0:00 Do you guys know that Boomers now hold 51% of all US wealth? 51? Wow. Gen Z holds less than 1%. When Boomers were Gen Z's age, they already held 21% of the national wealth. >> Less than 1%? That's crazy. Wait, so it goes it goes Boomers and then Gen Z and then us, right? >> Uh this doesn't include that. >> Gen Z's the bottom. >> This is Boomers and Gen Z. >> Boomers, Gen X, Millennial, Gen Z. It's Gen XYZ. >> I I ████ it up. Okay, okay, okay. >> This skips that. We're just kind of making a good comparison because Boomers are lecturing Gen Z. >> Those numbers are insane. >> Like grandparents are telling all these kids >> 50 and then 1%. >> 1%? >> 51%. Boomers hold 51% of all US wealth. Gen Z holds less than 1%.
0:50 >> Less than 1%? >> Kicker is that when Boomers who who they love to lecture everybody when they were Gen Z's age, they already held 21% of the national wealth. >> You know what's crazy? Almost all the finance whatever investment people I watch, they're all like Gen Z people, too. >> Is that right? >> Yeah, so I'm like you guys have creators out there that are telling you what to do. >> I guess it shows how it's tiny of a percentage that is. >> Yeah, like those guys. >> If you were to tell me how to build a house, but I don't have the resources to build a house yet, it's like I appreciate that, but like I can't implement it yet. >> Right. It's like that it's like when people give you advice on like like a call to leap. You know how that guy he gives advice on what to do with your money and how to grow it, but if you're not getting an income where the ████ that money coming from? >> This is what I would do if I had a 100 grand. Yeah, and you're like well where do I get the 100 grand from? >> all you have to do is every month set
1:40 aside a $2,000. Like what? Set aside from what? >> be a millionaire in 10 years. >> Yeah, it's like dude, where's that coming from? Help me get a job. That's the problem that's the problem that Gen Z has now is like they're not earning the even the money to save it. >> Boomers, we all know it's the biggest demographic as in like population of the generations, right? So, Gen Z, I think if you add Gen Z and millennial or something, that equals boomer. So, there it's it's also that, too. But, 1% is really small. >> And that's the thing is that the boomers are at the top of it hoarding the wealth. So, to me, this looks like a revolution just in waiting. >> Well, most whales are boomers anyway, right? Like most The top 1% of people with wealth are boomers. >> But, what they're not talking about is the the greatest wealth transfer in history is going to happen. So, like all these boomers that are going,
2:32 it's going to go all to millennials or like Yeah. Well, Gen X and millennials. Cuz boomers had Gen X and millennials, and then most Gen X and millennials have Gen Z. >> The one >> As in kids, yeah. >> Who don't donate it. By the way, that seems to be a new thing that boomers are trying to do is like, "I'm going to donate it. I don't want to give it to you, cuz you didn't earn it like I did." And then it's like, "Dude, you guys had it so different." >> Totally different economy, yeah. >> I think boomers, though, are the most selfish and brainwashed generation in the history of the Earth. >> By far. They think they're the hardest working generation ever. >> But, they did. It's their parents. Their parents are the ones that went to war. Their parents are the ones that faced poverty. They Like, they talk about the legend of, "You know, we came from coal miners." And it's like, "Yeah, but you worked in a ████ office." Like, what are you talking about? Like >> Yeah, you worked at Sears. >> Yeah. >> For four kids. [laughter] >> But, it's the pull yourself up by the
3:22 bootstraps cats, right? >> I know, yeah. That's such a fallacy, man. It is true. Like like the numbers were they had 20 1% you said? >> No, yeah. He He says when boomers were Gen Z's age, they already held They already held 21%. >> So, just that discrepancy alone is ████ huge. >> It's because of inflation. We all know that. >> recognize that that was the golden years of America economy. So, they grew up during a boom. So, like they're looking at it as like, "We're having a great year in America." And it's like, "Yeah, cuz you rode the ████ boom." >> My grandparents bought their house in San Diego for 35 grand. >> Yeah. >> It is worth 1.4 million now. Like, that's the example we're talking about. You You're banging The bang for your buck has shrunk all the way down. >> It's like buying Bitcoin when it was like a thousand bucks. >> But, this is also back before private equity was rampant. Like, private equity's ruined a lot of
