Our generation's lack of work ethic and money skills.

[TheTony]

Yeah yeah, I'm not dumb, I know that. But compared to renting, it's a far better use of funds, that's what I was implying.

For most people, homeownership is their biggest source of wealth....unfortunately. So for most, it is an "investment."

That'd make it an asset, not an investment. A heavily leveraged one, at that (for most).

 

[TheTony]

A house is a good investment because they don't lose money. You can buy one now and sell it 10 years later for approximately what you paid, not including realtors and cost of moving. In contrast, renting is a total loss every year. Right now I lose roughly $13,800 per year to rent a basement. You would be hard pressed to find a house which loses value that fast.

I just bought a condo for $140,000. We would need to have a repeat of the worst recession in nearly a century to have it drop 13.8k/year in value.

Like I said, sure, it very well may appreciate. However, it's not automatic and it's main value is not in producing a return. That attitude was a precise contributor to the worst recession in nearly a century that you so aptly pointed out.

If you're trying to convince me of its utility as an investment instrument, you may not want to tell me that I might be able to break even 10 years later.

 

[Paul98]

You don't know how to live any other way so it's no wonder.

You don't need to have much money to have nice things. If you are smart you can spend very little and get better quality than those who just go out and buy what they think is good.

If you don't know how to live and have fun without spending a good bit of money then it sounds like you should try and learn somethings. Then you would be able to work less and actually be able to enjoy what you have.

 

[alzan]

WORK MAKES YOU FREE...at least for current young generation.
And if you or your parents can't pay mortgage, Halliburton has build plenty of "apartments" for such people. Google for: Halliburton detention camps

WORK MAKES YOU FREE !!!

Or as the Nazi's used to say: ARBEIT MACHT FREI!!

 

[bpatters69]

Does anyone else find that this current generation of young people (30 and under) and even some older people, lack any desire to save money or invest?

I work with many people who save zero, have no retirement, and when offered unpaid time off, they take it. Many of them average 32-35 hours a week because of their addiction to leaving early.

Needless to say, very few of these people are homeowners and most drive beater cars.

I've asked many of them about this, and their response is usually "I work to live, I don't live to work, etc."

I on the other hand lead a group of people we call at work, the "overtime ballers." Some of us working 100+ hour weeks during the holiday season. But the our group is small and most people simply do not want to work.

Young people, do you have similar experiences with co-workers?

Interesing post. There are lots of statistics and surveys about each generation. From what I have read, the current generations are supposed to be far less likely to want to work 100 hours per week and to totally devote themselves to their company. They want the work place to be fun and they want to be recoginized for all of their achievements regardless of signifigance.

Being a Gen X-er, I would say that my generation in comparison is good at saving money and we have some allegiance to our company. I willl have to admit though, if a better job came along or if I was not "feeling it" at my company, I would head for the door but my company would let me go too if it made sense to do so.

So statitics aside, I think there is some truth to what the numbers tell us about the current generation but there are always exceptions. Bottom line, it is the choice of the individual. If they choose to only work 32 hours that is their choice. Just don't expect to be promoted and don't expect to be able to afford the nice things. Conversely, money don't buy happiness.

 

[JMapleton]

Where are people supposed to learn about all these intricacies? Over the past few years, I've come to think that a sort of "Intro to Finance" should be taught in high school.

Books and experience? School is not going to teach you to invest. They are going to teach you definitions to words. It's up to you to formulate a firm philosophy to investing and create in yourself, the discipline to adhere to it.

But yes, it should be introduced in highschool as a requirement. Personal finance skills are far more important than algebra or chemistry for the average student.

 

[Aikouka]

Books and experience? School is not going to teach you to invest. They are going to teach you definitions to words. It's up to you to formulate a firm philosophy to investing and create in yourself, the discipline to adhere to it.

But yes, it should be introduced in highschool as a requirement. Personal finance skills are far more important than algebra or chemistry for the average student.

Well, I was mostly referring to the "personal finance skills" that you mention rather than high schools teaching kids to become investment whizzes, but it seems we both agree on the high school part.

 

[JMapleton]

You buy expensive things to boost your self esteem.

False. False.

I buy expensive things because you get what you pay for. I can tell you a dozen expensive brands that I would never buy because they're overpriced crap.

I buy quality things and eat quality food. I only look at quality. Price is second to consider. I don't wear $500 Gucci sunglasses that break in a week.

My $200 jeans are worth every penny, I have maintained this from the start. The fit, the wear, the fabric, the designs are beyond anything in price range.

 

[SP33Demon]

False. False.

I buy expensive things because you get what you pay for. I can tell you a dozen expensive brands that I would never buy because they're overpriced crap.

I buy quality things and eat quality food. I only look at quality. Price is second to consider. I don't wear $500 Gucci sunglasses that break in a week.

My $200 jeans are worth every penny, I have maintained this from the start. The fit, the wear, the fabric, the designs are beyond anything in price range.

Aren't you the guy who has like 10 pairs of Diesel jeans?

 

[JMapleton]

Aren't you the guy who has like 10 pairs of Diesel jeans?

I have one pair of Diesel jeans, and around 10 pairs of 7 For All Mankind jeans, which are better than Diesel.

 

[Harrod]

I have one pair of Diesel jeans, and around 10 pairs of 7 For All Mankind jeans, which are better than Diesel.

How many washings does it take before say one of the pockets in the back rips? Levis seem to crap out on me after about 8 months getting washed twice a week.

