Millennials Are Getting Financially Destroyed
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- čas přidán 14. 07. 2024
- Millennials are getting financially destroyed for many reasons, some of which have no end in sight. I'll also share 4 strategies that will make us go from being the poorest generation in history to becoming the richest.
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
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Also just wanted to clarify that all the jabs and jokes in the video were only said for entertainment purposes :). it's all love here! - your friendly neighborhood millennial.
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Hyperinflation in the housing market and college costs are the real issues here!
Not to mention wage stagnation.
Im 28 own my house own 3 rental properties invest in the market, crypto, classic cars, and collectibles. Graduated college with 18 dollars and 30k in debt from state college and never inherited anything. It comes down to drive and determination. No one wants to do the things they don't see 80 hour work weeks, risking all your money, sacrifices, potponinging gratification, and constant consumption of content of advice and tips. Yes it would of been 10x easier to get where I'm at if I was a boomer or had rich parents but it can be done if you actually want it. It's easier to complain from the sidelines then grind it out on the field. Anyone can do it you just got to want it.
@@trevorssillyplace Congratulations, how'd you do it?
@@isaiahsmith6016stayed at home for three years after college bought a house and used the brrrr method to get the other 3
What’s your job and would you be able to do it now if the average home prices are over 400000 and you couldn’t live at home, with more loan restrictions
As one of the oldest Millennials (age 40), I think Gen Z (age 13-24) is getting even more screwed than we have been. They deserve a video on how to get started financially since they’re just starting to graduate college.
Everything sucks nowadays. Overcrowding of the roads and infrastructure, overpriced housing, low paying jobs poor work life balance, climate change.
You had me until climate change
@@andrewtaylor995 you like climate change????
People need to stop having kids!!! Especially more that three
So Who was promising you happiness?
Life is struggle and no one escapes this.
@@anthonybo2307 Tell that to Africa
A household of 2 making 4K a month in a non busy city with a minimum of 1800 on rent a month (the median average) can barely survive.
Another fantastic video! Doing well financially as an adult is not a reason to leave behind the frugal lessons of a lower middle class childhood. We grew up on government benefits will the bare minimum but my mother bought everything on sale and still managed to invest a tiny amount every month and also invested on behalf of my grandmother. She always taught me that people don’t get rich by spending all their money or working hard; you get rich by saving, being savvy and working smarter, not harder! Now she owns our childhood apartment and has enough to live on very comfortably through retirement for the rest of her life.
Woah that’s awesome! Thank you so much for sharing and she owns an entire apartment? That’s super impressive. I only hope to achieve what she did one day.
Financial education is a very small piece of the pie. Hyperinflation, sending manufacturing overseas and war financing (instead of social spending) are the major culprits.
watching yourself instead of watching the job market is a major culprit.
All those points fall under financial education under the subsection of the economy and government finances.
And the boomers of course.
When my dad got on me for not owning a house and 2 cars like he did by the time he was 30, I just pointed out he didn't go directly from one "once in a generation" economic crash to fight in the longest war in american history because college wasn't an option after his dear ol' dad lost said house and 2 cars in a divorce then allowed good ol' ma to get forclosed on, and get back from his decade of war to AN EVEN WORSE ECONOMIC CRASH, PLUS A FUCKING PLAGUE.
At this point in my life I'll just take still being alive as a success.
"low housing supply" lol theres houses around me that have been empty for 5-6 years......them mfn houses are like 600k to 1,000,000$ 😂😂😂 f those houses honestly dude. im not killing myself for them. honestly the rich people want it that way anyway. they want us on services not owning things. services are a reoccurring bill where ownership leads to you not needing them
As someone who owns property, this sounds like The Fox and The Grapes fable. In the past, a house was a point of pride. But, imo, things have changed. A house is now a point of security, a stronghold. Most houses are still stuck in the past, being points of pride. But, there's things you can do to a property that you're not allowed to do in an apartment, things that make you much more likely to survive what's coming.
Damn, with that cost, you could build your own house instead, and make it off-grid. ;)
@Techniiq Yep.
I grew up upper middle class and only now at 34 realize how insulating that is. Most parents don't buy you a new car with your license or a condo when you want to move out or completely cover your finance degree.
If you got a new car when you got your license you were rich. I was upper middle class and I got a used 15 year old impala- the rich kids got new jeeps and BMWs.
