The destruction of the single-income middle-class over these last 40-50 years pretty much put all the nails into the coffin for 90% of the working class.
the fact the job can be done for a cheaper price, was done for a cheaper price, with more people wanting or needing to work than ever, you can expect the trend to continue..
@@jfern6673 When did you stop having principles? I would like to know. Because this cynicism isn't a neutral or realistic standpoint. Outsourcing labor is not the destiny of the working world just because it is the interior logic of the corporate model.
@matthewcaldwell8100 Businesses have to adapt to survive. They must evolve with the times. Time will not stand still to accommodate to your principles.
18 dollar fast food, 2k rent, 750k houses, 8 dollar coffee. Record profits for all corps... record interest rates... stagnant wages... but yeah... blame their behavior...
Make your coffee at home, eat fresh fruits and less fast food. Live healthy and minimalistically. Save whatever you have invest. You don't need to always best the system but pivot away from it
@mrrattrap1488 you seen the price of fruit and fresh meat nowadays ? That's not even an option nowadays. Rent prices over the last 4 years doubled it seems so anybody who has become an adult post 2020 21 had no chance. Just an air mattress and roof. If you were adult before that had a shot to save for a few years.
Price is the same for ALL last time I checked. Its more about prio, you dont need an BMW M3, travel with plane on 2 weeks vacation, brand new PC or rent a apartment for 2K/ month.
@@CarlosMorales-lj4pc stay with your parents / family if you have a chance. Privacy comes with a cost. There is no shame in doing so. Take a weekend and check what expenses can be reduced. And if your friends/family are matured enough, have these conversations with them as well. I may live in another part of the world, but the basics are the same everywhere.
What's embarrassing is the fact that people keep voting for the major establishment parties. We need a NEW party. One that is SERIOUS about taxing the super-rich out of existence. The Dems only PRETEND to want that. They never actually DO IT.
The worst part is the people working hardest are getting the least remuneration for their efforts and then shamed in the media for not taking more hours, more work despite the poverty wages. 40% of people in work need state support. That’s a reflection of greed not poor work ethics by working people. This is being done by design, by greed.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
@@mnthunder I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@charlotterayeee *Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
40 hours a week isn’t enough. I’ve been working 75-80 hour weeks for the past decade. ONLY now can I sit back and relax a little bit. I only ever got Christmas Day off. I don’t wish that type of lifestyle on anyone. We can’t live to work.
Exactly. And see the difference with Gen z'ers is that we are starting to recognize that a lot sooner than older generations and we're not falling for the working scam.
It definitely has gotten harder for the younger generation. When I graduated in 2003, my starting salary was $45k and I was paying $800 for rent in my area. Now kids are starting at 80k but rent is $2800. I could buy a Big Mac combo back then for $5 and now it’s $15. It was also easier to get a job as I could interview once and be done. When I interviewed for my job last year it required 4 rounds spread across multiple days with 15 different people and I had to present an idea for an hour to all of them. I was picked from hundreds of candidates compared to my first job I was picked from 3 other candidates.
This is why most fast food chains are upgrading the look of their stores. They are making it look more elegant like you're eating at a gourmet restaurant.
Really? It's possible to fill out a job application from a $100 Smartphone. Filling out an application in the 80's was a 5 hour process for me that included a "name that odor" bus ride.
a short while back it was shouting of the roof that genera millennials and gen z are ssoo computer savvy. Growing up in this digital age they are and will adapt as the best people at the workplace and are welcoming because they are digital natives....so you will be ok,all of you and your parents. I will definitely not worry about whatever is saying here.
Yet all boomers who sell their homes ask for max profit. They care about us but refuse any discount to help anyone else. Greed is how they'll be known when they die off
Boomers have been the most successful generation at running office (without term age limits) and creating policies that benefit their own generational wealth
Paycheck-to-paycheck is the goal of the late stage capitalism system. Corporations don’t want you to have savings. You are supposed to give them all of your money AND need to work for these corporations for lower and lower wages.
@@user-zu5do6ri6ryou are a fking monkey. 🤡🤡 socialism advocates for Worker control of companies, not sociopathic billionaires owning every aspect of our lives like now.
@@XsoloXela1989you’re joking, right? We’ve lost years of job skills because no one would hire us plus got into student debt - again because no one would hire us. Now the insane cost of living is eating most of our higher income that we have finally achieved. We are MAD!
Sitting here as a Millenial feeling like ppl don't even see us anymore. My generation has been suffering with this for MUCH longer than GenZ. I'm almost 30 and still work 2 jobs plus gig work just to scrape by.
It's goal isn't really being "rich" - it's that "rich" is pathway to being viable to having a home and a family. A regular job is pointless if it doesn't lead to being "economically viable" to attract a wife and having a family. No one talks about what it REALLY IS.
My mom often tells me that no matter how much one makes, if I waste it on useless things, I'll still never have enough. People want to be rich but not learn how they stay rich. The rich spend less money than most of us because they can buy quality things that lasts a long time. That's the only way to save money. Longterm thinking.
@@ToudaHell This is what middle class people think rich people do, not what rich people do. They’re not all amazing savers. They are more profligate than your mother could have imagined.
I disagree with the Indian guest that said we should be changing our mindset and be saving. When many people are spending most of their hard earned money on basic needs (I.e. rent, food, utilities, healthcare, etc.) they don’t even have anything left to save. Some are going into the negative just for basic needs. Not to mention inflation is out pacing saving. She’s out of touch with reality.
I disagree with her so much. Gen Z and I saved 65% of my income for years since I turned 18. I’ve made some good investments and they’ve paid off but I still feel so behind. What can I even do with £20k you know? I haven’t bought an iPhone in 4 years despite the fact I can justify it cause I make an extra income through it.
The culture of moving out was unsustainable and doomed from the start anyways. USA popularised it back when housing was dirt cheap and you could comfortably move out right after turning 18 with an entry-level job. Unless the government can guarantee a decent roof over ones head once they get a job, it's better to stay put.
As mother of a GenZ I know that rent is the biggest chunk of my son’s income. He’s lucky as he has a good profession but still struggles. Thanks for your interesting angle.
As a banker, I’ll give the same advice I give everyone that feels broke. Stop financing expensive cars. Anything over $20k is expensive. Get a cheap car. I stare at credit bureaus for a living. Omg, the car notes I see people pay are ridiculous. Car + insurance shouldn’t be $1,000+ of your monthly expenses. Vehicles are a depreciating asset.
Good point. That’s something I never thought of. Phones are expensive now days. I remember when they were free. I also regularly stay several generations behind the latest model. I think mine is an 8. Not sure what version is out now.
@@AsianMuscleFans Its a two party system. Who the heck were they going to vote for? So can I extend this thinking to Zoomers as the right wingers are slowly taking over politics and eroding away citizens rights? So are you ready for the conversation with Alphas on why Zoomers sat on their behinds as the reason all the rights that once existed are no longer, because right wingers took them away during the zoomers ages of 18 thru 30 when they could have stopped it by exercising their votes?
@Ascendsean35 Guess you don't understand that many individuals were shut out of economical and education advances especially if you were a certain hue? Or don't you understand that separate but equal in American didn't end until the 1970s. Got another one for you ever heard of outsourcing, deregulation and the NAFTA deal which all happened in the late 70s, 80s and 90s? In which companies used to send the well paying manufacturing jobs out of the country and to developing countries. As a way to boost stock values, increase profits and destroy unions. Baby Boomers and including those who were shut out for decades (I.E. black Americans) due to institutional racism never recovered from this. Literally entire communities in the Midwest, South and East Coast were destroyed by this. Go read up on the history of Dayton, OH and ask why those Boomers and their kids were left in destituted. This isn't Boomer, Gen X, Millenial or Zoomer issue. This is a Western Governments selling their population out to Multinational companies in the pursuit of Capitalism and Power.
@@MbisonBalrog in another 20 years the boomers will be dead, and the millennial will be blamed because they will be the richest and gen A will be complaining, the youngest generation is always the poorest.
The biggest issue Gen Z is facing is that rents are now more than the average wages, unlike we’ve never seen before. Prior to 2020, people were making more in wages than the average rent. Nowadays is the opposite, and Gen Z can’t possibly save any money for anything and much less purchase a house 😢
Only Gen z facing rent issues? Everyone faces it. Some survive. They need to control their spending addiction. Gen Z spend, spend and spend and come complain here. Hoping government will help them out.
@@nunyadambusiness3530 so far, i have not struggled yet. Good luck if you don’t think you are the reason that you are broke. Because it will get worse and you will be on street one day if you keep it up.
Not hardly. The unions have become coporate behemoths. Look at what its dont to the school system. In my state, the department of education gets ONE THIRD OF THE GROSS STATE BUDGET and ironically, one third of students now cant pass the SAT exam. That happened after the dept of education with its leftist ideology forced core curriculum on us.
thats funny.. i thought the exact same at 20 years of age.. now at 40 i live comfortable.. and think completely differently.. the opportunities are here and all around you, its just very hard to see through the fog at 20 years of age..
The boomers' only mistake is that they didn't use birth control. Now there are so many of you that you can't afford to live well because, well, the planet 's the same size it's always been. Do the math.
@@jfern6673 Good for you, that doesn't change anything for everyone else. Prices keep going up, wages aren't moving, lobbying continues to tip the power in favor of the rich, and being poor is costing more money with each passing decade.
The percentage of solo dwellings has tripled also, that's what happens when populace areas get more dense. So in a per capita living space, should still be same price. But is it?
@@dquan731 one bedroom houses, apartments. Over the last century dwellings went from houses that could fit a whole family to lot more single person dwellings.
@@DonnyThaDealer the problem is, even one bedroom house or apartments can be shared by a couple. When more and more people choose to be single and live alone vs with a partner, demand outstrips supply, thereby contributing to this shortage of housing problem. I wonder how much of the shortage is real vs manufactured due to society’s changing way of life?
@@dquan731 demand didn't outstrip supply, a bunch of people who only had to do 1/4 the work timewise to own a house had a much easier time obtaining a home early and then buying one or two investment homes. The problem is turning homes into a commodity like that. Giving out ridiculously low interest rates and even financial incentives tax wise to help people do that rather than keeping the supply of homes available to first home buyers by putting in regulations against using homes as investment. That would have kept houses at what they are worth rather than overinflated. We all know what happens when a property bubble bursts, the USA already had The GFC did you learn nothing?
@@myleskgallaghercapitalism has been around for 300 years and already ruined the planet to the point of no return. Very few places have been under socialist influence, let alone for at least 50 years to properly work, leading to its main goal. But you can try harder 🥴
The problem is the cadre who controlled the Bolsheviks and Red Armies weren't genuinely interested in freeing the slaves. Just like the fascists weren't (the fascists backed $$$ by the aristocrats were just more open about it like the old monarchists). Just like the sectarian fundamentalists aren't genuinely interested in God. How to ultimately defeat man's lies and corruption often making the "new" boss a million times worse than the "old" boss? Actually none of the underlying problems with human nature leading to WWI and WWII have been solved. The fundamental problem of slavery, serfdom and no limits at-all-costs self-serving greed hasn't been solved. Bolshevik speeches and propaganda didn't solve it either.
