I do see that as well must admit.. But, not sure of the balance compared to the above either, I also see a lot of financially literate ones younger than I was when I starate to figure out I didn't already know everything
Good for LL's
- Thread starter steveadl
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I do see that as well must admit.. But, not sure of the balance compared to the above either, I also see a lot of financially literate ones younger than I was when I starate to figure out I didn't already know everything
I will admit that i was one of these big spenders. But then something happened. I started thinking of the future.So my thoughts went from living for today over to creating wealth for tomorrow.At my work i have a mate who is the polar opposite of me.
He is a very simple man. Saves his money for everything.Never buys luxuries.Only ever borrowed for his house.
I as stated before i am completely opposite.
Now 7 years on from when we first started working together. My wealth is way above his as he takes no risk.Even though i still enjoy my life and spend more money than him.He bought a very basic house in a ordinary area and refuses to look at investments until he completely pays it off.His thinking will limit his success because he does not want to have a go.
So i guess my point is although the latest generation is wasting there money at the moment. They are still driven hard working people just not in the personal wealth direction. Theres a high chance that sooner or later something will snap in there heads and they will start thinking of the future and start investing.If this happens its likely they will go at it harder than any generation before and they will probably have a better career to fund it too.This could be the catalyst for a future boom.
He is a very simple man. Saves his money for everything.Never buys luxuries.Only ever borrowed for his house.
I as stated before i am completely opposite.
Now 7 years on from when we first started working together. My wealth is way above his as he takes no risk.Even though i still enjoy my life and spend more money than him.He bought a very basic house in a ordinary area and refuses to look at investments until he completely pays it off.His thinking will limit his success because he does not want to have a go.
So i guess my point is although the latest generation is wasting there money at the moment. They are still driven hard working people just not in the personal wealth direction. Theres a high chance that sooner or later something will snap in there heads and they will start thinking of the future and start investing.If this happens its likely they will go at it harder than any generation before and they will probably have a better career to fund it too.This could be the catalyst for a future boom.
It's not about NOT having fun, it's about making sure you can have fun for the rest of your life - this live the moment BS is fine until your eating mushy food in a shared home with other old people who didn't plan without the lights on because you can't afford it....
I'd also put you in a different class to my example - your 20, he's 35. From what you've said and from what he's said it sounds like you have the exact same quality of life. The only difference is he looks like he needs a good sleep after all those late nights!
You should be young and foolish and be having fun - lets face it you're only young once. But at what stage do you grow up? IMO heading into middle age, with no assets and the desire to have a family is poor planning when you've had the income to set yourself up.
Cheers
Buddybee
Comparing the opportunities available to Gen Zs with BBs is folly.
BBs had free tertiary education, houses at 4x median wages, jobs for life, uncongested cities with easier and cheaper commutes, cheap petrol, V8s, etc etc.
Gen Zs who don't adapt to today's reality, but instead follow their BB parents' experience, are going to be a lot grumpier a lot earlier in life.
BBs had free tertiary education, houses at 4x median wages, jobs for life, uncongested cities with easier and cheaper commutes, cheap petrol, V8s, etc etc.
Gen Zs who don't adapt to today's reality, but instead follow their BB parents' experience, are going to be a lot grumpier a lot earlier in life.
I find it amusing that some people think if you didn't spend your teens and early 20's drunk, stoned or thrillseeking, you haven't had "life experiences".
How narrow minded is that?
Sometimes spending your youth like that leads to (like my 51 year old brother) sponging on the government, sponging on your parents when you cannot quite stretch to the next rent payment, but still wanting the best of what you do have, even if mummy and daddy are paying for it. Plenty will say my parents should say "no more" but without knowing our particular family situation, this just would not work because the worry then would transfer to my parents, who have had 40 years of this crap already.
Drip feeding him and ensuring he has somewhere to live, without giving him access to the actual asset, is their way of having peace of mind for themselves. He spent waaaaay too much time having "life experiences" and how his brain is fried, his health is wrecked, and he is a drain on his family and society.
Don't leave it too late to grow up!!
