Millennials Are FED UP With "The System" Screwing Them Over

TL;DR

Millennials are facing a challenging financial landscape due to increasing costs of education and living, leading to a disparity between income and expenses. However, by gaining financial education and taking proactive steps, they can navigate the system and build wealth.

Transcript

in 1970 the median american household made something around ten thousand dollars now in 2020 the median american household makes around sixty thousand dollars that's a six hundred percent increase which sounds great except the cost to get the degree to qualify for that job has gone up by twenty five hundred percent and our cost of living has gone u... Read More

Key Insights

• 🧑‍🌾 The median American household income has increased by 600% since 1970, but education and living costs have far outpaced this growth.
• 💵 Financial illiteracy enables banks and money managers to profit from hidden fees, resulting in substantial losses for individuals.
• 😀 Millennials face a challenging job market and increasing debt levels, making it essential for them to gain financial education and take control of their finances.
• 🤑 The system may seem unfair, but individuals have the power to break away from the status quo by learning about money and making informed financial decisions.
• 😚 Losing money is part of the investment process, but individuals must learn from their mistakes and continue taking action to build wealth.
• 🤑 Building wealth takes time and effort, but it is possible to achieve financial success by using money as a tool and making deliberate financial choices.
• 🤑 By gaining financial education and taking control of their money, individuals can differentiate themselves from the majority and work towards financial freedom.

Questions & Answers

Q: How has the cost of education and living changed compared to income levels?

The cost of education has increased by 2500% since 1970, while the cost of living has gone up by 1800%. In contrast, median household income has only risen by 600%, creating a financial disparity.

Q: How does financial illiteracy affect individuals?

Financial illiteracy allows banks to charge hidden fees, resulting in potential losses of hundreds of thousands of dollars over time. It also leads individuals to make poor financial decisions, such as financing cars at higher costs due to lower credit scores.

Q: What can millennials do to improve their financial situation?

Millennials can gain financial education to understand money management, investing, and budgeting. By taking control of their finances, learning from their mistakes, and making proactive choices, they can build wealth and improve their financial situation.

Q: How has the job market impacted millennials' financial prospects?

The class of 2020 is entering one of the worst job markets in history. With high levels of debt and limited job opportunities, it is crucial for millennials to gain financial education and make wise financial decisions.

Summary & Key Takeaways

• The median American household income has increased by 600% from 1970 to 2020. However, the cost of education has risen by 2500% and the cost of living has increased by 1800% during the same period.

• Financial illiteracy allows banks, money managers, and politicians to take advantage of individuals, resulting in losses through hidden fees and poor financial decisions.

• Millennials are entering a difficult job market with high debt levels, but they have the power to improve their financial situation by gaining financial education and taking control of their money.