Why are millennials broke?

Why are millennials broke?

maybe they spent it all on their college degree and are in debt during those years?

Weed
Videogames
Donating to twitch streamers

smartphones are expensive as shit

omg theyre all interracial, what the fuck!

Another capitalist crisis

Wow, females money habits indicate they have brains like children.... Shock news

>Donating to twitch streamers
kek
especially now with bits every streamer has turned into a beggar recently for people to throw their pennies at

You already know the answer

College debt, immigrants driving down wages, offshoring of jobs, and women entering the workforce.

Because they buy only brands, always get the latest smartphone, have a habit of going out to eat at least once a week, don't know how to save, don't know how to fix anything so as soon as something gets damaged or broken they go and buy a new one instead of trying to fix it somehow themselves.

Millennial here, I'm semi-broke that's because my mum 'an hero'd' when I was 16, I didn't have the money to continue with studying, but that being distance learning courses are a thing. Also most people don't want to put the work.

>25
>only have 45k saved
>feel poor as fuck because everyone my age is making 80-120k and I only make 40k/ year

Where did your dad? Do you have a steady job?

College Debt
>Be Millennial
>In college
>Studying underwater feminist clogging and tap dancing
>"Study What You Love and Money will come flowing in!"
>spend a YUGE chunk of loans on stupid name brand shit like apple laptops, iphones, and brand named clothing
>Graduate
>Dont get a job as a feminist underwater clogger and tap dancer
>Mommy and Daddy still sending them money so they can live
>Mommy and daddy still paying bills
>Any left over money from mommy and daddy they spend on more brand name shit and stupid shit.

Personal account (top)
Rental property account (bottom)
Not pictured -
Fidelity 30k
Savings bank 2k (only being kept open for maturing bonds, about 5k more in the next 2 years)

Just turned 25 yesterday. Am I gonna make it?

Because they're the youngest obviously.

I NEEDS MUH IPHONE MUH CABLE MUH PRIUS MUH CRAFT COCKTAILS AND MUH VEGANICALLY GROWN BIODYNAMIC SALAD GREENS, DON'T YOU DARE TRY TO TELL ME WHAT TO DO YOU CIS BIGOT.

fuck you, i make nothing and have nothing saved at 25

youre one of the richest people on earth

youre in the 1% of the world youre not poor

who gives a shit about what your friends make

>Where did your dad?
He injured his back at work, and could barely lift anything, he worked in construction and lost his job.

>Do you have a steady job?
Yeah, as a laborer. Saving up funds to do an A level exams, to progress degree in Medicine.

>be me
>be 21
>worked 6 years in total so far
>earned an average of 400 bucks for 4 years
>still got several thousands on my account
>people my age say I don't enjoy my life because I don't throw around with money, even though I dare to say I'm happier than most of them.

I'd say 99% of millenials are retards without any concept on what they are supposed to do with their life, that's why.

Well good for you lad, you're putting more effort in to your life then the vast majority of todays millennials.

Also I can relate, me dad offed himself with vodka.

>I'd say 99% of millenials are retards without any concept on what they are supposed to do with their life

This, most people my age have been raised in a world with no competition, you get a medal for everything (best outfit, good sportsman) everyone is a winner, even if they are shit.

>Be Millennial
>"Omg i was so poor as a college student, i had to eat instant noodle soup daily!"
>buys noodle soup from convenient store across the street for 1 dollar instead of the cheap 25 cents one in the super market.
>Only ate instant soup once because too lazy to do anything else, nothing to do with income
>Most of the days, eats out with friends at pricey bars and restaurants
>Spends loans and mommy daddy money on expensive drinks and meals

"Why am i poor? Omg muh debt muh loans give me money papa bernie"

Because the economy is shit.

Durrr fucking dipshit.

You are doing better than 99% of people, off yourself. but first transfer me those funds you bitch.

theres not supposed to be competition
competition is satanic

oh im gonna try to outperform my neighbor even though im supposed to be his friend even though i hate him and want him to fail so i can win and make more money! >XD

thats not satanic or anything

thanks pal for competing with me

>Canadian dollars

you don't want these

This is all the money I've got to my name and I also have 38k in student loan debts to pay off still. I turned 25 two days ago on the 22nd so you're doing better than me. At least I still live with my parents so all I have to pay monthly are my loans.

