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Crisis: Debt-Ridden Millennials "Hitting Pause Button On Major Life Events"

By Sniper following x   2018 Apr 10, 7:59am 632 views   26 comments   watch   sfw   quote     share    


Considering 76% have less than $5K saved up for future events, yep, I'd say that's a problem.

As a result of all this madness, savings is not hip with the millennials, which has limited their economic mobility and left many unprepared for the next financial disaster.


Two-thirds of millennials said they would have trouble paying an unexpected expense greater than $1,000. The survey added, “African-America and Latino millennials would have a harder time coming up with the money than other racial subgroups.”


Here is the bombshell: “a majority of millennials have hit pause on major life events because of what they owe,” stated the survey. Nearly 34 percent of all millennials are holding off on buying their first home, and about 31 percent are delaying savings for retirement. The report even said debt has “affected millennials’ family structure.” Fourteen percent of millennials have postponed getting married due to high debt levels, and what should be a national crisis: 16 percent have delayed having children.


According to NBC News/GenForward survey, the most common form of debt for 18-to 34-year-old Americans is credit card debt. Approximately, 75 percent of the millennial cohort have financial obligations, and they are ‘pausing major life events’ because they are too broke, the report noted.

A quarter of millennials have racked up over $30,000 in bills, including 11 percent who have over $100,000 in debt. Shockingly, only 22 percent of millennials are debt free.


In short, the heavily indebted millennial could soon experience a period of deleveraging, as their balance sheets are extremely weak with no savings to cushion the fall. The party is nearing an end, and the millennial generation will be holding the bag.

https://www.zerohedge.com/news/2018-04-09/crisis-debt-ridden-millennials-hitting-pause-button-major-life-events

Apparently they're hoping Mommy and Daddy leave them a nice big inheritance!!
1   P N Dr Lo R   ignore (0)   2018 Apr 10, 8:18am   ↑ like (3)   ↓ dislike (0)   quote        

Sniper says
savings is not hip with the millennials
Why should it be, all they've ever known is zero interest rates?
2   Tenpoundbass   ignore (8)   2018 Apr 10, 8:31am   ↑ like (1)   ↓ dislike (0)   quote        

Then git a damn job budget your money. And demand an economic policy that banks must pay savers to use their money.
Make it a Federal Crime to have to be bailed out by Federal funds for the banks entire executive staff.

But for God Sakes quit being moaning pissheads. Guess what mother fuckers!? Life comes with an invoice attached.
3   Sniper   ignore (11)   2018 Apr 10, 8:49am   ↑ like (2)   ↓ dislike (0)   quote        

P N Dr Lo R says
Sniper says
savings is not hip with the millennials
Why should it be, all they've ever known is zero interest rates?


So does that mean they shouldn't save for an emergency expense, save for a big purchase (like a car), save to put a down payment on a house, save for a vacation?

Or, are they waiting for Bernie to give them all that FREE stuff, so they don't have to pay?
4   WookieMan   ignore (0)   2018 Apr 10, 9:20am   ↑ like (0)   ↓ dislike (0)   quote        

Sniper says
Apparently they're hoping Mommy and Daddy leave them a nice big inheritance!!


Meh. Most parents of Millennials don't have a whole lot to hand down to their kids. Heck most can't retire. So not sure what there is to inherit.

Sniper says
Nearly 34 percent of all millennials are holding off on buying their first home, and about 31 percent are delaying savings for retirement


So are boomers when it comes to retirement, who are the parents of Millennials. https://www.investopedia.com/articles/personal-finance/032216/are-we-baby-boomer-retirement-crisis.asp

Research by the Insured Retirement Institute also suggests trouble for retiring Boomers. According to the study, 24% of Baby Boomers have no retirement savings – the lowest number since the study started in 2011. Only 55% of Baby Boomers have some retirement savings and, of those, 42% have less than $100,000. Thus, approximately half of retirees are, or will be, living off of their Social Security benefits.


