Comment Re:Good (Score 1) 184
You have enormous influence if you have been providing the financial soft landing for any emergencies, job changes, and major purchases.
This is the biggest problem I am seeing with Millennials and some of the tail end of Gen X with no savings despite high incomes. While it is a positive that a most of the income growth is never being "desperate" for a job such that they have income control by holding out for better pay thanks to mom & dad, most of them fail to have any drive to *earn* a better job or save up for big expenditures. There is always a cushion of float their parents will provide, often without calling the funds back in as a loan and instead providing generous tax evading gifts. I've run across many who simply come up with a life need (e.g. a car) from time to time to tap the parents' financial well because they rather not wait or trust in an inheritance.
This is also among the biggest causes of the absurd housing market pricing -- next to the average Gen Xers and Yers knowing f-all about maintaining a home or the value of the materials and labor involved (What could a 2x4 cost? A $100?). Greater fool housing spending. This stupidity has already cratered the UK and Canada: https://www.youtube.com/watch?v=Q0jqfKUnQQk -- well in point of fact it has already happened in the US, but the heads are still in the sand about the severity of the housing overpricing crisis.
This is the biggest problem I am seeing with Millennials and some of the tail end of Gen X with no savings despite high incomes. While it is a positive that a most of the income growth is never being "desperate" for a job such that they have income control by holding out for better pay thanks to mom & dad, most of them fail to have any drive to *earn* a better job or save up for big expenditures. There is always a cushion of float their parents will provide, often without calling the funds back in as a loan and instead providing generous tax evading gifts. I've run across many who simply come up with a life need (e.g. a car) from time to time to tap the parents' financial well because they rather not wait or trust in an inheritance.
This is also among the biggest causes of the absurd housing market pricing -- next to the average Gen Xers and Yers knowing f-all about maintaining a home or the value of the materials and labor involved (What could a 2x4 cost? A $100?). Greater fool housing spending. This stupidity has already cratered the UK and Canada: https://www.youtube.com/watch?v=Q0jqfKUnQQk -- well in point of fact it has already happened in the US, but the heads are still in the sand about the severity of the housing overpricing crisis.