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Retirement Is Looking Bleak for Millennials...

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Connor

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Don't think anyone else has posted this, but my apologies if I missed it. Further proof that the Script is a scam: To retire at 65, millennials will need to save nearly half of their paycheck

Love how these percentages that the masses espouse use ridiculous assumptions, such as 10% average returns. Also, the comment about waiting to take Social Security later is gold- as if it's still going to be around when I'm 70.
 

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Kevin88660

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Tbh any young adult today is staring down so many possible earth shattering changes that the old rules just dont apply.

Not to mention the unknown unknowns , the black swan events.
Many cannot pay their bills.

The structure of financial well beings for millenials..its a not beehive (dominated by middle income). It is not even a pyramid.

Top five percent are still raking it.

The next 15 percent feel dissatisfied but life still goes on.

the bottom 80 percent count it lucky to have their bills paid.
 

MarekvBeek

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Have you seen the movie hint in the article about how the 23-year old making $172,000 in NYC spends his money? It's full of awful slowlane propaganda. Working 15 hours a day. Saving money in a roth IRA, blablabla. And we have to believe his life is amazing because he makes 6-figures while he's in his twenties...

 

arl

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At least in the US everyone is responsible for their own retirement. In Spain the system is literally a pyramid squeme. The current workers pay for the pension of the current retired people. That seemed to worked for quite a few years, but now with the aging population we are going to reach a point in a few years where there will be almost as many retired people as working people...
I'm forzed to pay for the pension of people while I'm pretty sure by the time I'm their age the system will be completely broke and I won't receive a dime.
So I better get on the fastlane sooner or later...
 

Dan_Cardone

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Many cannot pay their bills.

The structure of financial well beings for millenials..its a not beehive (dominated by middle income). It is not even a pyramid.

Top five percent are still raking it.

The next 15 percent feel dissatisfied but life still goes on.

the bottom 80 percent count it lucky to have their bills paid.
Not to sound like a dick but...

The amount of time and money that most adults waste pretty much guarantees they will never be financially secure.

Pretty much anyone in North America, Europe, and many places in Asia can make a lot of money assuming they have at least average intelligence and are willing to put in the work and take some risk.

The rare times I log into my personal FB profile I almost always see some old friend from high school bitching about having no money. Then I see their post about buying a new PS4 and pictures of a car they cant afford, etc.
 

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initial thought: skynet will be here before then.

more serious thought: so let's start teaching kids about money. college kids and high school kids especially.
 

arl

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The rare times I log into my personal FB profile I almost always see some old friend from high school bitching about having no money. Then I see their post about buying a new PS4 and pictures of a car they cant afford, etc.
This x1000. I gave up trying to convince people but it is so funny to me when my friend (who studied business by the way) who barely makes €16 k a year is trying to explain to me why buying a €20 k motorcycle is a good idea.
 

Suzanne Bazemore

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I liked the part where it said that millenials should focus on the part of the equation (retiring at 65, saving half their income) that they have control over. I thought they were going to say make more money (so that the required savings is less than 50 percent). But, no, they said retire later, or never, and keep up your health in your middle years so you can work forever. How about keep up your health so you can keep hiking through national forests and playing sports?
 

Kevin88660

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Not to sound like a dick but...

The amount of time and money that most adults waste pretty much guarantees they will never be financially secure.

Pretty much anyone in North America, Europe, and many places in Asia can make a lot of money assuming they have at least average intelligence and are willing to put in the work and take some risk.

The rare times I log into my personal FB profile I almost always see some old friend from high school bitching about having no money. Then I see their post about buying a new PS4 and pictures of a car they cant afford, etc.
I am in Singapore.

Based on my observation when guys gets married they fall in love with big cars and big houses (wife pressure), this is when they start to live pay cheque to pay cheque in their 30s and 40s.

Another source of expenditure is private tuition for kids. Spending 1000 a month for two kids to have private tutors to boost their grades is not uncommon. There is always fear of their own children losing out to others in school.
 

