How Millennials And Boomers Do Money Differently
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- čas přidán 14. 06. 2021
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In this episode, Chelsea discusses the differences in how millennials and boomers handle money, much of which has to do with the world and economy they've been faced with.
Entitled millennial stereotype: • 7 Toxic Millennial Myt...
Ageist stereotypes: hbr.org/2019/08/generational-...
Lower average pay for millennials: www.cnbc.com/2019/11/05/mille...
Federal minimum wage: www.epi.org/publication/raisi...
Share of workers holding multiple jobs: www.reuters.com/article/us-us...
www.cnbc.com/2019/09/19/surve...
Homeownership by generation: www.businessinsider.com/mille...
Homes are more expensive: studentloanhero.com/featured/...
Rising rental costs: studentloanhero.com/featured/...
Differences in generational spending: smartasset.com/checking-accou...
Millennials say no to McMansions: www.wsj.com/articles/a-growin...
Banking stats: www.thebalance.com/where-do-m...
Rising bank fees: www.cbsnews.com/news/bank-fee...
Retirement: www.businessinsider.com/perso...
Millennial wealth gap: www.businessinsider.com/pande...
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My parents' house cost $17,000. My nephew's cost 410,000. How is avocado toast the problem? Please...
Uh, 17,000 would probably equal 400,000 in today's money. Inflation is deadly.
@@locutusdborg126 obviously it depends when they bought it, but if it was 1980 that would be about $58,000 today. Inflation does make a difference, but it definitely isn't the whole story
@@locutusdborg126 yeah probably in 1905 😒😒
Bet your nephews house is way nicer though.
@@hannahfarmer1632 Yeah my parents bought their house for $10,000 in 1974 (after renting it for a year), using money my mother's father had invested for her in his brother's start up business in 1969. (An advantage that many HS educated young adults in their late 20s didn't have, even in 1974.) Still, the house they have now isn't what it started off as back in the early '70s, which was a very modest, very old, saltbox house.
I don’t understand boomers (and I am one) who judge and shame other generations who started on a totally different playing field. My boomer elders (I’m 60) shook up systems that they found unfair. They wanted the greatest generation and the silent generation to listen to their concerns. Now it’s our turn to listen. My Gen Z kids have things so much harder than I did in many ways, even if I had certain challenges that no longer exist. Let’s try to work together to shape policy that is currently widening the gap between the haves and the have nots. (Gets down off soap box.)
Preach on, Sista Gloria!!
Amen!
The Boomer gentleman from Southern California also votes yes!
No, they were just entitled & judgemental , boomers
Thank you!!
Another point on why the young aren't buying homes: jobs are unsteady. In the silent generation, you worked the same job in the same town for 40 years. Now, is the average in the same job and location 5 years?
I’m a boomer and this is so true. When i was in my 20s, there was much more opportunity for us. I went to a state college and left with a student loan debt of $2500. There were so many jobs available. I had a chance to train for free with a hospital to become an LPN. The hospital would then help pay if i chose to become an RN. After college, i went to a vocational school for aviation. It took me 15 mos at a cost of $511. I got my A&P license. I now make 6 figures…… just one of the perks available for the boomers!
Yeah, I went to college in the late 80s and things were VERY different. Today employers seem to be constantly looking for ways to push their costs off on employees! Hence the 'gig economy'. Though as Boomers retire, employers will need to work harder to attract and keep employees. It will be interesting to see how/if they adapt.
NO WAY. $2500, thats literally my entire savings. I am dreading student loan debt. I wasn't even happy or excitef when I graduated a few days ago.
@@Mari-sq6cx i just finished undergrad, and I will tell you - the debt is especially bad if you're unwilling to face it head on. I'm lucky that through scholarships, I only have 20k (for now), but there are people with less debt than me who refuse to look at their loans and just pay the minimum. If you look at stuff, you can make a plan. 2500 in savings is a great emergency fund, and there are dozens of debt payoff youtubers who are really helpful at learning this kinda stuff. Student loans feel insurmountable, but it is VERY possible to deal with them if you're smart and willing to budget. Just have faith in yourself.
@@Mari-sq6cx Remember, even in the U.S., college doesn't HAVE to be expensive. You may not be able to go to your dream school, but if your goal is just to get a degree, it can be done. You can go somewhere in state for lower tuition (assuming public university), or even just do community college for part of your coursework. You can apply for scholarships (there are often many out there, but they can take some looking). There are options for making it more affordable. In the end, just remember to have reasonable expectations about debt pay off if you do have to take out some loan money. I think student loans can be a "worthwhile" debt IF the cost is something you can reasonably expect to pay off in ten years and if the degree you are getting will increase your earning potential by a high enough margin. You just have to be thoughtful about it, and, as I said, potentially willing to go to a less glamorous school. (I went to my least-preferred college out of the ones I applied to, because the academic scholarship they were offering me allowed me to attend for free. Worth it. A thousand times worth it.)