@@jacob9673 I mean it was a new Chevy Cobalt. Not exactly setting the world on fire there. :-p
Lower middle- worked 2 jobs to buy my own car
I was lucky enough to be given an $800 '99 Mitsubishi 2 years after getting my license
@@TomMcMorrow That’s $15,000-20,000. So like a year and a half of college..
Hell- I was given a car too, but it was a beater for a reason.
I was put $27k in debt when I turned 18 by a family member. I’ve been struggling ever since to pay it off. I am 26 now and looking into new ways to help myself financially! I just wanted to say that I appreciate what you are doing here by helping those seeking to better their financial futures!
Dam thats awful, how did a family member put you in debt?
@@bobbycigarillo They tricked me into signing for student loans and then opened a ton of other stuff in my name.
@@Redy4Payback thats shitty, so sorry to hear that! Best of luck to you in the future🙏
Damn that is terrible. God bless you for real
@@Redy4Payback That's terrible. I hope you dropped these people from your life. You shouldn't even pay it...screw it.
I worked all throughout my 20's. never had a credit card, never got a loan. I currently have a trade, and a small modular house homestead on a plot of land.
The fact you could do this makes you privileged. Many people work as hard or harder and will not have that. Also, the fact it took you a whole decade is insane.
@@jas_bataille fr these people are idiots they keep wanting a system that makes them slaves to barley have anything…
I grew up in poverty to poor and unsupportive immigrant parents. Almost became an orphan. I worked all throughout college. Also saved up for college by working in high school. Went to cheap a public college. It’s doable in this generation too. So many young people just want to have fun, but some of us work extremely hard.
Well said
We live in a one bedroom apartment, the rent keeps rising and we can't seem to put back enough for an emergency.. my husband actually went to trade school and has job experience as a electrician and went to school to be a mechanic, our vehicle actually broke down and some one hit the one we were paying on and their insurance refused to pay so it was a total loss which took up a year to pay off , he pursues work in his field but they don't hire or not to where we can reasonably get to with both of us working and using the same vehicle .. this isnt even about us wreckless spending- we don't have the option to live at home and one us can't take off work so the other can pursue an education and even then all those jobs require job experience he doesn't have or can prove .. it's great some of you knew some one and have things just line up in your favor but that doesn't happen with everyone.. jobs also get deterred by his blindness , I don't go to a trade school because hes already has student loan debt we can barely even pay and honestly what I'm interested in I can do without a college education
Thank you for the tips!
I'm just frustrated that it all ends up coming down to us having to pick our latte's over our investments or vise versa when those impacts are comparatively minimal. I wish those in power would understand that the bulk of it is giving us livable wages, or decreasing the cost of housing, or forgiving debts - that's what will really make the societal difference.
I say this as someone who's from an upper middle class family that gets the privilege of getting a lot of support from my parents, plus being financially literate thanks to them teaching me these things as I came of age. I'm still very upset with the state of my generation's finances, even though I'm not one of the ones living paycheque to paycheque
this editing is legendary
haha thanks so much dennis
I'm pretty sure the boomers weren't in college in '90... that letter should have been to the Gen X years.
As a boomer, I am more disappointed in Gen X than Millennials.
And as a Gen X''r I'm more disappointed in you Boomerang, lol.
Everyone I know from ALL age groups are living paycheck to paycheck.
Amen to that.
College is not always the answer to a good career. You're welcome. -Boomer.
Yes, of course the answer is exploitation (of other people).
@@ZodiacEntertainment2 I believe the reference is to blue collar jobs. An electrician can easily earn over $125,000/yr once they become a journeyman. It’s the difference between spending 4 years in college or spending those same 4 years as an apprentice earning money and experience. Not to mention the ability to be in a union so you aren’t exploited.
@@Khaab00 "An electrician can easily earn over $125,000/yr once they become a journeyman." No. Not even close, and I don't know where people come up with these numbers. I was an electrician with 8 years of experience and a Journeyman license. I made $16/h before I quit to go back to school. The only way you could make that kind of money is if you're a contractor which means you're no longer an electrician, you're a business owner/operator with a completely different set of risks and skillsets.
I love your jokes and puns. Please keep up the work. For the past few months I’ve been working on my self and putting a business together that will also correlate with my current job which I also hope to come up the ladder. Your videos have only encouraged me to do more and more.
Awesome video im not a millennial im a little younger but this video really helped me get my goals straight
hahah hello! always happy to see your comments :)
I really appreciate your honesty about how you grew up! It was the same for me! As a fellow Millennial, we grew up in the shadow of the excess of the 80's & 90's, but are left with the present, which refutes that cultural practice.
