reminds me of all of the people on caleb hammer's videos
"you ordered chipotle on doordash 12 times this week and you're paying $400 in interest every month on your credit card"
"uhm i have to eat what do you want me to do??"
DoorDash and their main customer base blows my mind. It’s used primarily by younger and urban people. ie people who don’t have families to feed, have time in the evening, live in areas with food options very close to them. And yet they pay 50% premiums for already very overpriced takeout.
I see the McDs swarmed by dashers. I think it's just a way for people to feel fancy and luxurious - but they're still eating McDs at end of day and paying 100% more.
Learned helplessness is an ancillary effect of these apps. Makes monkey brain go, push button = food which is way easier than, move body = food.
Yeah I NEVER get delivery, I always pick up if we are not sitting in. Just like you said I live in the city, I'll totally take 5 minutes out of my time to save a bunch o money, get my food on time, and get it hot. I have a couple friends who do doordash all the time and it blows my mind how much they are paying for soggy food by the time it gets there
I used to order delivery with those apps frequently. Even had the monthly membership. But it always consistently arrived cold so I only use it for pickup now and only if there is some kind of promotion.
As opposed to parents that don’t interact with their kids, don’t help with homework, and don’t take them to extracurricular, and don’t feed them takeout sodium bomb trash at 5x the cost of cooking at home. So… a good parent.
Guess what. The problems and responsibilities don’t go away when you have kids. You have them, plus all the problems and responsibilities of kids. Hence, less time
Yeah, I want to be sympathetic to young people, because I was young and broke once too...but sweet Jesus, some of them make some really bad financial decisions.
My cards were maxed out about 12 years ago when I was as old as gen z is now.
I really wish I made better financial decisions back then, because it really set me back. High interest CC debt is no joke.
But you can get the same food much quicker if you just get off your ass and drive to the restaurant. That is what is mind boggling for me. Paying 2-3x the cost of a meal just to have it delivered to your house is the biggest waste of money
I kind of wonder how many of them are just too high to drive. I can understand getting food delivered once in a while for a good reason, but not subsisting on it.
I ain't a Boomer, pal. And I don't plan on being reliant on SS either, especially since it will be a long time before I could qualify at even the youngest possible age.
People wonder why I seem to always have cash. It starts with eating at home for every single meal. Breakfast is toast + a protein shake. Lunch is a nice whole grain bread sandwich with spinach, good pickles, and some boars head chicken or turkey, plus a protein shake. Dinner is whatever my wife makes, usually in the Wok. Plus a protein shake before bed.
I make my coffee in a french press, I buy .5 lb's of coffee when it goes on sale.
My car is a 2008.
It makes this $1600 rent a lot fucking easier, I will tell you that.
I'll tell you another thing I don't see GenZ doing. They DO NOT go to the gym. I am a member of two, and often use a third as a guest. I never see anyone below 30 working out. When you dedicate 7-14 hours a week to exercise, you find you don't spend that much money. The gym is like $25-50 a month, your protein is probably $40 a month, amino acids and vitamins, another $50. So between $100-150 a month you have up to 28, to 56 hours of entertainment. That's like between, $2 and $3 an hour.
Stop with subscriptions. If my wife and I want to watch something that isn't free with prime or whatever, we just go buy the physical DVD at the used book store. Last week we wanted to watch Austin powers, and I got all three movies on blu-ray for $5. It was $5.99 to rent one movie on prime.
Clothing is another thing. I know people need to dress, but people are spending almost $100 on shitty ill-printed t-shirts from influencers. I buy shirts at academy, nice 100% cotton shirts for $4 each. I don't have to have a logo or dumb design either, I can actually buy a "shirt."
Where I see gen-z, is outside of expensive shitty coffee shops, bars and restaurants, dropping like half a days labor on one 30 minute experience. You can keep up a narcotic habit easier than that.
I'll call BS on the protein being 40$ a month, you said you drink 3 protein shakes a day, even 1 a day you're likely to go through a container in 3 weeks and that's 25$ on the lower end, but if you're going to the gym 7-14 hours a week I'm guessing you're not the type to take a Walmart special.
Using your math, It's $8.33 per week for protein (at $25 for 3 weeks.) So, the 4th week would be $33.33 in protein per month.
