Forget about Generation Y, Are we Generation F?

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Given all the recent talk and hubbub about the Occupy Vancouver/Portland/San Francisco/ New York (insert big city here) movement, I started thinking about the current state of our economy and the dismal state of our current generation.  I know.  I'm being a Debbie Downer.

I came across an interesting article in the local Vancouver magazine by Tyee Bridge, aptly named Going Going Gone.  It is about whether generation Y is should be actually renamed generation F.

Generation F doesn't stand for Generation Facebook, but Generation F stands for Generation F&#(d

Due to Vancouver's rising real estate costs and general high cost of living, many young middle income earner families (whose household income is in the healthy $100,000 range) are being squeezed out of the housing market.  Unfortunately, the salaries and wages in Vancouver are not increasing despite the exorbitant increase in real estate cost.

I know that in other cities with high real estate prices, like New York, or even San Francisco, the salaries and wages have kept up with the cost of real estate, but for an unknown reason, this doesn't seem to be happening just yet in Vancouver.  Many people are drawn to Vancouver's beauty, charm, delicious food, and of course, developing hipster culture, however they are unable to afford living here.

Many families are raising their children in apartments or even basement suites due to the high cost of housing here.  Either that, or they are moving to the suburbs and commuting in to Vancouver for work.

I personally believe I will never be as successful as my parents were (haha, how's that for positive thinking?).  I'm not complaining, I'm just being realistic.  Inflation has gone up to extreme levels and income has not.  My parents bought their home in the 70's for $100,000 and now it is worth well over a million.  I know that incomes weren't as high then but I still think that the cost of real estate is very high relatively speaking.  I am 110% sure that the home we bought recently will not be worth 10x our initial purchase price in 40 years.  Personally, I absolutely love living here but I'm not sure what this place will be like in a 5 or 10 years with the rapidly changing city scene and real estate market.  If we move though, we would probably end up renting out our home to keep some sort of stake in this popular city.

I know that we as generation Y are given a bad rap for not working hard like our parent's baby boomer generation, but I do feel that it is harder to work hard and be successful in our current society.

That's why I think it's of even more importance for us as generation Y to be able to  “think outside of the box” and generate passive income or different income streams, be frugal, and save for multiple rainy days…otherwise we would probably be even more screwed than we already are.

Readers, what do you think? Do you think we belong to Generation F or do you think there's a glimmer of hope for us 20-somethings?

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Young is a writer and former owner of Young and Thrifty and the main "twitter' behind Young and Thrifty's twitter account. She lives in Vancouver, BC and enjoys long walks on the beach, spending time with her anxious dog, and finding good deals. If you like what you read, consider signing up for email updates.

44 Comments

  1. Helly on October 26, 2011 at 9:04 am

    When I first saw the description of this post in your Tweet about it, I thought the “F” stood for “Don’t Give a F@#$”. And quite honestly? Until the recent downturn in the economy, I thought it was a pretty accurate description. People spending more than they’re making, not saving for retirement or even a rainy day, racking up unnecessary debt, trying to keep up with the Joneses, etc…

    And I guess a “don’t give a f@#!” attitude does lead to being screwed in the long run, doesn’t it?

    Ordinarily, I would’ve said no, I don’t see a glimmer of hope for the younger generation to come around, but after the recent economic woes? I think it’s starting to finally hit people how important saving is. Sad that it takes something like a recession to wake people up, but hey– better late than never?



  2. Maritimer on October 26, 2011 at 10:14 am

    Our generation seem to not have the work ethic of our parents generation do. I am in my mid 30’s. THe 20 year olds that work with me, tend to me lazy and don’t want to work for anything. They say, ” I not going to kill myself for x dollars an hour that they pay”. They wonder why they cannot keep a job. Of course, like everything, there are exceptions. The Alberta oilpatch is an example with hundreds of people in the 20’s working 12 hour days for 14 to 21 straight days.



  3. Etienne on October 26, 2011 at 11:10 am

    we’re failing because we’re not saving, we want everything and everything now.

    We pay $900 for a phone and $100 per month for the same phone, we don’t save and we get a fat mortgage thinking rates will always be low and that we’re entitled to granite and stainless.