You make six figures as an A&P mechanic?!?
Where do you work? I'm in aviation, (30 years now) and never made that kind of money even with insane amounts of overtime and worked for 2 of the biggest private aviation companies in the US.
Chelsea your statistics were informative. As a Boomer, I must say all of my friends have their millennial kids living with them, paying down payments on their homes, providing free child care and helping pay student debt while delaying their retirement or giving it up entirely. The pressure of our economy is pushing all of us under.
What?! Their kids are so lucky! My gen x parents are too unstable for me to trust as my child care and I definitely wouldn’t live with either of them lmao !!! Also they didn’t help much with my student debt, to be fair I don’t think they have much money themselves
The age of buying the first home has pushed back a couple of years. Currently, majority of 18-29 year olds are living at home with the parents. The oldest of which would be the youngest, mid 90s-born millennials
This is what most of the world is like: 3 generations in one home.
@oaktree_ I don't think she was slighting millenials. I think she was merely expressing the trying times for all of us, regardless of age group. With that being said, I'm on the Boomer/Gen X border. I thought we had it tough in the '80s. It's nothing like it is now.
If you millennial is living at home then you basically have a the 40 year old basement analogy. Millennials are in their 30s and now having kids. People in college or right out of college living at home are gen Z and not millennials.
I am a millennial and always have this argument with my mom who is a boomer. She insists that it’s so easy to buy a home. (we are in CA) and I always bring this evidence up, but she doesn’t hear it.
My 1,700 sq ft property in Los Angeles is valued at $900,000. Ask if she can afford that.
Yup, my mom is the same way. They don't realize how much the world has changed
my gen X parents bought their first house together at my age in the 90s (22) and sit around telling me "just find a husband with a good income who can buy you one!" what if i dont want a husband lmao
@@yahyoubetchaa they know. they don't care.
Californian here too millennial we are fuxked! No way can we afford a house let alone even a bedroom!
It's crazy. I left undergrad with $5K in student debt in 1990. I bought my first home for less than $40K ten years later. Similar houses sell for about $250k in that neighborhood now. So yeah. Times have definitely changed. No way could my 26 year old buy in that area now. I think it's great that so many younger people are more focused on quality of life than accumulating stuff.
250k for a house in what neighborhood? 😂
@@JasonBoyce are you kidding? A fixer upper in that area can be 200k these days. And this city is considered an affordable big city! All the neighborhoods near downtown have skyrocketed in price since the 1990s.
@@fdm2155 what city are you talking about? honestly. because this video covers the bay area of california, so i just want to be sure
40k in 2000?
Everyone wants to complain that no one wants to work (thus why my state of MS is pulling out of the fed unemployment benefits) yet every time a business complains I ask them what the pay rate is. Every single answer is $7.25 or less (food service). I cannot blame people at all for not standing for it. My hourly income at $11.22 is not cutting it. I have been actively seeking a new job, only to be offered less than what I make now except for being offered my current rate ONCE. You cannot undercut people and expect them to want to work, stay loyal, or do a quality job.
Yeah I'm really having a hard time understanding the kind of indignance and self-righteousness you get from an employer who will tell you to your face they will pay you wages that will not let you make ends meet.
"How dare you ask me to pay you something to live on?" Isn't how they want the argument phrase but it sure as hell what they are saying.
Back in the 80's when I took a job as a waitress the pay was $2.01 an hour plus tips. Tips were not usually more than $3.00 a table regardless of the size of the party or amount of the bill. When I got a job at a fast food restaurant the pay was $3.35. Back in those days I had an apartment with several roommates. I even shared a bedroom. Jobs were tough to come by. I joined the Marines for 4 years. After that the post office was hiring and I took a job as a mail carrier. Working whatever shitty hours they had but it was $9.00 a hour and benefits but not guaranteed 40 hours. I also worked most weekends. Then I made regular which meant I was guaranteed 40 hours but still included almost every Saturday. I bought my first home with no money down because I got a VA loan. My first apartment on my own was a shitty studio in a horrible part of town that I left the TV on 24/7 to make people think there was someone home. Just saying I did whatever I could to pay my bills. I never blamed my parents (or their generation) for anything. Now fast food is paying $15 dollars an hour with benefits and they can't get help. They really should increase the pay because rents are so high here. Houses are crazy expensive too. I think people won't take the fast food jobs because they feel they are too good to work there even though they are broke. See I took those shitty jobs. One thing about me was I was always willing to work and work hard. I didn't expect to have in my 20's what my parents had in their 50's after working their whole life.
@@lisa9867 speaking ss one Marine to another, you're doing EXACTLY what drives the kids to say "ok Boomer."
It's NOT THE EIGHTIES, MARINE.