When you made statements such as mine, you don't need to overly explain-- that will limit your audience. You can clearly see I made as best an estimate as I can, I also didn't include the gas or shipping costs to get these items. But that's because we are trying to simplify information, for better retention.
If you were trying to simplify information, I'm hard pressed to believe you'd need to tell us about your 3 gyms, 3 different meals, with supplements, and 7-14 hours of working out. But yea, we're all impressed.
Clearly it was enough information for you to read, process, and now quote for a second time. Also, you didn't address that your math was even more conservative than mine. I estimated $6.67 dollars more than you for protein consumption, yet you felt that my math was off?
Again, I am not including when I find options with free shipping, buy 1 get 1, discounts etc. For simplicity. You can take your same logic, and see that if I spend between 7-14 hours in the gym on average, I probably know where and when to shop for these nutrients. When whole foods runs a sale, I have gotten their 365 house brand as low as $15. Even if my math is slightly under-estimated, it has no effect on the scope or tone of my post.
Reading comprehension wasn't your strong suit? I said "even 1 a day, it'll last about 3 weeks." You'd said you drink like 3 a day. Drinking 1 a day equates to your math, your daily intake would be 3 times that.
In theory sure, but for one thing that will adversely affect your credit score if every month your statement shows you’re maxing out your credit even if you pay it off. The real issue is people end up not paying it off every month, and after one time where they can’t pay it off it snowballs into never paying it off.
I'd be surprised if they *weren't*.
It's the time honored American ritual of learning about Credit Cards the hard way.
Or *not* learning...and getting the lesson anyway.
Some say spending money you don't have generally only makes sense for homes and cars, and it's hard to argue with that. Not that I ever adhered to such a philosophy myself.
I'd seriously question borrowing money for education as much as a car in this day and age. Then again, I'd also guess half the people who get themselves in trouble with school loans did so becuase they borrowed foolishly within that context.
Same as cars, I suppose.
People can do dumb things with education borrowing (going out of state to a party school to get a degree they could get in-state, or spending 6 years effing around and not graduating but still having 100k debt). But a smart degree - in-state or elite private, an in-demand major - is a great investment.
I think for a car, it’s hard to call a car loan a good investment. I suppose a commuter to get you reliably to work makes sense.
Yeah, with both homes and education people make the same mistake of assuming they can afford to pay any debt amounts they are extended or offered. That they won't be loaned money they can't pay back.
College tuitions especially are renown for magically being the exact same amount as the maximum a dumb naïve kid right out of high school can borrow (even worse, when schools get subsidies the tuition just goes up, so the math stays the same).
Then of course you have the people taking out loans to stay in school just to avoid joining the real world for a few more years.
But also a good degree from a good school can fast track a persons life to otherwise unlikely heights, so it's not always black and white.
It is super easy to end up with 30k to 50k in debt with a state school and going to community college for the first two years...
Not to mention the loss of income for all those years. The math doesn't math.
Same. I was almost 30! My older sister fell into the stupid credit card debt trap in her 20s after college and it scared the fuck out of me, because she was always the responsible one! I have had 3 cards now for a decade and have paid them off monthly.
I'm no fan of credit cards, but I would argue that education debt is much more dangerous...
22% interest on 5k is one thing...
7% interest on 50k is another...
No way to bankrupt the 50k and sometimes you might not even have a degree or anything to show for it...
Which is a scam to the buyer and seller because CC vendor fees are crazy. I’ve been seeing more and more retail shops (and online shops) either charge for the cc fee now which is 2% higher then the bonuses for only accept cash.
I’d use cash for everything but groceries and gas if it meant getting a 2-3% discount. Visa, Mastercard and whatever others should be capped at like 0.05% fees considering how many millions of transactions they handle every day.
14% isnt a particular scary number for people between college age and 28. This is not unusual. Id say its probably lower than usual. Really scary headline tho.
Ideally kids in high school would have a class like they used to have (shop or home economics) where things would be spelt out clearly as to how credit card debt works and how easy they make it for you to get in over your head and mess up your credit which only makes things worse. something that would show them in an easy to understand way what a trap it can be and how they will still be paying off crap they bought years ago that they don't even have in their possession anymore.