 

[Exterous]

Should we really be surprised by any lacking in the financial skills department of the younger generations? They learned their skills from the older generations which declined to understand mortgages they were getting into, over leveraged themselves on their houses, credit card debt, car loans to pay for an unsustainable lifestyle while failing to save enough for retirement or even a rainy day

Hopefully the generations just entering the work force/having will realize the errors of the last couple of generations and actually impart some good financial knowledge on their kids. Sadly I expect this knowledge to be from experiencing first hand the financial hardships that come along with these bad habits.

Oh - and a lot of those 'i work to live' people with no savings will find out they will be working to live much longer than some other people.

A house is a good investment because they don't lose money.

Riiiight.

 

[IndyColtsFan]

I have one pair of Diesel jeans, and around 10 pairs of 7 For All Mankind jeans, which are better than Diesel.

I'm embarrassed for you.

 

[JMapleton]

How many washings does it take before say one of the pockets in the back rips? Levis seem to crap out on me after about 8 months getting washed twice a week.

I have had some pairs last over two years and with an average of once a week wear.

It depends on the fabric of the jean and what you do in them.

 

[brianmanahan]

lol, nominating this thread for epic.

JMaple: it seems as though you have some growing up to do. i think you will at some point realize that more moderation can lead to a happier lifestyle. and that people who work less and live cheaply are not necessarily failures - if it brings them happiness, it is a success. i will bump this thread in 5 years and request an update from you to see if your assessment has changed.

 

[brianmanahan]

random thought that just occurred to me:

could JMapleton be the son of alkemyst? :hmm:

 

[Bignate603]

random thought that just occurred to me:

could JMapleton be the son of alkemyst? :hmm:

Or Casiotech has returned.

 

[olds]

I saw it all the time working for the state. If your 50 year old supervisor is outworking you, you're doing it wrong. I worked 30 year olds into the ground and I have 3 partially collapsed disks and arthritis in my back. Not to mention a torn tendon in each shoulder. Of course that damage was caused by relentless, hard work.

 

[EltonL]

Being part of this generation, I can say one thing. We're terrible with our money. As is our work ethic. Why? Well for the money part, it has to do with the fact that the previous generations were introduced to large corporate credit schemes in terms of financing. Now a days it's easy, very easy to get money on credit. The problem is knowing when to stop spending because well, it has to be paid back.

As for the work ethic; well over the years from what I've seen there's been a decline in demand for blue-collar and labor based and trade based jobs in the United States. (Other places are different, Australia for example) Couple that with the "equality" entitlement idea and we have everyone striving to work in an office and make a living without understanding any practical applications. I know many who aspire to be white-collar workers.

It's the societal idea of making "easy money" as opposed to hard labor that explains our work ethic. Couple that with the many success stories we're spoon fed on how we can make that easy money, our generation is more than content to buy into the delusions of the past.

I still wish there was a larger focus on maintainability and repair businesses in the US. Being an employee in one, it's a pretty invaluable skill.

 

[Sonikku]

Does anyone else find that this current generation of young people (30 and under) and even some older people, lack any desire to save money or invest?

I work with many people who save zero, have no retirement, and when offered unpaid time off, they take it. Many of them average 32-35 hours a week because of their addiction to leaving early.

Needless to say, very few of these people are homeowners and most drive beater cars.

I've asked many of them about this, and their response is usually "I work to live, I don't live to work, etc."

I on the other hand lead a group of people we call at work, the "overtime ballers." Some of us working 100+ hour weeks during the holiday season.

A-fuckin' men brother. If anything, young people today should put in 120 hours a week. You can sleep when you're dead you lazy fucks. Give up your free time and pledge fealty to your company who is offering you a livelihood and someday you will be rewarded by them, probably.

 

[EltonL]

A-fuckin' men brother. If anything, young people today should put in 120 hours a week. You can sleep when you're dead you lazy fucks. Give up your free time and pledge fealty to your company who is offering you a livelihood and someday you will be rewarded by them, probably.

I dunno about that. I've always wondered why we even have such long workweeks given that most of the time spent in an 8-hour job is spent faffing about.

I hope this was sarcastic.

 

[Azraele]

Give up your free time and pledge fealty to your company who is offering you a livelihood and someday you will be rewarded by them, probably.

I used to work for a company who made employees work 12 hour days 7 days a week during the busy season and then rewarded them with a pink slip when the season was done.

 

[JEDI]

Does anyone else find that this current generation of young people (30 and under) and even some older people, lack any desire to save money or invest?

I work with many people who save zero, have no retirement, and when offered unpaid time off, they take it. Many of them average 32-35 hours a week because of their addiction to leaving early.

Needless to say, very few of these people are homeowners and most drive beater cars.

I've asked many of them about this, and their response is usually "I work to live, I don't live to work, etc."

I on the other hand lead a group of people we call at work, the "overtime ballers." Some of us working 100+ hour weeks during the holiday season. But the our group is small and most people simply do not want to work.

Young people, do you have similar experiences with co-workers?

do u get paid for those 100+ hrs?!

if not, then u are a fool and an idiot

 

[JMapleton]

do u get paid for those 100+ hrs?!

if not, then u are a fool and an idiot

Heck yes, time and a half for overtime.

No way would I work a second over 40 hours if I was salaried.

 

[brianmanahan]

Heck yes, time and a half for overtime.

No way would I work a second over 40 hours if I was salaried.

i thought all real jobs were salaries