It really ain't.
I came out of the Fleet in 2012, out of the uniform last year. We have LCpls NEEDING to draw foodstamps to feed a family of two kids and a spouse Because base housing is not existent, commissaries are by and large shutdown, and housing and food is so goddamn expensive.
The overwhelming amount of fast food does not pay $15 an hour. There are in fact very FEW pockets of the US where that's the case.
The majority of my citizens in the city I work in, work multiple jobs to make ends.
No one suddenly became too good work. It's that in the FOURTY YEARS SINCE the 80s, things have changed, changed for the worse, actually gotten harder, and the work is harder for less money adjusted for inflation.
@The Andy Johnson Experience and your point is, relative to this conversation?
it's crazy how we need to have more than one job to pay our bills these days... :( it's really unhealthy and it shouldn't be normalise
I'm a boomer. I only had one job (post office) but we had overtime and I would work all the overtime I could get. So while I didn't have another job I worked much more than 40 hours a week. I also worked almost every Saturday (got a Saturday off every 6 weeks) and sometimes had to work on Sunday. Missed many family parties and events because I couldn't get the day off. But I was willing to work hard to pay my way in the world.
@@lisa9867 You missed the entire point. You worked at one place and had the opportunity for overtime. That's great. You probably also had benefits and even a pension. And maybe your job paid enough to where 60% of your paycheck wasn't going towards a 1-bedroom apartment.
We work multiple part-time jobs because gone are the days of employers that actually want to give us more than 30 hours a week. Most jobs are turning into contract positions stimulated by the "gig economy" that leave us without job security, benefits, or retirement. And if we are working a salaried full-time position, you bet your ass that employer is making us work overtime every single week for free. 60-hour work weeks are certainly the new 40. And with it comes no savings in sight, no home, no life, and really nothing to work towards.
@@lisa9867 ppl working 2 fkn jobs today and who have a partner working also STILL cannot afford home ownership in most cities w bubbles right now. It isn't about working hard you complete ignorant fool
Soon it'll get so bad become 996.... (12 hours a day 6 days a week)
I work in research in europe. some organizations are actually paying new researchers approx 10 thousand dollars less than they paid the researchers that they had hired 8 years ago. It is sick.
Can you compare millennials with generation X? I’m always finding content of comparisons between millennials with boomers but not Gen X. Thanks
She mentions Gen X figures multiple times in this video.
Because being overlooked is a hallmark of GenX.
Gen X is the forgotten generation 😒
And harder to compare because the 60 year old gen xers are more like boomers and the 40 year old gen xers are closer to the 40 year old millenials. (That's right, millenials are 40 now.)
You can wait your turn until the boomers die. Then we can compare the Xers to the Zers. Battle of the alphabets.
Also Xers were the slackers of the the Greatest Generation. You need to go back 40 years and you'll find plenty of kids are slackers these days articles.
@@doomedwit1010 The oldest Gen Xer would be 56 this year. That said, I personally identify more with the financial hardship the Millennials face because to that's been my experience. Wage stagnation? Adjusted for inflation, I made $14k more in 2001 than I do now.
I had to laugh when Chelsea brought up the difference in home desires/expectations between boomers and millenials. I actually just bought my first home in April, having spent half my lifetime being certain that I would never be financially stable enough to do so. My real estate agent is such a sweet lady, but as a boomer who self-admittedly works with mostly people her own age, she was shocked when my requirements for a house were
1. No HOA
2. Walkable neighborhood
3. Less than 1000 sq. ft.
That was it. I would compromise on basically anything else, and she laughed at me a lot because of how much I said, "I can work with that." "That's not so bad." "That's an easy fix."
It was crazy to her that I didn't care if the appliances were new or if it had a finished basement. I always credited the fact that I spent almost a decade watching HGTV with my mom and being so frustrated with the buyers on house hunting shows who cared so much about wallpaper and a pool that they went $50k over budget. I guess, on reflection, maybe it is more of a generational difference than me being "special" lol.
I am not from USA...but can't you change these things? Like you can change the appliances and get the ones you want. And same goes with wallpaper etc.
@@MissieK you can, which is kind of my point. The majority of the clients she worked with (part of the baby boomer generation) would get hung up on stupid things that don't really matter in the long run. She'd bring up how ugly the carpeting was in a house, and I would think '...you can change the carpet.' She was surprised that I was willing to accept living in a place that I might have to make changes to, even simple ones.
@@uhohspaghettios2391 Thanks for the info. I think since you buy the place you can change it however you like. It is not like renting. And especially the last couple of years you can even put down a new floor and remove it, pack it up and install it in the place. It is part of the 'making the house you bought your own'.
...this sounds like a humble brag tbh 🤡
@@lowwastehighmelanin If you’re uptight enough, anything can seem offensive to you...
