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The Myth of the Broke Millenial
Posted on 5/13/23 at 11:26 am
Posted on 5/13/23 at 11:26 am
11
Posted on 5/13/23 at 11:45 am to Auburn80
Some millennials are dumb. Others like me save in a Roth IRA/401k/HSA. There has never been an easier time to save money with no fees. People just aren’t educated on these practices and blame the govt 24/7
Posted on 5/13/23 at 11:53 am to Auburn80
The person that wrote this got hammered on Twitter. Millennials are not "thriving" at all. It's just a piece to get you to accept a shite economy.
How many generations got career starts in a great recession with trillions in student loan debt? That alone says it all.
LINK
How many generations got career starts in a great recession with trillions in student loan debt? That alone says it all.
LINK
quote:
Thread (1/16). How is that our economic statistics suggest workers have been making slow but steady progress in recent decades, while popular perception is that their family finances are coming under increasingly untenable pressure? I've been working on this, here's my answer:
quote:
2/ Punchline: Popular perception is correct. In 1985, the typical male worker could cover a family of four's major expenditures (housing, health care, transportation, education) on 30 weeks of salary. By 2018 it took 53 weeks. Which is a problem, there being 52 weeks in a year.
quote:
3/ Why do our inflation-adjusted data say otherwise? Because inflation does not assess affordability. You don't have to take my word for it. Here's a neat study by Nobel laureate Robert Shiller making the point, as cited by Fed economist Michael Bryan: https://econintersect.com/b2evolution/bl
This post was edited on 5/13/23 at 12:01 pm
Posted on 5/13/23 at 12:40 pm to Auburn80
That article is bullshite
I raised 3 millennials. They arent "thriving". The only reason they arent "broke" is because we made sure they all graduated from college without any student loan debt. And they were gifted their first car, without a monthly payment
They all had a much better "start" to adulthood, than either my wife or I. And still need our assistance once in a while
I raised 3 millennials. They arent "thriving". The only reason they arent "broke" is because we made sure they all graduated from college without any student loan debt. And they were gifted their first car, without a monthly payment
They all had a much better "start" to adulthood, than either my wife or I. And still need our assistance once in a while
Posted on 5/13/23 at 12:47 pm to Auburn80
quote:
Pretty good article
Posted on 5/13/23 at 1:13 pm to tiggerthetooth
quote:I would enjoy seeing sourcing for this graph:
tiggerthetooth
The claims insinuated in it are dubious.
Posted on 5/13/23 at 1:16 pm to RobbBobb
quote:They aren't?
They arent "thriving".
Perhaps it depends on interpretation of "thriving"?
How are they doing compared to you at the same age?
Posted on 5/13/23 at 1:20 pm to RobbBobb
quote:
They all had a much better "start" to adulthood, than either my wife or I.
that's what the article is saying, the millennials are no worse off than previous generations and in many cases have a better start, especially older millennials
Posted on 5/13/23 at 1:30 pm to tiggerthetooth
Generations are 20 years long. Are you saying we’ve been in a Great Recession for 20 years? And a lot (not all) of student loan debt is self inflicted. How many chose Community College first before heading off? How many went to expensive private colleges? All of my millennials spent at least one year at community college. I paid for their college completely. That generation will also inherit the greatest wealth transfer in history. It doesn’t help them yet but it will.
Posted on 5/13/23 at 2:06 pm to jsk020
quote:
There has never been an easier time to save money with no fees.
If your 401k doesn't have any fees then please let me know which sponsor you're using.
Posted on 5/13/23 at 2:59 pm to Auburn80
quote:
Broke Millennial
It’s bigger houses, bigger cars, more food, more entertainment, more toys, better things, more clubs, endless subscriptions, bigger vacations. Insatiable consumer appetites are the #1 reason millennials (or anyone) is ‘broke’ while making a reasonable income.
Posted on 5/13/23 at 3:10 pm to skewbs
quote:
It’s bigger houses
They don't build simple homes or "starter homes" anymore. The only homes available are the full thing with a dictionary sized amount of new regulations.
quote:
bigger cars
There is no "discount" vehicle anymore. Cars come , at the cheapest price range, with all the bells and whistles.
quote:
more food
All costs more including inflation.
quote:
more entertainment,
You can't just ride bikes around in cities like you once could. Higher density living = less space to roam, everything costs now.
quote:
endless subscriptions
Who started this model?
