However, the upheaval millennials and Gen Z have faced may soon be behind them. The former is expected to become the “richest generation in history,” courtesy of a $90 trillion great wealth transfer in the coming decades, while younger consumers generally say they’re feeling more optimistic about their financial futures.
Don’t worry, eventually your parents will die and you’ll be able to live in the whole house not just the basement.
This is what neoliberalism and capitalism wants the younger generations to believe, but a large percentage of that wealth will be stolen via health care and similar predatory, exploitative systems.
And do you think the inflation caused solely by greed might be related? They need to capture that money now before it is inherited.
This. My grandparents were well off and set up a trust for me and my brother.
It wasn’t much. And then all of it went into her nursing home when the dementia got so bad we couldn’t care for her ourselves anymore.
And the rich got richer
Yeah, nah.
That wealth isn’t fairly distributed. The children of rich parents will be richer, the rest of us will be worse off.
$90 trillion great wealth transfer. As if that money is going into the hands of people who aren’t already obscenely wealthy to begin with.
Whatever isn’t sold off for long term care, which won’t be much.
… $90 trillion great wealth transfer in the coming decades …
This only counts if your deceased parents have any wealth to transfer.
Trickle down economics in a trenchcoat.
Don’t worry, eventually your parents will die and you’ll be able to live in the whole house not just the basement.
Only if you don’t have to sell the house beforehand in order to be able to afford a nursing home for your parents
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I’ve been sick of him from the first moment I met an adherent. I mentioned how I like to avoid debt and pay it down early and the person said “Oh, so you listen to Dave Ramsey?” I confessed to having no idea who they were talking about, and they swore that I was being obtuse because I couldn’t have come up with “interest sucks” on my own.
Those who are undereducated often can’t imagine that people can be truly brilliant.
No just interest, compound interest is bad
It’s not that I’ve been dealt a losing hand, it’s that my generation wasn’t dealt a hand at all, and were cussed out when we asked why the dealer left us out… Then they told us we lost the game because we were too lazy to buy our own cards to use, even though that’s not how Poker works.
We should teach the millionaires to fear again
I’ve always made good money, and got some good advice when I started my first job to just always put aside 10% for saving, and put that into ira/401k. I’m in my 40s now and a millionaire. I still have to work and will until retirement age.
I know I’m lucky, but you’re really barking up the wrong tree if you think simply having a million dollars makes you bad person. I’m just a saver.
Ok then let’s teach the billionaires to fear again.
Too high. How about 100 million?
Done
I lost all respect for Ramsey when I came across a video of him saying he wouldn’t take a 0% interest million dollar loan. His opinions on finance are outrageous and dumb.
His whole thing is being anti-debt which is probably good for some people, but some people already have no debt
Yea. I have managed to never carried debt. Without that, what’s this guy got to offer me? In fact, the only thing the guy has to offer is the simplest financial advice there is: spend less than you earn.
But then a poor person comes along and says they can’t and his only advice is ‘earn more money’. Because it’s that easy, obv.
The guy is an out of touch chode who had some privileged upper middle class kid think he was the financial messiah once for saying ‘use a budget’ and let that go to his head.
For some people “use a budget” is revolutionary advice. Most people don’t literally track every dollar they spend, although apps and software make it much easier now.
Some middle class and wealthy people make a decent amount of money but spend it all on leasing a few luxury cars and going on vacation. These are the people who “budgeting” works for.
They literally cut back on eating out and save $500 - $1000 per month (“cut back”, not eliminate). They end a lease and save an extra $1000. They use this money to pay off their $50K credit card debt and it’s eliminated in less than 3 years.
Exactly. That’s who his advice is for, but he markets himself as a guru to the poor and they gobble his bullshit right up and spend all their money on his financial peace university that’s just a book full of anecdotes of wealthy people learning how to do what the poors have been forced to do all along.
True. Most poor people are pretty good at managing money because they are forced to. They just don’t have any money to manage.
