Millennials Earn Less Than Their Parents Did
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Date: May 3rd, 2024 11:24 AM Author: ruby laughsome indian lodge gaping
focusing on take home income is like 2% of the story.
the boomer had a thin stay at home wife, a neighborhood his kids roamed till sundown, a local bar, a local mens club, a church community, etc etc
i think most millennials would take any of the above over some more $$, which they would jsut spend trying to chase the above
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631021) |
Date: May 3rd, 2024 11:51 AM Author: Spruce razzmatazz spot place of business
Data is distorted by bottom 50% of pop earning less than their parents did. The working / lower middle classes are falling behind.
Top 20% of millennials earn more than their parents did, and not just more but substantially more.
Reflection of the k-shaped economy we have.
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631086) |
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Date: May 3rd, 2024 1:21 PM Author: histrionic sound barrier pit
Very wrong, partly on pure compensation math, but mostly on how this wildly overlooks or misunderstands the context of costs, especially core expenses. Earning $100k in the mid 90s is the functional equivalent of earning $210-220k today, so that’s already top 2ish% salary for ages 30-35 and puts you solidly in the top 10% for your career if you top out there relative to inflation. But in 1994 a $200k house was a palace in a UMC inner ring suburb with good schools, college tuition was like 15% of current levels, health care costs were a tiny fraction of current levels, a mid range sedan cost 20% of current levels, etc. etc. The UMC salary earners also tend to pay very high tax rates as a percentage of their total income. UMC are the most comfortable peons of post industrial capitalism, and live constantly and often obliviously on the brink of ruin in the event of any major life disruption—major illness, divorce, layoff during a down economy, even just a bad enough boss can be enough to fuck you for a decade or more.
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631570)
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Date: May 3rd, 2024 11:56 AM Author: chocolate center private investor
“In 1990 60% of Americans in their early 30's had kids. Now it's 27%.”
Wow
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631115) |
Date: May 3rd, 2024 12:58 PM Author: violent stimulating mediation stage
To be fair,
We're also substantially gayer, browner, and more socially liberal than the Boomers ever were.
In retrospect, I will admit that we collectively deserve our lot in life.
(Fuck all Boomers, though.)
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631408) |
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Date: May 3rd, 2024 1:14 PM Author: violent stimulating mediation stage
To be fair,
Sounds like collectively we deserve to earn less than our (straighter, whiter, more conservative) parents did.
And also sounds like our parents were collectively a bunch of faggots and someone should probably say "fuck them."
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631525) |
Date: May 3rd, 2024 1:04 PM Author: confused business firm
My dad was a true family law shitlawyer in a small town for decades. Made several hundred grand a year and it was like a good old boys club. All the lawyers hung out and had like 2 hr lunches together pretty much every single day.
He was able to buy about 6 properties over his career for sums at or under $150k each that are all now worth over a million a piece.
We routinely went on ski vacations where lift tickets were 30-40 bucks and runs were pretty empty.
Now... I make a million a year running my own business which is stressful and I'm constantly grinding and hustling to maintain that or a similar level of income. If I stopped by income would probably drop to like $200k which is basically abject poverty in socal.
I was able to buy a 1.5 million dollar townhome and pay off my student loans but lol at my quality of life being anywhere close to my dad's or really any boomers over the last 30 years.
My wife's parents are even more egregious. Retired cop and her mom was a literal checker at the grocery store. They own a home that is 2 blocks from the beach in a very HCOL part of socal. The home itself is worth around 3 million for land value alone. They bought it for $550k over 30 years and still haven't paid off the mortgage. Her dad has multiple pensions and disability from working for various Law enforcement positions and can just coast till death.
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631465) |
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Date: May 3rd, 2024 1:54 PM Author: confused business firm
I do friend.
My dad is also kinda an asshole and I'm really not close with either of my parents but still at least pretend to have a relationship by calling and checking in every month or two.
My wife and I were able to buy our home in cash and pay off student loans despite no help from parents and he made some comment insinuating that we have it so much easier because the "economy is booming" which was funny as my particular business generally does better in a recession.
I did seethe with rage at the comment though. The fucker ignored the fact that I graduated undergrad in 09, depths of recession, finished law school in 2012/13 when hiring was still extremely shitty and then started my own business 5 years ago, exactly a year before Covid shut down everything and while housing prices simultaneously doubled in the span of 3-4 years.
Right around the time I made a decent chunk of money and could have afforded a 2-2.5 million dollar home, interest rates went through the roof.
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631660) |
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Date: May 3rd, 2024 5:39 PM Author: confused business firm
Just bought it... interest rates are like 7 percent, i had the cash.
Also, wife's parents are horrendous with finances and retarded in all sorts of other ways. Also given our very HCOL area, she would never be able to afford to live here if I wasn't around.
House paid for her in cash gives her security if something ever happened to me or in the more likely scenario that she divorces me.
It also is a tangible asset i could sign over to her in the event of a divorce and use that to offset her significant interest in my business.
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47632709) |
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Date: May 3rd, 2024 1:57 PM Author: confused business firm
This is TCR and an often overlooked one.
I was watching some netflix doc on gut health with my wife last night and they were indicating that gut health is causing anxiety, depression, and a host of other mental health problems.
I commented that yeah it probably has nothing to do with us being surrounded by screens 24/7, receiving txts and emails 24/7, and people wanting responses 24/7." Also, I'm sure the toxic loop of GC being force-fed into my brain in the most addictive ways from billboards to my screens is absolutely optimal for mental health.
My wife assured me it was NOT the above and was definitely "Gut Health". Women are 180.
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47631673) |
Date: May 6th, 2024 8:26 PM Author: fragrant slate market
True for me.
My dad was well into top 1% income at my age.
I'm at a faggotty 98th percentile.
Not to mention the fact that I literally am in the red every month (ie. spend more than I make) due to housing + childcare costs.
At my age, by dad was always looking for new ways to invest his excess cash -- even though he had a MUCH MUCH nicer house, a SAHM, multiple kids in expensive private school and multiple nice vacations a year.
(http://www.autoadmit.com/thread.php?thread_id=5524411&forum_id=2#47640604) |
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