Round Table China - The "invisible" domestic workers in the city

The coronavirus pandemic has impacted the lives of domestic workers more than some other groups, for reasons of social and travel restrictions. We check on the status quo of domestic workers. / When is the right time to reopen schools in the US? / Is "retire" a cool thing to do?

  • Play Speed:
Content Keywords: foreigner workers
Hello, everybody. Welcome to Round Table coming to you live from Beijing. I'm young joined by lightning and Patrick Flanery. It is always have you with us? We have some fascinating topic for discussion today and everyday on today's program. The covid-19 pandemic has impacted the group called domestic workers more than others especially due to Social and travel restrictions. We take a look on the living conditions and Status Quo of domestic workers in China and around the world and we see that with the coronavirus is still rampant in parts of the world.

We also question. When is it the right time to reopen schools? Should there be some basic requirements met before throwing School doors open? You can find us on Apple podcast at Roundtable China subscribe rate and review it will help other folks Define the show but first on today's Round Table domestic workers of such as nannies and housekeepers offer their services, which relieve a huge burden for many families. There are an estimated 35 million domestic workers in China allowed yet for all of their you big booty. They largely remain invisible in the bustle of cities. So today would take a look at the living reality of this group of people called domestic workers lightning. Let me direct us to you first when we talked about domestic workers who exactly or what kind of job are we referring to?

Are there different types of domestic workers judging from where they work and how the work some domestic workers. They live in the customers homes taking care of the Trojan or an elderly person and some of them St. Because they only come to your house during the day. I know it they go back to where they live off to work and then some domestic workers. They are hired to do house cleaning only and some domestic workers. Like I said earlier they do the caregiving business is so are their own kinds of domestic workers and some of them they are working independently. There are not being introduced by a broker or agent nonetheless some of the domestic workers. They choose to cooperate.

Agency, which will lend them sound more credibility and also offer them some opportunities for training and also give them a lodging and accommodation when there are not hired part-time kind of domestic workers. That's one way of looking at it when you're sort of Encounter of a domestic workers here in China or in the u.s. Patrick we take for granted. These workers are almost 100% women the nannies and housekeepers and they are overlooked their undervalued and underpaid to an extent and interesting. Yeah, I I feel that they're at

Get their necessity. They they are the lifeblood of many families. What are your local or you're a foreigner and you know, you depend on them to sort of just be there and you certainly do miss them when they aren't there and I can speak from some experience having used an ie that we loved and I and our son loved very much had to end up leaving Beijing as seems to be the trend at least talking to a lot of my uniform friends. They've left sort of the big cities to go back to their home towns to be with family and also to try to find more stable work because it has shifted the need a little bit to get a lot of foreigners who were here left on Chinese New Year and haven't been able to return as one example, and so you see the shift in and I also happening with coronavirus they needed his change because a lot of parents are home with their own kids who aren't in school yet. So it's had a domino effect and I can't really speak from it from the

Perspective because I didn't grow up with one might my mom was the Home Keeper and that was that was wonderful to have had that luxury to have a parent around about babysitters. That's more of a u.s. Thing than what we have here in Chinese like in in the US you hear a lot of the let me just call up the babysitter often like a teenager from a neighbor's first hit or something like that and come in to cover for a few hours or every day for something like that for our son of a of a neighbor's somebody you and your children and you can pick up for a few hours on short notice. That's usually how babysitting pay by the hour. They're not believe in what you call them domestic workers. Would you put them under the same category as she deserves a much higher?

Magista Mystic worker but yeah, I'll put them in that category because you're talking about cleaning cooking looking after the children on stop feeding them putting them to bed end and being the type of companion for short spurts. And you know, it's the children identify with with you know, these I use babysitters would have you vote in the us if we may stay there if it's just a tiny Tad longer is it really rare to have what's a live-in nannies and Elsa when we just say nannies is mainly was insinuated is kind of like they look after children. That's their main job is like the cleaning that's more of a housekeeper's work, right? So the live in kind of domestic help is that pretty rare, you know, that's a good question in my experience. It was not a big part of the culture where I was from oftentimes a a relative a grandparent might step in

Free I see it see it here because you know here it sits there's more of that family tradition of almost in the sumption that that a grandparent will will step in it's not necessarily how it goes back West. But yeah, I know I can't say that I live in you know caretaker if you will is Big with children because we have after school daycare. We have programs like that that the sort of fill the gaps my parents aren't home these days when we especially with you in a coronavirus still lurking in the background of a lot of parents from all countries are sort of either complaining or lamenting of you know, this ginormous responsibilities and an input of looking after kids and the lack of childcare and how difficult that is for especially women to go back to work if let's say the economy has restarted in this particular location.

