My personal opinion: It's easier now than ever to become wealthy. But our culture and in fact the entire economy has a vested, very firm interest in not telling people to save, telling them they need a McMansion with an effing "connected" everything (I'm pretty sure I've got the most modest house in my company - such that I was able to get property in SW Kansas for enjoyment -- and I bet the wealth and giving graph is almost directly opposite of the "stuff" graph) not telling them to pay cash for a car, not telling them they don't need a cell phone, and in not telling them they shouldn't have cable, Netflix, Spotify, Apple Music, a gym membership or who knows whatever the heck else they're paying for on a monthly basis that if you do, guess what...you'll never be rich.

Hell, auto leases alone are probably responsible for keeping half the population from becoming wealthy and increasing the cost of cars for the other half because of course, leases and car loans---what are they now out to like 72 months??? -- make it possible to drive more car than you can actually afford based upon your actual earnings.

Farmers leverage their crap like crazy. It's insane. I tell them not to do it and they just think "that's how we do it now." Then, they want me to subsidize their crops. It is all just a huge co dependent system to designed to keep everyone consuming everything they can. They think people that quit work are suckers. I will soon say althogether "I'm leaving it as I found it. Take over. It's yours." Then I just will hope they keep going, because that will keep the hamster wheel spinning.

Americans are leveraged to the hilt, and there is no end in sight. It's a completely co dependent system between the borrowers and the sellers/lenders.

Edit: I didn't even mention the crazy prices people pay for "education" so they can go get a job that pays a wage equal to whatever debt they incurred to get their social psyh or poly sci degree. (common theme---- DEBT is the enemy of success).

People are now leasing smart phones, or making a monthly payment on one. You couldn't make this stuff up 10 years ago.

p

Seriously, that is a completely new one on me. Do any of these people own a calculator?

They should run a measly $400/mo invested over 40 years and see what their perpetual "need" of new (insert random consumer crap) is costing them.

Check this out:

https://www.whistleout.com/CellPhones/Guides/sprint-lease-everything-you-need-to-know

$1,350 smart phone. It better butter my toast in the morning too.

Six hundred of that is the monthly fee that you will pay, anyway, for that service plan.

[quote=LB4LB

Also, there are bills that people didn't have in 1975:

Mobile phone, cable TV, Internet, etc. People are spending more on "entertainment" that ever.

Then there are higher health care costs (including insurance, higher car insurance). [/quote]

Cable TV was certainly a thing back then. So were landline telephones - and if God forbid you had to do any long distance communications it'd cost more than most cell plans today.

But people were getting a better deal in life back then, no doubt.

People could still walk right into the workforce straight out of high school and manage to buy a home, support a wife, ant 1.3 kids.....

The most glaring number is how much less people are being paid. Wage increases? What wage increases... All while executive pay has skyrocketed and grown by 937%.

So... median worker pay has DROPPED by 6.48%

Executive pay has INCREASED by 937%

And overall worker productivity has risen from ~101% in 1975 (eyeballing a chart) to 241.1% while being paid LESS.

Nope, nothing at all is wrong. Nope, not one bit... :-|

What a wonderful video, JimK. May creativity and free will never die.

I'm a tail end Gen-Xer and I have to say that even my generation has had it significantly easier than the Millennials.

The increase in the cost of housing alone since I was in my 20s has pretty much made it impossible for most younger people now to save any real amount and yet still be able to spend enough to enjoy themselves as we did, let alone our parent's generation.

I remember right after the crash of the 2000's, it was in to be frugal. That didn't seem to last too long. I forgot who said it, but they described advertising as: "Getting people to spend money they don't have on things they don't need". It still seems to work very well.

I agree that millennials do have a rough go ahead of them. They do seem to spend like crazy on mobile phones, but I am seeing some of them not buying cars, houses, or going on vacations. I have heard that a lot of them aren't getting married either. I think a lot of the guys aren't going for that kind of girl who "needs" a big wedding, a big ring, an exotic honeymoon, a McMansion in the suburbs, a giant SUV with all the bell's and whistles, etc. etc..

I am also seeing many guys my age subsidizing the life styles levels of their children well into their thirties. My brother and one sister are like that. Just seems strange.

I very much recommend to many of you (that includes me) that may have concerns on how to "make it". Invest 19 minutes of you precious time and listen/comprehend to what this guy has to say, it may give you different take on how move move forward:

[quote=THX-1138]I very much recommend to many of you (that includes me) that may have concerns on how to "make it". Invest 19 minutes of you precious time and listen/comprehend to what this guy has to say, it may give you different take on how move move forward:

Thanks for the inspiration, time to sell off so much of my Sh!t, some very expensive Sh!t, I just don`t need it. Empty nest and Why. We need to move on.

There's still plenty of affordable housing around. You just have to live where most other people don't want to live.

You're looking at it the wrong way. Increased worker productivity means that you don't need as many people to do the same job anymore. Less demand for labor + increasing population = stagnant wages.

Adam Baker just says what wise and sensible people know and have said for many years. He says it in a way that ( I guess ) the millennial generation can understand ? My wife and I, and our parents lived this way, all of my friends live this way....I do know lots people that have fallen into the "trap" though. New car, latest phone , latest clothes etc etc.

The problem with cutting back on consumerism is that the GDP for most industrialized nations heavily depend on it. Consumer spending accounts for roughly two-thirds of GDP in the US.

Not in Canada there isn't, even crappy little backwaters are relatively expensive now.

The only cheap options here anymore are if you're prepared to live somewhere isolated that probably lacks utterly basic things like roads and a power grid.

2008 Honda Element (will probably keep for another 10 years).
Flip phone (after being forced to upgrade from analog).
Goodwills/thrifts (although nice ones in Atlanta).

The house is another matter...
http://www.realtor.com/realestateandhomes-detail/6820-Braswell-Ln_Ethel_LA_70730_M89960-77518

...but that estimated value seems high to me, even with addition/remodeling and adjacent property purchase (backyard pond).

We have a bit of "crap" (nice furnishings, pics are from previous owner next door) but it's a one-time purchase, we take very good care of our crap and hardly ever upgrade unless something breaks. Family visits and says, "Nice house, but it's like going back in time." We like it that way.

I see a more productive worker as deserving of a greater share of the pie. They aren't getting it. Instead they're expected to put in longer hours for less, while those at the top make buku money.