I have to say, sometimes being a Millennial feels so unfair. Not the silly online arguments, but the actual lived reality of earning less, being less likely to buy a house an yet constantly being told that I'm less than because I'm almost 30 and don't own a house and haven't popped out 2 kids that I don't even want.
I'm in the same situation but to be honest, I don't think these situations only happen to Millennials. Past generations were likely also bombarded with the same kid and house questions at 30 years old. It was probably even more normalized back then.
This! And all the job postings that require a college degree pay $16 an hour.
It is unfair. Y'all got screwed My fundamentally greedy and self-absorbed parents and grandparents.
And the zoomers are getting it worse.
And the generation after them even more so.
I have been working with 18 to 22-year-olds since I was a 28-year-old, And a level of effort of each generation has had to increase with commiserately diminishing returns.
@@wint3rl0v they were but they were far more likely to be married, have kids, and have a house by 30 already. The average age for all of those has increased dramatically.
I don't know if this is an issue everywhere, but in SoCal, even if you can afford to put a downpayment on a "starter home," they're quickly bought in cash by wealthier individuals as rental properties. Also for here, we can't just consider the price of the home, but also include the HOA fees which usually range from $300-$500 a month. My partner and I have been looking at properties just to see what our savings for a downpayment need to be. Even if we go with a 10-12% downpayment, the mortgage, HOA, and added utilities we usually don't pay for while renting, we're looking at least a half-again more than what we currently pay now-- and that's not including property taxes and any work that will need to be done on the property. My partner's family is from the midwest and it baffles them that we "waste money" by renting, but even in optimal conditions, it's simply not cost-effective for us.
Have you considered relocating?
Same in NorCal
You won’t get any where favorable without a 20% down payment, especially in SoCal. Even with that, best way is to look for short sales, auction houses, and foreclosures.
@@JesusGarcia-en3pj My partner's job is here and he makes more than I do. Also, I like where I live. Just can't afford to own property here.
Property can be very cheap if you're willing to live away from the major population centers. I moved to a semi-rural town on the East Coast and bought a fix-me-up duplex for just under $100k and spent about $25k getting it repaired and renovated (this was about 2 years ago). Now I live in one unit and rent out the other and work from home, it's great. I don't really care for the major cities, too loud and too crowded, so it wasn't a problem being away from it all for me.
Bringing up the millennial wage gap was good! It's always millennials vs boomers in arguments, while there are massive differences within each generation!
It's because it was one of the divisions that the divisive dividers sought to emphasize. Gen Xers were the McMansion generation so they've now lumped them in with boomers to keep the division going.
Can you do a video on the recent phenomenon of supposed labor shortage in customer service jobs? I'd love to hear your thoughts on that.
Yes!!!!
if you do pleaseeeee acknowledge the fact that people don't want to take jobs that pay so little anymore since every news outlet manages to ignore people realizing their worth in the labor market
@@lalalafalalala YES! I feel like every time I hear a news article about a restaurant owner complaining about their inability to hire servers, it's like they cut the sentence in half when they need to mention that it's a restaurant owner complaining about their inability to hire servers for $8 per hour and no health insurance or paid sick leave.
What's kind of facinating is early in the pandemic, this exact issue was a forcasted event. Since the pandemic more heavily affected lower income folks, it was forcasted that by the time we were "getting back to normal" there would be a labor shortage of workers and businesses would have to offer more to potential employees to get them to come back. It's almost like their disregard for the lives of lower income people is biting them in the ass. Workers have options now, and these businesses need them a lot more than the workers need these low wage businesses.
@@laurenconrad1799 exactly no one is taking that BS anymore!
I LOVE that the rental quote is from 20 years ago. ..cause its WAYYYYYhigher now
Most of us dont want kids.
I remember someone post that, pet is the new kids and plant is the new pet. Kids are for the rich or crazy
I resent that deeply. Please take your doom and keep it to yourself sheesh.
@@lowwastehighmelanin ur on the internet , no one keeps shit to themselves lmao get over it. And don't be selfish smh! Having children means putting your kids FIRST before yourself! So we shouldn't have kids unless we're financially stable.
having children when you don't have financial stability is selfish dangerous and stupid.
I agree. I want a family but my brother pays 3K a month for 2 kids for daycare alone. That was the cheapest. Then he had to bring them lunch too. I dont have 3K to spend on childcare. So my husband and I have 3 cats.
*So we’re paid less and have wayyyy more debt?? 🤦🏻♀️ No wonder companies are struggling to hire or convince people to work traditional 9-5 jobs! That’ll make employers pay folks more (hopefully)!*
Companies also struggle and it is difficult to pay workers the wages they deserve for small businesses at least. The world sucks for everyone right now.
Don't bet on it. Few people feel more entitled than management and owners.
