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re: Millennials are getting screwed by the economy. Again.
Posted on 4/21/20 at 4:09 pm to Klark Kent
Posted on 4/21/20 at 4:09 pm to Klark Kent
quote:yeah, for about ten years now
is this what we are calling it now?
quote:that’s why it’s called a recession and not a depression
Great Recession" doesn't hold a candle to what our parent's parents went thru with the Great Depression and it feels disingenuous to almost mimic the naming convention. IMO.
0
Posted on 4/21/20 at 4:10 pm to hubertcumberdale
I know we have to break it down to ranges and you can’t have too many but someone one in 81 has virtually nothing in common with someone born in 96
Posted on 4/21/20 at 4:10 pm to bod312
Because people blame their parents. Not their older cousins.
Posted on 4/21/20 at 4:11 pm to Klark Kent
quote:
quote:
The Great Recession
is this what we are calling it now?
Posted on 4/21/20 at 4:13 pm to IAmNERD
quote:
9/11 and Katrina were the fault of Boomers?
Posted on 4/21/20 at 4:15 pm to xxTIMMYxx
quote:
having their 401K's blown up
Who cares they’re in their 20s and 30s
Posted on 4/21/20 at 4:15 pm to xxTIMMYxx
quote:
People that came out of school into a recession, and now having their 401K's blown up...yea, it hasn't been smooth for them.
I will agree that many people were hurt coming out of college during a recession. But your 401k line is just silly. Even today, the Dow is up over 215% from the bottom of the ‘08-09 crash, and up 60% from the pre-crash peaks in ‘07. The S&P 500 is up over 225% from the bottom and up 75% from pre-crash peaks.
From a retirement standpoint, millennials have had a fantastic 12 year stretch. They are objectively better off in this regard than folks who are already retired or about to retire and have lost as much as 20% of their savings in the past month.
Posted on 4/21/20 at 4:17 pm to Oilfieldbiology
quote:
I know we have to break it down to ranges and you can’t have too many but someone one in 81 has virtually nothing in common with someone born in 96
Born in '82 and I have a cousin who was born in '96. I feel more in common with her parents (born in '57 and '60) than I do with her, yet we are considered to be the same in these type discussions
Posted on 4/21/20 at 4:18 pm to lostinbr
quote:
From a retirement standpoint, millennials have had a fantastic 12 year stretch. They are objectively better off in this regard than folks who are already retired or about to retire and have lost as much as 20% of their savings in the past month.
Agreed. If your retirement plans are 25+ years away what happens to your 401k right now does not really matter. The guy that's 63 and has a little too much stock exposure is the one sweating it.
Posted on 4/21/20 at 4:20 pm to jchamil
quote:
Mike and the Mechanics
Posted on 4/21/20 at 4:20 pm to Golfer
quote:
I have a number of friends that graduated in the 2009 LSU Landscape Architecture class of 28 students. IIRC the breakdown was as follows:
4 got jobs in their field in US
6 got jobs in their field in Asia
18 ended up taking whatever job they could get...most of these never entered their intended industry.
This is the premier program in the country. Where firms outbid each other for the students and have a 100% industry placement rate in most years.
I was in the class of '08. Things were just starting to go south as we got close to graduation, but about 2/3 of us ended up with jobs. By the fall of '08, only 1/3 of us had jobs. I got lucky because I stayed in LA (Who's ever said that?) and we still had Katrina money coming in.
Then when the economy got rolling again, many couldn't get back in to the field because they had such a long work gap and no one would hire them.
Posted on 4/21/20 at 4:21 pm to RLDSC FAN
quote:
millennial.
quote:
under the age of 45
quote:
1981 to 1996 a widely accepted defining range for the generation
millennials are 24 - 39
Posted on 4/21/20 at 4:22 pm to fallguy_1978
Yea I'm not really mad at all that equities have taken a beating the last couple months.
Posted on 4/21/20 at 4:24 pm to lowhound
quote:
Dude, this is time to buy. Millennials getting into stocks on the cheap will make big reward in years to come.
This. I’ve bought more than I ever have since the downturn. I’ve slowed though the last 2 weeks because I’m confident this is going to be a W shaped recovery as opposed to a V. I think we’ll see the Dow get down close again to its most recent low of 18k in late March.
Posted on 4/21/20 at 4:24 pm to JohnnyKilroy
quote:
Yea I'm not really mad at all that equities have taken a beating the last couple months.
I increased my retirement account contributions in 2008-2009. Worked out well in the long run.
Posted on 4/21/20 at 4:26 pm to mthorn2
quote:
Buying stocks low is dumb?!?! Why don't you enlighten us...
Hoarding cash for 10+ years years in order to buy a 20% dip from ATHs is definitely not efficient or smart.
The big dip from this brought us to January 2017 levels. You missed out on 8+ years of gains and 10+ years of dividends.
This post was edited on 4/21/20 at 4:30 pm
Posted on 4/21/20 at 4:27 pm to mthorn2
quote:So we’re still well above pre-trump levels and you’ve missed all those sweet dividends all along the way. Smart
stock piled as much cash as possible in preparation of the 'next' economic downturn
This post was edited on 4/21/20 at 4:28 pm
Posted on 4/21/20 at 4:29 pm to RLDSC FAN
Surprised the boomers weren't blamed in the first two sentences.
Posted on 4/21/20 at 4:50 pm to RLDSC FAN
And we can once again thank the boomers, this time for being unhealthy fatasses who smoked most of their lives and we have to sacrifice our livelihoods to keep their useless asses alive
Posted on 4/21/20 at 4:53 pm to hubertcumberdale
quote:
The boomers did what they were bred to do, be spoiled greedy arrogant a-holes only benefiting themselves. They were the kids of the greatest generation and got everything handed to them on a silver platter, what did anyone expect? For them to all of a sudden think of others?
outside of some advancements in computer chips / technology and medical advancements - we haven't had a major breakthrough since 1970's. Boomers hosed us and wasted 50 years of relative stability.
This post was edited on 4/21/20 at 4:54 pm
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