Love it!
Making educational videos with some humor, makes it fun! Your videos are awesome and your story inspiring!!!
I love the part where you mention why you quit your job and the reason behind it. Hopefully one day I will be able to say the same cause I could not agree more about meaningless job and just helping rich ppl become richer instead of helping those who need help to manage their finances. This part made me really think about my purpose so thank you for that.
Gen Xr here. Boomers ran up the credit cards and left us all under 50 the bill.
Just a side note - not all boomers are your enemy. :) I helped my son pay off his school loans, gave him a place to live while he got on his feet, and generally bolstered his ability to get credit by putting my money in some of his accounts. I tried to not do everything for him, but was willing to fill in the gaps where he had financial weaknesses.
I also am politically involved in trying to change things for the better. Things suck for your generation and I will do what I can to help make things better.
You fulfilled your role as a parent. To not only raise him but to teach him how to become an adult. I hope your son realizes how lucky he is to have you as a parent. Not all parents have the financial means to provide the support that you did.
Ha! I was homeless for a few months two years back. No credit. No money. Where I am now is nuts compared to that. Saving is Earning. Invest, or trade if you take the time to develop the skill, and Believe you can change your life with the effort. 720 credit and 13k in cash and assets and I didn't even do good at crypto 🙃 stop buying useless stuff! Look for the better deals and bargain hunt when you shop! It WILL add up. We can do this guys!
You're amazing keep being you
"StOp BuYiNg UsElEsS sTuFf" OMG I NEVER THOUGHT OF THAT BEFORE. /s
Survivorship bias. You are a minority. The fact that the system benefits the 1% to a far greater degree than it does 99% of the rest of the population is evidence that the system is broken and needs to be fixed or scrapped and rebuilt.
Tremendous insight. Thanks a ton for sharing Vincent. - *Justin*
I swear, every time I see millennial finance videos, it feels like there are the millennials the media talks about, and the millennials that are forgotten about or never really cared for. Cool video, I guess.
Low paying jobs, rent and food prices are off the roof. You want a house forget it prices are to high. Want to go back to school guess what it’s higher than a mortgage payment. It’s crazy.
You also arent guaranteed a job because you went to college- they require experience you don't have .. I think in truth the job just doesn't want to pay workers what their worth
Thank you for the video. I watched it all.
Well I find myself in your early days and here you have a new subscriber. It isn't much. You were a reminder of how far I made it since then, so thank you.
Great video, thanks for sharing some knowledge
I like your videos. I was a tax accountant for 35 years and I appreciate your humor as mine, like yours, is a career not usually known for humor! Thanks!
i really like how Vincent explains.. you can be a kick ass lecturer! lots of thanks
Love your message.
I appreciate you making all these videos bro, you help me for sure
I'm gen Z and I live frugally.
Thanks Vincent. I appreciate hearing your story and i share your values. Subscribing now!
Editing was bomb 😍
Amazing video
THANK YOU!!!!!
new subscriber from Costa Rica!
How do millennials compare to Generation X though?
I feel like comparing Generation Y (millennials) to Baby boomers doesn’t match.
Thank you for making this video. We are in this together 😄
I like the googly eyes on the salt lamp 😆
🔥🔥🔥 content. 👍 Keep it up
great video!
Wow love your videos good work!
Officially subscribed!
Your funny brotha 😂.. keep up these great vids..
thank you, these comments on the video are excellent, well said, and very accurate. You give us a good, long-term perspective. Mark - ex financial planner
I feel so cocky when I mention this, but I am so proud of my millennial husband and I. We purchased our first home during this pandemic housing boom, after looking for almost a year we got an amazing deal!
Our home appraisal came out above our loan+purchase price, and the rates right now are unbeatable (2.89%). Part of the reason why it worked for us is because neither side used real estate agents. So the seller was willing to go for a more reasonable price. Do some research and hire a lawyer and you're set.
Probably a rare situation, but when you're ready to buy put the word out and maybe someone will be trying to sell. Worked for us!
Im paranoid about investing even safer forms cause i remember seein all the closed down businesses in the crash. Lunch meat tupperware reuse, takeout from moving came in reusable tupperware tray, didnt have to buy tupper ware that i use as plates.
why all these millennial videos always give examples of 20s when most of use are almost out of that age?
Many seem to forget that some are in their early 40s.
Guys can i say something here...
Yes us millennials dont have it easy but i would say 60% is self inflicted.