And it seems like you don't having these or the absence of domestic workers or help has become a major headache for especially the families that had the luxury of having one of these people to help out prior to the pandemic but here when you look at it and try not if I may just go back a little bit more towards the different categories of different kinds of domestic or caretaker categories that are available. I mean when you look at it, it's it's quite astonishingly specifically divided cuz we've got the us. All right, that's something around for that one month during the month. They don't normally take care of a newborn baby, which is a very tough challenge for a new parents. They also tend to the mother.

Who is recovering from childbirth with the potential to address some breastfeeding problems? So you're expecting an expert in this area that will help out the new mom and you know Sizzle in a lot of the situations. There are like rave reviews of the help someone who can sort of help alleviate the stress during a major transition 26 days.

you employed one of these the US hour postpartum doulas or matrons or whatever you call them and cook to come in to help out for you know, just that few hours or so, so

Diverse and specified knees that in a regular day gets fulfilled and usually want one party is selling the service. The other has stress relieved pay for it. And it seems it should be a happy-go-lucky kind of story but everything doesn't go so easily, I guess especially when you've got the pandemic and play here and it's changed the game for a lot of people one being that domestic workers often don't aren't originally from that same study. So maybe they get stranded away not in the same city, which means he'll probably need to find work in a different place and also still because of the coronavirus, you know with all the restrictions and travel and social restrictions that you don't really want strangers or people you haven't seen for a while to come into your home and that just met

Their work almost impossible for some time, but did you leave for those working independently, like I said agency so that agency will be obligated to provide and fulfill some kind of responsibilities from since making sure that their employees are like nannies. They are the bunk they've gone through as a stage of quarantine that they're okay. They've been tested with nuclear acid test that sort of thing. So an agency would be in a very good position to provide that guarantee or as Independence domestic worker will service providers will be having a lot more trouble than 6 Tylenol. So in some trainees publication as well such as non-functional what about the so-called invisible domestic worker group and I guess the adjective invisible


I mean if it has a negative connotation because I think it says everything about how we just overlooked these very necessary worker. So they are almost invisible because we just assume they're always going to be there and they can take care of the things. We don't necessarily want her to have time to take care of it. They go almost the deuce or if they do the woodwork a little bit as individuals that look in your own family. They're not in there not invisible. In fact, their work is is much needed you and you know it and you know it when they're not around so I didn't affect a lot of these domestic workers. They cultivate very good relationships with their wealth with the customers like our do what is it? So that the most Poppin caregiver that we hired she loved children very much and she often reach out to us to find out what's going on with my son and

Add she stayed with us. So she showed pictures showed us pictures of other children that she she's being with previously so she would be a person with the Anacapa character to get along with their customer base and and I suspect a lot of people like that like her Woods also have cultivated a good relationship with people they work for us to be really interesting cuz with that article, I just referred to in also that side of the argument it's it tends to paint these caregivers as sort of in the inferior side of the bargain and but but but I feel especially with observation of let's just take Beijing or Shanghai, you know, he's big cities in China as an example, which is which are the locations that keep

Take a caregiver's employed in Mass numbers during the day when the employers are usually a way working often. You see in the neighborhood in the The Garden area. There are kleeck's of these the caregivers that congregate and then possibly just after finishing the housework and then they get together and chat about any swap stories about their employers and often. It's probably a good time to you know, take the kids out to enjoy some sunshine or maybe take the elderly out, you know for a little stroll kind of thing. And so therefore it there are visible I see them so it's not like they've been sort of swept to the Shadows cuz that's not the observation in I guess some of these big cities in this aspect.