Funniest thing is that he tells my brother that he should relax more and not work so hard, maybe go surfing and listen to some music. Yeah! and who will feed the five kids?
Even funnier is that he thinks he is the coolest dude around, and doesn't realise what people really think of him. Sad really, but he is totally comforted by his knowledge that he is somehow better than all of us and smugly feeling sorry for us having to miss out on the fantastic "life experiences" he has had, and is still having LOL.
He is absolutely the BEST education for my brother's kids and my kids on why you have to be very careful with drugs and alcohol.
How narrow minded is that?
Sometimes spending your youth like that leads to (like my 51 year old brother) sponging on the government, sponging on your parents when you cannot quite stretch to the next rent payment, but still wanting the best of what you do have, even if mummy and daddy are paying for it. Plenty will say my parents should say "no more" but without knowing our particular family situation, this just would not work because the worry then would transfer to my parents, who have had 40 years of this crap already.
Drip feeding him and ensuring he has somewhere to live, without giving him access to the actual asset, is their way of having peace of mind for themselves. He spent waaaaay too much time having "life experiences" and how his brain is fried, his health is wrecked, and he is a drain on his family and society.
Don't leave it too late to grow up!!
Funniest thing is that he tells my brother that he should relax more and not work so hard, maybe go surfing and listen to some music. Yeah! and who will feed the five kids?
Even funnier is that he thinks he is the coolest dude around, and doesn't realise what people really think of him. Sad really, but he is totally comforted by his knowledge that he is somehow better than all of us and smugly feeling sorry for us having to miss out on the fantastic "life experiences" he has had, and is still having LOL.
He is absolutely the BEST education for my brother's kids and my kids on why you have to be very careful with drugs and alcohol.
I totally agree - I work with a number of Gen Ys who run rings around many of their older colleagues / managers in a number of areas. What they lack in experience is more than made up for in pure energy and capability. They should be earning more than others in this office because they create more value - and they are certainly earning a lot more in real terms straight out of uni than we did 10 years ago. I'm also enjoying the salary increases so I can't complain.... When they turn their attention to investing that combination of energy, capability and risk appetite will be very interesting to observe!
I have similar anecdotes of relatives who "experienced" so much yet still could not see the priorities to find their way to look after themselves in their senior years. One let his family down while he smoked, gambled, cheated, borrowed, lived on credit, lived fast, irregular and bad; taking a toil on health and reputation.
"Experiences" are OK up to a number of youthful years but a poor motto to live by just as for this relative who now has much to regret over the remaining reclusive years of his twilight years. Some of the half-baked principles scavenged from his experiences include: "money makes money" and "it's who you know".
Wylie,
As is the case with all people and almost all facets of life - there are those who know when to pull the reigns, and those who just keep on gallaping towards a brick wall.
Im 26 now, and I have DEFINITELY done all the bad things - booze, women, parties, stupid travel, drugs, cars, credit, debt, and just generally being "narrow minded" as you put it.
-> however, i dont gamble, and never really did (melb. cup excluded)
... However, i wouldnt take any of it back, because it brought me to where i am today, and made me the person I am today.
I am so far removed from your personal example it isnt funny, so dont jump to the conclusion that if it happens to one, it happens to all.
In my case............
A couple of years ago, i started slowing down, and started thinking about the future. I settled down with my girlfriend, learned how to curb my spending and live a more settled life. We started planning for our financial future, and started learning about investing.
I also know MANY MANY people my age who have done the same thing, and are now starting to settle down and work towards their future.
They way i see it - the faster i can set myself up financially, the sooner i can get back to partying!!!
..... i wonder if they would still let a 35-40yo into a dance club??
As is the case with all people and almost all facets of life - there are those who know when to pull the reigns, and those who just keep on gallaping towards a brick wall.
Im 26 now, and I have DEFINITELY done all the bad things - booze, women, parties, stupid travel, drugs, cars, credit, debt, and just generally being "narrow minded" as you put it.
-> however, i dont gamble, and never really did (melb. cup excluded)
... However, i wouldnt take any of it back, because it brought me to where i am today, and made me the person I am today.