Kevin88660

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At least in the US everyone is responsible for their own retirement. In Spain the system is literally a pyramid squeme. The current workers pay for the pension of the current retired people. That seemed to worked for quite a few years, but now with the aging population we are going to reach a point in a few years where there will be almost as many retired people as working people...
I'm forzed to pay for the pension of people while I'm pretty sure by the time I'm their age the system will be completely broke and I won't receive a dime.
So I better get on the fastlane sooner or later...
Given my understanding of social security system in U.S. it has redistribution mechanism as well, it is also pretty much having the young people to pay it today to support the old people.
 

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Andy Bell

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So seeing someone working a corporate 15 hours a day job making 175k in New York was extremely meh. He gets to take an occasional trip to the maldives off travel points which is nice...but the rest of the video I was waiting for some good life moments that never came, at least we got a zoom in on his airpods? :p.

Looks like hes strapped with student debt, barely goes out, renting the cheapest apartment he can get to throw some savings into his 401k.

The depressing thing is my family would point to him and use him as an example and say, look how successful he is, I wish you were more like that even though my life to me is 100% better...the brainwashing is insane these days.
 

Dan_Cardone

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I once seen a post on reddit that asked what everyone's retirement plans were.

Paraphrased: "Spend the best years of my life working for someone else and making them rich while destroying my health in the process and praying everyday not to get sick because of how shitty my insurance is. Then maybe, JUST MAYBE, i'll have enough to scrape by the last few years of my life."

Seems like that is the outlook of many young adults now. Problem is, when you reach out to them and offer to point them in the right direction (such as this forum and MJs books), they give nothing but push back and excuses as to why they "can't do it." On a few occasions I was even told something akin to "I refuse to be a dirty capitalist!"

Sometimes I think the current crop of young adults wear their misery as a badge of honor.
 

Madame Peccato

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At least in the US everyone is responsible for their own retirement. In Spain the system is literally a pyramid squeme. The current workers pay for the pension of the current retired people. That seemed to worked for quite a few years, but now with the aging population we are going to reach a point in a few years where there will be almost as many retired people as working people...
I'm forzed to pay for the pension of people while I'm pretty sure by the time I'm their age the system will be completely broke and I won't receive a dime.
So I better get on the fastlane sooner or later...

Same here in Italy. The situation is out of hand and I don't think we will ever get out of it...our fiscal default is coming any year now (I expected 5-10 around 6 months ago, but honestly I'm afraid it's more in the 4-7 range as of now). I don't know how well your country is doing (I think they are pretty similar economically), but Italy is not only in a deep rut economically, but we are also the 2nd oldest country in the world (after Japan, and excluding those mini-states where rich people retire like Montecarlo).

I feel like Italy just went a little too hard into welfare, I am grateful for free healthcare (is it really free if I pay for it with those crazy high taxes?), and I don't mind all the immigrants we take in, we should dial it back a bit...or should have when we were still in time. Young people flee from this country in flocks, nobody feels there's any future for who stays here, and those who stay see over half of their income magically gone to taxes...no wonder our social capital is non existent and our tax evasion rate is through the roof, it comes to a point where you have to decide between putting food on the table and paying taxes, and there's an obvious winner between these 2.

I told my parents that caring about my pension Right Now is silly to say the least, I'm trying to figure out an action plan for my next 2-3 years, which involves getting the f out of this country before it implodes and my bank savings become literally worthless.

I am blessed to have the option to design my future years of my life...II need to stop worrying about telling other people what to do and do more myself. Thanks for the topic.
 

ZF Lee

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Another source of expenditure is private tuition for kids. Spending 1000 a month for two kids to have private tutors to boost their grades is not uncommon. There is always fear of their own children losing out to others in school.

Don't forget 'study camps', with the likes of Adam Khoo.
I must have said this umpteenth times here.

I've gone to one of his camps before, and considering the huge price and how much was actually applicable, I think I was better off spending more time on doing more practice exams than drawing colourful mindmaps.

But that aside, somehow kids that didn't apply Adam Khoo's techniques, because of laziness or other reasons, became REPEAT FOLKS.

Their parents booked them for another camp, paid the thousands, and sent them back in.

As for tuition, I would heavily advise kids against doing too much tuition, except for weak subjects like math, sciences and languages (like Malay or Mandarin) for even more practice.