And also this is a double two-way street in the sense that employers are picking who to come into your home and do this house work and sometimes we're looking for references and references aren't as big here in China possibly because of the mobility of people but there's the agency or the broker that lightning just mentioned where you can get some information and you get picked to like if the nanny or the caregiver doesn't like you and your family very much she is mostly she would resign after a month or so, so it's really become invisible and not show up again and I want to clarify I was in no no way suggesting that they don't have value. I have a quite the opposite know when I said invisible that was just a

I think a lot of us just tend to take for granted the services they might vide and really their vital workers in the fact that so many have now had to disperse and go back to your nose smaller places rather than working in the big Urban cities of Beijing is is quite sad. I hope that changes. I hope that turns around on the other side of the story then being invisible. There is the argument that they they don't have a strong presence. Let's say in the age of the what information technology like I'll wait for you don't see a lot of people talking about nannies or or a domestic workers in your own homes. I'll listen to start a fire and kill your wife right to feel kids. That's what I think so they don't often come up to the headlines until Sunday. Like I said. He has some terrible tragedy happens and ability is no different from the kind of invisibility on

A lot of other groups in a society a good they could be my can work as they are working on the construction site. They are working on the production line, but they are not actively posting or commenting about their lives on social media and if we're not exactly in visible and the other way to understand and interpret the invisibility would be the lack of care that people pee pee of them offering since there are some something nothing China particularly with regard to domestic workers working with Nathan see but like in a different country, there could be an absence of regulations and laws and an absence of well guarantees welfare policies to those people here in China if you working was a nation see the agency will be responsible for

What talking about will the Colossus roller break every week that sort of thing. So the agency will be responsible for making sure that you are respected it lawful and Yeah Yeah Yeahs maybe in a different country or if you are an independent domestic service provider. Maybe you are not exactly fully respected with we got to your rights. Louis to just stay an independent reference. I don't believe I think she's there there was an agency involved at one time but a lot of the the word of mouth gets out the hay she's great. Our family is moving and leaving China and that's kind of how that relationship is forged in this great new apps.

Just in the last couple of years are few years would be you can sort of book a housekeeper or a cook or or whoever threw a nap and you know, just a few days ahead of time. If not a day ahead of time and then there apps that offer this kind of service and another list are smaller players in the field as well.

Is that this kind of apps it helps you to find part-time workers that come to your house and I've always wondered cuz that's a different kind of model as opposed to the live in type with shum is more, and I think four for a lot of Chinese people, but then here comes the issue of accommodation cuz they'll need to figure out where to live in the city because if they're only coming into different apartments for x amount of hours to do the work and so almost depends on the individual if they have an arrangement of you know, this person has a place to live in the city than great. But if they have to rent a place or they'll stay in the dorms of the agency, then sometimes there could be some difficulties sort of happening cuz living condition is not always great in that there is from company to Company If you're looking for an agency or company

They sometimes may arrange food and accommodation for you when you are not tired when you are not dispatch to a household. I like the The Nanny we hired she in between jobs. She was staying her dormitory. And so that that's the arrangement but understands this conditions can vary. I'm in some companies. They don't even bother to provide the best and all the decent amenities to where people live in sometimes and sometimes even domestic service provider State. They themselves choose to living very a humble conditions Winston's they could choose to sleep on a mattress on the floor that sort of thing just so they'd like to save money situation of one person, but also I think a deeper

Possibly structural change that we may hope for is that anyway, these would be good workers in a way or just people who who are employed through these sometimes informal channels would it would be great if people can have more protection in that sense because they wouldn't like these folks. They will need to pay for their own needs in the five insurances and one house Provident funds and that's not something that everybody is aware of and that's worth the trade-off, right? If you are engaged and sort of independent work. You don't have that guarantee predict protection if you do work for an agency, you may have the protection but there's also some drawbacks there. So it just kind of comes down to what your situation is. Are you living with family in the city and are able to take a bus in to continue your work or is it another situation?

In any many cases, it is by the choice of the service providers that they choose to live in in such horrible conditions and the other woman that I had dealings with was what is a woman that I hired to clean the house right after I've done the purchase and there's we end up spending like 3 hours together just to watch her work and then go through the house and we had the very in-depth conversations about that her family and her work and she would be one of those very conservative and very well nature pics of women who care very much about her family a lot more than for health, or she is exposed to a lot of chemicals, but nonetheless she is diligently working from hour to hour without taking a break and she's always on the applique.