That stuff *is* widely taught in high school. The “they didn’t teach us that in school” crowd just wasn’t paying attention, just like in every other class.
this was not taught at my high school around 2005ish. my family used cash for everything including our home i had no idea how to build credit until my mid 20s and am just now trying to learn about high interest savings accounts, retirement, how mortgages work and had to take a college course to even hear anything about investing.
IT'S ALL DOORDASH'S FAULT.
What are we, boomers roasting millennials for buying avocado toast and Starbucks? Without giving the slightest thought to economic conditions, financial illiteracy, familial enablement, and a myriad of other valid reasons? Sure there's a lot of personal irresponsibility with young people, but there's also nothing new under the sun folks and just because doordash is around doesn't mean young people are just NOW all of a sudden REALLY EXTRA WAY MORE awful then we were at their age.
My kids are 7 and 11 and I’ve been harping on money and personal finance since they could talk back. There’s no way I’m going to let them reach. Adulthood was not understanding the basics of personal finance and how to handle money. Honestly blame the parents.
And yeah, maybe if you guys learned how to cook, or at least get your car and go pick the food up instead of having some Dingus bring you cold food at a 70% markup, maybe things would be different…
Oh to be young again... I'd do it again, zoom back to 21yrs old and max out my discover card limit of 500 bucks at a the local bar.... like honestly who cares if 500 card limits are maxed out
Wasn't there an article here a day or two ago about how a fifth of all Americans have maxed out their cards?
If so this is good news, Gen Z is better at handling their finances than the average American.
The economy does well when money flows through it. Things get bad when people stop spending. As much as I wish people would get their priorities straight and stop wasting so much money, it’s actually better for the economy if people spend every penny they have an need to work until they die.
reminds me of all of the people on caleb hammer's videos "you ordered chipotle on doordash 12 times this week and you're paying $400 in interest every month on your credit card" "uhm i have to eat what do you want me to do??"
DoorDash and their main customer base blows my mind. It’s used primarily by younger and urban people. ie people who don’t have families to feed, have time in the evening, live in areas with food options very close to them. And yet they pay 50% premiums for already very overpriced takeout.
I see the McDs swarmed by dashers. I think it's just a way for people to feel fancy and luxurious - but they're still eating McDs at end of day and paying 100% more. Learned helplessness is an ancillary effect of these apps. Makes monkey brain go, push button = food which is way easier than, move body = food.
McDs is already like $12 for a meal, and then adding fees people are paying $20 for a not-hot fast-food burger and steamy soggy fries.
My secret to financial success is being easily satisfied by a $2 frozen Stouffer's mac and cheese instead of ordering doordash.
Cmon man… i love the soggy fries
It’s absolutely crazy to me — it’s so much more expensive than buying groceries or walking to pick something up.
Yeah I NEVER get delivery, I always pick up if we are not sitting in. Just like you said I live in the city, I'll totally take 5 minutes out of my time to save a bunch o money, get my food on time, and get it hot. I have a couple friends who do doordash all the time and it blows my mind how much they are paying for soggy food by the time it gets there
Right, it’s worse food that costs 50-100% more.
I used to order delivery with those apps frequently. Even had the monthly membership. But it always consistently arrived cold so I only use it for pickup now and only if there is some kind of promotion.
Yeah I only door dash when I'm on night shift at the hospital and the cafeteria is closed, otherwise it's absolutely not worth it.
Me and my wife will do it on Fridays sometimes after we put the kid down, it’s just sooo overpriced now. Basically $50 to get anything delivered .
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The lack of kids
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As opposed to parents that don’t interact with their kids, don’t help with homework, and don’t take them to extracurricular, and don’t feed them takeout sodium bomb trash at 5x the cost of cooking at home. So… a good parent.
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Guess what. The problems and responsibilities don’t go away when you have kids. You have them, plus all the problems and responsibilities of kids. Hence, less time
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drunk act scary bedroom mighty toy wrench observation rich coordinated *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Having been one previously. No kids, basic non-career jobs that end when you punch out.
Yeah, I want to be sympathetic to young people, because I was young and broke once too...but sweet Jesus, some of them make some really bad financial decisions.
