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Millennials: 70% Want To Be Debt Free, 66% Refuse To "Gamble" In The Stock Market
Over the past seven years, despite the constant posturing, confused propaganda and endless platitudes about inflation this, and unemployment that, the Fed's goal has been a very simple one: to get everyone to liquidate their savings and to spend, spend, spend, either on trinkets in the economy, or by "investing" in the "market."
The Fed did this by confusing cause and effect, and pushed stocks to record highs thanks to the debt monetization and reserve creation pathway known as Q.E., even as the actual economy was imploding, in the process only enriching the wealthiest asset holders. In doing so it led not only to record inequality, but also unprecedented instability in what was once the discounting mechanism known as the "market", and now - seven years into the biggest, and final, reflation experiment of all time - not a month passes without some asset classes suddenly flash crashing.
But that doesn't matter to the Fed: it is now all-in, and its only purpose is to strip every American of their savings, first "voluntarily" through greed ("oh look at today's record high in the S&P500 - I wonder how much my neighbor made today"), or suasion (negative rates) until finally actual confiscation (see Executive Order 6102) will be enforced.
This is the neo-Keynesian prerogative 101.
Sadly for the Fed, when it comes to the biggest (not to mention most indebted) U.S. generation, the Millennials, the Fed has failed in indoctrinating them with the most basic fallacy of modern and not so modern economics - that one must spend, spend, spend their way to prosperity.
According to a new survey by Bank of America and USA Today, millennials ages 18 to 34 say they have a clear understanding of their financial situation and 44% are prepared for a rainy day, with three months of living expenses saved up. But 75% say they worry about their finances "often" or at least "sometimes," with 39% saying they are "chronically stressed" about money.
All of this is understandable: after all Millennials, as we reported before, have a 50% chance of being found living in their parents basement, as a result of unaffordable housing, gargantuan debt, and terrible job prospects.
The survey admits as much: "This pressure can be traced back to factors outside of their control, like uncertainty in the job market, a volatile global economy and student loan debt, according to the report."
That's not the bad news, at least not for the Fed.
The bad news is that according to the BofA survey, the top financial priorities of Millennials are the following:
- 70% said being debt-free was a top priority
- 63% said having an emergency savings fund was a top priority
- 62% said spending less than they earn was a top priority
These just happen to be, in descending order, the three most hated concepts to every neo-Keynesian. They also explain why the Fed will fail each and every time in its attempt to force an entire generation to lever up when the three things said generation wants more than anything is to have no debt, and to live within its means.
That's not all.
In a separate survey conducted by BlackRock, WSJ reports that the Millennial generation is not only likely to be frugal, it is almost certainly not going to be investing in the so-called HFT-rigged, Fed-manipulated casino known as the "market."
Nearly four in 10 people surveyed said they want to make sure they have enough cash saved as a security blanket for an emergency before they save for retirement. And the vast majority said they find it difficult to keep up with bills and save for retirement at the same time.
That squares with other recent data from U.S. Financial Diaries, a project of the New York University Financial Access Initiative and Center for Financial Services Innovation, which found many households are saving regularly for small, short-term emergencies, such as an unexpected dip in income or a spike in expenses. But those emergencies happen so often it prevents them from building up larger amounts to put toward long-term goals.
More than a third of respondents in the BlackRock survey also said investing money felt risky, and they were afraid of losing money–even though only 7% said they had actually lost money on a past investment. And a full 72% said they did not see investing as a way to help them reach their financial goals.
The punchline: nearly half of people ages 25 to 34 agreed that “what you might earn investing isn’t worth the risk of losing your money,” the most of any other generation.
Two out of three agreed that “investing is like gambling.” And despite having decades to save for retirement, 70% of their portfolios are in cash or cashlike investments, according to BlackRock.
This is bad news to BlackRock whose entire business model revolves around fooling naive individuals that they can make money participating in a ponzi scheme which only generates commission for the likes of BlackRock; everyone else better pray that Janet Yellen's next fainting spell isn't her last.
In an environment where cash is paying nothing, and bond yields are well below where they were for the past 40 or 50 years, Mr. Koesterich argued younger workers will need to embrace the volatility of the stock market if they want to generate the returns they need to live comfortably for decades in retirement.
“The math is what it is, and it’s hard to get around it,” he said.
Well, Russ, the math on a world that has $200 trillion in debt and $50 trillion in GDP is even worse, and yet everyone is getting around it.
But this is the worst possible news for the Fed because after the baby Boomers grow tired of flipping stocks, and cash out their securities to the Fed and the primary dealers and retire, suddenly all those trillions in "paper wealth" will be totally worthless to their holders as they will have nobody to sell to. And a market, especially one as rigged as this one, only works if there is at least one sucker on the table.
Surprisingly, perhaps because they lived in their parents basement for too long, the Millennials simply refuse to be that "last sucker on the table" one last time.
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Good luck being debt free lol...your generation is fucked. At least you have fuckbook and Iphones to keep you distracted.
millenials woke up to the fraud in short order.
Boomers on the other hand have buried their heads for decades.
Fucked indeed, by prior generations.
Luckily we have old standby gold and its hip new sister Bitcoin.
I remember a photo of John Kerry throwing his silver star, and another one of him appearing before congress to protest against the Vietnam War.
Millenials will embrace what the powers that be give them, everyone does, scraps is what they are going to get and those come with a big baggage of debt, and they will be happy getting them, and complaining about it to.
The last time I got to skim through the ZH headlines, I saw this article (sourced from WSJ, mind you) claiming that a majority of the millennials now support free-speech regulation.
And there's the article at hand that says a majority of the millennials want to be debt-free and don't want to gamble in the stock market.
