Do you think most Millennials will be better or worse off than Boomers/X?

Status
Not open for further replies.
Originally Posted by oilpsi2high

That's cool that new cars have all of these great improvements. Where's the salary improvements so that we can afford one?


If you choose to persist in a low paying job and want a cheep car like 30 years ago, try this:

https://20somethingfinance.com/cheapest-new-cars/

Even these are light years better than a 30 year old 1988 Cavlier.

Please stop the apples to watermelons comparisons. They just don't work.
 
Originally Posted by ZZman
I mean financially, health, security etc...

I think if things don't change they will be worse off.

I feel for my kids.


They are better off then ever, the younger generation has been spoiled with "free stuff", they dont know about budgets and saving money.
They take out loans for everything they buy, not mature enough to save.
They also will live longer then ever. 100 years ago the average male lived to 48 years old.

When taking out loans, they buy things they have no right owning to begin with. Why?
There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.

They have been spoiled and unable to deal with the real world.
1. They own cell phones and cell phone plans they can not afford
2. They borrow massive amounts of money to buy cars they can not afford. No reason to borrow more then $5000 for a car if you have no cash.
3. They take out college loans with no clear ave for an income, even more, they are unwilling to work while in college and they do not calculate the cost of these loans.

They are unable to say no to spending money they do not have, so they give it to banks in interest and very, very FEW of them ever calculate how much the money they borrow actually cost them and I am not only talking about interest, for example they take out a car loan for 425. a month, that means they actaully have to make over $500 a month to pay the $425 loan because after taxes that over $500 is reduced to $425.

They are literally slaves to banks because it is what they CHOOSE to do.
They believe all this garbage on the internet they plays into their feeling of being worse off, they can not stand on their own two feet without going to a bank to borrow money for things they will not save for.

Not all kids by any means but the majority for sure. Too immature to not buy things that they have not saved for.
Im tired of whining from young people and proud of my kids, now out on their own and can stand on their own two feet earn and work hard for what they have.
They see it in their other friends, borrow and spend, it doesnt impress them.
 
Last edited:
Originally Posted by alarmguy
Originally Posted by ZZman
I mean financially, health, security etc...

I think if things don't change they will be worse off.

I feel for my kids.


They are better off then ever, the younger generation has been spoiled with "free stuff", they dont know about budgets and saving money.
They take out loans for everything they buy, not mature enough to save.
They also will live longer then ever. 100 years ago the average male lived to 48 years old.

When taking out loans, they buy things they have no right owning to begin with. Why?
There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.

They have been spoiled and unable to deal with the real world.
1. They own cell phones and cell phone plans they can not afford
2. They borrow massive amounts of money to buy cars they can not afford. No reason to borrow more then $5000 for a car if you have no cash.
3. They take out college loans with no clear ave for an income, even more, they are unwilling to work while in college and they do not calculate the cost of these loans.

They are unable to say no to spending money they do not have, so they give it to banks in interest and very, very FEW of them ever calculate how much the money they borrow actually cost them and I am not only talking about interest, for example they take out a car loan for 425. a month, that means they actaully have to make over $500 a month to pay the $425 loan because after taxes that over $500 is reduced to $425.

They are literally slaves to banks because it is what they CHOOSE to do.
They believe all this garbage on the internet they plays into their feeling of being worse off, they can not stand on their own two feet without going to a bank to borrow money for things they will not save for.

Not all kids by any means but the majority for sure. Too immature to not buy things that they have not saved for.
Im tired of whining from young people and proud of my kids, now out on their own and can stand on their own two feet earn and work hard for what they have.
They see it in their other friends, borrow and spend, it doesnt impress them.

You really have no idea what you're talking about.

They take student loans because college costs ridiculous amounts of money.

It wasn't my generation that took out huge mortgages they couldn't afford and crashed the economy 10 years ago.

What are they getting for free?

Buying cell phones they can't afford? The fanciest cell phone is $40 a month.

They do work while in college. What do I know? I only graduated from college 3 months ago. Often times in my 300 student lectures we were asked who works while in school, at LEAST 3/4 of the class would raise their hands.
 
