In this video, I talk with author and economic analyst John Sneisen about the crippling debt that millennials are facing, today and far more so in the future.
As we break down, millennials (born between 1982 and 1996) are financing everything from bed sheets to concert tickets. While baby boomers are in vast amounts of debt, their children are becoming dependent on them and living at home through their 20s.
From monetary system debt, to government debt, derivative market debt then debt from loans, college, university, car loans, home loans, millennials are seemingly doomed! Pensions will be non-existent for millennials and the debt carried over from their parents as they die off is abundant.
This is not necessarily set in stone however. If millennials break free from the paradigm and become financially responsible and independent, they can prepare themselves for the coming fiat crash and of course long term for the future, especially as they bring children into the world.
There's a solution for everything, but that solution is never dependency.
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So true Josh, I myself can attest. Born in 1993 and most definitely have racked up a fair amount of debt. Working to diversify, pay it off, and set myself up for finacial freedom and prosperity.
You can do it! :) I'm 100% debt free myself as a millennial and have money in lots of assets. Highly recommended!
I can understand why millennials are putting money into crypto's. They have been let down by the system because the system is failing. A lot of Millennials do need to consider saving more than they spend on consuming though. I often see them throwing their credit cards around in bars drinking expensive drinks and wearing designer clothes. These were things that were considered a luxury and not affordable when I was in my 20's and 30's.
I think it is debt that will hamper millennials, and anyone in that age group reading this should avoid debt at all costs and invest in real assets. This will give them a long term advantage in relation to their peers.
If I can share my experience - In my 20's, some of my friends got into debt to buy nice cars, mobile phones (yes they cost a lot of money back then) and other luxuries. At the same time I went without, investing money in my education and saving and investing. At one stage I remember being at a festival with holes in my shoes while my friends drank champagne. Now, many years later, they live in small rented apartments and houses and I own my own house outright. I didn't enjoy the festival any less because I had holes in my shoes, and I enjoy a stress free life with choices now, while some of the people I still know have quite stressful lives.
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It is super sad to see this happening to young people. Debt is slavery, but you don't learn that in public school. Yes, the upside is that they might find liberty under that pile of debt. But, sadly once you're in debt up to your eyeballs it is hard to get out.
Here is another interesting thing to look at. Household debt is at an all-time high. http://www.zerohedge.com/news/2017-08-15/fed-issues-warning-household-credit-hits-new-record-high
"Don't be a slave to the debt holder" something I learned not only in church but a saying my dad always told me.
Credit cards are evil and I taught my own children (born 1986, 1989 and 1993 so they are all in this category more or less of millennials) NEVER to buy on credit. It will ruin them. SO far they have listened.
They only need to be indebted to themselves.
Very good subject @joshsigurdson , for better or for worse, millennials will not give up , thanks for sharing
Millennials are so in debt because they are always sold into debt. "Get a $150k university degree you can't afford" and they get a loan. "Buy a house that you can't afford" and they get a loan. "Buy a car that you can't afford" and they get a loan. "Can't get a good paying job because that university degree we sold you was worthless but still want to consume, consume, consume" and they put in on their credit card. It's debt servitude and we are the slaves.
Lol yea. School wasn't even worth the trouble honestly. I am in no better shaped then the random school mate that got pregnant at 16.
OMG Alan Greenspan! Love the facial surprise.
same here, every thing but my student loans was gained out of ignorance and not knowing how to manage bills. It started off easy until my car needed fixing multiple times, went to dentist without insurance and just random shit. Here I am now trying to scrape pennies to invest in steem. Smh.