You're looking for more opportunities to work and this is all because she loves her son very much and she would like to save up for her son until one day. He will get married and have a family. That's what I think. So in some ways we went. Well we say they're invisible but on the other hand some of them they choose to to live a very modest Life by their own choosing and I think is that it is a very very impressive trait to have but yeah, like I said if there are some things that we can do to improve the living standards, I think we should

And do you still see this almost cultural?

Bias that's against domestic workers in this country. No, I don't think so, but not knots in my perspective another less. I know that thinks I'm in a society. There are people who still have some kind of content or or they don't look down upon the screw this profession and I think that's not the problem office workers. But the those who have who have all these feelings and I don't know what to say about these people exactly especially during the coronavirus outbreak. I think it's just make us realize how important the role they play in our everyday lives and will be back after this break.

Informed opinion and heated debate find out what's got China talking or Round Table discussion.

You're listening to round table with myself for young joined by lightning and Patrick Flanery coming up countries around the world are facing the daunting task of safely restarting schools. When's the right time to do so, should there be some basic requirements met before throwing School doors open? And apparently the coolest thing to do for the millennial generation, right up. Those are people who were born in the 1980s and early 1990s. Actually. It's not the tents used with the Chinese into English don't really match in this regard. So where these people the coolest thing is to retire but is that even feasible right now? I'm just thinking about retirement for me. I belong to this age group.

Get a free app that seat over there don't even come leave higher seat will be occupied cuz I'm not going anywhere. I can't afford to retire retiring at the word is taking on a broader term. It seems so round table China on Apple podcast and R2 Zone helping up. And can I please take the liberty of reminding you if you have a question we are here to answer rent.

Please send a voice memo or a voice question to Yvette FM round table at Fox and will give you that reflect on the live show. And now we're at table as we continue our discussion according to the latest tally from Johns Hopkins University. There are now over 18.1 million confirmed covid-19 cases globally the US now has over 4.7 million infections and the death toll exceeds 155,000 think we're reopening schools remains one of the most daunting challenges to restarting National economies around the world.

And we hear that the Trump Administration would like to restart schools and colleges this fall.

Is that a good timing while the thing is you kind of need to look at the infection rates to make that decision for themselves. We have not seen any sort of decline or even a real Plateau. It just keeps getting worse in the United States and it's it's the lack of leadership coupled with the delayed response and it has intensified and now we want to reopen schools. Well, I think you know to reopen schools later this month or early September. So we're we're within the 30 day window now when you've got mixed messages from the government as well as health experts when you've got a conditions that would suggest it's premature to do it but a determined Administration its you've got a catastrophe and I use that word because the UN secretary just today was speaking about a catastrophe, but he seems to be on the side.

President Trump because there are 160 countries right now that have schools that are closed and the UN secretary says we will face a world catastrophe if we do not reopen school safely very soon as they're there's opening safely it right. Why is it going to be in what way if the schools remain closed going? But with the UN secretary-general says what you do is if you don't reopen schools, if you fail to get started again physically, then you begin to undermine progress you ask the exacerbate inequalities and on the whole children fall behind because especially the younger kids that get you know, the kindergarten through like grade 5, you know, the most sensitive age group for them to fall behind, you know, another year would be bad in the eyes of this particular leader.

I think we are not in a position to reopen the school's right now. My wife works in the University of right now, they're talkin about the next semester of the night and they're making plans yet there but so far they aren't the only giving up for a remote to the teaching capacity. And so a lot of the discussions are surrounded on remote teaching and this is a country does almost got from the covid-19 under control. I would say we've already gotten it under control some sporadic cases in different parts of the country, but none of us everything is back as usual. I mostly and even now we are not talking about getting the school reopen. So I do think that the United States was thinking about reopening the schools and that's just a pulling didn't the top infectious disease experts. Dr. Anthony. So she just endorsed the idea that

The US entered a new phase where covid-19 spreading uncontrollably by asymptomatic patients also got the national academies of Sciences engineering and Medicine who were agreeing with the administration saying that young kids especially we need to get them back in school Implement washing stations make them wear the masks social distancing in the classrooms. The problem is until two weeks ago. The president never wore a face mask publicly thought the pandemic was going to in his words disappear. Why is it now incumbent to open schools? Well, he's hoping to get reelected in 90 days there. I don't want to I want to kick my own country here. I'm proud of in a lot of ways but not in this one and you know right now the president and the education secretary are dead set on opening this the CDC seems to kind of waffle back and forth on this and in the end.