I'm no good at math, but this sure reads like 50% of boomers have $100k or less in retirement funds. That's fucking embarrassing considering they're all 50+ years old. WTF have then been doing the last 30 years while Millennials are in basically the same shape financially?
5   CBOEtrader   ignore (2)   2018 Apr 10, 9:30am   ↑ like (1)   ↓ dislike (0)   quote        

Sniper says
a majority of millennials have hit pause on major life events


Except for the black "I'm a mother of 2" millennial.
6   willywonka   ignore (0)   2018 Apr 10, 10:40am   ↑ like (1)   ↓ dislike (0)   quote        

We must extract more from them and separate the planners, thinkers and doers from tomorrow’s homeless heroin addicts. Keep ramping up the hamster wheel speed.
7   Ceffer   ignore (1)   2018 Apr 10, 11:55am   ↑ like (0)   ↓ dislike (0)   quote        

To Dream the Impossible Dream! Wait for the politician who actually gives them free shit instead of just promising them free shit then fucking them in the ass.
8   joshuatrio   ignore (0)   2018 Apr 10, 1:31pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says

I'm no good at math, but this sure reads like 50% of boomers have $100k or less in retirement funds. That's fucking embarrassing considering they're all 50+ years old. WTF have then been doing the last 30 years while Millennials are in basically the same shape financially?


Sad.
9   Tenpoundbass   ignore (8)   2018 Apr 10, 1:51pm   ↑ like (1)   ↓ dislike (0)   quote        

joshuatrio says
WookieMan says

I'm no good at math, but this sure reads like 50% of boomers have $100k or less in retirement funds. That's fucking embarrassing considering they're all 50+ years old. WTF have then been doing the last 30 years while Millennials are in basically the same shape financially?


Sad.


Who says 50+ people ever plan on retiring?

For what, so Idiots who don't know dickall about the world can finish ruining the world we created. We don't want to live in the world where the affirmative action Doctor is listening to HipHop and eating chicken while hovering over our hip replacement surgery, or glossing over any administrative matters because "Dayum, Ya'll just Old get the Fuck on!"

You pathetic loser pissheads can't do the jobs we do, you've got no soul, spirit or gumption to shut up and learn something useful.

How in the Fuck are you snot britches going to lead the world with your constant existential crisis being injected into everything you do. You've been programmed to be useless. We were taught to be self sufficient. Probably the most self efficient Generation the world has ever seen. We will be working as long our health and cognitive abilities allow. And the reality is the longer you work in old age the longer your physical and mental health holds up in old age. Plus we'll need less sleep to do so.
Just look at My Man Trump, he tears shit up on 4 hours of sleep a night.

Those pissheads are so stunningly out classed they have no fucking idea just how useless they are. Or how insignificant to History they'll be.

Run tell your white Liberal faggy professor that!
10   Goran_K   ignore (0)   2018 Apr 10, 1:55pm   ↑ like (1)   ↓ dislike (0)   quote        

Boomers and Millennials are both horrible generations.
11   Ceffer   ignore (1)   2018 Apr 10, 2:10pm   ↑ like (0)   ↓ dislike (0)   quote        

KILL THE BOOMFUCKS! KILL THEM ALL!
12   HEYYOU   ignore (9)   2018 Apr 10, 2:13pm   ↑ like (0)   ↓ dislike (0)   quote        

All debtors are Losers!
Those that pay,CASH,are Winners.

Waiting to see who tries to defend their failures.
13   WookieMan   ignore (0)   2018 Apr 10, 2:15pm   ↑ like (0)   ↓ dislike (0)   quote        

Tenpoundbass says
Who says 50+ people ever plan on retiring?


No one over 50 is apparently. The evidence is pretty clear they can't, so they won't. Some will, most won't cause they're dead ass broke.

Tenpoundbass says
You pathetic loser pissheads can't do the jobs we do, you've got no soul, spirit or gumption to shut up and learn something useful.


