00:01Welcome back to Bloomberg this weekend or BT dubs. I'm Christina Ruffini with David Gurra and Lisa Matteo is here
00:07to run you through some of the stories you might have missed this week. Lisa, what you got for us?
00:11All right. So what age did you guys start putting into retirement?
00:14I was not where I thought that question was going. My goodness.
00:16Let's keep it light here.
00:17Okay. Happy Sunday. I'm going to drink my coffee. David, do you want to take this one?
00:22No, I've always been told.
00:23Was it like 30s, 20s?
00:2420s.
00:2420s.
00:25Okay, 20s, 20s.
00:25When I got my first full-time job at my old network, one of the old guys said, you will
00:31max out that 401k contribution, and he was right.
00:34So I've done it since my 20s.
00:36Excellent. Well, this is the topic of our latest Bloomberg article. It's called Gen Z's Retirement Maxers.
00:41Two X's.
00:42Two X's, yes.
00:44Choosing savings over doomed spending. So a lot more Gen Zers. They're putting away half their income, and they're living
00:49cheaply.
00:50Put away half their income?
00:51Half their income, I'm telling you.
00:52My word.
00:53And you know what age they're starting? They are not paying New York rents, I will say.
00:55As they live at home and sleep on the couch.
00:56They're starting at 19.
00:57Wow.
00:58This is what age people are starting to retire to.
00:59Is it because so many of them are living at home?
01:00It's because a lot of things. They think Social Security is going to run out. They think that AI is
01:04going to take over a lot of their jobs, so they want to be financially secure.
01:07So maybe they don't have to take a job they don't want and stick with it just because they need
01:11the money, so they want to have the money started and banked away now.
01:15That's interesting.
01:15So it's something that they're doing.
01:16So retirement maxing.
01:17Look for them, and their level of determinism. Maxing.
01:19Maxing.
01:19It is.
01:20It is.
01:20I'm getting tired if that works, but I'll allow it here.
01:23Wow.
01:23So this must be a change. This hasn't been happening for a long time.
01:26It's part of a movement, okay? It's called FIRE, which stands for Financial Independence Retire Early.
01:31There's always an acronym.
01:32Yes, there's always an acronym in this case.
01:34I know some adherence to this.
01:35Wait, really?
01:36Oh, really?
01:37Well, but it's not even, I think it's like they really want to retire extremely early, like in their 40s.
01:42Early 40s?
01:43That's early.
01:43Yeah.
01:44Oh, wow.
01:44What are you going to do with yourself?
01:45I mean, the world's your oyster if you've saved, like, what, like 80% or something like that.
01:49It's tough. It's tough.
01:50But the only thing they're doing wrong, which experts are saying, is that they're focusing so much on the saving,
01:55is that they're not paying their debt, their credit cards.
01:58Oh.
01:59They're also not focusing enough on the living.
02:00They're focusing on the saving, but not on the living.
02:02That's the other thing, is like you're only young once.
02:04Like, I do think you shouldn't spend recklessly, but there are some times where you should just buy that ticket
02:08and go.
02:09Like, life is short, and it is hard to plan, especially in the world we're in today.
02:13Okay, so you just never know.
02:14All right.
02:14Balance is okay.
02:15All right.
02:15As a kid, did you get allowance?
02:18Yes.
02:18Yes.
02:19All right.
02:19Were you always fighting with mom and dad for this allowance?
02:22Okay, because...
02:22No, it was a set amount I got and I didn't get it, yeah.
02:25You'd get what you get and you don't get upset.
02:26I guess if I were young now, I'd be putting it in my 401k.
02:28See?
02:29Exactly.
02:30This one is from New York Magazine.
02:32Okay, this is for New York.
02:33When it's barely enough money for Boba, New York City parents and teens tussle over how much allowance is enough.
02:41Let me tell you what, it's definitely not enough for Boba.
02:43It's not enough for Boba, and kids are having to, you know, struggle.
02:47They're struggling.
02:48They can't get their Boba because they're getting $5 a week.
02:51For radio audience, we're seeing video here of Mimi's, which you'd brought up in a previous segment, which is like
02:55the $30 frozen yogurt.
02:56Very expensive frozen yogurt.
02:58But they're getting $5 a week.
03:00Some kids are, though, getting like $200 a week.
03:03My word.
03:03So it's putting a lot of stress on the kids.
03:05Parents or experts are saying...
03:07Stress on the kids.
03:08Yep, because...
03:08Getting $200 a week.
03:09Well, think about it.
03:10You know, you're going out and you're going for your Boba, and then you have a kid next
03:13to you who gets $200 a week, and you're sitting there with your measly five, so it's putting
03:17a little bit of pressure on the kids.
03:19Not to mention the parents.
03:20As is life, I mean.
03:21The parents have to fork over the money just saying it's a big fight in our household.
03:26I think this segment is talking about Boba, if you wanted to.
03:28I think my daughter gets about $15 a week.