    IMO, it’s really our fault if we’re screwed, we are not living within our means and buying everything on credit without saving.



  4. Echo on October 26, 2011 at 12:48 pm

    I hear the same arguments about people in their 30’s. I don’t buy it, we’ll always think “the kids aren’t all right” but every generation will probably have it better than their parents. Most people are lazy (or lost) in their 20’s but still manage to get their stuff together later on. That’s not exclusive to generation Y either, that’s just human nature.

    You mention your parents buying a house for $100k, but did they also have to deal with 18% interest rates? What’s the national average house price now, $350k or more? But interest rates are only at 3%, so it just becomes a question of affordability.

    If it’s just about not being able to afford to live in Vancouver you could always move to a more affordable city, right? 🙂



  5. jesse on October 26, 2011 at 1:55 pm

    The only thing I can state is that housing cycles move very slowly, so be very careful when buying at high prices. Rental yields are very low right now compared to the inherent risk.



  6. J. on October 26, 2011 at 2:36 pm

    I’m in the exact situation you’re describing – late 20s, very healthy household income, and we’re excellent savers (thank you, very much), but we’re squeezed out of the housing market by prices that are exorbitant (especially for what you’re getting in return). It’s not a matter of simply moving to a more affordable city – where are these cities that have what is enjoyable about city life AND have jobs enough AND have an affordable housing market? If two people with advanced degrees, great jobs, and good money habits can’t buy in a city without moving to the suburbs, then who can and what does that mean? I’ll take the blame here, however, in that I want it now, typical of Gen Y. I know the answer is that we just have to save until we can buy where we want, but in that particularly Gen Y way, I don’t want to wait.



  7. retirebyforty on October 26, 2011 at 3:07 pm

    Sounds like another real estate bubble…



  8. Miss T @ Prairie EcoThrifter on October 26, 2011 at 4:42 pm

    I agree with everyone’s comments above. Work ethic has changed, a lack of saving is prevalent, as well as a lack of planning. I find that few young adults make an effort to plan for the future when it comes to finances. It amazes me that in our peers my hubby and I are one of the only ones putting money away for retirement right now. It’s scary. As far as work ethic goes, I have seen some real go getters, but a majority have a different sense of what is professional and what is not.



  9. changeonabudget on October 26, 2011 at 7:24 pm

    In some ways, I think we totally are screwed. I mean, wages adjusted for inflation have not really risen, we have higher student debt than ever, huge % of young people are being shut out of jobs, in Vancouver real estate is comically overpriced and soon, baby boomers are going to retire and we have to somehow support them all …… yikes.

    But it could be worse. I think our generation will grow up slightly more compassionate and understanding of the struggles of others. As a cohort, hopefully we learn to deal with out-of-control debt before we become totally controlled by it. Since the recession hit us when we are young, we also have the longest time to try and recover from it.



  10. T.M @ My University Money on October 26, 2011 at 6:08 pm

    I think the main difference between Vancouver and the real estate prices in San Francisco, New York etc, is that the higher wages are what caused the rise in those cities. In Vancouver, its been widely speculated that wealthy Asian interests, amongst other factors, are what has been driving up prices, not increased affluence.

    As far as our generation. Isn’t at that new Gordon Gekko movie that says, “You are generation NINJA – No Income, No Job or Assets” or something like that?



  11. krantcents on October 26, 2011 at 6:48 pm

    Although it may be harder than other generations, you may have to be more resourceful.



  12. That Thing Call Money on October 26, 2011 at 7:33 pm

    @Etienne, well said! At the same time, I do believe it’s the balance in life between saving and having fun that matters the most! The housing is absolutely ridiculously!



  13. 604serf on October 26, 2011 at 9:30 pm

    This generation is screwed. This applies mostly to Vancouver I suppose.

    People used to save and buy things. Now it’s more credit based and focused on meeting monthly costs. Its not everyone, but the per capita growth in debt is an indicator that this is true.

    In terms of housing. The previous generations worked and saved up to buy a house. Nowadays its taking money from parents and/or using more leverage.

    It’s always cost a premium to live in Vancouver. However, people have lost all sight of reality. In this city, people buy condos with 2-3% yields and count on ever-increasing property values. Everyone just counts on the fact that “real estate never goes down”. However, it’s just a self-fulfilling prophecy up until now.