To the extent that employers are struggling to find employees, it's seen as the breakdown of the market system... not as a natural part of the capitalist economy. Think about that... when market conditions push employers to offer better wages & benefits, it's seen as a problem that government should intervene to 'correct'. This from the same folks who've been saying that lagging wages are just a 'natural' part of the market.
@@fdm2155 THIS right here.
Nah they're too busy whining about how no one will work for their poverty wages
A financial analysis on Gen X from you guys would be really cool, especially considering how much the economy fluctuated in the 90s & 2000s...
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problem is that wealth is generational and not everyone starts on an even playing field
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Those McMansions are very expensive to own. Property taxes are high. Heating and AC costs are high along with maintenance
My mom was able to buy a house in while in college by splitting the cost with her sister. She always told me that the house with some furniture still in it was priced less than the average car these days. It was a little bit of a fixer upper, and had been on the market for 18 months due to the previous owner dying in it. She tells me often she was really lucky to find the house and that she is shocked that anyone can afford the prices houses are now a days. Even rent is ridiculously priced. We keep having these apartment complexes being built that are advertised for young couples and family's but there is no way that demographic can afford the rent.
I'm a boomer and I can't afford the rents today either.
Can all generations just come together and help each other? Isn’t that what is supposed to be?
In theory, yes. But they first have to agree on what the root issue is which needs to be solved. In general, many Boomers feel it is still just a matter of Millenials being entitled and lazy, so their solution is, "Just work harder and quit being spoiled." While Millennials feel it is more economic and political policy which sets people up for failure in our current societies. Those are very different viewpoints with contradictory solutions. (Ex: Working harder in a corrupt system is wasted effort which exacerbates the problem rather than solving it.)
When you have two causes and subsequent solutions which conflict at their core... it is harder to agree on how to fix a problem.
Yes and hopefully it'll be that way. The boomers are old though so they had their chance basically and we have to help ourselves without them. Everything we earn will be no thanks to boomers.
My biggest takeaway from all this is that Millennials are spending way too much money on a degree that isn't paying off.
I'm a generation X with a boomer husband. It's so true that when we were young, the only I had to think about was rent and utility bills. (I've been living in NYC so I've never owned a car.) The only advice I can give to the younger generation is that open an IRA(if you don't have a 401K) and Index Fund account now and COMMIT to add $50-$100 or more (as much as you can save) every month. Owning house is expensive and right now is not a good time to buy a house, unless you buying it as a rental property.
I would love to hear your thoughts on how how covid changed the workplace, how remote culture looks across industries, and also how that affects housing. Will people be more inclined to live in rural areas when they can work from anywhere? How does the necessity for a home office affect housing size?
well companies will still prefer to hire locally if possible. and competition will intensify. and once vaccination happens, most employers will call you back. good luck convincing them otherwise.
@@asadb1990 I’m finding that there are a lot of jobs in the tech industry where companies are happy to hire from anywhere in the US.
@@laurenconrad1799 sure what about other industries?
@@asadb1990 I don’t have experience in other industries, so I don’t know. That’s exactly why I asked Chelsea to discuss it. Maybe she can dig up some additional knowledge.
“a small castle made of particle board” 😂
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Boomers got a lollipop from their parents, then demanded their kids give them one too
I’m still crying about “and gen zers, of whom I’m deeply afraid” 😂😂😂 from an older gen z, thank you for your videos Chelsea I appreciate them and all your wisdom 😂😂😂
Something I'd like to add as a Millennial, is me (and 90% of my close friends) all continued to live at home into our mid-late-20s. Even though this would be frowned upon, not paying rent and borrowing my dads car was probably the ONLY reason I could afford to open a Roth IRA. It took about 5 years of freelancing to finally land my 9-5 job, and only now have I been able to move out into an apt and finally afford a car. Due to the systems as they currently are, we do need support from older generations. Many, like me, appreciate it.
Homeownership takes such a large part of salaries (I would know and are struggling). Mortgage, HOA fees, furniture, repairs and living expenses. It's really tough.
Not forgetting the evil practice known as civil forfeiture.
Hey I'm almost 28 and I live in Atlanta Ga working in the mental health sector. I can definitely approve and agree to this message. Thank you for this!
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Since most of these statistics are from an American boomer vs American millennials ... A key consideration is that majority of the industries in the US did well by outsourcing to developing countries with much lower charges(with little to no thought to ethics) While there is still a lot of outsourcing, the costs are much higher. + A lot more production, innovation has started happening outside of the US market.
Yes, but there are plenty of things that can't be outsourced to an off shore operation. So US based companies are going to need workers as Boomers retire. We're already seeing a little of this as those at/near retirement age decide to stop working or stop working full time.
@@mouthpiece200 Automation absolutely changes what kind of work is available. Workers need different skills. That was true at the start of the industrial revolution and it's true now.
@@fdm2155 Nobody said it doesn't change types of work, but in the long run it kills more work than it creates.