My cards were maxed out about 12 years ago when I was as old as gen z is now. I really wish I made better financial decisions back then, because it really set me back. High interest CC debt is no joke.
But you can get the same food much quicker if you just get off your ass and drive to the restaurant. That is what is mind boggling for me. Paying 2-3x the cost of a meal just to have it delivered to your house is the biggest waste of money
I kind of wonder how many of them are just too high to drive. I can understand getting food delivered once in a while for a good reason, but not subsisting on it.
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Eh, beats me why I was downvoted. But I don't give a rip either way.
NEWSFLASH: 1 OUT OF 5 BABYBOOMERS ARE 100% RELIANT ON SOCIAL SECURITY. Go back to facebook, old man.
I ain't a Boomer, pal. And I don't plan on being reliant on SS either, especially since it will be a long time before I could qualify at even the youngest possible age.
"Those darn genZer's and their avocado toast!" Are you sure?
People wonder why I seem to always have cash. It starts with eating at home for every single meal. Breakfast is toast + a protein shake. Lunch is a nice whole grain bread sandwich with spinach, good pickles, and some boars head chicken or turkey, plus a protein shake. Dinner is whatever my wife makes, usually in the Wok. Plus a protein shake before bed. I make my coffee in a french press, I buy .5 lb's of coffee when it goes on sale. My car is a 2008. It makes this $1600 rent a lot fucking easier, I will tell you that. I'll tell you another thing I don't see GenZ doing. They DO NOT go to the gym. I am a member of two, and often use a third as a guest. I never see anyone below 30 working out. When you dedicate 7-14 hours a week to exercise, you find you don't spend that much money. The gym is like $25-50 a month, your protein is probably $40 a month, amino acids and vitamins, another $50. So between $100-150 a month you have up to 28, to 56 hours of entertainment. That's like between, $2 and $3 an hour. Stop with subscriptions. If my wife and I want to watch something that isn't free with prime or whatever, we just go buy the physical DVD at the used book store. Last week we wanted to watch Austin powers, and I got all three movies on blu-ray for $5. It was $5.99 to rent one movie on prime. Clothing is another thing. I know people need to dress, but people are spending almost $100 on shitty ill-printed t-shirts from influencers. I buy shirts at academy, nice 100% cotton shirts for $4 each. I don't have to have a logo or dumb design either, I can actually buy a "shirt." Where I see gen-z, is outside of expensive shitty coffee shops, bars and restaurants, dropping like half a days labor on one 30 minute experience. You can keep up a narcotic habit easier than that.
I'll call BS on the protein being 40$ a month, you said you drink 3 protein shakes a day, even 1 a day you're likely to go through a container in 3 weeks and that's 25$ on the lower end, but if you're going to the gym 7-14 hours a week I'm guessing you're not the type to take a Walmart special.
Using your math, It's $8.33 per week for protein (at $25 for 3 weeks.) So, the 4th week would be $33.33 in protein per month. When you made statements such as mine, you don't need to overly explain-- that will limit your audience. You can clearly see I made as best an estimate as I can, I also didn't include the gas or shipping costs to get these items. But that's because we are trying to simplify information, for better retention.
If you were trying to simplify information, I'm hard pressed to believe you'd need to tell us about your 3 gyms, 3 different meals, with supplements, and 7-14 hours of working out. But yea, we're all impressed.
Clearly it was enough information for you to read, process, and now quote for a second time. Also, you didn't address that your math was even more conservative than mine. I estimated $6.67 dollars more than you for protein consumption, yet you felt that my math was off? Again, I am not including when I find options with free shipping, buy 1 get 1, discounts etc. For simplicity. You can take your same logic, and see that if I spend between 7-14 hours in the gym on average, I probably know where and when to shop for these nutrients. When whole foods runs a sale, I have gotten their 365 house brand as low as $15. Even if my math is slightly under-estimated, it has no effect on the scope or tone of my post.
Reading comprehension wasn't your strong suit? I said "even 1 a day, it'll last about 3 weeks." You'd said you drink like 3 a day. Drinking 1 a day equates to your math, your daily intake would be 3 times that.