True our parents got it better but they also didnt spend in all the bullshit we can " necesseties" for example people are using uber to get around. A average ride is 14$ how is that sustainable. My parents used the BUS or WALKED ...People are using door dash instead of cooking at home, people have 10 different monthly subcrptions (hulu ..spotify..hbo max...amazon) people have 1200$ cell phones ...a family of 4 suddenly has almost 4500$ of hardware plus 140 a month vs my parents had a land line....1200$ phones ARE not necessities. Tv antenna was free now cable is 120$ cable is not a necessity ..plus the more tech we allow in our lives the most expensive it gets. Rear view mirrors for cars are costing 800 vs 40...so we can have radar and cameras...all we had to do is pay attention on the roads.i can go on and on. Yes we are getting fucked by student loans but we fucked ourselves hard too but declaring everything a necessaty...( this is for city folks)
Hi Vincent! Love your channel and advice! I’m a gen X, I have a lot of millennial friends and I almost feel like I’m more like them instead of a gen X. Just a quick comment, constructive of course, the only thing I don’t like about the stock market is that a lot of times we invest our money in companies such as M….alds which are actually destroying our planet… I’m one of those “annoying”fit vegans that are always trying to make our one planet better, so I was just wondering what the alternative is, thanks!
Vincent, can you do a specific video about the Student Loans, it has compound interest (mine does anyway), how they don't allow payments to principal like other loans either. It is also removed from the truth in lending act, from books I read. No other country has this. I am not really able to understand it myself.
Subscribing because you're entertaining and knowledgeable.
1:22 onward resonates with me for sure! I'm an "older" millennial who graduated from college in 2009, right when the Great Recession job market was near its worst. I've definitely been paying for it ever since. Even now, with over a decade of work experience under my belt, I make less money than today's college graduates average in their *first* jobs straight out of school. Granted, part of that is because 99% of lucrative jobs are in STEM, which I have no aptitude for whatsoever, but it's still pretty depressing. I'm giving serious thought to quitting my mind-numbing, low-paying job and starting a small business instead.
This is so deep. Crazy,
Why is it always about lattes? It’s not only saving, it’s earning more
These lessons were the same for every generation
Thanks for sharing Joshua! Universal lessons
Not broke yet. Getting there soon.
Oh no!! Fingers crossed it doesnt happen :(
Great Stuff Vincent!!
Thanks so much Andrew!! Always great seeing you here
You make very good personal financial advice that’s similar to what I’ve heard from others in CZcams finance though I’m curious what financial and economic policies would you support to the wider community to make better financial decisions.
Hi Vincent, when are you upselling your course?
i like that yellow shopping basket...i mean podium lol
hahah it's a crate
May I know what is that compound interest calculator you are using?? The UI seems cool and simple. Love from Malaysia 💓!!!
I have that same shirt. Walmart💪
Well put together video Vincent! Starting a side hustle was the single best thing I did to start getting ahead.
Thanks so much griffin :) hoping to get into real estate like you did soon :D
Simple.....stop being a consumer and become an investor.
i like that!
Can you do a video on compound interest? Best places to get an account? High interest accounts
hello tamara! I have a video from 2020 that talks about savings accounts. search for "vincent chan savings account"
Student debt- is so expensive because we let the professors dictate their salaries and they keep giving themselves amazing raises. Take away their tenure and make everyone compete for the tuition they charge. Or make colleges obsolete via online education. Government sibsidies will not be the solution here.
Look no further than our wonderful government. Subsidizing student loans driving up costs exponentially because they are guaranteeing the loans. So the schools just keep raising tuition since they know they are getting guaranteed $
Professors and especially non-tenure faculty do not do that great, the increased tuition is almost entirely going to inflated administrative salaries and worthless football coaches.
@@goldentreefrog18 preach. I work for a college. At least in my area, most professors (and forget about staff-even well educated, skilled staff in skilled positions) don’t see much (if any) of a wage increase with increased tuition. A lot of it goes to advertising, admin, making the campus as attractive as possible, and sports (read-good teams are more advertising to a college)
Have you ever taken an online college course? I took a postgrad translation and English course in Brazil and let me tell you: it was a joke. I was aware that I wouldn't learn much, but watching 8 hours of taped live classes was atrocious. The students got to ask questions but they didn't even have a mic, so we got only the answers from the teacher with no context. Online learning is great, but not when it's institutionalised. And, oh, you pay through the nose for this. All I needed was a piece of paper to take to my job, take a test and get a raise, so it worked for me.