I am so far removed from your personal example it isnt funny, so dont jump to the conclusion that if it happens to one, it happens to all.
In my case............
A couple of years ago, i started slowing down, and started thinking about the future. I settled down with my girlfriend, learned how to curb my spending and live a more settled life. We started planning for our financial future, and started learning about investing.
I also know MANY MANY people my age who have done the same thing, and are now starting to settle down and work towards their future.
They way i see it - the faster i can set myself up financially, the sooner i can get back to partying!!!
..... i wonder if they would still let a 35-40yo into a dance club??
Wylie,
As is the case with all people and almost all facets of life - there are those who know when to pull the reigns, and those who just keep on gallaping towards a brick wall.
Im 26 now, and I have DEFINITELY done all the bad things - booze, women, parties, stupid travel, drugs, cars, credit, debt, and just generally being "narrow minded" as you put it.
-> however, i dont gamble, and never really did (melb. cup excluded)
... However, i wouldnt take any of it back, because it brought me to where i am today, and made me the person I am today.
I am so far removed from your personal example it isnt funny, so dont jump to the conclusion that if it happens to one, it happens to all.
In my case............
A couple of years ago, i started slowing down, and started thinking about the future. I settled down with my girlfriend, learned how to curb my spending and live a more settled life. We started planning for our financial future, and started learning about investing.
I also know MANY MANY people my age who have done the same thing, and are now starting to settle down and work towards their future.
They way i see it - the faster i can set myself up financially, the sooner i can get back to partying!!!
..... i wonder if they would still let a 35-40yo into a dance club??
That's brilliant Witzl, and as you said - you're trying to set yourself up now etc.
My problem is with the people that behaved like you described above, but now rather than adopt an attitude like yours - they complain about how house prices are unaffordable, they complain how rents rise, they complain how the world isn't fair etc ad nauseum.
These are the people I take exception to.
Wylie
My husband's eldest brother also was the best education / example of how drugs can send you in a downward spiral and reduce your social status and friends for our children.
The really sad part was he was the one child of 8 with a really high IQ. He is deceased now.
Regards
Sheryn
Totally agree Wylie.
I did exactly this for all of my 20's and really don't remember much of it at all. When I think of the amount of money I blew on "entertainment" it almost makes me vomit in my mouth. I have calculated that if I had spent the same amount of money on buying property instead of on alcohol and drugs I would be very close to being financially free.
I don't regret travelling, eating out at nice restaurants or spending quality time with good friends, but you can do all of that on a sensible budget without getting smashed/stoned.
I wonder if the homeless bums you see staggering around can remember their drunk/stoned youth?
Hi Witzl. I didn't mean that doing all those things makes somebody narrow minded, just don't think getting smashed and spending up big on entertainment necessarily are the only things that make for fantastic "life experiences". Didn't mean to imply anything negative by that comment.
I have had great life experiences (for me) but never got smashed, never touched drugs. I was not lumping in everybody together, but only commenting that it seemed that some people think that without that stuff, those who "missed out" must be somehow boring.
A woman I know once told me that she used to get so drunk at dinner parties she threw, that she would wake up in the mornings, feeling terrible, but she always knew if she had been "interfered with". Spare me that feeling .
I have had great life experiences (for me) but never got smashed, never touched drugs. I was not lumping in everybody together, but only commenting that it seemed that some people think that without that stuff, those who "missed out" must be somehow boring.
A woman I know once told me that she used to get so drunk at dinner parties she threw, that she would wake up in the mornings, feeling terrible, but she always knew if she had been "interfered with"
. Spare me that feeling .I am also 26 which brings me into the Gen-Y category..
I got a high paying job at 18.. earning pretty much 2-3x what my friends were earning, lived in a low/middle class suburb where the more you spent the more fun you had, so I ended up spending lots of money on cars, partying hard and travel with no intention of slowing down as my wage kept getting higher and higher, so I spent more and more, and you know what.. I loved every minute of it and don't regret a thing.
