Bankruptcies increase 11.9 percent

(This is generally the cause that economists blame for increases in bankruptcy)

<https://www.wisdomlib.org/definition/kalashi> is best I can find, doesn't seem relevant.

It's even more improbable. For both of those, your starting to see more and more of the current generation that are children/nieces/nephews of the already famous. They have the financial comfort to pursue it, and the family connections in the industries.

And for sports, the level at which you have to be competitive is getting younger and younger. So much more sports science/nutrition going in at the middle school/high school level.

Those were two fields that seemingly were still meritocratic, but that is fading fast, if it ever existed at all.

Also, "traditional wealth-producing ladders have all been pulled up" is nonsense. The stock market is available to all comers, and long investing is a traditional path. There was a story here a few years ago about a black janitor in NYC who died and left $7 million to the MoMA (or some such); he had invested $10k a year in the stock market. People in the trades still make good money. People on this site also tend to be in the making good money careers. I saw a bunch of young couples--and not the techy-looking ones, either--at the open houses this spring in the midwest. Also, one should not extrapolate one's situation at 25 to be the same at 45; if you've done reasonable savings, 45 should looking wealthier.

Is that really so? It's a get-rich-quick scheme and absolutely no one is under any illusions otherwise, including the people gambling their rent money. They know it's a very long shot and that most people don't make bank, but they hope it'll go different for them.

WallStreetBets, just another form of gambling, is filled with posts of people losing everything but it doesn't seem to stop newbies.

The gap between troubled/problem/addicted and "desperate" has to be paper thin, if it exists at all.

Multi-state lotteries seem to be far more of the “hopeless” case where there is actually a life changing amount of money up for grabs. But far less consistent dopamine hits. The regular low stakes sports gamblers who piss away their paychecks in small chunks over time are doing it for those small wins and chasing the next one.

That’s not to invalidate the point people feel hopeless, I just don’t think the average “degenerate” Fanduel bettor really is chasing that sort of thing.

I know it's unpopular to ever say statistics show this generation is fine, because of course there's always a bunch of other troubling statistics, not to mention always people that are actually struggling.

But honestly, many people that feel hopeless can afford to put a few thousand in an ETF every year. That would likely be millions even adjusting for inflation after many years.

if only people could choose to have or not have a credit score. that would be cool. unfortunately, equifax/transunion/experian are some of the original data vacuums and assign one whether you want one or not.

I am giving a transcription of the situation in the video[0] but buy now pay later apps have on average 300% apr (yes this is not a joke) and even ask for tips and have so many dark patterns, both these industries are really similar/the one basically.

> She had just switched to this remote job, which was a pay cut, but it let her stay home and care for her son at the time. And then after she went back to her normal job, she actually stopped using Earnin for nearly two years. She got on a stable financial footing. She even bought this house. But housing costs are expensive and for a bunch of complicated reasons, her child support payment is less this year than it was before. And that put Runeda in this really precarious position, where if one thing went wrong, it would completely throw her off financially. And about two weeks ago, that's exactly what happened. My son wakes up really early sometimes, and it was, like, 5:00 in the morning, and I went to try to, like, open an app on my phone, and it wasn't loading, and I was like did they turn my internet off? And I checked the router, and it said your service has been interrupted for nonpayment, and I'm like, what the heck are you talking about? The bill used to be on auto pay, but for some reason wasn't anymore. they told me I had to pay, like, over $200. I had like 50 bucks in my bank account. That was the first domino, and everything fell apart from there. Runeda borrowed $150 from Earnin to pay the internet bill, the $20 reconnection fee and the $6 Earnin fee.

[0]:Billionaires Found a New Way to Steal Your Paycheck:https://www.youtube.com/watch?v=hBI_FLYfwmM

Since credit is the primary means used for discretionary spending, I firmly believe that the accessibility of quick (but not necessarily cheap) interest allows inflation to go unchecked.

When it comes to the choice of being responsible with debt or making sure your kid has calories today, there isn’t really a choice in reality.

There is a lot to be said for better financial education, but there is also a lot to be said for services like credit cards that allow someone to smooth out a cash flow issue.

It all seems so obvious until you find yourself in that situation. Most (or many at least) people in debt aren’t stupid or reckless, although they may be ignorant of their options for spending better and for borrowing better.

It took 25% of the nation being out of work to, not revolt, but popularly elect someone willing to to spend a little government money on healthcare and welfare.

So it will get much worse before Americans finally read a book and figure out we should maybe do something different.

It's been the basic claim of liberal democracies for the past 250 years, and they were so successful that people thought it would become universal. But it reached a peak around 30 or 40 years ago -- right about the time that the Soviet Union fell and the "tech age" really got going.

The US in particular saw that as victory for America, and in particular victory for its wealthy class. So it has been leading everything away from liberal democracy.