4:12 people's last shot at that lifestyle. >> I agree. Ben Shapiro doesn't agree though. >> Well, homes back then, I think was about three times your annual income, three or four times. A car you could buy in like 1.5 years in full. And then a lot of people say, "Well, it didn't have the tech. It didn't have this." But, if you think about how ████ was built back then, it was made to last. So, I'm like, I'd rather have a small old school 1950s home that's going to last like 200 years than a modern home where you have to keep remodeling and fixing it cuz it was done so ████ >> Yeah, exactly. >> Yeah, that's true. >> I do think the play for the Gen Z peeps out there is probably uh learn a blue-collar trade. I think those things are super stepped on right now. And there's I see so many job postings where in the blue-collar trade you can make like 200 grand a year, and then
5:03 relocate to a place with way lower cost of living to be able to put away the two grand a month >> Yeah. >> to invest, or else you're never going to stand a chance. >> Yeah. Yeah. >> Cuz if you don't have your money working for you, that's what the boomers did. They bought the home that appreciated like a bajillion dollars. They had the 401k, the retirement, whatever that they put money away that was able to kind of work for them as they're doing whatever. If you don't do that, you'll just never be able to grow it. >> The sad part is that that so much of Gen Z was sold the liberal arts college fallacy, and now they've got debt and no job. So, that together, how are you even going to think of saving? >> You're better off like dropping out of UCLA to go become a carpenter. >> Yeah, or do HVAC. >> Yeah. >> Yeah, absolutely. >> ████ become electrician. They're killing it. >> Or work for the city, you know, like
5:53 >> Gov jobs are crushing. >> Gov jobs, yeah. But then of course like now this generation lives because of social media, lives with the shame of having a normal job. >> Which is crazy. That's what You know what the one of my least favorite things the last couple years was the guy from the Cosby Show getting caught at Trader Joe's. >> Same deal. I always think of that. >> Everyone starts ████ on him and taking pictures of him and going, "Haha, what a failure." and all this ████ And I'm like, "Dude, he's trying to provide for his family." >> Gary Coleman? >> No, that's not Cosby. >> What? >> Oh, that's Webster. [laughter] >> You racist ████ >> That's Webster. You stupid. >> [laughter] >> No, yeah. Remember Cosby Show, the son? Like the first son? Eddie? >> Not Malcolm-Jamal Warner, but the the older one? No, it's not Malcolm-Jamal Warner. It's a different guy. But basically they were filming him to his face at his job. Like like laughing at him. And then >> And he's bagging stuff at Trader Joe's,
6:43 which by the way is a decent job. Like they get paid decent. >> And then so like TMZ or whatever went and interviewed him and they were like, "Why are you doing that?" Like to make it worse. And he's like, "I want to provide for my family." >> And then he had to quit because people kept coming to his Trader Joe's. >> Yeah. It's so sad. >> But a lot of opportunities that used to be like you can make a decent living or whatever changed to like even in the arts. Like if you think about music, right? Like you can't be a local musician and you you you were able to like make make some money. But now making money in music is virtually impossible unless you're just like really >> Really tough, yeah. >> But there's all these like like opportunities that used to exist like dudes that had a band. Like you could go and you can rent out like a studio space, practice with your band, and you can travel all on like a ████ summer
7:34 job, right? But like you you can't even do that cuz you your summer job can't afford it. And then even having the musical dream paying out doesn't even work. So, like there's new opportunities, but like a lot of opportunities did run dry for Gen Z. >> Even people that relied on commercial work. >> Completely different contracts now. Smac used to If Smac just did one commercial, she didn't have to work the whole ████ year. That doesn't even exist anymore because now everything is streaming based and they don't pay the same rates. And they found so many ways She did a John Legend ████ uh music video one time. And they hid in the contract that they could turn it into a commercial. >> So, they double dipped. >> And they double dipped. And she told SAG and was like, "Hey, they did this thing and that's a blatant infringement.