    Over the long-term, it’s the same greed that will drive people to invest their $ in something that earns more return. Over the long-term, the fundamental factors that drive real estate values will once again be:

    a) Decreasing interest rates
    b) Increasing rental yield

    Are we really in a position right now that either a) or b) will positively impact housing prices? Is a house a good bet at this point?

    This blog itself is an example of Vancouver thinking. I noticed in Y&T monthly update that he/she said they are “ok with a 25% drop in the house value”:

    – how much equity will be left if there is a 25% drop in their house value?

    – based on their down payment, a 25% drop might wipe out most of the equity in the home (unless there’s an aggressive mtg pay back schedule). At time of mortgage renewal, what flexibility will they have?

    People now don’t prepare for various scenarios. It’s just “can I make the payment next month?”….that’s about all the analysis that’s done.

    It’s not all doom and gloom, but people should open their eyes to the various possibilities



  14. Echo on October 26, 2011 at 11:18 pm

    @604serf – I hardly think this blog is typical of what you call Vancouver thinking. How will she be in trouble at mortgage renewal time if house values drop by 25%? They don’t just take your keys away if that happens.

    With a 20% downpayment, 5 years of payments, plus renting out her basement, I think Young and Thrifty will be in fine shape when it comes time to renew her mortgage.



  15. young on October 26, 2011 at 11:28 pm

    @Echo- Thanks Echo!! 🙂



  16. young on October 26, 2011 at 11:35 pm

    @604serf- Hi, we meet again my friend! LOL. Well, I just read a report in the Vancouver Sun today that stated housing prices in Vancouver has increased 71% in since 2005 and they have risen 1% over this month alone for the eleventh straight month in a row. I know that is the average of all home sales in Vancouver, though. I am well aware that real estate WILL go down. What comes up must come down, but down by how much, I don’t know. Again, I did not buy my home as an “investment”. If the housing prices go down by 25%, Echo is right, the house police are not going to come to my house and take my keys away (though if they had such a thing that would be pretty scary). I would only worry if I SOLD my house after the 25% correction. Just like if my stocks were down 25% (and they likely are haha), I am not at a loss unless I sell my portfolio. We are also well under the 30% of income per monthly cost for home payments, so it is not a “can I make the payment next month” scenario for me, thankfully. I am definitely not a BULL on real estate, and I appreciate your call for attention to various possibilities, and that is what I intended to do by writing in this post.

    PS I’m glad you like reading my updates 😉



  17. young on October 26, 2011 at 11:39 pm

    @changeonabudget- Very poignant, changeonabudget! I agree, we can learn from this experience and ensure that consumer debt is controlled. I’m more worried about the baby boomers retiring and us needing to support them all. I wonder how our health care system will function with the increased costs of nursing home placements, chronic diseases etc.



  18. young on October 26, 2011 at 11:40 pm

    @krantcents- Like hustlin’ on the side? 🙂 Did you find it difficult for yourself when you were our age, krantcents?



  19. young on October 26, 2011 at 11:42 pm

    @T.M.- haha I haven’t heard of that! I like the idea of generation NINJA! So we are Generation NINJA, Generation F$*#)*, and Generation Y (and Y-not). We’re an infamous bunch, really! That’s a good point about SF and NY. It’d be nice if the wages increased here in Vancouver too, I won’t protest 🙂



  20. young on October 26, 2011 at 11:44 pm

    @Miss T- I agree about the lack of planning part and the lack of saving, but I think some people have TREMENDOUS work ethic but are still not seeing any solid results. Someone can work two jobs making $8 an hour and save like a mad-woman/mad-man but still not get ahead. That being said, I know some people who enjoy being perpetual students and are not working/ lacking serious work ethic.
    Yeah, I agree about the retirement thing- a lot of my friends are not even THINKING about retirement right now and hence not putting any money away for it. It is kind of scary, especially since retirement is probably only 20-30 years away.



  21. young on October 26, 2011 at 11:45 pm

    @retirebyforty- DUN DUN DUN….!



