The average net worth of a baby boomer is 1.2 million if you can believe it. To be honest, any individual that made around 75k or more most of their career and contributed actively to their 401(k) the entire time, while avoiding debt would easily fall into that category.
1 Like
Current net worth and net worth to pass on upon death are two very different things. Also, Boomersâ children would be Generation X. Is that the generation of âlazy kidsâ in question?
3 Likes
This is more complex than just being lazy. If you look at surveys on future outlook, most young people are very pessimistic and at least somewhat rightfully so based on how unaffordable stuff is.
It is objectively much more expensive and difficult to afford a house or new car compared to prior generations. People arenât exactly encouraged to go grind when there is little to show for their work.
The dopamine stuff is also complex bc all of society is about short term outcomes. For publicly traded companies , share price is the only thing that matters and CEOs decisions nearly solely revolve around what they can do to pump share price, get their incentive based compensation and move on , rather than long term positioning or things which will be more beneficial in the long term. Itâs substantially less common for people to have long term tenured at their jobs now compared to 30 years ago. So itâs not just young people, basically all of society has shifted to a short term model where the only things that matter are short term outcomes.
Government same way. Neither party cares about the debt and doing the things you have to do to address it is politically untenable , bc while it may be better for us long term, would inevitably cause short term pain.
1 Like
Letâs not forget about all these 20 something âmodelsâ making 6 figures a month online.
Another thing I wanted to mention is how social media influencers like Mr Beast make it seem to the younger generation that throwing money around is the solution to peopleâs problems.
I live in a rural area where there is no public transportation. The closest city is 30 minutes away - they only have buses. I know some young people who work hard every day. They are not distracted by fake social media influencers promising âget richâ quick schemes.
America is going through a transformation when it comes to the economy and the labor force. Not sure how things would look like in 6 months or a 1 year, but we all need to buckle up for a bumpy ride.
3 Likes
Itâs sad how social media is considered so valuable but when you look at the overall contributions to society have been so largely negative. Massive technical breakthroughs used to provide people with new means of transportation, clean water, power, health improvements etc.
Now you have the biggest companies in the world competing to create a superior attention drain app or algorithm. pretty pathetic tbh but also reflective of what we value in society.
People like Zuck shouldnât be looked at like modern day geniuses or revered IMO, theyâre basically modern day circus leaders who have figured out how to effectively become parasites to society and leech off everything they can, another example of short term thinking.
5 Likes
Unfortunately this is a symptom of a bigger issue, which is a major decline in shared morals and values, we are on a major decline in morality in this country and itâs extremely sad. I think about this often and it I just find it really terrible.
Younger people especially idolize the worst kind of people, and we have this interesting thing happening now where people who provide genuinely zero (if not negative) value to society are making millions of dollars, and other young people see that, and view similar paths as an easy way out.
14 Likes
Damn I didnât know young people were idolizing my posts on LH. Still waiting on my millions though
2 Likes
100% Agree with this. Add this as the no.1 item on the list of reason of whatâs wrong with the newer generation of workforce that is either entering the job market right now or in the next decade. A while back, I read an article on how algorithms for Instagram and TikTok work in China / Russia compared to the US and was pretty amazed on how they can control educational and tech videos to be circulated among the users. Pick up any high school kids social media app here and I bet you 95% would have insta models shaking their assets. Itâs crazy how how our youth can be so easily brainwashed by a simple algorithm. If this isnât modern warfare, then i dont know what is.
3 Likes
It just boils down to the fact that some will do whatever to get paid. I get it that not everyone wants to go to college or a trade school in order to get a job and become successful. However, thinking that you can become an internet entrepeneur and make millions overnight is another one of those ponzi schemes.
I do not want to derail this thread, but there are a lot of fake millionaires on social media like this 20-year old kid who stole $230M in cryptocurrenty to fund his lavish lifestyle.
1 Like
What I donât get about folks following the influencers is how people donât assume itâs fake. Sure there are a few that make millions but obviously most are not. Just like there are a ton of people who are insanely talented at the guitar but only one John Mayer or how good at basketball a d2 basketball player is but still so far from a big nba deal.
Being an influencer or only fans chick is probably largely the same way where things are very clustered with a few winners and mostly folks not really crushing it. Doesnât seem like a great career plan to me
Itâs a combination of (1) them wanting to believe itâs real and that they, too, can achieve the same level of perceived success, and (2) a lack of people spending even 30 seconds fact checking things they see on the Internet. Social media consumption is heavily driven by what you ultimately want to see.
2 Likes
I mean thatâs what I was getting at - thatâs its not about being lazy but a deeper societal problem. However, what you are saying makes sense to me in the sense of it being broader than just about younger generations - which I agree with.
1 Like
Mortgage rates climb to highest level in two months as Trumpâs tariffs continue to rock markets:
The average rate on a standard, 30-year fixed mortgage was 6.83% in the week ending April 17, up from 6.62% a week ago, mortgage financing provider Freddie Mac said Thursday.
1 Like
Correct. Anyone who thinks its easy or cheap to convert offices to housing have no idea how offices, even old offices, are designed.
2 Likes
Training or is it brainwashing 
1 Like
Itâs the company culture.
Adapt or apply at McDonaldâs
2 Likes
Donât forget about zoning.
1 Like
My last two offices have been converted to housing in Northern Virginia. In expensive areas, what I have been told is that viability usually depends on the amount and quality of the parking structure. In places where parking is expensive and usually not included in apartment rents, having a large underground parking garage, in good condition, can completely flip the finances of a project. Building that parking is very expensive and time consuming. If all you have to do is interior work, the math gets much easier both because there is just so much less required and the building process will take a fraction of the time.
If the parking situation isnât viable - knock it down and start again.
3 Likes