1991 millennial - grew up super poor on a farm eating food we’d get from the church. now a homeowner, college grad using the business degree I paid for in a job I enjoy. worked really hard to get where I am.
I’m a Gen X. I had poor financial education. Didn’t have savvy parents or the internet. But I’ve studied and learned and am debt free and working on FI!
I'm Gen X, sandwiched in between my parents and millennial kids. But I am thankful to God that my husband and I are in a great position financially. We've learned a lot from the mistakes of our parents and passed down good habits to our kids. Debt free for life! You rock George!
I’m an old Gen X’er (58), everyday millionaire, and just paid off the house in April. Living the good life! George, you are an Old Soul which is why I think you’re the best. 😊
Boomer 🙋🏼♀️ and completely debt free 🎉 We made MANY mistakes and started investing for retirement MUCH LATER than we should have. Husband started listening to Dave and we attacked debt with "gazelle intensity". Our boys were teenagers (millennials) and we shared the information with them. They both received Dave's book in their latter years of high school. As parents, we wanted them to begin the next chapter of their lives with a healthy financial mindset and the tools to accomplish financial freedom.
Good on you guys! Its never to late! My wife and I are older Millennials and started later as well. Paid off our house this month. No consumer debt, fully funded emergency fund pumping 40% monthly into our investments and we currently have 2 rental properties. I feel like starting later can make you even more successful because you go harder!
My husband and I were born in 1985 & 1986, so we are older millennial. We just had baby number 6 the beginning of May so we owed $689 to the hospital, but the check's in the mail to pay that off. I know they didn't add mortgages into this but we still owe $98k on our house. We are killing it 🥰 having an emergency fund is a game changer, and its allowed me to stay at home and homeschool our crew.
@@EFN86 trade jobs are the only way forward boomers and corps will pay the higher prices for repairs and additions. Great choice. College degrees are not viable in this economy.
I'm 62 and feel bad for younger generations. They want so much - a big house, new car, raising kids, vacations, eating out, designer clothes, specialty foods, etc...and feel deprived when they have to sacrifice. I was the same way but something changed as I got older. I stopped wanting all that stuff and just feel content having a big stack of cash saved and no debt.
So you wanted all the same things when you were young, but now that you’re established and wise, you’re looking down on others who wanted the same things you did? Okay
Wanting those things when you’re young is completely normal. Sacrificing when you’re young in order to get yourself to the place where you can get them is not normal. I’m in my mid 30’s and we finished paying off our home last fall. We’re looked at as being lucky…but the reality is that we made intentional choices and sacrifices along the way to get here. Where I was lucky is that both my wife and I shared many of the same values, and we were both willing to work together to make our dreams a reality. We knew there would be work and sacrifices involved…but we’re definitely glad we made the choices we did. Rather than financing all the stuff we wanted and ending having to tell our kids that the bank is coming to take everything away because we can no longer afford to keep it…we get to tell them “we might not have taken as many trips or had as many toys as the others…but everything we own belongs to us, so you don’t need to worry about the bank ever coming to take our stuff away.”
I’m a millennial, I paid off the house last year. 10 years of working harder than anyone I know but paid the house off at 36 before the others bought their first house.
Gen X here debt free. My Gen Z daughter, debt free, my 2 Gen Z nephews debt free, my wife and I started WAYYY late so we're playing major catch up but instilled good money habits in my kids. OH and my 10 year old has an IRA going already!
I think a lot of this stems from social media and our inability to be content with what we have. Everyone is showing off a luxury house, nice new car or an amazing vacation. It makes it so difficult at times to be thankful and content with what you have… everyone is pushing to get the next new thing and can’t wait until they have X,Y or Z and fail to take things a day at a time. I also think Covid changed peoples perspective on life and are now treating themselves to things that quite frankly they can’t afford but YOLO… This isn’t backed by stats or science but just my observation over the last several years.
'86 and '87 millennials here and got married with $250k in debt we still have $150k in debt between the two of us but we have 5 amazing kids that we are teaching to not make the same mistakes we did.
I am a Gen X and debt free. I remember the push from everyone around me to get a credit card. They said that I was boring, and I don't know how to have fun. Today, the same people are in debt, depressed, and in distressed; while I am debt free, own house (no mortgage) own car (no car note). Living a simple life has been a blessing. Single income < $80K is enough when you are debt free. Each year, I fund >$42K into a retirement account. Before age < 50 I became a millionaire with no family and no government assistance. All glory and honor go to JESUS for keeping me in the straight path to wealth. Poverty is a choice. Living in debt is a choice. Choose wisely. When you follow the crowd, you'll get lost in the crowd. Be follower of Jesus instead for Jesus is THE WAY, THE TRUTH, THE LIFE.
Boomer here. No debt. Two paid-for cars that are worth $7k combined. We paid off the house during the pandemic. Thanks to the DR plan. We are still having a tough time with food. We don't eat out much. Budget is $700 for groceries and $150 for dining out. I'm not sure who says that inflation has caused food to go up 20%, but we looked back at the budget for 2 years ago and we were budgeting $300-350 for groceries. Food has doubled in price over the past 18-24 months.
I totally agree. We grew up when the kind of information these new generations have today wasnt readily available like it is today unless we listened to am radio or went to the library
Millennial here, and the total debt is definitely an average based on the people I know. Some of my friends have multiple cars, boat, credit cards…probably in excess of $100k. And that doesn’t include their house, just consumer debt. Their argument is YOLO….