  22. young on October 26, 2011 at 11:47 pm

    @J- I know, it’s terrible. Did you read the article in the Vancouver magazine? It wasn’t only the Gen Y who were priced out, it was Gen X who have children, and are raising children in Vancouver. I think something has got to give, it’s getting quite ridiculous. In that article it said there were only 10 apartments that were under $230K or something at the time of the article… that’s pretty incredulous. The thing is, if Gen Y waits, how long do we have to wait for?



  23. young on October 26, 2011 at 11:47 pm

    @jesse- Thanks for giving your 2 cents, jesse 🙂



  24. young on October 26, 2011 at 11:49 pm

    @Echo- I like your positivity! Haha, lazy or lost in 20’s. I agree, I know more than a few people who fit that description. Yes, they DID have to deal with 18% interest rates! Good point. And low wages (though I think that given inflation, they still come out on top back then).

    Hehe, affordable city, Charlottetown PEI here I come! I can have lobster 24/7 and live on an ocean front beautiful home for $250K!



  25. young on October 26, 2011 at 11:51 pm

    @Etienne- That’s true, but some people ARE saving and still are unable to buy. But that $900 phone is Steve Jobs last phone! It’s a necessity! (I’m kidding! Those are not my views and I do not have a iphone4S LOL).



  26. young on October 26, 2011 at 11:56 pm

    @Maritimer- I hate how Gen Y has that bad rap of doing stuff that is “beneath” them. I think I’m an anomaly in the Gen Y (if I do say so myself) because I do find that some people I work with who are 20s (or heck, even in their mid-30’s as well) and completely lazy! I agree that there are exceptions 🙂



  27. young on October 26, 2011 at 11:58 pm

    @Helly- Hi Helly! haha when you say “don’t give a f$&#)*” I can’t help but think of Honey Badger and his “Honey Badger Don’t Care, He don’t give a f$*)# about that nasty ass snake, he goin’ eat it!”. Really? Have you seen people that you know who are starting to save? That’s promsing! With the people I personally know, I haven’t really seen their attitudes change or that they are saving more.



  28. Helly on October 27, 2011 at 12:09 am

    Bahahaha… I must seek out this honey badger reference! The only time I’ve ever heard about “honey badgers” was in Glee– the episode where Sue rounds up her “League of Doom” posse to bring down the glee club, and bestowed the “honey badger” nickname on the ex-wife.

    As for new savers… okay, you got me… I can’t think of anyone I know *personally* who’s been affected enough by this economy that they’ve ramped up their savings and cut down their spending. I know of some people who do watch their spending, but they’ve always been that way.

    This reminds me of my new hire orientation at my new job. Since I work for a university now, I’ll be eligible to receive a pension if I stick it out long enough (min 5 years to start receiving ANY benefits). That alone is such a huge benefit, it’s worth the big pay cut I took to move to this job. Anyway, for the past 20+ years, the university system stopped making employees contribute to the pension fund. A year or two ago, they started requiring it of people again. Right now I contribute 3% of my gross income to the retirement fund. Considering that I socked away upwards of 20% of my income towards my 401(k) at my previous jobs, this was a drop in the bucket by comparison. Especially since a pension is *guaranteed* income, whereas my 401(k) could potentially run out. What do you suppose the first question was during orientation?

    “If we leave (the university) before the 5 years, can we get that contribution refunded back?”

    Further evidence of thinking that’s too much based in the “now” and not looking forward enough in the future!



  29. Daisy on October 27, 2011 at 8:29 am

    I agree, somewhat, and disagree, somewhat.

    Here’s why, and I’m sorry if this ends up being a bit of a novel.

    As somebody studying and semi-practicing human resources, I am constantly reminded of the aging workforce. The baby boomers have already begun to retire, and will continue on their retirement paths as generation Y enters the workforce and sets up their careers. This is going to cause a HUGE gap in the workforce. Candidates will be at a premium – educated people will be paid very well, even the uneducated will be able to score decent jobs because there will be so few job seekers relative to the jobs available. In Vancouver it might be a little less open that way, since we’re lucky to have so many immigrants that can fill our vacancies, but I guess we’ll have to wait and see.

