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(Forbes)   Millennials are using cash far more often than credit cards in the wake of recent security breaches and the realization that they don't make enough money to have credit cards in the first place   (forbes.com) divider line 216
    More: Obvious, security breaches, Target, credit cards, digital native  
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2147 clicks; posted to Main » on 18 Mar 2014 at 7:05 AM (24 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-03-18 10:08:34 AM
Did it ever occur to anybody that in a functional culture with a functional economy, the rule of the day wouldn't be sharpening your minefield navigation skills in order to come with a better con that will let you hit 70 with a roof, meds and running water?  The latter of which, atm, I don't thave because thieves broke into my duplex last night ans stripped all the copper pipe out while I and my downstairs flatmate were at work.  I blame boomers.
 
2014-03-18 10:09:04 AM

RockofAges: I'm '84. Generation X mostly reminds me of DE-Generation X.

/two words for ya? anyone?



SUCK IT!!
*Does D-Gen X Arm Motions*


/Gen X, But not De-Gen X
 
2014-03-18 10:10:12 AM
Not enough money to have credit cards??! WTF? Pass the crack, subby.
 
2014-03-18 10:10:50 AM

reprobate1125: I really believe that some people who get into a little trouble are better off for it.


If that was universally true then no pilot would ever survive flight training.
 
2014-03-18 10:13:28 AM

reprobate1125: emarche: reprobate1125: BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?

I took two years out of the workforce to get an MBA. I did NOT pursue the MBA so that I could get a role in finance, I pursued the MBA because I took zero business classes (unless Micro/Macro econ is considered a business class - I have yet to find a situation where I'm required to discuss pareto optimality in the business world). My area of specialization was corporate/business strategy, which gave me wide exposure to virtually every track (finance, marketing, IT, HR, etc.)

It wasn't (completely) worth it.

While the fact that I have an MBA has come up in a few conversations/interviews, I firmly believe that I would know exactly what I know now had I simply made a trip to the library or local B&N and picked up a few books on each area of focus. Better yet: if I  actively pursued first-hand experience in these areas within my industry, I most likely would have figured out exactly what I need/don't need to know (I use managerial account almost as much as I use my extensive knowledge of pareto optimality: never).

Before you commit to pursuing an MBA full-time or even part-time, I'd offer up the following advice: decide what you want to be when you grow up. Not a vague sense of a 'I think it's my end goal', but a sharply defined target. Then, if you're able, do what you can to learn about that role first-hand and work at it. You may surprise yourself with how far you get. At that point, revisit the decision. If you really think it'll help (you'll know for certain at that stage), go for it.

Though I don't have any wild regrets over obtaining the degree, I would rather not have student loans and I'd gladly take back the two years I spent out of the industry.

Just my 2 cents.

Thanks for the input. I read/listen to every good business book I can get my hands on and I've done pretty well so far. I think I'll go MBA if I ever have a job that pays/partially ...


That sounds like a very smart plan - good luck!!
 
2014-03-18 10:19:08 AM

dragonchild: If that was universally true then no pilot would ever survive flight training.


Some people. Little trouble.

http://dictionary.reference.com/browse/some?s=t
http://dictionary.reference.com/browse/little?s=t
http://dictionary.reference.com/browse/universally?s=t
 
2014-03-18 10:21:08 AM
As a financial counselor I hope this trend continues. I'm not anti-credit card or anti-debt-card, but I see the issues tied to their abuse on a daily basis. Credit card debt is still a huge problem. And the big problem with debit cards is the overdraft aspects that many people opt into and cost them big bucks.
 
2014-03-18 10:25:29 AM

GBB: My issue was that I had absolutely no guidance as to how to handle finances.


I hate this excuse. I had no guidance, either, but I managed to not run up the credit cards. I've had at least one card since I was a teenager and only ever carried a balance when I had an introductory 0% offer. What magic handling did this require? Spending < Earning. The alligator eats the big one. That's it! That's everything.

I understand when people get in trouble because they lost their job, took a pay cut, had unexpected expenses, or some other hardship, but running up the bill because you don't understand how a less than sign works doesn't happen due to lack of guidance. It happens because you're stupid.
 