I'm a millinial and I'm pretty sure we're struggling the most. Graduate university in the great recession. Second only to my baby boomer parents who have been on and off work cycles since the 70's and face ageism with hiring now in their mid 60's.
I'm one of the last millennials(1994, turned 30 this year) and currently debt free, looking to buy my first home. Started a Roth IRA this year, that was cool. I definitely don't have as much in retirement as I should by this age but based on a lot of George's videos I've seen, I'm doing WAY better than I could be. The Ramsey team gave me hope, I found out about them right around my 30th birthday and I've been going pretty intentional ever since.
I’m a Millennial (1993) no school debt; graduated with a bachelors on a Pell Grant from good grades. I moved to be able to own a home and start a family and my only consumer debt is our car which my husband and I are working on paying off. I’m personally the most financially stable one out of my parents and my older brothers. I think the debt thing is a combination of people not knowing the proper way to handle things and also how much impulse control you have, less about being in a specific generation. Because I’m the only one in my family who has been budgeting since I was like 20 hahah.
I’m in the same boat. I’m a slightly older millennial, and we are completely debt free, including our house as of last fall. My parents are boomers, and they had paid off their first house within 5 years after purchasing it. They weren’t the norm back then, and I’m definitely not the norm now. I faced different situations than my parents did, but the principles that they followed, and ultimately that I learned from them definitely played a huge part in me being where I am today. What’s crazy to me is that my parents know people their age that have no money saved up, and have mortgages larger than even I had when I first bought my house. Those people have lived their entire lives “trying to get ahead” and have ultimately ended up broke. I’m very thankful that my parents had the mindset they did. Not only did I learn a lot from them, but they are also fairly well off financially, so I don’t need to worry about having to support them financially in retirement either.
George, you should do a show on when it makes sense to buy solar. I was quoted 59K for a system, but my energy bills are average $150/mo. It did not make sense to me. Even with the tax deduction, it would take a long time to break even. For me it was like switching my $150 monthly payment from the energy company to the solar company. Granted I did not get other quotes from other companies. But have also heard people paying insane amounts for a system and then saying things like my energy bill is only $10/mo (yea, but how much are you paying the solar ?company? Also, if the solar co goes under, there goes the warranty
Both of us us were born in early/mid 1988 which makes us "Early Millenials" apparently because we can't relate to the common traits of typical latter Millenials. Praise The LORD, we don't relate financially to most people being debt-free homeowners on one income! Happy to be weird - more people should try it! Xx
Grew up with a single mom, 7 children. Started working at about 7 or 8 years old selling donuts. Loved working! My mom never even let it be an option to collect from the government even though her income permitted it, she never did. She taught all her children how to work. All 7 children have been successful financially. My mom also has a lot of money. She lived frugally and saved. Boomer here
Your show is awesome, thanks George!! I was thinking it was Thursday for a second, excited for my favorite Smart Money Happy Hour, but then saw you posted this. Always such great videos!
Great video George, signed a gen xer with no debt and on baby step 6. My generation are the helicopter parents who seem to be funding adult children and sacrificing their retirement
Gen X here. House is paid off, no car loan., no credit cards, no student loans, no debt. Reasonable 401k and Roth IRA balances. Still working but feeling age starting to creep in... can't outrun the reaper. Beginning the role of caretaker to aging parents. But still climbing trees with the grandkids.
George!! What is the episode that shows the 21 year old investing opposed to the 30 year old staring to invest and the 20 year old has more at the end of retirement??? I need to show my husband to explain the direction for my daughter!!! LOVE YOUR SHOW!!! So INSPIRING!! Love to watch you George!!! ♥
1980 here, so I think I'm Gen X? No debt, own home in Silicon Valley outright. We are old enough to have saved up for awhile, bought our first home here at a time before it got crazy expensive. Like George said, we're in our 40s, have a young child, aggressively saving for retirement and also care for elderly parents. George is spot on re: the latter. We live below our means (monthly take home pay), put some in savings every month, drive older cars and don't spend much on clothes or other material items.
On the absolute tail end of being a boomer, born in 63. Kids are millennials and don't want to work traditional jobs, they want to work for themselves. That is a major shift.
It’s still the boomers fault. And thanks to them and there voting practices. The up coming generations will be paying on the boomers National debt. Born into debt slavery thanks to the soon to disappear boomer generation.
My grandparents had 3 children, owned 2 houses, always bought brand new cars, and retired at 65. They were garment factory workers. My father was a truck driver and my mother was a homemaker. They had a $400k house in an affluent neighborhood, 4 cars, and we went on vacation every year. To afford that same lifestyle today, you need to either be a banker or an MD.
Not really lol plenty of outliers. My brother lives in one of the most expensive suburbs of Chicago and he is a closer for a title company and his wife just entered the work force in HR. They have 2 kids and 4 cars paid off. One of which is a 1972 Nova. Not always about how much you make, it's what you do with it.
@@justincaldero5174 Lol you just contradicted yourself. There's a lot of money in HR. My stepfather's HR manager drives an M8 Competition Gran Coupe and a family friend is a retired recruiter. He lives in a large house and travels the world. I'm talking about "unskilled" workers who used to be able to comfortable afford that lifestyle and now even highly educated and skilled workers can no longer afford those same options or have to delay gratification much longer.
Gen X tons of debt, low income, no parents or kids. I cut grass every day to keep my head above water. Day by day with a hope and plan for the future 🤞
Can you talk about financially preparing for kids?! What to do financially before you have them and accounts once they are born? Or how much to save for hospital bill? 1st year etc.or what you are doing to save for your new addition to the family?? Thank you!!!
