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re: Millennials make more money than any other gen. did at their age, but are way less wealthy
Posted on 10/12/21 at 9:55 am to kingbob
Posted on 10/12/21 at 9:55 am to kingbob
Plenty of people work and pay their way through college. Of course, that takes hard work and discipline. Something these young kids have no interest in.
1
Posted on 10/12/21 at 9:55 am to kbmaverick
Ya, education and general competency is probably more of an issue on the earnings/savings front than COL.
Posted on 10/12/21 at 9:55 am to wutangfinancial
Do you have any idea how much daycares cost today? How about a trip to the gyno for an expected mother? Those costs have exploded, even for those with insurance. It’s not just one thing that chips away at wealth accumulation.
An underrated reason for the lack of wealth accumulation is the prevalence of divorce. Married households build wealth faster, and nothing short of drug addiction or a catastrophic uninsured injury wipes out wealth faster than a divorce and/or single parenthood. Guess what generation leads the way in broken homes? Guess what generation trails in wealth accumulation?
An underrated reason for the lack of wealth accumulation is the prevalence of divorce. Married households build wealth faster, and nothing short of drug addiction or a catastrophic uninsured injury wipes out wealth faster than a divorce and/or single parenthood. Guess what generation leads the way in broken homes? Guess what generation trails in wealth accumulation?
Posted on 10/12/21 at 9:56 am to kingbob
quote:
No, the difference is that boomers had zero student debt and gen x typically had relatively little. Between the time gen x and gen y got to college, tuition often tripled. Thus, while boomers started their careers at $0 net worth, gen y started tens of thousands of dollars in the hole.
I don't have a lot of sympathy for my generation, but yes.
Also, it helps that the boomers got legitimate careers pushing buttons and filling out forms and many of them worked at for 30 years and were able to raise a family in a decent suburb on that.
Posted on 10/12/21 at 9:57 am to 777Tiger
quote:
don't forget prioritization, discipline, and deferred gratification
NONE of these things are taught or even encouraged to young people and haven’t been for a long time.
Posted on 10/12/21 at 9:57 am to kingbob
quote:
Do you have any idea how much daycares cost today? How about a trip to the gyno for an expected mother? Those costs have exploded, even for those with insurance
Millenials are just now having kids so why would this have been a burden in the past for a generation of people that had no kids?
Posted on 10/12/21 at 9:58 am to 777Tiger
quote:
quote:
It was a different lifestyle, much simpler.
don't forget prioritization, discipline, and deferred gratification
Who is supposed to teach them these things?
Posted on 10/12/21 at 9:58 am to 777Tiger
quote:
don't forget prioritization, discipline, and deferred gratification
All boomer specialties, just look their kids
Posted on 10/12/21 at 10:00 am to TDTOM
quote:
Plenty of people work and pay their way through college. Of course, that takes hard work and discipline. Something these young kids have no interest in.
The explosion in tuition costs make this nearly impossible. When tuition and housing and books was only around $10k/semester, one could work part time and make enough money to support themselves. When all that eclipsed $20k, that got much much more difficult. Now, it averages closer to $30k for most students. While that’s thankfully not the case in Louisiana, it’s a big problem when we’re talking about the nation as a whole.
Posted on 10/12/21 at 10:02 am to GreatLakesTiger24
quote:
Millennials make more money than any other gen. did at their age, but are way less wealthy
Title is false:
quote:
millennial households at age 40 — the oldest of the generation — are earning $85,000. That's more than Gen X earned at that age, $77,000, as well as boomers, who earned $70,000.
quote:
wages have increased by 19% in the US since 2006. But when you factor in inflation, "real wages" have declined by 8.8%. That means workers have less purchasing power than they used to.
No words need to be said to explain the false title.
Additionally, this next statement just means that the rich are getting richer and the middle-class are falling further behind. It has nothing to do with the stigmatism of boomer vs millennials. That 5% today might be equivalent to the 21%, dollar for dollar. Percentages don't mean shite without the actual numbers.
quote:
When boomers were roughly the same age as millennials are now, they owned about 21% of America's wealth, compared to millennials' 5% share today, according to recent Fed data.
Posted on 10/12/21 at 10:02 am to kingbob
Tuition now averages 30k/semester?
That doesn't seem right at all
That doesn't seem right at all
Posted on 10/12/21 at 10:02 am to kingbob
Do you realize that every one of your responses and been laden with excuses?
Posted on 10/12/21 at 10:02 am to kingbob
If you can't get academic scholarships to offset the higher tuition or if you do not have the discipline to work and put yourself through college, methinks you don't belong in college.
Posted on 10/12/21 at 10:02 am to GreatLakesTiger24
It’s that darn $6 coffee Dave Ramsey warned them about.
My brother bought a coffee back in 2014 and is still trying to recover.
My brother bought a coffee back in 2014 and is still trying to recover.
Posted on 10/12/21 at 10:04 am to El Segundo Guy
quote:
If you can't get academic scholarships to offset the higher tuition or if you do not have the discipline to work and put yourself through college, methinks you don't belong in college
Which would be a reasonable opinion if nearly every job outside of the trades and the oil field didn’t require at least a bachelors degree. It’s insane how many menial and clerical jobs require a degree for zero good reason.
Posted on 10/12/21 at 10:05 am to Steadyhands
quote:
When boomers were roughly the same age as millennials are now, they owned about 21% of America's wealth, compared to millennials' 5% share today, according to recent Fed data.
Completely meaningless by all accounts
Posted on 10/12/21 at 10:08 am to TDsngumbo
quote:
20-something year olds
quote:you just described every 20something year old in the last 70+ years
worried about buying all their alcohol, going out every weekend, and other stupid shite instead.
Posted on 10/12/21 at 10:09 am to Pettifogger
quote:
All boomer specialties, just look their kids
my parents were depression era kids, they ended up up making quite a good life for themselves and amassed considerable wealth but maintained a relatively frugal lifestyle, a lot of the values that they held/practiced stuck with me, there's only so much you can do as a parent, the kid has to do their part too
Posted on 10/12/21 at 10:09 am to wutangfinancial
quote:Or maybe they are paying off student loans?
This doesn't mean what the author thinks it means. We have just experienced a 20 year, Federally protected bull market in domestic equities. If a millenial hasn't grown their wealth it's because they are choosing to YOLO at the club instead of saving.
This is coming from a millennial who doesn't have student loans and paid for 2 graduate degrees in cash.
Posted on 10/12/21 at 10:10 am to TDsngumbo
quote:
Those same dumb fricks will have a gofundme account setup for them when they pass away because they were too worried about buying all their alcohol, going out every weekend, and other stupid shite instead.
I'm crying in the club right now
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