Originally Posted by alarmguy


There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.


Auto financing was HUGE in the 1920s, with around 75% of new cars financed by the mid 1920s. GMAC was started in 1919 because financing was already such a major part of the auto industry.

Ford had a "Weekly Payment Plan" in the mid 1920 which was basically a lay-away plan. It was a failure because people wanted nicer cars they could finance. In 1928 Ford started a finance arm to compete with GMAC.

http://americanradioworks.publicradio.org/features/americandream/b1.html

https://automobileandamericanlife.blogspot.com/2016/05/buying-cars-on-credit-1920s.html?m=1

https://worldhistory.us/american-history/cars-in-the-1920s-the-early-automobile-industry.php

People are no different now than they were 100 years ago.
 
Originally Posted by Nick1994
Originally Posted by alarmguy
Originally Posted by ZZman
I mean financially, health, security etc...

I think if things don't change they will be worse off.

I feel for my kids.


They are better off then ever, the younger generation has been spoiled with "free stuff", they dont know about budgets and saving money.
They take out loans for everything they buy, not mature enough to save.
They also will live longer then ever. 100 years ago the average male lived to 48 years old.

When taking out loans, they buy things they have no right owning to begin with. Why?
There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.

They have been spoiled and unable to deal with the real world.
1. They own cell phones and cell phone plans they can not afford
2. They borrow massive amounts of money to buy cars they can not afford. No reason to borrow more then $5000 for a car if you have no cash.
3. They take out college loans with no clear ave for an income, even more, they are unwilling to work while in college and they do not calculate the cost of these loans.

They are unable to say no to spending money they do not have, so they give it to banks in interest and very, very FEW of them ever calculate how much the money they borrow actually cost them and I am not only talking about interest, for example they take out a car loan for 425. a month, that means they actaully have to make over $500 a month to pay the $425 loan because after taxes that over $500 is reduced to $425.

They are literally slaves to banks because it is what they CHOOSE to do.
They believe all this garbage on the internet they plays into their feeling of being worse off, they can not stand on their own two feet without going to a bank to borrow money for things they will not save for.

Not all kids by any means but the majority for sure. Too immature to not buy things that they have not saved for.
Im tired of whining from young people and proud of my kids, now out on their own and can stand on their own two feet earn and work hard for what they have.
They see it in their other friends, borrow and spend, it doesnt impress them.

You really have no idea what you're talking about.

They take student loans because college costs ridiculous amounts of money.

It wasn't my generation that took out huge mortgages they couldn't afford and crashed the economy 10 years ago.

What are they getting for free?

Buying cell phones they can't afford? The fanciest cell phone is $40 a month.

They do work while in college. What do I know? I only graduated from college 3 months ago. Often times in my 300 student lectures we were asked who works while in school, at LEAST 3/4 of the class would raise their hands.


FWIW I have always felt like college was a trap for many if not most and I never took classes except when I was in the military and they were footing the entire bill. All I heard growing up in the 90's was that you just had to go to college to get any good job. At the same time my brother, who is 7 years older, when to college and did nothing with his degree. In fact I think most of his friends didn't do much if anything with their degrees other than using them as a resume booster.

So many of my friends and other people I have come across have done nothing with any college education they have received. It has not helped many of them land some life altering job but rather saddled them with massive debt. Also many have had their minds warped by the "education" and have been influenced into very poor ways of thinking and acting. Many squandered their time partying.

I am not suggesting that everyone I have known that has gone the college route is a failure, many have done incredibly well but it is usually due to them pursuing a specific degree in a more specialized career field. Even then many of those people, due to their debt, have to adopt the docile employee mentality because they have to keep their jobs.

It just seems like for the majority that college is a scam whereby many pay huge amounts of money to become indoctrinated and see little to no long term benefit, in fact it may be entirely to your detriment.
 
Last edited:
I always love the "dang kids and their cell phones" argument.
smirk2.gif
My plan is a whopping $63 a month.