If you are working on your debt snowball, I would put everything on hold and save up about $3,000-$4,000 or as much as you can. You can do this while trying or even pregnant. Your insurance should cover most of the hospital delivery stuff, but you never know with your first if it's going to be a typical labor and delivery or not. After you leave the hospital make sure you add your new little one to your insurance. Then you just have to contact the hospital, and clinic with their new insurance info so they can bill for the baby. You technically have two months to give them that info but I wouldn't wait on it. When you get the actual bills you should have enough to cover it with the 3-4k. If the baby is healthy, whatever is left over can be thrown at normal debt, and there should be a lot left over if you have good insurance. You can do babies frugally. Don't feel like you have to have a ton of stuff. Breastfeeding if you can, and a good blender for grinding up a bit of your dinner into baby food when they are a bit older are the cheapest routes. Cloth diapers are a great money saver, I did it with 2 of mine for 4 years straight and hit my limit. A gal can only scrub poop out of diapers for so long. My last carseat I bought was like $89 on Amazon and it grows with your child covering them from 6-80lbs, I got my bouncer and swing for $20 each at a second hand shop and they have lasted through my last 4 babies. My hubs and I put a 5 year gap between our first set and our last 4. I wish we had saved the baby stuff but we didn't have the space at the time. -homeschooling Mom of 6
@@boredoreos I mean it helps but it's not like you're making money by having children. If you use childcare, yes you get the childcare tax credit. You don't get that childcare credit if you stay home with them. Childcare for one child costs yearly more than both those tax credits combined. So having your children in daycare isn't a get rich quick off the tax payer scheme. Plus the child tax credit breaks down to just under $39 a week per child, that's not making you any money either.
@@EFN86 Right, but if you pay 20k per kid per year, if you take advantage of tax credits and deductions, you can be paying 12k per kid per year which is a whole lot cheaper.
@@boredoreos I see what you mean. I guess I get defensive a bit. Occasionally you get people that think we are gaming the system and making money through tax credits. I am like nope not when our food costs us more monthly than our mortgage payment. 🤣
Just subscribed! I was always a fan of George on the Ramsey Show, but this channel’s video editing has convinced me it’s worth it to see him here too!😅
Baby boomer here. No debt, no mortgage, no car loans. Tough choices were made over the years and some mistakes. However just tried each time drifted from DR plan regrouped. Got back on it. Glad I did.
Boomer here...retired, debt free, no house (didn't want one yet), but will buy one with cash, earning a great pension and getting 2.5% raise per year. I don't need to touch my IRA and earning interest in mutual funds. Been watching Ramsey Solutions since May this year, but have been doing what they teach way earlier. Mr. Kamel, "you da bomb!!!"...how's that for boomer talk. Aloha🤙🤙🤙
You, sir, are far from cantankerous! But nice use of the $10 words! I love it! Most people just talk blah blah...I love when people add just a smidgen of pretension to their speech 😊
I think that Gen X has it worse off because they lack the ability to learn new ways of thinking! The younger generations grew up with a different level of access to knowledge that Gen X has always been weirdly skeptical about trusting to their own demise lol
I'm Gen X and I owe around $95k in dept. That is the loan on my house I bought back in 2018. I paid $130k with a small down payment on a 30 year loan as that is all I qualifed for. A year later I refinance to a 15 year loan and dropped the interest rate two points. I paid off the car loan when I bought the house. I did not have any choice in the matter as the mortgage company said that I had to to qualify for the home loan. Paying off the car was where a lot of my down payment money went to. But I'm doing just fine as the loan will be paid off when I'm 65 and will be dept free with a house. I may never retire but at least I won't have to have the extra cost of paying rent or a mortgage. My housing cost will be something like $750 a month with property tax, insurance, electricity, gas, water, and internet.
I am one of 7 kids. Parents never made much money, average pay over my dad’s career was under $12k. High was $33k. Yet their (mobile), home was paid for. As kids we inherited $9k each. 4 of us are financial stable and sound. The other three are about choices they made. Living paycheck to paycheck, or scraping buy on SS. I have 3 kids. #3 is TBD as to financial status. 1st is doing great, rehabbing a house they paid $210k for that will sell for $700 when finished. #2 will probably struggle all her life, and it’s all about her choices. All finished post high school education debt free.
I'm a Millennial with no debt but the mortgage and we only owe 45% after purchasing just less than 3 years ago. College degrees were all paid for by grants and the hustle. We need to save for a few big ticket repairs right now, but then it's full steam at the rest of the mortgage. Once it's paid, we'll add a sizable addition and crank up the retirement even higher than the current 15%.
Gen x here … let’s start with poor financial education or none at all we had to figure it out on or own … poor financial choices … ect …. But having said that I invested all my life and I’m doing just fine thank you have much 😊😊😊
Most of Gen Z are kids still so it’s kind of pointless looking at those stats. They can only afford cheaper cars and they don’t have credit limits as high. I figure we have more opportunities for scholarships and grants than previous generations
Actually I'm not surprised, mother in law is a gen X and it's like she thinks the debt is just going to disappear if the "economy re-values itself " 🤷🏻♀️whatever that's supposed to mean. Super sweet, but so many credit cards, and student and car loans. Not sure how to approach her about this.
As a gen Xer I’m proud to be Debt free and continuously building my generational wealth!! Thank you for this video it was awesome. Now can you do the same video on the generation for the everyday millionaires how do they divide up?