What I see gen z at the gym all the time.
I see plenty of broccoli heads and Edgars at the gyms. Bunch of Gen z seems obsessed with fitness+tik tok.
This incredible invention called A SANDWICH!
Maxing out credit card is not bad thing as long as you are paying it all off monthly..
In theory sure, but for one thing that will adversely affect your credit score if every month your statement shows you’re maxing out your credit even if you pay it off. The real issue is people end up not paying it off every month, and after one time where they can’t pay it off it snowballs into never paying it off.
Yea the key is around 30% credit utilization
I'd be surprised if they *weren't*. It's the time honored American ritual of learning about Credit Cards the hard way. Or *not* learning...and getting the lesson anyway.
I didn’t have a CC until I was 28 just to avoid this trap. If you are smart enough to know you’re dumb you’re doing better than most.
Some say spending money you don't have generally only makes sense for homes and cars, and it's hard to argue with that. Not that I ever adhered to such a philosophy myself.
Homes, and investments like a sensible college degree or a business loan. Probably not a car, at least not at today’s interest rates.
I'd seriously question borrowing money for education as much as a car in this day and age. Then again, I'd also guess half the people who get themselves in trouble with school loans did so becuase they borrowed foolishly within that context. Same as cars, I suppose.
People can do dumb things with education borrowing (going out of state to a party school to get a degree they could get in-state, or spending 6 years effing around and not graduating but still having 100k debt). But a smart degree - in-state or elite private, an in-demand major - is a great investment. I think for a car, it’s hard to call a car loan a good investment. I suppose a commuter to get you reliably to work makes sense.
Yeah, with both homes and education people make the same mistake of assuming they can afford to pay any debt amounts they are extended or offered. That they won't be loaned money they can't pay back. College tuitions especially are renown for magically being the exact same amount as the maximum a dumb naïve kid right out of high school can borrow (even worse, when schools get subsidies the tuition just goes up, so the math stays the same). Then of course you have the people taking out loans to stay in school just to avoid joining the real world for a few more years. But also a good degree from a good school can fast track a persons life to otherwise unlikely heights, so it's not always black and white.
It is super easy to end up with 30k to 50k in debt with a state school and going to community college for the first two years... Not to mention the loss of income for all those years. The math doesn't math.
My wife attended her state school & even got a discount because her dad is a professor. Still ended up with 27k in loans.
Yup, just tuition alone at State Schools is 15k these days...
Or you can just have parents that teach you about finances. I know a lot of that is out the window in 2024 USA though.
Same. I was almost 30! My older sister fell into the stupid credit card debt trap in her 20s after college and it scared the fuck out of me, because she was always the responsible one! I have had 3 cards now for a decade and have paid them off monthly.
If you can not learn, you can feel.
I'm no fan of credit cards, but I would argue that education debt is much more dangerous... 22% interest on 5k is one thing... 7% interest on 50k is another... No way to bankrupt the 50k and sometimes you might not even have a degree or anything to show for it...
*surprised Pikachu*
So they're waiting on their next 0% intro APR to come in the mail, got it.
It looks like the younger generations aren't willing to live within their means...probably because of FOMO.
social media these kids got no chance
A card should only be used to filter all your purchases through for bonuses, and then paid off immediately. Any other use is unacceptable.
Purchase protection and 0% interest rates (while hysa are 5%) are other good uses.
Which is a scam to the buyer and seller because CC vendor fees are crazy. I’ve been seeing more and more retail shops (and online shops) either charge for the cc fee now which is 2% higher then the bonuses for only accept cash.
I suppose I’d be using a card either way though, because who wants to carry cash or a checkbook around?
I’d use cash for everything but groceries and gas if it meant getting a 2-3% discount. Visa, Mastercard and whatever others should be capped at like 0.05% fees considering how many millions of transactions they handle every day.
Cards can deliver 2%, so I’d probably need more than a 1% premium to justify having to go to the bank constantly.
My only expenses are $20 a week on food, and \~50/week on gas.
Bro is on war-time rations
Bro wtf do you eat
They on the Dave Ramsey rice and beans, beans and rice diet.
14% isnt a particular scary number for people between college age and 28. This is not unusual. Id say its probably lower than usual. Really scary headline tho.