I'm 40 years old, work 11 hrs a day, and take whatever overtime comes my way. My weekly work bours have can be in the 60's and 70's during certain times of the year. This being said, the only reason why I do OK (it's just ok) is because I live in my deceased father's house that he was kind enough to will to me, because I'm his youngest child and only son. Right now i'm having a new engine put in my truck, because it's cheaper than buying new, but it took a huge chunk out of my bank account. Im also faced with the problem of fixing up his estate, which I do all I can myself, but have to defer to tge pros many times. I also keep the grass mowed in the spring. I'm blessed to have assets, but it's absolutely exhausting to keep it up, sometimes I just say no and let things go. I work for my local school district and my heart goes out to the young people graduating.
I like you inherit a tiny home alone I not spoilt I work pre inheritance and still work 7 to 14 days a month as little permanent my parents and grandparents really worked hard and saved. I hold on to my house no matter what. I don't want a lodger I do gardening myself. Paint Bath and radiator s and clean window doors myself. I have separate accounts Pension Emergency Bills House renovation Trips Social Car Pet care When go to a booked job inam early and conscientious I look after car, new washing machine. I careful so can enjoy I Grow on windows or garden potatoes, mint, cherry tomatoes etc. I go bed early to save light electricity I don't drink alcohol unless on a trip A bus is cheaper than a car to the town and no parking fees I walk They all think they will inherit some will but not all, I was a carer to help mum pre her dying to sacrifice Boomers sacrificed
@@Ukwemustcarryonok Your really organized with your expenses. I used to have a garden, but I gave that up last year, because my knee had arthritis that I've been able to get under control through natural medicine like turmeric. I live in a rural area and all the grass mowing left me little energy to garden. I also had a small cattle herd, but I gave that up after the market dropped and I was getting disappointed at the lack of profit after round ups and taking calf's to sale. They only want premium Angus beef in my area and mine were too mixed to bring in high profit.
@@AngelVasquez-nw8zf All the normal life expenses, except family, but I care for my aged mom who needs financial assistance. I have a nephew who has three kids, he works two jobs, but he's heavily dependent on public assistance and generosity from his local church group to get by. He doesn't have any luxury expenses at all. I'm going on vacation this Saturday to Cozumel, which is my first travel experience outside of the country, and I have not done much traveling in my life.
@@oscard9429Seems like you dont understand ai at all... Soon ai will be smarter then humans and autonomous... Why would a superior intelligence need to be operated by dumb lazy humans?
In just 4 yrs, my college town had an amazing burrito place that cost 6$ per massive burrito, I went back this week, 11.99 for the same burrito!!! What the flipppp
Salaries made a giant reset during the 2008 financial crisis and never recovered. So many people in the upper class got away with stealing from the working class and nobody got punished.
Gen Z guy here, and I can attest to what was covered here in this video as being true, because I have been out of a job since May of 2023, and will be reaching a full year of unemployment by the end of May in 2024. I have less than $1,000 with no savings left at all, and am forced to live at my parents' place. It's frustrating to keep applying for jobs and either not hear back from them, or receive rejection emails even after I finish having an interview. The jobs I applied to, but was rejected by before, keeping showing up in my email feed, which remind me of my past failures to be able to make my own living. I know there's no point in trying again and again, but what can I do? It makes me wonder if there was anyone who knew how to turn them off or take them down. There is almost nothing I can do about it, and that's that.
It seems your job search is in a specified area or industry. If you’ve been unemployed for this long and need money you need to take any job at this point. It’s temporary until you get that job you’re searching for. It’s easier to get a job when you have a job.
We all been there and done that ! I experienced similar life situation few years ago where I went from making 6 figures to Lowe’s lawn and gardening part time (and unemployment) while retooling my skills for a year ! We all know it suck, the difference is that we know this is part of life (which sucks) and we push forward ! Not saying you are to blame or have any controls, but still buying into the modern social media and peer narratives as if this is something entirely new and worse for just Gen Z.
None of them mentioned the falling proportion of corporate tax. Corporate tax used to be about a third of governments' tax income; now it's under a tenth. As a result, we have to pay more tax as individuals to make up the corporate-tax shortfall.
@lhzsdgsfbvv they pay the bare minimum wages anyway. The proce to products as high as possible already anyway. Nothing would change. Just less profits for them, but they would contribute more for society. A thing that got forgotten a long time ago. Everyone and every company fighting for itself at the moment. Thats the wrong way
I’m a 30-year-old single Millennial living in the Philippines, working two jobs. I am also scared for my future and wonder if I will ever have the chance to buy my own house or car. COVID, the war, inflation, and strong family responsibilities have destroyed the younger generation's future. If we ever bounce back in these desperate times, the next generation should thank us because the older generation messed up ours.
6:00 she nailed one huge thing: not only is marketing insanely good now, friction in shopping is gone (one button push purchases), and think of all the buy-now-pay-later apps/services there are! Affirm, Klarna, Shopay, etc. all these merchants offer some type of buy-now-pay-later service. Even Target, Walmart, Amazon and some grocery stores offer a BNPL option! Insane. Way too many Gen Z kids are living on credit or paying later for things to keep up appearances on social media.
What are you talking about. Gen z and I’m just starting to spend a little money on myself and I still feel so much guilt buying anything. I used to save 65% of my income and live frugally and it was miserable. Marketing doesn’t work on me when I’m low income. I have 2 credit cards and pay them off every month as it’s purely for credit building.
The problem is someone who bought a house for a $100,000 brand new 30 years ago want to sell it used for $200,000 today. Now if that isn’t a rip off I don’t know what is.
My English is bad, but I can make better points than the Indian girl. All that Anushka got to say was speculative analysis based on her observation of 5% upper middle class metro city living upper caste youth. The fact of the matter is 60% of under 25 youth with a graduate degree are unemployed in India. Overall, under 25 unemployment rate in India is 35 %, according to Periodic Labour Force Survey (PLFS) data. Now, tell me where on earth would you get money to recklessly spend it? Gen Z in India is broke because we are unemployed and don't make enough money to live a decent life (even for those without temptations)
@@cadillacslick The caste system is India's implementation of Jim Crow and segregation but without the American obsession with "whiteness". We would be the pot calling the kettle black if we tried to change this before we implement meaningful change/reparations to indigenous and black Americans.
@@mr.dracegamingchannel2007 Exactly, she talks about savings when a significant number of Indians live on less than $1 a day. How can you save when you are barely able to eat. This shopping in pyjamas is something that less than even 1% of Indians are able to do.
Millennial here, born and raised in NYC. I've been working since I was 15 making minimum wage which was like $7 back then. I had no college debt because I went to community college and applied for every loan I could. College became free and I got money back. I lived at home and commuted to school everyday. It's fine to go to a private university, but why do you need to be there for 4 years. Take 2 years at a community college, knock out all the prereqs then transfer to a private university. Pick a good paying degree instead of some garbage degree that has no use. Trade school is also an option. My starting salary in 2012 was $15/h. I lived with my parents, contributed to bills then saved/invested whatever I could. I only socialized with very close friends instead of every person I know. Cooked my own meals instead of eating out. Now I make $40/h. It's not much but enough for me because I have no debt. I don't own a car and I take public transport and live outside NYC with 40 min commute. $2600 for 2 beds which I split with my gf. If you are going to move out, then move in with a roommate. 2 beds is only a few hundred more than studio/1 bed but your rent is now half. Most importantly, I have self-control. I don't feel the need to imitate the lifestyle of some random person online or buy whatever garbage they are endorsing. I don't need some keyboard warrior or random person at work to acknowledge my existence by buying the latest tech every year. Only expensive thing I do is 1 international trip a year.
Thank you!....My point exactly also a millenial here...btw some of this guys are earning more than us but are the loudest in whinging and would never listen to advice or adjust their spending habits!
@@BensleyDRAKEGen z here. For years I saved and invested 65% of my income. I have a fairly substantial amount for my age however, I feel hopeless because I can’t afford to buy any properties with it. The only advice I’ve benefitted from is starting a side hustle/business.
@@in-motusNope. I had to start my side hustles because they wouldn’t give me extra hours however, even with those extra hours I would be far below the average salary.
I'm glad I came across this video. I am a 22 year old student who's struggling heavily financially. Most of it is my own doing though, such as getting a 0 mileage car for 30K when I was 19 (although it was 0% APR) and having to pay for very expensive insurance, paying rent along with credit card debt, and all these subscriptions that really do add up! Then you throw the higher costs of living than normal. I'm forced to skip meals regularly because of grocery costs, gas, etc. Luckily I don't drink or party much but I do smoke weed often and that itself has been an entire bill. In the end I've decided to end my lease, move back in with family at the cost of my mental health and try to clear as much debt as possible before moving out again while I still have the flexibility to do so. I've learned a lot over the course of the past few years but I won't be completely financially free until I finish this car note.
Watch a few videos of Dave Ramsey and you will get some good pointers. You seem like a guy who takes accountability and responsibility for his actions and Dave's plan will give you the structure you need. You still got time being young but you need to keep going at it now, don't delay not even 1 year. After 35-40 it will get even harder.
Shits crazy buying 30k car I'm glad you acknowledge how foolish it was and the good thing about life is you can almost always bounce back. Pay that off and instead of spending all you money on a car humble yourself...should have done like 5-10k and invested the rest
Buying a new car is so badthe deprecation is crazy no offense but you really need to learn basic math and write out your finances really look at what things are costing
Financial education and good money spending habits passed down to Gen Z's from their parents (Gen Xs) can make a huge difference. If you have grown up in a household of spenders but no savers, you will only learn to spend your money. I did not learn the value of money, so I was a spender until 30 years old. Looking back, fast cars, parties, smoking, expensive gfs, university student loans, all of these things made me poor. It was my poor lifestyle choices and terrible spending habits that made me poorer. It is still not too late, start re-educate yourself on the true value of money in your situation and make wise spending choices. Also, stop blaming society and others, you have be ready to take responsibility of your lifestyle decisions. Good luck to all.
This is true of many but my family rarely spends on anything. Growing up maybe went out to eat once a month. Yet we still can barely afford rent or basic payments. There's gotta be more wrong here than just our personal choices.
