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Bank of America Data Reveals that Boomers and Traditionalists are Currently the Only Age Groups Increasing Their Consumption

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the staff of the Ridgewood blog

Ridgewood NJ, Bank of America data reveals that Boomers and Traditionalists are currently the only age groups increasing their consumption, making the sectors they invest in attractive to investors. In contrast, Millennials are tightening their spending due to economic challenges, and this divergence in consumption patterns has implications for different segments of the consumer sector.

Continue reading Bank of America Data Reveals that Boomers and Traditionalists are Currently the Only Age Groups Increasing Their Consumption

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Millennial generation shunning the suburbs for city life

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Reader suggests ; Interesting article in yesterday’s Record about Millennial interest in living in cities. Suburbs like Ridgewood fit the need with transportation and walkable downtown.

 

Dave Sheingold , Staff WriterPublished 6:00 a.m. ET June 22, 2017

They want the bustle. They want the convenience. They want the diversity.

In short, they want the city and not the suburbs – even after their children start school.

In a trend that is starting to chip away at the bedrock of suburban North Jersey, a surge of families with young children is gravitating toward New York City, reversing a path worn by generations before them.

Recently released demographic data shows the number of married couples with school-age children rose 10 to 20 percent across middle- and upper-income neighborhoods of New York City just in the first half of this decade, accelerating a trend that began in the mid-2000s. Similar increases were found in urban areas of Hudson County in New Jersey.

https://www.northjersey.com/story/news/watchdog/2017/06/22/millennial-generation-shunning-suburbs-city-life/392660001/

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Millennial blows her $90,000 college fund then blames her parents

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By Fox News

July 20, 2015 | 1:25pm

This college student deserves an “F” in accounting after she blew through a $90,000 college fund on expensive clothes and a trip to Europe and now has no way to pay for her senior year, a predicament she blames on her parents.

The 22-year-old woman detailed her financial woes on an Atlanta FM-radio show whose wisecracking hosts derided her spendthrift ways and whose listeners belittled on Twitter as the millennial who was giving millennials a bad name. Kim, who did not mention her last name or her school, told “The Bert Show” that it was all her parents fault for not showing her how to manage her money.

“Maybe they should have taught me how to budget a little better, a little more carefully,” she told the show the other day. “They never sat me down and had a real serious talk about it. They said, ‘Here’s your college fund, it’s for classes only.’”

Dr. Keith Ablow, a psychiatrist and member of the Fox News Medical A-Team, told “Fox & Friends” Sunday that Kim’s parents do share part of the blame.

“Not necessarily for failing to teach their daughter financial regimens and accounting, but because they didn’t teach her character,” he said.

Kim said her grandparents set up the college fund for her years ago. She contacted “The Bert Show” after the school had just mailed her the tuition bill for her senior year, according to Yahoo’s financial news website. She explained that she was short about $20,000 for her final two semesters.

https://nypost.com/2015/07/20/millennial-blows-her-90000-college-fund-then-blames-her-parents/?utm_campaign=SocialFlow&utm_source=NYPFacebook&utm_medium=SocialFlow

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The Typical Millennial Is $2,000 Poorer Than His Parents at This Age

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The Typical Millennial Is $2,000 Poorer Than His Parents at This Age

More young people are living in poverty and fewer have jobs compared their parents’ generation, the Baby Boomers, in 1980.
Derek Thompson Jan 31 2015, 8:00 AM ET

The past is another country. In 1980, the typical young worker in Detroit or Flint, Michigan, earned more than his counterpart in San Francisco or San Jose. The states with the highest median income were Michigan, Wyoming, and Alaska. Nearly 80 percent of the Boomer generation, which at the time was between 18 and 35, was white, compared to 57 percent today.

Three decades later, in 2013, the picture of young people—yes, Millennials—is a violently shaken kaleidoscope, and not all the pieces are falling into a better place. Michigan’s median income for under-35 workers has fallen by 26 percent, more than any state. In fact, beyond the east coast, earnings for young workers fell in every state but Hawaii and South Dakota.

The median income of young adults today is $2,000 less today than their parents in 1980, adjusted for inflation. The earnings drop has been particularly steep in the rust belt and across the northwest.

As you can see in the next interactive graph, the three states with the highest median income for young people in 1980 were also the three states with the steepest 33-year decline in median income: Michigan, Wyoming, and Alaska. The winners of this continental shake-up are all on the coasts, particularly Virginia, Maryland, and just about all of New England.

https://www.theatlantic.com/business/archive/2015/01/young-adults-poorer-less-employed-and-more-diverse-than-their-parents/385029/

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Millennial« Generation Wuss »

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Millennial« Generation Wuss »
by Bret Easton Ellis

In his books, he used to shoot at the materialistic excesses of his generation. But today, youth has become Bret Easton Ellis’ favorite target. According to him, young people are just too sensitive, too narcissistic ,too stupid. But ultimately, as he explains in this exclusive text, he kind of feel sorry for them ( and they love it !).

In February I gave an interview to Vice UK to help promote a film I had written and financed called The Canyons—I did the press because there was still the idea, the hope, that if myself or the director Paul Schrader talked about the film it would somehow find an audience interested in it and understand what it was: an experimental, guerilla DIY affair that cost $150,000 dollars to shoot ($90,000 out of our own pockets) and that we filmed over twenty days in L.A. during the summer of 2012 starring controversial Millennials Lindsay Lohan and porn star James Deen. The young journalist from Vice UK asked me about the usual things I was preoccupied with in that moment: my admiration of Martin Scorsese’s The Wolf of Wall Street—the best film I saw in 2013 (not great Scorsese, but better than any other American film that year) and we talked about the movie I’m writing for Kanye West, my love of Terrence Malick (though not To The Wonder), a miniseries I was developing about the Manson murders for FOX (but because of another Manson series going into production at NBC the miniseries has now been cancelled), the Bret Easton Ellis Podcast (link), the possibility of a new novel I had begun in January of 2013 and that I lost interest in but hoped to get back to; we talked about my problems with David Foster Wallace, my love of Joan Didion, as well as Empire versus post-Empire (link) and we talked about, of course, The Canyons. But the first question the young journalist asked me wasn’t about the movie—it was about why I was always referring to Millennials as Generation Wuss on my Twitter feed. And I answered her honestly, unprepared for the level of noise my comments caused once the Vice UK piece was posted.

https://www.vanityfair.fr/culture/livre/articles/generation-wuss-by-bret-easton-ellis/15837