In my opinion, these are conflicting ideologies - a man who sees through the charade of debt and (fraudulent) gambling should have enough mental capacity and proclivity to favor unhibited free-speech and action. From my observations as a member of the late-20s age-group, many of peers' worldviews do display many points of conflict, just like the rest of old'uns (no idea how the young'uns are doing these days), but in different ways as shaped by their age and generation of "schooling", advertisement, and propaganda.
When you live in a world where advertisement is shoved down your throat, you are expected to take out a loan to obtain a cake, and you are expected to maintain that cake loan, all the while being expected to have eaten the cake, demanding for more cake...
I have met few millenials that can have coherent thoughts. They do not want to invest in stocks because of Occupy Wall Street, not because they see past the charade, and tehy want to regulate free-speech because they prefer to be PC, since it is what is the current FAD.
I do agree with you on the cake analogy though, but I would also add, that the cake tastes like shit, but because they are told it tasted great they will say yummi!!!
(meant to be a reply to Skateboarder)
Yes, or more simpler put if
70% said being debt-free was a top priority
then who exactly are the ones taking up all those student loans??
As a Millennial -- 70% of us are shaping up to be worse than the boomers. We'll problaim the evils of Wall Street while leasing a new BMW. We'll say we want to be debt free, but OH 36 Month no interest financing on that new TV -- why the Hell -- oh wait, 48 Months if I buy an iPhone at the same time. Ok.
We are a generation with our priorities completely backwards given we have, at a generational level, never had to experience hunger, for example. We are a "buy here pay here" generation that is going to lay in the bed its made.
The other ballpark 30% of Millennials are either religious and thus more conservative than boomers, or in the alternative Libertarians, whom I think will only take so much of this BS before leaving.
This is how propaganda and subversion works. Some truth .. mixed in with a lie.
Bellingcat's cowriters have recently been planting this "free speech regulation trend" on a few techblogs.
Someday it will be time to take out the trash.
I'm happily debt free with a worthless college degree. Also I've got reliable car cash I paid for in cash that I can sleep in when I can't find work or a supportive relative .
No healthcare (thanks CONgress and Obomya).
And incest? Or was that invest? No not me.
Now I just need to find a goddamn job that pays more than $25k and would actually value honesty and hardwork...Nah I'm just kidding!
This is america right! (Right?)
Same fucking boat.
In my case the car is a boat.
Screw being debt free. we all know there is an economic collapse around the corner. I always had great credit. before the last recession I had 50k in total credit card limit that I barely used. when the recession hit, banks were closing this cards out of the blue until I had only one card left open with a mere 4k limit.
what I could have done is buy $50k worth of gold with those credit cards, default on the debt, and it would have been forgiven/forgotten from my report after 7 years in time before the next recession so I can get new cards and more gold. rinse and repeat.
Credit cards are unsecured debt. take advantage of banks before they take advantage of us.
and yes, this year, i have checked out of the system. I have already bought more than two kilos worth of gold and my 790 credit score is now a mediocre 340. and all I'm getting from banks is polite emails about payment reminders. what can they do?
Screw the system.
If it makes you feel any better. I'm a tail-end boomer (born in '59). Since May of '13, I do not live in my parent's basement, only because they don't have one. I do however, live in their house. Prior to that, I had lived on my own for 30+ years. In that period actually attempting to own a sizable lakeside house complete with a nice powerboat.
Since '02, I have been asset stripped via NAFTA, GATT, Free Trade and the Federal Reserve. I recall the days when I could pick up the dinner tab for the entire extended family, and it did not hurt my bank account. There was a time when I could loan a family member or friend up to $5000, and wait a year to get it back (without interest) and still not hurt my bank account.
Those days looking back from the present, I may as well be in an alternate universe. It is like a bad dream that I hope to wake from very soon. To top things off, in this past year in my 50+ age I am experiencing C7/C8 Cervical Radiculopathy with no health plan and/or insurance. The last viable health plan from an employer ended in 2010. I am a vet, but the VA is a joke that warrants an entire separate discussion.
So what keeps me going. What gives me hope? I'm talking beyond emotional support from family and friends. I'm talking concrete results that will reboot mine and others future.
A) A High Speed Rail System. Magnetic Levitation technology and speeds that will trump what is currently in China and Europe.
B) Paying off the national debt and trade deficits virtually overnight. (3 banking days)
C) Effectively ending the Federal Reserve and the IRS.
This is only a short list, but the key benefits on the way in our very, very near future ..
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp (Read Me First)
TPTB care more about the auto and oil industry. high speed rail is a pipe dream in the US.
I'm a 'tail end boomer', too. Same vintage...but I prefer to think of us as Generation Jones (derived from 'Keeping up with the Jones's'). I've read that description somewhere and I think it more adequately breaks the huge scale of the Boomers. Boomers were the 60's Hippies and Druggies. We were too young for that scene. I found them often obnoxious, disgusting, unpatriotic (though I long learned why as they fought against the Viet Nam War), and self-obsessed. From them I had to dabble in left over college classes like 'Transcendental Meditation' that were considered valid life science courses (1973).
Watching them in the 70/80's as they transformed into zombie yuppies was worse. And the demands made to cater to them shifted everything off the charts. Movie ratings, television, radio...everything was geared to cater to the vast 18-49 age group, and the boomers weighed in heavily.
Now, most of Congress is the boomers and look at their approval rating and the fascist police state they've created.
I try not to associate myself with the boomers. I'm Generation Jones. I've had an entirely different outlook than the boomers for my entire life.
Dude, left you a reply the other day. Please read, thanks.
http://www.zerohedge.com/news/2015-10-21/nasa-warns-99-chance-least-50-q...
Read and appreciated. Don't know how to initiate chat, you're welcomed to do so.
Yes1 If Trudeau were smart he'd be modernizing the transCanada rail "golden Spike". Any thoughts on the 'evacuated tube' (EV3 I think it was called) rail system.