Posted on 5/13/23 at 3:23 pm to skewbs
quote:
It’s bigger houses, bigger cars, more food, more entertainment, more toys, better things, more clubs, endless subscriptions, bigger vacations. Insatiable consumer appetites are the #1 reason millennials (or anyone) is ‘broke’ while making a reasonable income.
I'm not a millennial but I agree with this to some degree. I think the middle-class lives (or at least expects to live) vastly different lifestyles than they did 40 years ago.
My dad was college educated and made a pretty solid living. We lived in a 1500/sq ft house for a family of 5 when I was growing up. My sisters shared a bedroom. Dad drove a 13+ yr old Monte Carlo. A vacation was to Houston to Astroworld. We ate out at a restaurant or fast food maybe once per month, if that.
On the flip side, I think millennials got screwed by inflation of certain things, particularly education.
This post was edited on 5/13/23 at 3:38 pm
Posted on 5/13/23 at 3:36 pm to RobbBobb
quote:
raised 3 millennials. They arent "thriving". The only reason they arent "broke" is because we made sure they all graduated from college without any student loan debt. And they were gifted their first car, without a monthly payment
3 millennials from the same family isn’t a great sample size
If we want to use anecdotal evidence then I’m a millennial, all my friends are millennials, and I know plenty of other millennials that are pretty well off which outweighs your three. Very few of them came from wealthy families.
From my experience with people, the people that complain about millennials not having a chance are ones that spend an insane amount of money on stupid shite.
Posted on 5/13/23 at 4:16 pm to NC_Tigah
quote:
They aren't?
Perhaps it depends on interpretation of "thriving"?
How are they doing compared to you at the same age?
Even with them getting assistance from their parents (which we almost never did) we are easily a decade ahead of them, financially.
We both retired in our mid 50s from different businesses. Only one of our 6 millennials, might do that. And only because, as a spouse, they will benefit from their family business. That they will likely control at that age
Posted on 5/13/23 at 4:29 pm to tiggerthetooth
quote:
They don't build simple homes or "starter homes" anymore. The only homes available are the full thing with a dictionary sized amount of new regulations.
Ima Gen X’er and my wife and I lived in a one bedroom apartment. She passed on the big wedding so she could get a check equal to what her sister spent. Are there no more apartments, condos or duplexes?
quote:
There is no "discount" vehicle anymore. Cars come , at the cheapest price range, with all the bells and whistles
I’m over 50 and have never bought a new car. I drove a used Corolla for the first several years of my working career. Used cars today are way nicer than what I had…but can easily be found for less than $15k.
quote:
All costs more including inflation.
Food is fricking expensive…I’ll give you that.
quote:
endless subscriptions Who started this model?
shite. Hulu Plus and Netflix are FAR less expensive than cable, plus a cable box, plus any Premium Channels used to be. We’re paying about the same now as we did for expanded cable with HD channels 10 years ago.
quote:
You can't just ride bikes around in cities like you once could. Higher density living = less space to roam, everything costs now.
Living in the city as always been expensive unless you were making good money. Ever hear stories of 5 kids sharing studios in NJ trying to make it on Wall Street in the nineties?
Posted on 5/13/23 at 4:30 pm to RobbBobb
quote:
We both retired in our mid 50s from different businesses.
Very few people of any generation have been able to retire in their 50’s without a government pension and health insurance. You are the outlier, not your kids.
Posted on 5/13/23 at 4:37 pm to Auburn80
quote:
Very few people of any generation have been able to retire in their 50’s without a government pension and health insurance. You are the outlier, not your kids.
My wife and I are 45-50. I'd say we fall solidly into the upper middle class and have saved for retirement our entire careers. We won't sniff a 50s retirement, if for just health insurance alone.
Posted on 5/13/23 at 4:58 pm to NC_Tigah
People should read that entire twitter thread. It's 16 parts long. Even though I do quite well, seeing this one hit even me in the gut a bit:
Posted on 5/13/23 at 5:19 pm to Auburn80
(no message)
This post was edited on 8/26/23 at 3:28 am
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