You would have more time for extra school activities, not to mention leisure or other hobbies that perhaps lead towards a future Fastlane.

I only took tuition for add maths, modern math and Malay (me from the Malaysian syllabus), and my mum paid like just a few hundred ringgit plus-plus? But we were in a small town, so I guess rates didn't have to go sky-high.

On the issue of 'being scared to lose out', around Form 4-5, the reality of the sciences i.e. chemistry, biology and physics, started crushing everyone, even the top kids.

So I didn't have room to worry about 'who will beat me'. I just focused on wrapping up what went wrong with my mastery of the syllabus, and naturally did well in the final SPM exam.
 

PizzaOnTheRoof

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I once seen a post on reddit that asked what everyone's retirement plans were.

Paraphrased: "Spend the best years of my life working for someone else and making them rich while destroying my health in the process and praying everyday not to get sick because of how shitty my insurance is. Then maybe, JUST MAYBE, i'll have enough to scrape by the last few years of my life."

Seems like that is the outlook of many young adults now. Problem is, when you reach out to them and offer to point them in the right direction (such as this forum and MJs books), they give nothing but push back and excuses as to why they "can't do it." On a few occasions I was even told something akin to "I refuse to be a dirty capitalist!"

Sometimes I think the current crop of young adults wear their misery as a badge of honor.
Once got into an argument with one of them and they proceeded to say ALL businesses owners are scum of the earth.

Yep...
 

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Bullshit. Retirement is easier for millenials than ever before. Let's start with millennials in the West:

If you make $30,000 a year in passive income, you can retire in most of the world and live a great life. In places like Southeast Asia, Eastern Europe, South America, etc that means never having to cook, clean, or worry about small things again.

That's on $30k.

On $100k, your standard of living skyrockets, and the percentage of the world open to you for retirement at a high standard of living becomes even higher.

Geo-arbitrage is something that you couldn't do before the internet. You couldn't easily manage your investments from abroad, or income generating assets until you hit a 7-figure scale. Now, you can do it at a 5-figure scale.

Also, this talk of "retirement" is bullshit.

There's a lot of activities that each person finds enjoyable which are income producing, and a person can do until they die with relative joy.

I don't think people hate working. They hate being overworked, and being told what to work on. Micro scale entrepreneurship is accessible more than ever before. There's a ton of lifestyle businesses you can start that fit your lifestyle, and allow you to feel like you're not working. The goal isn't to "retire" and do nothing. It's to realign your life so you spend your days doing something you enjoy - that's easier than before.
 

Dan_Cardone

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Bullshit. Retirement is easier for millenials than ever before. Let's start with millennials in the West:

If you make $30,000 a year in passive income, you can retire in most of the world and live a great life. In places like Southeast Asia, Eastern Europe, South America, etc that means never having to cook, clean, or worry about small things again.

That's on $30k.

On $100k, your standard of living skyrockets, and the percentage of the world open to you for retirement at a high standard of living becomes even higher.

Geo-arbitrage is something that you couldn't do before the internet. You couldn't easily manage your investments from abroad, or income generating assets until you hit a 7-figure scale. Now, you can do it at a 5-figure scale.

Also, this talk of "retirement" is bullshit.

There's a lot of activities that each person finds enjoyable which are income producing, and a person can do until they die with relative joy.

I don't think people hate working. They hate being overworked, and being told what to work on. Micro scale entrepreneurship is accessible more than ever before. There's a ton of lifestyle businesses you can start that fit your lifestyle, and allow you to feel like you're not working. The goal isn't to "retire" and do nothing. It's to realign your life so you spend your days doing something you enjoy - that's easier than before.
Great points.

My old teacher is retired and living it up in tbe Philippines. Girls, sun, and fun define his days.

No way he could do that here on the money he has.
 

MJ DeMarco

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Once got into an argument with one of them and they proceeded to say ALL businesses owners are scum of the earth.

Yep...

The irony is not lost of them as they voice their displeasure on Reddit through their iPhone while sporting their Abercrombies and Nikes.

In Spain the system is literally a pyramid squeme.

Ha Ha, sorry, but America is no different. It's also a pyramid scheme, just larger.
 

