People born in the 1980’s may never be as rich as their parents

[Revolver]

Already richer than everyone here.

 

[thegreenblender]

Already richer than everyone here.

You sound rich.

 

[kpt018]

It's a good thing Republicans are working hard to address the issues that face regular folks that owe a lot on school loans and to reduce the negative effects of income inequality.

 

[Shoemaker]

I'm doin alright.

 

[D3thr0n3d K1ng]

It’s hard but what can you do.

At least we have iPhones and such.

Medieval Kings did not have iPhones. Just think of that next time someone says "you sound poor"

 

[KILL KILL]

It's a good thing Republicans are working hard to address the issues that face regular folks that owe a lot on school loans and to reduce the negative effects of income inequality.

Dat sarcasm

 

[nac386]

My girlfriend and I are 31 and 32, and we are already "richer" than our parents (at our age, at least). But that is just because our parents put us in a better position to be successful than their parents did. That is what families should strive for, just set your kids up better than you were set up. If you do that then your family is going big places.

 

[Falsedawn]

Medieval Kings did not have iPhones. Just think of that next time someone says "you sound poor"

Check out all the bourgeois "poor" people crying about being poor when you have a refrigerator. You could take that refrigerator and conquer England like William the Conqueror did, but all you do is cry!

 

[RockstarChris]

Im richer than anyone born before 1970's. Imagine how much a cell phone with 12g internet and 27 versions of angry birds would be worth back then bro

 

[bushman505]

I wish I was richer than my parents, me and my wife bring in about 170k a year together but that’s less than my moms salary was for the majority of her career and about the same as my dads salary was before retirement.

Fml...lol

 

[RockstarChris]

Dad: "When are you going to go get a job?"

Me: "When are you going to get a job?"

Dad: "I'm retired."

Me: "Well I'm retired too."

Dad: "You can't retire, you don't have any money."

Me: "You don't have any money either."

Dad: "Good point."

 

[ralphc1]

There has been a lot of BS spread saying that the Millennial Generation is the first to make less than their parents at the same ages. That they are way behind in home ownership and other major purchases.

That does not normalize for the fact they tend to stay in school 5 years longer and come our far more educated. ya the debt sucks but due to the higher education they can rise up the corporate ladder typically faster and higher than prior generations which allows them to make up the early loss of income.

So many people made their money without a college education. Many people with college educations never got a job in their field of study. Life is more a case of being in the right place at the right time. Growing up in the 50s and 60s gave me many opportunities that people born in the 80s don't have. Manufacturing jobs are going fast.

 

[RockstarChris]

Im gonna take my broke ass that owns 2 tvs 3 computers xbox one xbox 360 playstation 2 playstation 3 4 computer monitors 2 microwaves portable air conditioner flying drone remote control cars and helicopters printer and photo printer 5 cell phones 2 mp3 players dozens of video and computer games 2 vacuums 1 shampooer 1 shop vac thousands of dollars worth of tools, and more down to the welfare office because I cant afford to live without government aid.

 

[MikeMcMann]

So many people made their money without a college education. Many people with college educations never got a job in their field of study. Life is more a case of being in the right place at the right time. Growing up in the 50s and 60s gave me many opportunities that people born in the 80s don't have. Manufacturing jobs are going fast.

Without a doubt you did not need college or university to get may jobs in the past. That said a good education has always been more of a safety net than a guarantee of success. There are many jobs you cannot even apply for without an education.

Yesterdays manufacturing jobs are todays Knowledge jobs. Programming and many more opportunities in that arena are filling that mold.

 

[BangersAndSmash]

It's less about wealth and more about lack of stability, and increased competition for a smaller % of the pie (even if the salary numbers are higher).

Don't count on loyalty from your employer, you're expendable and your benefits are always subject to getting to shittier in the interest of raising profits for shareholders. Don't count on regular raises or opportunities for promotion, companies aren't afraid of culling raises in a bad year, and they're less afraid of looking for outside candidates instead of promoting within and having to train the position. Also learn to accept an increase in healthcare costs pretty much every year, and that as benefits shrink.

A housing market that is more expensive than ever and also eternally a seller's market. Renting isn't much cheaper, and it's a guarantee that your rent will go up every year by inflation allowed amount, and that's the smallest increase you'll experience. If you're extra lucky your apartment complex will get bought out by the same corporate overlord who owns like 20 properties near you, and the first thing they do without making any extra repairs is raise the rent which you have to pay or renew when your lease ends and adopt the same shitty corporate policy as all their other properties have (aka 500$ pet deposit +50$ pet rent a month, 100$ a year for gym access when it used to be free, 15$ for a parking permit so your car isn't towed off the lot).

Bear in mind the parents of Children born in the 1980's will, by and large, be baby boomers. Picking the year 1970, the average manufacturing worker (supervisory) made 6.5-7k, adjusted for inflation that's 43,000$ today, and that's a job you could get with no college education. Also average houses ranged from like 10k (or less) in many parts of the country to like 25k in California. Adjusted for inflation that's 66,000$ to 167,000$, and those prices are for average homes, but not so-called starter homes. The average new car (adjusted for inflation) cost 23,000$ in 1970. In 2018, the average cost of a new car is 36,000$.

 

[Orgasmo]

I feel that it's somewhat true. I'm 30 years old now, and working a middle management positions. I make around $80k a year in salary. In terms of career advancement, I'm roughly at the same level as my dad in 1987. He was promoted to hotel manager that year when I was born, and he said he made about $50k back then. That's roughly anywhere from $100k to $150k today if you take inflation into account. He retired three years ago, and the same position at that hotel pays $75k now. He and my mom bought their second house by the time I graduated elementary school, which cost $480k at the time. The same house sells for $1.8 million today, and about $2.2 million if it was brand new.

I have a decent income for my age, and I save habitually. Even in my case, I can't afford to put a down payment on a condo where I live. Two bedroom condos cost about $900k now, and increases by 15% to 20% per year. Just when you save up enough, the goal post shifts further. Rent has been skyrocketing as well too, experiencing about 50% increase in the past 5 years in my area. Real income for majority of working people have been steadily decreasing. With automation, the wealth gap is likely to keep growing larger.

Anybody live in San Francisco Bay area? I was told that it was even more expensive than Vancouver. A guy I know works as programmer there, and he said he felt poor as fuck making $80K.

 

[Lord Commander Palis]

The higher costs of living, recession and high college tuitions are some of the things that make people born in the 80’s the lost generation.

https://amp.businessinsider.com/1980s-millennials-wealth-the-great-recession-2018-5

Born in 83 and passed em both GG st@y s@lty ma'!

 

[nostradumbass]

It's a good thing Republicans are working hard to address the issues that face regular folks that owe a lot on school loans and to reduce the negative effects of income inequality.

Yeah, those damn republican universities charging up the ass for college and it's those damn red states like NY, HI, and CA with skyrocketing cost of living.

 

[Deleted member 457759]

This at the end of that article is what matters.

"Because this generation has high education levels and more time to earn and save, "it is possible that the income and wealth trajectories of this generation will be steeper than those of earlier generations, allowing many families to achieve their wealth goals in the end,"

O what a bunch of bullshit lol.

 

[panamaican]

I certainly won't. But no one in my dad's profession today makes as much as they did in those days. The economy has changed, the labor pool has grown in size, college degrees are far more common. Wages haven't moved but the cost for things like education and shelter has skyrocketed.