Not quite sure if this is sarcasm. Yes, working until you're 70, 80 or 90 is totally admirable.... I'm fine retiring at 50 with six figure income, not working a day if I don't want to until I'm 90. Of course I can still work or do hobbies that can generate income. But fuck, let's just stay in the rat race until we're 90 because, fuck, we're boomers and we worked for it harder then you did... NOT! Come on man, I sure hope that was sarcasm on your end.

Not sure how to respond to the rest of this. EVERY generation has deadbeats. EVERY generation has successful people. It gets nauseating after a certain point. Who is the $20T debt blamed on now? Quite certain a massive percentage lays at the feet of boomers, their policies and the people they elected. Anyone care to dispute that? Don't want to hear Dem or Repub either. Apparently you guys couldn't play nice in the sand box. Thanks!
14   Sniper   ignore (11)   2018 Apr 10, 3:50pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
WTF have then been doing the last 30 years while Millennials are in basically the same shape financially?


What have they been doing?

Paying for little Johnny's car, covering his living expenses, buying his clothes, paying his cell phone, paying his college, giving him an allowance, paying for his healthcare, paying for his vacations, buying him beer on top of covering all their own expenses.

That's why they're broke.
15   Sniper   ignore (11)   2018 Apr 10, 3:51pm   ↑ like (0)   ↓ dislike (0)   quote        

Tenpoundbass says
Who says 50+ people ever plan on retiring?


WookieMan says
No one over 50 is apparently.


I already did.

How's that?
16   Sniper   ignore (11)   2018 Apr 10, 3:55pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
Who is the $20T debt blamed on now?


Half of it is Obama's.
17   Evan F.   ignore (0)   2018 Apr 10, 4:55pm   ↑ like (0)   ↓ dislike (0)   quote        

Fuck Baby Boomers. They're the most privileged, spoiled and short-sighted generation of all. They grew up in a time when the US was THE undisputed superpower, a time when college was dirt cheap (and not even necessary to find a solid-paying middle-class income), housing was plentiful, and the job market was easy to enter, and you could enjoy a great, easy job in manufacturing. Then they whine about unfair competition from other countries when places like Japan in the 80's, China in the 00's and now Korea do it better than us. Meanwhile, as a voting bloc of adults (being perhaps a little reductive here) they've elected politicians- on both sides of the aisle- that have dragged us into pointless wars costing trillions of dollars, they've completely fucked over the environment, they've torpedoed the middle class, and they've left younger generations holding the bill. Baby boomers have most certainly NOT left the world in a better state than how they received it.

Now this data suggests that these morons haven't managed to save even $100k for retirement over the past 35 years? Fuck em. It stems from extreme shortsightedness and a outdated worldview where they think they're still the masters of the universe. They're not. They just sad and irrelevant (and expensive to support) soon-to-be geriatrics.
18   WookieMan   ignore (0)   2018 Apr 10, 5:01pm   ↑ like (1)   ↓ dislike (0)   quote        

Sniper says
That's why they're broke.


Lol! Johnny is one bad ass! Makes his parents pay for things while sitting on his ass and doing nothing. Huh? Maybe that speaks to the parenting skills that it sounds like they're lacking. What are your thoughts on Pit Bulls? The actions of the ones in control are singularly to be blamed for most issues Millennials have, same with Pit Bulls, right or wrong?

Sniper says
WookieMan says
No one over 50 is apparently.


I already did.

How's that?


Sincerely, congrats. Your peers are batting below the Mendoza line when it comes to retirement, so you're doing well. But if you think that's the fault of Millennials, how were you able to retire through the burden of raising us deadbeat Millennials?

@Patrick (or other mods) - Not complaining, but did my previous comment in this thread get marked personal? It's showing up in a different spot then before. Not sure I've had a comment marked personal before. Sorry if I pissed someone off. Not my intention.
19   Patrick   ignore (0)   2018 Apr 10, 5:06pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
Patrick (or other mods) - Not complaining, but did my previous comment in this thread get marked personal? It's showing up in a different spot then before. Not sure I've had a comment marked personal before.


@WookieMan I did not see any comment from you in moderation, ever.

