This great generational injustice is the direct consequence of central banks lowering interest rates to zero and inflating asset bubbles.
How can middle class households have similar incomes but some are asset-rich and others are asset-poor?
But few of us are blessed with the insight and courage to make big bets at just the right moment, and hold the bets for decades. Most of us buy homes when we scrape up the down payment, or upon getting married, having children, moving to a new locale, etc. Few of us have the years or willingness to attempt to time long real estate cycles.
Stagnating wages for the lower 90% haven't made it any easier to save up capital to invest. As noted yesterday in Neofeudalism 101: Strip-Mining the Upper Middle Class, most of the income gains of the past 40 years have flowed to the very top of the income pyramid.
Many households that bought modest homes in the early 1970s and held onto them now have $1 million+ in equity if they happened to live in highly desirable locales such as San Francisco, West Los Angeles, Honolulu, pricey boroughs in New York City, etc.
Get a Job, Build a Real Career and Defy a Bewildering Economy(Kindle, $9.95)(print, $20)
Are you like me? Ever since my first summer job decades ago, I've been chasing financial security. Not win-the-lottery, Bill Gates riches (although it would be nice!), but simply a feeling of financial control. I want my financial worries to if not disappear at least be manageable and comprehensible.And like most of you, the way I've moved toward my goal has always hinged not just on having a job but a career.
You don't have to be a financial blogger to know that "having a job" and "having a career" do not mean the same thing today as they did when I first started swinging a hammer for a paycheck.
Even the basic concept "getting a job" has changed so radically that jobs--getting and keeping them, and the perceived lack of them--is the number one financial topic among friends, family and for that matter, complete strangers.
So I sat down and wrote this book: Get a Job, Build a Real Career and Defy a Bewildering Economy.
It details everything I've verified about employment and the economy, and lays out an action plan to get you employed.
I am proud of this book. It is the culmination of both my practical work experiences and my financial analysis, and it is a useful, practical, and clarifying read.
Test drive the first section and see for yourself. Kindle, $9.95 print, $20
"I want to thank you for creating your book Get a Job, Build a Real Career and Defy a Bewildering Economy. It is rare to find a person with a mind like yours, who can take a holistic systems view of things without being captured by specific perspectives or agendas. Your contribution to humanity is much appreciated."
Laura Y.Gordon Long and I discuss The New Nature of Work: Jobs, Occupations & Careers(25 minutes, YouTube)
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