This thing I mean, where do they go back to school or they learn online for a semester? I don't think it's going to matter too much in the scheme of things. If it means that we can guarantee children are not going to create their own clusters in the schools and exacerbate this pandemic. So this study is not conclusive or how children with behavioral react in a pandemic situation whether or not they are a particularly vulnerable to covid-19 or not. The scientists are still studying and even if there are not as vulnerable as adults to covid-19. There's still the chance of them carrying the virus back home to maybe the grandparents who are vulnerable to disease so that part you count to Simply rule out.

There's no vaccine. Dr. Foutch. She said that he's cautiously optimistic that by the year Year's End. We're going to have a vaccine. Well, that doesn't sound very certain to me. And even when you have you know, how to how do you begin to administer it a distributor? I don't know. I just don't think you start shoving kids back into these classrooms because once you do it, you know, once you're smashed the glass bottle you can't pieces back together is poor is not saying that the argument is poor. I mean your argument before reopening is sound I mean, you can't really have a real reopened unless the schools are opens. So the kids when they're always there even eats a child care that needs education. They need some of these kids that are so poor in the family that they actually need them meals. Just nice deals in the schools.

Why people argued against it closing the schools at the beginning of the covid-19. So the only Arguments for reopening is legitimate to some people some students particularly. Like you said the younger ones there are they may be coming. They said back if they are not sent back to school right now. So they're not they're not. Well, they're not disciplined enough to go to stop to study remotely that so don't think so order the oldies things. They these these arguments they they make sense, but the timing is perhaps debatable lands on the country or the particular locality cuz in in that regard, there's no one-size-fits-all answer cuz you have to look at how things are turning out in that particular place made this sweeping assessment speaking in the context of the entire world that everybody needs to get back to school as soon as possible as safely as possible.

Get it. You have to reopen sometime. I understand that but we're just now hearing about well, some bars are reopening some restaurants reopening schools are completely different Beast. I think I think we're better than this. We don't have a plan. We've not heard a plan from either man running for president about how to address this in the short-term. Let alone the next four years and again to CDC continues to I don't know seeing someone in control some days and on other days, who knows

For any sane person would be looking at what happens in other countries when things have gotten better in some circumstances how have they managed to do it? How do you keep it that way? And if we look at International examples, there are countries like small number that never closed the schools like Sweden but the vast majority of other countries though closed the schools have been closed but the ones that have done really well two examples would be Norway and Denmark and they put these are Nordic countries. They're not particularly populous. So you have social distancing well, reopening the schools or maybe for them because there's less a smaller population I suppose but what they match to do right was when the rates are down when things are

Or you've had zero cases for 2 weeks, then you can talk about reopening and also reopening comes with strings attached example, very small class numbers break one original class into like three small classes have less than 12 kids in one classroom when they're all spaced apart and having lunch apart and wearing face masks. And also when the numbers remain down you don't lose your side on the ball and you continue to be very strict with us and then things get better and one not so good example one could use what happened in Israel, which was when they the numbers were down there before they reopen the school in mid-may and things went well for a while, but then relapsed there were like two hundred students that were infect.

And now experts are saying that possibly because they resumed regular class size too quickly for you. Got a sort of like really assess the situation and make that calculated in scientific judgment as dramatically reduced its numbers and really double down on on testing still has not implemented back to school. And if China's not doing it, I don't I don't see where the us or any other popular the UK would even be in to have a conversation of doing it. I think parts of China is parts of Beijing had had had experimented with that and realize okay probably a bit premature and they pulled out and now there's only talk again now of the fall semester, but nothing concrete right now, it's summer vacation for kids. They must be enjoying that

But with me, what was the month ago When September Comes if there's no definite say yes, but it seems like there is a high probability that all schools would be open as in my right with that. I'm not sure we're still out here watching those something happens tomorrow or we hear of another outbreak it could happen or or maybe we get by this next month then and we're fine you get a few or you get done or you get a lot it's one of the three and and how do we do with that as a as a society? That's that's that's the next question for us. And in the US you have a federal system, which means that the federal government has a decision on one thing and local states have their other set of decisions and natural so when it comes to opening schools,

