Millennials are already in debt and without savings. After the next downturn, they’ll be in even bigger trouble.
Recessions are never good for anyone. A collapsing economy means miserable financial, emotional, and physical-health consequences for everyone. But the next one—if it happens, when it starts happening—stands to hit your generation particularly hard.
Millennials got hammered in the last downturn, have struggled in the recovery, and are now left more vulnerable than ever. As you pitch toward middle age, you are failing to make it to the middle class, and as a result are ending up worse off than your parents. If it's not you now... the next collapse might make sure of it.
A big part of the American dream is that each generation will do better than the one that preceded it. That has been part of what's supposed to make this country special and distinctive. As of now, we're not living up to that commitment.
It's time to get an education.
I'm being serious. Unless you want to continue down the same path of working pay check to pay check and not having enough money to retire, then it's time to start educating yourself.
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You know an economic crisis is coming. You can feel it. It surrounds you every day. Yet you still choose to ignore it. Maybe you'll deal with it when it happens. Well I've got news for you... it will be way too late.
A generation of stagnant wages and rising costs for basics like housing, child care, and education have forced American families to take on more debt than ever before. The student debt load has more than quadrupled since our parents went to school. American credit card debt is at staggering highs. Auto loan debt is the highest it has ever been since we started tracking it nearly 20 years ago, and a record 7 million Americans are behind on their auto loans. Not to mention mortgage debt is through the roof. 71 million American adults already have debts in collection. While you may be able to afford these debt payments now, an increase in interest rates or a slowdown in income could plunge families over a cliff.
It all sound pretty grim. But wait... there is more.
Throw in a pandemic that is accelerating fiat paper printing, massive debt to cover expenses, then you have a recipe for disaster.
The warning lights are flashing. Whether it’s this year or next year, the odds of another economic collapse are high — and growing.
And when it does fall apart... do you want to be in now when you can still do something about it? Or would you prefer to jump in when everyone else is trying to save their life savings?
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