It was only about 2-3 years ago when I changed my mindset, after moving to the UK and realising wealth doesn't just come from your pay cheque and if I wanted to have the lifestyle I dreamed of when I get older that I need to use that money I was earning for good instead of evil. I bought an apartment with the intention of it becomming an IP after a few years, started investing some money in a few businesses and looked at other ways of generating wealth.
I still enjoy a good time, but only when its warranted, I dont go out drinking and partying every weekend 'just because', and I spend my money on good quality things rather than heat of the moment purchases.
After speaking with quite a few Gen-Y'ers, I find once they reach say 25-26 they start to look back and realise that they have had a bloody good time and have come off relatively unscathed.. so its time for them to start to focus on thier future, put a hold on the exciting times for a while so in another 5-10 years time they can go back to enjoying it again with the wealth they have hopefully created.
I think Gen-Y's have a fantastic, positive can-do attitude are innovative thinkers and when they put thier mind to it, can make anyting happen..
I got a high paying job at 18.. earning pretty much 2-3x what my friends were earning, lived in a low/middle class suburb where the more you spent the more fun you had, so I ended up spending lots of money on cars, partying hard and travel with no intention of slowing down as my wage kept getting higher and higher, so I spent more and more, and you know what.. I loved every minute of it and don't regret a thing.
It was only about 2-3 years ago when I changed my mindset, after moving to the UK and realising wealth doesn't just come from your pay cheque and if I wanted to have the lifestyle I dreamed of when I get older that I need to use that money I was earning for good instead of evil. I bought an apartment with the intention of it becomming an IP after a few years, started investing some money in a few businesses and looked at other ways of generating wealth.
I still enjoy a good time, but only when its warranted, I dont go out drinking and partying every weekend 'just because', and I spend my money on good quality things rather than heat of the moment purchases.
After speaking with quite a few Gen-Y'ers, I find once they reach say 25-26 they start to look back and realise that they have had a bloody good time and have come off relatively unscathed.. so its time for them to start to focus on thier future, put a hold on the exciting times for a while so in another 5-10 years time they can go back to enjoying it again with the wealth they have hopefully created.
I think Gen-Y's have a fantastic, positive can-do attitude are innovative thinkers and when they put thier mind to it, can make anyting happen..
I think it's about balance. I didn't do the big overseas trips some of my friends did, but rather spent time building my career (which I've really enjoyed). I do have nice-ish cars (which weren't mega expensive) which I own, and we occasionally go out but rarely spend more than 50 bucks for a night out.
My reality is that I have a dream of drifting around the world seeing everything I want, with no limits on my time, and no debts to come back to. I am more than willing to 'tune' my lifestyle back about 25% on what it COULD be in order to achieve that. My wife and I still have a great time, we laugh a lot, have more material things than any human needs, and have no regrets.
The mistake that many people make, I think, is that people think they NEED to spend all they have or they aren't getting the most out of life. Personally, I think it's a bit sad. Then I remember that these people are the sort spending lots of money renting my inner city units, and the smile returns...
My reality is that I have a dream of drifting around the world seeing everything I want, with no limits on my time, and no debts to come back to. I am more than willing to 'tune' my lifestyle back about 25% on what it COULD be in order to achieve that. My wife and I still have a great time, we laugh a lot, have more material things than any human needs, and have no regrets.
The mistake that many people make, I think, is that people think they NEED to spend all they have or they aren't getting the most out of life. Personally, I think it's a bit sad. Then I remember that these people are the sort spending lots of money renting my inner city units, and the smile returns...
Wylie - All good, we are on the same page
BrendanG - yep, your experiences are just the same as mine. Most of my friends are now settling down, but not all are gonig down the investment path... many are just focusing on their career and buying a house (or one IP that they can afford).
Steveadl - like you, i cant stand those whingers either. Thankfully they are the exception rather than the norm in my circles of friends.
BrendanG - yep, your experiences are just the same as mine. Most of my friends are now settling down, but not all are gonig down the investment path... many are just focusing on their career and buying a house (or one IP that they can afford).
Steveadl - like you, i cant stand those whingers either. Thankfully they are the exception rather than the norm in my circles of friends.
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