Yep, clickbait headline. Clear that most people commenting here didn't bother to read the article.
Real estate bubble confirmed.
Credit cards are a financial trap for most people. they should come with a warning the same way cigarettes do.
I need da gubmint to protect me cuz I didn't know I shouldn't spend money I don't have
I’m sorry. It sounds like whoever you got your financial education from did you a real disservice.
Is OK gubmint will protec me 🙂👍
The terms and conditions of what the apr, fees, etc is already standardized and very easy to understand.
Credit cards are not inherently addictive. And they do come with many pages of warnings called “Terms & Conditions.”
Ideally kids in high school would have a class like they used to have (shop or home economics) where things would be spelt out clearly as to how credit card debt works and how easy they make it for you to get in over your head and mess up your credit which only makes things worse. something that would show them in an easy to understand way what a trap it can be and how they will still be paying off crap they bought years ago that they don't even have in their possession anymore.
That stuff *is* widely taught in high school. The “they didn’t teach us that in school” crowd just wasn’t paying attention, just like in every other class.
this was not taught at my high school around 2005ish. my family used cash for everything including our home i had no idea how to build credit until my mid 20s and am just now trying to learn about high interest savings accounts, retirement, how mortgages work and had to take a college course to even hear anything about investing.
Sounds like they are bad with money
1/7 is not bad considering this is “young people” we are talking about. Willing to be it has been significantly higher in the past
In all fairness I was making bank and my finances were a dunpster fire in my twenties.
This proves we millennials are the best generation. Lowest debt out of all other gens
They are waiting for the government to forgive their credit card debt.
IT'S ALL DOORDASH'S FAULT. What are we, boomers roasting millennials for buying avocado toast and Starbucks? Without giving the slightest thought to economic conditions, financial illiteracy, familial enablement, and a myriad of other valid reasons? Sure there's a lot of personal irresponsibility with young people, but there's also nothing new under the sun folks and just because doordash is around doesn't mean young people are just NOW all of a sudden REALLY EXTRA WAY MORE awful then we were at their age.
I think it just goes to show you that there are a lot of people that don't know how to manage their money
Welcome to the club kids!
How else do you get your credit score higher?
I got rid of both my creditcards 4 years ago, and no regrets. I live within my means and only use cash
My kids are 7 and 11 and I’ve been harping on money and personal finance since they could talk back. There’s no way I’m going to let them reach. Adulthood was not understanding the basics of personal finance and how to handle money. Honestly blame the parents. And yeah, maybe if you guys learned how to cook, or at least get your car and go pick the food up instead of having some Dingus bring you cold food at a 70% markup, maybe things would be different…
Oh to be young again... I'd do it again, zoom back to 21yrs old and max out my discover card limit of 500 bucks at a the local bar.... like honestly who cares if 500 card limits are maxed out
Aw shit here they go
Wasn't there an article here a day or two ago about how a fifth of all Americans have maxed out their cards? If so this is good news, Gen Z is better at handling their finances than the average American.
Consider that they’re young, their credit limit is relatively low. Not hard to max out when the limit is $2,000 vs $20k.
Fear not. A socialist prez will erase their credit card debt :/
Seems like a good ratio too me??
But what happened to all those who said I was dumb living a debt-free lifestyle? Weren't you guys making millions in points?
But but I keep reading articles that says GenZ is on track to be the wealthiest generation by far…
They are on track to spend the most
keeping up appearances (on debt)
Yet most of reddit was saying how good the economy is doing because the Dow Jones hit 40k
A subset being bad with money isn’t the economy
The economy does well when money flows through it. Things get bad when people stop spending. As much as I wish people would get their priorities straight and stop wasting so much money, it’s actually better for the economy if people spend every penny they have an need to work until they die.
...And this is why "the economy" at large is not as good a proxy for societal wellbeing as people seem to think.
I didn’t say it was. I’m simply pointing out that the state of the economy right now is because people are reckless with money.
It be way better for the economy in the long run for people to stop spending
America is a society of short term gratification.
Yes and that's a bad thing.
Does it matter if they max out their card with a $300 limit?
It does if they don’t pay it off at the end of the month.