Very easily 20 years ago people had a desktop computer, a separate monitor, a separate modem, separate keyboard, mouse, external disc drive, a landline, a film camera, a VHS camcorder, etc. I have NONE of that - and I guarantee in today's dollars my iPhone is far cheaper than all that junk combined.

A Tandy Radio Shack TRS-80 was $2,999 in 1983 (in 1983 dollars, too). And a $1,000 smartphone with a million times the computing power now is dumb? lol.

Oh, And I bet I easily save $50/month while out shopping because I search for better deals elsewhere as I go - with my smartphone in my hand.
 
Originally Posted by alarmguy
3. They take out college loans with no clear ave for an income, even more, they are unwilling to work while in college and they do not calculate the cost of these loans.


So they can be taught by the teachers of last generation who demand high wages and bosses who require years of experience for entry level jobs? I understand getting a relevant degree and working hard but I sure wouldn't imagine somebody having 4 years of experience coming straight out of college only to get a near/minimum paying job. Any state university here is $27.5k per year for a full time student and that's for in-state tuition not including boarding.
 
Last edited:
Originally Posted by alarmguy
Originally Posted by ZZman
I mean financially, health, security etc...

I think if things don't change they will be worse off.

I feel for my kids.


They are better off then ever, the younger generation has been spoiled with "free stuff", they dont know about budgets and saving money.
They take out loans for everything they buy, not mature enough to save.
They also will live longer then ever. 100 years ago the average male lived to 48 years old.

When taking out loans, they buy things they have no right owning to begin with. Why?
There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.

They have been spoiled and unable to deal with the real world.
1. They own cell phones and cell phone plans they can not afford
2. They borrow massive amounts of money to buy cars they can not afford. No reason to borrow more then $5000 for a car if you have no cash.
3. They take out college loans with no clear ave for an income, even more, they are unwilling to work while in college and they do not calculate the cost of these loans.

They are unable to say no to spending money they do not have, so they give it to banks in interest and very, very FEW of them ever calculate how much the money they borrow actually cost them and I am not only talking about interest, for example they take out a car loan for 425. a month, that means they actaully have to make over $500 a month to pay the $425 loan because after taxes that over $500 is reduced to $425.

They are literally slaves to banks because it is what they CHOOSE to do.
They believe all this garbage on the internet they plays into their feeling of being worse off, they can not stand on their own two feet without going to a bank to borrow money for things they will not save for.

Not all kids by any means but the majority for sure. Too immature to not buy things that they have not saved for.
Im tired of whining from young people and proud of my kids, now out on their own and can stand on their own two feet earn and work hard for what they have.
They see it in their other friends, borrow and spend, it doesnt impress them.



Well, let's look at something another way, Alarmguy...

What have I personally borrowed money for?

-Oh, some dumb stuff, I won't lie. Nope. NO excuse for it other than "I had/have fun!!!"
-A house and some land...house interest rates are amazing right now. Let's consider what they have historically been, and let's consider what they are now...were I to save up and put 100% down, I would be renting for a good while, yes? That's money I'll NEVER get back that got me NOTHING. Also, if I were to say, save up 50% or even just 25%, there is nothing to say the market won't creep up 1-3% on the interest rates, and over the life of the loan, my savings would be worth LESS than their cash value, and I would have LOST money by "being responsible". Also...rent.

Life isn't forever, and renting sucks. Living somewhere where the land lord is in charge sucks. You have very little tenant rights in some states, and you basically traded your mommy and daddy for a landlord. Screw that.

-A vehicle. You're right, here. I should have just bought cash, from a financial standpoint. From an enjoyment/safety/reliability standpoint, I got a new vehicle that tops the safety charts and is very reliable. I drive 100+ mi a day. My interest rate is pretty low, too. I believe over the life of the loan it will cost me a few thousand dollars in interest.

Am I a slave to the bank? Well, maybe. I work 3 days a week to pay for my things. That kindof sucks. I wish I didn't have to work ANY days of the week, yeah? Anyway, what if I had decided to save instead of finance? I'd just be a slave to my piggy-bank, so to speak, then, right? And not only that, I'd be a slave to a Rental agreement/Landlord, too, yeah?

