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Young Chinese Are Sick of Working Long Hours (bbc.com)
Young professionals in China are pushing back against employers who expect them to work around the clock, saying no to the decades old "rule of 996" -- working from 9am to 9pm six days a week. From a report: At the forefront are millennials who are often better educated, more aware of their rights and more interested in finding something fulfilling than the previous generation. And as only children (China's one-child policy wasn't eased until 2015), they are also outspoken and pampered. "In my experience young people, especially the post-90s generation, are reluctant to work overtime -- they are more self-centered," says labour rights expert Li Jupeng, one of many who have observed some millennials challenging the 996 concept.
The relative affluence of their parents and grandparents is part of the reason. China's rapid economic transformation has given rise to a sizeable middle class, with almost 70% of the country's urban population making between $9,000 and $34,000 annually in 2012. In 2000, that figure was just 4%. As only children, millennials are receiving a lot of support from their families -- including a financial safety net should their careers not go as planned. Although their options for pushing back are limited, some are no longer willing to put in long hours for a meagre paycheck.
The relative affluence of their parents and grandparents is part of the reason. China's rapid economic transformation has given rise to a sizeable middle class, with almost 70% of the country's urban population making between $9,000 and $34,000 annually in 2012. In 2000, that figure was just 4%. As only children, millennials are receiving a lot of support from their families -- including a financial safety net should their careers not go as planned. Although their options for pushing back are limited, some are no longer willing to put in long hours for a meagre paycheck.
a new fangled 401ks that I realize I need a financial professional to help manage to get ROI
As an FYI, just pick the lowest fee S&P tracking fund you can find. All paid advice just costs you money in fees and doesn't help. It is arguably a little better if you spread it among low fee high cap, mid cap, small cap, and international index funds (I currently have a 50%, 25%, 15%, 10% in one fund from each category).
Also ignore the advice that you should have 100 minus age percent of your 401k in stocks (and the rest in bonds). That rule is becoming closer to 125 minus age today. For example the three largest target date funds (Fidelity, Vanguard, T Row Price) range between 75%-85% in stocks for 50 year old investors. I personally advocate 100% stock until at least 45 (I don't plan on going below 100% until age 50, unless we happen to be in a downturn then).
You don't really need much more advice than this to do well with your 401k. Barring a major societal collapse that makes the Great Depression look like a bull market, you will make a great ROI just following index funds.
-- All that is necessary for the triumph of evil is that good men do nothing. -- Edmund Burke