Skip to content
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Marketwatch)   Finally some good news from Millennials, they plan to redistribute wealth from older generations to the young in a new 'age of disorder'   (marketwatch.com) divider line
    More: Spiffy, Generation Y, era of globalization, age of disorder, President Donald Trump, start of a new era, Tesla, younger people, older generations  
•       •       •

1315 clicks; posted to Business » on 10 Sep 2020 at 9:50 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



58 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest


Oldest | « | 1 | 2 | » | Newest | Show all

 
2020-09-10 9:48:53 AM  
I can't wait for the parades of bespoke, artisanally crafted guillotines to show up on Etsy.
 
2020-09-10 9:54:24 AM  
Fark user imageView Full Size

 
2020-09-10 9:54:51 AM  
Soylent Avocado is old people.
 
2020-09-10 9:58:42 AM  
Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.
 
2020-09-10 10:00:07 AM  
Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.
 
2020-09-10 10:02:24 AM  
I'm glad we're just full-on making up vague threats out of thin air now.
 
2020-09-10 10:05:53 AM  

A Cave Geek: Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.


In the last couple years I've seen so many instances of older folks either giving terrible financial advice or objectively throwing their money away on useless purchases.
 
2020-09-10 10:06:08 AM  
Oh, Deutsche Bank.  OK.  The worse performing investment bank in the world.  Pass.
 
2020-09-10 10:06:42 AM  

Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.


Speaking as a proto-millenial who's achieved some success in his life:  I believe there is a middle ground to be found between millions struggling their whole lives without any hope through no fault or ability of their own while a small handful of individuals hold immense amounts of wealth...and a slightly more even scale for all of humanity to move forward with.
 
2020-09-10 10:20:48 AM  
A lot of the money that rich families have right now, they won't have in 2030.  Because the country is going to be more and more in need of money, and these days they're the only ones that have any.  Expect it to be made much much harder to transfer assets out of the US in the next few years.
 
2020-09-10 10:28:41 AM  

BumpInTheNight: Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.

Speaking as a proto-millenial who's achieved some success in his life:  I believe there is a middle ground to be found between millions struggling their whole lives without any hope through no fault or ability of their own while a small handful of individuals hold immense amounts of wealth...and a slightly more even scale for all of humanity to move forward with.


No doubt.  I agree with you.  Just leave the guillotines and Chairman Mao out of your plans.

The Beatles - Revolution
Youtube BGLGzRXY5Bw
 
2020-09-10 10:29:05 AM  

Incontinent_dog_and_monkey_rodeo: A lot of the money that rich families have right now, they won't have in 2030.  Because the country is going to be more and more in need of money, and these days they're the only ones that have any.  Expect it to be made much much harder to transfer assets out of the US in the next few years.


So ... because the nation's powerful wealthy are feeling "at risk", you believe that US policy will make it *harder* for the people who ostensibly write our policy to protect their assets?

I suppose it's a possibility.
 
2020-09-10 10:29:48 AM  

A Cave Geek: Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.


Eh, I thought they were no better. Why they're more frugal about day-to-day things, like using paper towels for napkins, they're more willing to spend a lot on an extravagant vacation rather than saving money.
 
2020-09-10 10:39:16 AM  
Wait, what is this wealth you're talkin about?
 
2020-09-10 10:42:23 AM  

thornhill: A Cave Geek: Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.

Eh, I thought they were no better. Why they're more frugal about day-to-day things, like using paper towels for napkins, they're more willing to spend a lot on an extravagant vacation rather than saving money.


But they're more likely to spend actual saved cash, and not use 'credit' like the older generations. especially credit-obsessed boomers.
 
2020-09-10 10:43:18 AM  

Zeb Hesselgresser: BumpInTheNight: Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.

Speaking as a proto-millenial who's achieved some success in his life:  I believe there is a middle ground to be found between millions struggling their whole lives without any hope through no fault or ability of their own while a small handful of individuals hold immense amounts of wealth...and a slightly more even scale for all of humanity to move forward with.

No doubt.  I agree with you.  Just leave the guillotines and Chairman Mao out of your plans.

[Youtube-video https://www.youtube.com/embed/BGLGzRXY​5Bw]


Tell you what - I promise I'll only vote for usage of guillotines for tax-cheats involving over a billion dollars, corporate or personal.  No need to go after the little guys when a couple headless billionaire execs will create the needed degree of respect for contributing back to the society that let them get so wealthy in the first place.
 
