Why it Is or Isn't Different This Time

[cardude]

As for younger folks, taxes can only go up to support these debt loads. Wages aren't keeping up with inflation. All in all it means people will have less money to save for retirement at a time when they'll have to rely on themselves more than ever. Frankly, I think we'll see a redefining of the middle class over the next couple of generations. Today 05:16 PM

I've got two kids, boys 9 and 11, and I'm constantly trying to think about what type of job they should shoot for. I have told them that they need to think about not having to rely on a regular pay check from a regular job, because I felt (still feel) like payroll taxes will have to rise so much it will be hard for that guy. Also, I used to tell them that the best way to be FI was by being a business owner so you could possibly shield some income and control your own destiny and be your own boss, but over the years my business got more and more complicated as far as government regulations and demands (privacy act, truth in lending, finance department scrutiny, doc fee lawsuits, tax collection demands, environmental issues, etc.) and I think that may just get worse in the future as the government gets bigger and bigger. My wife tells them they need to be doctors, but I feel like their income will be regulated in the future due to some kind of nationalized health system. I think they should study law so they will actually know the laws and maybe can WRITE the laws, which could give them power but I'm not sure about the income.

So far one wants to be a surf bum and the 11 year old just wants to just sleep-- I keep telling him that's not actual job training . The surf bum idea is actually souding pretty appealing to me right about now..............

Any other ideas about the next generation of kids?

 

[ERD50]

Any other ideas about the next generation of kids?

Forget the specifics. They will likely be out of date by the time they need them. You just can't predict the future.

Teach them to learn how to learn.

Teach them to observe.

Teach them to analyze what they observe.

Teach them to react/adapt to what they analyze.

Teach them to look forward and plan, but have a plan B and a plan C. None of those plans are cast in stone. Be flexible, because you just can't predict the future.

That said, I directed my kid toward a BioChem degree. He was interested in it, and it seemed general enough that many different industries would need people with those skills. Kinda fits the flexibility aspect. He is employed in his field, and there are many paths to take, so it seems to be working OK.

-ERD50

 

[ziggy29]

Any other ideas about the next generation of kids?

It's difficult because things change from generation to generation. When I was in college in the mid-1980s, it was all about computers being the future, so I earned a CS degree. A couple decades later, those jobs became more exportable.

Economies like this tend to lead to a surge in interest in jobs considered "recession-proof" and "offshoring-proof". Right now, health care would be an obvious example. Nursing schools are packed like CS programs were 20 years ago when they were turning a lot of qualified applicants away. The increase in moving computer jobs to places like India have relieved the overcrowding and CS programs often have half the students they had 15-20 years ago.

The thing is, a couple decades from now we could have another shift that makes something else look the most "safe" and "recession-proof."

 

[bbbamI]

We are in a divergent phugoid.

I had to look that one up....

 

[ls99]

I had to look that one up....

Don't feel bad, I read lots of stuff on this board, then spend hours looking up meanings.

 

[ERD50]

I had to look that one up....

You mean to tell me that you didn't know that a phugoid (pronounced /ˈfjuːˌgoɪ̯d/) is an aircraft motion where the vehicle pitches up and climbs, and then pitches down and descends, accompanied by speeding up and slowing down as it goes "uphill" and "downhill." This is one of the basic flight dynamics modes of an aircraft (others include short period, dutch roll, and spiral divergence)! Huh!

Ummm, me either. Google/wiki are your friends:

Phugoid - Wikipedia, the free encyclopedia

I thought I might have to turn off "safe search" to find it. No such luck.


-ERD50

 

[REWahoo]

An exaggerated, repeated phugoid is the maneuver shown in this video:

YouTube - Vomit Comet

 

[bbbamI]

I prefer a smooth ride......

 

[ls99]

A smooth ride sans phugoid gives neither a smile nor full barf bag.

 

[bbbamI]

A smooth ride sans phugoid gives neither a smile nor full barf bag.

Decisions...Decisions....

 

[Elderdude]

Financial Stocks in a 'Divergent Phugoid' -- Seeking Alpha
When I googled the phrase, I found this comment about the above article, "What the phugoid is this guy smoking?"

 

[ls99]

Financial Stocks in a 'Divergent Phugoid' -- Seeking Alpha
When I googled the phrase, I found this comment about the above article, "What the phugoid is this guy smoking?"

Funny, first I've seen the article. In any case historic high is 52 or so, today in the 18 to 20 range.
Since I don't do individual stocks, the numbers are of no interest. The JPM graph shows divergent (undamped) phugoid, for the selected part. I have no competence in the financial evaluation.