8:24 You're not supposed to get away with it." Guess what SAG did? Jack ████ Because the whole like union protecting you in these things is not ████ real. Once ████ happens and you report to them, they're not there to protect you. They're there to like save face with ████ Gwyneth Paltrow. You know what I mean? >> It's not for you. >> So, the crazy thing is like that was a basically they used it for a for like a totally different commercial. It was this John Legend holiday music video. And they they resold it. Commercials that would have paid her like 60K. And they and then zero, dude. >> Wow. >> And that's what I mean is like there the same job like a friend of mine doing a Coca-Cola commercial in the '90s was making so much more money for one little thing. And now they find every way to not pay you. It's insane. >> Nikki made like probably 60K off a McDonald's commercial one time. >> Dude, that's hot. >> Yeah. And like that was paid out slowly
9:14 like over like a year and plus, but like yeah, it used to be like you got a commercial, you're pretty Gucci. >> And then most of the time back then they would extend it and pay her again and pay her again and pay her again. >> But those jobs don't exist no more. >> And they're supposed to. That's the weird part. >> But the the streaming era has allowed them to wiggle. >> Yeah. >> And so they took advantage. >> The law couldn't catch up to what they were doing. The tech moves so fast and they ripped everybody off. That's why everyone quit the industry. Even in production, they've quit. So many people have like stopped. >> And they just don't do production locally anymore. Like LA is so ████ with regulation ████ Like you have to go to Canada to shoot anything just about. >> And you got to pay so many fees. It's like literally like being shaken down. It's insane. >> Cuz there's more money in tech and like even in like as creators, like the independent creators, just from when we started till now, like the money that's involved, the brand deals, all that
10:04 stuff, it's grown like >> The money shifted. >> Yeah, the small Yeah, like instead of going to commercials, now it's going to independent creators. >> That's where the eyeballs went. I mean, unless you want to reach AARP members, you're advertising on TV. So you're advertising on Fox News and CNN. But like if you want to reach the 18-35 demo, you're advertising on YouTube. Or TikTok or any of the streaming sites. >> The problem too, like let's say with dance careers, before, you used to be able to just have a dance career. Now it's like if you're not a star, you're not going to have a living wage. And they do this thing where they point at the exception and they make that the rule. They go, "Look at this guy with his 1 million followers. Why can't you just dance on TikTok and be like him?" But that's such a tiny ████ drop in the bucket. People didn't have to be stars back then. They could just be working dancers. >> You could be the wedding singer.
10:54 >> [laughter] >> Yeah. And you actually can afford like living, whatever. Yeah. >> Yeah, it was it was way more It didn't move with the dollar, you know what I mean? >> So it just does feel like more towards like this third world country where you have you know, a handful of successful people, but then the majority of the people in that industry or field, they're just like doing it casually. They can't really do it. >> Cuz I think Gen Z, the interesting thing is that I think they get ████ from both sides. They get ████ from the boomers being like, "You're not working hard enough." And then they get ████ from their own generation that's in the 1% and they're like, "You just need to catch up to the times." And it's not fair cuz there's a giant ████ mass in between. >> They get lectured by everybody. >> Yeah, and that's not supposed to be society, right? The mass is supposed to be like the dependable like majority, but they're not anymore. >> Yeah, and the boomers aren't actually
11:45 passing the baton. >> No, they just lecture. >> Usually in history what would happen is they would set up the Gen X to start leading. But they're not moving out of these positions. So you got 80-year-olds and And this is true worldwide from Europe, Japan, everywhere. These guys don't want to ████ retire. So what's supposed to happen is cuz Gen X is already in their 60s now. They're not letting them take over and like lead. >> My dad and his best friend are almost 80 and they're not retiring. >> Is it cuz of planning or just love it? >> My dad said I just talked about this recently and he said like being an a radiology guy, like a x-ray tech, is so much easier now than it was before. Why would he retire now? >> Cuz of all the tools and stuff. >> He goes, "I don't have to load cartridges. >> Oh, wow. >> got to do nothing. I just got to push this thing. >> Beep boop boop. >> And it just prints it out or it shows up
12:35 at the other office. He doesn't have to bring it. He goes, "Retire now when it's at the easiest it possibly is?" >> It's like a retirement job. >> Exactly. And that's where all his friends are and he's the big man. Why would he leave? That's the thing. Like all these old people if they were able to adapt to the new UIs, they're not going to leave. It's so easy. >> Is your dad a scumbag then for taking that Gen Z job or or Gen X job? >> Cuz all the young guys there, all the cholos, he got them their jobs. >> That's why he's not leaving his. >> [laughter] >> But he's helping other people come up, yeah. But yeah, I think that's the thing. The problem is they're getting they're getting ████ on from like the elites of their own generation. And that sucks, you know? And at least our generation had a lot of ████ hope and dreams cuz we didn't really know. But they know everything like they know the end result of everything. They know the reality of like you're not going to make it doing that You know, it's just so different. >> have Mr. Rogers telling them they're
13:25 special every day. >> Yeah, it didn't used to suck to be a normie. Like, you know what I mean? Like back in the day it was like you could mind your own business and just not care and just do your job and you were all right. And we were all >> believing that we wanted a cool fun job. >> Everything's changed. Even even your insurance coverage has changed for the what you pay for it. And that's going to change next year. >> You used to be able to just work at a car plant and like provide for your family and have a stay-at-home wife and all that kind of ████ >> To what a one son, one daughter? >> It's all gone. >> And then yeah, like Homer Simpson, right? >> Yeah, and nobody was gay and everything was great. >> There were gay people in The Simpsons. >> No, there wasn't. >> Yeah. >> No. >> [clears throat] >> There was no gay people in the '50s and '60s. >> [laughter] >> Get your ass beat.
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