Author Topic: The "Hopeless" Millenials  (Read 12089 times)

Parsad

  • Administrator
  • Hero Member
  • *****
  • Posts: 8194
The "Hopeless" Millenials
« on: January 23, 2018, 04:00:10 PM »
I think they get the shafted in terms of their abilities and work ethic.  Millennials may be harder working and better savers than the last few generations:

https://www.marketwatch.com/story/finally-some-good-news-about-millennials-a-growing-number-save-100000-2018-01-23?siteid=yhoof2&yptr=yahoo

I'm a disciple of Buffett's belief that the next generation will live better than the previous generations due to the free-market system.  Cheers!
No man is a failure who has friends!


rkbabang

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 3832
Re: The "Hopeless" Millenials
« Reply #1 on: January 23, 2018, 04:18:19 PM »
I think they get the shafted in terms of their abilities and work ethic.  Millennials may be harder working and better savers than the last few generations:

https://www.marketwatch.com/story/finally-some-good-news-about-millennials-a-growing-number-save-100000-2018-01-23?siteid=yhoof2&yptr=yahoo

I'm a disciple of Buffett's belief that the next generation will live better than the previous generations due to the free-market system.  Cheers!

I agree 100%.  I’ve always thought the millennials and especially the generation following them are much smarter then most people give them credit for. And they are certainly better people than my generation (gen X)was at their age.  While many go around focusing on the few idiots eating Tide Pods and saying “these young people today.. blah blah blah”. Compared to our generation these young people today give me hope for the future.  And the Jeff Sessions generation can’t die out fast enough.

Parsad

  • Administrator
  • Hero Member
  • *****
  • Posts: 8194
Re: The "Hopeless" Millenials
« Reply #2 on: January 23, 2018, 04:26:31 PM »
I think they get the shafted in terms of their abilities and work ethic.  Millennials may be harder working and better savers than the last few generations:

https://www.marketwatch.com/story/finally-some-good-news-about-millennials-a-growing-number-save-100000-2018-01-23?siteid=yhoof2&yptr=yahoo

I'm a disciple of Buffett's belief that the next generation will live better than the previous generations due to the free-market system.  Cheers!

I agree 100%.  I’ve always thought the millennials and especially the generation following them are much smarter then most people give them credit for. And they are certainly better people than my generation (gen X)was at their age.  While many go around focusing on the few idiots eating Tide Pods and saying “these young people today.. blah blah blah”. Compared to our generation these young people today give me hope for the future.  And the Jeff Sessions generation can’t die out fast enough.

Well the whole Tide Pods thing may just be natural selection at work.   ::)  So the remaining millennials and post-millennials will certainly be a more attractive bunch in terms of potential, income generation and innovation.  Cheers!
No man is a failure who has friends!

Cigarbutt

  • Hero Member
  • *****
  • Posts: 1122
Re: The "Hopeless" Millenials
« Reply #3 on: January 23, 2018, 04:42:04 PM »
Based on my own anecdotal surroundings, indeed optimism is warranted.

Still, well done studies seem to show that millenials (compared to other age groups and compared to same age group in different periods) tend to be less committed to the importance of democracy and are less likely to be politically engaged. I wonder if civic “engagement” is compensated by social media presence. :)

“Interestingly, the trend toward openness to nondemocratic alternatives is especially strong among citizens who are both young and rich.” (my bold)

Pessimist take: The recent aversion to democratic institutions among the young and rich in the West may be no more than a return to the historical norm.

Optimist take: Many things are cyclical.

Some say many Jesus people became evangelical conservatives.
Let’s hope for the best then.

DooDiligence

  • Hero Member
  • *****
  • Posts: 1417
  • ♪ 🎶 ♫ ♪ 🎶 ♫
Re: The "Hopeless" Millenials
« Reply #4 on: January 23, 2018, 04:51:46 PM »
I think they get the shafted in terms of their abilities and work ethic.  Millennials may be harder working and better savers than the last few generations:

https://www.marketwatch.com/story/finally-some-good-news-about-millennials-a-growing-number-save-100000-2018-01-23?siteid=yhoof2&yptr=yahoo

I'm a disciple of Buffett's belief that the next generation will live better than the previous generations due to the free-market system.  Cheers!

I agree 100%.  I’ve always thought the millennials and especially the generation following them are much smarter then most people give them credit for. And they are certainly better people than my generation (gen X)was at their age.  While many go around focusing on the few idiots eating Tide Pods and saying “these young people today.. blah blah blah”. Compared to our generation these young people today give me hope for the future.  And the Jeff Sessions generation can’t die out fast enough.