2020-09-10 10:58:19 AM  
BumpInTheNight:

Tell you what - I promise I'll only vote for usage of guillotines for tax-cheats involving over a billion dollars, corporate or personal.  No need to go after the little guys when a couple headless billionaire execs will create the needed degree of respect for contributing back to the society that let them get so wealthy in the first place.


Fair enough!


         
i.pinimg.comView Full Size


         I will not be the one to break the peace we have made here
          today.
 
2020-09-10 10:58:37 AM  

A Cave Geek: Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.


I doubt it.  My parents grew up in the depression, if you want to see skin-flints, tight with the money, debt adverse people, they lived every minute of their lives that way.
 
2020-09-10 11:07:33 AM  

BeesNuts: Incontinent_dog_and_monkey_rodeo: A lot of the money that rich families have right now, they won't have in 2030.  Because the country is going to be more and more in need of money, and these days they're the only ones that have any.  Expect it to be made much much harder to transfer assets out of the US in the next few years.

So ... because the nation's powerful wealthy are feeling "at risk", you believe that US policy will make it *harder* for the people who ostensibly write our policy to protect their assets?

I suppose it's a possibility.


The useful idiots of the "powerful wealthy," aka "the one percent," are the ones at risk of declining into genteel poverty.

The truly "powerful wealthy" who actually dream up the policy, and hire trained "policy wonks" to make it sound like something other than lunacy, will never have any trouble hedging their portfolios. Their money (and in extremis they) will always be welcome in any of a number of microstate tax havens.

Liechtenstein is lovely, if a little dull.

CSB: Vaduz is a small town of 5000 people, resembling provincial Swiss towns of a comparable size, and only slightly more expensive. Okay place to live if you don't mind keeping a low profile and making your own entertainment (or having the help do it for you), though Mrs. F and I exhausted its touristic possibilities after a couple of hours. Risk of hurricanes or direct hits by thermonuclear weapons extremely low.
 
2020-09-10 11:08:35 AM  

A Cave Geek: thornhill: A Cave Geek: Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.

Eh, I thought they were no better. Why they're more frugal about day-to-day things, like using paper towels for napkins, they're more willing to spend a lot on an extravagant vacation rather than saving money.

But they're more likely to spend actual saved cash, and not use 'credit' like the older generations. especially credit-obsessed boomers.


You might as well spend the money you have saved in short-term vehicles as the interest is generally woefully behind inflation and thus you are losing money by sitting on it.

Any long-term savings needs to be in either a 401k/403b plan that plays a stable market if you plan to add to it over time or some form of investment property/stock/co-op that you have the upfront capital for. Even 10-year CDs have dipped below 1% APY with MMAs barely above 1% and not being inflation. The problem with those long-term savings options is they don't provide an easy way to extract money for short-term goals except taking out loans against your vested principle, which is highly frowned upon.

There is simply a large gap at the moment for short-term goal saving.
 
2020-09-10 11:13:01 AM  

Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.


Except that every leader of "achievement free" types I've ever heard of will suddenly turn his back on the movement once he wins office (and is no longer achievement free).  Once you self-identify as a politician, you tend to look out for the ruling class's interests.

AOC was never "achievement free", nor marketed herself that way.  Oddly enough, most of Congress seem to have been born on third base but act like they achieved it all themselves.  Expect to see the word "tryhard" used more and more to describe the self made.
 
2020-09-10 11:15:50 AM  
The votes for Brexit in the U.K. and President Donald Trump in the U.S. in 2016 left many younger people feeling angry and alienated by political decisions that a sizable majority of them were against, the report says.
Then they should have gone out to farking vote.
 
2020-09-10 11:18:49 AM  

DecemberNitro: A Cave Geek: Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.

In the last couple years I've seen so many instances of older folks either giving terrible financial advice or objectively throwing their money away on useless purchases.


People who fell for sales pitches from 1980s hucksters (and probably paid more in credit card/loan interest than they did for college tuition) are giving financial advice to people who routinely have to remind them that their spectral asses are unlikely to have lineage intertwined with any Nigerian royalty; and further, that inheritance disbursements are not generally announced via email.

