Gen X retirement crisis. Personal finance. #Finance

howdy welcome back to Deon talk the Generation X retirement crisis being Gen X I didn’t know that there would be a crisis and I think it’s because we’ve been lied to for so long right we get lied to most of our lives uh showing the American dream is owning a big house

having a nice car and working until 65 and having some kind of retirement but the crisis is the LIE right there’s all these studies done and this data that’s out there that makes us think that people are doing better than they are which would make me think that if people are doing if

you see data that says people are doing better than they really are wouldn’t you be motivated to compete with them to actually do a little better yourself but it doesn’t seem but that’s the case so it becomes the Gen X retirement crisis where we see data like uh Fidelity says the

average Gen X person has $543,000 in their account that sounds like a lot and uh then there’s the average 401K balance for Gen X right this is like 1963 to 1982 or something like that generation if you were born in there the average 401K balance being $178,000 so if people have half a million

dollars in their accounts 178,000 in their retirement account doesn’t sound too much like a crisis when most of the people that are hearing this data don’t have anything they don’t have much so when we hear the the idea is most people right now today think we need about 1.1

million saved up in order to retire comfortably and now you’re going to include so so security there you’re going to have all these other contributing things move to a lower cost of living area at some point you’re going to have Medicaid right doesn’t sound like a crisis and

the problem is the data points are I want to say wrong but they’re just Flatout lies and it’s because people get confused by using the wrong terminology we use median and we use average now listen carefully median and average mean absolutely nothing to you statistics mean nothing to you

when an event happens to you so the idea is we hear data of median and average and we think the average home price cost this the average stock value is this well when was the stock split if you’re talking average home price versus average Income are you considering remote

work and that the people in that county that you’re comparing data to you have no idea what they they make because the people might be doing a job job based in another state so when we look at retirement there’s a very specific reason why this data is just a lie and there’s a

Morning Star study that proves it so for the Baby Boomers that are in their 60s or older and the the great generation that are at or past retirement age I kind of get the pity party right you were lied to about the American dream work for a pension that all went away and uh you didn’t have

YouTube University so what we’ve got now with Gen X is yeah we didn’t grow up with YouTube University but it’s here for the last decade and the average person if you think of it the average person has five or six streaming services right if you’re into sports ball you either

pay $800 a year for your package or you have every different little streaming service so you can catch the games and then you get trapped into local if you are nerd like me and you’ve got certain Sci-Fi TV shows you like to watch some are on MGM some are on Disney some are on uh Paramount

plus right so you’ve got all these different streaming services so as a generation we’re choosing that over YouTube University where you could pick a streaming platform where you can educate yourselves on things like bold; color: #1a73e8; text-decoration: none;">Finances that actually matter so in 5 to 10 years when Gen X starts hitting that actual retirement age right we’re on the cusp of it right now I will not be part of the pity party right the the Boomers didn’t really have a

choice on what to watch because this platform wasn’t here Gen X is choosing entertainment over education every day so it’s not the cost if you thought I was going to say well look at the streaming services each one costs $10 to $20 and if you add that up it’s $1,000 a year or more

no I’m talking about the time cost how many hours a day how many TV actors from different shows can you name that actually prove you’re not educating yourself and worse you might even be watching commercials where somebody with a master’s degree in education and tricking people

into wanting something and know how to use tone and light and sound to get you to buy their product that you didn’t even ever know existed but now you know you can’t live without what choices are you making because here’s the Morning Star study this is the study that to me proves

there is a crisis and it’s the data that’s setting us up for this prices it’s not average it’s not median and uh Cody I appreciate the Super Chat I will see you in about an hour and a half or so and we’ll be making some CashNews.cos at one of your uh properties maybe

two we’ll see how that goes speaking of retirement crisis I’m going to be hanging out with a what 24 year-old that uh retired 3 years ago I think so when you’re Gen X and you have a retirement crisis it’s not opportunity it’s choices cuz you could have done all the

things that Cody’s do doing Cody’s out there doing Cody things and you’re not I’m not I didn’t start until I was 40 retired at 52 but here’s the study from morning star that really gets me when when you hear so first you have to understand the data when they say