@@mouthpiece200 That's not necessarily true. It very much depends on the industry. Also, you're not going to stop innovation so I don't see the point of complaining about it. You realize automation is a big part of why so many products are more affordable to more people today, right? For example, televisions used to be a luxury purchase. People have to adjust to the changing economic environment. Just as work today looks very different from 1920, work will almost certainly look incredibly different in 2120.
@@fdm2155 It doesn't matter about the industry, its true overall. And I never "complained" about automation, and I have a very low tolerance for people twisting my words. Its a simple fact, automation will reduce jobs overall, leading to lower wages than otherwise.
Boomers: Moving into a tract development of cardboard McMansions in the middle of nowhere where almost everyone is the exact same age and will retire all at the same time? What could go wrong?
Hmm...like some 55+ subs? How so?
I am 61 and when I attended George Washington University in DC tuition was $1500 per semester circa 1978 - 82. I was able to pay for my tuition on a busboy wages . Never understood how it became one of most expensive Universities in USA when they owned all the real estate.
Thank you for this video; I learned a quite a bit about the financial struggles facing Millennials and understand much more than I did before I watched this.
Thank you for being willing to listen :) A lot of the frustration millenials have for older generations is that many don't seem willing to listen and believe that things are different now. It means a lot to see someone try to understand us better.
Though millennials make up 60% of the work force, we own
Such a vital, informative video!Thank you Chelsea!
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This is a must watch. Thanks Chelsea! I should show this to my boomer parents
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This was an excellent video. I recently joined your channel. Very worthwhile information.
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Mona would be a Gen Alpha
No mora zone 😡
@@feruzaj what?
@@elenapelayo1 nvm I thought this was a video game reference 💀
Generation Alpha is way too young
@@poolkennedy7611 and? She said Mona was born in 2014..that's part of Gen Alpha.
Can you address the difference between Gen x and Millennials? I feel that we get left out of any and every survey, comparison chart, you name it. It is though we do not exist, but we do ( when comes to tax time, lol). Please and thank you.
My mom is gen x and I agree. Imo I feel like it's because gen x is the most laidback, easygoing and open minded of the generations since they were raised by the silent generation and early boomers (who were the opposite of that in a way at a time when things were really changing quickly compared to before) and grew up with more education and exposure to world events than ever before. Basically imo y'all are the most balanced and no one ever seems to have any problems or bones to pick with y'all :) all that said, it would be really interesting to see one with gen x and millenials
We Gen X-ers are left out. And ignored. I think we were the last generation that could get a decent job right out of high school
@@Patience2dream awwww, you made this Xer's heart blow up 💜💜💜 we dedicate the next 10,000 Maniacs song to you 🌹
The silver lining in the mid week blues - Chelsea being afraid of Gen Z 😂😂😂
Ageism, the one discrimination that always goes both ways. It's the great equalizer. Very wholesome 😊😊😊
Good job putting in all the relevant statistics and coming up with this content. Helps people to understand why people do what they do. Thank you.
I’m early!! Thank you for the statistics. I appreciate the facts on this, as it is easy for the message to come across emotionally… in my experience, this conversation can often spark defensiveness and wounded ego. You said it, it is frustrating sometimes!
Love TFD 🔥
Great video TFD!
Re home ownership, I always wonder how much of the downturn in purchasing is due to longer life spans too. I'm at the younger end of genX and have never bought which is pretty typical in my friends group. Most of age peers who do own houses only got them because one or both parents passed, leaving them a house and/or money. Our parents are living longer and living in their own homes longer. I haven't seen much discussion about this, so I'm not sure if it really a thing or just my perception.
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The housing price problem is such a huge one. The fact that for many 205,000 is insanely cheap to me (California prices seem to be more like 350/400) Makes the whole housing problem an even bigger one.
"she's a zoomer, she likes tick-tock and doesn't care about any of this" as a gen Z who just finished my undergraduate degree and entering the workforce in a few weeks and thinking about credit score and how to save for a house down payment once my student loan is paid off, this doesn't feel that representative. I sometimes feel a bit old for tick-tock too, but I know some people my age with tick-tock. Gen Z are growing up, they're anywhere between the end of middle school to several years into the graduate workforce.
I'm a thirty-year-old millennial currently living with my parents. Frankly, it's embarrassing, but I don't have many options. I had a rough start after graduating and was only making 25k in my first job while having to make $800 monthly payments on my student loan. At one point I was working two jobs and helping my parents pay their bills because my drug addict brother drove them into poverty. I was fortunate enough to finally land a decent paying job and was able to put a lot of money aside during the pandemic while working from home. I almost have enough for a down payment on a house and am just waiting for the housing market to turn around. It's nice knowing that I'm almost out on my own, but its definitely frustrating that it took me this long when I've done nothing but work my ass off since graduating. It's even more frustrating when people accuse me of being lazy and immature for still living with my parents. They have no clue how hard it is.
