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"Old White Men?" That's me,I guess
Old 04-16-2016, 12:01 PM   #1
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"Old White Men?" That's me,I guess

Millennials don't like equities? News to me. Looks like paying off student debt is taking all of their cash. Interesting reading.

I suppose that they will have to wait for the old white men in their family to croak before they own stock.

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In fact, 60 percent of the women polled in Stash’s survey equate a typical investor to an old, white man.
According to the survey, millennial women, defined as those between the ages of 18 and 34, don’t understand investing. More than three-quarters of the women surveyed, 76 percent, found investing confusing.
Millennials in general are not investing in equities, according to Stash. Seventy-nine percent of the survey’s respondents said they are not currently investing in the stock market, and only 13 percent said the reason is that they are still paying off their student debt.
http://www.fa-mag.com/news/millennia...ml?section=141
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Old 04-16-2016, 12:16 PM   #2
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Yep, that's it ... Millenials I know ...

The Rich ones .. they either take over their Dad's business, depends on their trust fund, or want to travel somewhere after college and take their time.

The Middle class ones ... they are the best of the bunch, they have got to work to pay off their student loans and they try to learn.

The Poor ones .. the women try to hook up with older men who can take care of them. The men - I don't know - maybe they become pimps, drug addicts, and criminals.
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Old 04-16-2016, 12:22 PM   #3
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I will admit I didn't know much in my 20's. I know my dad invested. But I asked for his help when I opened my first 401k. I didn't have good understanding of mutual funds, stocks, bonds... I think it's the age, not the gender, generation, or race.

There is definitely a cultural bias against women learning to invest. I see it with my friends... they let their husbands "manage the money". Or use "wealth managers" because they believe it's too complex. I do my best to show them they're wrong.
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Old 04-16-2016, 12:26 PM   #4
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Instead, 41 percent of the survey’s millennial respondents said that they didn’t feel like they had enough money to invest in stocks: 70 percent of the millennials thought they needed at least $100 to start investing, while 38 percent thought they needed at least $1,000.
The most interesting part of the article sound bite. If you can't pony up $100 to start, investing is the least of your worries, and it's no surprise you "find investing confusing"...
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Old 04-16-2016, 12:58 PM   #5
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Are we sure the survey is legit? The sponsor is Stash, an app based investment manager, so the conclusions seem slightly self-serving.

Edit to add: from their website, it looks like they are a Robo-Advisor.
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What am I investing in?


Investments in Stash are Exchange Traded Funds(ETFs) or stocks. Stash picks a select group of the thousands of ETFs and stocks available, based on factors like low fees, managed risk, and historical performance. Stash recommends a set of those investments for you, based on the profile you fill out when you sign up. For each investment available to you on Stash, you can see the primary company or companies included, and can visit the website of the investment for more information.
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Old 04-16-2016, 01:11 PM   #6
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Are we sure the survey is legit? The sponsor is Stash, an app based investment manager, so the conclusions seem slightly self-serving.

Excellent point.

I read hundreds of there kind of articles annually because it is a subject that I am interested in. I ALWAYS assume that there is a hidden agenda that the author has. But I'm a skeptical guy who can sort thru all of the BS and arrive at a place where I can make a decision about the information that is presented. Hubris? Yea a bit.
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Old 04-16-2016, 02:07 PM   #7
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When I was still in high school, a friend got a part time job evenings working in the back office of a Wall Street brokerage (I don't remember which one). That was interesting enough that I, along with most of our friends, became interested in the stock market.

Later, in college, I think it was Merrill Lynch that offered free evening classes to teach newbies how to invest. I participated eagerly, despite not having two nickels to rub together -- it was just fascinating! The classes covered every conceivable aspect of investing and were very well done.

Maybe it's just because of my NYC-centric upbringing, but I learned early about investing and took it to heart. Later in my 20s, I started actually investing myself, making some of the usual mistakes, but the early training definitely paid off.

I think you can get the same education on the internet today, but I wouldn't be surprised if the young folks could catch on more quickly and easily if the information were presented in a structured manner like I was exposed to back then.
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Old 04-16-2016, 02:24 PM   #8
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Yep, that's it ... Millenials I know ...

The Poor ones .. the women try to hook up with older men who can take care of them. The men - I don't know - maybe they become pimps, drug addicts, and criminals.
Lol. Spoken like a true old white man.
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Old 04-16-2016, 02:35 PM   #9
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I will admit I didn't know much in my 20's. I know my dad invested. But I asked for his help when I opened my first 401k. I didn't have good understanding of mutual funds, stocks, bonds... I think it's the age, not the gender, generation, or race.
Agreed--age and lack of exposure, unless around a parent who teaches and to whom they listen, just like it always has been for most. As we've previously discussed at length, "Millennial," like "boomer" means next to nothing. My two eldest sons and my nephew know far more about personal finance and investing than I did at their age--and the eldest son and Nephew, who are engineers who didn't need to "waste" time in grad school, are well ahead of our portfolio totals for their age. Youngest son still on early stages of learning curve--but he's just starting.

