Millennials Are Running Out of Time to Build Wealth #brokebois

A lot of people are looking at the college thing through older and wiser eyes.

Try telling a 17-year-old not to bother with college. See how they listen.
 
Air Champa said:
A lot of people are looking at the college thing through older and wiser eyes.

Try telling a 17-year-old not to bother with college. See how they listen.
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My lil bro the only 17-18 year old that listened that I know.
 
In my opinion, I think people should be concerned with transfer of wealth based on the costs of assisted living expenses towards the end of life. People are living longer than ever before, but it’s not necessarily related to better health or being more fit, it can be attributed to modern medicine and assisted living care facilities. I live in the Midwest and if an individual were to move in to an independent living facility, you are looking at a cost of approximately $5,000 a month. Need that to be elevated to assisted living? That’ll run you in the ballpark of $7,500-$8,000 a month. Does declining health require you to be in the memory care unit in the event you suffer from dementia or Alzheimer’s? You’re looking at $9,000 - $10,000 a month. It doesn’t take long to see your net worth dwindle when checks like that are being cut every month. The more expensive it costs to live now, the less money there is to pass down to the next generation. If you happen to be African-American, the factors are multiplied for you by the fact you are more likely to suffer from chronic or lifelong illness than white, in addition to the fact African-Americans are less likely to own property, which is a major asset/key factor in building wealth in the first place, let alone have enough left over at the end of life to pass down to the next generation.
 
A lot of dudes talk about class issues the same way ****ty and regressive white people talk about black people and race issues

Whenever the conversation even dares get close to talking about the systemic failings of our society, people want to pull out whataboutisms regarding the moral failings of the people getting screwed over.

Housing in America is only expensive because as a society we have chosen to make it expensive, that's it. It is a policy choice, not an inevitability. Same with tuition cost.

The wicked thing about it is that our broken macroeconomic systems reinforces racial inequality
 
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RustyShackleford said:
A lot of dudes talk about class issues the same way ****ty and regressive white people talk about black people and race issues

Whenever the conversation even dares get close to talking about the systemic failings of our society, people want to pull out whataboutisms regarding the moral failings of the people getting screwed over.

Housing in America is only expensive because as a society we have chosen to make it expensive, that's it. It is a policy choice, not an inevitability. Same with tuition cost.

The wicked thing about it is that our broken macroeconomic systems reinforces racial inequality
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How do we fix it?
 
gohawks said:
How do we fix it?
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On every issue raised in the article, there is extensive economic research on how to lower housing cost (like reforming land-use policies), student loan debt (loan forgiveness, income-based repayment plans, greatly increasing Pell grants or offering school to cover all the tuition if they keep tuition below a certain level), and increasing wealth accumulation (baby bonds)

There are solutions out there to the problems presented in the article.

We can start by advocating that these policies be instituted.

slaughterx said:
Complain about it on NT
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God forbid people discuss a topic on a discussion forum :rolleyes :lol:
 
gohawks said:
How do we fix it?
Click to expand...

bootstraps.png
 
Marion, Illinois

For some of "us", that wouldn't be a smart choice.

The racial makeup of the city was 92.89% White, 4.34% African American, 0.24% Native American, 0.83% Asian, 0.05% Pacific Islander, 0.44% from other races, and 1.21% from two or more races. Hispanic or Latino of any race were 1.60% of the population.










blastercombo said:
“Just don’t ________ and you’ll be fine”

:lol:

nobody said to sit down and cry while taking no action. That’s some “faith in gods plan” type of BS thinking. But don’t sit back and let “the man” take no blame on this. “Work harder” is half the statement. Y’all keep your mouths shut as to why you don’t make more money doing what you’re doing while someone else is making 6 figures off you? Part of “working harder” is fighting back against that.

Old white man “work hard” to inherit land? Point is, know history, know why things are the way they are.
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JRepp23 JRepp23 Knows the history.....
 
gohawks said:
In my opinion, I think people should be concerned with transfer of wealth based on the costs of assisted living expenses towards the end of life. People are living longer than ever before, but it’s not necessarily related to better health or being more fit, it can be attributed to modern medicine and assisted living care facilities. I live in the Midwest and if an individual were to move in to an independent living facility, you are looking at a cost of approximately $5,000 a month. Need that to be elevated to assisted living? That’ll run you in the ballpark of $7,500-$8,000 a month. Does declining health require you to be in the memory care unit in the event you suffer from dementia or Alzheimer’s? You’re looking at $9,000 - $10,000 a month. It doesn’t take long to see your net worth dwindle when checks like that are being cut every month. The more expensive it costs to live now, the less money there is to pass down to the next generation. If you happen to be African-American, the factors are multiplied for you by the fact you are more likely to suffer from chronic or lifelong illness than white, in addition to the fact African-Americans are less likely to own property, which is a major asset/key factor in building wealth in the first place, let alone have enough left over at the end of life to pass down to the next generation.
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Never bought into the BS they've been peddling for years about black people being at a disadvantage when it comes to health compared to white people. We are genetically strong people. Hell slavery started because the native Americans were dieing from white diseases. They brought Africans in because we could withstand it. We are blessed genetically but it has also been a curse, to an extent.