Look man, if someone is financially stable, solvent, and enjoying life...rock on?

I get what you're saying about the whiners and total "toddler with a gun" types, though, for sure!
 
Originally Posted by E365
Originally Posted by alarmguy


There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.


Auto financing was HUGE in the 1920s, with around 75% of new cars financed by the mid 1920s. GMAC was started in 1919 because financing was already such a major part of the auto industry.

Ford had a "Weekly Payment Plan" in the mid 1920 which was basically a lay-away plan. It was a failure because people wanted nicer cars they could finance. In 1928 Ford started a finance arm to compete with GMAC.

http://americanradioworks.publicradio.org/features/americandream/b1.html

https://automobileandamericanlife.blogspot.com/2016/05/buying-cars-on-credit-1920s.html?m=1

https://worldhistory.us/american-history/cars-in-the-1920s-the-early-automobile-industry.php

People are no different now than they were 100 years ago.

This I can totally believe. Human nature hasn't changed. Where else did various religious edicts against borrowing from, despite being written millenia ago?

Which makes me not worry about this generation. Yes there are problems--but the generation that lived through the Great Depression and WWII managed to rise above their obstacles. This generation (and future ones) will do the same.
 
Originally Posted by supton
Originally Posted by E365
Originally Posted by alarmguy


There is no reason to borrow money from people for things you can not afford, our parents generation saved and invested, the young spend and borrow.


Auto financing was HUGE in the 1920s, with around 75% of new cars financed by the mid 1920s. GMAC was started in 1919 because financing was already such a major part of the auto industry.

Ford had a "Weekly Payment Plan" in the mid 1920 which was basically a lay-away plan. It was a failure because people wanted nicer cars they could finance. In 1928 Ford started a finance arm to compete with GMAC.

http://americanradioworks.publicradio.org/features/americandream/b1.html

https://automobileandamericanlife.blogspot.com/2016/05/buying-cars-on-credit-1920s.html?m=1

https://worldhistory.us/american-history/cars-in-the-1920s-the-early-automobile-industry.php

People are no different now than they were 100 years ago.

This I can totally believe. Human nature hasn't changed. Where else did various religious edicts against borrowing from, despite being written millenia ago?

Which makes me not worry about this generation. Yes there are problems--but the generation that lived through the Great Depression and WWII managed to rise above their obstacles. This generation (and future ones) will do the same.



EXACTLY...

When I was in school, there were a few people who I thought were just stupid. Failures at life. I overheard them talking about all the things in their personal life, and thought "what the [censored]!?"

But then it dawned on me...they were my same age, in the same program I was in, and we were at the same point in life. So maybe I was just as stupid as they were...or maybe more than one road leads to Rome...for the sake of my ego, I chose to believe the latter.
 
Originally Posted by alarmguy

They have been spoiled and unable to deal with the real world.
1. They own cell phones and cell phone plans they can not afford
2. They borrow massive amounts of money to buy cars they can not afford. No reason to borrow more then $5000 for a car if you have no cash.
3. They take out college loans with no clear ave for an income, even more, they are unwilling to work while in college and they do not calculate the cost of these loans.

They are unable to say no to spending money they do not have, so they give it to banks in interest and very, very FEW of them ever calculate how much the money they borrow actually cost them and I am not only talking about interest, for example they take out a car loan for 425. a month, that means they actaully have to make over $500 a month to pay the $425 loan because after taxes that over $500 is reduced to $425.


1. Assuming you have semi-decent credit, the providers will give you an interest free loan for a phone. Why pay the full cost up front if I don't have too?

2. From a purely financial standpoint you're right. But I don't care, I'm not daily driving a $5,000 beater. I work hard, at the end of my shift I want to drive something that is comfortable, I enjoy driving, and has a good stereo.

3. I agree with this one.
 
I'll chime in here. IMO, in the current state of this country where available jobs are much less than job seekers, it appears the odds are not favorable for the younger crowd and maybe a good portion of ages 55+. Just my opinion though.
 
Originally Posted by 1978elcamino
I'll chime in here. IMO, in the current state of this country where available jobs are much less than job seekers, it appears the odds are not favorable for the younger crowd and maybe a good portion of ages 55+. Just my opinion though.