Boomer here (65 year old widow), debt free. I own my house and car, no credit cards. Right now, I am still working full time and throwing everything at my 401k. I will probably retire at 68 and be fine.
Most broke generation, but they had more fun. Kids eat out sooooo much more now days than 20-40 years ago. Travel more, and buy way toooo much stuff they don’t need.
In a weird category... having been born in '83, I'm in a slot in-between Gen-X & Millennial. I'm in another weird category, having found Dave Ramsey in 2010, getting out of debt by 2014. Including (BTW, 40k in student loans.) Was it hard? Newly married, living in a borrowed double wide in rural South Carolina... Absolutely! Was it worth it? Being able to afford a house, driving paid for cars, having a 20k cushion in cash and 100k in retirement by age 40... yeah... kinda. Bottom line, it CAN BE DONE!!! And, it's worth it! In truth, you don't have to cut life back entirely.. but you can cut it back in many, many ways. And the light at the end, only gets brighter as you work to get there.
Debt is the wrong metric to use. Of course Gen X likely has the most debt since they are at their peak as far as outflows for kids, housing, parents etc... but their inflow is also likely the highest of all the generations and they are nearing the high point for net worth as well (net worth peaks at 65 and tends to go down after that.)
You should make a video about what exactly does "living paycheck to paycheck " means. Does it mean you don't worry if you get paid a week later? Does it mean it doesn't matter if you get paid?
I'm an older millennial and would have guessed the stats look as they do. Most of my friends and family members that are transparent about their household finances are in similar boats.
I’m Gen X and a self made millionaire from a middle class background. But I made a whole slew of money mistakes all the way into my 30s before turning it around. Still do on occasion. No debt though.
Gen X is the most broke, definitely as the sandwich generation, and all the recessions we’ve been through during our working years. Also, as a Gen Xer, I love Minions!!! And Pooh Bear and Baby Yoda!
Hmm. I'm right in the middle of millennials (born 1991). We have no debt except the mortgage and a fully funded emergency fund, but that doesn't mean we are comfortable. With a limited income, we don't have a ton extra after covering our bills (mortgage, utilities, food and childcare are the big ones). This makes it really hard to save up for a new-to-us car (we need a minivan for kid #3) or to cash flow any home improvement project. It sucks, even without the debt. I can't imagine having extra monthly payments.
If you’re being statistical, Gen Z stretches from those born in 1997-2012. 9-24 years old. Realistically, over half of that population can’t actually take on any major debt. I feel like that’s a likely reason the totals are so low for that generation.
As a Gen Zer, I think we still have plenty of time to take that title from Gen X! Don’t lose hope guys 😂
1991 millennial - grew up super poor on a farm eating food we’d get from the church. now a homeowner, college grad using the business degree I paid for in a job I enjoy. worked really hard to get where I am.
What a great story!!! Way to go!!!
I'm Gen X. Our house will be paid off in less than 60 days and we'll be completely Debt Free. Thank you Dave Ramsey and FPU! Cheers!
Congratulations!!
Impressive!!! 🤩 stay weird 🙌
Awesome!
Howd you go mate?
I'm a Boomer and became debt free when I was 51. I'm 62 now and retiring next April because I can afford to do it! Woot!
I’m a Gen X. I had poor financial education. Didn’t have savvy parents or the internet. But I’ve studied and learned and am debt free and working on FI!
Let's goo, good luck!
I have a similar story. I wish I had You Tube when I was young.
I'm Gen X, sandwiched in between my parents and millennial kids. But I am thankful to God that my husband and I are in a great position financially. We've learned a lot from the mistakes of our parents and passed down good habits to our kids. Debt free for life! You rock George!
Millennial kids? Millennials in 2023 are between 27 and 40 years old. I hardly think 40 year olds can be considered kids.
@@user-tg6ug6nc2ohoney as long as I breathe my kids will be my “kids” 😂 It’s not meant to be insulting.
I’m an old Gen X’er (58), everyday millionaire, and just paid off the house in April. Living the good life! George, you are an Old Soul which is why I think you’re the best. 😊
Boomer 🙋🏼♀️ and completely debt free 🎉 We made MANY mistakes and started investing for retirement MUCH LATER than we should have. Husband started listening to Dave and we attacked debt with "gazelle intensity". Our boys were teenagers (millennials) and we shared the information with them. They both received Dave's book in their latter years of high school. As parents, we wanted them to begin the next chapter of their lives with a healthy financial mindset and the tools to accomplish financial freedom.
Good on you guys! Its never to late! My wife and I are older Millennials and started later as well. Paid off our house this month. No consumer debt, fully funded emergency fund pumping 40% monthly into our investments and we currently have 2 rental properties. I feel like starting later can make you even more successful because you go harder!
@@therationalistparty9742 Outstanding!! Congratulations 🎉
I'm sure millennials who watch financial videos are better off than millennials who don't watch.
My husband and I were born in 1985 & 1986, so we are older millennial. We just had baby number 6 the beginning of May so we owed $689 to the hospital, but the check's in the mail to pay that off. I know they didn't add mortgages into this but we still owe $98k on our house. We are killing it 🥰 having an emergency fund is a game changer, and its allowed me to stay at home and homeschool our crew.
What does the hubby do for work?
@@winterhavenfarmlife He is an electrician.
@@EFN86 trade jobs are the only way forward boomers and corps will pay the higher prices for repairs and additions. Great choice. College degrees are not viable in this economy.
Awesome!