2014-03-18 10:28:12 AM

rumpelstiltskin: illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works

The millennials are the generation that "came of age" at the turn of the century. We say "came of age", because while other generations may have "grown up", the millennials just sort of stumbled from birthday to birthday. But that's beside the point. Another cohort is hot on their heels and will be entering the workforce in five years or so, and we don't have a name for them yet. I know everyone has a lot on his plate at the moment, and we don't have to solve this problem right away, but we should be looking for ideas. I'm sure the millennials want to start making fun of someone else as soon as possible, and we'll need to have a name ready to go.


Let's get on the stick, people.  How can we sneeringly hate people if we don't have a name for them?

/Boomer
//Soon to be euthanised
 
2014-03-18 10:29:00 AM

Cerebral Ballsy: The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.

I have a coworker trying to date me who doesn't use cash, even small amounts.

/I won't even be your friend if you're one of those annoying-ass people


Agreed. I'll cover you once or twice if we go somewhere like a food truck and all you have is a debit card.

After I have to then run you to an ATM to get me back, because you keep "forgetting" to get some cash...

I just stop inviting you.
 
2014-03-18 10:29:12 AM

reprobate1125: macross87: reprobate1125: Snarcoleptic_Hoosier: Of course, student loans that equal about a car payment don't help either.

And you can't bankrupt out of the loans for that psychology degree.

What about for my MBA or Accounting degree?

Can't bankrupt out of that either :) But at least I'm guessing that was a better investment.

BTW, I don't know if you were trolling, but if you really did get an MBA, was it worth it?

I would love to get one, but there is such a glut right now.  I know I'd have to specialize. Just curious.


I can shed some light on this.  My company is a supplier for a bunch of multinationals and one of them sent over a group of their management class to see how things worked at our place.  EVERY single one of them has an MBA on top of their engineering degree or some such other undergrad degree.  Other customers about the same size or larger seem to be on the same kick if you want to go anywhere and aren't already over 30 and have established yourself within the organization already.  I'm not sure if that's a representative sample of the world at large but I found it pretty shocking.
 
GBB
2014-03-18 10:30:07 AM

reprobate1125: GBB: This was also after I cleared out a $5K IRA that was gifted to me at my high school graduation.

I'm glad for the turnaround and I really believe that some people who get into a little trouble are better off for it.

How do you gift an IRA? Was inherited?


Go to bank, say "I want to set up an IRA for [insert name] in the amount of $X.XX"
 
2014-03-18 10:32:30 AM
wac.450f.edgecastcdn.net

This is Steve.  Steve's future is screwed because of banksters.

www.collegebeing.com

This is Bob.  Bob's future is screwed because of banksters.

data3.whicdn.com

Meet Edna and Stan.  They are utterly hosed because of banskters.

Place your selfie here.
 
2014-03-18 10:34:39 AM

lilbjorn: Let's get on the stick, people.  How can we sneeringly hate people if we don't have a name for them?

/Boomer
//Soon to be euthanised


Yeah, you can't trust people to just barf up the the common wisdom, these days.  Damn kids.
 
GBB
2014-03-18 10:34:50 AM

thurstonxhowell: GBB: My issue was that I had absolutely no guidance as to how to handle finances.

I hate this excuse. I had no guidance, either, but I managed to not run up the credit cards. I've had at least one card since I was a teenager and only ever carried a balance when I had an introductory 0% offer. What magic handling did this require? Spending < Earning. The alligator eats the big one. That's it! That's everything.

I understand when people get in trouble because they lost their job, took a pay cut, had unexpected expenses, or some other hardship, but running up the bill because you don't understand how a less than sign works doesn't happen due to lack of guidance. It happens because you're stupid.


So, finances is an instinctive trait in your species?   Welcome to Earth.  We humans are born with very little instincts.  Generally, everything we know, we had to learn.
 
2014-03-18 10:40:33 AM

GBB: Go to bank, say "I want to set up an IRA for [insert name] in the amount of $X.XX"


That's illegal.  IRAs are for earned income only...and banks are bad places to do them.

Unless you had earned income in high school that was enough to qualify for the contributions to that IRA.
 
2014-03-18 11:02:10 AM
BumpInTheNight: ...  I still like to collect coins though, pennies particularly.  I keep them between my butt cheeks for a few days and then fill up those take a penny leave a penny dishes, you are welcome. ...


My week started off poorly and this made me laugh.  Thank you for the chuckle.
 