@@hippoge7987 ...First things first, you need a skill to support yourself. If you have a college degree (engineer, computer) or a vocation skill (AC repair, plumbing). That's a good start. 2nd, you will need to understand finance. Read a book on how to handle your money/finance/investment. The most important one is being financially literate. people who don't have those two items, especially the finance, will face hardship, in any decade. Even in today's economy, there are successful people. They are financially smart. My family grew up hard working We pool our earnings. My parents didn't treat us out to restaurants nor cinemas. But we were still poor. The reason was that they were risk averted folks. they keep their "cash" stash and they don't do anything with it. Over time, that cash stash has less value because of inflation. By the time they are too old to work, their money also lost most of its value. Cost of living goes up. A house cost 5 times...etc. They could have been millionaires, if they use the money to leverage on rentals and other investments like IRA, 401k....etc. I know it could happen, because I broke free and did all of those investments.
She is talking about Generation Z without inviting anyone from the USA and Canada where both economies are equal to almost 30 trillion dollars. Does the host really understand what she is doing?
"You wanna work? Ok, well are you ready to do 90 hours a week of grueling labor for a grand total of *4* peanuts? How generous of us, right?" That's totally not 90% of all companies hiring right now
Gen Z is not to blame! Once we all got sucked into these Western fads, there is no coming back. Just glitter, glam, over worked, divorces, suicides and escapism.
What do you think cancelling means? Gen Z has already cancelled a good portion of corporations (ever heard of boycotting?) but problem is Gen Z is not the main spender so their buying power is less.
@@stephenc2481 They are greedy because they should be paying us a fairer share. Just because we're not poor doesn't mean we're not being paid unfairly.
Blame a broken capitalist system. Who said to reduce taxes for the rich would help the middle and lower classes? Boomers had their own challenges...parents with PTSD from ww2...Vietnam...Civil rights...20% mortgage interest rates...
in the UK in the 1980s the lowest interest rates were 7% and highest were 17% - that needs to be factored into house affordability to.. but yep as a ratio more expensive versus salary these days... BUT there is always a few hacks to get on the property ladder : sh1ttiest house on a decent street / buy a 3 bedroom and rent 2 bedrooms out for a few years / flat with 4 others to keep your costs down and rent out the house you just bought?? a house is an investment 1st and a home should be 2nd priority (even if you live in it!)
@@ningerminger6975Eliminate vice and entertainment spending. Choose the cheapest housing and get roommates. Buy clothes and furniture used. Buy cheaper brand food or grow your own.
Call me a conspiracy theorist but I have felt for a long time that the questionable absence of financial literacy prior to HS graduation is very very fishy. Seems intentional to me.
This is so. I am 2x as old as Gen Z. I live in Switzerland 🇨🇭. Despite being the most educated in my family in STEM, I cannot reach the income of my father from 30 years ago (except the peak salary). The flat rents and living costs have exploded in the last over 20 years since I’ve finished university. No family, no house. IT in Switzerland sucks if you are a developer, if you look at it in long term.
12:34 gen z arent lazy. The corporate work culture is toxic AF. It’s not enough to do your job well and strive to have health and have time for friends, hobbies, family. Why?
You’re either lying or not telling us something very important. Also, what kind of business can you run successfully while living in a car? I’m truly curious
You should just work part time and earn $300/week max if you are living in a car and cant afford anything anyway. The economy is really bad right now, and Im struggling myself with high rent and low income, but what you are saying is either a lie or you are being ripped off big time.
Build public housing for teachers, firefighters, police and nurses like they did in Paris. This will free up some of the housing on the market and AirBnB needs to be heavily regulated by municipalities.
Depends on which Gen Zs you're talking about. In Russia and China for example, Millenials and Gen Zs will live a far better life than their predecessors.
Gen Z assuming average age being 19-24; pay check to pay check sounds about right. I was exact similar right out of college and working hard in a growing career.
I can save more than 1/2 of my decent tech paycheck each month here in Europe and there is still no chance I'll ever own a house. I'd have to spend essentially every cent of my income from now until retirement (30+ years) to buy it from some boomer who initially bought it for 2 slices of bread from their very basic salary in the 70s.
Blaming everyone struggling on social media and online shopping is so out of touch. Rent, cars, food, insurance, is all insanely expensive and sucks people dry. Most people don't have money left over for online shopping.
Ive adopted a work mindset of quiet quitting. I will do the bare minimum of for me to keep my job and stop working extra shifts. I was working previously more than what I was required to do and it effectively burnt me out while exacerbating my health issues. My salary at the moment is enough to live within my means and be able to save 20% every month since I live frugally. But not in my wildest dream could I afford a house or maybe have a family. I dont see the situation getting any better so I would opt to just enjoy the rest of my life.
What a weak sad little mindset. First of saving unless for a down payment/emergency fund is absolutely stupid you just lose to inflation. Buy something like an index fund through your bank it has an average return of 10 percent you will double your money accounting for inflation in 10 years that's 4 times in 20 years and 8 times in 30 years.
If your health issues are truly very bad than that's unfortunate. However giving up on a house and family if that's something you want is so ridiculous? You may get a payrise if you stick to living frugal you could save 40 percent maybe? 20k per year is 200k in 10 years and it will snowball grow if it's invested
I am a millennial and never had avocado toast. And live with mom because she can't afford a home, I consider it a blessing, as I am getting a 200k+ house for under 30k
I live in California and have only one question: if people can come to America from India, learn English, work hard, start business, and BUY homes, THEN WHY CANT SOMEONE WHO WAS BORN IN AMERICA ❓️❓️❓️🤷♂️
Because quality higher education in India is cheap and its usually their middle class parents who pay for it. They aren't saddled in debt straight into adulthood..
It doesn’t help that Gen Z are working later than any generation. Millenial here and it sucks for us too. But I was working a job since I was 14 and saving money so when I went out into the world I had a good amount of savings.
Gen Z also likes to blame Boomers for all their issues. Like ok, maybe they did, but at some point you gotta stop blaming other people. No one told you to vote the way you are, DoorDash yourself into debt, & spend $200k on a degree you don’t need either 😂
I have a degree I need, make decent money and I'm still broke because of my debt. I wouldn't be able to afford a decent house unless I marry a woman who makes the same amount of money as me lol
LOL, the older generations (Gen X) perpetuated the idea of "Get a degree, or you'll fail." All throughout high school, we were told, "If you don't go to college, you'll be flipping burgers and basically be broke". It's so apparent how out of touch the older folks are when you ask them, "So you think I can buy a house? Do me a favor, pull up a mortgage calculator. Put in your current house price that you own, and tell me with a straight face that it's doable". I own my own company and work full time. I've lived with roommates in cheap apartments, and I don't partake in any trends like fast fashion, etc. The biggest problem is once again, how many excuses are thrown at Gen Z like "Just live with your parents and save money." or "Don't buy takeout". So many empty, thoughtless suggestions ignore the major glaring problem. The best part is that you don't have to believe us. You can do the math yourself. Literally, look up the median house cost and the median household income as of today. Figure out the multiple (income to cost of house), as well as the numbers from when you started working. Feel free to look up the acceptance rate of colleges and the cost of education, then the acceptance rate of graduates who would get a job. It's not hard to do any of these things, but it's really rich coming from people who are so out of touch and ignore facts they can look at right in front of their own eyes. I know it's been tough for the older generations to comprehend this, and it's very telling because of how much Millenials and Gen Z are blamed. Here's the vast majority of "advice" in this very comment section: "Just do X because you're dumb and clearly don't know what you're talking about". Sure, not word for word, but the idea of "You're clearly doing something wrong and it's your own fault" is not helping at all and shows your character more than anything.
@@Qwerty.240bingo! The federal reserve bank is our economic system, not capitalism. Interest creates debt and debt creates poverty. Our economic system is interest, debt and credit. REPEAL the federal income tax AMENDMENT and the FEDERAL RESERVE BANK ACT.
Right around 6:10 explains it all. You have to try harder to be more disciplined at saving and investing your money. If you can still work and live with your parents; be smart, take advantage and save your money.
Im Gen z, i was watching Sleeping with The Enemy with Julia Roberts yesterday. That movie was made in 1991. In the movie she escapes her abusive husband, flees to iowa, and rents a house where she become neighbors with the love of her life. You know how much rent was for a fully furnished home with a porch swing was.... 700/ month. 700/ month!!!!!! A house like that wouldve cost 4000/ month minimum nowadays and FURNISHED?!!!?!?. Things have doubled exponentially, the quality of items is alibaba bullshit, and our wages are the same as poor Julia Roberts in Seeping with The Enemy.And she was unemployed living with a rich abusive husband that gave her an allowance!!! That movie was made almost 35 years ago... THIS IS WHY WERE ANGRY.
Gen Z is mad because life is hard and they were sold, via fake social media, that they were somehow entitled to an easy problem free life. I'm 54 and its never been easy in my life....its about good decision making which people from all generations often succeed and fail at. Those decisions will be the biggest indicator of where you land later in life. Speaking of TV, Three's Company was a very popular sitcom in the 80s and Friends was a very popular one in the 90s. These were shows that revolved around people in their 20s in roommate situations. The public could relate...because everyone in their 20s had roommates. I never lived alone in my life and at 29 got married. But Gen Z thinks they are entitled to living alone, new cars, overseas vacations and continues impulsive spending on everything under the sun. In other words they try to live WAAAYYYY beyond their means. That lifestyle never happened...not in my lifetime...in your 20s you can expect to be broke and starting your career which means beater cars with no payment and roommates....that is normal....the Gen Z way is NOT normal...hence the problems. Entitlement and spending issues are a big part of Gen Z issues.
Anushka is definitely on point when saying Gen Z has tremendous social media challenges for living a certain lifestyle. I’m a boomer and keeping up with the Joneses was definitely a thing for us. The difference is the Joneses were our work mates or our neighbors, most of whom were similar to us in socioeconomic status. These younger generations are seeing people from across the world. They’re being shown a 2 minute segment of someone “living their best lives”. More than likely what is being shown is not true to life but trying to compete or live up to that is much harder. My advice for Gen Z. Don’t give up. Times are very hard right now but that doesn’t mean that’ll always be the case. If home ownership is currently out of reach, try to resist doom spending. Invest what you can. Be ready when things improve to take advantage of your opportunity. Believe it or not, times were super challenging in the early 80s, but they did improve.
I’m 45 & by the time I was 25 (2004) I had worked for 6/7 years as a motorcycle courier and brought two flats in London so it was easier back then to get a start I haven’t worked in almost 10 years I just rent the flats out and live in a cheaper country
Covid broke us financially, but it also woke us up to how this system really works and it's fuelled us to embrace class solidarity against the upper classes.
The Indian lady is so removed from reality. She doesn't acknowledge the main issue of everything going up in price. Primarily food and rent having gone up anywhere from 35-60% since the early 2000s. Blaming the spending habits of Gen Z only gets you so far.
Great panel and spot on. I'm a millennial without an education but have had the luck of building a career because of luck and opportunities given to me by my previous and current employees, however, when I retire, I will have little to no safety net and it's a daily concern and worry. Nice to hear I'm not alone. Thanks for a great discussion. I can't wait to see more from these three clearly intelligent and experienced panalisists.