I'm surrounded by youngsters now & yeah, bright futures ahead...
(Healthcare 42.9% - ABC BBH CVS DVA EW NVO) | (BRK.B - 14.8%) | (Media & Communication 12.6% - CHTR CMCSA DIS)

(Drinkers & Smokers 13.8% - ABEV MO) | (Auto's & Oil 10.3% - GPC VDE) | (Tech & Comms 5.5% - AAPL SFTBY)

(%'s held @ MV 9/04, excludes $)

[prepared 2 wait?]

https://twitter.com/tunawish

Cardboard

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 2660
Re: The "Hopeless" Millenials
« Reply #5 on: January 23, 2018, 05:49:08 PM »
"And the Jeff Sessions generation can’t die out fast enough."

Wow! You really sound like a Nazi and not a Libertarian. Shame on you!

Cardboard

John Hjorth

  • Hero Member
  • *****
  • Posts: 1935
Re: The "Hopeless" Millenials
« Reply #6 on: January 23, 2018, 06:27:16 PM »
"And the Jeff Sessions generation can’t die out fast enough."

Wow! You really sound like a Nazi and not a Libertarian. Shame on you!

Cardboard

lol. Please feel free to state that I sound like a nazi, too. For the generation below us - in the family, I practice : "Arbeit macht frei." When I say it, they look at me as I'm some kind of idiot, then suddenly they recall that I have the account passwords.

They have developed this very weird mental model of one line consolidation in their heads - I thought it was an accounting phenomen - not! - It's not like KHC for Berkshire - It's more like ticker INIY [Inheritance not inherited yet]. It happens they have forgotten who's got the votes still, as condition for doing this mental excersise.
”In the race of excellence … there is no finish line.”
-HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai

DTEJD1997

  • Hero Member
  • *****
  • Posts: 1394
Re: The "Hopeless" Millenials
« Reply #7 on: January 23, 2018, 06:37:01 PM »
Hey all:

Perhaps I am in the wrong location OR running with the wrong crowd, or some combination of the two...but I absolutely DO NOT think that the next generation will automatically have a better standard of living than the prior one.

I am a Gen-X, so I'm kind of in the middle.

I do know many younger people by about 10-15 years.  Many of them are in absolutely hopeless (from a Western perspective) financial situations.  They aren't starving to death, nor are they homeless....but they will never enter the "middle class".  This is despite the fact that they are highly educated, some of them incredibly so.  They simply have too much debt (student loans) in relation to their earning potential.

Another problem is that they aren't able to form family units and have children.

Finally, they will have EXTREME difficulty saving & investing for their retirement.

The only way out for them is to get a large chunk of money from their parents when they pass on (not impossible, but unlikely) OR to win the lottery OR to have some highly unusual situation.

This used to be limited to idiot attorneys...but I don't think this is the case anymore.

I went to a basketball game at the "University of Detroit", and learned some interesting things!  UofD lowered their undergraduate tuition from $41k a year to $28k.  When I was younger....I was told that you should not take out more than about 1x your STARTING income in student loan debt.  Thus, if you reasonably plan on making $50k a year upon graduation, you should not borrow more than about $50k.  I don't think ANY UofD undergraduate was/is going to be anywhere close to making $162k a year starting out.  Of course, some students get scholarships/aid, some have $ saved or given to them by parents, and some work while in school....but the point is that their cost of education is just "silly".  $28k a year is certainly better than $41k a year, but I would still argue that ABSENT tremendous scholarships OR highly unusual situations, it does not make financial sense to attend this school.


UofD is hardly unique...

So you've got the problem that education is frequently NOT worth the cost, yet many people do not know this until it is too late.

OR what about the stagnation of wages for most workers?

OR what about the cost of health insurance?

OR what about the cost of housing in some parts of America?

I hope I'm eventually proven wrong, VERY WRONG...but I don't see it as a given that the upcoming generation(s) will do better than the prior.

Parsad

  • Administrator
  • Hero Member
  • *****
  • Posts: 8194
Re: The "Hopeless" Millenials
« Reply #8 on: January 23, 2018, 09:11:01 PM »
Hey all:

Perhaps I am in the wrong location OR running with the wrong crowd, or some combination of the two...but I absolutely DO NOT think that the next generation will automatically have a better standard of living than the prior one.