Tell works in the US. Anyway, you know, it's just state-run system, but it's also Federal it just depends on what side of the argument you what you want to play. But yeah, it is the decision lies with State leadership. Although Federal leadership has threatened to suspend Public Funding to the schools. If they do not reopen do they have enough funding to just do the surface of the Tater reopening. I mean, I understand the input in terms of protecting equipment and also the inputting tune done in terms of Human Resources is going to be tremendous if we are seriously thinking about reopening cuz I mean the surgical masks and hand-washing next Senators that sort of thing are the same place setting that that could be arranged but on the other hand the kind of Human Resources is going to be gigantic gigantic. I mean the talk of slipping classes in 2 3, I mean you're talking about having teachers teach

Three times or has layers of 1 and by the way, the federal funding accounts or maybe 7% but one study I looked at of of the thing but what would it hurts is our are the kids who have special needs and some of the lunch assistance program and so forth think things that are not valued by the ultra-conservative we tend to focus a lot of the discussion on what the students will encounter how the parents are feeling and wouldn't it be great when parents are afraid of Parental duties of watching the kids 24 hours on the clock kind of thing. But what about the teachers and also the staff members in a school or university that are necessary or essential in this circumstance to keep the school running. I mean don't their opinion need to be valued here to

I'm not sure whether teachers have a say in whether or not the school should reopen some teachers may be among the management rank. I mean, they could contribute their opinions, but on the other hand the world campus staff does the fact the snappening day. I mean that you sent your workers like Janet has cleaners and I'm not sure they have a say in whether or not the schools. Should we open and how it should be reopened. They have no say at all, unfortunately and they only say that we've been hearing is some protesting from teachers and parents on the side of not reopening prematurely in certain pockets of the country and if some states have it real bad others are improving. I vote for the most part. It's it's bad across-the-board and just sort of parse the the teachers from staff, you know, if the teachers are the heart of the school the staff would be the blood that keep everything.

Alive the lights on the facilities intact, you know think of your coaches think of your return my T even legal representation all these, you know members of the staff have taken furloughs pay cuts. Some may never return whereas at least the teachers are able to retain a salary for the most part while I teaching remotely from the Atlantic reports since the pandemic begin staff who constitute about half of those employed by American colleges and universities have been hit with a bunch of fellows and layoffs some 250 schools have instituted follows at two-thirds of taking that action only for staff and off more than 900 colleges that have allowed employees to work remotely 300 have extended that benefit only two faculty. So this divided between faculty and staff is obvious.

Is being is being huge but nevertheless it's being exaggerated because of the pandemic. It's a bit of a crude statement also on on how we value certain people within the educational system. We have we have now shown that staff are expendable. That's that's what we have demonstrated by by doing this. I understand that they don't need to vitally always be on campus, but there are certain things that the faculty isn't prepared to handled it is we're usually staff comes in.

Is there any way to make things better or is it just too premature even to discuss.

It's a tough one is enough to begin with I think well old resources in this Society should be coordinated into keeping the pandemic under control. And until we have that. I wouldn't stop talking about reopening or just got a calling and making sure the school is safe to reopen. It doesn't help when you've got certain government leaders. Just parroting what other say that all the time without substantial backup. We're not listening enough to the scientist. We're listening too much to the politicians.

You're listening to Round Table coming up next coolest thing to do for the millennial generation. And China is to apparently retire. What's that about stick around everybody to find out more on that looking for passing how about fiery debate want to hear about current events in China from different perspectives then tune in to round to raise needs West and understanding is the goal.

Is the hour of round table with myself lightning and Patrick Flanery in the studio room. Am I right folks? Well, we had an emergency yesterday cuz the AC broke down but I think we managed to carry the show with Grace and as if nothing has happened until today, we gave it away too bad for my standards. It's almost like we're just getting started wearing her face mask for the record. So that's retaining some of this hot air that I've been pushing out for the last 51 minutes. Break people from all walks of like

Feel the disruption in some shape or form a Thrifty lifestyle has gained traction among those born in the 1980s and early 1990s. Otherwise called the millennial generation. The coolest thing for the Millennials to do right now is apparently retire. What's this about my name? That's not how I feel. I feel I can though. I mean admit to that.