You could build new communities along the trunk. One could go to Vancouver for lunch and be back in the office in Toronto for a fully productive afternoon : )
So what keeps me going. What gives me hope? I'm talking beyond emotional support from family and friends. I'm talking concrete results that will reboot mine and others future.
A) A High Speed Rail System. Magnetic Levitation technology and speeds that will trump what is currently in China and Europe.
BUZZZZZZ!
Thanks for playing.
Did you write this on the PC while your wife wasn't spamming facebook with photos of tea cosies?
What's a wife? I'm 29 dammit...ain't got no time (or $) for wives, although I do alright at the bar scene. ;)
No doubt in another era I'd have been the breadwinner of some lucky lady with the dog, picket fence, and a couple of kids. I'd still like the idea but, at this point I'm looking out for no. 1. I assume when the poo hits the spinning blades, plenty of women will suddenly realize how much feminism has screwed them.
As for the computer...running strong after almost 7 years of use. (Asus laptop for those curious). Granted I do periodic maintenance on it.
Dumpster dove this year in an eWaste bin and found a sweet new Intel Core i7 that fit the original socket and BAM now we're running even better than eva.
You should be an example for all Millenials. It is the only way they will ever get a chance at being marginally debt free.
Dude IM me. Maybe I have something for you if you can learn quickly.....
ZH job market for people in the "real" is what we should start.
Sent you a contact request.
Let me explain, On this century: A wife is a parasite that suck time and energy, once in a blue moon your dick as well, don't cook or clean to save her life, while using your credit card and complain that you don't give her enough attention while hating on the "patriarchy"... on a second stage, this parasite will find a new richer host, but before doing so will take your house, kids custody and a % of your income for a long time because all family laws are designed to favor women and because you got to use her "golden" vagina (after dozens of other smarter men got to use it before you without paying that much)
lol. in a nutshell FTW. Default shared parenting and a generation educated to WHAT THAT REALLY MEANS would be good. NEVER GOING TO HAPPEN : ( (because: lawyers &$)
"boys and girls together, paint the mirror black. THE MIRROR ALWAYS LIES."
Rush / Presto / War Paint - 1989
Kudos on the Asus...mine's been doing pretty well, though I've had to do maintenance too. I think this cost about $300, and runs rings around the TRS80 (that once cost about the same) that I 'recovered' from a dumpster at the Panama City Mall.
Wow, you have the life. I totally fucked up.
Married at 19, with a kid...abject poverty for fifteen years until I forced my way through college before the costs exploded. Total student loans came to about $4k (maybe $6k, it's been a while) long since paid off.
To have been single at 29, back then, would have been awesome. We didn't have AIDS or Herpes, just the the clap or syph...one shot to cure all things.
This economy reminds me a lot of the late seventies and eighties, I don't think you're even halfway through the Valley of Death, yet. My walk was fifteen years. I'm thinking your's is going to be more like twenty. So you, and others of your age group, have got another twelve or thirteen years of this shit.
I have no recommendations for you, this time it IS different.
66% refuse to gamble in the Stock Market.
Heh, heh. Not to worry. NIRP + a cashless society will solve that problem toot-sweet.
> 63% said having an emergency savings fund was a top priority
Good idea, but fiat will be hyperinflated away.
Thee's a fix for that.
You just have to make sure your boat is unsinkable..... or maybe not.
emergency savings is not long terms savings.
long term savings is PMs, real estate, tools, tangible assets.
emergency savings, if you're smart, is cash held *OUTSIDE* the banking system, under your mattress or the like. emergency savings should cover a few months (3-9) of living expenses, for when the banking holidays come and the ATMs don't work, greece and cyprus-style. having cash will be crucial when the system of credit goes bye-bye and no one takes credit/debit cards. yes, emergency savings will be degraded over time by inflation, but if you hold PMs with value equal or greater than your long term savings, you will be more than hedged.
These are certainly depressing statistics. These attitudes are due to alternative blogs and websites like ZeroHedge. Yellen herself said that the middle class needed to build assets to create wealth. These Millenials need more education to understand the value of investing. The best thing they could do for their future is to get the assistance of a financial planner and use dollar cost averaging to invest in a portfolio professionally tailored to their risk tolerance.
Sounds like the financial "planners" are afraid their nest eggs, built upon rent seeking via Mutual Fund fee structures, is in grave danger. They hung themselves with their own ropes.
Amen to that. The marks have grown wise to the con artists. Who do the con artists have to blame but themselves for stealing too much?
Yet they will blame the victims for not wanting to be easy marks and put their money within easy reach of the thieves...
I think I'll ask my barber if I need a haircut.
Despite the Financial industry making things more complicated, your days are numbered; you add no value.
Even DRs who have way more training than your field, are forced to recognize that enabling their customers to take ownership of their health future is done by taking responsibility.
Your field has to do the same, rather than skimming off your clients like a Nigerian Prince via email.
Financial planner? I taught myself how to trade, taught myself options as well, you know how? I read, and you know what else is amazing? I manage my own money, my loses are my fault, my risk is of my own choosing not some asshole telling me what I should be doing.
I upvoted you. Caused me to spit beer on the keyboard laughing.
"Yellen said that the middle class needed to build assets to create wealth for her cronies to take"
Whaaaaaaa! :(
Buy more shit paper! Get up to your eyeballs in a housing loan! Go fucking die in another war in the middle east!
"There's an old saying in Tennessee, I know it's in Texas, probably in Tennessee that says, 'Fool me once, shame on ... shame on you. Fool me... You can't get fooled again!'"
-George Dubbya
Alternative blogs, are a good indication that probably those financial professionals know nothing, but act like they do.
When financial planners (investment marketers) are forced to become fiduciaries I'll listen, until then you can keep your hundred shares of Blimpo Inc.
You probably should have included the /sarc tag.
There's no way in hell you're serious.