    Maybe we’ll be Gen F too, because of the pension situation – there is a lot of speculation that the baby boomers will eat up the pensions, leaving nothing left for the generations after (which makes me seem like I’m hinting that it’s all the baby boomers fault – it’s not, of course). I personally don’t believe this is true.

    Another consideration with our aging demographic is that currently there are enough people in the housing market to sustain it. What about in 40-60 years, when all of us are retiring? Because there are so many boomers, who by then will be a rarity, what’s going to happen to the housing market? There are going to be few people in the housing market. On top of that, I’m going to assume many people (I know I will, and most of my Gen Y friends) will be inheriting houses or living spaces from their parents – or condos or whatever it is that the parents retire in – so that’s even less people in the housing market if those inheritors end up living in their inheritance. The prices might be forced down since there will be less people to buy them.

    I’m not sure where Vancouver sits in all of this – once again, we’re lucky enough to have so many immigrants that want to be here so that might keep the market healthy and our workforce strong. We’ll see. In the meantime, I’m living in a suburb of the lower mainland (that is almost as expensive as Vancouver!), but I’ve never been interested in living in the city anyway. I suppose moving to a cheaper suburb would make sense, but I really love my town.



  30. J on October 27, 2011 at 8:38 am

    @Young: I haven’t read that article, but it certainly doesn’t surprise me. I read an article ages ago about how older generations worked and worked and saved and didn’t necessarily buy houses right away, but this current generation wants the house now and thus have their parents chip in significantly. I’m not interested in that (nor do I think my parents can afford it), so I’ll just save until I can afford a place of my own that doesn’t involve subjecting myself to what is likely Canada’s worst public transit in a major city (you can all figure out where that is! 🙂 )

    And so many comments are harsh on younger people and their saving habits! Everyone is different. I save well, and my parents don’t. They’re certainly not Gen Y. It’s a little insulting to read these generalizations and fist wagging about “kids today.” Fine, I’ll get off your lawn old man, but it’s simply not the case that housing is unaffordable just because of the saving and spending habits of those in their mid-20s.



  31. Daisy on October 27, 2011 at 9:18 am

    I agree with the comment above, too. Gen lazy, maybe, but I’m seeing a lot of Generation Judgmental around here!

    I’m really disappointed at this stereotype that Gen Y is lazy. In every generation there are lazy people – I know my fair share of lazy Gen X and Boomers and I really don’t think that it’s specific to one generation. I have been working since I was 15, and all of my friends have too. In high school, I worked 3 jobs at one time, amounting to full-time work while I was in full-time studies. In my first year of college, I was working 1 full time retail management job and a part time job while taking 6 first year courses. That trend stuck until my grades started to slip in 3rd year, when I had to cut back to 30 hours a week. I’ve been working so.hard. I think it’s a shame when people pin that whole “Gen Y is lazy” thing on us, because I think it’s the farthest thing from the truth. Especially since university enrollment is higher than it ever was even with the babyboomers, and there are much, much more of them than there are us.

    Yup, there are some of this generation (and other generations) that are lazy. We might be working for different things than the generations before us, and we were likely raised differently. But that doesn’t mean the whole generation is lazy – I’m only 23 and I have an EF and am starting a RRSP in the new year – I think I’m the last of my friends/siblings to start an RRSP. I just really get disappointed in people when I read all of this judgement. I try not to judge older generations because it’s unfair, but I’m going to point out that my parents (both of them) and most of my friends parents don’t have ANY savings at all. They’re not gen Y’s, so I’m not too sure who everyone here is comparing us to.

    I also want to point out that, just like racial and gender stereotypes, it’s very discriminatory to be pinning stereotypes on generations, too.



  32. Helly on October 27, 2011 at 10:01 am

    Oh my gosh, relax, people! We’re not being judgmental. We’re simply observing the people around us, both the ones we know personally and the ones we read about in the news. It’s a given trend that people today (regardless of generation) save less, spend more and incur more debt than they should. Does it compare to previous generations? I don’t know, but I do know that many people aren’t doing what they should be, to prepare for the future.

