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Capitalism is not favored by millennials

Established Contributor

Capitalism is not favored by millennials

Just read a new report with about a million statistics https://victimsofcommunism.org/wp-content/uploads/2017/11/YouGov-VOC-2017-for-Media-Release-November...

 

The most interesting part is that 42% of millennials want to live in capitalism while 44% of millennials want to live in socialism, "possibly" because 53% of millennials believe the economy is working against them.

 

All politics aside (The forums are for civil non-political discussion and I really don't want to see this thread get shut down), how do you see this affecting the credit industry in general?


TU FICO 8: 750 (11/17) — Ex FICO 8: 732 (12/17)
Message 1 of 30
29 REPLIES
Regular Contributor

Re: Capitalism is not favored by millennials

Publish or perish I guess, yawn.



My credit .... It's over 9,000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Message 2 of 30
Super Contributor

Re: Capitalism is not favored by millennials

I will assume then that they wouldn't mind getting a B in a course they should have gotten an A in because another student wanted to go from a C to a B.  Fair is fair.

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 3 of 30
Established Contributor

Re: Capitalism is not favored by millennials


marty56 wrote:

I will assume then that they wouldn't mind getting a B in a course they should have gotten an A in because another student wanted to go from a C to a B.  Fair is fair.


That's a perfect analogy...


TU FICO 8: 750 (11/17) — Ex FICO 8: 732 (12/17)
Message 4 of 30
Established Member

Re: Capitalism is not favored by millennials

This can't really be discussed without going into politics. I'll just vaguely share my thoughts. I'm against capitalism because of its death toll and hidden bias. Also the fact that technology has advanced past the limited resources mindset that our entire society was built upon, we have an extreme overabundance now.

 

Nevertheless, I don't think it will affect credit at all, because people don't have a choice in whether or not to partipate in credit. Your information is getting reported no ones asking how you feel about it.

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Message 5 of 30
Valued Contributor

Re: Capitalism is not favored by millennials

Student loans are mentally crushing and exhausting I hear (I date millennials generally and they all seem to have issues there).

Good luck selling McMansions to that generation. Or trying to convince them to buy out your 401K stocks in 20 years.

Personally I don't care if it all burns, I'll be on a big boat off of Saba if you need me.
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Established Member

Re: Capitalism is not favored by millennials


ABCD2199 wrote:
 trying to convince them to buy out your 401K stocks in 20 years.



 

Wow I never thought of this as a possibly. I just always hoped the beaten in index fund advice would keep increasing in value. Never thought I'd ever have a problem selling it.

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Message 7 of 30
Valued Contributor

Re: Capitalism is not favored by millennials


Porch wrote:

Wow I never thought of this as a possibly. I just always hoped the beaten in index fund advice would keep increasing in value. Never thought I'd ever have a problem selling it.


I follow a much more conservative plan for my investment (although I have 6-12% of my net worth in crypto but I have been there since 2012 or so!).  I keep about 16% of my net worth in the stock market and rebalance it annually if I can without a tax punch.

 

I also have a little sis who is a millennial (she's in her early 20s) and none of her friends have a dime in the market and they're not poor kids or anything.  All have good jobs, great educations, nice comfortable living but they're totally stock market dumb.  Few of them have more than $500 in savings.  At least 70% of them have student loan debt they will likely never pay off (6 figure debt).  I have no idea how they'd ever buy a home even.  It's amazing to me, I am so thankful I dodged the college bullet out of high school (on purpose and this was back in the early 90s that I made the choice to not waste 4 years in a useless university).

 

The last gal I dated really seriously was the antithesis of the millenial but she was in her early 20s and had saved and invested her way into being worth over a million on paper.  No college debt, no luxury spending on boots and purses, no fancy car.  The gal I'm dating now is in even better shape, millennial as well -- but all of her friends from college have 6 figures student loans, weak to no 401K and are constantly "depressed and full of anxiety" about their financial future.  It amazes me every time I meet some of them how they can afford Amazon purchases and $300/month on their phone+cable+netflix habits but don't have two pennies to rub together...

 

The thing is, my generation in our 20s were insane spenders, too.  It's not just millennials, it's whoever is in that age range, but right now it does lool more scary because I didn't know a single person who graduated with the equivalent of 3 years annual income in student loan debt that can't be BK discharged.  So the difference was when we went to college (my generation), most of us went to night school and worked a day job, or had two part time jobs to at least cut the debt down.  And college was $20,000-$25,000/year, not $60,000 a year for a master's in digital basket weaving application writing with no job future.

 

College crushed the millennials, for sure.  And no act of Congress is going to fix the trillion dollar mess because most of Congress (like me) is invested in SLABS and other student loan investments.  Student loans made me lots and lots of money for 10 years, but it made millionaires out of politicians deeply invested in that predatory trash.

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Super Contributor

Re: Capitalism is not favored by millennials

Really far back in the day, I went to CUNY Queens College where it was $200 a semester.  I have a skill that is marketable so I was always able to find work.

 

It would be great if high school seniors could be told the truth about field of studies and the job market after, rather then pushing students to get into high fee schools and fields of study that have no real job prospects.

 

Perhaps if they graduate with little to no student loan debt in a field that is marketable, their views might change as well.

12/08/2017 FICO: EQ 843 TU 849 EX 844
Message 9 of 30
Valued Contributor

Re: Capitalism is not favored by millennials

I wouldn't be surprised if somehigh school counselors earned "perks" for suggesting loans and college.

 

Back in 1991 I aced my ACT and nearly aced my SAT and my counselor was jamming me to go to a college I couldn't afford.  Non-stop harassment to go to college when I told her and my peers I was going to buy a condo instead.  And I did buy a condo instead (with savings).  For the next 5 years everyone told me I'd be some loser selling kidneys, lol.

 

So even 25+ years ago, the idea that college meant wealth was being forec-fed to kids who weren't old enough to sign a contract.

 

I can't imagine how nefarious the deal is today in high school.  I still hear BS myths that you can't get a job at McDonalds without a master's degree, but in my old line of work when I did work, we preferred to mentor to high school graduates rather than put up with busted minds out of university.  And this was in a field that consistently paid 6 figures even in the 90s.

 

I tell young kids today to learn a trade like plumbing or generator repair or electrical work (especially solar/green) -- the kind of stuff that marketing graduates have no capacity to do themselves and will pay a pretty penny for someone else to.  My local plumber is 26 and he's already a millionaire because he's the 5-star emergency services guy charging $160/hour during the day, and way more for night time or weekend emergencies.

 

Knowing my little sister's overeducated friends, I bet absolutely zero of them can fix a toilet running.

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