MDB! you're back! good to see you, buddy
Oh Please "Financial Planner", you mean some one who will steal 10 percent of your wealth, if not more. Invest it into a market where over 87 percent of the average investers will lose money.Dollar cost averaging is a tool that a "Financial Planner" uses to convince an uneducated invester, that hes smarter then the 87 percent. Aggreed that "These Millenials need more education", they need to learn to become their own central bank, and stop playing the 401k. Neither wiill it be the "Financial Planner" or goverment that can save them.
The best thing they could do for their future is to get the assistance of a financial planner and use dollar cost averaging to invest in a portfolio professionally tailored to their risk tolerance.
/S ?
Learn to work skillfully with your head and hands to build, repair and grow things. These necessary, timeless, creative and enriching human characteristics do not go out of style or usefullness.
Dipshit is bliss isn't it?
Fucking retarded.
You don't think investing will help hit your financial goals?
This generation will see a serous decline in their standard of living. Most of them probably are just hoping they'll be ok. Or that they inherit something from that selfish as shit baby boomer generation.
Stawks are one asset class. Not investing at all is what they're talking about.
nobody needs to invest a damned thing when government is not destroying the currency. In fact, this is the way is use to be...and will soon be again.
This is the way it used to be? 7000 years ago? In small nomadic tribes?
Maybe you don't know what investing means. Even farming is investing.
You seem to have a small, constricted view of things.
You might be a danger to the very fundamentals that make investing a sensible thing, given truths and trajectory.
Stupid. But pointless.
You might be a danger to functioning brain cells.
I've been thinking about investing in some barbarous relics once I can afford rent and food again.
We need traditional interest rates to have a viable middle class. A middle class participating in risk investing as their primary (or only) route to retirement is going to get fleeced. They are too busy doing other things than to have the information necessary to invest well in cut throat markets. They won't know when to get out and when to get back in. The system of money managers is designed to rake off the profits when things go well and collect fees when they don't.
Solid interest rates is how the middle class can afford to play the games in risk investments. Put some money aside earning a safe 5% and then play with other funds to make 10-15% or maybe lose. That risk mitigation is important to the middle class and it's been evaporated.
Safe investments earn nothing but risk investments can still lose value just as they always could. There's no insulating against even a tiny drop in the markets.
What we need is free market derived interest rates, not bureaucrats deciding what the value of money should be.
Traditional interest rates will only have a chance of coming back after the Great Reset. The current system is terminal. The banks are packed with derivative exposures that alone dwarf the GDP´s of the countries they operate out of. Nation after nation have jumped onto the "bail-in" train, and I´m making sure my ass won´t be travelling on that route.
I am staying away from all paper "investments" and anything constructed with zeros and ones. Hard assets, and especially physical gold and silver, are what is going to help get me through the storm and, hopefully, be able to reinvest in a new fiscal system. I believe in being your own central bank. I believe in being as independant as possible from outside forces, and with the least amount of exposure to the old system. Will my strategy work? Unfortunately, it is beyond doubt that it will be put to the test.
The Central Bank of Moe agrees with your comment.
Depends on how you define "decline in standard of living" Which standard? The dumb fuck baby boomer Mcmansion, credit cards maxed, 2 car payment, getting a second mortgage to buy moar kind? Or simplifying your lifestyle to spend less than you make, stay out of debt (slavery) to have freedom to do more things that actually matter kind? No, most millennials are not "just hoping we will be ok", we are making a life based less on having moar and better shit and more on actually doing things that matter. The happiest person I know lives in the back of his truck. He doesn't have the "lifestyle" all the baby boomers sold their (and every generation's after theirs) soul for, but he is free, saves most of what he earns and has what he truly needs, which is peace of mind. Go ahead,stack moar shit as high as you want, get better shit than the next guy, keep going until your dead or so enslaved you wish you were dead, none of it will make you happy until you figure out all the shit in the world isn't ever going to bring you any peace.
In conclusion, fuck every self-righteous Baby Boomer who thinks that the Millennial generation are the ones who ruined everything with a sharpened stick, right up their assholes. You were the cause of all this, starting from the day you vehemently crushed the hippy movement. That's right, some of us do understand that you were the shitty, silent majority all along. And now, on top of everything else you've saddled us with, now you're trying to saddle us with the blame.
See you all in Crimson Lotus Hell.
Exactly. I'm on edge of X and Millenials. I've done well, but I refuse to believe in the investing bullshit, other than investing my own company and my own person - NOT companies who promote sick care and things I don't believe are morrally correct or in the better meant of humanity itself. I choose where my money goes, not some financial advisor that told me to invest in 2008 because it's never a bad time to invest.
I did loose everythign in 2008, home, investments ect.. and I've recovered. Fool me once....
So anyways, thank you Millennials for helping to place in power OVER REGULATORY BODIES one the most narcissistic, socialistic, un-constitutional, egomaniacal pricks who has ever been there.
You are the cause of all this.
Just remember, November 16 is fast approaching and the Clinton Foundation will either have to admit inurement (an ancient legal concept I don't expect you to know) or falsify ten years of state, federal and foreign tax filings yet again.
Buck up kiddo, your Grandpa Bernie Marx just might get his Pyrrhic victory afterall.
///////////
Was it me pointing out Grandma Hillary! is legally, MSM factory farmed dead meat or that Grandpa Marx is unelectable that you millennials completely freaked out over? ;-)
You know why it makes sense to vote in Bernie Sanders? Because he will accelerate the ending of this stupid can kicking game by dialing the spending up to infinity, and this chronically ill economy will finally fall off its wheels. At this point anyone who will speed up the inevitable is a better choice than another parasite who will continue putting us through this slow, agonizing death.
I felt this way about Clinton the First; then the RINOs stepped in and saved his ass.
nmewn - I've read your post for years and sorry to hear your comment.
I certainly talk with more people around my age who are aware of the 911 BS, the FED desctructive policies, regulatory monopolies, the MIC, ect... than I do boomers. Not to start an age war, but most of the boomers I talk with are stuck in the matrix, say their pensions are bullet proof and amazingly blame us.. for 40+ years of bullshit when we werent' even born yet.