    Yes, there are people who are wise about spending/saving (obviously, many of us who read this blog fit that category), but the point of generalizations is: it may not apply to ALL people, but it applies to most. From my own experience? Based on my observations of my friends and colleagues? People like us are in the minority. I take retirement saving very seriously, and given the state of Social Security in the US (for example), more people (of any age!) should, as well. But they don’t. That’s why there are policy changes and laws and incentives to try to get people to save more for retirement.

    Maybe this stems partly from laziness, maybe it stems from materialism (I know many people who view retirement saving as merely a reduction in their disposable income), and probably it stems mostly from ignorance. Either way, I don’t see anything wrong with saying: “wake up! 40 years may seem far away, but if you don’t shape up, you’ll be in trouble!” If that doesn’t apply to you, good for you. Maybe you’ll be a good influence on those around you.



  33. Squirrelers on October 27, 2011 at 10:38 am

    Generation F…well not sure it’s that extreme, but I do think that things appear to be tougher for this particular generation (and the next one) than ones of the past.

    I guess I’m a Gen X person…and would say that people in my generation who actually think about such matters think that Boomers had it easier. Think about it…many people in past generations had pensions. Many blue collar jobs paid really good money with really good benefits. People didn’t focus on saving as much because they didn’t need to.

    Thing is, when you have people in those generations giving advice to people in the newer generations, or serving as exact role models for how life is supposed to go, there’s a disconnect. People aren’t going to be able to spend like prior generations, or count on pensions or governmental help to the extent that older generations did. There’s not the safety net or overall prosperity – and saving for old age follows a different model today than in days gone by.

    So what it comes down to is that I think younger generations are best served by not trying to benchmark vs prior generations, and should avoid anchoring to those expecations. That might be liberating, who knows….



  34. Bryan on October 27, 2011 at 2:15 pm

    Y&T- I really agree with your think outside the box suggestion….. the problem is everyone in their 20s (including me) feels entilted to a fancy new cellphone every time a new one comes out (we are so brainwashed with that garbage), a realtively nice car, and $100 nights out regularly. If you make big bucks, no problem. If you don’t make much money you are NUTS to have ANY of this!!!!!! If someone were to scale back those 3 examples, their level of happiness would either be the same or higher (cuz then you could actually have savings).

    The key seems to be in controlling spending, rather than “taking on extra jobs” or “new income streams”….. come on – the way canadian taxes are structured, pretty much everyone working full time with some form of post-secondary training takes home 2,500 to 5,000 a month….. minus maybe 20% of workers. We are so pathetically entitled…… $1,000 a month in Canada affords you a better life than almost everyone in the world….. if you make any more than that’s it’s a GIFT relative to most people’s situations.

    On the real estate point, it’s important to remember that with 10-20% interest rates, the payments back then were HUGE. It would be very unlikely that prices/interest are BOTH high or BOTH low at the same time in a quality location with decent employment. (Although this has somewhat happened in a few places in the US: buying opportunity of a lifetime) I think a lot of people even back in the 70s-80s still neeeded 50% of their take home money to afford a modest place. Yes unaffordability has become worse, but not as much worse as some suggest….



  35. Financial Samurai on October 28, 2011 at 1:26 pm

    There’s lots of hope for 20-somethings! 20-somethings are the new inventors and multi-millionaires! Just gotta go out there and create!



  36. Invest It Wisely on October 28, 2011 at 4:27 pm

    The previous generation had it better than us in part because we expanded debt and didn’t save as much as we should have. They lived beyond their means, but we may have to live below our means. Just look at the awful state of many highways (at least in many parts of Eastern Canada) — where are the savings to rebuild them? They don’t exist, and taxes will have to be raised or yet more debt issued.

    Definitely agree about looking into side income and “passive” income streams. It’s a new world, and who knows, I think there’ll be light at the end of the tunnel. 🙂



  37. Mikhaila on October 28, 2011 at 8:31 pm

    I’m so with you that working hard isn’t what it used to be. Gone are the days where you get a job highschool or some post-secondary, stay with that company for thirty years, and retire with a fantastic pension. It’s a different way of life now, and I’m not sure exactly how Gen Y is going to deal with it.

