The Toxic Boomer Money Advice You Need To Unlearn

In this episode, Chelsea dives into the money advice that was true for your parents (or grandparents), but doesn't apply anymore.

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[ryanedwards]

"No federally mandated maternity leave" .... we need A LOT of our current congress to retire or die. We have hit the point where they no longer represent our country's best interest.

[HolmesHobbies]

I have to tell my friends this all the time when they are down about their parents success vs theirs. We didn't have the same opportunity or market dynamics that our parents did. Our version of financial success will not look like theirs, will not be with the same strategies, and will not be on the same timeline.

[AmyAutrey]

Having this struggle actually validated and put into words so well made me tear up, thank you so much

[krombopulos_michael]

When discussing college, I really feel like many things, including this video, totally gloss over the importance of what you actually study. We all just lump it together as a "college degree" when some college degrees are worth WAY more than others.

If you get a degree in engineering, computer science, law, medicine, business management etc. then you are probably going to have very good prospects for employment that pays well, and college likely is a good decision financially.

If money is your concern, then figure out what kind of jobs you can get with your degree and how well they pay.

[lubnan]

Agreed. Life is really tough, especially for single women. Cost of everything is high and it's hard to live.

[lextacy]

The only thing I disagree with is that homes should actually depreciate in value like a car. Real Estate should never be an investment.

[MrMiafultz]

i have a visceral reaction to the term "unpaid internship"

[flooboarderisbetter]

In a previous video about your home buying process, you mentioned the importance of understanding the growth of your neighborhood to make sure that a “skyscraper isn’t built across the street”. Unfortunately, many of the zoning laws, including historical preservation laws, are there to prevent more density and ensure property values continue to increase- and thus price out most people. No hate Chelsea, while this is sound financial advise, it really does more harm than good for the majority of people. I’d love to see you address this.

[passivelyobsessive]

my grandma was one of the few who started as a general employee and then worked up to managing a whole hospital print shop. unfortunately she had to retire because the hospital was closing down her department given the rise of the digital age. i'm proud of her, but also envious that I won't be able to have that same luxury.

[alejandrogangotena]

The fact that US sees those wages as poverty wages is mind bloggling to me as an Ecuadorian. Here the minimum wage is 400 dollars a month. Being poor means that you live on a house that is literally made out of thin metal or wood in whats called "invasion" so basically you dont actually own the land but you are surrounded by a mountain of people that dont own the land and no one will try throw you out.

Like, I think a lot of people there are considered poor while having air conditioners?

[Zingarrets]

Boomers don’t understand that the era when you could get a part-time job waiting tables, pay your bills, set aside money for retirement, vacations and emergency funds and still have the luxury of doing volunteer work 25 hours a week is gone.

Yes, a four year college that demands $50, 000 a year is bullshit when it finds you in debt and working in a bicycle repair shop making fine use of that doctorate. But, expecting someone to find a job that helps them survive with only a high school education isn’t realistic either.

Is vocational training the answer?

[e.]

Corporate greed has led to stagnant wages for decades and corporate greed has also driven cost of housing up all over the country. I have a masters degree and I’m looking at certificate programs to switch to a career that will pay better and be less stressful. Because if you do have a masters, a company will squeeze you, they will expect you to work the job of 3 people.

[zigm]

As for the expense of having kids, heaven forbid that you need fertility treatments, especially in a state where they aren’t required to be covered by insurance. Having to choose between the very uncertain possibility of having children and any sort of future financial stability is just a heart-breaking decision.

[khonsubast]

Older millennial here: Worked at the same FU mega corp for my entire twenties. Was diagnosed with an autoimmune disease at 30. They were not willing to lift a pinky to accommodate me. Been living on disability since then (basically minimum wage). I am so thankful my wife and I bought our home when prices were in the dirt in 2008. Otherwise I would 100% be living in my car. Oof and don’t even get me started on medical expenses. USA # 1

[Michelle-szl]

I got an associates degree, but i was able to get some free college, the other part of the year my mom paid for it. Even when i got the pelle grant i stayed at home and didn't spend all the money i got from the grant. You should get some college if only to make connections, but only if you can afford it and you can live at home, im not asking anyone with a toxic homelife to stay home just so you can finish college. I feel like nowadays its more important to be financially stable and get your own housing before going to college. I have an associates but work in pizza delivery, but i have the base to go towards a bachelors if im able to when I'm older, hopefully by then the salaries will actually be worth it.

[quietcontender]

Companies want a capable person. If you can get an internship instead or stay in community college to get the skills you can save alot of money and hassle. If you want the college experience pay for 1yr and get out. I wish I took a job as a flight attendant or any kind of airline job to get the chance to travel the world while still building wealth. Then when I find out what I want to do after a year or 2 I'll pursue it

[blaze]

"that ding dang wage hasn't kept up with that ding dang cost of living" that needs to be a country song

[thesugarplumprincess]

Honestly the flipping burgers point is so true but not for the reasons they think. I so wish everyone was required to be a cashier for 3-5 years so we as a society could learn how to be polite and normal to other people in a public setting please god…..also so people could learn to operate their own frcking debit card without being walked through the process by someone younger than the pinpad 🙄

[billger]

college isn't for everyone and only if your degree is marketable, housing is too expensive in many states but ultimately its possible to have a stable lifestyle and like it or not a married couple is a more stable economic unit, kids or not.

[UtahDelaCruz]

Minimum wage was NEVER a living wage. Introduced in 1938 at $0.25/hr, minimum wage translates into about $5.50/hr today. All the politicians of the time called it a "living wage", but it was never enough to accomplish living anywhere. That hasn't changed.