People Have Stopped Paying Their Bills (Here's Why)

Ken McElroy and Danille McElroy discuss the financial landscape facing Millennials and Gen Z, who are often portrayed as poor money managers but face significantly less purchasing power than previous generations. They explore why they tend to rent indefinitely, the allure of immediate gratification over long-term savings, and actionable strategies like house hacking to navigate these challenges.

You can listen to an audio replay of this live stream on Ken and Danille's podcast! Follow your favorite platform with the links below!



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ABOUT KEN:
Ken is the author of the bestselling books The ABCs of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABCs of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor.

Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.


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Although Ken McElroy and his affiliates take all reasonable care to ensure that the contents of this channel are accurate and up-to-date, all information contained on it is provided ‘as is.’

Ken McElroy makes no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this channel.




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[KenMcElroy]

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Thank you so much it really means a lot.

[angiebush]

US OLDER PEOPLE ARE HAVING HARD TIMES TOO!!! IM 61 AND THE JOB I WORKED AT FOR 12 YEARS I NO LONGER HAVE. REGARDLESS OF AGE PEOPLE ARE BROKE AND STRUGGLING!!!

[SaL-epzb]

I'm a millenial and dropped out of high school in 2007, I'm 35 now. I use to watch all my friends go to college and it made me feel like a failure and little did I know I would end up being in a much better financial situation than most of them. I make about 100k/yr, I bought my first home in 2019 and equity has increased nearly 100% since then, meanwhile my friends that went to college have massive student debts with jobs that pay less than what I make. I'm so glad I dropped out of high school.

[Reallythough]

People get on my nerves with the pandemic spending. Those checks were spent within less than a week. It’s been 3-4 years who would still have that couple of hundred dollars.

[camels]

If I was 20 again, I'd be in trade school and working as much as possible. I'd be renting a room in a house or have an apartment with a roommate. I'd be saving up, and buy the cheapest house I could find. I'd find some friends or people similar in age and rent rooms to them to help pay off the mortgage. This is a tried and true method a lot of people I knew used to get their start. Also, I wouldn't be wasting money on Starbucks, Tattoos, vacations, luxury cars, luxury clothes, etc like these idiots are.

[moneypit]

I finished high school and started going to college, I wanted to be an architect, I started to notice that the classes I was required to take didn't teach me anything about architecture after 3 years, I stopped and asked how long before I could get a job, they said 8 more years, I would've been early 30's by then. I dropped out that same day and went to work. By 25 I bought my 1st home with no debt. I'm 35 now still no debt, house is paid off

[fredkraus]

I'm 75, grew up in the 50s. My parents taught me not to spend money I didn't have

[georgia]

I am confused, I graduated in 1982 and could not find the job I studied for, for one and a half years. I had to live at my parent's home as my $200 a week full time waiter income only took care of my expenses which a good amount went to long distance calls as I fought to find that job. I did not spend above my means which meant I had to find adventure / enjoyment in inexpensive things, hiking/camping being the main venue. Also, my car was 10 years old and I had student debt, so thinking about a house was NOT in the cards until I was in my 30s. That initial one and a half years of living paycheck to paycheck while residing at my parent's home taught me how to not spend. Why do the kids today think that creating more debt instead of fighting to get out of debt is OK?.

[Silvercardinal]

Back when I was $100k in debt I was more likely to spend because it felt like "who cares what's a little more to owe". Now that I am out of debt I watch every penny.

[patmagic]

I’m a retired X’r and I’ve never felt like something really disastrous is on the horizon more than now. We have dual pensions but recently it’s become obvious that affordability at all levels is out of touch. Car prices shocking, home costs shocking, cost of eating out shocking, gas shocking, eating in, travel, services. I just wish what ever it is would just happen so we can get on with it 🤷‍♂️.

[philippine]

Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420, 000 losing value because of these factors and more. Where else can we keep our money?