// also, it was a lot easier to save when you weren't spending 1/3-1/2 your salary on rent, Pops
// also also, I (a Millennial, but one of the oldest ones) think many of us don't realize how much help our parents got (my privilege is showing) - my grandparents helped my folks buy their first house and car, for example
// but then we were sold the myth of self-reliance for 30 years, and too many of us bought it whole-hog without realizing that intergenerational wealth (again with the privilege) was ALWAYS the driver
 
2020-09-10 11:20:03 AM  
vignette.wikia.nocookie.netView Full Size

Scroopy Noopers approves.
 
2020-09-10 11:21:35 AM  
There'll be a minor shift, but as the vast majority become part of the machine they hate, they'll only make minor changes to it overall.

That's the power of a system: By the time you have power to effect "radical" change, you no longer support radical change. You're invested in the system itself, and will protect your place in it to protect yourself and your children's future.
 
2020-09-10 11:23:22 AM  
Yes, pendulums swing both ways.
 
2020-09-10 11:41:05 AM  

Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.


Exactly, by the time the Millenials are in power they will be old and wealthy and won't want to give that up.  Just like the Boomers.  Gen Z is screwed.
 
2020-09-10 11:46:32 AM  

Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.


So...Progressives.
 
2020-09-10 11:57:17 AM  
Article reads as wishful thinking.  Millennials will actually need to start voting before any meaningful policy change will occur.  As long as they sit back and let Boomers and GenX represent at the ballot box, they aren't going to get any of their agendas passed.  Plus, they are already being sandwiched by GenZ (we really need to come up with a better name for them) who appear to be more engaged with the voting process and aren't lockstep with their elder siblings ideology.
 
2020-09-10 12:16:26 PM  

AngryDragon: Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.

So...Progressives.


Fark user imageView Full Size
 
2020-09-10 12:31:17 PM  

Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.


Yeah, having spent the last 30 years busting ass to accumulate a little security, I think I'll pass.

/could retire now
//and live out my days in just above poverty
 
2020-09-10 1:42:05 PM  

Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.


Lmao, you mean all the taxes I pay that go to bail out rich guys might actually go to people that need it?

Why would I be against that.

The only reason these people are "successful" is the because the deck is stacked in their favor.  If it were an equal playing field, they would be revealed as the losers they actually are.

Keep farking that meritocracy chicken though.
 
2020-09-10 3:23:29 PM  
So...
MarketWatch is running low an material to drive older generations to a panic...
Fark user imageView Full Size

...and are now turning to The Deutsche.
 
2020-09-10 3:44:21 PM  
redistribute wealth from older generations to the young

That normally happens when the older generation dies off.
 
2020-09-10 4:10:44 PM  

zeroman987: Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.

The only people into this for the long haul, are those that never intend to do anything, contribute anything, and or achieve anything.  That's the backbone of your movement, the achievement free.

Good luck with that.

Lmao, you mean all the taxes I pay that go to bail out rich guys might actually go to people that need it?

Why would I be against that.

The only reason these people are "successful" is the because the deck is stacked in their favor.  If it were an equal playing field, they would be revealed as the losers they actually are.

Keep farking that meritocracy chicken though.


Makes me think of the will Farrell movie where the guy has a picture of his computer and a younger him in his office.   He starts to tear up and says started his company all alone  with that computer, himself, (insert cry), and a 14 million dollar loan from his father.

I honestly don't understand why we have an inheritance tax with all the damn loopholes that are available. If you can't transfer your wealth tax free then you are doing it wrong.

Rich people write the laws and our Congress Critters past them. Been done that way forever
 
2020-09-10 4:45:41 PM  

Zeb Hesselgresser: Well, that's going to take some time.  Which means as the time gets closer, more of these young folks will have attained some measure of success themselves, and this will all seem less attractive to them.


Yeah, the report addresses that and is trying to tell the Boomers "they are going have the votes and WILL do this because they ARE at a huge disadvantage to you. So unless they see actual growth buckle up buckaroo. Revenge is coming"
 
2020-09-10 4:46:39 PM  

DecemberNitro: A Cave Geek: Honestly, from what I'm seeing, millennials are FAR better with their money than older generations, even us Gen X'ers, who are notoriously debt-averse, where possible.  Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.  They have better financial literacy, better understand financial vehicles than their older counterparts, and are more difficult to 'scam' with 'innovative financial products'.