Boomer here. Yes most of us lived paycheck to paycheck. Most of us shared an apartment or other rental with 2,3, or 4 other people for years. Many of us worked a full-time job and a part-time job. I think every generation has done those same things and stuggled to get ahead. Okay, yeah, times are tough again.I'm glad I learned to survive from my parents and grandparents who lived through the Great Depression. Good luck out there folks, you can do it.
My parents where boomers. They just sucked it up and worked. they didnt have their first holiday until their 40's. I'm Gen X... I house shared until i was in my mid 30's and only resently had enough money to buy my first new car...... tricks to getting ahead; avoid the debt cycle and lower your expectations, you dont need new things.... In-fact you don't need much to live at all, and the outer suburbs are fine to start out for a first house. Everyone would love a million dollar sports car and a mansion, but its wasted resources.
You just explained the problem. Boomers and Gen X were fed the lie of “work hard - it will pay off”. Well the pay off will eventually come once you’re too old to enjoy it. Most retired people are living in poverty! Where is the pay off?
@@leedlbagginshield8492 The video suggested that its a new phenomenon facing the current generation. My point is that unless you had wealthy parents then its going to be hard work for the rest of us.
I do not agree with all points mentioned, in my opinion the British girl was the only one which was spot on. However, finally a proper discussion on the subject. Thank you.
The world they inherited is terrible and also why many women are hesitant to have children....why would we bring a baby into a bad society and gloomy situation?
@@Filipp81but WHO votes blue? The same people who complain are blaming a whole generation instead of looking at the problems and fixing them. They want to maintain everything that causes problems. They hold tightly to drmicrst/ leftist ideologies. Upholding those is more important than admitting truth and correcting problems. It's simple, our government has been hijacked by mega corporations. Congress is ruled by lobby money. We are officially a fascist oligarchy. Same people who complain about being broke were all for covid lockdowns which destroyed small businesses and the middle class, all for immigration even though its simple logic that more people mean less job availability, lower wages and competion for housing. Since Obama we've had 50 million immigrants, not counting illegals. Thats a huge increase in people . They all use water, look for jobs or get social services, and take up housing. , and lower wages, higher taxes and less housing with increased costs because of demand are a few of the results. I'd say we've really had about 100 million immigrants since 2016 with illegals. That's a HUGE population increase, and most are young adults looking for welfare or jobs.
I have lots of friends from Gen Z, I'm millennial. We all work hard, we all pay loads in rent and stuff. But most of them has brand new phone every year, paying stupid contracts, then all the subscriptions, youtube, amazon prime and so on and on and on. I use my phone for at least 5 years, never take contract for a phone. I watch ads cause it saves money. If you sum every subscription, habits like smoking, coffee from coffee shops and snacks, they end up in debt after paying rent. They don't have sense how to save, they want to have luxury life with 0 effort. "I do 40hours a week in mc...." bit*h please, I do 60-70hours in construction a week. Life is a struggle, you can't have everything without sacrificing something.
Why should you have to give up 40 hours a week just to get by, let alone 60-70? I’ma enjoy my time now, rather than some imaginary promise of retirement, we all die someday and no one promise you that you’ll have tomorrow.
@@metalelf2000 If you put in the time in your late teens and 20s your 30s-70s will be enjoyable vs. struggling your whole life. It's a marathon not a sprint.
Makes him a good representative as an outsider. I wouldn't trust him too much if this comment section had Malaysians fans. The guest seems to be going through it like the majority.
So much not being spoken about 1) the constant generation blaming serves the ruling class 2) why save when quality of life keeps dropping, the world's on fire, and you're never going to be able to afford a house and kids anyway 3) when are we going to stop being suckers for the plastic junk online and in the stores? When are we going to learn what is genuine abundance? When are we going to learn that expensive trendy possessions should not be the goal in life and that those who have them should definitely not be our heros?
The destruction of the single-income middle-class over these last 40-50 years pretty much put all the nails into the coffin for 90% of the working class.
the fact the job can be done for a cheaper price, was done for a cheaper price, with more people wanting or needing to work than ever, you can expect the trend to continue..
@@jfern6673 When did you stop having principles? I would like to know. Because this cynicism isn't a neutral or realistic standpoint. Outsourcing labor is not the destiny of the working world just because it is the interior logic of the corporate model.
Feminism destroyed the family.
And Boomers held the political power during that time and they still have it are now leading us into WW3. What a wonderful generation🙄
@matthewcaldwell8100 Businesses have to adapt to survive. They must evolve with the times. Time will not stand still to accommodate to your principles.
18 dollar fast food, 2k rent, 750k houses, 8 dollar coffee. Record profits for all corps... record interest rates... stagnant wages... but yeah... blame their behavior...
Make your coffee at home, eat fresh fruits and less fast food. Live healthy and minimalistically. Save whatever you have invest. You don't need to always best the system but pivot away from it
@mrrattrap1488 you seen the price of fruit and fresh meat nowadays ? That's not even an option nowadays. Rent prices over the last 4 years doubled it seems so anybody who has become an adult post 2020 21 had no chance. Just an air mattress and roof. If you were adult before that had a shot to save for a few years.
Price is the same for ALL last time I checked.
Its more about prio, you dont need an BMW M3, travel with plane on 2 weeks vacation, brand new PC or rent a apartment for 2K/ month.
@@CarlosMorales-lj4pc stay with your parents / family if you have a chance. Privacy comes with a cost. There is no shame in doing so.
Take a weekend and check what expenses can be reduced. And if your friends/family are matured enough, have these conversations with them as well.
I may live in another part of the world, but the basics are the same everywhere.
@@mrrattrap1488fruit and vegetables are very expensive. Head of lettuce is 8 dollars.
We don’t call it broke anymore, it’s financially embarrassed
😂😂😂best meme
What's embarrassing is the fact that people keep voting for the major establishment parties. We need a NEW party. One that is SERIOUS about taxing the super-rich out of existence. The Dems only PRETEND to want that. They never actually DO IT.
Another gen z skill, all we dont know is the fact, gen z have super power survival skill 😂😂
Don't be silly. It is due to Ronald Reagan - your God.
The summary of this Documentary. hehe
The worst part is the people working hardest are getting the least remuneration for their efforts and then shamed in the media for not taking more hours, more work despite the poverty wages. 40% of people in work need state support. That’s a reflection of greed not poor work ethics by working people. This is being done by design, by greed.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
@@mnthunder I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
@@charlotterayeee *Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
40 hours a week isn’t enough. I’ve been working 75-80 hour weeks for the past decade. ONLY now can I sit back and relax a little bit. I only ever got Christmas Day off.
I don’t wish that type of lifestyle on anyone. We can’t live to work.
Exactly. And see the difference with Gen z'ers is that we are starting to recognize that a lot sooner than older generations and we're not falling for the working scam.
You work as much as a doctor
"live to work"..that's so true😢. I feel it. I basically live to work. Just paycheck to paycheck.
So.....? @@agsols-2449
Screw the system
It definitely has gotten harder for the younger generation. When I graduated in 2003, my starting salary was $45k and I was paying $800 for rent in my area. Now kids are starting at 80k but rent is $2800. I could buy a Big Mac combo back then for $5 and now it’s $15. It was also easier to get a job as I could interview once and be done. When I interviewed for my job last year it required 4 rounds spread across multiple days with 15 different people and I had to present an idea for an hour to all of them. I was picked from hundreds of candidates compared to my first job I was picked from 3 other candidates.
This is why most fast food chains are upgrading the look of their stores. They are making it look more elegant like you're eating at a gourmet restaurant.
Really? It's possible to fill out a job application from a $100 Smartphone. Filling out an application in the 80's was a 5 hour process for me that included a "name that odor" bus ride.
You think they’re hiring most new grads at 80k?
What? Kids are starting at 80k? What kind of jobs are those?
In 2019 I started at $50k
I weep for the young. No security of any kind. This country is circling the drain. They are our future - they should be thriving.
Not only U.S buddy even Asian countries like India is also suffering with same issue.
Here only Ambani & Adani can start any sort of Business.
@@whiteclouds618 Therefore, what?
a short while back it was shouting of the roof that genera millennials and gen z are ssoo computer savvy. Growing up in this digital age they are and will adapt as the best people at the workplace and are welcoming because they are digital natives....so you will be ok,all of you and your parents. I will definitely not worry about whatever is saying here.
Yet all boomers who sell their homes ask for max profit. They care about us but refuse any discount to help anyone else. Greed is how they'll be known when they die off
Yup and the elders choice was to hinder them purposely then they're the same ones to say The Youth are the Future
Boomers have been the most successful generation at running office (without term age limits) and creating policies that benefit their own generational wealth
Exactly
@@Kinsale101 that is true...
I have never created a policy.
Bingo! It’s been labeled Generational theft.
Its so obvious
Paycheck-to-paycheck is the goal of the late stage capitalism system.
Corporations don’t want you to have savings. You are supposed to give them all of your money AND need to work for these corporations for lower and lower wages.
Right and they give people just enough to get back
Your compliance is noted and rewarded. How about a $4 bonus this year.
I still hope this wont end up in third worldwar. The most important is that eveybody comes home.
This is early stage socialism.
@@user-zu5do6ri6ryou are a fking monkey. 🤡🤡 socialism advocates for Worker control of companies, not sociopathic billionaires owning every aspect of our lives like now.
I'm so sick of all this disgusting corporate greed
I still hope this wont end up in third worldwar. The most important is that eveybody comes home.
Lies again? Gang Bang USD SGD
it's not corporate greed, it's the homeowner class.
Millennials still have not recovered from Great Recession.
U mean 2008 lol
Millennials should be thriving right now if they learned anything from 2008.
Dude, most millennials were graduating high school in 2008, it didn't effect them as much. It was almost 20 years ago.
@@XsoloXela1989you’re joking, right? We’ve lost years of job skills because no one would hire us plus got into student debt - again because no one would hire us. Now the insane cost of living is eating most of our higher income that we have finally achieved.
We are MAD!
@TravisPluss man, 20 years later and still playing the victim huh?
Sitting here as a Millenial feeling like ppl don't even see us anymore. My generation has been suffering with this for MUCH longer than GenZ. I'm almost 30 and still work 2 jobs plus gig work just to scrape by.
True. Forgotten generation
@@user-ll2je4kc4f Ok Boomer 😆
Zoomers are the squeaky wheel. We millennials just deal
Totally right! No one is talking about our generation or addressing the main problems we are having! It’s really infuriating!
Look at china same thing 996 just ridiculous.
It's goal isn't really being "rich" - it's that "rich" is pathway to being viable to having a home and a family. A regular job is pointless if it doesn't lead to being "economically viable" to attract a wife and having a family. No one talks about what it REALLY IS.
The only people who think wealth is its own end are the already wealthy and grindset psychopaths.
My mom often tells me that no matter how much one makes, if I waste it on useless things, I'll still never have enough. People want to be rich but not learn how they stay rich. The rich spend less money than most of us because they can buy quality things that lasts a long time. That's the only way to save money. Longterm thinking.
