Trust no one? Cynical? Realistic? Sad?

RedTiger

In a recent article on Market watch, a survey of 25 to 34 year olds has 25% that trust no one for financial advice. Wow.

Now I tend to be a cynical person. That's one reason I have some physical metal. I still find it sad that so many young people trust virtually no one. I can see their point of view, but still find it sad.

In the survey, parents are the number one trusted source for financial advice. This makes sense to me. After all, many parents helped pay for tuition, cars, gadgets, clothes, food, entertainment and more. It makes sense to trust someone that has been a proverbial Daddy Warbucks (or Mommy Warbucks).

I don't get the impression that many in that 25 to 34 age group are metal stackers. Maybe that 25% that doesn't trust anyone might want to, but so many still owe on student loans, so many are still trying to save to buy a first house, and so many more are just keeping their heads at the water line or below with the rampant underemployment and mostly stagnant wages.

MGLICKER

That age group has had a rough ride. They are highly underemployed or unemployed and have the deck stacked against them going forward.

It is truly unfortunate that they are not trusting of financial advisors and most likely that extends to many other professionals as well.

Face it though, observing Wall Street for the last decade or two does not instill a lot of confidence.

derryb

most under 40's are up to their ears in debt.

jmski52

To thine own self be true.

RedTiger

<< <i>To thine own self be true. >>



Shakespeare? Some young people might identify their life situation with this bit from Hamlet:

"The taste of hunger, or a tyrants reign,
And thousand more calamities besides,
To grunt and sweat under this weary life..."

Though for some folks, this old jingle might be more on their level of understanding:

Aye, yii, yii, yiiii,
I am the Frito Bandito.
I like Frito's Corn Chips,
I love them I do.
I want Frito's Corn Chips,
I'll get them from you. ....

TwoSides2aCoin

They don't make children the way they used to

BLUEJAYWAY

When we go out to dinner and our waiter/waitress is of the 20 something age we usually converse a bit. Many times the subject of their vocation comes up. Many have commented that they are waiting on tables because they can't find a job for what they went to college for. And all are in debt. With over a trillion $ oustanding now in student loan debt, it is hard to imagine it will ever be paid off. It supercedes credit card debt for the first time ever. Perhaps one of those "write downs", love that phrase, (write off) may be required here. Others get away with it and life goes on and the country survives. Or maybe the gov't/banks will be happy to get back cents on the $ until things turn around. Regardless, it will be years before it's ever paid back, if ever at all.

chumley

I am the proud owner of one of those 25-30 year olds..he has a degree in mechanical engineering and $50k of debt....works at walmart and can barely pay the bills......do not remember it being that difficult to get started in life when I was his age....lucky timing on my part

bronco2078

Well there was a time when college was about education , now its about loans and debt slavery. 18 year olds without a lot of life experience routinely borrow huge sums of money .

It used to be that there was a lot of scrutiny of a person looking to borrow money but now the lenders don't want to look closely at the students plans , in fact they would prefer there was no plan.

piecesofme

Think about it, They've grown up during the internet where almost anything can be found out. In the sense that they trust no one, that's because of the internet. Scams by financial institutions, including our own Govt. have always been taking place, it's just that since the internet it's more readily available to read about, hence the lack of trust.

cohodk

<< <i>I am the proud owner of one of those 25-30 year olds..he has a degree in mechanical engineering and $50k of debt....works at walmart and can barely pay the bills......do not remember it being that difficult to get started in life when I was his age....lucky timing on my part >>



Tell him to move to where there are jobs. I graduated with about $20k in debt in 1991-economy was pretty rough then. I moved away from Sleepy Hollow and worked my butt off doing anything. A job is not an entitlement. Areas of this country are booming. In the old days, that I hear so much about, people used to go out and seek work. Interesting that today as we are so much more mobile we refuse to move.

mhammerman

"...a degree in mechanical engineering and $50k of debt."

That is kind of the reality now where people want to stay and live in areas familiar to them...where there maybe aren't too many professional positions. It surprises me that they don't move to where the jobs are. An ME with a seal here in Houston might find that that 50K is barely a speed bump but you gotta like oil and gas.
ME in the Big H...note the names of the employers looking for ME's.

MGLICKER

<< <i>

<< <i>I am the proud owner of one of those 25-30 year olds..he has a degree in mechanical engineering and $50k of debt....works at walmart and can barely pay the bills......do not remember it being that difficult to get started in life when I was his age....lucky timing on my part >>



Tell him to move to where there are jobs. I graduated with about $20k in debt in 1991-economy was pretty rough then. I moved away from Sleepy Hollow and worked my butt off doing anything. A job is not an entitlement. Areas of this country are booming. In the old days, that I hear so much about, people used to go out and seek work. Interesting that today as we are so much more mobile we refuse to move. >>



I agree with moving to a better opportunity. Many folks like to stay near family and old friends so the decision is not always easy.

erickso1

<< <i>

<< <i>

<< <i>I am the proud owner of one of those 25-30 year olds..he has a degree in mechanical engineering and $50k of debt....works at walmart and can barely pay the bills......do not remember it being that difficult to get started in life when I was his age....lucky timing on my part >>



Tell him to move to where there are jobs. I graduated with about $20k in debt in 1991-economy was pretty rough then. I moved away from Sleepy Hollow and worked my butt off doing anything. A job is not an entitlement. Areas of this country are booming. In the old days, that I hear so much about, people used to go out and seek work. Interesting that today as we are so much more mobile we refuse to move. >>



I agree with moving to a better opportunity. Many folks like to stay near family and old friends so the decision is not always easy. >>



Yep, I tend to agree that you need to where the jobs are (if you can). I fall within the 25-34 yr old range, grew up in Washington State, went to college in Iowa, got an econ degree and student loan debt. I needed a job to pay the bills, so I moved to Philly and worked for GMAC doing collections on auto loans. Not what I envisioned I'd be doing with an econ degree, but I needed to work.

jmski52

I agree that if an ME can't find a local job, he should move to Houston or Tulsa or OKC and start interviewing in the Oil & Gas industry.