@@antiantipoda well I hope they improve it going forward. I know there are many very useful courses offered online. And the useless ones like the one you took will become less and less popular over time.
Let’s not forget we will not any social security 🙃
Deaths of despair
CZcams runs lot of financial scam ads on your videos. Please be alert Vincent!
I live in Mexico and I travel often to the USA and I am surprised by the friends from there who do not skimp on spending on luxuries such as makeup and fashionable clothes and not at home and save in the future
Millennials are getting destroyed I agree! We need more education on money which the schools won't offer so thank you Vincent for helping us all out.
I'm a younger Baby Boomer here ( 1960). Turned 18 with 9 % inflation rate 6.6 % unemployment rate. At 22 the unemployment rate was 10.8 % Unemployment was 6% or above from the time I was 18 till 27. By 30 had lived through 2 recessions ,Black Monday and the S & L Crises. The 1982 first millennial turned 18 in 2000 , 3.9 % unemployment rate and 4.1 % inflation. Inflation will never be above this again until 2021. A Millennial has never lived through a 10. 8% unemployment rate even in 2008-2010 the rates were lower. I'm still working in this economy so maybe life has always been hard. Got Cable tv in 2005 when I turned 55 because the wife wanted it. The wife spent about $ 275 for the most expense phone she has ever had. I get by with $ 50 phones and $50 yearly plans. Only about 25 % of employed 25-29 year old Boomers had college degrees ,at that age 40 % of Millennials had degrees . So most Boomers didn't take advantage of cheap college. I've worked for everything I have. Do I resent the older generations that had good paying manufacturing jobs ? Not really. My Grandparents had WW1 , 1918 flu, the Great Depression and WWll , Korea. My parents Had 2 recessions , Vietnam , Stagflation and the cold war. Learn all you can about finance and work hard we have enough victims without an entire generation trying to become one.
everyone has a plan, until they have kids...
You have to take what little you have and make sure it’s doing what you need it to do long term
You also need to be very aware and conscious of your career and what you might need to do to be more financially successful. It’s possible to make a decent life for yourself but you have to stay the course and sacrifice in a way other generations did not
this is amazing
My mans. Do you have a discord server
This video is so creative and awesome 👏 love to see it Vincent.
Thank you Steven hahah I’m glad you enjoyed it
Thanks for the information, very useful! I am 26yo and invested for the first time in my life yesterday, in crypto. Gonna invest further in index funds next.
Gen Z doesn't seem to understand that you wouldn't be approved for a home in 2008-2015 even with 20% down due to stock market & housing market crash. That's 7 years paying rent on $5.80/hr. There was a literally a housing purchase "freeze" and bank "freeze." Getting a student loan was also impossible because of the "freeze" on all loans. 7 years in the temporary machine. 2015 is when things started to pick up.
Googly on your salt lamp? Hero shit!
Lol he had me a muhhhahaaahahaaaaa
You are a hero of the people! Thank you!
Thank you David, you’re the man!
I kind of just started eating more at home mostly and use dinning out as a treat
More fun, terrible, terrible jokes and puns. Thank you Vincent.
The primary reason I have not left the military is the current market, healthcare costs, and living expenses far outweigh personal happiness when compared to stability and family financial well-being.
I've done well because I was able to buy a house many years ago. I dont want to bring a kid in this overcrowded world, especially since the rich keep getting richer, well paying jobs are drying up and there are more people competing for less resources. It will only get worse.
Bruh I don't even make enough money to be able to afford to budget
oh man that's rough jermaine :(
I agree with the proposed problem however, your proposed solutions are only Bandaids to the larger problem. I wish we could make systemic policy changes.
What are your thoughts on Dave Ramsey?
To be fair, Millenials were the first generation raised in a public school system that pushed doctrine ahead of education. I'm Gen X and we were still taught basic economics. I recall elementary classes that taught us the cheap psychology of marketers and how they try to separate you from your money. I wish they still did that today but no, it's all "want, want, want" and next to no mention of how to responsibly handle money. Guys like Vincent are your only chance of actually learning what the public schools no longer teach you, but used to.
"You'll own nothing, and you'll be happy."
*hysterical laughter*
I've been considering the elite investor own discord can any vouch for the knowledge or experience of having it? I'm tight on a budget but I would love to learn more.
My investment strategy and research is geared for long term investors. If you’re looking for “quick cash now” then it might not be right for you :)
It’s true. I worry for the not-so-savvy millennials