Kill yourself, pussy

>tfw worked a nice 40k a year job for 5 years
>Lived frugally, saved up 20k over that time
>Tfw quit job, bought an RV, did some /diy/ shit to make it comfy
>Tfw have been living on the road for a year now, never going back

Feels good mangos

What's the interest rate on student loans?

>I'd say 99% of millenials are retards without any concept on what they are supposed to do with their life, that's why.

This so much. When I tell some younger people (I'm 25 years old) that I sometimes work for 12 hours a day and worked on weekends during university they look at me with shock as if it's slavery. And when I told one guy that during the summer I'm going to work as much as I can in order to save money for a vacation, a new video card and so I could help my mom he was simply shocked and said that I'm wasting my time.

Obama, amirite my low info voting friends

but what are you supposed to do with your life?

>pussy

haha youre so tough
i bet you fight people on the street like a chimpanzee nigger

yes i am a pussy thank you

yes i am non violent ... i appreciate the compliment

What is canadian dollars? Everyone knows that the only money in the world is american.

>Take shitty unvierstiy course
>Learn nothing, and get brainwashed
>Take job at mcdonalds
>MUH $15

All according to (((their))) plan

Definetly not wasting all the ressources you get through your own or, even worse, somebody elses work for some short term pleasure. (buying alcohol worth 160€ in one night e.G)
If we were 300 years earlier these people would be dead already. Since we aren't they will survive up to the point where they parents simply die or say "no".

>This thread
Just go raise your kid and shut the fuck up

Dropped out of college because it was a waste of money. Worked my ass off for ten years in blue collar work, paying half my income in rent and taxes and the rest in living life while young (highly recommended, not drugs).

Only 4k in the bank... only because I moved back home.

I dunno man. It's expensive to live. Housing is in high demand while unskilled hard labor is in low demand. People who actually work are fucked.

I'm waiting til I'm old and don't want to do fun things before becoming miserly and not doing anything but working.

It varies because I haven't consolidated them but the highest ones are 6.8%, fucking ridiculous. I'm just going to pay them off as soon as I can before I think about investing. I'm going to keep 30k in savings and anything I make past that is going to pay off my loans. Hopefully I'll pay them off in a year or so and then I can move out and try looking for a better job. Only making around 57k/yr right now.

No personal responsibility, failure to use higher education as an entry into high demand niche industries, and a love of commercialism and materialism inherited from their parents but without the requisite sacrifice involved, and a mentality that "all men are created equal" means that "all men deserve to live equally"

Jelly how you make money for food n gas n shit

Fuck these threads make me feel so guilty. My parents were rich af and payed my entire ivy league tuition. And they were smart too, so they made me major in Computer Science.

>24
>live on a generous 30k tax-free stipend for PhD studies in a highly employable field
>have about 60k saved up from working as a research assistant during undergrad and investing it in a tax-free account

Feels rich, man. Too bad this is still only about 10% of a down-payment for a house in Toronto or Vancouver.

>If we were 300 years earlier these people would be dead already
If they were born 300 years earlier the purpose of their lives would have been clear in the moment they would have been born

Because they're idiots.

I calculated my 20 year old sister's daily expenses once and realized she's spending over $2500 a year on iced coffees from Dunkin Donuts.
In addition to that, she's a single mother who's obsessed with making sure her baby is "fashionable", so she buys clothes that fit him perfectly, that he can only wear for like 2 weeks. That's another $2500 a year.

They're broke because they're spending their money the second it lands in their hands.

Work odd jobs on Craigslist.

I only pay for about 350 a month in bills and food. Made 800 for 2 weeks of landscaping work. That should last me a while. I also do woofing and couch surfing. Plus I do film making and I meet up with like minded people.