So when this asshole (not you) charges all Boomers with "a crime" knuk's, Moe, Cog, Banzai, myself ALL OF US ARE GUILTY by simple association because we're Boomers...even after we sat here year...after year saying...kiddies...don't do that?
Whatever dude, I'm here to burn it down along with you anyways because nobody now living deserves what it ever aspired to be.
Got a light? ;-)
Of course not. generalizations abound. I was careful to say "most" and not all. Geographical regions will vary as well.
Agreed... I would take a light to see where this is going. I'm prepared... and diversified based on all the ZH I've read over the years thanks to everyone here.
You were careful, rosia-whatever-the-fuck was not.
ZH ain't a bad place to air grievance, as my example shows, it will cut both ways ;-)
You don't have to be a "Baby Boomer".
If voting could change anything it would be illegal.
Voting is just a way to get the people to buy into what the ruling class was going to do anyway.
Really? Who the fuck were they supposed to vote for? Romney or McCain?
You should know by now that the system has been rigged for a very long time, old man. THERE ARE NO CHOICES!
"You were the cause of all this, starting from the day you vehemently crushed the hippy movement" - Uhm, anyone who was old enough to "crush the hippy movement" is already dead. You do realize tha you would be 95 years old today if you were 47 in 1967.
I've known a 95 year old vet of WWII, Korea and Viet Nam my entire life. My "Uncle" Ray.
In the sixties he thought the hippie movement was the greatest thing ever.
Turns out he's been gay his entire life, but I'll still do anything he needs. Will be going down to check on him this Sunday. I promised him an Honor Flight.
Well I hate to be the one to break this to you but the "hippie movement" migrated to government and Higher edjuwkashun and are now running this bureaucatic nightmare and has sold out to the man. So not only do they get paid twice the amount of the private sector but are paid to look the other way when they are not sleeping.
"In conclusion, fuck every self-righteous Baby Boomer..."
All you do with that is expose your ignorance.
And it is that ignorance that guarantees failure of the greater kind.
If you think you can deduce our demise to a "generation,"
you have no clue what's happening.
Get off your high horse, and grow up -- you must grow up fast.
Fuck your pussy ass Roisaber. If your life sucks ass it's because of your stupid fucking ass and the bad decisions you have made. Quit blaming others, including "Boomers" or any,other generation because your life is shit, or because your girlfriend won't blow you because you are part of the 50% still living with your mom and dad in their basement.
Be a fucking man. Learn by your mistakes and don't make the same ones twice, work harder and smarter, and NEVER trust a banker or lawyer, regardless of which generation they are part of. Lastly a man lends a helping hand along the way when he see's somebody struggling. You never know when your hand may be the one outstretched......
You sound like the kind of person who would beat up somebody in a wheelchair and then blame them for not being able to fight back.
Not much on personable accountability are you ? Keep on going through life blaming everyone else for your problems. Consider yourself lucky if you can earn enough money to not be eating Alpo dog food out of a can within the next 10 years.
By the way, tell your Mom Dirk said "Hi" when she comes down to the basement to get you up this morning,
One can extrapolate that to ALL generations are fucked once nominal NIRP begins.
Many people are watching their (UN)Afforable Care Act premiums resemble an Al Gore climate presentation.
Recent articles have shown stealth inflation, and how due to that, COLA adjustments are not being made.
Pensions are imploding due to ZIRP, they may turn into literal black holes under NIRP.
Many nursing homes are charging north of $7,000 per month. How will there be anything to pass onto the next generation if everything is consumed?
Your nursing home comment is very prescient. What boomers have left is being stolen in that way. Farmers in midwest worth lots of money go into a home and it not setup properly it all goes to the home.
Then you have total fucking antitrust .gov scamming, and price fixing deals like this to boot.
Walgreens Boots to buy Rite Aid in $17.2 bn deal
My folks did everything they were supposed to.
Worked hard, saved hard, paid tax.
Never took a penny from the government.
They reached a point where my dad's needs were more than my mum could cope with - at 85 (partly courtesy of damage done to him 'serving his country' in WW2 - he was entitled to a disability pension from 1946 on but was never told about it - found out in 1988 - not back-dateable!)
Their assets were 'assessed' and from that point on they couldn't give away as gifts more than £2000 a year.
My mum is now in a care home and the house I grew up in is rented out.
A month's rent for a decent house in a good part of town pays for ONE WEEK for where my mum gets 3 meals a day and a single room.
If my folks had spent the lot on cars, booze and gambling my mum would still be where she is.
Doesn't seem to pay to do the 'right' thing.
This seems to indicate society falling apart, IMHO.
A large part of the retirement issue also stems from the fact that people are living MUCH longer than they did in previous generations due to advances in the medicine and the essentially brand new form of it called Geriatrics...don't worry though the death panels are going to fix that once Obamacare goes full single payer in another few years.
(Best wishes to your mum btw and yourself)
What a hypocrite you are.
You talk of society falling apart, while you choose to keep your mother in a nursing home. Societies used to care for their elderly in-house.
Stop being a whinging pom and do something about it.
Cue all the sad excuses for why your family "can't" look after your ailing mother.
I won't call hypocrite. As everyone has a different situation. I plan on buying my parents farm land, moving back there (if my business will allow) and keeping them out of a "home" situation as long as I can do it. They don't want to be there any more than I want them too.
@ mrpxsytin:
And, how did YOUR family deal with an 83 year old mother who reverted back to her childhood and much earlier due to Alzheimers and dementia, and the oh so fun "sundowners"?
Please, I would love to hear how long your patience lasted, how your living arrangements lasted, how much strain it took in one's marriage and family.
Or, if your relative fell down a time or two, how long before social service came over to take a look-see at the house, and then more fun was needed for handicap or elderly needs?