GBB
2014-03-18 11:03:34 AM

reprobate1125: GBB: Go to bank, say "I want to set up an IRA for [insert name] in the amount of $X.XX"

That's illegal.  IRAs are for earned income only...and banks are bad places to do them.

Unless you had earned income in high school that was enough to qualify for the contributions to that IRA.


Eh... maybe it was a CD.
 
2014-03-18 11:08:24 AM

RockofAges: You do not have fraud protection. See above link.


That happened in Canada. Do they have the same liability laws as the US?

/in fact, the US will probably go chip and signature (instead of PIN) precisely because of those.
 
2014-03-18 11:09:01 AM

Yankees Team Gynecologist: Serious, nonjudgmental question for those out there who have ever actually borrowed on a credit card (i.e., did not pay it off every month): why did you do it? Did you lack shopping discipline at the time? Did you simply not understand how the card worked? Were you in a bind and needed the money?

To many it's a no-brainer to use a card in a disciplined manner and pay it off every month so that you build credit, collect rewards, and have fraud protection without paying any interest or fees. But enough people refute this notion such that it must not be as simple as it sounds. Some CSBs might help bridge the gap of understanding.


There are more than one way that this happens.
In some cases, people will get a card, in opes that it really is just some sort of bufer "just in case", or a means of building credit.  But many times, that "just in case" actually happens, and you end up with an insurmountable debt.  The cycle being that you pay what you can afford ($50 say), and get charged $49.50 in interest.  So you'll never pay it down.

This happened when my son was born, and ended up in the hospital for a month.  We owed the hospital $90k.  That sucked.  We had to file bankruptcy to finally get rid of the debt.

Zoom forward to today.  We went for about 3 years with NO cards at all.  I just recently got a high-interest Credit One card, with the specific intention of using it to rebuild our credit.  So far so good.  We pay it all off (except like $20), every month.  They keep raising our credit limit.  Of course we hope we never have to use it.

I will always find it odd the way that credit works in this world.  You NEED credit to get good credit.  You pay through the nose to get that good credit.  In other words, the less you NEED credit the more it will cost you to get it.  The MORE you need credit, the more it will cost you.
That sucks.
 
2014-03-18 11:13:54 AM
Ever try to buy illegal shiat with a CC?  Things like moonshine, weed, raw milk, etc.  Cash will always beat a CC because it allows you to be free
 
2014-03-18 11:14:20 AM
I use a lot of cash because I earn tips at my job and it's not always convenient to get all that money to the bank. Paychecks are used on rent, bills, etc, since those are direct deposit anyway.
 
2014-03-18 11:19:54 AM
I thought most millennials worked for tips and didn't report most income anyway.
 
2014-03-18 11:20:55 AM

trappedspirit: I thought most millennials worked for tips and didn't report most income anyway.


They're at most 14 years old so you know, kind of limited options there.
 
2014-03-18 11:23:08 AM

quantum_csc: 9. Buying stuff online is extremely difficult without a credit card, and you can find most things cheaper online (saving you more money).


Buying stuff online is super easy with debit cards though.
 
2014-03-18 11:37:25 AM

allylloyd: RottenEggs: illannoyin: Isn't the millennium only 14 years old?

/I don't really understand how that whole generation naming thing works

I thought Gen X refered to youth dealing with the aftermath of WW2 .

Baby Boomers: 1945-1965
Gen X: 1966-1986
Gen Y: 1987-2000
New Millennium: 2001-

Generations usually run 20 years. Baby Boomers: War causes people to have children. It's a natural reaction. Gen X wasn't effected by WW2 in anyway; our parents were. Gen X (I'm one of them) was effected by MTV and the Reagan Presidency. Gen Y was effected by cell phones and 24 hour news programs. The New Millennium started off bad (9/11/2001), hopefully it will end on a happier note.


Robert Capa would disagree ?

upload.wikimedia.org
 
2014-03-18 11:45:22 AM
www.orangejuiceblog.com
 
2014-03-18 11:46:43 AM

GBB: So, finances is an instinctive trait in your species?   Welcome to Earth.  We humans are born with very little instincts.  Generally, everything we know, we had to learn.


Humans are born with A LOT of instincts. Being born with instincts is quite literally the very reason that animals are able to survive. Instincts get you by until one is able to learn and then add that knowledge to the instincts. Instincts are there from cradle to the grave.