Way to go!!! I home schooled and now my daughter does and just had her 6th child.
I have no debt and I am in generation X.
I'm 62 and feel bad for younger generations. They want so much - a big house, new car, raising kids, vacations, eating out, designer clothes, specialty foods, etc...and feel deprived when they have to sacrifice. I was the same way but something changed as I got older. I stopped wanting all that stuff and just feel content having a big stack of cash saved and no debt.
I’m a millennial and I’m the same way
“I make myself rich by making my wants few.” Henry David Thoreau. Definitely wise words.
So you wanted all the same things when you were young, but now that you’re established and wise, you’re looking down on others who wanted the same things you did? Okay
They feel deprived AND BLAME BOOMERS when they have to sacrifice. FTFY.
Wanting those things when you’re young is completely normal. Sacrificing when you’re young in order to get yourself to the place where you can get them is not normal. I’m in my mid 30’s and we finished paying off our home last fall. We’re looked at as being lucky…but the reality is that we made intentional choices and sacrifices along the way to get here. Where I was lucky is that both my wife and I shared many of the same values, and we were both willing to work together to make our dreams a reality. We knew there would be work and sacrifices involved…but we’re definitely glad we made the choices we did. Rather than financing all the stuff we wanted and ending having to tell our kids that the bank is coming to take everything away because we can no longer afford to keep it…we get to tell them “we might not have taken as many trips or had as many toys as the others…but everything we own belongs to us, so you don’t need to worry about the bank ever coming to take our stuff away.”
I’m a millennial, I paid off the house last year. 10 years of working harder than anyone I know but paid the house off at 36 before the others bought their first house.
Gen X here debt free. My Gen Z daughter, debt free, my 2 Gen Z nephews debt free, my wife and I started WAYYY late so we're playing major catch up but instilled good money habits in my kids. OH and my 10 year old has an IRA going already!
I think a lot of this stems from social media and our inability to be content with what we have. Everyone is showing off a luxury house, nice new car or an amazing vacation.
It makes it so difficult at times to be thankful and content with what you have… everyone is pushing to get the next new thing and can’t wait until they have X,Y or Z and fail to take things a day at a time.
I also think Covid changed peoples perspective on life and are now treating themselves to things that quite frankly they can’t afford but YOLO…
This isn’t backed by stats or science but just my observation over the last several years.
I'm gen x and completely debt free including no mortgage. Gen x is taking care of the younger generation while they go out and enjoy life.
'86 and '87 millennials here and got married with $250k in debt we still have $150k in debt between the two of us but we have 5 amazing kids that we are teaching to not make the same mistakes we did.
gen z is the most set up to fail.
i’m jealous of the freedom that my parents had
I am a Gen X and debt free. I remember the push from everyone around me to get a credit card. They said that I was boring, and I don't know how to have fun. Today, the same people are in debt, depressed, and in distressed; while I am debt free, own house (no mortgage) own car (no car note). Living a simple life has been a blessing. Single income < $80K is enough when you are debt free. Each year, I fund >$42K into a retirement account. Before age < 50 I became a millionaire with no family and no government assistance. All glory and honor go to JESUS for keeping me in the straight path to wealth. Poverty is a choice. Living in debt is a choice. Choose wisely. When you follow the crowd, you'll get lost in the crowd. Be follower of Jesus instead for Jesus is THE WAY, THE TRUTH, THE LIFE.
How do you know they are depressed and distressed?
Are you single and ready to mingle?😂
Is Jesus is hiring? How much does he pay an hour ?
@@RL86most severly in debt people bc there in debt!
You put 42k into a retirement account every year? That's more than anyone my age I know makes in a year, and that's just your retirement. When you say
Boomer here. No debt. Two paid-for cars that are worth $7k combined. We paid off the house during the pandemic. Thanks to the DR plan.
We are still having a tough time with food. We don't eat out much. Budget is $700 for groceries and $150 for dining out. I'm not sure who says that inflation has caused food to go up 20%, but we looked back at the budget for 2 years ago and we were budgeting $300-350 for groceries. Food has doubled in price over the past 18-24 months.
I did not know cantankerous was a word until I watched this video. Thank you, George
Millennial here...EDM
Debt free and living the dream. Thanks for your teachings, Ramsey solutions.
As a gen x learning about debt came late for me until the internet took off. None of my baby boomers wanted to talk about money.
I totally agree. We grew up when the kind of information these new generations have today wasnt readily available like it is today unless we listened to am radio or went to the library
So true! It was “rude” to talk about money, salaries, and all that! I find it weird. It’s corporate conditioning.
I'm Gen X. My house has been paid off for 10 years. No other debt.
I'm GenX and both of my Mustangs AND my original Ranger are paid for! LOL! They are also old, but hey, they still run!
How is it fair to compare the total debt of someone who's been accruing for 40 yrs to someone who has only been accruing for 15 yrs?
Millennial here, and the total debt is definitely an average based on the people I know. Some of my friends have multiple cars, boat, credit cards…probably in excess of $100k. And that doesn’t include their house, just consumer debt. Their argument is YOLO….
Gen X here. I am learning to be more accountable and financially responsible. Going out of debt!
I'm a millinial and I'm pretty sure we're struggling the most. Graduate university in the great recession. Second only to my baby boomer parents who have been on and off work cycles since the 70's and face ageism with hiring now in their mid 60's.