In the last couple years I've seen so many instances of older folks either giving terrible financial advice or objectively throwing their money away on useless purchases.


"Fine China is a good buy"
 
2020-09-10 5:07:44 PM  
OLDER PEOPLE BAD!!!!!
 
2020-09-10 6:00:03 PM  
I don't understand any of this generational stereotype shiat. None of it rings true at all to me. Ya'll sound like freaking 19th century scientists navel-gazing about the disposition of the negro or something, except with birth date instead of skin color.
 
2020-09-10 6:11:28 PM  
Good thing the older generations are more likely to be heavily armed.
 
2020-09-10 8:18:59 PM  
Hah. I'll likely be gone by then and I'll have left all my money to cat shelters and organizations devoted to defending freedoms enumerated in the Bill Of Rights.
 
2020-09-10 10:28:33 PM  
Thats why you buy assets that are easy to give away to avoid the penalties of tax burdens. Taxes are meant to be avoided.

/not investment advice
//dont listen to me
 
2020-09-11 12:51:33 AM  

A Cave Geek: Millennials are more likely to be savers, less likely to use credit, more likely to use cash for big purchases, and less likely to use predatory loans.


Um... only that last one is actually good.

What financial literacy?
 
2020-09-11 1:54:35 AM  
"Don't worry they'll get more conservative as they get older and more financially stable" is a pretty strong whistle past the graveyard as an increasingly large cohort year-on-year gets increasingly radicalised by another year of Doing Everything Right and yet raining on the economic margins.

It's not that Millennials are going to age into complacency and then you're safe -- gen Z is facing an even worse economic picture and has an even lower opinion of capitalism. It's that every year, as Millennials get older and Boomers/Silents die off, the "dissatisfied youth" represent an increasingly large and decreasingly "youthful" share of the country as the economically marginalised "younger generations" take up one more year of the age curve.

Millennials are nearly 40 and watching the second "once in a lifetime" recession in a decade wipe out any career/wealth gains they've ever made. Gen Z is graduating into an abyss. Speaking broadly the only people who hear "capitalism" and think "opportunity" rather than "exploitation" -- and hear "socialism" and think "tyranny" rather than "prosperous European democracies" -- are those with grey hair.

Capitalism has stopped letting new people buy into it. Young people increasingly can't afford to own property, so why should they care about property rights? And if nobody is allowed to buy into an ideology, how can it sustain itself?
 
2020-09-11 2:04:20 AM  

AngryDragon: Good thing the older generations are more likely to be heavily armed.


Which is what we're seeing, yes. It's becoming increasingly clear that majority-rule democracy would lead to socialism; therefore given a choice between capitalism or democracy, conservatives are choosing to preserve capitalism at the expense of democracy.
 
2020-09-11 6:06:11 AM  

pkjun: AngryDragon: Good thing the older generations are more likely to be heavily armed.

Which is what we're seeing, yes. It's becoming increasingly clear that majority-rule democracy would lead to socialism; therefore given a choice between capitalism or democracy, conservatives are choosing to preserve capitalism at the expense of democracy.


You sound smart, I'm going to favorite you.
 
2020-09-11 7:55:44 AM  

darkhorse23: Wait, what is this wealth you're talkin about?


It's what you create when you work hard and make smart choices with your money.
 
2020-09-11 8:03:06 AM  

jjorsett: Hah. I'll likely be gone by then and I'll have left all my money to cat shelters and organizations devoted to defending freedoms enumerated in the Bill Of Rights.


Given your general track record, I assume this to mean you plan to split your final $13.87 between PETA and the NRA.
 
2020-09-11 9:04:45 AM  
I have a 5%'er "friend" who has been expecting this for ages now. He's been researching emigrating to Costa Rica for a while.

Good luck moving closer to the equator as climate change kicks into full bore.
 
2020-09-11 9:21:30 AM  

RTOGUY: darkhorse23: Wait, what is this wealth you're talkin about?

It's what you create when you work hard and make smart choices with your money.


and being born on 3rd base can help too.
 
Displayed 50 of 58 comments


Oldest | « | 1 | 2 | » | Newest | Show all


View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking





On Twitter



  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.