I'm a Millenial. I had virtually no training with finances. I figured it out as I went and took a moment to think before I acted. I've only ever had 1 credit card. It's been over a decade and I've never overdrawn on it. If I see something I want but shouldn't buy at that point in time, I don't. Simple as that. "No one told me not to" isn't a valid excuse here for going into massive debt over frivolous things. It doesn't take much thought to figure out the basics. The advanced stuff can be learned through a myriad of means. One just needs to have the thought and willingness to learn in the first place. That cannot be taught. That is innate.

"On campus, every semester, they would have events and the ubiquitous credit card sign-up tables.  I got myself a Discover card and used it sparingly.  Then the offers started pouring in.  I ended up with a total of 4 accounts, and I started using them.  The minimum payments seemed so reasonable!   I started off paying more than the minimum, but less than the balance.  Soon, I had hundreds on credit. "

"But, look at all that unused credit.  I put an expensive cruise vacation on credit.  It was well deserved.   And a new laptop.  I still had no discipline."

No amount of classes or conversations with parents/teachers/etc will change what happened there. That right there is poor impulse control and an inability to think ahead. That is poor instincts. Training cannot overwrite the inability to follow said training. If everything you need is in a box you have to actually open the farking box first.

So, yes, this basically is an instinctive trait. You had bad instincts. Stop projecting your bad traits on the rest of us.

Before I buy any "big ticket" item I go though these questions. "Do I need this? Do I want it enough if I don't? Can I afford this right now? If I afford this right now will it be a problem or reduce my ability to afford other needed things in the future?"

It's the same thought process that I've had since I was 15 and had my first job. My mother is awful with money. I didn't learn anything from her. My highschools were a joke with econ classes. That general thought process of mine is instinct. Just because you "can" doesn't mean you should. That's impulse control. That's innate. Hell, I came across a story a while back about a financialadviser who had a problem with staying in debt because he couldn't control his spending. That's not too unusual of a story. If your instincts are bad enough then no amount of training will override that.

You got into debt because of you. Stop blaming others for not stopping you. Own your situation, for farks sake.
 
2014-03-18 11:52:06 AM

Freudian_slipknot: Cerebral Ballsy: The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.

I have a coworker trying to date me who doesn't use cash, even small amounts.

/I won't even be your friend if you're one of those annoying-ass people

That's a super cool thing to be really upset about.

Personally, I use a card for everything.  Even super-small purchases.  Everything auto-pays onto the card, including utilities where possible.

At the end of the month, I have an accurate history of exactly where my money was spent and I pay off the card.

I have an exact history down to the penny of my spending habits, down to how often I grab fast food at lunch or how much I've spent on shoes in the last 5 years.  It definitely helps when trying to find places where I could slim down the budget instead of looking at an empty wallet at the end of the week and trying to remember where it all disappeared to or sorting through a handful of crumpled receipts.

I've never been in debt, other than my mortgage.  I've never even take a car loan.  But because of my solid history with my card, I was in the top-tier for credit rating when I applied for that mortgage.

I have never in my life carried a balance over on my card or paid a single cent in interest on those charges.

tl;dr You're ridiculous for judging someone using a card without knowing the details.

/born in 82.  Technically a millennial, I guess.


---
Just curious: Do you carry a back-up card in case that one gets lost/stolen/compromised?

/had my ccard# used to buy electronics in Detroit while I was on a 9000 mile plane ride (so had no problem proving it wasn't me) but was glad I had another ccard to use.
///has never lived anywhere near Detroit
 
2014-03-18 12:07:49 PM
nanim:
---
Just curious: Do you carry a back-up card in case that one gets lost/stolen/compromised?

/had my ccard# used to buy electronics in Detroit while I was on a 9000 mile plane ride (so had no problem proving it wasn't me) but was glad I had another ccard to use.
///has never lived anywhere near Detroit


I have a debit card for that issue, should it become necessary.  Otherwise, the only use the debit gets is the occasional Costco run when I can get someone to let me sponge off their membership.

Had my CC number stolen a few years back, on Christmas Eve.  Got a phone call from my bank that night (feel sorry for the guy working xmas eve) and they had a new card overnighted to me (came the day after xmas).   Considering the timing, I didn't actually need to use a card during that couple of days.