Did the number of your comment just change by 1? Then maybe it's that some other comment got deleted by a mod and yours moved up.
20   Patrick   ignore (0)   2018 Apr 10, 5:06pm   ↑ like (0)   ↓ dislike (0)   quote        

WookieMan says
Patrick (or other mods) - Not complaining, but did my previous comment in this thread get marked personal? It's showing up in a different spot then before. Not sure I've had a comment marked personal before.


@WookieMan I did not see any comment from you in moderation, ever.

Did the number of your comment just change by 1? Then maybe it's that some other comment got deleted by a mod and yours moved up.
21   Philistine   ignore (0)   2018 Apr 10, 5:14pm   ↑ like (1)   ↓ dislike (0)   quote        

I'm at the ass end of Gen X and have been patiently waiting for the 65+ year old C-Suite to fucking retire already. They are all loaded from years of hogging, but apparently would prefer to work until they die instead of enjoy any of that money while they have any of their health intact. It's unreal.

Meanwhile, we've hired an army of Millenials that will work for $30k/year and free Starbucks that's constantly turning over because they expect a promotion every 30 days and a raise for showing up to work on time most days of the week.
22   WookieMan   ignore (0)   2018 Apr 10, 5:15pm   ↑ like (0)   ↓ dislike (0)   quote        

Patrick says
@WookieMan I did not see any comment from you in moderation, ever.


Not sure. I stepped away, but my comment 13 above I'm almost 99% sure was right after comment 9 earlier (so comment 10). My comment addressing TPB. I refreshed the page as I do after posting to see if I missed something and I recall it being 10 (or right after TPB's comment), but I of course could be mistaken.

Again, I don't care even if it was marked personal. Just would like to know if someone found my comment to be offending. Would appreciate knowing why. If I'm mistaken, my apologies for being accusatory.
23   Patrick   ignore (0)   2018 Apr 10, 5:18pm   ↑ like (0)   ↓ dislike (0)   quote        

Could be related to the "instant comments" feature I finally got going again:

https://patrick.net/post/1315176/2018-04-10-instant-comments-are-back
24   APOCALYPSEFUCKisShostikovitch   ignore (28)   2018 Apr 10, 6:19pm   ↑ like (1)   ↓ dislike (0)   quote        

They're just overtaxed.

Easy to fix that.
25   FortWayne   ignore (1)   2018 Apr 10, 8:32pm   ↑ like (0)   ↓ dislike (0)   quote        

Evan F. says
Baby boomers have most certainly NOT left the world in a better state than how they received it.


Depends. The conservatives did all they could, built America, liberal hippies just smoked pot all their life being wards of the state.
26   Sniper   ignore (11)   2018 Apr 10, 8:39pm   ↑ like (1)   ↓ dislike (0)   quote        

WookieMan says
Maybe that speaks to the parenting skills that it sounds like they're lacking.


It certainly reflects back at the parenting skills, and the way they enable this behavior. The boomers (and I know many who have done this) were more concerned aboiut being their kids "best friend" instead of being their "parent". They let the kids walk all over them, and never held them accountable for their actions. Now, a ton of boomers have raised a a shit load of useless Millennials.

WookieMan says
What are your thoughts on Pit Bulls?


We need some to bite the asses of these Millennials to get them motivated.

WookieMan says
But if you think that's the fault of Millennials, how were you able to retire through the burden of raising us deadbeat Millennials?


Because I didn't raise 3 little Johnnys, my 3 millennial kids didn't get trophies for participation. They actually were forced to work for what they wanted. They didn't live in my basement till 30 years old. They paid for their college degrees themselves. Cruel, wasn't it?

Two out of three are married, own houses and each have two kids of their own. The third one is working his way up the ladder at work, renting and sharing a condo with a buddy. None of them comes to me for money or wants me to pay any of their expenses. They're all self sufficient and independent.

Sadly, we have several friends that are still paying their kids college loans, paying their kids car loans and giving the kids spending money, and these kids are in their late 20's early 30s. Idiots!




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