“CNBC financial analyst Jim Cramer - who is worth over $100 MILLION - says Gen Z is broke because they buy too many ‘$14 margaritas at his Brooklyn bar’ and don’t invest enough cash in the stock market”
‘One of the problems that I see about Gen Z-ers is they’re not frugal enough,’ Cramer said. ‘They seem like they have a lot of money, even when they don’t have a lot of money.’
When I got out of college, I bought a second hand car. Moved to Chicago suburbs and had 2 roommates in a small apartment. Paid off car loan and some student debt in 18 months being ‘frugal’. Ate 95% of meals at home. Once or twice a month, headed to downtown Chicago for some social activities and split parking costs and toll road costs.
Later moved to VA to inexpensive duplex… starting saving …
Majority of Current crop of kids thinks nothing on blowing big bucks on Starbucks and nights out blowing $50 or $100 at the ‘bar scene’ and saving little.
I’m really amazed at how many ‘fast cars’ I see around here. Seems kids on their 17th birthday wind up with new or nearly new cars courtesy of their parents…
Other 20s year olds types have BMWs and top end Nissans and Lexus, etc…and you have to wonder how much of their income goes to cars and booze (and drugs).
Not that this is new. Way back when, knew someone who traded cars every 18 months. Had to have the latest ‘muscle car’. Firebird, Dodge this or that, GTO…and spent a good part of his pay every month on car payments…year after year. DOn’t know if he ever got the message. Meanwhile, I was driving second hand cars and putting money away. Had just as much fun. Did go with him once or twice to drag races and other road races. Crazy fuelies and funny cars… Other friend was in to ‘time/speed’ road rallies on the back roads of IL. Went with him a few times. Not a ‘road race’ for speed, but you had to follow speed limit, watch for signs, and hit the check points at designated times - preferably within seconds - on a 50 or 70 mile or 100 mile course. The closer you came, the better your score and determination of winner. No GPS back then. All manual computation of exact speed and mileage…
Anyhow…saved and retired at age 53.
What will Gen Z do?