[fullclipaudio]

I hired a real estate agent the day the Repo Markets crashed back in September of 2019. I knew a crash was imminent and knew that I'd have to leave California to somewhere safe. Event 201 was the very next month where the pandemic was planned out and the first cases of covid appeared in California a month after that.

I bought a house in Amish Country. It is 3000sqft with a large lot. I bought it sight unseen but I used my VA benefits as I knew that the VA had my back and wouldn't let me buy trash. I bought this beautiful home for $136k, zero money down and since it is a VA loan I do not have to pay mortgage insurance. Oh yeah, got the place at 3.5% fixed interest. Mortgage, property taxes, and a very aggressive insurance policy costs me a grand total of $905 a month.

The people I left behind are paying $5k a month or more to rent their tiny places. There are homeless everywhere and inflation and energy costs are much much higher there.

That said, I'd be a fool to ever give this place up. I should also mention that I told anyone that would listen about the upcoming economic crash and how I thought weapons of mass destruction would be used on the population but I was viewed as crazy. Well, many of those people are now homeless or on the verge of becoming homeless and didn't listen to me and get out when they had the chance.

[halfpeltalt]

I have 2 daughters and 2 nephews all under the age if 25. I taught them from an early age to save and avoid debt at all costs. All of them have a fully funded emergency fund. All of them are saving for retirement. The 2 oldest live on their own (2 are too young), all own their cars debt free (7 cars between my 2 nephews), 1 owns his home, 1 is looking and has plenty to put down. All of this WITH ZERO PARENTAL SUPPORT! They can do this with hard work and NO DEBT MINDSET! Don't fall for this, 'I'll always be in debt... I'll always have a car payment.... I'll never own a home' STAY. OUT. OF. DEBT. live below your means. Save an plan for retirement. If anyone tells you otherwise they're broke.

[RichardNixon]

Why do all these podcasts don't mention us x generation folks, I'm 58 started paying tax when I was 14 years old, I worked a 40 hour a week job in a restaurant while attending high school, I have Paid into social security for 44 years and will probably get none of it back.this being said we Gen x folks are tough, we were basically self raised, denied pensions and not taught to save invest ect.we had to learn it on our own, I don't understand why we are always not mentioned forgotten or dismissed as nothing.

[Pcsadams]

In my day Boomers had roommates, bought used cars, didn't pay for doordash/ food delivery, or have $1, 000 phones. My first home was a 1, 200 sq ft ranch home financed at 13.5 % interest. All the videos I've seen with GenZ or millennials are talking about not being able to afford rent want to live alone and spend alot of money on nonessentials. It's all about priorities.

[mspro]

Groceries have gone up 50 to 60 perent! I grocery shop for my family and i see this. The corporations shrink the packaing and put less product while raising costs. Amd colleges were cheaper in 70s and 80! Dont lie now its 50 to 60 k per semester max for a carerr that only starts at 40 or 60 k. Colleges need to be cheaper and the employers need to pay more. This is unsustainable you will see

[rogerc]

I love talking to broke kids. They drive a new BMW, doordash lunch, and eat out every dinner.

[billj]

Wages have not kept up with the economy. The top 1% have received it all. The economy is a zero sum game. Even if the average worker earns more inflation destroys the gain.

[mattb]

The only people buying houses already have houses to tap into the equity. First time home buyers are priced out. Why the hell would anyone pay $3300/month for a mortgage when the same house rents for $2200? Those numbers are after $80-100k out of pocket down payment. Save the extra $1100/month and earn interest on the $80-100k in savings...wait it out. Unemployment will come after the printed money runs out. Folks are not getting raises as companies cut back due to demand dropping. Layoffs will come and people will have to eventually sell. History does not repeat but it does rhyme.

[MasterRoss-sndl]

There are people who are struggling and people who are not. The ones who are not struggling are keeping this economy going. You can’t spend money you don’t have as the credit dries up