Why 60% of Millennials are BROKE

The $O$CAST hosted by Adam Sosnick is a personal finance show dedicated to helping you build your wealth and breaking down financial topics in a language everyone can relate to. In this short clip from episode 7, they talk about what happens when you don't teach money in schools.


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About Host:
Adam “Sos” Sosnick has lived a true rags to riches story. He hasn’t always been an authority on money. In fact, he was quite the opposite... Before hitting it big in finance in his thirties, he worked every job under the sun. He was a radio advertising salesman for Clear Channel, a party promoter, a hotel manager, a substitute teacher, a sports agent, and he even did standup comedy. While this life had a lot of perks, the reality was that he was making NO money.

In 2006, eager to start making serious money, Sos got an entry-level job at a financial firm as a cold-caller. After a few years of putting his nose to the grindstone and learning the ropes of the finance trade, Sos got promoted to VP of Sales and began to rack in serious money. Despite the financial world around him crumbling in the 2008 Great Recession and people going from making millions to losing their jobs overnight, Sos’s net worth skyrocketed. Seeing what was happening around him led him to recognize the SAVE THAT MONEY mantra.

Sos started a new project to wake young people up when it comes to money. He incorporated his high-profile friends and influential financial connections to show that spending money is not that cool, and it’s all about #SaveThatMoney. And then what do you do with that money? You save to invest. Invest in appreciating assets, yourself, and helping people around you.


#SOSCast #ValuetainmentEconomics #ValuetainmentShortClips

[chrisod]

The quietest guy in the room is usually the one with the most money saved. They never discuss what they want, what they own, what they are about to buy, where they have gone on vacation. They just quietly save their money and let everybody around them discuss these things.

[sammy_rn]

Taxes, increased in cost of living and inflation are part of the problem. The other part is overspending just to flash on social media.

[geno]

I make 300k annually. My expenses are $2500 per month. No car payment, no credit card debt. Only home, phone, utilities etc. After taxes, I make 15k per month. I buy wine, whiskey, go out to dinner and get drinks. That's about $2k per month including gas for car. I save $10k per month (retirement, savings account etc)

[aobane]

Lots of younger people today are moving to the big cities like NY and L.A. I am in NY and few of my friends actually cook. They eat out, go to bars, always buying shit to compete in the social game. A sandwich in NY costs about $15-$20. A night at the bar, you’re doing $60-$100 easily. Rent is 2K for a closet. It all adds up.

[APR]

I think it’s a little insane to blame millennial spending choices as the reason this generation is “broke”. More than one financial crash, student loan scam, pandemic, stagnant wages, cost of living etc. the US dollar doesn’t get you what it used to lol

[xandergarciaparra]

I make about 35-40k and I am in my early 30s living in Boston. My monthly living expenses tally up to about 940$ not including food. I am still able to save money even though I don't always. 100k living check to check sound like insanity to me. I've always made.bellow 40k and have been living on ny own in Boston since I was 21. My goal is a six figure salary but not my cap. Keep Hustling hard everyone!

[lukestevens]

Im 29, Household income is $160k. Wife and I managed to buy 100km north of Toronto just before the pandemic (it is the closest we could afford to live to my job). We have no debt other than our mortgage and live paycheck to paycheck. Our house payment costs 50% of our take home pay but we are lucky. The price of our house doubled in the two years since we bought it. If we were renting right now, we would be spending 65% of our income. This economy is unsustainable. Even people who make all the right decisions are getting screwed.

[Anonymous]

50k a year, but no debt and house payment is only 25% of my monthly income, yes I want nice things but military taught me discipline and delayed gratification is a real thing we should all learn. Also I’m trying to pay my mortgage off ASAP. Hopefully before 35, I’m just turned 30, also very mature for my age.

[Thebulbacardi]

43yrs old wife two kids I started at my current job making $14.25 in put the work in and my net worth is around $450, 000 i live off less then what i make and never chase the Jones.

[Dividendsmattertoo]

I make 35k a year but I invest 55%-60% of it and still try to have a fun life. Netflix chill is free

[finance]

This channel always does this shit 😂 my dad bought a house now worth $1mil, had health insurance, two cars, got a masters, with a stay at home wife with a $70, 000 salary in the ‘90s. Wages haven’t gone up in real terms since the 1970s and it’s mellienials fault for their misfortune? They just want half of what their parents had.

[MrDanielday]

31 years old. $115, 000 a year, savings 78k working on paying off 76K in student loan debt to be financially free. Rent (Studio) 1, 000$ a month. Could afford a $2500 a month apartment but why..Live under your means. no H-E-N-R-Y's around here .

[jasondinh]

32 yrs old, 180k total compensation, software engineer, self-taught (failed chemistry career making 50k/yr with bullshit hours) - no debt but no house; aggressive investor; single; also I teach people how to code and get a coding job.... A comment on the video: people elevate their lifestyle as soon as they make more money because they feel like they need to make it more apparent that they're making more money. Age of validation.

[CZScott]

There is more part the story, if you make $100k and live in Manhattan, you are poor. You make $100k in Georgia, you live better financially. I lived in NY in early 2000s and I left based on cost of living and made $100k then. However, I financially thrived on a similar salary in Ga.

[williamb]

you mean people that constantly eat out, rent their homes, and use expensive public transportation while being overtaxed for the privilege of living in these areas are broke ? shocking

[LV-]

Interns where I work are pissed at the taxes they pay. I laugh because they were never taught anything and never paid attention.

[jrl]

26, making 32k, still living with mommy and daddy trying to save up and invest as much as possible .

[natedogg]

Big factors are overwork and depression.. my colleagues and I are the exact demographic this study has targeted (I was at 110k plus). But the hours and OT are crazy, the pandemic and work from home made it so work follows you to late into the night. A lot of my friends are burnt out and depressed, they have no time to cook, live off Uber Eats, impulse spend and go on expensive vacas to relieve stress. I recently got off the hamster wheel, paid off my student debt this year and have 25k saved, moved rural, quit the high demand studio job and am doing my own biz full time. I also moved from the West Coast of Canada to our version of Texas (Alberta) and it's INSANE how much cheaper everything is

[Dizzy]

so damn true about being so easy to spend money so fast

[loadz]

150k a year. We are no longer HENRY’s thanks to Dave Ramsey.

We were 80k in Debt, took two years to clear up. Now we have 40k in savings, and we throw 15% into retirement.

Our goal now is to have a paid off house in the next 5 years. Worth 400k.

Mid 30s.