Why Millennials Are Financially Screwed

. If you are a millennial or a generation Z'er and you follow traditional financial planning methods, you are financially screwed. Here's why:

Why Millennials and Generation Z'ers Are Financially Screwed
0:10 - If you are a millennial or Generation Zer and you follow the traditional path, you are screwed
0:47 - The majority of people are caught up in the rat race
1:21 - Financial Planning for millennials
2:00 - What traditional financial planning looks like
3:53 - Why traditional financial planning methods doesn’t work
4:40 - Why 78% of full time working Americans live paycheck to paycheck
5:18 - You’d think they’d warn you of these financial problems in school
6:05 - What you need to do to improve your financial planning

What Is The Minority Mindset?
The Minority Mindset has nothing to do with the way you look or what kind of family you're from. It's a mindset.

Give the majority $200 and they will come back with a pair of shoes. Give the minority $200 they will come back with $2,000.

Think from the mindset of a consumer and be the provider, that's the Minority Mindset. Don't be the majority. #MIH #ThinkMinority #FinancialLiteracy

Twitter: @M2JaspreetSingh
Personal Instagram: @M2JaspreetSingh

Video host: Jaspreet Singh

[Viper]

My background and expenses: Screwed around in high school, barely graduated, didn't go to college, got a factory job, make around $17 an hour/$32, 000 a year(before taxes). I knew I had to go to the extreme to live comfortably.

$500 a month rent
No car payment(bought a car for $1400 cash)
Utilities $200 a month
Food $250 a month (cook most meals)
Gas $150 per month (35 mpg average)
Entertainment $150 per month


Save and invest: Over $1000 per month to start my own business and dig myself out of this routine.

[spektred]

This is why I love this channel. High quality content. No sugar coating.

[immortaldragon]

My so called friends laughed at me when I told them that I was not going to college and instead got me a job in the construction field. Its been a few years and im doing great making 60 to 70k a year, meanwhile they still paying loans.

[paidwayxpress]

The sad thing is this is just for a single person! Imagine having a family with a stay at home wife because daycare is so expensive! All facts!

[zergravity]

$50.00/mo. for "heat and electricity". You're a funny guy.😁

[leadnsteel]

Cost of living is rising faster than our salaries. I cant even imagine having kids unless you make 100k and have no debts.Governments want us to be in debt just like them.

[joantonio]

Wow.... People are just living to pay bills...

[kingdom]

$50 for utilities ? I pay $150 for electric and $100 for water & sewage in Florida. Can't even imagine what that would cost up north with the cold, or Cali/NY.

[Handlegamer]

I'm a web designer and had similar problems as the gentleman in the video pointed out. Had some 50K+ in student loans and got a 60K job in Cali so it was not much better than a waiter. After being stuck in the rat race for almost a year. Got a contract offer from a startup, with slightly worse pay, the benefit was that it was completely work from home. Somebody adviced to move to a cheaper country and my God it changed my to Vietnam. Rent went from 1300$(1 bedroom in a shitty neighbour) to 450$(sea facing 2bedroom with all the facilities from the modern world included and a effing balcony!) Got a bike for 1200$ cash(still works perfectly after 3 years), gym is 11$monthly(which is considered expensive here) and so on everything is stupidly cheap. In my 1st year itself, I saved 32K and paid almost half of my loans! I thought I would get lonely but Vietnamese girls are really sweet (& tinder is VERY popular here)+there are many, little oaises and digital nomads communities where people like me come from all over the world. After my contract finished, I got work from meeting people in the community itself. I'm really liking it here and I think I will stay another year

[jaredthoma]

I am an economics major and this is basically what my teachers told us daily. Rising inequality with debt rising is not making anything better. It's not a guarantee to even get a job out of college. Scary times.. No wonder everyones living at home still.

[mkhartnett]

Title should be: Why People Who Are Terrible With Money Are Financially Screwed

[MrAklife]

I know this sounds scary now but imagine if you have child care costs too

[ashaparis]

This is why I am not ashamed to live with my parents, will make sure to stick to a budget (too lazy to spend) and build my wealth. Don't know where this stigma that you are less of an adult if you don't move out. Please eh, about a hundred years ago correct me if I'm wrong) people used to stay home till they got married, probably due to the brainwashing by the real estate market.

[MrEricblane]

Food is a top priority for me. I'd be making sure my fridge is full before I start spending money on drinking, smoking and expensive gym memberships.

[jacob-svgs]

90k a year no student loans. Learn a trade kids.

[davidca]

Get real. Lots of graduates are making 30-35.

[johnsemper]

The system wants you to take out debt and stay in debt. That being said you dont have to be in debt, just because someone says buy my product does not mean you have to buy their product. When you pay off debt you destroy money, when you go into debt you create money it's a crazy system. You can still be successful, it's not suppose to easy.

[SegaDisneyUniverse]

I felt like I just gained more knowledge about being financially successful just by reading the comments than the video itself!😂👌

[JoeDoe]

I have to disagree. If a college grad can even get a 50k job, they’re ahead. Everything else is discipline, budgeting and long term planning. Instead of renting, an affordable multi family dwelling will make a good asset and cover some expenses. The biggest mistakes to avoid is watching the company being kept. A bad mate and bad friends can create discord and cause you to second guess yourself during moments of opportunity/inspiration.

[noctaeucta]

Was the average college grad starting salary really that high? I figured it was more like 25-30k.