@@ToudaHell Great stuff, thanks for that.
@@Z28videogates😂😂😂😂😂
@@ToudaHell This is what middle class people think rich people do, not what rich people do. They’re not all amazing savers. They are more profligate than your mother could have imagined.
I disagree with the Indian guest that said we should be changing our mindset and be saving. When many people are spending most of their hard earned money on basic needs (I.e. rent, food, utilities, healthcare, etc.) they don’t even have anything left to save. Some are going into the negative just for basic needs. Not to mention inflation is out pacing saving. She’s out of touch with reality.
@@TheAnonymous916 i am indian our country is going through h**l and I can preety much assure you that she is not in touch with reality.
I disagree with her so much. Gen Z and I saved 65% of my income for years since I turned 18. I’ve made some good investments and they’ve paid off but I still feel so behind. What can I even do with £20k you know? I haven’t bought an iPhone in 4 years despite the fact I can justify it cause I make an extra income through it.
Millennial with a couple Gen A kids here.
I'm fully not expecting them to move out. They can inherit this house, I lucked into, once my time is up.
Buy Gold.
Same plan here. I'm interested to see if we millennials will encourage more multigenerational living arrangements with our alpha kids.
@@AssimilationKaelThas but home are they going to pay taxes,personal taxes or property taxes to keep the house if they don't work???
@@LarryCambron Much cheaper to pay taxes on existing property than buy new ones, unless that property is a mansion.
The culture of moving out was unsustainable and doomed from the start anyways. USA popularised it back when housing was dirt cheap and you could comfortably move out right after turning 18 with an entry-level job. Unless the government can guarantee a decent roof over ones head once they get a job, it's better to stay put.
As mother of a GenZ I know that rent is the biggest chunk of my son’s income. He’s lucky as he has a good profession but still struggles. Thanks for your interesting angle.
Tell him to get a roommate and share expenses; just like "we" did!!!!!!
@@cadillacslickgenz are lazy I can say this as gen y when we got demonised for years being lazy 😂
I still hope this wont end up in third worldwar. The most important is that eveybody comes home.
wasn't that always the case when we were in our early 20's
Why doesn’t he live with you?
As a banker, I’ll give the same advice I give everyone that feels broke. Stop financing expensive cars. Anything over $20k is expensive. Get a cheap car. I stare at credit bureaus for a living. Omg, the car notes I see people pay are ridiculous. Car + insurance shouldn’t be $1,000+ of your monthly expenses. Vehicles are a depreciating asset.
yeah and getting into debt to get the newest iphone😂
Good point. That’s something I never thought of. Phones are expensive now days. I remember when they were free. I also regularly stay several generations behind the latest model. I think mine is an 8. Not sure what version is out now.
@@scott2228 What? I can get a good phone for like 300€. Most people pay more than twice that in rent every month.
@@eggsistentialdread yeah, €300 there another €300 on a watch, $100 on shoes. The point is gen zs have horrible spending habits.
All cars are expensive
It's not the boomers fault.
It's the billionaires fault.
Don't let them fool into getting mad at someone else.
Bingo! Like Boomers aren't out here in retirement ages working minimum wage jobs or the fact the unreal amount of homeless Boomers.
Boomers established and voted for the structure we live in. A few billionaires couldn't get away with it without a huge cohort supporting it.
No voting doesn't matter, there is no democracy @@AsianMuscleFans
@@AsianMuscleFans Its a two party system. Who the heck were they going to vote for? So can I extend this thinking to Zoomers as the right wingers are slowly taking over politics and eroding away citizens rights?
So are you ready for the conversation with Alphas on why Zoomers sat on their behinds as the reason all the rights that once existed are no longer, because right wingers took them away during the zoomers ages of 18 thru 30 when they could have stopped it by exercising their votes?
@Ascendsean35 Guess you don't understand that many individuals were shut out of economical and education advances especially if you were a certain hue? Or don't you understand that separate but equal in American didn't end until the 1970s.
Got another one for you ever heard of outsourcing, deregulation and the NAFTA deal which all happened in the late 70s, 80s and 90s? In which companies used to send the well paying manufacturing jobs out of the country and to developing countries. As a way to boost stock values, increase profits and destroy unions.
Baby Boomers and including those who were shut out for decades (I.E. black Americans) due to institutional racism never recovered from this. Literally entire communities in the Midwest, South and East Coast were destroyed by this. Go read up on the history of Dayton, OH and ask why those Boomers and their kids were left in destituted.
This isn't Boomer, Gen X, Millenial or Zoomer issue. This is a Western Governments selling their population out to Multinational companies in the pursuit of Capitalism and Power.
8:23 save first??? After paying rent, food groceries, university fees and transport… there literally nothing to save
I used to do that because I could afford to. Gen z and I used to save 65% of my salary every month but if I did that now we’d all go hungry.
All I can say I'm born in 1971 and also can't afford living on what I make, this is not generational, it's the economy that is broken.
I still hope this wont end up in third worldwar. The most important is that eveybody comes home.
GenZ, Y and X got shafted by boomers.
@@MbisonBalrog in another 20 years the boomers will be dead, and the millennial will be blamed because they will be the richest and gen A will be complaining, the youngest generation is always the poorest.
Middle East wars. I blame them.
Isn't it funny how our generation wasn't even mentioned once😂
The biggest issue Gen Z is facing is that rents are now more than the average wages, unlike we’ve never seen before. Prior to 2020, people were making more in wages than the average rent. Nowadays is the opposite, and Gen Z can’t possibly save any money for anything and much less purchase a house 😢
Only Gen z facing rent issues? Everyone faces it. Some survive. They need to control their spending addiction. Gen Z spend, spend and spend and come complain here. Hoping government will help them out.
@@MrNsoe- Cool Propaganda, Story Bro. Your comment is straight up, an extremist right wing (Fascist) talking point.
@@heidi9547 He obviously never struggled a day in his life.
@@nunyadambusiness3530 so far, i have not struggled yet. Good luck if you don’t think you are the reason that you are broke. Because it will get worse and you will be on street one day if you keep it up.
@@heidi9547 you have something to say?
The death of unions & the elimination of pensions. This is why life is harder for Gen Anybody. PERIOD.
Exactly
"Trickle down"
You can usually get a higher return controlling your own 401k vs depending on the returns from a pension.
@@tw8464 Pee down, hoover up.
Not hardly. The unions have become coporate behemoths. Look at what its dont to the school system. In my state, the department of education gets ONE THIRD OF THE GROSS STATE BUDGET and ironically, one third of students now cant pass the SAT exam. That happened after the dept of education with its leftist ideology forced core curriculum on us.
Boomers: "why aren't they chasing the pot of Gold at the end of the rainbow", Dr K....."well you removed the pot of gold"
More like the Boomers already claims that Pot of Gold then ask us to pay with extra interest to go at the end of the rainbow
thats funny.. i thought the exact same at 20 years of age.. now at 40 i live comfortable.. and think completely differently.. the opportunities are here and all around you, its just very hard to see through the fog at 20 years of age..
The boomers' only mistake is that they didn't use birth control. Now there are so many of you that you can't afford to live well because, well, the planet 's the same size it's always been. Do the math.
@@jfern6673 Good for you, that doesn't change anything for everyone else. Prices keep going up, wages aren't moving, lobbying continues to tip the power in favor of the rich, and being poor is costing more money with each passing decade.
@indigo098765 And who owns these corporations? Exactly....
One other factor not many people talk about is solo households. The percent of solo households have more than tripled over the last century.
The percentage of solo dwellings has tripled also, that's what happens when populace areas get more dense. So in a per capita living space, should still be same price. But is it?
@@DonnyThaDealer not sure where you got numbers for solo dwellings. What is a solo dwelling anyway? Number of 1-bedroom houses?
@@dquan731 one bedroom houses, apartments. Over the last century dwellings went from houses that could fit a whole family to lot more single person dwellings.
@@DonnyThaDealer the problem is, even one bedroom house or apartments can be shared by a couple. When more and more people choose to be single and live alone vs with a partner, demand outstrips supply, thereby contributing to this shortage of housing problem. I wonder how much of the shortage is real vs manufactured due to society’s changing way of life?
@@dquan731 demand didn't outstrip supply, a bunch of people who only had to do 1/4 the work timewise to own a house had a much easier time obtaining a home early and then buying one or two investment homes.
The problem is turning homes into a commodity like that. Giving out ridiculously low interest rates and even financial incentives tax wise to help people do that rather than keeping the supply of homes available to first home buyers by putting in regulations against using homes as investment. That would have kept houses at what they are worth rather than overinflated.
We all know what happens when a property bubble bursts, the USA already had The GFC did you learn nothing?
It is not only Gen Z everyone else. Inflation, war , corporate greediness, consumerism, over pricing housing and government policies affect our lives.
“Freedom in capitalist society always remains about the same as it was in ancient Greek republics: Freedom for slave owners.”
― Vladimir Lenin
Maybe you don’t know how to be free? Someone need to make you a slave to help you manage you’re own money?
Lenin was a psychopathic madman. His opinions are irrelevant
Right, because his ideas worked out so well in practice 😏
@@myleskgallaghercapitalism has been around for 300 years and already ruined the planet to the point of no return. Very few places have been under socialist influence, let alone for at least 50 years to properly work, leading to its main goal.
But you can try harder 🥴
The problem is the cadre who controlled the Bolsheviks and Red Armies weren't genuinely interested in freeing the slaves. Just like the fascists weren't (the fascists backed $$$ by the aristocrats were just more open about it like the old monarchists). Just like the sectarian fundamentalists aren't genuinely interested in God. How to ultimately defeat man's lies and corruption often making the "new" boss a million times worse than the "old" boss? Actually none of the underlying problems with human nature leading to WWI and WWII have been solved. The fundamental problem of slavery, serfdom and no limits at-all-costs self-serving greed hasn't been solved. Bolshevik speeches and propaganda didn't solve it either.
I'm 40 years old, work 11 hrs a day, and take whatever overtime comes my way. My weekly work bours have can be in the 60's and 70's during certain times of the year. This being said, the only reason why I do OK (it's just ok) is because I live in my deceased father's house that he was kind enough to will to me, because I'm his youngest child and only son.
Right now i'm having a new engine put in my truck, because it's cheaper than buying new, but it took a huge chunk out of my bank account. Im also faced with the problem of fixing up his estate, which I do all I can myself, but have to defer to tge pros many times. I also keep the grass mowed in the spring. I'm blessed to have assets, but it's absolutely exhausting to keep it up, sometimes I just say no and let things go.
I work for my local school district and my heart goes out to the young people graduating.
