Antiwork 2: No One Is Getting A Pay Raise

[MichVandal]

I get that but also our local trash service offers a 401k

I’m not saying I’m not fortunate. I am. I’m also not saying I think they’re offered everywhere. I know they’re not.

But I’m talking about so many millennial and gen X folks I know that AREN’T funding their 401ks today for those that do have them. They chase the fast bucks with bitcoin and Robinhood and shit. Like, just put in what you can, at least 10% but really try for 15-20%. Put it in a target fund and don’t look at it for five years.

And I will counter the "millennial vs gen X" to point out that this same data existed for boomers, too. Even when so many had cushy pensions. This is hardly new or shocking, nor at all generational. We were presented with the same data in the early 1990s.

Also, I don't think most of them are chasing any investments. Some are, just like penny stocks were a think back in the 80s and the tech bubble in the 90s..... But it was a minority.

The easy button of a diverse index fund set of funds has been known for a really long time, so anyone chasing anything is just bragging about their gambling.

 

[MissThundercat]

 

[Kepler]

But I’m talking about so many millennial and gen X folks I know that AREN’T funding their 401ks today for those that do have them. They chase the fast bucks with bitcoin and Robinhood and shit.

Is this a significant number of people or just the twenty chuds who post on r/wallstreetbets?

There were always a handful of YDFC boys who boasted they could beat the Street! They were the fodder for pump and dump. Has that spread into the gen pop now with eInvesting sites?

 

[FadeToBlack&Gold]

In IT, I can tell you it's a significant number of dudebros under 40 who are playing with fire like crypto and margin shorts. Some will only talk about it if you ask, but others will evangelize it.

 

[MichVandal]

In IT, I can tell you it's a significant number of dudebros under 40 who are playing with fire like crypto and margin shorts. Some will only talk about it if you ask, but others will evangelize it.

The evangelists know it's a pyramid scheme. So if they can get enough people to demand stuff that has zero real worth (since there's nothing backing it) the value goes up. That's the true scam of crypto.

 

[dxmnkd316]

And I will counter the "millennial vs gen X" to point out that this same data existed for boomers, too. Even when so many had cushy pensions. This is hardly new or shocking, nor at all generational. We were presented with the same data in the early 1990s.

Also, I don't think most of them are chasing any investments. Some are, just like penny stocks were a think back in the 80s and the tech bubble in the 90s..... But it was a minority.

The easy button of a diverse index fund set of funds has been known for a really long time, so anyone chasing anything is just bragging about their gambling.

Oh it’s a minority to be sure, but it’s far more than background noise. You used to have to make an effort to access a platform to trade penny stocks. Now they all allow not just penny stocks but options, margin(!!!), penny stocks, crypto, prediction markets. And worst of all is sports gambling.

This isn’t an immeasurably small population, it’s a large fraction of the entire population (even if it is a minority)

 

[dxmnkd316]

Is this a significant number of people or just the twenty chuds who post on r/wallstreetbets?

There were always a handful of YDFC boys who boasted they could beat the Street! They were the fodder for pump and dump. Has that spread into the gen pop now with eInvesting sites?

WSB is a symptom of a much larger disease. A fraction of the get rich quickers post there. it’s the tip of the iceberg.

 

[dxmnkd316]

Kinda hard to save for retirement when you need to put every penny towards living in the current and cover basic needs... That $150-200/paycheck is needed elsewhere and can't be thrown into an account to not be seen for 30 years. To successfully plan for retirement you need to be earning $50k/year ($24/hour) minimum, give or take.

For many that isn't happening, even before you take in people being uneducated in finances and not having a picture of the long game.

I don’t think anyone on this board is disputing that reality for the majority of Americans. Probably significant majority.

 

[Kepler]

I don’t think anyone on this board is disputing that reality for the majority of Americans. Probably significant majority.

Yes.

 

[Kepler]

This isn’t an immeasurably small population, it’s a large fraction of the entire population (even if it is a minority)

Well that's pretty concerning, because 100% of those people are going to be eating cat food sooner or later.