 2 of them disabled and still managed to saved enough for my new home, completely debt free aside my mortgage, have enough in investment for my later year’s, we travel, we enjoy life however I still don’t spend or throw money away lol that old habit of living frugally has remained and I’m teaching my kids to be smart with their finances, showing them how the system works and how to take advantage of the small opportunities you get. Oh I forgot to mentioned I’m a minority lol ex-infantrymen so the odds were not exactly on my side.

@mmp495

Жыл бұрын

Dan C-section you are an inspiration to your generation. I’m tired of hearing and reading how milineals are headed in so much debt. There are ways around it such as what you did. Thank you for posting.

@randomyoutuber7898

Жыл бұрын

This is facts 🔥 Money Management is King 👑

@Aristaifly

Жыл бұрын

Can I ask you what motivated to write this comment? Like you want some acknowledgement from random people or is it a narcissistic tendency to show yourself off and teach others? Didn't mean to offend. It is just very strange to write you life story below 6 min video that wasn't about you.

@OurLadyLaLa

Жыл бұрын

@@Aristaifly this made me giggle lol. Thank you for giving me a reason to smile this afternoon

@Aristaifly

Жыл бұрын

@@OurLadyLaLa you can breath and enjoy sun this should be enough to make you smile. Any insights on why people confess their lives on internet? I genuinely want to know.

This videos have interesting context but they aren’t really videos, just audio. I wish they had more visualizations to display the information

Not only is debt an issue, but we are in a very pronounced market bubble right now created by federal reserve banks that has been gaining steam since at least 2013. Gonna pop as some point. And the warning signs are already here. Mainly inflation that is turning into stagflation. Get ready.

Wow it's almost like using fake money backed by nothing has consequences in the long run

I personally enjoy the thought that since the climate will be drastically destabilized in the next 30 years that we should enjoy it now before everything collapses

Do people realize that housing inflation is similar but not identical to overall inflation? The reason goods are being expensive is that there is too much money supply. The supply issue is transient, and keeps getting better over time. But inflation will remain sticky until the time money supply gets reduced. The reason houses are expensive AF is A) there are not enough houses (seriously, theres is an issue with permits and lack of construction in most states) and B) lending rates have increased post 2020. And people want to make this issue about taxing the rich. I dont care how many people get rich - housing price inflation in double digits is something that the government caused directly, and it has nothing in relation with corporations and their greed.

The reason why the new generation people are racking up debt is because a new trend call by now pay later

Being single is the modern unaffordable luxury.

Something is not right with Stacey's story. Federal aids were going through continuously until 2022 for families with children, she wouldn't need to pay rent for a very long time, so she should be saving more money, especially when she said she was already putting money away into savings.

@carylhalfwassen8555

Жыл бұрын

Being single with two kids? No father contributing? Two households needed is biggest part of her problem. $40 for personal products like shampoo? For a teen? Of course she can’t afford to go out!

millennials be like "that $1200 tattoo I wanted is $1500 now! I have no choice but to put it on a credit card!"

@two-sense

11 ай бұрын

The tattoo of that AMAZING!! avocado toast they just had. Sooooo totally worth it.

Suave Shampoo is like $2-4 dollars!

If you suck at finances, just don’t apply for ANY loans or credit cards 🙄

It's harder to be given bankruptcy. Live within your means.

Not all of us are struggling, I would like to see more coverage of the millennials that paid off their student loans and own their own home etc. At least here in Texas there are quite a few of us doing just fine.

Young have taken debt because the developed world has allowed corporations/investors to enter Residential RE, and taking debt is a click away with safeguard more for lenders VS brower.

Why did she mention stimulus checks like there were more than two for the two year lockdown 😂

Average 6k or more in credit card debt...tell the banks stop giving out credit...

It’s historic because things that people usually need to pull loans for are historically expensive