Posted on 12/10/2014 5:35:43 AM PST by Kaslin
One thing I’ve noticed among professional Millenials in my office is that they’re loading up their credit cards to “earn points” on other things. It’s the old “I have to spend money to make money” mentality, and it’s getting worse.
I had one co-worker spend $2500 on an Apple laptop which he didn’t need (he has a corporate-issued Mac Book) so that he could get points to fly to Vegas “for free.” I was dumbfounded by the logic, but this is how they think.
Why not? Uncle Sam is setting the example..........
What about the lesson now being taught by the Leftists running the country: Why save? We are just going to take it from you anyway and give it to someone we determine is more deserving?
Not surprising.
I don't think it's astounding at all. Government education, tax structures for the 'working' - those privileged users of public aegis in all things, those uncaring unfeeling automatons - are all collectively aligned against self-sufficiency (which brings the ability to be individual, singular, and free to choose). This government and its entitlement society WANTS them to end up in a position with no choice whatsoever but theirs - complacency and capitulation to the greater good. That's why
The Millennials have to now support criminal illegal
aliens, their healthcare, their education,
while THEY WORK for the rest of their short lives,
controlled by the EXEMPT and the DeathCARE panels.
The upside is that this is very good for the economy. Think about it. If women stopped buy all the junk they want the country would go under.
Yup. And the thought is that ‘other people’ will cover the deficit. I have nephews age 40+ who are still living under their parents’ wings, without a care in the world. Gonna be colorful when TSHTF.
The huge problem with this anti-savings attitude is that the greatest gains are made on the money that’s invested earliest. For example, a dollar invested at a 9.6& rate of return will double in about 7 years. If someone 25 years old invests that dollar and retires at age 60, it will have doubled 5 times to $32.00 Thus, “pensions are for the young” because the really big returns on a long term fund only occur at the end of the holding period. IOW only the early investors make the really big bucks.
BTW the term, “pensions are for the young” is a direct quotation from a presenter at a forum on pension law that an employer sent me to when I was 27 years old. That old fart, probably in his 50’s at the time, said it at the beginning of his presentation, pulled out his charts and absolutely proved it. I sat here shocked, seeing how easy it actually was to provide for my retirement, and followed his advice ever since. Now I’m comfortably retired, in good part because I took that advice. Tragically, most Millennials probably have never even seen a presentation like that.
They are “owed” fancy dinners, trips to Vegas, 3 lattes a day... I always try to get younger employees into the 401k plan.
“What about the lesson now being taught by the Leftists running the country: Why save? We are just going to take it from you anyway and give it to someone we determine is more deserving?”
My lefty niece (wait for the logic) said the same thing. Then she gave us the beautiful part of all of this. “With global warming killing us, I will never live long enough to see retirement so why not run up all the debt I can since I won’t have to pay for it?”
I would never hit my children, let alone my sister in laws stupid kids, but on this one I managed to catch the back of her head just right, sending her face into the mash potatoes.
And as much as I love my kids, let alone my sister in laws stupid kids, I had to let my niece have it. “Sister, I think it best your daughter becomes a lesbian as it would be a disservice to the world if she breeds.”
Needless to say, the daughter still doesn’t speak to me. Thank god....
Wow. That's... I want to laugh and cry at the same time!
Points are nice, you can get free stuff after a while, randomly!
But buying a 2.5 grand laptop just to get a trip with the points (that’s actually a good point return) is stupid. You get points from stuff you buy anyway, like food or gas, rent/mortgage/car payment if they accept card. Getting that 1% back is better than nothing back. But buying stuff just for the points is stupid.
Rats have been plotting for years to get their hands on the trillions in tax exempt retirement savings that people are accruing. Their logic - it's just not fair that some people are saving money for a comfortable retirement while others are not (whether or not those who are not saving could if they wanted is beside the point).
Obamacare is a devious way of divesting people of money they might otherwise save. Higher and higher premiums take money out of people's pockets so they have less and less to save.
Rats despise low gas prices. Cheap gas allows people to keep more of the money they earn and spend it as they will, rather than send huge chunks of it to federal and state gubmints in the form of gas taxes.
Anything that can be charged, I charge. I tried to buy a new car with my credit card, the dealer wouldn’t go for it. I get 01.5% cash back and haven’t paid any interest in many years.
What you said is true, plus the more an individual has their own assets, the more they might think for themselves and act more conservatively. The destruction of the middle class is a necessary step for the fantasy revolution that is the Marxist dream.
Not off topic, trust me:
Weird Al Yankovic’s latest parody “Foil” is a sendup of “Royal” by Lorde so I watched the original to better appreciate the parody. It depicts young Millenials in a state of deprivation of the finer things in life, lamenting their lack of the means to acquire these, with sheer youth as their only real possession.
Of course, Millenials aren’t the only age class to have neglected the opportunity to save for the future. A lot of my fellow Boomers are expecting to survive on Social Security alone.
My son is in this demographic.
He has friends who max out their credit cards, then just pay the minimum payments each month. So if the have a $2500 limit on a card, when they use that up, they don’t think “I owe someone $2500”. They think, “I owe $x as the payment each month”.
They have no intention of ever repaying the principle.
Then they go and get another card. Rinse and repeat.
“I always try to get younger employees into the 401k plan.”
GREAT!! For the powerful dynamics of compound earnings, compounded over an entire career, please see my post @ 10 and feel free to use the “pensions are for the young” quite. It hit me so strongly at the time that I remember the exact words to this day, and I’ll be 72 on Dec. 20, God willing.
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