    Buying a house isn’t the same as our parents’ generation too, you’re right. I don’t think I’m ever going to be in the position to buy a house not only because prices are ridiculous (you need at least $350,000 to buy a decent place in Edmonton even), but because I refuse to put less than 20% down. I can’t see myself saving $70,000 in order to get a house and barely pay it off before retirement (even if I split that in half and bought it with my partner). We have to adjust our expectations; who knows, maybe Gen Y’s Canadian dream will be renting a modest place, having a suitable retirement and emergency fund, and living within our means.



  38. young on October 28, 2011 at 11:04 pm

    @Mikhaila- You’re right, it’s a completely different way of life. We don’t have that safety net like our parents did (them and their nice pensions!). That’s an interesting perception, Mikhaila, that our Canadian dream would need to change and it has to be different from the traditional dream. I think you’re right. I think a lot of Gen Y are doing just that too. Leaving below their means and having sufficient cash flow to cover their expenses. There are probably a lot of people like that out there, who aren’t doing the daily grind in favour of a more relaxed pace of living.



  39. young on October 28, 2011 at 11:07 pm

    @Invest it Wisely- I never thought of such thing a side income until recently and I really like the idea. I know that side income like rentals, investment properties, websites etc. aren’t necessarily passive, but with effort they do produce some result 🙂

    Yeah, highways, healthcare, etc. we got a lot to be worried about. But must think positive 🙂 There WILL be a light at the end of the tunnel!



  40. young on October 28, 2011 at 11:08 pm

    @Financial Samurai- Thanks Sam! Appreciate your enthusiasm. I agree that a lot of 20somethings are super creative and doing fantastic with start up companies left right and centre, but for the average bloke or lass (perhaps someone who is computer illiterate) we’re at quite the disadvantage.



  41. LB on May 11, 2012 at 12:47 am

    IT is sad to hear that. When I was working in Turkey, there was one other American working with me, and we were roughly the same age, but they thought it was insane how hard we Americans worked, and man I thought I was being lazy most of the time, but I soon realized that I actually do a lot of things, and at jobs back in America I usually worked harder for less pay and benefits. When I lived in Japan as a student in Uni. When I took on jobs I worked hard, but the pay was great, and the benefits were good. So I see where you are going, but being back in the US I understand the lack of motivation to work hard. Why? The job might be dead end. They’re in debt over their eyeballs. working harder won’t solve anything unless you have an actual game plan, but what if you did have one, and suddenly found yourself locked out of it due to the increased barriers of entry? This is a societal thing. While the US economy is very inclusive. It is becoming more and more extractive and less inclusive, and I believe the first to feel it are the youth. Anyway this is a real problem, if the US continues this way it’ll be no different than some of the under-developed countries I have lived in. The masses are poor and exploited, a minority are insanely wealthy and enjoy 21st century life. That isn’t a healthy society as every decade or so those elites get displaced and new ones take their place. That isn’t stable. Anyway I like to look at the big picture due to my experiences around the globe. I am now 24, and I am seeing the big picture here in the US. I think there is a real paradigm shift happening with the youth. Simply put people aren’t going to work hard at something they don’t see or receive benefits from. To say that’s lazy is dumb. No one should work for free or work hard for less than their worth. It matters in that sense. If your education attainment is high your expectations is to go on a career track that lets you utilize that credential. Though if your value expectations are greater than value attainment well such a disparity creates the awkward situation we have in the US. Though I believe Gen X were the first to feel the full wrath of an extractive economy.



  42. LB on May 11, 2012 at 12:50 am

    Wait, you have a mortgage, man I got student loans I don’t have time or resources to buy a house!



  43. LB on May 11, 2012 at 12:51 am

    the same is true for Canada. It is a N. America problem.



  44. Karen on July 2, 2012 at 6:05 am

    I think there is still some hope for the 20 and 30 somethings out there, but we were really need to get our a$$es in gear. I only know a few people who have good incomes, and manage their money carefully by being frugal, saving and investing. I don’t think anyone really talks about these things in person though, unless its with their financial advisor. Most money discussions seem to take place in online forums such as commenting on a PF post.

    My mom has commented that the Gen X/Y group always want to enjoy life and travel and have the newest, latest thing. I do want to enjoy life and travel (I don’t keep up with the Joneses though, that’s for sure), but not if my savings are at risk!

    People need to discipline themselves and be patient, which at times can be tough!



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