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Message
re: How will young people ever get ahead?
Posted on 5/3/23 at 7:23 am to Allthatfades
Posted on 5/3/23 at 7:23 am to Allthatfades
we are following the European model.
Income tax and sales tax come to around 60% or more in many
countries. Money and control go to government.
Housing is incredibly expensive.
Denmark for example is 3 times as expensive for housing, electricity, etc. (going green is expensive)
Income tax and sales tax come to around 60% or more in many
countries. Money and control go to government.
Housing is incredibly expensive.
Denmark for example is 3 times as expensive for housing, electricity, etc. (going green is expensive)
0
Posted on 5/3/23 at 7:24 am to tiggerthetooth
quote:
Congrats on the anecdote, but 6 figures doesn't go as far as it did even 10 years ago and none of your post accounts for retirement growth over the next few decades.
It goes far enough for somebody getting started in life.
quote:
We still need nurses, school teachers, sanitation workers, construction workers, policemen, janitors, landscapers, farm workers, butchers, stockers, truck drivers, oilfield rig hands,etc.
I agree with this and that is a problem….but some of the positions you listed are very well paid considering the skill level for entry and/or have govt pensions that allow them to retire early.
My whole point was it’s still very possible to get ahead of you work at it and manage expectations.
Posted on 5/3/23 at 7:26 am to SquatchDawg
quote:
The same way everyone did…by working their way up.
My first job out of college was $30k back in 1996. A kid bagging groceries at Publix makes $15/hr now. Do the math.
Don’t buy a new car. Buy used and reliable.
Rent and live with roommates. You don’t need a house starting out.
The issue is kids think they should live and have what their parents do right out of the gate. It doesn’t work that way. I’m not saying it’s easy…but it’s never been easy.
I always love when people memorialize things like this.
Your $30k in 1996 is worth nearly $60k today. Reversed, that kid's $15/hr (about $31k) would have been worth $16k in 1996.
Posted on 5/3/23 at 7:27 am to SquatchDawg
quote:You really haven't been paying any attention to what's going on in the world.
The issue is kids think they should live and have what their parents do right out of the gate. It doesn’t work that way. I’m not saying it’s easy…but it’s never been easy.
Posted on 5/3/23 at 7:28 am to Joshjrn
It’s really sweet to see y’all taking up for millenials
We’re basically the american untouchable caste
We’re basically the american untouchable caste
Posted on 5/3/23 at 7:28 am to tiggerthetooth
quote:
Now remove all the software engineers being paid SV wages and ivy league hedge fund associates
Why?
Remove all of the humanities, social services or generic degrees than anyone with two brain cells knows aren’t marketable and you’ll get to the same number.
Posted on 5/3/23 at 7:29 am to Allthatfades
They don’t.
For what the average car and house cost, 99% of people do not make enough to ever truly be ahead
For what the average car and house cost, 99% of people do not make enough to ever truly be ahead
Posted on 5/3/23 at 7:31 am to SquatchDawg
quote:
Why?
You ever heard of outliers my guy?
Dudes making $150k right out of college and sleeping in their cars in the company parking lot isn't normal.
Posted on 5/3/23 at 7:34 am to Joshjrn
quote:
I always love when people memorialize things like this.
Your $30k in 1996 is worth nearly $60k today. Reversed, that kid's $15/hr (about $31k) would have been worth $16k in 1996.
And that job likely now requires a college degree.
Posted on 5/3/23 at 7:35 am to Joshjrn
quote:
Your $30k in 1996 is worth nearly $60k today. Reversed, that kid's $15/hr (about $31k) would have been worth $16k in 1996.
Exactly my point. $60k starting out of college is the same.
HS kids $15/hr is the same as my $4/hr I made in HS.
Now, if you’re an adult making $15/hr that’s a definite problem.
Posted on 5/3/23 at 7:35 am to Fat and Happy
quote:
For what the average car and house cost, 99% of people do not make enough to ever truly be ahead
99% is a stretch but I don't know how 70% of people are making it. The average household income is the US is around 70k.
Posted on 5/3/23 at 7:35 am to Allthatfades
Do like Asians and have multiple generations living in the same household?
Posted on 5/3/23 at 7:36 am to SquatchDawg
quote:
It doesn’t work that way. I’m not saying it’s easy…but it’s never been easy.
While it’s never been “easy”. It’s never been this hard. Look at the cost of housing and education in comparison to wages. Housing and education having greatly increased in comparison to wages. Wages have not grown at the same rate.
Posted on 5/3/23 at 7:37 am to stout
quote:
Do like Asians and have multiple generations living in the same household?
Most of the world does and I'd imagine it's bound to increase as economic conditions worsen.
Posted on 5/3/23 at 7:38 am to tiggerthetooth
quote:
Dudes making $150k right out of college and sleeping in their cars in the company parking lot isn't norm
Of course it isn’t. If you can’t afford a place to live on $150k it’s time to move or increase your commute.
I knew guys that got a job on Wall Street out of college and had to pile 4 people into a studio to afford a place to live.
Posted on 5/3/23 at 7:40 am to stout
quote:
Do like Asians and have multiple generations living in the same household?
Not all Asians have six figure jobs and genius level intellects. As a demographic they mooch off their parents in ways you wouldn't believe.
Posted on 5/3/23 at 7:40 am to SquatchDawg
quote:
Of course it isn’t. If you can’t afford a place to live on $150k it’s time to move or increase your commute.
Im not sure that's feasible in Silicon Valley.
Posted on 5/3/23 at 7:42 am to SquatchDawg
quote:
Exactly my point. $60k starting out of college is the same.
HS kids $15/hr is the same as my $4/hr I made in HS.
Now, if you’re an adult making $15/hr that’s a definite problem.
Your point was that a kid bagging groceries made roughly the same as poor you in the 90's, which is wildly inaccurate. Further, the point you're making now would only be valid if the big ticket items you're referring to were paced with inflation, which they aren't. For example, housing has vastly outpaced inflation over the last several decades: LINK
Nobody is building starter homes anymore because land is too expensive.
I'm a high earning professional who drives a nice car and owns their house, so this isn't personal whining. But anyone who doesn't see the looming problem isn't paying attention.
Posted on 5/3/23 at 7:43 am to Fat and Happy
quote:
For what the average car and house cost, 99% of people do not make enough to ever truly be ahead
A serious issue I see is that younger people buying houses is they all want a newer house right from the start. Not a lot of them are willing to buy a fixer-upper and put in some sweat equity. Housing is still the greatest wealth builder for the middle class but there are steps to it.
Used to you would buy the starter home, fix it up and build equity, then move 5-10 years later into something else. Rinse and repeat a few times until you get to the bigger house.
Now, everyone buys that new tract home from the start because all of their friends did the same and they have to show it off on Facebook too.
No one wants to sacrifice anymore. They all spend $1400 a year on a new iPhone and wonder why they can't make ends meet.
Posted on 5/3/23 at 7:45 am to stout
quote:
Used to you would buy the starter home
Yeah back when starter homes existed.
Your post is a wild generalization.
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