Most of us are not professionals, we are just people doing the best we can, and fully realize that nursing homes are just slightly more pleasant looking death camps.
Sad excuse number one (dementia): check.
You think that the 19year old African refugee who works in the nursing home "caring" for granny is a professional?
You have clearly never cared for someone in the advanced stages of dementia. Once a person has devolved far enough in the disease progression it is quite literally unsafe for them to be cared for in a typical home environment, both for them and for the other occupants of the home. A carefully controlled setting, like a facility that specializes in dementia, is the best choice for most advanced cases of Alzheimers or stroke-related dementia. The average relative is simply not capable of dealing with the level of care required nor the psychological strain inherent in dealing with a loved one in the advanced stages of dementia.
This is one aspect where seeing is believing.
I've been associated with a couple of older people that we've (yes, both my wife and I) looked after while they continued to live independently, as they devolved into dementia. It's a terrible thing to watch. A prim lady who talks with you about politics and has wit, laughs...a year or so later is out on the street without her top, wandering down the road, talking to to people next to her that don't exist. And then she doesn't know who you are and starts screaming rape because I asked if she was OK. (Cops were cool when they showed up, wife was with me, there was no rape, or any sort of violence).
Then the moment of clarity were she recognized us, asked why we came to visit, and realized she was topless in the middle of the street. Her mortification was painful to watch.
I fail to see why any person retaining any moments of lucidity does not promptly kill himself during such moments when he realizes such a worsening state is the only existence remaining for him. This is no life for man nor beast.
My mum was lucid enough to try to kill herself - she just didn't get it right.
That's how she ended up in the home in the first place.
First thing she did when she got to the home was climb the stairs and throw herself down them.
Broken leg and concussion (88 at the time).
Tough old bird, I guess.
Sorry to hear. Yet another reason why everyone should own an M1911A1.
Nice. Were you copying that from the glossy brochure?
YoU are a shithead.
The years will go by for you too. I just hope it won't be too many before some stranger is inserting your feed tube and wiping your ass because you sure as hell can't do it anymore.
Asshole
No, in addition to my personal experiences as a caregiver I am also a gerontologist who has assisted countless families dealing with a family member with dementia.
Smart...If they're blowing off the banksters and the stock casino, they're not as stupid as advertised.
There's probably a bit of sample-bias in my comments, given my kids grew up mostly without television, but they, and most of their friends seem pretty aware that tney live in a lunatic asylum and that the best approach is to have as little to do with the system as possible while managing to keep a roof, food, warmth and time to follow passions in some kind of balance.
Hats off to a lot of the 'millenials' I know.
OTOH there are a lot of total no-hopers I run across.
There are some SERIOUSLY dumb fucks out there.
So the Millennials are the new depression-era survivors, like our grandparents were? Rinsing & reusing plastic bags, etc....
They were SMART with money.
Plastic bags are banned in many places now. What luxury it would be to have a plastic bag to rinse, and a sink to rinse it in.
I remember my grandfather gleefully rolling over his laddered CD's back in the late seventies when interest rates were in the teens. The banks would always offer some premium, like a toaster or a blender or other household gadget, to encourage customers to roll their CDs over rather than moving them to another bank. All the small appliances in my first apartment, color-coordinated in harvest gold and avocado green, came courtesy of Papa's CDs.
I remember a story about someone who bought a 30 year CD back in the 80's when interest rates were somewhere around 20%...and held it to maturity. Can't find the link, though.
Anti-Semites! You're not allowed to shun the Federal Reserve's Zio-dollar...DAS RAYCISS! Speculation and usury are good for you goyim, now get out there and consume some useless shit. Generate some debt NOW.
That is why communistcare is forcing them into buying something they do not want
Good Job FED, you have:
1) Funneled huge amounts of money to the rich WS'ers who caused all our problems by pumping up the stockmarket to fake heights.
2) Convinced future generations of potential stock market owners that the stockmarket is the wrong place to put money.
You have screwed up, the only thing not mentioned you have accomplished is that you have created what you fear the most: Committed gold investors.
Where can they put their money when you have killed savings accounts and manipulated the stockmarket to the point that it is no longer investing.
Burn in hell Greenspan, Bernanke, and Yellen. That should not be an unexpected consequence and I hope you feel pain for eternity...
The wonderful notion that baby boomers are all somehow alike fascinates me.
You *do* realize that you've been brainwashed, no?
Listening to some people talk...boomers do this and boomers do that, "we" hate you filthy boomers, you boomers ruined it for "us", and so on...
Because everyone with a birthday in any given twenty year period is exactly the same, right?
Just the way every single person you ever met while you were in high school, including your teachers if they were, say, under 35, was identical in every meaningful way to you because you were all the same general age category.
To me, that seems ludicrous, idiotic on its face, impossibly stupid.
But, maybe I'm behind the times. Maybe the young think alike and feel alike and all want the same sorts of jobs and cars and wives and all want to live in Portland and drink craft beer and work at a coffee bar and listen to the same bands and clone themselves when they're ready to breed.
Only, you're like the Borg if you "think" this way; you've been assimilated by a cult.
You need to be deprogrammed, i.e.,*unjoin* America, The Stupid.
Turn off your devices and just be yourself...except you have no idea how to do that, do you?
Same apsect with "millenials". I guess I'm a millenial, whatever the fuck that means?.
Divide & Conquer baby, young vs old, black vs white, democrat vs republican. I thought I was an American, not a member of some sub-group with an age limit. Americans have been getting the shaft for a couple of generations now and it's getting worse every generation.
Just think, once upon a time there was a revolution kicked off on a tea tax. Nowadays the only things in life you're garraunteed is taxes then death, they even get that ass after you kick the bucket!!
Anyone who picks up a label, labels themselves. If you reject the label, then it's not your concern.
