Business, Economics, and Taxes: Capitalism. Yay? >=(

[Handyman]

Bitcoin mining?

Ethereum mining is much more stable ;^)

 

[Jimjamesak]

Bitcoin mining?

Too volatile…

 

[ScoobyDoo]

For the most part, Millenials have been bent over the table and fucked repeatedly by the Boomers and Gen X. The two largest recessions in 80 years, pensions gutted, college tuition increases at 2x the rate of 1985-2001, multigeneration highs in wealth disparity, stagnant wages, and the final whopper of climate change.

Anyone older than 40-45 comparing their 401(k)s to someone 25-40 is like comparing apples to quasars.



Edit: Handy, I'll grandfather you in :-D

Gen X (my generation) was completely dominated and destroyed by the Boomers. Gen X has had zero impact on anything.

 

[The Sicatoka]

I was affected by *two* economic downturns ...

And I wasn't?

I will admit I've been fortunate, and I got some great advice from an uncle: Work an hour a day for yourself. I've never seen a "full paycheck" in 30 years working. I've always put 1/8 away in 401k, even when it was tempting not to. (But watching my 401k halve in a recession sucked.)

And in today's world, I'm not sure college is a good plan. Think: debt. Skilled trades are making a lot of money for two years of schooling (that most are getting covered by employers lining up to hire them): welders, electrician, plumbers, diesel mechanics, automation techs. Heck, I know of a small power distribution company where the top eight earners are the five exec staff, a senior manager, and two linemen. <-- Linemen, ahem, lineworkers, have terrible jobs and deserve every penny they make.

 

[The Sicatoka]

Gen X (my generation) was completely dominated and destroyed by the Boomers. Gen X has had zero impact on anything.

We're (Gen X) getting to try to bridge the gap from the wave of retiring Boomers to the upcoming Gen Ys that need to take over. Those two groups have completely different styles and norms. Gen X has to try to spackle the gap to let Gen Y take over and run things. It's a common theme in many industries.

 

[dxmnkd316]

And I wasn't?

I will admit I've been fortunate, and I got some great advice from an uncle: Work an hour a day for yourself. I've never seen a "full paycheck" in 30 years working. I've always put 1/8 away in 401k, even when it was tempting not to. (But watching my 401k halve in a recession sucked.)

And in today's world, I'm not sure college is a good plan. Think: debt. Skilled trades are making a lot of money for two years of schooling (that most are getting covered by employers lining up to hire them): welders, electrician, plumbers, diesel mechanics, automation techs. Heck, I know of a small power distribution company where the top eight earners are the five exec staff, a senior manager, and two linemen. <-- Linemen, ahem, lineworkers, have terrible jobs and deserve every penny they make.

That you've never seen a full paycheck is not making the point you think it's making. Quite the opposite.

the people that are seeing full paychecks are the ones who don't have healthcare from work and don't have 401(k)s because they can't afford to. They need that to go to rent, food, and transportation. 401(k)s are a luxury. In fact, they were created for executives because they had so much extra wealth that wasn't getting any tax advantages. it wasn't until later that the actuaries realized they could fuck the workers and save the companies money by gutting defined benefit pensions.

your 401(k) has recovered just fine. And that's the point. That you've had a job and a nest egg that would carry through the recessions. Millennials struggled to even get hired out of college because of the GR. They've never had a chance to contribute to their 401(k)s because of crippling student debt.

 

[dxmnkd316]

We're (Gen X) getting to try to bridge the gap from the wave of retiring Boomers to the upcoming Gen Ys that need to take over. Those two groups have completely different styles and norms. Gen X has to try to spackle the gap to let Gen Y take over and run things. It's a common theme in many industries.

Oh stop. Every generation does that. Literally. Every. One.

Boomers did it for the golden Gen, X did it for millennials, and millennials will do it to Z.

 

[ScoobyDoo]

We're (Gen X) getting to try to bridge the gap from the wave of retiring Boomers to the upcoming Gen Ys that need to take over. Those two groups have completely different styles and norms. Gen X has to try to spackle the gap to let Gen Y take over and run things. It's a common theme in many industries.