Thing is, this advice is useless to anyone who straight up has no money and the rich legitimately don’t understand that situation.
I’m pragmatic to a fault and so his advice often makes me cringe.
However, I still have respect for him.
First and foremost because he was the gateway for my wife actually caring about our finances. And so her realizing that we can make a lot more money in the long run by not recklessly spending it now I have to credit him for…I couldn’t get through to her, but now she comes to me for most all financial advice.
However it’s also because for a lot of people their relationship with money is more emotional than it is rational, and for them he is very good. Watching my wife go through the transformation gave me an appreciation for what he preaches, even if it isn’t logically the best path, it’s often the best path for a lot of people.
You aren’t working your way into home ownership in many cases unless you also work your way into a different locality as well.
I bought my small 2x2 condo for around 500k in 2020, it’s now worth ~800k. Housing inflation is out of fucking control.
I’m moving into a house (renting) soon, and the owner bought it 8 years ago for $185,000. It’s now “worth” over $400,000.
The only homes in that price range here are an hour away from where I work.
I know a karate instructor that just bought a 2br 2ba house for 40k, in Tucumcari new mexico
There is affordable housing out there, but you really have to search, and you have to be flexible.
I’m not saying there isn’t a shortage or that prices are inflated. The problem needs fixing.
Very true, if I could work remotely I could easily afford a good size home just a little out of the DFW area.
What if switched jobs, even to a different line of work. DFW, and all of metro Texas is pretty expensive.
I spent most of my career in Houston. We bought a lot of expensive houses and expensive cars. Honestly I never expected to live this long. I really wish I would have stashed money away to live the life I’m living now.
What is so bad about living with your parents? That’s still the norm in many parts of the world. For some reason western countries, and especially America, have exaggerated the benefits of being financially independent, as if shared resources were some kind of failure.
I beg to differ. The only people who lose when we share resources are the capitalists.
I’ve got a few friends in their thirties who live with their parents and the whole family is very happy. And although my kids are only six and three, I can’t imagine any reason why I wouldn’t want them to continue living in my house for as long as they needed support.
We all need support. It’s not a shame. It’s an asset more valuable than property, imho.
you might be gay and have to move out, assuming they didn’t throw you out as a teen. even if you’re straight your parent’s won’t respect you as an adult if you live with them and impose restrictions on your lifestyle. you also have to appease them in whatever crazy shit they force on you because they can kuck you out if you refuse
Did that happen to you?
I’m a gen x, and I don’t want to work. I mean really, who does? Who would rather work than spend time with their family and/or see the world? I work because I have to to survive.
People want to work if:
- it is meaningful to them
- their work is a mean to do something meaningful to them.
If you work to survive, there is no prospect to advance or do something fun/meaningful, then why the fuck should people want to work?
And Ramsey is kidding himself, is work is not that hard. So it’s fucking rich coming from someone that peddle his shit to make money.
I love working! … when I’m self-employed. Knowing that what I’m doing is likely to actually make a difference for someone other than a rich fuck is incredibly motivating.
I work 60 hours a week and had to move an hour outside the city to find a townhouse I could afford. And I’m one of the lucky ones.
I’m a Boomer myself (born in 1964) and this maybe the first legitimate occasion I’ve had to say “Okay, Boomer.”
Out of touch.
Dave “I fire people that have sex out of wedlock” Ramsey? Who cares what that religious nut have to say?
God this guy is so out of touch
I work 9 hours a day you fuck.
Dave Ramsey is a joke. Anyone who knows the basics of personal finance knows he has no idea what he’s talking about and gives advice that is downright statistically incorrect (e.g. his 8% rule nonsense).
I hereby encourage anyone encountering him to slam him as well.
Literally though. If possible, off the top of a cage and through a table, but at least a decent scoop slam.
Buh gawd
Then Randy Savage breaks out the steel chair, right?
In an ideal world :)