It doesn't matter when someone was born, it's the knowing acceptance of a label and all the baggage that goes with it.
People could speak up and reject the label if they wanted, but how often do you hear them doing that if they are "Baby Boomers" or "Millenials"?
It's really no different than Boomers blaming Millennials for being born into a broken system from which they have no hope of changing (save violent revolution)
Reality check: who raised the Millennials?
Divide and Conquer indeed.
Paul Eberhart is not a millenial. He is Gen X. Gen X needs to start growing a pair or we will go down with this ship...
Its the only way these nut jobs can continue to create money out of thin air you taking on more debt.
Disclosure: Debt free since 2005
And yet the majority of millenials want the cronyism going today.
If they don't volunteer to participate they will be forced to participate via a government mandated program. Say hello to the new ponzi, just like the old ponzi. Now that the supremes have ruled that they can force you to buy something why not Facebook or Apple or Pets.com? They voted for all this hopey changey shit and they are gonna get it in spades
Because voting matters? Clearly it would have been better to have Romney (Obamacare before it was Obamacare) or fuckface McCain in the Puppet House so we could get our shooting war with the Russians.
Lemme guess though, you voted for Ronnie Raygun, right? "The Commies, Marty! We gatta stop the Commies! INCREASE MILITARY SPENDING EVEN MORE!"
Every generation has it’s revolution. Here’s to hoping that jamming a pole up Larry Fink’s ass will be part of theirs. If only they could get their pension funds, 401k managers, and life insurance companys to do the same.
Kids aren't as dumb as you think they are, nor is anyone else.
Hey, man... You 'gon be here when Godot gets here???
"Waiting for Godot" is a play written by the Irish novelist Samuel B. Beckett in the late 1940s in which two characters, Vladimir and Estragon, keep waiting endlessly and in vain for the coming of someone named Godot. The storyline bears some resemblance to the Federal Reserve’s talk about raising interest rates.
Since spring 2013, the Fed has been playing with the idea of raising rates, which it had suppressed to basically zero percent in December 2008. So far, however, it has not taken any action. Upon closer inspection, the reason is obvious. With its policy of extremely low interest rates, the Fed is fueling an artificial economic expansion and inflating asset prices.
Raising short-term rates would be like taking away the punch bowl just as the party gets going. As rates rise, the economy’s production and employment structure couldn’t be upheld. Neither could inflated bond, equity, and housing prices. If the economy slows down, let alone falls back into recession, the Fed’s fiat money pipe dream would run into serious trouble.
This is the reason why the Fed would like to keep rates at the current suppressed levels. A delicate obstacle to such a policy remains, though: If savers and investors expect that interest rates will remain at rock bottom forever, they would presumably turn their backs on the credit market. The ensuing decline in the supply of credit would spell trouble for the fiat money system.
To prevent this from happening, the Fed must achieve two things.
If the Fed gets away with this “Waiting for Godot” strategy, savings will keep flowing into credit markets. Borrowers can refinance their maturing debt with new loans and also increase total borrowing at suppressed interest rates. The economy’s debt load can continue to build up, with the day of reckoning being postponed for yet again.
However, there is the famous saying: “You can fool all the people some of the time and some of the people all the time, but you cannot fool all the people all the time.” What if savers and investors eventually become aware that the Fed will not bring interest rates back to “normal” but keep them at basically zero, or even push them into negative territory?
If a rush for the credit market exit would set in, it would be upon the Fed to fill debtors’ funding gap in order to prevent the fiat system from collapsing. The central bank would have to monetize outstanding and newly originated debt on a grand scale, sending downward the purchasing power of the US dollar — and with it many other fiat currencies around the world.
The “Waiting for Godot” strategy does not rule out that the Fed might, at some stage, nudge upward short-term borrowing costs. However, any rate action should be minor and rather shortlived (like they were in Japan), and it wouldn’t bring interest rates back to “normal.” The underlying logic of the fiat money system simply wouldn’t admit it.
The Fed — and basically all central banks around the world — are unlikely to accept deflation clearing out the debt, which would topple the economic and political structures built upon it.
Fending off an approaching recession/depression with more credit-created fiat money and extremely low, perhaps even negative, interest rates is what one can expect them to do.
Murray N. Rothbard put it succinctly: “We can look forward … not precisely to a 1929 type depression, but to an inflationary depression of massive proportions.”
They have been reporting GDP at such and such percent, and LYING about inflation statistics.
If they SUBTRACTED real inflation from GDP, they would have to admit we've been in a fucking depression for 15 years, or even longer.
"Hey man... You 'gon be here when Godot gets here???"
The whole thing is a mockery of everyone's basic intelligence.
My strategy has been to drain my bank account immediately when paid. Most goes to bills, most of which are paid a year in advance, the balance goes to cash in my BankOSerta. Sometimes my BankOSerta cash goes to silver and a little bit of gold. All of which is lost on the drive home.
My bank account has been near zero before the next paycheck for 4 years. I lose metals mainly silver every paycheck surplus and I'm technically a "millennial" what ever the fuck that label means. I'm just a younger American who knows the government fucked this shit up in 1913 and my dead great great grandparents didn't do shit to stop this train collision with reality. The "Boomers" just got a free and easy market ride while the younger generations have been living with constant crashes since 1987. Stack metals as the Khazar Israeli Bank Mafia Syndicate will cause financial chaos as a result of UN backing Palestine sovereingty. It's all fucked as the IMF will step in and offer an alternative fucked off "solution". Thesis + Anti-thesis = Synthesis. Be your own central bank.
https://en.wikipedia.org/wiki/Balfour_Declaration
https://en.wikipedia.org/wiki/Jacob_Frank
https://en.wikipedia.org/wiki/Adam_Weishaupt
https://en.wikipedia.org/wiki/Rothschild_family
https://en.wikipedia.org/wiki/Sabbatai_Zevi
Thanks for that.