When I was a business owner, I belonged to an association of business owners. I'm still friends with those people, and the ones that still have their businesses are understaffed, and constantly looking for good employees. Ie: There are more jobs than people to fill those jobs. Most of the jobs available aren't just entry level grunt work (not that there's anything wrong with that), but high paying jobs that require skilled workers, who are willing to work.

The "willing to work" part seems to be the biggest hurdle with lots of new hires, according to my business owner friends.
 
Last edited:
Originally Posted by 02SE


When I was a business owner, I belonged to an association of business owners. I'm still friends with those people, and the ones that still have their businesses are understaffed, and constantly looking for good employees. Ie: There are more jobs than people to fill those jobs. Most of the jobs available aren't just entry level grunt work (not that there's anything wrong with that), but high paying jobs that require skilled workers, who are willing to work.

The "willing to work" part seems to be the biggest hurdle with lots of new hires, according to my business owner friends.

I see a lot of that in Silicon Valley.
I also see successful companies reward results.
Not just a result; continuous results.
 
Originally Posted by ZZman
I mean financially, health, security etc...

I think if things don't change they will be worse off.

I feel for my kids.


Dont feel for your kids but they will be worse off, not all kids though.
The only reason for this is the young do not save money. They borrow and spend.

If any child has a car loan, credit card balance or any debt except a home mortgage then they need to cut everything they own until they can stand up on their own two feet.
Bottom line, there is no reason to borrow money from other people, its an indication of poor money management.

Home Mortgages - if you have to borrow money to buy a home, then pay it back as fast as possible before buying anything else that you can not afford on credit.

The younger generation is far better off then the older ever was but the young do not understand that they are responsible for their own lives and need to stop buying crap they can not afford to buy and have no business borrowing money from other people to do so.
 
Last edited:
Originally Posted by 02SE


When I was a business owner, I belonged to an association of business owners. I'm still friends with those people, and the ones that still have their businesses are understaffed, and constantly looking for good employees. Ie: There are more jobs than people to fill those jobs. Most of the jobs available aren't just entry level grunt work (not that there's anything wrong with that), but high paying jobs that require skilled workers, who are willing to work.

The "willing to work" part seems to be the biggest hurdle with lots of new hires, according to my business owner friends.


They must not be advertising their positions well enough or the hiring agency is really not that good at screening candidates. My father works for a state IT agency and they have 3 open tech positions right now. As of yesterday he said they had over 1000 qualified applicants (have to pass an online screening process/test). Advertising the position on the right job site so it gets the appropriate attention is critical, otherwise they won't receive any interest. Pay also has to be competitive with other neighboring businesses. Regardless of the "reputation" millennials have, there are many of them who are extremely willing to work and learn. I have 3 millennials on my team right now, two of them work 2 jobs, and all of them have a great work ethic with good communication skills and productivity. There are both lazy and hardworking individuals from every generation, I've worked with them all. Background and family upbringing seems to play a bigger part over age.

I do think most millennials will be worse off to an extent. Retirement being one area, since most jobs that offered really good benefits and a pension before now offer the minimum benefits and a 401k simply to cut costs. Millennials also seem more interested in "living for today" even if it means taking on debt. I think many are realizing that constantly saving for retirement hoping to eventually enjoy it is not always a sure thing. I know in my own family I've seen a few people work their butts off their whole life only to die a year after they retire.
 
They've been successful businesses for a long time. They are capable of doing their best due diligence when advertising for, and screening potential hires.

What I have been told repeatedly by former business owner colleagues, is that people look great on paper, interview well, but too frequently lack the drive once they've made it in the door. Late for work, don't bother showing up, lame excuses when asked what's going on with them.

The common analogy I've heard is that it's like the employee is 14, and doesn't want to get out of bed and go to school.

To reiterate, that doesn't apply to all new hires. But it apparently happens too often.



I am reminded of a fellow Bitoger that sought advice on the best excuse to use to not work on Thanksgiving.
 
Status
Not open for further replies.
Back
Top