No. Boomers kept taking everything telling Gen X that there would be plenty left when it was their turn. Gen X is now starting to come into power and everything is literally destroyed. Now, we have to try and fix it with literally nothing left to work with.

 

[FadeToBlack&Gold]

I started my 401k at 25 when I was working a $35k/yr job, but I have no issues acknowledging that I was basically born on 2nd base and have never truly experienced economic insecurity. Frankly, I am one of the luckiest members of my generation.

 

[MissThundercat]

"Before it's earned, our money's all been spent."- Sonny and Cher

Same, Sonny and Cher, same.

Got my BS in Psychology in 2006, was told I "didn't have enough experience." Bounced around in retail while trying to find experience. When I got "experience," it wasn't full time. Been wiped out a couple times already with car accidents and housing instability. Next financial aid for my MSW overage will be spent paying off whatever I can.

And also, advocacy as a career doesn't pay the big bucks.

 

[Kepler]

Generations. Are. Marketing. Labels.

They mean nothing. They are "yay my team!" which is simply "yay ME!!!"

 

[Kepler]

And also, advocacy as a career doesn't pay the big bucks.

Your reward is in heaven.

(Realizes there is no heaven.)

Well. Beats workin'.

 

[Deutsche Gopher Fan]

I started my 401k at 25 when I was working a $35k/yr job, but I have no issues acknowledging that I was basically born on 2nd base and have never truly experienced economic insecurity. Frankly, I am one of the luckiest members of my generation.

I’m also extremely lucky that I was able to buy a house for a reasonable price in a nice area at a 4% interest rate. That’s long gone

 

[Kepler]

I started my 401k at 25 when I was working a $35k/yr job, but I have no issues acknowledging that I was basically born on 2nd base and have never truly experienced economic insecurity. Frankly, I am one of the luckiest members of my generation.

Same here. I won the birth lottery by being born into a family that if I hadn't graduated with honors from a Tier One simply would not have acknowledged my further existence.

Now, once you did that you could do whatever. My brother has been a "Fuckin' A" day laborer Deadhead for the last 40 years and he barely owns the clothes on his back. But he has a degree from MIT so he's fine. Genteel poverty is blessed. Whereas, if any of us had dropped out of college and founded a trillion dollar hedge fund they would not be invited to Thanksgiving.

Values. You don't earn them, they come to you in the placenta -- it's pure luck.

 

[ScoobyDoo]

I’m also extremely lucky that I was able to buy a house for a reasonable price in a nice area at a 4% interest rate. That’s long gone

yeah, we got our house at the right time. that's for sure. those days are gone.

 

[Kepler]

yeah, we got our house at the right time. that's for sure. those days are gone.

Interest rates are still incredibly low.

Location is location: you have to find the place that's going to shoot up but hasn't started yet. "If it was easy..."

Or you can buy in Phoenix and say fuck it YOLO.

 

[ScoobyDoo]

Interest rates are still incredibly low.

Location is location: you have to find the place that's going to shoot up but hasn't started yet. "If it was easy..."

Or you can buy in Phoenix and say fuck it YOLO.

Uh huh. Good luck finding any of that in the Twin Cities area that is within driving distance of work. It ain't happening.

 

[Deutsche Gopher Fan]

Interest rates are low, prices are not. It’s insane how much cheaper it was here a decade ago when I bought, even at slightly worse rates

 

[Kepler]

Uh huh. Good luck finding any of that in the Twin Cities area that is within driving distance of work. It ain't happening.

There is life outside your apartment.

I am certain there are flyover cities about to take off. Maybe even Minnesota cities.

 

[Kepler]

Interest rates are low, prices are not.

Prices are always low somewhere. There is no Constitutional right to live in a particular neighborhood, or a particular city. That's why god gave us moving companies.

I moved cities 15 times in 7 states between 1985 and 1999. You go where the opportunity is; it doesn't come to you.