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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 10:41 am to wutangfinancial
Posted on 10/12/21 at 10:41 am to wutangfinancial
quote:
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?
Huh?
Are you saying millennials haven’t had kids long enough to affect wealth?
The average age of having your first kid is sometime in your late 20s, the oldest millennials are 40. So that puts most millennials squarely in the middle to assume they either currently have kids in daycare or have completed it recently.
The inability to build wealth for millennials is a complicated matter that involves spending habits, savings habits as well as inflation.
Housing prices have increased, which has presumably created a barrier to purchase (as someone that has actually purchased a home, even leveraged, would see their wealth increase with the appreciation).
Actual savings - while wages may have increased, it’s not clear if the OP contemplates total compensation. It’s pretty well known that companies that use to offer healthy pensions and 401k matches no longer do so.
Spending - lots of factors here. One of which is that millennials don’t place as much focus on “retirement”, and want to enjoy life now. This may be partly due to the fact that there is no promise of retirement due to social security issues for their entire lifetime as well as aforementioned lack of help with savings.
Another point, some wealth can come from parents. This will lag a few generations but downward trends will compound. Also parents may be living longer.
Just a bunch of random thoughts
0
Posted on 10/12/21 at 10:41 am to USMEagles
quote:
And a disdain for the fringe suburb tract housing their grandparents actually aspired to own.
Compare those communities in grandpa's era to what they look like now. That's a key difference.
Posted on 10/12/21 at 10:44 am to kingbob
quote:Did he magically get a second term?
Nobody voted for LBJ. He took over after killing Kennedy.
Posted on 10/12/21 at 10:46 am to rocket31
quote:
these people have been arguing for years that people will choose to live in the middle of nowhere like roger and eventually raise families when according to the latest census numbers the opposite is happening
Good. More room for my family when we move to an awesome small town next year.
Posted on 10/12/21 at 10:47 am to dewster
quote:
More room for my family when we move to an awesome small town next year.
over chicago? sounds dumber than hell to me, but gl to you
Posted on 10/12/21 at 10:47 am to More beer please
quote:
Well no shite. Previous generations didnt have to pay for
Throw in the interest rates Boomers had to deal with. Your 1200 sq ft new house in 1980 with interest, your notes were comparable to a new house today.
When the interest rates rise, an entire generation is in for a rather alarming awakening.
Posted on 10/12/21 at 10:50 am to chalmetteowl
quote:
imagine if the current crop of leftist teachers WERE teaching economics and civics
But, aren’t they though? Who knows what they are teaching? Why do you think so many people are up in arms over what’s being taught in school today?
Posted on 10/12/21 at 10:51 am to RogerTheShrubber
quote:
Throw in the interest rates Boomers had to deal with. Your 1200 sq ft new house in 1980 with interest, your notes were comparable to a new house today.
Didn’t they peak at 13-14% in the Carter era?
That seems insane today.
Posted on 10/12/21 at 10:53 am to GreatLakesTiger24
I'm almost 42 so I guess i'm technically on the tail end of Gen X and I'm about in the same place financially as my father was at my age.. That said, I make essentially triple what my parents made combined as a kid. Now, I do vacation more and have 2 more children than my parents so I guess that makes up the difference. .. Still though, I honestly think it's a lack of a conservative lifestyle that boomers kind of stuck to that Millenniuals don't.ANd I feel it really all boils down to self-inflicted keeping up with the Joneses habits of the spend now spend often lifestyle a lot of Millennials suffer from.. just my 2 cents
Posted on 10/12/21 at 10:54 am to wutangfinancial
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. City living is absurdly expensive.
You're a fricking idiot.
You're a fricking idiot.
Posted on 10/12/21 at 10:54 am to dewster
quote:
Didn’t they peak at 13-14% in the Carter era?
Mortgages were 16-17% in the early 80's.
I built my home instead of buying it completed.
Posted on 10/12/21 at 10:55 am to RockinDood
quote:
Who knows what they are teaching?
it was said in this thread that economics and civics aren't really being taught nowadays...
with the teachers we have now, that's probably a good thing
Posted on 10/12/21 at 10:56 am to DarkDrifter
quote:
I'm almost 42 so I guess i'm technically on the tail end of Gen X and I'm about in the same place financially as my father was at my age.. That said, I make essentially triple what my parents made combined as a kid. Now, I do vacation more and have 2 more children than my parents so I guess that makes up the difference. .. Still though, I honestly think it's a lack of a conservative lifestyle that boomers kind of stuck to that Millenniuals don't.ANd I feel it really all boils down to self-inflicted keeping up with the Joneses habits of the spend now spend often lifestyle a lot of Millennials suffer from.. just my 2 cents
I agree with a lot of this, but it's pretty much everyone, not just millennials. Our entire society has shifted the standards up, to where living that conservative lifestyle means you'll probably not only not keep up with the joneses, you'll probably not keep up (in some ways) with the single mom in the section 8 apartment.
It's a trap that's pretty difficult to get out of. Not saying it's not worth the effort, but I don't think we're addressing the problem by putting it only on young, urban people. You say avocado toast and starbucks generation, I point you to the Yeti generation.
Posted on 10/12/21 at 10:57 am to chalmetteowl
quote:
it was said in this thread that economics and civics aren't really being taught nowadays...
with the teachers we have now, that's probably a good thing
Civics and economics need to be at the forefront of what we are teaching.
Posted on 10/12/21 at 10:58 am to DarkDrifter
quote:
Still though, I honestly think it's a lack of a conservative lifestyle that boomers kind of stuck to
Posted on 10/12/21 at 10:58 am to GreatLakesTiger24
well i mean if you adjust for inflation, 70k in 1970 compared to 90 in 2021 is a "no shite" revelation.
Posted on 10/12/21 at 11:01 am to Pettifogger
quote:
Compare those communities in grandpa's era to what they look like now. That's a key difference.
So you're saying Grandpa was fine living in Decatur or Brookhaven, but the grandkids won't buy in Forsyth County (or wherever)?
Is that about how things look or where they are located?
This post was edited on 10/12/21 at 11:02 am
Posted on 10/12/21 at 11:02 am to wutangfinancial
Or they’re planning their biweekly vacations
Posted on 10/12/21 at 11:05 am to GreatLakesTiger24
quote:Weird article. The comparisons are all over the place.
Millennials make more money than any other gen. did at their age, but are way less wealthy
e.g., The OP income graph represents ages 35-45, while millennials are age 25-40.
Further, Boomers comprised 31% of the population in 1985. Millennials are only about 22% of the current population. Only one-third of those even reach the measured median income range.
Wealth OTOH is oddly assessed not by median holdings, but rather wealth in total. Meaning Bezos, Gates, Buffett, Page, Brin, Musk, etc., who all fall outside of millennial age range, dramatically skew comparisons.
But I guess if "woe-is-me" is the desired emotion, millennials should also come to grips with reality. Everyone doesn't get a trophy in the real world. Millennials will either earn it, or give way to GenX and GenZ who will take what Millennials could have had. That's capitalism folks.
Posted on 10/12/21 at 11:09 am to ThanosIsADemocrat
quote:You do know only about 1/10th of boomers were old enough to do that, right?
When they voted for LBJ.
Now do millennials and Barack Obama ... or President Potato Brain.
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