Some people of because of the covid-19 ended on certain days are thinking about their own future. Thank God, they're thinking about it. Now. It's not too late. Then unless there are some examples so a woman I see a woman looking for a real estate company in Guangzhou is having second thoughts about his suspending habits that sort of thing and he said that she said that because of covid-19 and she's thinking that she does want some kind of shutting the instability in her life. And as a result, she just made a decision to cut down on her spending particularly own shopping and new clothes and her plan is to save enough money by the age of 35 to have some kind of financial Independence. And so that she can retire early and her goal is to have two

Turn and run in total. That's about $280,000 and two on mortgage houses and good luck on that catching up with a trend that apparently a concept that originated in the US 1992 call it while the acronym is fire. So it stands for financial Independence retire early, but actually a comes with an extremely Thrifty lifestyle. So it's like extreme level of saving up and on the show, maybe yes, a year-by-year back and now it seems like the Strand might be it's being discussed even more yet. So are you familiar with the fire Dept fire till today? And I think this 1992 book needs a needs a new edition. Maybe an update coronavirus Edition. Anybody can stop working.

Easy thing to do in in in frankly. It's a bit of a slap in the face to the tens of millions of people have been forced to stop working over the last six months. I'm not I'm not I'm not anti this this this notion of Millennials retiring but it just seems to go to the heart of what a millennial is like immediate gratification. I'm going to retire now, you know, what dude you're 30 relaxed like remember just because you've you're suddenly playing around with the stock market a little bit and your you think you're cutting spending during coronavirus doesn't necessarily mean you are going to lay the groundwork for solid retirement. And if you are it's because well you didn't pull yourself up by your bootstraps. I don't know any self-made 30 year old millionaire or 60 year old for that matter. So somebody's helping in the background and you know, it's it's interesting that even in India. I was reading today financial planners or say Millennials for the first time are only beginning to consider their finances. So to hear that people

En masse talking about early retirement is bewildering to me.

Retirement is totally different from what we you know, usually envisage which is back in the day when I went to University and I had plenty of college classmates who had were doing Financial degrees or you know, whatever the degrees that would usually land them a good job in the city of London, which means for a lot of those people back then when Investment Banking was was a coveted job having a short but lucrative career was what these well-educated young people wanted and guess what happened?

2018 2019 2010 the financial crisis and then those jobs were gone and that kind of wish is rarely fulfilled. So the short and lucrative career rarely exists maybe for some people in the tech industry, but we're talking about these young people. There are think that they have abandoned the lifestyle or the pension towards having nice things. It's about saving the pennies up as much as they can and just so that one day you can retire early and it's not a comfortable lifestyle. It's just, you know, getting things together one of them and they were saying that at least in the US that Millennials are most likely to spend this stimulus check from coronavirus relief on housing or student debt. At least there is there's a fiscal responsibility

At work here, which is I guess encouraging to see I just hope that they do the math, right and the girl missed town. You have said that she could count on a saving of 2 million Jen cuz by her calculation like if she keeps the money in the bank with an interest rate of 4% she'll get 80200 year in interest, and there's not a lot, but she she will find it to secure. Nobody's supposed to have you been checking with the Bank of Greece.

You're not getting the 4% interest rate. You're getting like one point something percent with all countries around the world that are lowering interest rates right now. So, I'm sorry. This is the plan for this particular woman seems to have by fired and why shouldn't leave this year right now during I don't know pandemic time. Are we talking about? Maybe I'll retire early Rocky uncertain and I mean if if we knew where we were going, I don't even have to finish this sentence. I'm just a little bit. So the generation that's looking to retire or or extended retire beyond the age of 65. So I'm I'm just being being testy about people who think about an early retirement for your job if you have one

Ditching it. Certainly. I think the public service announcement. How much do you really know about China Song Dynasty maybe 30s or some of the most important inventions in the history of ancient China printed books and the magnetic compass perhaps the biggest achievement of old out. Is it today with a lot of science and technology multimedia knowledge and thought we are still marveling at the achievements of the Song Dynasty why we love the Song Dynasty on Apple podcasts Spotify Google podcasts Stitcher or wherever you listen.
Translate the current page