I like you inherit a tiny home alone I not spoilt I work pre inheritance and still work 7 to 14 days a month as little permanent my parents and grandparents really worked hard and saved. I hold on to my house no matter what. I don't want a lodger I do gardening myself. Paint Bath and radiator s and clean window doors myself. I have separate accounts
Pension
Emergency
Bills
House renovation
Trips
Social
Car
Pet care
When go to a booked job inam early and conscientious
I look after car, new washing machine. I careful so can enjoy I
Grow on windows or garden potatoes, mint, cherry tomatoes etc. I go bed early to save light electricity I don't drink alcohol unless on a trip
A bus is cheaper than a car to the town and no parking fees
I walk
They all think they will inherit some will but not all, I was a carer to help mum pre her dying to sacrifice
Boomers sacrificed
@@Ukwemustcarryonok Your really organized with your expenses.
I used to have a garden, but I gave that up last year, because my knee had arthritis that I've been able to get under control through natural medicine like turmeric. I live in a rural area and all the grass mowing left me little energy to garden.
I also had a small cattle herd, but I gave that up after the market dropped and I was getting disappointed at the lack of profit after round ups and taking calf's to sale. They only want premium Angus beef in my area and mine were too mixed to bring in high profit.
What other expenses do you have? Do you have a large family?
@@AngelVasquez-nw8zf All the normal life expenses, except family, but I care for my aged mom who needs financial assistance. I have a nephew who has three kids, he works two jobs, but he's heavily dependent on public assistance and generosity from his local church group to get by. He doesn't have any luxury expenses at all.
I'm going on vacation this Saturday to Cozumel, which is my first travel experience outside of the country, and I have not done much traveling in my life.
@@WallaceAhtone-sq6tylive best life with what time you have left.
Ai will complete nails in the coffin
Stop buying the products of company who use AI to replace jobs. When they don't need us let us reject their products
Ai will create more jobs for those competent enough to operate it
@@oscard9429Seems like you dont understand ai at all... Soon ai will be smarter then humans and autonomous... Why would a superior intelligence need to be operated by dumb lazy humans?
@@oscard9429 well it looks like you'll be out of a job then lol 😅
@@oscard9429 everyone behind a computer screen will get screwed
In just 4 yrs, my college town had an amazing burrito place that cost 6$ per massive burrito, I went back this week, 11.99 for the same burrito!!! What the flipppp
Fiat games, fiat prices.
Salaries made a giant reset during the 2008 financial crisis and never recovered. So many people in the upper class got away with stealing from the working class and nobody got punished.
Gen Z guy here, and I can attest to what was covered here in this video as being true, because I have been out of a job since May of 2023, and will be reaching a full year of unemployment by the end of May in 2024. I have less than $1,000 with no savings left at all, and am forced to live at my parents' place. It's frustrating to keep applying for jobs and either not hear back from them, or receive rejection emails even after I finish having an interview. The jobs I applied to, but was rejected by before, keeping showing up in my email feed, which remind me of my past failures to be able to make my own living. I know there's no point in trying again and again, but what can I do? It makes me wonder if there was anyone who knew how to turn them off or take them down. There is almost nothing I can do about it, and that's that.
Wait tables, wash up, garden, get a labouring job to tide you over. No excuse.
Right back at you.
It seems your job search is in a specified area or industry. If you’ve been unemployed for this long and need money you need to take any job at this point. It’s temporary until you get that job you’re searching for. It’s easier to get a job when you have a job.
We all been there and done that ! I experienced similar life situation few years ago where I went from making 6 figures to Lowe’s lawn and gardening part time (and unemployment) while retooling my skills for a year ! We all know it suck, the difference is that we know this is part of life (which sucks) and we push forward ! Not saying you are to blame or have any controls, but still buying into the modern social media and peer narratives as if this is something entirely new and worse for just Gen Z.
What job are you looking for ?
👏 we 👏 don’t 👏 have 👏 enough 👏 to 👏 save 👏
Cause you spent it all? Maybe you’re money grow wings and fly off.
@@user-ll2je4kc4f projection
Even my idiot 19-year-old roommate has enough brain to save some money. Stop making excuses Gen Z! 😠
@@Vincent_de_Paul 👋Look👋at👋the👋data👋Boomer👋
@@Vincent_de_Paul
*R o o m m a t e*
None of them mentioned the falling proportion of corporate tax. Corporate tax used to be about a third of governments' tax income; now it's under a tenth. As a result, we have to pay more tax as individuals to make up the corporate-tax shortfall.
Republicans president gave corporations tax cuts
@@ethanhall6965 You need to reread my comment. You do see that, don't you?
Higher corporate taxes would just mean higher product prices or less room for a good salary.
Very true
@lhzsdgsfbvv they pay the bare minimum wages anyway. The proce to products as high as possible already anyway. Nothing would change. Just less profits for them, but they would contribute more for society. A thing that got forgotten a long time ago. Everyone and every company fighting for itself at the moment. Thats the wrong way
I’m a 30-year-old single Millennial living in the Philippines, working two jobs. I am also scared for my future and wonder if I will ever have the chance to buy my own house or car. COVID, the war, inflation, and strong family responsibilities have destroyed the younger generation's future. If we ever bounce back in these desperate times, the next generation should thank us because the older generation messed up ours.
6:00 she nailed one huge thing: not only is marketing insanely good now, friction in shopping is gone (one button push purchases), and think of all the buy-now-pay-later apps/services there are! Affirm, Klarna, Shopay, etc. all these merchants offer some type of buy-now-pay-later service. Even Target, Walmart, Amazon and some grocery stores offer a BNPL option! Insane. Way too many Gen Z kids are living on credit or paying later for things to keep up appearances on social media.
What are you talking about. Gen z and I’m just starting to spend a little money on myself and I still feel so much guilt buying anything. I used to save 65% of my income and live frugally and it was miserable. Marketing doesn’t work on me when I’m low income. I have 2 credit cards and pay them off every month as it’s purely for credit building.
@@potato1084 Just because you claim to do that doesn't mean anything. Actual idiot. Have you ever heard of N=1?
The US Federal Student Loan Program is directly to blame for the tuition increase.
That and the upscale dorms and student amenities that didn't exist at many colleges a few decades ago.
Yeah and they use that bs as a reason to increase tuition every single year@@muwgrad1987
100%
The problem is someone who bought a house for a $100,000 brand new 30 years ago want to sell it used for $200,000 today. Now if that isn’t a rip off I don’t know what is.
Someone who bought a house for 100k 30 yrs ago , is selling it for 1 million
200k is a valueble deal for 30 years of inflation and investment if its priced 100k 30 years ago, you mean 2m.
I don't think you understand real estate appreciation.
What? Thats a deal! 😂
The seller will need that money for the care in the retirement facility. Plus they more than likely paid over that in property taxes over the years.
My English is bad, but I can make better points than the Indian girl. All that Anushka got to say was speculative analysis based on her observation of 5% upper middle class metro city living upper caste youth. The fact of the matter is 60% of under 25 youth with a graduate degree are unemployed in India. Overall, under 25 unemployment rate in India is 35 %, according to Periodic Labour Force Survey (PLFS) data. Now, tell me where on earth would you get money to recklessly spend it? Gen Z in India is broke because we are unemployed and don't make enough money to live a decent life (even for those without temptations)
She should be ashamed of herself
USA here....the caste system in India has to stop (Brahman/Singh/Patel/etc....) and it's up to the young to change that/vote in political change!
@@cadillacslick The caste system is India's implementation of Jim Crow and segregation but without the American obsession with "whiteness". We would be the pot calling the kettle black if we tried to change this before we implement meaningful change/reparations to indigenous and black Americans.
@@mr.dracegamingchannel2007 Exactly, she talks about savings when a significant number of Indians live on less than $1 a day. How can you save when you are barely able to eat. This shopping in pyjamas is something that less than even 1% of Indians are able to do.
Seems like you are deaf because she had a lot to say.
Millennial here, born and raised in NYC.
I've been working since I was 15 making minimum wage which was like $7 back then.
I had no college debt because I went to community college and applied for every loan I could. College became free and I got money back. I lived at home and commuted to school everyday. It's fine to go to a private university, but why do you need to be there for 4 years. Take 2 years at a community college, knock out all the prereqs then transfer to a private university. Pick a good paying degree instead of some garbage degree that has no use. Trade school is also an option.
My starting salary in 2012 was $15/h. I lived with my parents, contributed to bills then saved/invested whatever I could. I only socialized with very close friends instead of every person I know. Cooked my own meals instead of eating out.
Now I make $40/h. It's not much but enough for me because I have no debt. I don't own a car and I take public transport and live outside NYC with 40 min commute. $2600 for 2 beds which I split with my gf. If you are going to move out, then move in with a roommate. 2 beds is only a few hundred more than studio/1 bed but your rent is now half.
Most importantly, I have self-control. I don't feel the need to imitate the lifestyle of some random person online or buy whatever garbage they are endorsing. I don't need some keyboard warrior or random person at work to acknowledge my existence by buying the latest tech every year.
Only expensive thing I do is 1 international trip a year.
Thank you!....My point exactly also a millenial here...btw some of this guys are earning more than us but are the loudest in whinging and would never listen to advice or adjust their spending habits!
@@BensleyDRAKEUsually the richest people complain about money the most... Also the unemployed think they're the busiest 😂
Omg, you could have retired if you didnt waste your time with that essay of a comment
@@BensleyDRAKEGen z here. For years I saved and invested 65% of my income. I have a fairly substantial amount for my age however, I feel hopeless because I can’t afford to buy any properties with it. The only advice I’ve benefitted from is starting a side hustle/business.
These days, if you only have a normal 9 to 17 job.
YOU ARE BROKE.
Or about to be.
BS
@@in-motusNope. I had to start my side hustles because they wouldn’t give me extra hours however, even with those extra hours I would be far below the average salary.
@@in-motus Not BS. A side hustle/gig such as investing or "drop shipping" is a requirement to affordable living
I'm glad I came across this video. I am a 22 year old student who's struggling heavily financially. Most of it is my own doing though, such as getting a 0 mileage car for 30K when I was 19 (although it was 0% APR) and having to pay for very expensive insurance, paying rent along with credit card debt, and all these subscriptions that really do add up! Then you throw the higher costs of living than normal. I'm forced to skip meals regularly because of grocery costs, gas, etc. Luckily I don't drink or party much but I do smoke weed often and that itself has been an entire bill. In the end I've decided to end my lease, move back in with family at the cost of my mental health and try to clear as much debt as possible before moving out again while I still have the flexibility to do so. I've learned a lot over the course of the past few years but I won't be completely financially free until I finish this car note.
Watch a few videos of Dave Ramsey and you will get some good pointers. You seem like a guy who takes accountability and responsibility for his actions and Dave's plan will give you the structure you need. You still got time being young but you need to keep going at it now, don't delay not even 1 year. After 35-40 it will get even harder.
At least you recognize your responsibility, identify the problem and are committed to solve it. Thats the most important thing.
Get rid of the car, stop all credit cards but one. Dont worry about bad credit.