The misunderstanding of money really shows between generations. My grandparents, parents, and in-laws are consistently surprised at how much things cost now that they don't have to worry about. They bought homes when prices were a fraction of what they are today.
I'm a boomer. The world is different for people younger than I am from what it is/was for me, as it was different for my parents. I've still not retired; by the time my parents were my age, they had been retired over a decade. I think people - ALL people - do the best they can with the situations they face. There's no point in blaming or unfair comparison.
There's an excellent point in describing the appropriate amount of responsibility to the responsible parties.
And then putting the screws to them so they pay their appropriate mount of due
Great video but, I would love for you to talk about GenXers. Many of us are squeezed between our Baby Boomer parents and our Millennial children.
Thank you for making this content.
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OMG! Love your insights Chelsea! You are an expert on the field, I feel safe in your hands
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Mona! Always the voice of reason! Interesting topic. We need to take into account the overall state of the economy and it's trajectory since the early '80's. There was a huge Reagan Era Boom, and we've had a couple substantial recessions in the past few decades, printed way more money, experienced ever rising debt on a federal as well as personal level, and demanded that everyone go to college right out of high school. So many factors - these and many more. When we are making comparisons of different groups, let's take a closer look at the backdrop/history/broader context. It's not us against them. More like multiple generations living and working and existing on this planet together. Peace to all. ~Gen Xer
"Or Gen Z-ers OF WHOM IM DEEPLY AFRAID"
Aren't we all Chelsea, aren't we all.
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Our generation had nothing to lose and we certainly act like it
@5:00 something is off about these "percent more" figures. $10972 is 86% more than $5892, not 46% more. Someone calculated, for some reason, (1 - 5892/10972) instead of (10972/5892).
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Every millennial I know wants to buy a house yet I only see msm articles about how either millennials don't want to be homeowners or regret buying a home. This seems like manufactured consent aimed at making future generations all renters beholden to neofeudal corporate landlords.
In Australia this is reasonablely accurate to, wish me luck I have a job interview tomorrow.
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I love how gen x just gets completely ignored
Is there an editing error at 8:14? Sounds like you switched from houses to banking mid sentence.
I vote we tear down the McMansions and bring back the farmland/open space
Or just gut them and let the trees eat them all
They will get turned into duplexes by companies like blackstone who are buying up all the houses. But it would be really nice to have more green spaces.
Gen Xer here. I have to work until 3 months before I die. It requires a lot of coordination. LOL
This channel is so important.
Part of it is the increased push for everybody to go to college and jobs demanding a degree when none should be needed.
The worth of a bachelor's has plummeted and dergration of so called blue collared jobs as well as the over regulation of the process to become something like a doctor have led to shortages.
People who have been in jobs for decades are having to go back to school for products they helped built or risk losing their job.
The college administrations have increased dramatically and the easy access of guaranteed federal loans don't put the onus on the colleges to be more careful with what programs they offer and the costs of them.The same thing is happening in health care.
Reasons I am able to own a home: #1 Pell grants, and non debt related financial aid that got my husband through his degree in a highly competitive field. Without that, we couldn't afford a house. My degree is useless for money making.
#2 moving to a fairly undesirable city for a good job, where we found a bank owned house and the tail end of the recession. Without the lost cost of housing in the area, we wouldn't own a home.
#3 We sold that house after the market started to turn and made a profit, which we were able to use as a down payment on a house in a city we actually wanted to live in. Now houses in our community are sky high prices. If we'd waited a year to buy, we couldn't have afforded this house.
Notice how much of this is timing and luck? Yeah. We aren't special because we bought a house. We were just lucky.
I struggled for about 5 years in the job market and just went into business for myself (not that hard to start a website and sell a competing service). but now if I interview for a job I deal with alot of prejudice and spite from hiring managers who just write my experience off as unemployment, because i refuse to disclose clients or pay rates with them and they refuse to not low ball an offer, even though my professional work, and credentials stand on their own. But let me tell you; their missing out on premium talent with me!
Love the thumbnail. ❤️
I have a question... why is it that all these statistics talk about boomers vs. millennials? There is a whole generation in between, Gen-X, that never gets mentioned. I am really curious as to why.
Also there is a bigger gap between those two generations making the difference more glaring.
I think that’s because millennials have been such a hot topic for the past ten years, and baby boomers tend to be the generation who are their parents. Also, many baby boomers are retiring now.
Gen x here . Where i live i see many 30-40 buy huge monster homes with all the bells and whistles homes that are bigger than their parents owne or every owned. So i guess it depends where you live .
Median home prices in Australia are more than $550,000.
And what does my generation do in regards to money? I'm a Gen X graduate and we were called "Slackers". No one talks about my generation but we had the best music!