I am a Gen-X, so I'm kind of in the middle.

I do know many younger people by about 10-15 years.  Many of them are in absolutely hopeless (from a Western perspective) financial situations.  They aren't starving to death, nor are they homeless....but they will never enter the "middle class".  This is despite the fact that they are highly educated, some of them incredibly so.  They simply have too much debt (student loans) in relation to their earning potential.

Another problem is that they aren't able to form family units and have children.

Finally, they will have EXTREME difficulty saving & investing for their retirement.

The only way out for them is to get a large chunk of money from their parents when they pass on (not impossible, but unlikely) OR to win the lottery OR to have some highly unusual situation.

This used to be limited to idiot attorneys...but I don't think this is the case anymore.

I went to a basketball game at the "University of Detroit", and learned some interesting things!  UofD lowered their undergraduate tuition from $41k a year to $28k.  When I was younger....I was told that you should not take out more than about 1x your STARTING income in student loan debt.  Thus, if you reasonably plan on making $50k a year upon graduation, you should not borrow more than about $50k.  I don't think ANY UofD undergraduate was/is going to be anywhere close to making $162k a year starting out.  Of course, some students get scholarships/aid, some have $ saved or given to them by parents, and some work while in school....but the point is that their cost of education is just "silly".  $28k a year is certainly better than $41k a year, but I would still argue that ABSENT tremendous scholarships OR highly unusual situations, it does not make financial sense to attend this school.


UofD is hardly unique...

So you've got the problem that education is frequently NOT worth the cost, yet many people do not know this until it is too late.

OR what about the stagnation of wages for most workers?

OR what about the cost of health insurance?

OR what about the cost of housing in some parts of America?

I hope I'm eventually proven wrong, VERY WRONG...but I don't see it as a given that the upcoming generation(s) will do better than the prior.

These were the same concerns that Archie Bunker's son-in-law, played by Rob Reiner, used to say about his generation...they were the Boomers, who had the highest standard of living in generations.

These were also the same concerns of my group, Generation X.  We were the dark, moody, lost generation that would never enjoy full employment like the Boomers, or the opportunities of Generation Y as the Boomers retired.  Well, many of us became entrepreneurs and are ultimately responsible for the prosperity and wealth driving the economy today.

These are the concerns of every generation, and so far, barring any catastrophe or large-scale war, this will continue.  Cheers!
No man is a failure who has friends!

DooDiligence

  • Hero Member
  • *****
  • Posts: 1417
  • ♪ 🎶 ♫ ♪ 🎶 ♫
Re: The "Hopeless" Millenials
« Reply #9 on: January 24, 2018, 05:37:00 AM »

I went to a basketball game at the "University of Detroit", and learned some interesting things!  UofD lowered their undergraduate tuition from $41k a year to $28k.  When I was younger....I was told that you should not take out more than about 1x your STARTING income in student loan debt.  Thus, if you reasonably plan on making $50k a year upon graduation, you should not borrow more than about $50k.  I don't think ANY UofD undergraduate was/is going to be anywhere close to making $162k a year starting out.  Of course, some students get scholarships/aid, some have $ saved or given to them by parents, and some work while in school....but the point is that their cost of education is just "silly".  $28k a year is certainly better than $41k a year, but I would still argue that ABSENT tremendous scholarships OR highly unusual situations, it does not make financial sense to attend this school.


UofD is hardly unique...

So you've got the problem that education is frequently NOT worth the cost, yet many people do not know this until it is too late.


As usual, you bring up a lot of valuable points.

Regarding education though; community colleges are VERY affordable educational alternatives.
I'll pay around $1500 for this semester (and I hear all you stuffed shirt Ivy leaguers snickering.)

Maybe I just got lucky with Pensacola State College (or the fact that I'm so friggin stupid makes it seem like they provide a great education.)

It does; however, amaze me how many of the music students watch the clock in class (they have other majors but still...)
(Healthcare 42.9% - ABC BBH CVS DVA EW NVO) | (BRK.B - 14.8%) | (Media & Communication 12.6% - CHTR CMCSA DIS)

(Drinkers & Smokers 13.8% - ABEV MO) | (Auto's & Oil 10.3% - GPC VDE) | (Tech & Comms 5.5% - AAPL SFTBY)

(%'s held @ MV 9/04, excludes $)

[prepared 2 wait?]

https://twitter.com/tunawish