The Latest Thing Millennials Have Killed: Federal Reserve Rates!

Kofi Gyebi
Founder, 400LB Elephant

A New York Times reporter wrote an article titled “How Millennials Could Make the Fed’s Job Harder”. It was a passive aggressive attempt to discourage the FIRE (Financial Independence Retire Early) community. Working professionals taking control of their finances are now the killers of federal rates, inflation, and soon to be blamed for the downfall of the economy.

A quick history lesson things Millennials are responsible for killing or have ruined courtesy of Market Watch:

 

                                         The irony of things we millennials have ruined

The article highlights flaws in our capitalistic economy that demand aggressive spending.  Smialek notes, “To leave the workforce early, millennials would have to build up massive retirement funds and consume less in the process. The hit to demand could slow growth and force rates to drop ever lower to entire spending.” So tell me, NY Times – should I stop my financial progress to protect the Fed? The article is incredibly disturbing and upsetting – it trolls the idea of pursuing financial independence. Shame on you for building generational wealth and pursuing your dreams. Ugh.

Ms. Smialek, I’ll raise you a different narrative. The Fed isn’t ensuring my financial stability at X corporation. I graduated on the tail end of the Great Recession. The four years I spent underemployed, unemployed, depressed and doubting my decision to go to college are all factors of why financial independence is key for my family. Instead of putting 100% of my faith in companies that lay folks off as they see fit, I’m taking control of my financial future. I show up and am 100% present at work but I also see the need to save and invest to be in the most beneficial circumstance for ME. No one gave me a handout when I was down and out in the past, and I’m taking control of my financial future. Instead of lambasting a community that is choosing to pursue a lifestyle of their own, ask yourself: Do you plan to work 9-5 for forty years? Retire and choose what you want to do with 20 or 30 years. Your best and youngest days are behind you. Was it worth it? Or did you try something different? Try FI.

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