Posted on 01/22/2022 6:18:00 AM PST by DoodleBob
According to a recent survey by Capitalize, an IRA rollover service, 56% of Gen Z adults (18+) and 54% of millennials say they are including cryptocurrency or NFTs as part of their retirement strategy. That’s compared to only 20% of Gen X and 14% of baby boomer survey respondents who said they are investing in crypto to help them save for retirement.
(How reliable is this survey data? Capitalize noted that respondents were gathered through the Amazon Mechanical Turk survey platform, and that their answers were "self-reported and are subject to issues, such as exaggeration, recency bias, and telescoping." For the sake of comparison, a Pipslay survey from May 2021 reported that 49% of millennials and only 13% of Gen Z own cryptocurrencies.)
Beyond retirement strategies, younger people are more likely to be comfortable betting on cryptocurrency in general. In a 2021 study by the personal loan company Stilt, more than 94% of people who own crypto were millennials or members of Gen Z. Moreover, 59% of Gen Z and 46% of millennials believe they can become millionaires by investing in cryptocurrencies, according to a survey by the research company Engine Insights.
Younger people also have a lot more time to wait before they're going to retire. As a result, they presumably can take on more risk with their investment strategies. This may be another reason why crypto is more popular among younger investors' retirement saving plans.
(Excerpt) Read more at money.com ...
You mean like a DDA account?
And very few of them even own a house, which show you how ignorant they are about investing…
Yikes. I have a lot of millenial aquaintances and they’re bullish on crypto. I worked in investments (and during the crash of 2009, I even lost big in so-called safe investments when my bonds defaulted... it was a bloodbath that I have yet to recover from.)
It was brutal, and I keep telling the young’ins, crypto is beyond risky. Heck, the stock market in general is risky — but still.
At least I’m introducing a handful to Dave Ramsey. Maybe they’ll wise up.
—> There is an MLM component to Crypto. I’ve known several people who got into it and spammed their FB feed with it.
I’ve seen this with it stocks too..
It’s literally created out of thin air, infinitely, using computer cycles, which get cheaper to produce by the day. So there’s no limit on how much there can be, and the raw source is more available all the time. It’s literally the worst investment I can think of, only held up by speculators, who will eventually flee when these truths are finally accepted.
—> And very few of them even own a house, which show you how ignorant they are about investing…
After you net mortgage interest, upkeep, furnishings, real estate taxes, etc., unless you rent it out for more, it’s simply a use asset you choose to keep and feed…
Our home has been paid off for years, but we feed the state so we don’t lose it.
New roof needed soon, we’ve replaced the a/c, furnace, water heater, etc.
I don’t remotely kid myself that it’s an asset.
Our apartment investments are assets. They pay for our home.
MeWe is eat up with it as is the Dave Ramsey FB account.
The value of crypto is that its not Federal Reserve notes which lose value over time (by design).
Thus Federal Reserve notes fail one of the properties of money. A store of value.
Do crypto’s store value better over time. No one knows.
They other value of crypto’s is that they are supposedly private. Thus preventing your wealth from being stolen by the government.
But anything digital can be shut down or tracked. It just a question of how much effort the Government decides to put into it.
The push towards crypto is really a push towards digital money and thus more control, not less.
Well I was always taught, and still believe, than home ownership is the core of any sound financial plan. One of the main reasons is, unless you live with your parents, having a roof over your head is going to be the primary guaranteed expense of your lifetime. And if if that’s going to be your primary expense, it makes sense that you capture as much of it for yourself as you can, rather than just give all of that money away to someone else, forever.
And as houses almost always rise in value over time, unless you bought a trailer in a bad neighborhood, or made another unwise selection, over time what you are paying on a monthly basis will be very affordable compared to those who are paying the cost of renting at current rates. So their primary expense goes up, while yours remains stable.
As far as taxes and repairs, every year I get a tax refund that pays for any repairs I need, almost always with money left over. If you have a big expense, like a new roof, it can be financed if necessary, using the money you are saving by not paying increasing rent costs every month, or even using the equity in the house, unless you bought a house that needed a new roof right away and didn’t properly plan for it.
There are countless studies out there showing the long term benefit of owning a home verses renting the rest of your life. While it may not give someone the same rate of return as a great stock market call, it will certainly be better than a bad investment in stocks.
Even in your own example, of owning multiple homes, you’re simply extrapolating out the benefits of owning a single home. Admittedly you’re earning more per home, but the investment is sound, not risky. Not to mention, one must first buy their first home, before they could ever own more than one, obviously, so I guess I’m a little perplexed at why you chose to disagree. Thanks.
—> Even in your own example, of owning multiple homes, you’re simply extrapolating out the benefits of owning a single home.
Well no. Others are paying *all the expenses with cash flow left over.*
As such, the apartment complexes are assets.
My personal home has no cash flow coming into my pocket. It is a drain - which I enjoy living in - as long as I obey the state and pay property taxes.
What bothers me about cryptocurrency is the number of hackers that are probably right now trying to hack into those accounts and if they succeed, are they insured?
The other thing I’ve wondered about is how do you redeem your investment? Do you cash them in or do you have to have someone purchase them? If you can just cash them in and all of a sudden the cryptocurrency market crashes, how long does it take to redeem your holdings?
Well, that could be. I clearly never said that owning a home would result in "cash flow" into anyone's pockets, either. I simply suggested that owning a home (or homes in your own example) is a great investment, and one that most millennials aren't taking advantage of, because they're off chasing new age mirages like crypto. If you'd like to debate that then fine, otherwise it looks like your own admitted investment into housing is actually making my case. Thanks.
I guess it’s good they have a couple decades to save.
Crypto transactions occur rapidly.
No reason to debate. It’s simple
Real estate you use takes money out of your pocket and is a use-asset that isn’t an investment. Nothing wrong with wanting to own your home - though if you believe you own it ,try not paying the taxes!
Real estate you own and rent for more than you pay is an investment asset.
You're welcome to believe whatever you want, but trying to claim that people's homes are not an investment would certainly be debatable. In the simplest terms, once someone buys it, and it almost always goes up in value, over time, including whatever fees or maintenance may have been required. A common definition of "investment" would be as follows:
"the investing of money or capital in order to gain profitable returns, as interest, income, or appreciation in value."
Buying a house easily applies, in most circumstances, unless you're a foolish purchaser who grossly overpaid. Even then, it's likely to hold it's value better than other "failed investments."
“And very few of them even own a house, which show you how ignorant they are about investing…”
actually, the real problem is that housing is now unaffordable for almost anyone who doesn’t already own one, so disposable income goes into stuff that’s affordable, things like fractional securities, big screen TVs, etc. ... you see this in the developed orient in places like Japan where the youth spend big bucks on designer-label clothing, toys and lavish night-life spending, but have little hope on owning a dwelling ...
Yep, it’s either a McMansion or Nothing, these days.
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