>29
>$450k in liquid assets
>$20k car, paid in full

feels good man

so now shes guilty for wanting to have nice clothes for her baby

no it sounds like her job isnt paying her enough or she would be able to afford basic things

wages have been stagnant/dropping for 30 years

Decadent culture. There's definitely a way to move up from the bottom, but they can't have their cake and eat it too - They can't live in trendy cities and maintain a socially accepted lifestyle. It eats their funds and inhibits class mobility

Having nice clothes does not mean buying the most expensive clothes, especially for a fucking baby. Babies grow fast as shit, going to walmart and getting adorable, yet comfortable clothes for the cheap is far better than buying expensive ass clothes for a baby who just shits, eats, and sleeps all day.

nobody wants to be in this poverty mindset where you cant get a cup of coffee in the morning

thats called hell on earth and you find yourself purchasing rice and canned beans at the grocery store and crying yourself to sleep

I've got £20,000 saved at the moment. Hope to increase to £25,000 by the time I turn 26 (next June), and £100,000 by the time I'm 30, although I definitely won't if I go to Uni (which I probably won't).

I'm 30, my fellow millenials are just too dumb and have no ambition.

What do you need 30k for to invest 20 of that in some etfs or mutual funds if you're lazy

Because they are fucking idiots. I'm 24 and have $30,000+ saved up. Goddamn kids need to learn how to start a savings plan and make regular small contributions off their paychecks

Nor.ally I would think your wrong but because capitalism but the real competition is for beta males and narcissist fags

It sounds like she needs to go find a better job rather than accepting her current wage and expecting that it will magically go up

House loan or school?

this

all the lower class are shopping at walmart and all the discount stores yet theyre still poor as fuck

are u serious dude literally everyone buys the cheaper knock offs

i think youre being bias cuz yyou want to blame people for the shitty economy

If I should only keep 10k in savings wouldn't it be better to pay off some of my loans. Would I really be able to make >6.8% returns if I invested

this

I had a hard time in 09-11 after graduating but now I'm making mad bank

a lot of people our age either picked shitty careers/majors or just fucking gave up on life.

Saving isnt being rich. Haveing passive income is.

As long as you use your time to get money and save that money, you will never become rich. You have to use your money to get assets that will generate you money every month without you accualy useing your time to get that money.

Oh ya didn't see u had loans do that guaranteed 6.8 return is money. You inly need enough cash to last you long enough to find a new job if you lose yours IMO

House. I only went to a school that would both pay me a full scholarship and have my intended major in data science

On the other hand, doing that willingly to save money and investing it wisely is empowering

>Why are millennials broke?

gotta pay the new Iphone 85+

This

Haven't you noticed millenials monetary ambitions are all about saving? They don't think about investing. Poor mindset. They're going nowhere.

I hope pol doesn't save.

Hi Sup Forums. I'm 16 and don't want to amount to nothing in life. What advice would you give me for having/making money?

Sorry, but i'm not talking about the lower class. I'm talking about a 20 year old who spends 2400 a yead for fashionable baby clothes. a TON of millannials are in debt because they spend money on overpriced shit. Why buy expensive clothes for a growing baby when you can buy cheaper clothes? Does it matter if the baby has expensive clothes? Will by baby's peers think differently if the baby wears walmart onsies? Fuck no.

You cant blame the economy for millenials choosing overpriced options. Great tasting coffe at gas station: 1.20
Same great tasting coffee at starbucks: 3 bucks

I'm afraid if I lose my job I'm never going to be able to find another one because I'm a huge sperg with terrible social skills.

>ITT people turning shitty subject into a "how much I have in my bank account" and comparing countries solely on this as if it was relevant

Sup Forums, retards with big ego

Skip Uni, go to a trade school. Fuck girls get money

Because they're lazy and degenerate

i read that something like 80% of the population doesnt invest anything

its not bingo you dont just "INVEST" you cant afford to start a business without a loan

and lets say you saved 2k$ by cutting out coffee for a year

CONGRATS YOU CAN NOW MAKE 50$ A YEAR OFF YOUR MARGINS FROM YOUR STOCK BROCKER

and by the time you make any substantial money youll already be dead!!!

18 year olds don't have savings??????? WOWOWOWOW crazy fucking news!!!

And as for the older generation it's mostly a response to the changing workforce and shifts in the way money, banking, and employment works

>having passive income is

Enlighten me as to how you make this magical passive income?

Unless you own a business or already have a decent amount of wealth to invest, it's not possible to receive passive income.