Sure white people have access to better healthcare than black people.
 
"personal responsibility" clearly isn't the solution when a huge indicator on the likelihood of anyone even being able to make it is heavily correlated to where you started out in the first place. Clearly social mobility is impacted way more than someones ability to "grind". Aint that the same language dudes use to get people into those forex mlm scams?



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pdino said:
My dad worked part-time (as a newspaper boy) while doing school and paid off his school debt-free.

I went to school and worked part time. l came out of school with 50k in debt

we both went to state schools

With my dads next job (working in factory) he got the cars of his dreams during his adulthood

With my part time job, I bought every bucket car I could get that could get me from point A to B

By 30, my dad bought a house in California couple miles from the beach for <200k. He sold it a couple years back for 1.4 million.

He lives off his six-figure pension/social security combo now retired in his 60s. He just gets checks in the mail monthly from his pension/SS

He worked 1 job, standard 40hour gig (he didn’t contribute anything into his retirement)

I work 3 jobs (1 full time, 2 per diem) 60+hrs,run a business. I put away 15% of my income to retirement

I’ve objectively worked more and harder than him, but his net worth/wealth was and probably always will be > mine

we now have some of the most expensive education, that has skyrocketed in costs since the boomers generation
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I have a mortgage at 2.6% interest (all of the interest is tax deductible)

i have student loans that I’ve consolidated at 6.8% interest that aren’t tax deductible
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thank you for comng thru with da facts!
 
RustyShackleford said:
A lot of dudes talk about class issues the same way ****ty and regressive white people talk about black people and race issues

Whenever the conversation even dares get close to talking about the systemic failings of our society, people want to pull out whataboutisms regarding the moral failings of the people getting screwed over.

Housing in America is only expensive because as a society we have chosen to make it expensive, that's it. It is a policy choice, not an inevitability. Same with tuition cost.

The wicked thing about it is that our broken macroeconomic systems reinforces racial inequality
Click to expand...
We can easily address the issue but the country won't because those in power want the class structure to remain intact. That guarantees their existence and hold on power

Case in point, if you look at modern hip hop and how it's been commercialized and made mainstream/pop culture, it's a tool by the elites to keep the class structure intact

I myself am looking to invest in 3D printed houses because it's going to help address the housing issue but there are individuals that don't want this innovation to takeoff because they want to protect their interests :smh:
 
RustyShackleford said:
A lot of dudes talk about class issues the same way ****ty and regressive white people talk about black people and race issues

Whenever the conversation even dares get close to talking about the systemic failings of our society, people want to pull out whataboutisms regarding the moral failings of the people getting screwed over.

Housing in America is only expensive because as a society we have chosen to make it expensive, that's it. It is a policy choice, not an inevitability. Same with tuition cost.

The wicked thing about it is that our broken macroeconomic systems reinforces racial inequality
Click to expand...

IDK if Keynesian economics is necessarily racially driven (not sure if is what you were getting at), but the policy makers certainly do not make it easier for the disenfranchised. Most of these politicians are trying to appease the racist folks for their votes as well. You just don't pass laws and legislations for the heck of it. You need some sort of support and backing from somewhere.

I do agree with your general sentiment though. A lot of this type is "unnatural", to say the least.
 
frenchbreadbuilds said:
"personal responsibility" clearly isn't the solution when a huge indicator on the likelihood of anyone even being able to make it is heavily correlated to where you started out in the first place. Clearly social mobility is impacted way more than someones ability to "grind". Aint that the same language dudes use to get people into those forex mlm scams?



1623095319472.png


1623094989265.png


1623094673003.png

1623094758088.png

Click to expand...

And the reason why the cost of schooling is so important, 86% of people in the lower quintile and 53% of people in the middle quintile experienced upward income mobility from being a college graduate. Now we're putting a pay wall on and crippling debt to something the poorest people benefit the most from. sh*ts gotta change
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