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There is definitely a cultural bias against women learning to invest. I see it with my friends... they let their husbands "manage the money". Or use "wealth managers" because they believe it's too complex. I do my best to show them they're wrong.
I don't know the right term and I hesitate going so strong as "cultural bias," but there is definitely a hesitancy even among many smart, well-educated women. DW is a good example--she has always been our primary breadwinner, and is very interested in E.R.--but until the latest Jane Bryant Quinn book, I was consistently leading her to water from which she would not drink.... She just isn't that interested, is busy, and knows that our sons would help her over the hump if needed.
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Old 04-16-2016, 03:12 PM   #10
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Money management should be a mandatory subject in public school. Not just stock investing, but managing credit, taxes, insurance, budgeting. In other words topics that will affect every single person in this country are mostly ignored in schools. Is it any wonder young people graduate from college deep in debt and with no clue on how to get out? Many will stay under water for the rest of their lives.


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Old 04-16-2016, 03:20 PM   #11
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Money management should be a mandatory subject in public school. Not just stock investing, but managing credit, taxes, insurance, budgeting. In other words topics that will affect every single person in this country are mostly ignored in schools. Is it any wonder young people graduate from college deep in debt and with no clue on how to get out? Many will stay under water for the rest of their lives.
I wouldn't disagree outright, but maybe a parent(s) could provide a little guidance to school age children? Lots of articles online for and against teaching personal finance in schools.
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Old 04-16-2016, 03:27 PM   #12
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Money management should be taught, but sadly like nutrition there's more important things to learn, I guess.

When I was 27 my first interview as an entry level programmer, the business was record keeping for stocks, bonds, funds. At the end of the interview the last question was the "do you have any questions for us"? I figured it would be bad form to ask what the heck a fund was.
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Old 04-16-2016, 03:37 PM   #13
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I suspect if money management was taught in school, it would be taught by ex-FAs or someone else with an agenda. Either that or, like many of the courses I had until late high school, taught by people with education degrees, and not degrees in the subject matter. So I doubt it would do much good.
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Old 04-16-2016, 06:35 PM   #14
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...
I don't know the right term and I hesitate going so strong as "cultural bias," but there is definitely a hesitancy even among many smart, well-educated women.....
I'd broaden that to both sexes. I have friends - men and women - who earn their living through their mastery of complex subjects, but can't get through a simple book on investing. I think they just don't want the responsibility & would rather hand that (and a chunk of change) over to a financial advisor.

Financial education is absolutely needed, but it has to go beyond investments. Kids have to learn to have a healthy relationship with money. But then, how would our consumerist society survive?
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Old 04-16-2016, 06:40 PM   #15
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Are we sure the survey is legit? The sponsor is Stash, an app based investment manager, so the conclusions seem slightly self-serving.

Edit to add: from their website, it looks like they are a Robo-Advisor.

I thought the same but not sure--Harris conducted the poll for them but it may be self-serving. A sweet little irony is that all of the three cofounders (the last three bios at this page: https://www.stashinvest.com/about-us) actually are white men, and millennials would doubtless call the last two "old." Well played, Slash!
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Old 04-16-2016, 08:16 PM   #16
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I suspect if money management was taught in school, it would be taught by ex-FAs or someone else with an agenda. Either that or, like many of the courses I had until late high school, taught by people with education degrees, and not degrees in the subject matter. So I doubt it would do much good.


It is taught and I have seen it taught (at least in my state, its a graduation requirement). However as a "stand alone" class its relevance is largely lost on the students. Personal finance is not a stand alone class, but a life long process starting with the piggy bank when 5 years old. I get skeptical about the use of education as a stand alone process to change personal behavior. Not one student ever suspended for smoking at school did not know the habit was "bad for them".
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Old 04-16-2016, 08:48 PM   #17
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Courted by major broker firm in college. All about the sales, all else is bs.
Enlightening for sure.
I didnt bite, but forever grateful fir the knowledge.
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Old 04-16-2016, 09:48 PM   #18
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Lol. I'm not an old white man. Far from it.


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Lol. Spoken like a true old white man.
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Old 04-17-2016, 04:50 AM   #19
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Increasing student debt is a big problem though.

Congratulations to Class of 2014, Most Indebted Ever - The Numbers - WSJ

It's more than doubled over the last twenty years, adjusted for inflation. However, that doesn't tell the whole story: That average has gone up by over 50% even though the percentage with debt has increased. (Typically, increasing the population for a metric will decrease a metric, since most enter the population at the bottom.) I hear personal finance gurus fielding questions from anxious parents wondering whether to pay off their own college debt versus investing in 529 plans for their children. (Answer: Pay off your own debt first.)

Personal finance knowledge is great, of course, but sometimes all it helps one understand is that there are no good answers.
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Old 04-17-2016, 05:32 AM   #20
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The *real* point of comparison is to ask if the results would have been significantly different when boomers were in that same age bracket? I suspect not...

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The top ten percent have 81% to 94% of stocks, bonds, trust funds, and business equity, and almost 80% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America; see Table 3 and Figure 2 for the details.
http://www2.ucsc.edu/whorulesamerica/power/wealth.html
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