Process

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Most millennials have never been exposed to the concept of skewing value. This forces them to sell out their time. Violating the commandments of Need, Control and Time guarantees spinning in circles.

Imported/Global labor has paralyzed the function of a degree which used to be an entry barrier. Last, you can’t scale hourly wages.

Average millennials are checkmated before they begin. This clusterf*ck stems from ignoring need.

——————

Their strongest shot at turning it around is a sales or a trade job with the purpose of learning an industry.

Successful sales reps honor need. Entry can be low or high depending on the complexity and unsexyness of the industry. Big margins kinda honor time and scale. Earnings are capped since they lack control.

Sales employee:
-weak control
-medium entry
-strong need
-weak time
-high potential magnitude

Skilled trades workers have a cert, work history and are in an “unsexy” industry. They’re hard to outsource. This gives a barrier to entry. Unfortunately those working for others trade time for money.

Trades employee:
-weak control
-above average entry
-strong need
-weak time
-weak scale

These two paths can offer industry experience to see where value skews exist. Then, one can invest the steady income into their business based on market need.
 

Johnny boy

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Don't think anyone else has posted this, but my apologies if I missed it. Further proof that the Script is a scam: To retire at 65, millennials will need to save nearly half of their paycheck

Love how these percentages that the masses espouse use ridiculous assumptions, such as 10% average returns. Also, the comment about waiting to take Social Security later is gold- as if it's still going to be around when I'm 70.
The future for an idiot of any generation will always look bleak.
 

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Ocean Man

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No way he could do that here on the money he has.

That’s the thing though, not everyone wants to move to the Philippines or SE Asia, they want to stay in America. And in America, you’re right, they wouldn’t be able to do those types of things.
 

SamRussell

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That’s the thing though, not everyone wants to move to the Philippines or SE Asia, they want to stay in America. And in America, you’re right, they wouldn’t be able to do those types of things.

There's no escaping having to make choices
 

Ocean Man

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There's no escaping having to make choices

What do you mean? By choice do you mean choosing between living in your own country or having to live in another one?
 

SamRussell

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What do you mean? By choice do you mean choosing between living in your own country or having to live in another one?

None of us have to do anything, and no-one can have everything. If someone wants to stay in X country, they have to accept what they can and can't get in that country.
 

Ocean Man

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None of us have to do anything, and no-one can have everything. If someone wants to stay in X country, they have to accept what they can and can't get in that country.

I agree, but that’s a given.

If I’m living in America, I should adapt to America, their rules, and how things go. But this thread was started based on the idea that people can’t retire.

The way you’re commenting makes it sound like people should just accept that they can’t retire and because that’s the “standard” almost, they should just accept it.

Unless that’s not what you’re saying?

If I say I don’t think I’ll be able to retire in America, are you going to tell me to suck it up and that’s just what happens when you live in America?

Note: I’m not saying this in a way to argue, I’m genuinely trying to figure out what you mean.
 

Madame Peccato

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My understanding is that if you are American and want to retire, you might be unable to do so in America, but nobody is stopping you from moving to a different country and retiring there.

A lot of old Italian people move to Portugal or Albania and retire there (and probably many other Eastern European countries I am not aware of, I wouldn't be surprised if they were in Romania as well), instead of staying in Italy.
 

Ocean Man

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My understanding is that if you are American and want to retire, you might be unable to do so in America, but nobody is stopping you from moving to a different country and retiring there.

A lot of old Italian people move to Portugal or Albania and retire there (and probably many other Eastern European countries I am not aware of, I wouldn't be surprised if they were in Romania as well), instead of staying in Italy.
I see, now I understand. It’s unfortunate that we have this issue, where people in their own countries can’t retire.

I’m talking about for the people who worked their entire lives, and not about those who slacked off.
 

ZCP

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So where are the ideas on how to help them?
Anyone doing anything other than making fun of them and looking down our noses at them?

Help someone! As an example ...... I spend 10 to 15 minutes of every 3 hour robotics lab I teach 'talking about life' with college kids. Money, jobs, business, how things really work. Sometimes we stay an hour after class sketching out the P&L for a business idea or talking budgets.

Quit bitching and start helping!

Challenge: help a kid today learn about money / business!
 

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