I'm one of the last millennials(1994, turned 30 this year) and currently debt free, looking to buy my first home. Started a Roth IRA this year, that was cool. I definitely don't have as much in retirement as I should by this age but based on a lot of George's videos I've seen, I'm doing WAY better than I could be. The Ramsey team gave me hope, I found out about them right around my 30th birthday and I've been going pretty intentional ever since.
I’m a Millennial (1993) no school debt; graduated with a bachelors on a Pell Grant from good grades. I moved to be able to own a home and start a family and my only consumer debt is our car which my husband and I are working on paying off. I’m personally the most financially stable one out of my parents and my older brothers. I think the debt thing is a combination of people not knowing the proper way to handle things and also how much impulse control you have, less about being in a specific generation. Because I’m the only one in my family who has been budgeting since I was like 20 hahah.
I’m in the same boat. I’m a slightly older millennial, and we are completely debt free, including our house as of last fall. My parents are boomers, and they had paid off their first house within 5 years after purchasing it. They weren’t the norm back then, and I’m definitely not the norm now. I faced different situations than my parents did, but the principles that they followed, and ultimately that I learned from them definitely played a huge part in me being where I am today.
What’s crazy to me is that my parents know people their age that have no money saved up, and have mortgages larger than even I had when I first bought my house. Those people have lived their entire lives “trying to get ahead” and have ultimately ended up broke. I’m very thankful that my parents had the mindset they did. Not only did I learn a lot from them, but they are also fairly well off financially, so I don’t need to worry about having to support them financially in retirement either.
Good for you?
George, you should do a show on when it makes sense to buy solar. I was quoted 59K for a system, but my energy bills are average $150/mo. It did not make sense to me. Even with the tax deduction, it would take a long time to break even. For me it was like switching my $150 monthly payment from the energy company to the solar company. Granted I did not get other quotes from other companies. But have also heard people paying insane amounts for a system and then saying things like my energy bill is only $10/mo (yea, but how much are you paying the solar ?company? Also, if the solar co goes under, there goes the warranty
B.C. ,
I agree, he should do a solar analysis. If done right, it's like prepaying your electric bills. If done wrong, it's like going in debt.
Both of us us were born in early/mid 1988 which makes us "Early Millenials" apparently because we can't relate to the common traits of typical latter Millenials. Praise The LORD, we don't relate financially to most people being debt-free homeowners on one income! Happy to be weird - more people should try it! Xx
The Greatest Generation and the Silent Generation were more interested in their community and family than a career, and that was a good thing.
I’m gen z (19) got $40k in the bank and have car paid for in cash and had 3 motorcycles all paid for in cash all money I made not handed
Grew up with a single mom, 7 children. Started working at about 7 or 8 years old selling donuts. Loved working! My mom never even let it be an option to collect from the government even though her income permitted it, she never did. She taught all her children how to work. All 7 children have been successful financially. My mom also has a lot of money. She lived frugally and saved. Boomer here
Your show is awesome, thanks George!! I was thinking it was Thursday for a second, excited for my favorite Smart Money Happy Hour, but then saw you posted this. Always such great videos!
Great video George, signed a gen xer with no debt and on baby step 6. My generation are the helicopter parents who seem to be funding adult children and sacrificing their retirement
Gen X here. House is paid off, no car loan., no credit cards, no student loans, no debt. Reasonable 401k and Roth IRA balances. Still working but feeling age starting to creep in... can't outrun the reaper. Beginning the role of caretaker to aging parents. But still climbing trees with the grandkids.
George!! What is the episode that shows the 21 year old investing opposed to the 30 year old staring to invest and the 20 year old has more at the end of retirement??? I need to show my husband to explain the direction for my daughter!!! LOVE YOUR SHOW!!! So INSPIRING!! Love to watch you George!!! ♥
1980 here, so I think I'm Gen X? No debt, own home in Silicon Valley outright. We are old enough to have saved up for awhile, bought our first home here at a time before it got crazy expensive. Like George said, we're in our 40s, have a young child, aggressively saving for retirement and also care for elderly parents. George is spot on re: the latter. We live below our means (monthly take home pay), put some in savings every month, drive older cars and don't spend much on clothes or other material items.
Just subscribed to your content. Remember when you where a Ramsey intern, you are very talented.
On the absolute tail end of being a boomer, born in 63. Kids are millennials and don't want to work traditional jobs, they want to work for themselves. That is a major shift.
Gen X here on Baby Step 7 since 2021. I do love a good sandwich.
❤ Embrace the suck and get on with getting out of debt! ❤
I’m the same age as you George and I love my excel spreadsheet budgets 😂
So glad you pointed out we need to stop blaming other generations. I'm so sick of young people doing that.
It’s still the boomers fault. And thanks to them and there voting practices. The up coming generations will be paying on the boomers National debt.
Born into debt slavery thanks to the soon to disappear boomer generation.
Yup, every Generation should carry their own Mud! Lol.
My grandparents had 3 children, owned 2 houses, always bought brand new cars, and retired at 65.
They were garment factory workers.
My father was a truck driver and my mother was a homemaker.
They had a $400k house in an affluent neighborhood, 4 cars, and we went on vacation every year.
To afford that same lifestyle today, you need to either be a banker or an MD.
Not really lol plenty of outliers. My brother lives in one of the most expensive suburbs of Chicago and he is a closer for a title company and his wife just entered the work force in HR. They have 2 kids and 4 cars paid off. One of which is a 1972 Nova. Not always about how much you make, it's what you do with it.
And yes, they are able to vacation lol
@@justincaldero5174 Lol you just contradicted yourself. There's a lot of money in HR.