I do occasionally pull out cash for cash-only places or when going out with a big group knowing I'll need to split the bill.  But I can manually amend the withdrawl entry online with my bank to indicate what it was for and spent on so it works in my system.
 
2014-03-18 12:18:21 PM
Is this the thread where farkers say they have a credit score of 851 because they use their credit cards for specific expenses and pay off the balance each month?  Of course, you automatically pay the minimum by automatic transaction as well just for kicks.  Don't forget to mention that you use your lower interest (prime less .4%) line of credit for large purchases.  Yes, you have the money for it but you pay it off in three monthly installments to further boost your credit score.

Of course you keep +$1,000 cash on hand in case of emergencies, and we already knew that you had an additional three months worth of income in a high interest savings account and a well funded retirement plan.  Yes, we know it's really easy to do this when you have a detailed monthly budget clearly setting out your disposable income while setting aside 20% of your gross income for retirement.

/No?
//Well I guess I'll be that guy then
///1985 "Millennial"
 
2014-03-18 12:19:07 PM

macross87: pottie: macross87: Euthanizing BabyBoomers helps to free up that medical burden too

We should have aborted you

You did. I'm the cremated fetus in a display case.


That's a pile of cat litter.
 
2014-03-18 12:21:56 PM

GBB: thurstonxhowell: GBB: My issue was that I had absolutely no guidance as to how to handle finances.

I hate this excuse. I had no guidance, either, but I managed to not run up the credit cards. 

So, finances is an instinctive trait in your species?   Welcome to Earth.  We humans are born with very little instincts.  Generally, everything we know, we had to learn.


I was lucky in terms of guidance.  Basically, at nearly any point where there was a financial decision, I asked myself "would my parents have done this?"  And, if they would have done it, that's exactly what I didn't do.  They were a powerful counter-example.
 
2014-03-18 12:23:03 PM

HindiDiscoMonster: The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.

If I get robbed of my cash, how do I get it back?

oooh right... no protection on that... I will continue to use my debit/VISA thanks... rob me of that, I get the money back by 5pm same day.


That is why you get a concealed carry permit.
 
2014-03-18 12:26:07 PM

BumpInTheNight: trappedspirit: I thought most millennials worked for tips and didn't report most income anyway.

They're at most 14 years old so you know, kind of limited options there.


The absolute youngest of them would be 14
 
2014-03-18 12:26:39 PM

D135: Is this the thread where farkers say they have a credit score of 851 because they use their credit cards for specific expenses and pay off the balance each month?  Of course, you automatically pay the minimum by automatic transaction as well just for kicks.  Don't forget to mention that you use your lower interest (prime less .4%) line of credit for large purchases.  Yes, you have the money for it but you pay it off in three monthly installments to further boost your credit score.

Of course you keep +$1,000 cash on hand in case of emergencies, and we already knew that you had an additional three months worth of income in a high interest savings account and a well funded retirement plan.  Yes, we know it's really easy to do this when you have a detailed monthly budget clearly setting out your disposable income while setting aside 20% of your gross income for retirement.

/No?
//Well I guess I'll be that guy then
///1985 "Millennial"


This made me laugh. Thank you.

/it is in every CCard thread I've ever read here.
 
2014-03-18 12:28:05 PM

CtrlAltDestroy: GBB: So, finances is an instinctive trait in your species?   Welcome to Earth.  We humans are born with very little instincts.  Generally, everything we know, we had to learn.

Humans are born with A LOT of instincts. Being born with instincts is quite literally the very reason that animals are able to survive. Instincts get you by until one is able to learn and then add that knowledge to the instincts. Instincts are there from cradle to the grave.

I'm a Millenial. I had virtually no training with finances. I figured it out as I went and took a moment to think before I acted. I've only ever had 1 credit card. It's been over a decade and I've never overdrawn on it. If I see something I want but shouldn't buy at that point in time, I don't. Simple as that. "No one told me not to" isn't a valid excuse here for going into massive debt over frivolous things. It doesn't take much thought to figure out the basics. The advanced stuff can be learned through a myriad of means. One just needs to have the thought and willingness to learn in the first place. That cannot be taught. That is innate.

