The problem is work ethic and money management ability with my generation and not because they got 'dealt a bad hand' by the economy. Every millenial is so loose with their wallet and just wants to party, drink, girls, etc. There's no balance whatsoever. The main problem is how easy it's become to just get a credit card or loan these days. Theyre not worried about spending or getting a new car with money they dont have because all it takes is a 2 second signature. Past generations just simply werent this loose with their money, but also they werent being advertised to death on credit cards and loans every 2 seconds on TV and social media. With that being said, past generations arent perfect either, which ill get into in a bit.
It also doesnt help the horrible advice that is being brainwashed into high school students these days by counselors and colleges saying that if you dont go to college, you are a failure. There is lots of pressure on these kids and misguided advice given to them and parents are also at fault. Yes, the generation ripping millenials are also the same ones not educating their children about the value of money and instilling the values in them at an early age of 'If you dont have money for something, you dont get it'. Of course it's a two way street and these kids need to use their brain as well of knowing how important it is to stay out of debt and in control of your own life and many dont because theyre too busy drinking and partying their way through their 20s and before they know it, they just dug themselves a hole they cant dig out of for the rest of their life. Add in the fact that these same brillaint kids that have no money end up getting their girls pregnant who also are financially in the gutter and what you have now is an absolute disaster going forward. How can they take care of their future kids when they cant even take care of themselves LOL. Thats why in my opinion, generations from here on out are only going to get worse from here.
I knew the value of saving and money managaement. I knew how important it was to never go into debt. I still dont have a credit card and dont care for one. Yea not having credit might be -EV(cashback promos, wanting to buy a house etc.), but the principle is still the same, i never wanted or needed 'help' or a 'loan' from anyone and it's that very principle that has been destroyed. If i didnt have the money for something, i didnt buy it. How many millenials do not have a credit card? Am i the only one? Those principals of not needing a handout have been obliterated with my generation mostly due to the ease of getting money out of thin air these days through lenders, banks, and credit card firms. The end result is accumulated debt.
I also never got a dollar from my parents, i never had an 'allowance' or anything. No, i wasnt some rich kid and got handouts from parents, but of course I do thank them for really teaching me and instilling in me the value of money and letting me stay in their house for so long, but the point is this. I worked a fast food job from end of high school up to sophmore year in college and saved up 20k in cash and eventually bought my car in cash. Not once did i ever think about getting an interest ridden car loan and having to pay someone back. If i wanted something, i better have the money for it. I worked two low paying jobs simultaneously after graduating college while also learning and reading everything about blackjack that I could. Eventually left both jobs and got a $500 week job and kept playing on the side. I even lost 5k on a small cap investment from which i was up 15-25k on average for 3 years but never cashed out. I, of course was a bit naive with the markets since it was in fact my first investment, but im glad i went through that experience.
In conclusion, I eventually built my bankroll high enough to move out to vegas debt free and pursue something i believe in, whether right or wrong and did it through hard work, sweat and tears. This dragged out post ends with the simple conclusion that if millenials dont have money, it's their own fault and not some excuse that the economy 'dealt them a bad hand' as has been previously mentioned in this thread.
Last edited by: ZenKinG on Aug 11, 2017
"If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be." ----- Thomas Jefferson