My stepfather's HR manager drives an M8 Competition Gran Coupe and a family friend is a retired recruiter.
He lives in a large house and travels the world.
I'm talking about "unskilled" workers who used to be able to comfortable afford that lifestyle and now even highly educated and skilled workers can no longer afford those same options or have to delay gratification much longer.
I'm Gen X. I thought we would be "number 1"! We always knew we sucked compared to the WW 2 generation.
The Toddler in the thumbnail is my face when I look at my bank account 😬
Maybe it’s because Gen Z is still living at home with their Gen X M&D!
Gen X tons of debt, low income, no parents or kids. I cut grass every day to keep my head above water. Day by day with a hope and plan for the future 🤞
Can you talk about financially preparing for kids?! What to do financially before you have them and accounts once they are born? Or how much to save for hospital bill? 1st year etc.or what you are doing to save for your new addition to the family?? Thank you!!!
If you are working on your debt snowball, I would put everything on hold and save up about $3,000-$4,000 or as much as you can. You can do this while trying or even pregnant. Your insurance should cover most of the hospital delivery stuff, but you never know with your first if it's going to be a typical labor and delivery or not. After you leave the hospital make sure you add your new little one to your insurance. Then you just have to contact the hospital, and clinic with their new insurance info so they can bill for the baby. You technically have two months to give them that info but I wouldn't wait on it. When you get the actual bills you should have enough to cover it with the 3-4k. If the baby is healthy, whatever is left over can be thrown at normal debt, and there should be a lot left over if you have good insurance.
You can do babies frugally. Don't feel like you have to have a ton of stuff. Breastfeeding if you can, and a good blender for grinding up a bit of your dinner into baby food when they are a bit older are the cheapest routes. Cloth diapers are a great money saver, I did it with 2 of mine for 4 years straight and hit my limit. A gal can only scrub poop out of diapers for so long. My last carseat I bought was like $89 on Amazon and it grows with your child covering them from 6-80lbs, I got my bouncer and swing for $20 each at a second hand shop and they have lasted through my last 4 babies. My hubs and I put a 5 year gap between our first set and our last 4. I wish we had saved the baby stuff but we didn't have the space at the time. -homeschooling Mom of 6
You get a tax credit of 2k per kid and 3k childcare tax credit per kid. A lot of stuff you can buy off of FSA which is pretax money.
@@boredoreos I mean it helps but it's not like you're making money by having children. If you use childcare, yes you get the childcare tax credit. You don't get that childcare credit if you stay home with them. Childcare for one child costs yearly more than both those tax credits combined. So having your children in daycare isn't a get rich quick off the tax payer scheme. Plus the child tax credit breaks down to just under $39 a week per child, that's not making you any money either.
@@EFN86 Right, but if you pay 20k per kid per year, if you take advantage of tax credits and deductions, you can be paying 12k per kid per year which is a whole lot cheaper.
@@boredoreos I see what you mean. I guess I get defensive a bit. Occasionally you get people that think we are gaming the system and making money through tax credits. I am like nope not when our food costs us more monthly than our mortgage payment. 🤣
Just subscribed! I was always a fan of George on the Ramsey Show, but this channel’s video editing has convinced me it’s worth it to see him here too!😅
I love this! You are funny enough to do stand-up 😂! And loved the way you did a breakdown of the stats by generation, very surprising and informative.
Gen X'er here doing great financially, Thanks to my Boomer parents.
January 31st, 2024 🎉 is my Debt Free date. Can’t wait
George, you are doing great. Keep it up!
Baby boomer here. No debt, no mortgage, no car loans. Tough choices were made over the years and some mistakes. However just tried each time drifted from DR plan regrouped. Got back on it. Glad I did.
Cream of Wheat 😂😂😂
My first job was at a retirement home (in the Alzheimer’s and dementia unit) and cream of wheat was their favorite ❤️
Boomer here...retired, debt free, no house (didn't want one yet), but will buy one with cash, earning a great pension and getting 2.5% raise per year. I don't need to touch my IRA and earning interest in mutual funds. Been watching Ramsey Solutions since May this year, but have been doing what they teach way earlier. Mr. Kamel, "you da bomb!!!"...how's that for boomer talk. Aloha🤙🤙🤙
You, sir, are far from cantankerous! But nice use of the $10 words! I love it! Most people just talk blah blah...I love when people add just a smidgen of pretension to their speech 😊
You did in fact use Big Yikes correctly
“Your kid looses their lunchbox… and math book… and shoes… again” Yep, he’s got kids for sure lol.
I think that Gen X has it worse off because they lack the ability to learn new ways of thinking! The younger generations grew up with a different level of access to knowledge that Gen X has always been weirdly skeptical about trusting to their own demise lol
I'm Gen X and I owe around $95k in dept. That is the loan on my house I bought back in 2018. I paid $130k with a small down payment on a 30 year loan as that is all I qualifed for. A year later I refinance to a 15 year loan and dropped the interest rate two points. I paid off the car loan when I bought the house. I did not have any choice in the matter as the mortgage company said that I had to to qualify for the home loan. Paying off the car was where a lot of my down payment money went to. But I'm doing just fine as the loan will be paid off when I'm 65 and will be dept free with a house. I may never retire but at least I won't have to have the extra cost of paying rent or a mortgage. My housing cost will be something like $750 a month with property tax, insurance, electricity, gas, water, and internet.
