re: Majority of millennials financially rely on parents

Whose's worse the millennials or the baby boomer with finances?

quote:

---

There are currently more than 70 million baby boomers — the generation defined by people born between 1946 and 1964 — in the United States, according to the Pew Research Center.

These generation members hold less wealth, are deeper in debt and will face higher expenses than retirees a decade older than them, according to a new report by the Stanford Center on Longevity.

Nearly one-third of baby boomers had no money saved in retirement plan...

Debt is yet another problem for baby boomers. On average, they’re more than $110,000 in the red, a burden more than 50 percent higher than the amount carried by people born in the 1930s.

One-third of homeowners over the age of 65 were still paying off a mortgage in 2012, compared with less than a quarter of people in 1998 — and the median amount they owed nearly doubled to $82,000 from $44,000.

---

60+ years old, 6 figures in debt and 1/3 have nothing in retirement savings. How is it possible to have lived the last 6 decades in America and have a negative net worth?

Everyday I get more and more disgusted with the Millennial generation.

The complain about everything not being fair yet they never once take any sort of accountability for their lifestyle. They want a house like their parents own, not the starter one they can afford. Chances are their parents started out with one that was extremely small and had little or no niceties that the Millennials see as necessities.

They want to live in the city instead of the rural areas so they can be foodies and coffee snobs,or hang out at the newest trendy bar. City living is much more expensive and gives them an unrealistic idea as to real life.

They should get a job, commute if they have to, work hard at that job for 3-5 years and then go job shopping to start making huge gains up with financial ladder. Wealth is earned for all but the 1%ers not given out just because you want it.

quote:

---

Lotta people on here have a chip on their shoulder about being on their own at a young age,

---

The key is parents being truthful to their kids from a very young age. I was on my own at 18. Gone off to Shreveport with no financial help with car, college, housing. But I didn't have a chip on my shoulder because my parents explained things to me when I was 8 y.o. We were poor. They weren't lying. I could see it. So, I took steps to make sure I could fly the coop at 18. And it worked.

If my parents were middle class or above I would not have started working full time at 16. Would that have changed my life a lot? Who knows.

quote:

---

They would rather take out student loans and take classes in the summer and work at subway to stay local, even with travel and housing covered while they work for 3-4 months.

---

Yep , those student loans they love , so they can party and keep up with the Joneses.

I worked full time and it took me seven years to get my degree . Sometimes I only had enough cash to pay for two classes in a semester. It wasn't easy but I graduated with ZERO debt.

0% of my Millenial children rely on their parents.

0% of them rely on another wage earner, because they are all (currently) the breadwinners of their own families.

While I do not take 100% of the credit, I won't decline a trophy for outstanding parenting.

Colleges and Universities need to do away Communication and Gender Studies majors

I'm a millenial who doesn't rely on my parents.

Regardless, the boomers are the reason for this and they don't even realize it.

Judge Judy has been making about $30M a year for the past 20 years. She has a hard and fast rule with her many grandchildren. They get tuition for 4 years. If they don't get a degree by then they are slacking and they are on their own.

quote:

---

Good news is, he'll be dead before his demonstrably shitty parenting skills lead to his great-granddaughter pumping out another generation for him to take care of.

---

True, but you have to remember that there are 2 parents here. His wife badgered him into bailing out these miscreant daughters. He didn't have the guts to tell her 'no.'