"On campus, every semester, they would have events and the ubiquitous credit card sign-up tables.  I got myself a Discover card and used it sparingly.  Then the offers started pouring in.  I ended up with a total of 4 accounts, and I started using them.  The minimum payments seemed so reasonable!   I started off paying more than the minimum, but less than the balance.  Soon, I had hundreds on credit. "


As a gen-Xer, I did just that. Signed up for multiple credit cards because of booths like that. I made minimum payments until I could afford to pay off more. I learned more about personal finances in two years because of that experience than anyone ever taught me beforehand. I don't think it was because I was innately gifted with good math skills or self-control. I don't claim either one. It was because I saw what it was doing to my account balance every month on my bills.

I learned how to game the system to get better and better perks from my cc companies. I've paid off my cc bills every month for the past twenty years or so, and I've used them as often as possible. Additionally, I could give a shiat if "they" track my purchases. Who cares?
 
2014-03-18 12:32:06 PM

GBB: Eh... maybe it was a CD.


Ok. I wasn't pushing you...I was just really confused.
 
2014-03-18 12:39:17 PM
[ring ring] Hello

BoA: Mr Degenz this is Bank of America, we want our money.

Me: You mean the outlandish fees, penalties and interest you charged? Go f*ck yourself.

BoA: We'll ruin your credit and sue you.

Me: Bring it, asshole.

[click]

I just went and got another bank account sans credit card. Eight years later I haven't paid them a dime. The debt has been removed from my credit report and they can't sue me because they don't know where I live. I would have been happy to pay them if they weren't such greedy dickheads exploiting a bad situation.
 
2014-03-18 12:41:47 PM

The Muthaship: Good.

Grown ups carry cash.

I'm proud of you.


What's a grown UPS?
 
2014-03-18 12:57:54 PM
The only thing I buy with cash is Drugs.
 
2014-03-18 01:00:44 PM

reprobate1125: Snarcoleptic_Hoosier: Of course, student loans that equal about a car payment don't help either.

And you can't bankrupt out of the loans for that psychology degree.


Personally, I would be cool with a federal repossession option for student loans, a la tire iron to the head.

"No, please! I have a Masters in Ancient Liter.... -WHACK- I'M GOING TO EAT MY CAR KEYS!!"
 
2014-03-18 01:32:44 PM
IMHO, I wouldn't be surprised if this "trend" is the result of millennial doing under-the-table jobs for extra cash.

Having one job just insist cutting it anymore, you need side income to survive with stagnant wages and rising costs. Minimum wage is so low it almost isn't worth it to get a night-time or weekend job. Under the table is really your only option.

/Need to start something, immigration and a layoff made me so broke
//Slowly climbing back to the top
 
2014-03-18 01:38:25 PM

Degenz: I would have been happy to pay them if they weren't such greedy dickheads exploiting a bad situation.


You would have never paid them. People like you always blame someone else for their bad decisions, following up with conflating some perceived injustice out of thin air to avoid your responsibilities.

You're "mad" at them so you don't have to pay them. I get it. I know people like you.
 
2014-03-18 02:12:29 PM

shortymac: IMHO, I wouldn't be surprised if this "trend" is the result of millennial doing under-the-table jobs for extra cash.

Having one job just insist cutting it anymore, you need side income to survive with stagnant wages and rising costs. Minimum wage is so low it almost isn't worth it to get a night-time or weekend job. Under the table is really your only option.

/Need to start something, immigration and a layoff made me so broke
//Slowly climbing back to the top


Makes you wonder when sh*t is actually going to hit the fan.

/I expected OWS to stay in the news longer than it did and change more than it did.
 
2014-03-18 02:33:11 PM

Geoff Peterson: I get it. I know people like you.


And I know people like you.  :  )
 
2014-03-18 03:26:14 PM

RockofAges: bunner: RockofAges: bunner: By the way, as far as functional societies go, the guy selling "F*cking old people f*cking f*cked everything up and sh*, dude!" doesn't exactly look look like Solutions Man©

Hand over the reigns and see how it's done. Until then, grip them with your wrinkled fingers until your surburban illusion collapses. You guys farked it up. Granddad's generation didn't.

It's spelled "reins" and I have some rather unpleasant news to impart.  There are no reins.  And if there were, they sure as hell wouldn't be in the hands of any given group because of what year they were born.  Time Life really *isn't* the most accurate historical reference.

