Gen Z is going to have a hard time getting rich
businessinsider.com
Gen Z is going to have a hard time getting rich
1–10 of 70 posts
Re: Gen Z is going to have a hard time getting rich
#2If you live in a country that uses the term Gen Z, you're probably richer than most of the world.
Stop celebrating being rich as a virtue, because it's not, it's a vice.
Re: Gen Z is going to have a hard time getting rich
#3Because Business Insider says so?
Re: Gen Z is going to have a hard time getting rich
#4If you live in a country that uses the term Gen Z, you're probably richer than most of the world. Stop celebrating being rich as a virtue, because it's not, it's a vice.
Being rich, in and of itself is neither a vice nor a virtue. It's more about how you get there, and what you do with it when you do get there. Excessive consumption is a far larger vice than simply being rich.
Re: Gen Z is going to have a hard time getting rich
#5It seems like each generation is having more difficulty making ends meet (https://theirrelevantinvestor.com/2021/04/01/the-generationa...). Why hasn't this been improving? Is it because of regulatory capture by corporations?
Re: Gen Z is going to have a hard time getting rich
#6If you live in a country that uses the term Gen Z, you're probably richer than most of the world. Stop celebrating being rich as a virtue, because it's not, it's a vice.
Being rich, in and of itself is neither a vice nor a virtue. It's more about how you get there, and what you do with it when you do get there. Excessive consumption is a far larger vice than simply being rich.
It's about how you get there ánd how much you have. E.g., no one needs more than ±10 million dollars. Having enough to provide for your family and spend some on hobbies should be enough. Pursuing money for the sake of money rots the soul; such greed is what's destroying our humanity.
Re: Gen Z is going to have a hard time getting rich
#7Earlier quoted context omitted.
Being rich, in and of itself is neither a vice nor a virtue. It's more about how you get there, and what you do with it when you do get there. Excessive consumption is a far larger vice than simply being rich.
It's about how you get there ánd how much you have. E.g., no one needs more than ±10 million dollars. Having enough to provide for your family and spend some on hobbies should be enough. Pursuing money for the sake of money rots the soul; such greed is what's destroying our humanity.
Much of the advancement in the world you see is by people you think have too much money but really now just have funds to pursue new businesses without seeking venture capital, or providing capital to businesses that are looking for it.
"nobody needs" is a protest that doesn't matter to anyone except people interfering in other's personal business.
What nobody needs is a stranger telling them how much money they deserve to have and blaming all the ills of world on their success. Nobody needs that except people looking for power over others who have no personal or business interest in listening to them.
Re: Gen Z is going to have a hard time getting rich
#8It seems like each generation is having more difficulty making ends meet ( https://theirrelevantinvestor.com/2021/04/01/the-generationa... ). Why hasn't this been improving? Is it because of regulatory capture by corporations?
It’s not always corporations. The people often capture regulatory powers too.
A good chunk if not the majority of wealth creation for most US households has been the value of their house. Older people own houses and have captured the upside of price increases over the decade. The young people are having a harder and harder time buying the exact same houses going up in price. If you go to any sort of planning meeting for a new development you’ll always run into cranky homeowners complaining that it will ruin the price of their property.
Re: Gen Z is going to have a hard time getting rich
#9It seems like each generation is having more difficulty making ends meet ( https://theirrelevantinvestor.com/2021/04/01/the-generationa... ). Why hasn't this been improving? Is it because of regulatory capture by corporations?
Where I live (Australia), the biggest issue is the massive bubble in property prices. Housing affordability has gotten a lot worse over the last few decades. Arguably it has produced a massive wealth transfer from the younger to older generations. I guess inevitably that is going to be partially reversed when those older generations pass on, and leave some of their accumulated wealth to their children. But inheritance is a very uneven process – some people have more children than others, some people spend a lot more in their retirement than others, some people live a lot longer than others (which can lead to much of their accumulated wealth being spent on aged care), etc.
However I do feel like we are transitioning from a society in which each generation was expected to make it mostly on their own (with at best a little bit of help from their parents), to one with a much greater emphasis on inherited wealth. I think as well as property bubbles, another factor is shrinking family sizes. When the average family had 5+ kids, the children couldn't expect to inherit that much. Families with only 1 or 2 kids, the child can inherit a lot more. And even prior to inheritance, it is much easier to extend financial support to your children (such as helping them to buy a home in their 20s) when you only have 1 or 2 instead of 4, 5, 6, 7...
Re: Gen Z is going to have a hard time getting rich
#10Earlier quoted context omitted.
It's about how you get there ánd how much you have. E.g., no one needs more than ±10 million dollars. Having enough to provide for your family and spend some on hobbies should be enough. Pursuing money for the sake of money rots the soul; such greed is what's destroying our humanity.
Much of the advancement in the world you see is by people you think have too much money but really now just have funds to pursue new businesses without seeking venture capital, or providing capital to businesses that are looking for it. "nobody needs" is a protest that doesn't matter to anyone except people interfering in other's personal business. What nobody needs is a stranger telling them how much money they dese…
> "nobody needs" is a protest that doesn't matter to anyone except people interfering in other's personal business.
At a certain point, no, it really isn't. When a single individual has enough money to influence public policy where I live, I would definitely say that's too much money. It becomes my business when someone who votes with their dollars gets more votes than I do with my actual vote.