Author Topic: CNBC Article: "Hey Millennials, Time to Start Spending Already"  (Read 4091 times)


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Re: CNBC Article: "Hey Millennials, Time to Start Spending Already"
« Reply #1 on: May 26, 2014, 07:36:56 PM »
The title is provocative, but I don't think it really goes along with the content. Everything I read said that us millennials have our heads screwed on straight, unlike previous generations.

"They want to be as prepared as possible to be independent and financially sound—even if that means starting internships earlier and being extremely disciplined with their finances. "


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Re: CNBC Article: "Hey Millennials, Time to Start Spending Already"
« Reply #2 on: May 26, 2014, 10:49:17 PM »
yeah CNBC has articles about Milleannials or Boomers, one day the millennials they are presented as positive, i.e. prudent savers with a key eye for a bargain, the next day CNBC will have another article where millennials they are presented negatively, i.e. softies who are spoiled who can't make in the real world;

True is CNBC probably does not care at all what milleannials are or are not; IMO, it is dumb to try and generalize a whole generation (any generation), there is too much variation across such a big group; there are winners and losers in every age group;

the only thing that matters to CNBC is that you read their articles, and that you are briefly entertained so that you stay on their website long enough so that they can sell advertising;

it is a good business model because they do the same thing with the markets in general, if stocks are down, they come out with articles supporting why they are down, the next day if the markets are up, they have a whole new set of articles support why the markets should be up; it goes on endlessly over and over again;

you have to give credit to cramer though for trying to make a boring subject seem interesting enough for tv; on his show he makes all kinds of crazy noises, screams a lot, and jumps up and down like an animal; the most interesting parts of CNBC is when cramer flipped out over bill poole; they should make a show called "cramer's meltdown" where he just sits on a stool by himself in a room, and rants and yells about random finacial stuff as he reads a company's quarterly financial report line-by-line over the course of an hour.  They could get a close up of the sweat stains in the armpits of his fancy dress shirt.  Then CNBC can put on some graphs and other graphics on the side of the screen convincing you why you should care.  I am glad I have my index funds and don't have to worry about buying/selling individual stocks

« Last Edit: May 26, 2014, 10:52:22 PM by George_PA »

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Re: CNBC Article: "Hey Millennials, Time to Start Spending Already"
« Reply #3 on: May 27, 2014, 07:51:11 AM »
From the article:

Recent data suggest millennials—born between the early 1980s and mid-1990s—are succumbing to the pressures of the uncertain economy by being more conservative with their money and more proactive with their careers than previous generations.

Methinks someone doesn't understand the implications of the verb "succumb".


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Re: CNBC Article: "Hey Millennials, Time to Start Spending Already"
« Reply #4 on: May 27, 2014, 08:15:06 AM »
Sure, I'll start spending a little more. Just write the check for my student loans so I don't have to worry about them anymore!*

*I know I took on the debt and I'm not looking for forgiveness or anything, but it's annoying when articles like this encourage young people to spend spend spend. Some act like it's our patriotic duty to spend money. Sorry, I went to school like I was "supposed" to, graduated on time, got a decent job, and I'm still not doing enough because I'm not stimulating the economy.

It's unfortunate people my age are not investing though, like the article mentioned. A lot of people are forgoing 401k matches. Shame because even if you've nervous about stocks, you could still get the match and "invest" in a cash fund.


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Re: CNBC Article: "Hey Millennials, Time to Start Spending Already"
« Reply #5 on: May 27, 2014, 08:24:18 AM »
Anyone else see a GIANT problem with the one piece of data they posted?

The data mining and polling company found millennials are more likely to use a savings account primarily and less likely to use IRAs or combine multiple investment strategies than their older peers.

...uhhh, it matters what you're saving for.  Older folks are more likely to be saving for retirement, younger more likely to be saving for things that one would want to keep the funds liquid.  If you're saving for a new car, vacation, or house down payment, you aren't putting it in your 401k.

Of course younger folks are saving in savings accounts over 401ks, as they're saving for more immediate goals.

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Re: CNBC Article: "Hey Millennials, Time to Start Spending Already"
« Reply #6 on: May 27, 2014, 08:35:15 AM »
Yeah, no, CNBC.   Not going to start spending more, have a plan to actually ramp down spending over the next 5 years or so.   kthxbi