Yeah, too much wine last night, speak and spell. And yes, generations hold power due to their age. I'm pretty sure despite your protestations that there are very few Millenials making policy, or at the "reins" of power.

Look man, it's nothing against you personally. Just like I said about my own folks. Exceptions to the rule. But the rule is -- the boomers as a generation were handed everything. Economic prosperity, free love, and a fake hippy movement (keep in mind that Gen X / Millenials -- 80s kids -- are the ones that, ironically enough are going to legalize the demon weed) and still sold out your own countrymen AND your children.

Yeah, the "greatest generation" didn't do that. They fought a goddamn war against Hitler and then passed a bright torch to your generation, where it was smothered and sold off to China and some guys in suits for the promise of "security". It is awfully nice in suburbia. Quiet. That sort of thing.


Millennials are 80's kids now?
 
2014-03-18 03:33:34 PM

themindiswatching: shortymac: IMHO, I wouldn't be surprised if this "trend" is the result of millennial doing under-the-table jobs for extra cash.

Having one job just insist cutting it anymore, you need side income to survive with stagnant wages and rising costs. Minimum wage is so low it almost isn't worth it to get a night-time or weekend job. Under the table is really your only option.

/Need to start something, immigration and a layoff made me so broke
//Slowly climbing back to the top

Makes you wonder when sh*t is actually going to hit the fan.

/I expected OWS to stay in the news longer than it did and change more than it did.


Quite frankly, I think it's changing but it's going to be slowwwwwwww.  You can't exactly protest if you are too terrified of being fired from your McJob to take a few days off.

The problem is going to be that the republican party is still being run by older boomers who are terrified of ANY change, even if it screws them over. The millennials are roughly the same size of the boomers, so it's going to get politically interesting in the next 2 decades.

However, a lot of boomers didn't save enough for retirement and/or got screwed with the 2008 crash. A lot of their "wealth" is tied up in their houses and if their kids don't have good enough jobs to buy a house, both sides are going to get screwed. You're going to see the return of multi-generational families.

If incomes don't start rising soon, EVERYONE is going to get screwed. Companies are resisting this because they are focused on the short-term, in the long-term companies are shooting themselves in the foot if they don't have enough money to buy your products. They should remember the lesson Henry Ford taught us.
 
2014-03-18 03:42:57 PM

D135: an additional three months worth of income in a high interest savings account


Wait, where can you find one of those these days?! I don't think any of them even break 1% these days, do they?
 
GBB
2014-03-18 04:31:22 PM

CtrlAltDestroy: GBB: So, finances is an instinctive trait in your species?   Welcome to Earth.  We humans are born with very little instincts.  Generally, everything we know, we had to learn.

Humans are born with A LOT of instincts. Being born with instincts is quite literally the very reason that animals are able to survive. Instincts get you by until one is able to learn and then add that knowledge to the instincts. Instincts are there from cradle to the grave.

I'm a Millenial. I had virtually no training with finances. I figured it out as I went and took a moment to think before I acted. I've only ever had 1 credit card. It's been over a decade and I've never overdrawn on it. If I see something I want but shouldn't buy at that point in time, I don't. Simple as that. "No one told me not to" isn't a valid excuse here for going into massive debt over frivolous things. It doesn't take much thought to figure out the basics. The advanced stuff can be learned through a myriad of means. One just needs to have the thought and willingness to learn in the first place. That cannot be taught. That is innate.

"On campus, every semester, they would have events and the ubiquitous credit card sign-up tables.  I got myself a Discover card and used it sparingly.  Then the offers started pouring in.  I ended up with a total of 4 accounts, and I started using them.  The minimum payments seemed so reasonable!   I started off paying more than the minimum, but less than the balance.  Soon, I had hundreds on credit. "

"But, look at all that unused credit.  I put an expensive cruise vacation on credit.  It was well deserved.   And a new laptop.  I still had no discipline."

No amount of classes or conversations with parents/teachers/etc will change what happened there. That right there is poor impulse control and an inability to think ahead. That is poor instincts. Training cannot overwrite the inability to follow said training. If everything you need is in a box you have to actually open the farking ...


You should probably calm the fark down and go back home.
The point of what I wrote was to answer a question, not to whine about what happened in my life.
Congrats to farking you for figuring shait out earlier in life than I did.  Where do you want me to mail the cookie?
 
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