Shits crazy buying 30k car I'm glad you acknowledge how foolish it was and the good thing about life is you can almost always bounce back. Pay that off and instead of spending all you money on a car humble yourself...should have done like 5-10k and invested the rest
Buying a new car is so badthe deprecation is crazy no offense but you really need to learn basic math and write out your finances really look at what things are costing
Financial education and good money spending habits passed down to Gen Z's from their parents (Gen Xs) can make a huge difference. If you have grown up in a household of spenders but no savers, you will only learn to spend your money. I did not learn the value of money, so I was a spender until 30 years old. Looking back, fast cars, parties, smoking, expensive gfs, university student loans, all of these things made me poor. It was my poor lifestyle choices and terrible spending habits that made me poorer. It is still not too late, start re-educate yourself on the true value of money in your situation and make wise spending choices. Also, stop blaming society and others, you have be ready to take responsibility of your lifestyle decisions. Good luck to all.
This is true of many but my family rarely spends on anything. Growing up maybe went out to eat once a month. Yet we still can barely afford rent or basic payments. There's gotta be more wrong here than just our personal choices.
@@hippoge7987 ...First things first, you need a skill to support yourself. If you have a college degree (engineer, computer) or a vocation skill (AC repair, plumbing). That's a good start. 2nd, you will need to understand finance. Read a book on how to handle your money/finance/investment. The most important one is being financially literate. people who don't have those two items, especially the finance, will face hardship, in any decade. Even in today's economy, there are successful people. They are financially smart.
My family grew up hard working We pool our earnings. My parents didn't treat us out to restaurants nor cinemas. But we were still poor. The reason was that they were risk averted folks. they keep their "cash" stash and they don't do anything with it. Over time, that cash stash has less value because of inflation. By the time they are too old to work, their money also lost most of its value. Cost of living goes up. A house cost 5 times...etc. They could have been millionaires, if they use the money to leverage on rentals and other investments like IRA, 401k....etc. I know it could happen, because I broke free and did all of those investments.
She is talking about Generation Z without inviting anyone from the USA and Canada where both economies are equal to almost 30 trillion dollars. Does the host really understand what she is doing?
This show is plainly stupid
Big corporations are the reason.
They are accumulating wealth at a few single points.
The more the money circulates, the better it is.
"You wanna work? Ok, well are you ready to do 90 hours a week of grueling labor for a grand total of *4* peanuts? How generous of us, right?"
That's totally not 90% of all companies hiring right now
What a cope go see how people around the world have it your a privileged American I assume?
I Agree These JOBS ARE BS. We Have To Start Our Businesses. Do What Your Passion is.
Buy Gold. With How Bad The Economy is.
Gen Z is not to blame! Once we all got sucked into these Western fads, there is no coming back. Just glitter, glam, over worked, divorces, suicides and escapism.
Those are symptom, not the disease.
Never realized suicide was a "western fad" 🤔
If gen Z is so good at cancelling everyone why won’t they cancel all those greedy corporations?
What do you think cancelling means? Gen Z has already cancelled a good portion of corporations (ever heard of boycotting?) but problem is Gen Z is not the main spender so their buying power is less.
corporations provide jobs/income for us all. play the game. you are not poor because of greedy corporation.
@@stephenc2481 They are greedy because they should be paying us a fairer share. Just because we're not poor doesn't mean we're not being paid unfairly.
Blame a broken capitalist system. Who said to reduce taxes for the rich would help the middle and lower classes? Boomers had their own challenges...parents with PTSD from ww2...Vietnam...Civil rights...20% mortgage interest rates...
Thanks for having me on the episode, it is a great and fun experience!!
In the UK, the average salary in 1980 was £6k and the average house price was £23k. Last year, those figures were £30k and £290k.
in the UK in the 1980s the lowest interest rates were 7% and highest were 17% - that needs to be factored into house affordability to.. but yep as a ratio more expensive versus salary these days... BUT there is always a few hacks to get on the property ladder : sh1ttiest house on a decent street / buy a 3 bedroom and rent 2 bedrooms out for a few years / flat with 4 others to keep your costs down and rent out the house you just bought?? a house is an investment 1st and a home should be 2nd priority (even if you live in it!)
If you all want to revolt, minimize consumer spending so we can go into deflation. Then, we can all see rich people getting poorer.
Smart man
🎉❤
We can’t, the necessary stuff like heating, car insurance and food is from them, and we need them to live
@@ningerminger6975Eliminate vice and entertainment spending. Choose the cheapest housing and get roommates. Buy clothes and furniture used. Buy cheaper brand food or grow your own.
I’ll keep consuming and let someone else do that.
Great discussion.
Financial education is key. But schools won't teach that because then the debt monetary system would fall
Call me a conspiracy theorist but I have felt for a long time that the questionable absence of financial literacy prior to HS graduation is very very fishy. Seems intentional to me.
@@mr.kilpatrick2991get the education you need
I still hope this wont end up in third worldwar. The most important is that eveybody comes home.
They will conclude is the financial system needs to be overhauled at the roots.
The primary goal of education is to produce workers, not thinkers
This is so. I am 2x as old as Gen Z. I live in Switzerland 🇨🇭.
Despite being the most educated in my family in STEM, I cannot reach the income of my father from 30 years ago (except the peak salary). The flat rents and living costs have exploded in the last over 20 years since I’ve finished university. No family, no house.
IT in Switzerland sucks if you are a developer, if you look at it in long term.
Swiss sama
12:34 gen z arent lazy. The corporate work culture is toxic AF. It’s not enough to do your job well and strive to have health and have time for friends, hobbies, family. Why?
I work 12 hours shifts, 7 days a week as independent contractor and still can't afford house rent and live in a car.
That's too much work for me , I only like to work 6-8 hrs a day,
its can happen to any era...is not the time to blame. is you
You’re either lying or not telling us something very important. Also, what kind of business can you run successfully while living in a car? I’m truly curious
You should just work part time and earn $300/week max if you are living in a car and cant afford anything anyway. The economy is really bad right now, and Im struggling myself with high rent and low income, but what you are saying is either a lie or you are being ripped off big time.
That's awesome👍👍👍, are you from meurica
Build public housing for teachers, firefighters, police and nurses like they did in Paris. This will free up some of the housing on the market and AirBnB needs to be heavily regulated by municipalities.
Or maybe just set rent caps so ALL working class people can afford a home 🤔
@@myleskgallagherbut this to is getting bypassed by so called furnished homes
Both those ideas are dumb. The problem is corporations buying houses. And inflation 2% compounding since 1970.
The fact that none though increasing the housing prices would screw over their own children is bizarre. It’s so obvious.
How can you stop the rich pumping their ill gotten gains into housing even if you noticed?
Boomers didn't raise housing costs. Corporate land owners did. Billionaires did. Government did.
Hi. Malaysian here. I used to live in Puchong. This is such a great discussion on the Gen Z, the young people today.
Depends on which Gen Zs you're talking about. In Russia and China for example, Millenials and Gen Zs will live a far better life than their predecessors.
this is not true, let me introduce u to this concept: laying flat in china
lol…guess you don’t know that 25% of Chinese graduates are jobless? What’s the unemployment rate in the US? Hint: less than 25%
@@jenkins5265They choose to be unemployed in China, cause most of their parents are millionaires
In china they refuse to be underemployed and become house child and in russia a lot of their highly skilled entered a plane
It’s Gen Y that made avocado toast famous not Gen Z
Gen Z assuming average age being 19-24; pay check to pay check sounds about right. I was exact similar right out of college and working hard in a growing career.
I can save more than 1/2 of my decent tech paycheck each month here in Europe and there is still no chance I'll ever own a house.
I'd have to spend essentially every cent of my income from now until retirement (30+ years) to buy it from some boomer who initially bought it for 2 slices of bread from their very basic salary in the 70s.
Blaming everyone struggling on social media and online shopping is so out of touch. Rent, cars, food, insurance, is all insanely expensive and sucks people dry. Most people don't have money left over for online shopping.
Ive adopted a work mindset of quiet quitting. I will do the bare minimum of for me to keep my job and stop working extra shifts. I was working previously more than what I was required to do and it effectively burnt me out while exacerbating my health issues. My salary at the moment is enough to live within my means and be able to save 20% every month since I live frugally. But not in my wildest dream could I afford a house or maybe have a family. I dont see the situation getting any better so I would opt to just enjoy the rest of my life.
What a weak sad little mindset. First of saving unless for a down payment/emergency fund is absolutely stupid you just lose to inflation. Buy something like an index fund through your bank it has an average return of 10 percent you will double your money accounting for inflation in 10 years that's 4 times in 20 years and 8 times in 30 years.
If your health issues are truly very bad than that's unfortunate. However giving up on a house and family if that's something you want is so ridiculous? You may get a payrise if you stick to living frugal you could save 40 percent maybe? 20k per year is 200k in 10 years and it will snowball grow if it's invested
Previous generations won't get it but yeah, it's a sad reality that over half of this generation is silently facing
Avocado toast is a millennial thing not gen z
That's what i was thinking.
Eating out is a luxury for special occasions. Saving is not popular for a lot of gen z's for some reason.
I am a millenial and never ate avocado toast before. Maybe thats why i have good savings
I am a millennial and never had avocado toast. And live with mom because she can't afford a home, I consider it a blessing, as I am getting a 200k+ house for under 30k
It's a White people thing.
I live in California and have only one question: if people can come to America from India, learn English, work hard, start business, and BUY homes, THEN WHY CANT SOMEONE WHO WAS BORN IN AMERICA ❓️❓️❓️🤷♂️
Ok! 😂😂👍
Because quality higher education in India is cheap and its usually their middle class parents who pay for it. They aren't saddled in debt straight into adulthood..
@@zebesiv typical American excuses. 🙄
over seas learning is cheaper in america after i’ve finished your studies you go into 100,000$ of debt
This is the best comment..!!!
Cause I did it that same way..
It doesn’t help that Gen Z are working later than any generation. Millenial here and it sucks for us too. But I was working a job since I was 14 and saving money so when I went out into the world I had a good amount of savings.
High rent. $16 a hour yet rent is $2400 due to greedy landlords.
650 to 800 for 1 bedroom in a shared house in the uk. a nice room yes.. but still 1 room in some boomers house. crazy times!
landlords charge that much because people are willing to pay. it is the law of economic. you'll need to learn new skills to get higher pay.
What do you do? Professionally?
here in mexico gen z is dealing with the past's bad choices and of course older people are to blame, they screwed their children's future.
No they didn't what a cope😂😂😂😂
Literally every generation was called lazy by the older generations. Gen X, Millennials used to be the ones getting hazed.
Gen Z also likes to blame Boomers for all their issues. Like ok, maybe they did, but at some point you gotta stop blaming other people. No one told you to vote the way you are, DoorDash yourself into debt, & spend $200k on a degree you don’t need either 😂
I have a degree I need, make decent money and I'm still broke because of my debt. I wouldn't be able to afford a decent house unless I marry a woman who makes the same amount of money as me lol
LOL, the older generations (Gen X) perpetuated the idea of "Get a degree, or you'll fail." All throughout high school, we were told, "If you don't go to college, you'll be flipping burgers and basically be broke".