you have so much money in a Fidelity account or so much money in a retirement account we can look at Net Worth and the the the the comparison of Net Worth that I know from some Bureau of Economics or something madeup government agency that puts data together to

show what they want you to think says that the average retirement Net Worth at the age of 65 for somebody who owned a house is $221,000 well where’s the 500 uh 48 $43,000 in the Fidelity where’s the 178,000 in your 401k if the average Net Worth of a

homeowner is $221,000 the average Net Worth of somebody who rented their life didn’t own their house is $6,800 where’ the $543,000 go where’ the $178,000 go it’s because when you hear average versus median you’re hearing cooked data you’re

you’re seeing information presented the way they want you to cuz you miss little tiny things like of the people who have a Fidelity account here’s the average balance what about the gazillions of people who’ve never heard of fidelity what about the people who don’t have a

401k option at their company what about the people who work at a company but don’t contribute to the 401K does that impact average or medium do they not count the non-participants they might count some zeros but then do they count the people who aren’t in the system at all so what you

really need to pay attention to from this morning star study it’s not median it’s not average it’s mode you might want to Google what the mode is so Morning Star did a study uh talking about the Gen X retirement crisis and it didn’t talk about here’s the average

Net Worth here’s the average Fidelity here’s the average 401K here’s the average Equity in your house none of that they talked about how many Gen X how many people my age the latch key kids have zero saved for retirement and not only zero save for

retirement but have no plan for retirement right if you fail to plan you plan to fail or some other motivational thing that means nothing but makes us feel good because we’re not out there doing anything to make our retirement any better so when you look at averages and medians you might go

some people have 10,000 some people have a million so we can average this out we can take the median of this but when you look at the mode when you say what is the average netet worth at retirement age no at retirement age how much does the most people have the most don’t have 10,000 the most

don’t have a million some will have each of those but the most based on this morning star study is 48% there is no percentage anywhere in this there’s no 52% have 500,000 or 52% have 50,000 right it’s a there’s a whole spread out spectrum of people who have amount Sav to

give you your average and your media but the mode the largest number that is consistently the same across all Gen X of people who have this exact same amount saved for retirement is zero 48% of Gen X have zero save for retirement and no no plan to save for retirement yes Chester it’s zero

that’s the mode as I sit here on a Thursday with the entire pool and hot tub to myself because everyone else is trapped at work where they’re trapping themselves at work for the next decade or more of my generation when they could be doing a random thing like hey Cody said he’s

not got anything going on this week let’s go hang out with him for a couple of days and check out his Portfolio my friends and peers can’t do this people that have known me for a decade and have watched me put my money to work right in in investing there are showers and

there are Growers and I’ve got friends who have $700,000 house $100,000 truck $150,000 RV and no time right when you’re a kid you here it’d be great to be able to play all the CashNews.co games you want but you don’t have any money to buy them then you get older and you have

all the money you want but you don’t have any time to figure out a way to put your money to work so that you have the time to do the things you want and you don’t have to work for it is retirement and I like to talk about early retirement right I think retiring at 52 for me wasn’t

early it was late but how many millions of people because of their stars in Hulu and Netflix won’t have this when they’re 65 without the plan with zero save the mode not the average don’t let the outliers like Elon change what people’s Net Worth average is

how many zeros are there and how do you get out of the zero club I will not be a part of the pity party for the people who have the information now and have the choice to educate themselves and to take action to better their future but I will be at the one rental at a time event in Las Vegas and

I’ll wrap this CashNews.co up with if you leave a comment down below and you would like a free hour 1hour Zoom call conference with me for free all you have to do is be going to the one rental at a Time Event tell me in three or four sentences what your retirement plan is I will look through

those comments I’ll verify that you’re going to be coming to the one rental at a time event and I will give away free 1hour Zoom call with me which you can normally find at deont talk.com not for free but today for that person takes the time to explain their retirement plan and is

coming to the one rental at a time event in February we’ll give you that hour have a day full of awesome I’m going to go and check out Cody’s uh stuff saw some yesterday where he’s doing some amazing things and I think and I’m going to talk about this in the

CashNews.co it takes a certain amount a vision to be able to see what he did because it I know it didn’t start out the way it looks now