BAJJERFAN

<< <i>In a recent article on Market watch, a survey of 25 to 34 year olds has 25% that trust no one for financial advice. Wow.

Now I tend to be a cynical person. That's one reason I have some physical metal. I still find it sad that so many young people trust virtually no one. I can see their point of view, but still find it sad.

In the survey, parents are the number one trusted source for financial advice. This makes sense to me. After all, many parents helped pay for tuition, cars, gadgets, clothes, food, entertainment and more. It makes sense to trust someone that has been a proverbial Daddy Warbucks (or Mommy Warbucks).

I don't get the impression that many in that 25 to 34 age group are metal stackers. Maybe that 25% that doesn't trust anyone might want to, but so many still owe on student loans, so many are still trying to save to buy a first house, and so many more are just keeping their heads at the water line or below with the rampant underemployment and mostly stagnant wages. >>



What kind of financial advice? A lot of it is common sense or discipline. Would you trust that a professional could invest/manage/grow your money better than you can? Or be a better picker of individual stocks than you are?

coolest

So 25 percent have woken up to the total corruption, and 75% still belive the lies?

What government or corporate entity do you trust, Redtiger?

MGLICKER

<< <i>I agree that if an ME can't find a local job, he should move to Houston or Tulsa or OKC and start interviewing in the Oil & Gas industry. >>



With oil at $84.00, the job opportunities may soon dry up in that area.

tincup

<< <i>I am the proud owner of one of those 25-30 year olds..he has a degree in mechanical engineering and $50k of debt....works at walmart and can barely pay the bills......do not remember it being that difficult to get started in life when I was his age....lucky timing on my part >>



The nuclear industry has been drastically short of mechanical engineers, chemical engineers, and electrical engineers for decades. Some electrical generating stations were paying hefty bonuses to try to get some hired.

rawteam1

<< <i>What kind of financial advice? A lot of it is common sense or discipline. Would you trust that a professional could invest/manage/grow your money better than you can? Or be a better picker of individual stocks than you are? >>


This thought process and associated behavior is the downfall of America...
Most Everyone wants someone else to discipline them, tell them what to do, what pill to take, what to buy, when to sell, and so on...
Then of course they can blame someone or something else...

RedTiger

<< <i>So 25 percent have woken up to the total corruption, and 75% still belive the lies?

What government or corporate entity do you trust, Redtiger? >>



Number one answer in the survey was parents. There are folks that don't even trust their own families? It might be realistic, but it is sad, really sad. No matter how much money or gold that person has, they might end up like the near-mad Howard Hughes at the end of his days. All the money in the world, but not a moment of peace, always watching his back, worried about the next would-be swindler. Sometimes like Hughes it might be mental illness, sometimes it is post-traumatic stress from bad experiences, sometimes it is a lifetime full of lies, deceit and more lies. The last case are people that can trust no one, because no one can trust him/her. All the cases are sad, but the last might be the saddest, the emptiest lives of all.

MGLICKER

Sadly, lying and deception are no longer frowned upon but are grudgingly accepted as how business and politics are conducted in America.

Elections come down to who is perceived as the less crooked.

This is America. Being cautious is the only real means of survival as many former pillars of society have been exposed as gonifs and rogues.

BLUEJAYWAY

Whether it be good or bad news it travels so swiftly today what with all the social media/internet capabilities and the impact is that much greater. So much to digest and take into consideration.

BLUEJAYWAY

<< <i>

<< <i>

<< <i>I am the proud owner of one of those 25-30 year olds..he has a degree in mechanical engineering and $50k of debt....works at walmart and can barely pay the bills......do not remember it being that difficult to get started in life when I was his age....lucky timing on my part >>



Tell him to move to where there are jobs. I graduated with about $20k in debt in 1991-economy was pretty rough then. I moved away from Sleepy Hollow and worked my butt off doing anything. A job is not an entitlement. Areas of this country are booming. In the old days, that I hear so much about, people used to go out and seek work. Interesting that today as we are so much more mobile we refuse to move. >>



I agree with moving to a better opportunity. Many folks like to stay near family and old friends so the decision is not always easy. >>

Years ago I read somewhere that most people live/die within 30 miles of their place of birth. Don't remember where it was stated, but maybe today that is less true due to the youth being more mobile. Anyone else have a similar statistic on what the ratio might be today?

piecesofme

Sadly, lying and deception are no longer frowned upon but are grudgingly accepted as how business and politics are conducted in America.

Elections come down to who is perceived as the less crooked.

This is America. Being cautious is the only real means of survival as many former pillars of society have been exposed as gonifs and rogues

Words to live by, well said.

gsa1fan

I have 5 nieces and nephews 25-27 age. The 3 girls all fixing graduate college or have. All 3 have GOOD jobs or internships.

The 2 boys well all I can see they worry about is what mom cooked for breakfast.

The old when your 18 your on your own was my generations motivation.

Baley

“Cynicism is what passes for insight among the mediocre.”
― Joe Klein