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Gen Z is going to have a hard time getting rich

businessinsider.com

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Re: Gen Z is going to have a hard time getting rich

#11

Post by quacked »

skissane wrote: post #9
alexfromapex wrote: post #5

It 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 inheritanc…

I lack your optimism; when they pass on, their houses will be transferred to small- and big-time rental companies, who will rent their houses to young people for more than a mortgage would cost.

The only hope, in my opinion, is a giant, propaganda-driven cultural movement away from money and towards societal stability.

Re: Gen Z is going to have a hard time getting rich

#12

Post by 6chars »

CynicusRex wrote: post #6
actually_a_dog wrote: post #4

Earlier 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.

> E.g., no one needs more than ±10 million dollars.

I don't know about you, but I need more than -10 million dollars.

Re: Gen Z is going to have a hard time getting rich

#13

Post by CynicusRex »

LegitShady wrote: post #7
CynicusRex wrote: post #6

Earlier 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…

1% of the human population has what, north of 80% of the world's money? If that's not some form of tyranny worthy of criticism, then I don't know what is.

Most good fortune in the world comes down to luck and help of literally everyone else. Not wanting to share that wealth comes down to pure greed, ego, and ignorance.

Veritasium – Is Success Luck or Hard Work? https://www.youtube.com/watch?v=3LopI4YeC4I

Re: Gen Z is going to have a hard time getting rich

#14

Post by Flatcircle »

This is a story that's been told since the dawn of time, The future generations are fucked, the good old days are gone.

Just cos some interns at an investment bank wrote a brief, speculating about future stock returns doesn't mean an entire generation is doomed. JFC.

Re: Gen Z is going to have a hard time getting rich

#15

Post by oliv__ »

CynicusRex wrote: post #2

If 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.

What is money? It is a token of value. If you're rich, it means you have provided a decent amount of value to society somehow. How is that a vice?

Also, in a longer, more interesting form: https://courses.aynrand.org/works/the-meaning-of-money/

Re: Gen Z is going to have a hard time getting rich

#16

Post by frashelaw »

6chars wrote: post #12
CynicusRex wrote: post #6

Earlier 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.

> E.g., no one needs more than ±10 million dollars. I don't know about you, but I need more than -10 million dollars.

Bourgeois scum.

Re: Gen Z is going to have a hard time getting rich

#17

Post by bronzeage »

Because of the Fed and money printing, we're nearing an economic disaster of Weimar Republic proportions. The Fed has silently enslaved the last generations with QE, and with artificially low interest rates. The closer you are to sucking on the Fed tits, the stronger you get, and common people are the furthest possible.

Student debt and mortgages should be illegal, their existence is against the interests of those taking them. Without them, the suppliers of education and housing would be forced to demand only what their buyers can afford today, instead of allowing their buyers to enslave themselves to compete with each other.

Re: Gen Z is going to have a hard time getting rich

#18

Post by 6chars »

oliv__ wrote: post #15
CynicusRex wrote: post #2

If 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.

What is money? It is a token of value. If you're rich, it means you have provided a decent amount of value to society somehow. How is that a vice? Also, in a longer, more interesting form: https://courses.aynrand.org/works/the-meaning-of-money/

> If you're rich, it means you have provided a decent amount of value to society somehow.

Yep, a toddler who was born into an aristocratic family has provided more value to society than any public school teacher ever has.

Re: Gen Z is going to have a hard time getting rich

#19

Post by skissane »

quacked wrote: post #11
skissane wrote: post #9

Earlier quoted context omitted.

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 inheritanc…

I lack your optimism; when they pass on, their houses will be transferred to small- and big-time rental companies, who will rent their houses to young people for more than a mortgage would cost. The only hope, in my opinion, is a giant, propaganda-driven cultural movement away from money and towards societal stability.

In Australia, the tax system favours private individual ownership of residential properties over corporate ownership.

Property developers are allowed to keep ownership of new developments (so-called "build-to-rent"), or sell the new development (on a single title) to an investment trust. But corporations buying pre-existing house stock, without plans to redevelop it, are at a tax disadvantage compared to individual owners.

I don't think corporations are quite as powerful as you think. Certainly not in Australia. At the end of the day, individuals vote, corporations can't. Governments win elections by appealing to voters, not appealing to corporations. Indeed, almost all of the negative aspects of Australia's housing policies have come about through appealing to individual voters–the older generations who own a lot of property, the "aspirational middle class" who want to own a lot of property too, the "Mum & Dad investors", the professional class (property investment is popular with doctors and lawyers and I believe even software engineers), the small business owner class, etc–rather than being driven by corporate interests.

Re: Gen Z is going to have a hard time getting rich

#20

Post by thorwasdfasdf »

alexfromapex wrote: post #5

It 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?

There's been a pretty huge drop in living standards over the last 40 to 50 years. One interview with a person who lived through the 60s said, back then a painter could own a home, support a non working wife and six kids. These days, that same painter would have a hard time supporting himself, let alone a wife and six kids and house.

one of the biggest drivers of wealth reduction is all the regulation that prevents more housing from being built, and how it's built. this leads to higher land costs, higher costs of labor, higher regulatory costs. Not to mention, we've kept adding more and more people to this country but haven't added more land or more material inputs. so of course living standards have to come down as everything gets split up per capita. to be sure, there's a ton of empty land out there, but no one's allowed to use it. and companies have moved jobs to areas where people can't live. meanwhile gov regulates the s** out of the housing dev market and yet let's job creators go nuts in an area that can't grow due to local NIMBYism.

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