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Gen Z are over having their work ethic questioned: ‘Most boomers don’t know what it’s like to work 40+ hours a week and still not be able to afford a house’

40 comments
  • Not a GenZ, but i feel this. Forget affording a house. If I lost my car I'd be so fucked financially that I'd be in debt for the next 10 years or worse. And I know this because it actually happened to me 6 years back. Couldn't get to work so I couldn't make money. Within the span of a few months I was in almost $15,000 of credit card debt on top of a car loan. That's almost half of what I make in a year I built that up in just a few months just to survive. I'm still in debt from back then and I still haven't paid off the car and now I'm a little over 30 years old. All while I get to live in a shitty apartment building where half my neighbors are meth-heads while the other half make the meth (nothing against them personally. Except for the dude that bangs on my door at 4 AM) And one might think "this guy probably has a shitty job that doesn't pay very well" and no, I don't. I actually have a pretty decent job. I'm a CAD tech for a land surveying company and I'm making the most money I ever have in my entire life. Yet I'm still 2 paychecks away from being homeless.

    Sorry, I just needed to rant cuz I'm 30 and tired of being poor.

    • If I lost my car I’d be so fucked financially

      My 80 year-old parents are in this situation. In April they will have been "borrowing" my car for an entire year, because no one will employ them and the gig economy is the only thing standing between them and homelessness.

      I'm lucky to live in an area with good public trans, myself.

    • I remember losing my car (my brother borrowed it and burned out the transmission fucking around. Totaled it. Thanks bro) and just trying to get around on bicycle during commute hours was pretty bad. My town hadn't heard of bike lanes yet and riding on the street was a good way to get clipped by a pickup. I lucked into a POS Ford that cost $50, was held together with duct tape and I got ripped off, but it ran. Put a new radiator in it, pawned it off on the next schlub, and got something that wasn't a deathtrap. But those were some rough months.

  • What’s truly fucked is that it costs more to be poor than rich and it takes substantial money to accumulate wealth.

    When a rich person buys a product, like a pair of winter boots, they will purchase a pair of high quality that will last many seasons. A poor person buying cheap boots will have them wear out faster and they’ll need to be replaced much sooner, so they’ll have to keep buying boots periodically. By spending more at the outset, the rich person spends less in the long run. You can see this with William Sonoma cookware. Each item is the last "that thing" that you'll ever need. Only things like plates that can be dropped and broken will even need to be repurchased.

    As for building wealth, you have to have enough money to invest to build wealth. This can be by buying a house that appreciates in value or by investing in the market. You can’t throw a thousand dollars into the market and have it appreciate in a meaningful way. You have to have real money to make anything unless you’re risking it all looking for a unicorn. This is why hedge funds make so much. They can afford to throw money at everything that has an opportunity to be a unicorn. The handful of successful unicorns offset the rest that go bust. A regular person can’t do this; even most wealth people can’t do this. For the rest, investing in "safe" funds will generate a smaller return over a longer period of time. But how can you access this avenue if you're living paycheck to paycheck or an emergency car repair could wipe out your savings?

    It’s a perverse and lousy system. And the cracks have been showing for quite some time. I believe now we’re at the end of the ride. The illusion of capitalism as a good system is continually eroding and it’s all going to be downhill from here. We’re going to get squeezed, companies are going to screw us harder and jack up prices, and everything is going to get worse, worse, worse until the mask is fully off and the evil of the system is obvious to anyone clear-eyed enough to understand why living is hell. But some people will still think the reason for their misery is drag queens and immigrants, rather than the wealthy people they admire. And keeping that fight going is how they distract us from what would really solve our problems: a drastic reduction of wealth for the very top.

    I hope more people become aware of the existing class-war, because it's been active this whole time; it's just that the ones currently winning didn't declare war openly, but in whispers among themselves.

    • it takes substantial money to accumulate wealth.

      Yeah, this is huge.

      Right now you need a half mil cash invested and stable investments to start seeing a measurable return. A mil before you might think investing is worth it. Two mil and retirement might be something you could realistically consider and have a life. 3 and now you can have a real retirement.* This doesn’t include a CoL increase starting now until when you retire, $3 mil today will get you $150k before taxes and any major expenses like mortgage or medical. In 20 years who knows, it might take 5 mil to retire if everything hasn’t turned into a shitshow otherwise.

      (*With a conservative 5% estimate on return and not touching the principal).

  • I'd feel sorry if most understood what sacrifice actually means. If you want to get out of debt, make actual sacrifices instead of blaming it on everything else. Nothing comes easy. Gen Z people have a sense of entitlement and "don't understand how to manage money."

    How bout stop being children and educate yourselves on what it means to budget (oh, you weren't taught how to do it in school? Pull up your favorite media consuming app and look it up); what the dollar's actual value is; what it means to not eat fucking fast food every day (know how to make a sandwich and pack some fruits, meal prep?). How about stop relying on credit thinking its your money while paying the banks the interest you accrue by keeping a balance on your cards (look on your latest credit card and see how much money you've given to the banks just to have a "sense of security" through credit, hah) Or buying a vehicle that's 30% or more of your net income. COME ON!

    Stop blaming the world and make it yours.

    Or join the military, its actually got all of the facets of turning children into adults... You'll earn financial freedom through many sacrifices. It definitely will flush out the wannabes and "cant-get-rights."

    Or, you know, just blame everything else and get nowhere. 👍

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