With obesity in this country I have my doubts about anyone struggling to buy food 🤔
I am one of 7 kids. Parents never made much money, average pay over my dad’s career was under $12k. High was $33k. Yet their (mobile), home was paid for. As kids we inherited $9k each. 4 of us are financial stable and sound. The other three are about choices they made. Living paycheck to paycheck, or scraping buy on SS. I have 3 kids. #3 is TBD as to financial status. 1st is doing great, rehabbing a house they paid $210k for that will sell for $700 when finished. #2 will probably struggle all her life, and it’s all about her choices. All finished post high school education debt free.
I'm a Millennial with no debt but the mortgage and we only owe 45% after purchasing just less than 3 years ago. College degrees were all paid for by grants and the hustle.
We need to save for a few big ticket repairs right now, but then it's full steam at the rest of the mortgage. Once it's paid, we'll add a sizable addition and crank up the retirement even higher than the current 15%.
I agree that I’m the brokest generation!!! Right on the cusp of gen x!
Surprised by the numbers. Interesting to see
Gen x here … let’s start with poor financial education or none at all we had to figure it out on or own … poor financial choices … ect …. But having said that I invested all my life and I’m doing just fine thank you have much 😊😊😊
I was born in 1981. Sometimes I see it listed as GenX and sometimes as Millennial. I identify as GenX. Big surprise. 😂
You are a Xennial, that's why you don't seem to fit either one. We are the Oregon Trail generation.
Gen Z - 85K net worth at 25,no debt, make 70k a year, stable job, own a condo. I'm doing fine.
Keep it up, God bless!
Start early and build that financial muscle
No regerts George, no regerts...
Most of Gen Z are kids still so it’s kind of pointless looking at those stats. They can only afford cheaper cars and they don’t have credit limits as high. I figure we have more opportunities for scholarships and grants than previous generations
Actually I'm not surprised, mother in law is a gen X and it's like she thinks the debt is just going to disappear if the "economy re-values itself " 🤷🏻♀️whatever that's supposed to mean. Super sweet, but so many credit cards, and student and car loans. Not sure how to approach her about this.
As a gen Xer I’m proud to be Debt free and continuously building my generational wealth!! Thank you for this video it was awesome. Now can you do the same video on the generation for the everyday millionaires how do they divide up?
Gen X'er here, no Gen X people should have trouble with budgeting, we had Lotus 123 for DOS, Mac and OS/2
Boomer here (65 year old widow), debt free. I own my house and car, no credit cards.
Right now, I am still working full time and throwing everything at my 401k. I will probably retire at 68 and be fine.
Most broke generation, but they had more fun. Kids eat out sooooo much more now days than 20-40 years ago. Travel more, and buy way toooo much stuff they don’t need.
I'm a boomer, have wealth, and oatmeal is a significent part of my diet.
Why do I like this channel’s content so much. ❤
Just as a side note, George is one good looking dude. I mean, I’m not gay or anything, but I feel like it’s objectively true.
Gay. I bet you don't have a wife or a girlfriend 🤷🏽♂️🤣🤣
In a weird category... having been born in '83, I'm in a slot in-between Gen-X & Millennial. I'm in another weird category, having found Dave Ramsey in 2010, getting out of debt by 2014. Including (BTW, 40k in student loans.) Was it hard? Newly married, living in a borrowed double wide in rural South Carolina... Absolutely! Was it worth it? Being able to afford a house, driving paid for cars, having a 20k cushion in cash and 100k in retirement by age 40... yeah... kinda. Bottom line, it CAN BE DONE!!! And, it's worth it! In truth, you don't have to cut life back entirely.. but you can cut it back in many, many ways. And the light at the end, only gets brighter as you work to get there.
That Chris breezy clip 😂😂👏🏾🔥
Debt is the wrong metric to use. Of course Gen X likely has the most debt since they are at their peak as far as outflows for kids, housing, parents etc... but their inflow is also likely the highest of all the generations and they are nearing the high point for net worth as well (net worth peaks at 65 and tends to go down after that.)
You should make a video about what exactly does "living paycheck to paycheck " means. Does it mean you don't worry if you get paid a week later? Does it mean it doesn't matter if you get paid?
Hey I love cream of wheat
I'm an older millennial and would have guessed the stats look as they do. Most of my friends and family members that are transparent about their household finances are in similar boats.
as a Gen X person i understand those debt numbers
I’m Gen X and a self made millionaire from a middle class background. But I made a whole slew of money mistakes all the way into my 30s before turning it around. Still do on occasion. No debt though.
Gen X is the most broke, definitely as the sandwich generation, and all the recessions we’ve been through during our working years. Also, as a Gen Xer, I love Minions!!! And Pooh Bear and Baby Yoda!
Hmm. I'm right in the middle of millennials (born 1991). We have no debt except the mortgage and a fully funded emergency fund, but that doesn't mean we are comfortable. With a limited income, we don't have a ton extra after covering our bills (mortgage, utilities, food and childcare are the big ones). This makes it really hard to save up for a new-to-us car (we need a minivan for kid #3) or to cash flow any home improvement project. It sucks, even without the debt. I can't imagine having extra monthly payments.
George is keeping it fresh ✨
If you’re being statistical, Gen Z stretches from those born in 1997-2012. 9-24 years old. Realistically, over half of that population can’t actually take on any major debt. I feel like that’s a likely reason the totals are so low for that generation.
PLEASE call your grandma, it may be the last call you ever have!
Yep, GenX just doesn't whiiiine about it.
I would like to see this again, but with networth involved. I assume gen z will have less assets than boomers, etc.