03:30But she's $18.
03:31$15 a week?
03:32No, $15.
03:33$15 a week.
03:35Good tapioca fiend.
03:36And I'm being called cheap because of it.
03:38Yeah.
03:38Wow.
03:39All right.
03:39All right.
03:39I do like Boba, but I don't like paying for it.
03:41Yes.
03:41Yeah.
03:42Okay.
03:43Company retreats, right?
03:44If some companies do that, you go on the picnic, you go on whatever.
03:47Would you like a BTW?
03:48Do we do one here?
03:49Yeah, sure.
03:50We need to do one.
03:51Okay.
03:51Because it's a hot new thing.
03:52Okay, this one is in the Wall Street Journal.
03:53Don't kill corporate retreats.
03:55Make them more like a kid's birthday party.
03:57So instead of doing these things, you know, like.
04:00This is generally my nightmare, but okay.
04:01Continue.
04:02You don't like the Natsap wraith or the egg things.
04:05No.
04:06All those.
04:06Yes.
04:07It's so fun.
04:07The orange beneath your neck and you have to transfer to someone else.
04:10Okay, you're roasting marshmallows.
04:11You're potato sack racing.
04:13You're building human pyramids.
04:14Okay, you're doing all the fun things like kids do.
04:16And cross falls, exactly.
04:19Doing things like kids do.
04:21How do you think that will end for you, David Gurra?
04:23Not well.
04:24Not well.
04:25So they're saying forget the lunches, forget the dinners with the cocktails.
04:28People get out of hand and people don't know how to behave.
04:30It's true.
04:30Do something like this and then, you know, you can have a good time and you can bond with your
04:34co-workers.
04:35I say we do it.
04:35Adult summer camp.
04:36I mean, we talked about adult summer camp.
04:38Like, I'm happy to go do some.
04:40Potato sack races.
04:41Potato sack races.
04:42Potato sack races.
04:42Golf and ski trips are sometimes.
04:44Sometimes they try to do those, but they're not good because some people are not good at golf.
04:47I would not be good at that at all.
04:48I'm not good at skiing, but I'm really good at after skiing.
04:50I'm really good at, like, the chalet.
04:53The opera skiing.
04:54I'm really good at that.
04:54Yeah, real good at it.
04:55All right.
04:56Big movie weekend, okay?
04:57So movie theaters is from the New York Times.
04:59They're embracing the lucrative business of buckets.
05:02We're talking about the popcorn buckets, okay?
05:04Oh, yeah.
05:04Yep.
05:04And they're these big things.
05:06Sometimes they're designed for major movies.
05:07They can sell as much as $70, okay?
05:11I'm sorry.
05:12There's a couple behind.
05:13You have the replica of IMAX, of Director's IMAX camera for $50, okay?
05:17Oh, so these are, like, not just your cardboard chunks?
05:19No.
05:19These are, like, high-tech.
05:21This is a 22-inch rendering of the Trojan horse for $70.
05:25My word.
05:25Filled to the brim with popcorn.
05:27Epic.
05:28And they're collecting.
05:28People collect them.
05:30So it's a thing.
05:31They're so greasy afterward, aren't they?
05:33You've got that kind of fake butter residue.
05:34Do you not own, like, some soap and a sponge?
05:37What do you do with it after?
05:38Not dishwasher safe, I know.
05:41But there's a few companies, actually three, that make these different buckets.
05:45So it's a little bit of competition there.
05:47But they're making good money.
05:48I'm telling you.
05:49I would not fork over the $70.
05:51That's a lot of popcorn.
05:52I guess maybe the popcorn's not the point.
05:53When was the last time you guys went to a movie theater recently?
05:55Oh, a few months ago.
05:56I'm going this week.
05:57Are you going to see the Odyssey?
05:58Finally.
05:59The Odyssey.
05:59I'm not getting the popcorn bucket.
06:01I'm not buying the Trojan horse.
06:02I'm not doing it.
06:03Put it on the company card.
06:04I'd like to see that.
06:05I'd like to see how that looks.
06:06If someone were to sneak into your house using a Trojan horse-style object, what would
06:10trick you?
06:12I guess that popcorn bucket.
06:13Maybe the giant popcorn bucket.
06:15Lisa, I feel like it would be some sort of, like, expensive workout equipment.
06:18Oh, yeah.
06:18David, maybe some...
06:18The treadmill.
06:19Somebody's in the treadmill.
06:20Yeah.
06:21Hiding away.
06:21Oh, God.
06:22Just a really large, giant, handmade tie.
06:24You bring that right in your house.
06:25I'm going to leave you with that amazing image.
06:27All those amazing images.
06:28Lisa, thank you very much.
06:29Thanks, Lisa.
06:30BTW.
06:30By the way, Bloomberg this weekend.
06:32And giving us that update, the stories you may have missed over the course of the week,
06:35available on the Bloomberg Terminal or at Bloomberg.com.
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