It’s shocking that gen x is left out of every single generational conversation.
Same here! I feel like Gen X is the forgotten generation.
"We had the best music!" [Citation needed]
@@faeriesmak Given the current relationship between generations, that's probably for the best.
I know right. Gen X is always ignoring
I’ve seen a few folks bringing up “fast food pays $15 an hour now, everyone’s just too lazy to take it”. A) not every fast food job pays $15 an hour B) even if they did, it wouldn’t magically make us all debt-free homeowners.
I make $16 an hour but rent eats almost half my check after medical and taxes. I’d love to buy a house but everything in the area is at least $100,000, if not closer to $300,000. And on top of that I have about $5000 in debt I’m slowly paying off, knowing for a fact that many my generation have ten times that much or more eating into their finances. I’m in a position that is mostly stable, but all it takes is one emergency to completely screw over my finances (such as the combo of medical debt and car repair that makes up that $5000 in the first place).
Mam, you are on to something when you mentioned about low wages and hustle culture and girlboss. I think history would look back take this deduction. Good content!
To help each generation it would be good if we combine the best behaviours of each. Things change over time but sometimes generations repeat same financial mistakes
It wasn't even necessarily that long ago that houses were relatively affordable. My uncle bought his house in 2000 for around $200,000. That same house today with minimal updates would cost like $1,500,000.
You left out the part where saving up for a slice of avocado toast today is roughly as difficult as saving up for a house was 50 years ago.
good video!
Omg. You are amazing.
I don’t work in personal finance in any way, but I know I’d love working for Chelsea :)
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So weird to hear the county I live in being talked about. But yeah, very beautiful place. Only to see hunks of the mountain sides being bulldozed down for these massive mansions. Asheville is a strange place because it's advertised for both tourists and for very well off retirees. People who live here like myself work a lot of jobs that revolve around the retail or the food service industry and none of us make a wage that reflects the price of how expensive it is to live here. And for reference I'm 32 and have lived here my entire life.
The Generation Myth: Why When You're Born Matters Less Than You Think by Bobby Duffy. is a really good spot to start on the subject of age stereotyping.
Anyone else think the dog was a pillow until she pulled up the dog's face
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my phone was left hooked up to my bluetooth speaker, and I was gonna get my phone and click off the video because I dont listen to women about money, but I ended up listening to 10 minutes of it before I was able to change it and didnt, because this is pretty good.
This is not the case at my job. We are paid on a pay scale so you make the same as your coworker despite the fact that many of the people half my age also do half the work. Yes I have many lazy coworkers and most of them are the younger ones.
The thumbnail photo makes me angry so now I have to watch - good job :p
"You will own nothing and you WILL be happy."
Minimum wage is still 7.25? That's how much I got paid in 2011/2012.
You need to find another profession. As someone who was in the food industry I understand it’s a dead end job set on paying you the minimum. Sometimes less than the minimum. The trades will hire anyone with a pulse. You’ll most likely start with 17.50 and in 4 years you’ll be making 50k+. If you leave now and go to a union or a construction company you’ll be working at the end of the week.
So we're going to continue to ignore Gen-X?
And gen z. I'm still in college and I consistently get confused for a millennial despite completely different upbringing compared to kids who grew up in the 90s. Maybe its because we're "too young" to be considered but it also bothers me in the same way x is ignored.
Just because this video is about two gens that are not Gen x doesn’t necessarily mean they’re ignoring it. You can only do so much in one video ;) Maybe politely put forward a new video idea that also involves Gen X and why you would find that interesting.
Chelsea just said she is deeply afraid of us, GenX😅
@@lisaahmari7199 I think she said that she is afraid of Gen Z
@@JessicaDante It's not about this one video, Gen-X is always ignored. At least we get left out of the fights, but it would be nice if people remembered that we exist.
I love the lefty economic view from this channel. Usually financial channels are economically conservative
WHAT ABOUT GENERATION X!!! We're still living here on Earth. I know a lot of us who are going through what Millenials are going through.
who said we arent interested in McMansions. Give me my big house. I'll take it!
Can you afford it ? No. Lmaooo
We are expected to take longer educations to get any job at all, but it provides much less job security, and lower weige than in the past.This education takes longer, and require more time and energy, and lower financial income for an extended period of time. Of course that means that they will have less time (and money) for dating, start a family, and afford a house of their own.
your dog is actually generation alpha which is the generation after gen z. As gen z I am terrified of the next generation, my brother was born in 2012 and as a third-grader, he is already tired of school.
I wish I didn't find it so irritating that the pattern on the glasses is not symmetrical, but that is all I see.
I’d love to see something about the XY micro generation. We just missed some of the opportunities the older Xers had but have similar financial issues to millennials. Maybe that’s a rather obscure topic though.
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Mona! 11/10 good dog!
Very nice