And remember - shrouds don't have pockets!
Tyler, You're delutional in this article.
They have 3 months of monthly income saving? Dude. that's NOT ENOUGH!! Let me asks this:
1. How many DEBT they have? STUDENT DEBT? MORTGAGE DEBT? CAR DEBT? CREDIT CARD DEBT?
2. You have MEDICARE INSURANCE? PENSION INSURANCE? HOUSE INSURANCE? Do you know the cost of Chemotheraphy in your country?
http://www.theatlantic.com/health/archive/2013/04/why-chemotherapy-that-...
Do you have that many money in your SAVINGS?? What do you think you can't get CANCER??
3. And we haven't talk about kids cost, yet.
Don't delude yourself Dude.
And haven't you FORGOT? You still have that >19 TRILLIONS DEBT that your govt would asked you to pay. No matter how you refuse that? YOU WILL HAVE TO PAY FOR THAT.
What a fucked up country.
Its cool on the student debt, man. The Bern or Hillary will let .gov and Sr. Taxpaýer be the bagholder. Don't worry, be happy.
How much debt they owe is more of a liability to their creditors than to the Millenials.
Nobody is going to pay that debt, you moronic douche nozzle. At some point there will be a series of events, wars, perhaps natural disasters, whatever, followed by a giant reset. And yeah, this country is nowhere near perfect, but it is *our* country, not yours. So instead of spending so much time spewing ignorant, misinformed and hateful invective about our country, why dont you just go back to doing whatever it was you were doing before you started wearing 'big boy pants' and figuring you could have conversations with adults; my guess would be fucking the community goat of the village you live in?
dilution and delusion are two entirely different words, young padawan. spelling is important.
dilutional
delusional
to dilute
to delude
diluted
deluded
example: "The delusional Zerohedger diluted the efficacy and/or credibility of his/her attempt to troll other users because he/she mispelled words and used all caps."
They should move out of their parents basement and into a San Francisco house and throw some money in the 'markets' /s
As we said in the 60's & 70's,,,Down with the Establishment!
They can sell to the Fed.
70% of Millenials are also full of shit and will lie to pollsters.
I don't see too many Millenials living thrifty lifestyles, except when it comes to living with their parents rent free.
Pollsters only call people with landlines.
I see a lot of millenials talking these days. Previously they actually didn't much care, or even know what a Democrat or Republican even was...
But they are starting to pay attention, and they are registering to vote, whereas they didn't care to vote before.
From what I can tell, they are definately starting to form solid opinions about these two camps, and for good reason.
Again, they seem to be off the radar because they only possess cell phones, and do not possess landline phones.
Who knows what the majority of them are really thinking?
The advantage there is they get to answer their parents phones and participate in the polls.
I've had pollsters call, ask my age, 57, then say thanks and hang up.
Millennial. Heavily invested in the stock market. Completely average wage earner by every metric.
My dividend aristocrats will pay for my cost of living when I move to South America, so there are perks in investing in companies such as MMM, JNJ, ABT, XOM, PG, etc. Will gold do that?
You have to be joking.
So the Millennials are neither lazy nor as stupid as the economists want. That has to be one of the most hopeful things I've heard in awhile. So few boomers have a grasp of the obvious, work hard, save in the approved ways and trust the leaders and you'll get robbed blind.
Damn right!
http://showrealhist.com
i am a millenial. i have recently become debt free. and, while i acknowledge that there are plenty of bad actors and conspirators attempting to rig the markets (i wouldn't read zerohedge otherwise), I also understand the principles of long term investing and saving, which allows me to really enjoy scoffing and chortling at some of the comments of some of my fellow ZH trolls. bless their hearts.
you see, while i simply delight in the expose' content of zerohedge, the fact of the matter is that many stocks still pay dividends and grow in value in the long term. bonds still pay interest and can be held to maturity, for the long term. mutual funds still work, and there are in fact plenty of solid opportunities to invest for the long term and build real wealth, despite all the fucked up shit that is occurring in our fucked up world.
so while i will always read zerohedge and take note, and plan carefully based on some of the information, i will also continue investing according to the well known, time honored principles of investing. for example, that investing is not gambling. this distinction is of utmost importance. stocks can be used to invest. and, yes, stocks can, have, and are and will continue be used to gamble by many foolish people. and i will continue to purchase their mistakes for pennies on a dollars when their margin debt is called and then sell it for full value.
whether that be stocks, bonds, real estate, preferreds, working interests, or whatever, i will be pragmatic, and realistic.
because if the financial systems were to truely, indefatigably crash beyond repair, none of the above mentioned condescending comments that i just commented will matter anyway.
so until then, if "then" ever actually arrives, i shall build passive income and other millenials shall become poorer and poorer because they have believed lies. but i shall also hope that they will discover dave ramsey and ric edelman and frank curzio and other cool people like those guys so that they will realize that investing is a wholly different thing from gambling.
The people who run the market take their profits every so often. What happens to all your careful investments the next time they sweep the table clear of your chips? This happens time and again on a regular basis, what makes you think it's a once in a lifetime event that you are smart enough to spot ahead of time?
You haven't been exposed to what the market's become long enough.
I once made $30k in one day off of a $1k.
I haven't put a penny into the market since 2008. That includes my 401k.
I'm waiting for the ultimate clearance sale. And it's coming.
Man ,I wish I was young and knew everything again.
God Bless you Son
And 100% are dumber than a box of hammers.
I worry more about the Mexicans and the "Fergessons" getting paid to destroy the country.
I semi-recently graduated from university and am busy working my debt down. Ive shredded through the first 15K and am going to rip through the last 25K in the next year and a half. I hate living in debt. F*ck the banks!
That dam internet . . .
Millenials don't want to be in private debt which means their public debt will be that much greater. Its a debt based system, you're gonna be in debt one way or another basement dwellers
At least 8% don't know what they are talking about.