It's so apparent how out of touch the older folks are when you ask them, "So you think I can buy a house? Do me a favor, pull up a mortgage calculator. Put in your current house price that you own, and tell me with a straight face that it's doable".
I own my own company and work full time. I've lived with roommates in cheap apartments, and I don't partake in any trends like fast fashion, etc. The biggest problem is once again, how many excuses are thrown at Gen Z like "Just live with your parents and save money." or "Don't buy takeout". So many empty, thoughtless suggestions ignore the major glaring problem.
The best part is that you don't have to believe us. You can do the math yourself. Literally, look up the median house cost and the median household income as of today. Figure out the multiple (income to cost of house), as well as the numbers from when you started working. Feel free to look up the acceptance rate of colleges and the cost of education, then the acceptance rate of graduates who would get a job. It's not hard to do any of these things, but it's really rich coming from people who are so out of touch and ignore facts they can look at right in front of their own eyes. I know it's been tough for the older generations to comprehend this, and it's very telling because of how much Millenials and Gen Z are blamed. Here's the vast majority of "advice" in this very comment section: "Just do X because you're dumb and clearly don't know what you're talking about". Sure, not word for word, but the idea of "You're clearly doing something wrong and it's your own fault" is not helping at all and shows your character more than anything.
@@Qwerty.240bingo! The federal reserve bank is our economic system, not capitalism. Interest creates debt and debt creates poverty. Our economic system is interest, debt and credit.
REPEAL the federal income tax AMENDMENT and the FEDERAL RESERVE BANK ACT.
Right around 6:10 explains it all. You have to try harder to be more disciplined at saving and investing your money. If you can still work and live with your parents; be smart, take advantage and save your money.
Im Gen z, i was watching Sleeping with The Enemy with Julia Roberts yesterday. That movie was made in 1991. In the movie she escapes her abusive husband, flees to iowa, and rents a house where she become neighbors with the love of her life. You know how much rent was for a fully furnished home with a porch swing was.... 700/ month. 700/ month!!!!!! A house like that wouldve cost 4000/ month minimum nowadays and FURNISHED?!!!?!?. Things have doubled exponentially, the quality of items is alibaba bullshit, and our wages are the same as poor Julia Roberts in Seeping with The Enemy.And she was unemployed living with a rich abusive husband that gave her an allowance!!! That movie was made almost 35 years ago... THIS IS WHY WERE ANGRY.
Gen Z is mad because life is hard and they were sold, via fake social media, that they were somehow entitled to an easy problem free life. I'm 54 and its never been easy in my life....its about good decision making which people from all generations often succeed and fail at. Those decisions will be the biggest indicator of where you land later in life.
Speaking of TV, Three's Company was a very popular sitcom in the 80s and Friends was a very popular one in the 90s. These were shows that revolved around people in their 20s in roommate situations. The public could relate...because everyone in their 20s had roommates. I never lived alone in my life and at 29 got married.
But Gen Z thinks they are entitled to living alone, new cars, overseas vacations and continues impulsive spending on everything under the sun. In other words they try to live WAAAYYYY beyond their means. That lifestyle never happened...not in my lifetime...in your 20s you can expect to be broke and starting your career which means beater cars with no payment and roommates....that is normal....the Gen Z way is NOT normal...hence the problems. Entitlement and spending issues are a big part of Gen Z issues.
Anushka is definitely on point when saying Gen Z has tremendous social media challenges for living a certain lifestyle. I’m a boomer and keeping up with the Joneses was definitely a thing for us. The difference is the Joneses were our work mates or our neighbors, most of whom were similar to us in socioeconomic status. These younger generations are seeing people from across the world. They’re being shown a 2 minute segment of someone “living their best lives”. More than likely what is being shown is not true to life but trying to compete or live up to that is much harder.
My advice for Gen Z. Don’t give up. Times are very hard right now but that doesn’t mean that’ll always be the case. If home ownership is currently out of reach, try to resist doom spending. Invest what you can. Be ready when things improve to take advantage of your opportunity.
Believe it or not, times were super challenging in the early 80s, but they did improve.
I’m 45 & by the time I was 25 (2004) I had worked for 6/7 years as a motorcycle courier and brought two flats in London so it was easier back then to get a start
I haven’t worked in almost 10 years
I just rent the flats out and live in a cheaper country
I don’t see any boomers in this news segment. Progress!
Typical aljazeera fairness
Covid broke us financially, but it also woke us up to how this system really works and it's fuelled us to embrace class solidarity against the upper classes.
The Indian lady is so removed from reality. She doesn't acknowledge the main issue of everything going up in price. Primarily food and rent having gone up anywhere from 35-60% since the early 2000s. Blaming the spending habits of Gen Z only gets you so far.
Everyone today blaming someone else for their failures. Life has never been easy for most people.
Statistics dont lie
Very well written. Thank you!
Gronk
Yes it has
I dont get it. Is avocado on toast expensive? Why do they keep saying that?
Because all they have against us is gaslighting.
yeah avocado is luxury item compared to peanut butter and jelly
There are less jobs
There are less permanent
There are temp
There are 1000s applying
Many not work benefits
Unemployment is low... Look up statistica US history of unemployment rate
@@weirdflex8158 Do You Still Believe in Santa Claus With The Same Faith in The U.S. Government BLS "Unemployment" "Statistics" ?
Printing over 6 TRILLION dollars over the last 4 years could have something to do with record high inflation.
Great panel and spot on. I'm a millennial without an education but have had the luck of building a career because of luck and opportunities given to me by my previous and current employees, however, when I retire, I will have little to no safety net and it's a daily concern and worry.
Nice to hear I'm not alone.
Thanks for a great discussion. I can't wait to see more from these three clearly intelligent and experienced panalisists.
Boomer here. Yes most of us lived paycheck to paycheck. Most of us shared an apartment or other rental with 2,3, or 4 other people for years. Many of us worked a full-time job and a part-time job. I think every generation has done those same things and stuggled to get ahead. Okay, yeah, times are tough again.I'm glad I learned to survive from my parents and grandparents who lived through the Great Depression. Good luck out there folks, you can do it.
Short answer: Politicians
Long answer: Fiat money
Outcome: Inflation...
My parents where boomers. They just sucked it up and worked. they didnt have their first holiday until their 40's. I'm Gen X... I house shared until i was in my mid 30's and only resently had enough money to buy my first new car...... tricks to getting ahead; avoid the debt cycle and lower your expectations, you dont need new things.... In-fact you don't need much to live at all, and the outer suburbs are fine to start out for a first house. Everyone would love a million dollar sports car and a mansion, but its wasted resources.
You just explained the problem. Boomers and Gen X were fed the lie of “work hard - it will pay off”. Well the pay off will eventually come once you’re too old to enjoy it.
Most retired people are living in poverty! Where is the pay off?
@@leedlbagginshield8492 The video suggested that its a new phenomenon facing the current generation. My point is that unless you had wealthy parents then its going to be hard work for the rest of us.
God bless Grace!
I do not agree with all points mentioned, in my opinion the British girl was the only one which was spot on. However, finally a proper discussion on the subject. Thank you.
The world they inherited is terrible and also why many women are hesitant to have children....why would we bring a baby into a bad society and gloomy situation?
Youre right
They trying to counter it with anti abortion laws.
@@Filipp81but WHO votes blue? The same people who complain are blaming a whole generation instead of looking at the problems and fixing them. They want to maintain everything that causes problems. They hold tightly to drmicrst/ leftist ideologies. Upholding those is more important than admitting truth and correcting problems.
It's simple, our government has been hijacked by mega corporations. Congress is ruled by lobby money. We are officially a fascist oligarchy.
Same people who complain about being broke were all for covid lockdowns which destroyed small businesses and the middle class, all for immigration even though its simple logic that more people mean less job availability, lower wages and competion for housing.
Since Obama we've had 50 million immigrants, not counting illegals. Thats a huge increase in people . They all use water, look for jobs or get social services, and take up housing. , and lower wages, higher taxes and less housing with increased costs because of demand are a few of the results.
I'd say we've really had about 100 million immigrants since 2016 with illegals. That's a HUGE population increase, and most are young adults looking for welfare or jobs.
Lol
That neither gonna resolve the matter rather it would led to destruction
Voting for same Partie$ and expecting different result is the definition of Insanity!
There has been an incredible wealth transfer from middle-low income to the richest. We nearly reached to the slavery era again
I have lots of friends from Gen Z, I'm millennial. We all work hard, we all pay loads in rent and stuff. But most of them has brand new phone every year, paying stupid contracts, then all the subscriptions, youtube, amazon prime and so on and on and on.
I use my phone for at least 5 years, never take contract for a phone. I watch ads cause it saves money. If you sum every subscription, habits like smoking, coffee from coffee shops and snacks, they end up in debt after paying rent. They don't have sense how to save, they want to have luxury life with 0 effort. "I do 40hours a week in mc...." bit*h please, I do 60-70hours in construction a week.
Life is a struggle, you can't have everything without sacrificing something.
Why should you have to give up 40 hours a week just to get by, let alone 60-70? I’ma enjoy my time now, rather than some imaginary promise of retirement, we all die someday and no one promise you that you’ll have tomorrow.
@@metalelf2000 If you put in the time in your late teens and 20s your 30s-70s will be enjoyable vs. struggling your whole life. It's a marathon not a sprint.
At 0:40 that girl singing "she's so broke" while being at the wheel of her car! I guess there are more definitions for what means to be broke LOL
Our parents lived simple lives and they didn't have all the marketing influencers telling us what we needed to buy to be happy.
Also no social media, no validation online and selling their souls online during days of our parents.
I'm 56, I've never known my parents to buy a sandwich, takeaway meal or coffee out ...
They went to the mall every weekend and owned cars at 19..
Yeah turn of social media than its not that hard
@@zebesivyou can to if you put in the work
Puchong, Malaysia? I live in this township and I have no idea who he is. What is his UA-cam channel?
Whiteobsidian
Makes him a good representative as an outsider. I wouldn't trust him too much if this comment section had Malaysians fans. The guest seems to be going through it like the majority.
It’s a lack of financial education.
Brilliant brilliant ! This is so on topic
So much not being spoken about 1) the constant generation blaming serves the ruling class 2) why save when quality of life keeps dropping, the world's on fire, and you're never going to be able to afford a house and kids anyway 3) when are we going to stop being suckers for the plastic junk online and in the stores? When are we going to learn what is genuine abundance? When are we going to learn that expensive trendy possessions should not be the goal in life and that those who have them should definitely not be our heros?
Investors destroyed the housing. Market like they did the used car market. Balloons pop after the damage is done ✔️