Wtf I'm 21 and have over 50k put aside I hate Gen y and Z now!

Life is about balance. Let's compare a friend of mine who is 4 years older to myself. We work at the same hospital and live in the same area so it's a fair comparison.

>friend went off to med school after college
>he had undergrad loans and med school loans
>graduated and his salary was immediately higher than my starting salary
>he finished his residency and his salary jumped even higher
>he immediately got married, bought a massive home, and two expensive cars (one an SUV and one a sports car)
>he later had a kid and his wife bought expensive everything (car seats, stroller, clothes, etc)

>graduated undergrad with no student loans
>had already bought a used car that I had no loans on
>I had chosen a major that allowed me to immediately find a job with a starting salary of $52k
>I rented a home for a couple years before buying a modest home
>I went back to school and got an MBA to move up into management
>I had a modest $15k loan for school but it bumped my salary to $83k
>paid off loan debt, bought a very lightly used car that didn't require a loan
>got married to a wonderful woman who makes $75k
>no kids... yet

My friend complains to me everyday that his job is too stressful, that he's swamped in debt, that his wife is bleeding him dry, that he is behind in his credit card payments, etc etc.

His household income is probably close to $205k

My household income is about $150k

True his wife doesn't have to work and they would make much more if she did but he's so utterly ruined his life by marrying a leech and not living within his means that it's probably useless by now.

quit your job, work on wall street instead

youe always bought the cheaper shit your whole life thats why youre in denial and think the cheap stuff is the same thing

a lot of the time the quality of the product is actually quite better.......

coffee is not all the same AT ALL among the different places.... some of them taste like shit

>Spends all his time surrendering to ISIS
>Passes judgment on others

Dan???!

chemical engineering, computer science/data science, electrical engineering, investment banking

all good choices, but it really comes down to working hard and not being a dumbass

What software is that?

Pay off the loans first. Seriously.

Your primary concern should be to have enough money to last you six month should you lose your job and then use everything else you can afford to get rid of the loan.

WOW THAT WAS CLEVER HAHAHA I LOLED HARD !!!111 EBIN BREAD ARCHIVE

a lot of doctors are terrible with money. also the income vs work required to get there is a totally raw deal.

That's the plan. I'm saving 30k and anything I earn beyond that is going towards paying my loans. I know 30k is a bit much but like I said here
I'm afraid if I ever lost my job I wouldn't be able to find another one easily

Part of it is a shitty job market and the cost of living going up, but just as much is poor planning and obsessing with creature comforts.

>coffee is not all the same AT ALL among the different places.... some of them taste like shit

You're right on that. Very right. But, when it comes to shit like baby clothes, ITS ALL THE FUCKING SAME. Why spend the extra 10 bucks on a baby clothes when you can get the same shit made of the same material at walmart or even target for cheaper. The only thing that is missing is the name brand logo. Yes, the quality of the baby clothes might be better if you buy it somewhere else, but since babies grow FAST, you wont have enough time to wear and tear it since the baby will outgrow it before the clothes can rip or tear. Same with a lot of other stuff. Millennials just want the most expensive shit. A cotton polo at walmart is the same as a cotton polo at Ralph Lauren. The big differences are probably durability and the dye of the shirt, but as long as youre not intentionally trying to rip the walmart polo, it will most likely never rip in normal situations. And the dye will most likely never fade if you actually follow washing directions and dont fucking drag it through a red hot cheese grater

We all are don't feel too bad, just try and make as many connections as you can at this job

Millennials are broke because they spend shit on overpriced things that they cant afford with their feminist underwater tap dancing degrees

If you put 2k a year into some index funds you'd have a pretty nice package waiting for you at retirement

I'm probably worse than most. After I got my bachelors I was basically a NEET for a couple years because I got so nervous during interviews I couldn't get hired.

Im 24 and still don't know what I'm gonna do with my life. So I'm working in a tech store atm.

I seriously don't understand people who study some high academic shit straight after high school and plan their wage slavery and death, it feels hugely depressing for me.

Feels like a lot of them just don't understand that after getting your degree in economics you are going to be wearing a shirt and tie in an office for 40 years. Did you really want to do this?