U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old Today, 02:35 PM
Status: "SQAL for short." (set 14 days ago)
 
62 posts, read 9,493 times
Reputation: 89

Advertisements

Quote:
Originally Posted by AnOrdinaryCitizen View Post
Except the people (old and young) who were born with a silver spoon in their mouth, most of the the successors are the ones who have plans, make goals, study hard, work hard, save for rainy days, take responsibility for their own life.
If there's one thing I could tell my younger self, it would be, "Give it time. Keep pushing forward. Don't stress so much; it'll come in due time".

When you're in a particularly tough rut, which many young people are who are just starting out, you don't really see the forest for the trees. You don't really see that each step forward is one step closer to that end goal. When you're poorer and struggling to get ahead, you become frustrated and cynical.

Young people are generally full of angst, and with good reason. You don't know what lies ahead, and that's scary. 33 year old me can now look back and laugh at some of the worries and stressors I had back in my early to mid-20s.

My word of advice (from the great Aaron Rodgers' playbook): 'R-E-L-A-X...Ree-laaaxxx!'

 
Old Today, 04:43 PM
 
Location: Camberville
11,482 posts, read 16,174,499 times
Reputation: 18292
It took until I was 30 to be able to afford to live without roommates, and that's with no student debt. Granted, most of my early 20s were spent paying for cancer and pivoting my career away from the one I trained for but became medically disqualified from pursuing, but it's still discouraging. I live an hour from my suburban workplace in a 1 bedroom apartment with no hope of being able to afford a house in my area. Thankfully, I had no student loans for either my undergrad or the master's degree I earned part time.



In contrast with others, both my partner and I went to top universities (he went to an Ivy) and neither of us nor most of our friends make 6 figures. Honestly, here in Boston, a low 6 figure income makes home ownership difficult-to-impossible, particularly as a single earner, with kids, or any student loans. My boyfriend went to law school and makes more money than most of his classmates/friends as a small business owner than they do as practicing lawyers. They all have 6 figures of law school debt, even as many of them graduated from good undergrad programs debt-free thanks to scholarships. The recession killed their legal careers - I suspect they would have done fine if they had graduated 5 years earlier or 5 years later.



I'm doing better than many of my peers and trying to get out of my region to somewhere lower cost. But there's a trade off there - lower cost areas have dramatically lower opportunities for career growth. Right now, I'm looking at a position in upstate New York where I would be in trouble if I lost the job because there's limited opportunities outside of my potential employer, but at this point I can't turn down the notion of half the cost of living coupled with a raise, big promotion, and the opportunity to specialize in my field in an area where I both excel and there's more long term opportunity. I just know that I will move somewhere only to have to move again, though hopefully with equity and an MBA, a few years down the line. I worry about if I will be able to have kids between my late start in saving and my partner's debt.



In contrast, by the time my parents were 30, they had two kids, one income, and a condo. My dad was the breadwinner and rose to the level of VP without a college degree. Even our lowest level hires making 40K a year as glorified secretaries have a master's degree at the minimum.


I suspect I will be OK because I am constantly planning and working toward my goals. I suspect I wouldn't really be concerned at all if I hadn't experienced the financial toxicity of stage IV cancer at the ripe old age of 23. It's still hard not to feel discouraged that I work so hard both professionally and academically and still seem to have so much less to show for it compared to a generation or two older in my family.
 
Old Today, 05:04 PM
 
1,210 posts, read 293,379 times
Reputation: 1739
Quote:
Originally Posted by SportyandMisty View Post
My daughter's a Millennial, as are all of her friends. All have jobs paying north of $100K. She's debt free. Her equity portfolio is about $300K.

https://www.cnbc.com/2018/12/10/job-...cord-high.html
The average Millennial has less than $1,000 in savings. It's great your daughter and her friends are doing well.

Quote:
Originally Posted by AnOrdinaryCitizen View Post
Except the people (old and young) who were born with a silver spoon in their mouth, most of the the successors are the ones who have plans, make goals, study hard, work hard, save for rainy days, take responsibility for their own life.

The losers are usually the ones who are spoiled, lazy, feeling entitled, blaming on others (their parents and society). They never want to take responsible for their own life. They expect their parents, society to hand good jobs with high pay, things, money to their hands. They want to take advantage of others as much as they can. They associate with their like-mind "friends". They admire those who can take advantage of others. They think those are smart and want to follow their steps.

Take a good look in all generations and families, no matter rich or poor, the ones who don't blame others and work hard always do better than the ones who just want to sit there, play games at home, feeing entitled, and blame, blame, blame.
This would be true ending in 1979 roughly.

Hard work and diligence does NOT equal success today.

Quote:
Originally Posted by charolastra00 View Post
But there's a trade off there - lower cost areas have dramatically lower opportunities for career growth.
And here in lies the trouble for this generation. Everyone in NYC fighting for the same opportunities. It is a Battle Royale.
 
Old Today, 05:09 PM
 
336 posts, read 68,416 times
Reputation: 441
Quote:
Originally Posted by charolastra00 View Post
It took until I was 30 to be able to afford to live without roommates, and that's with no student debt. Granted, most of my early 20s were spent paying for cancer and pivoting my career away from the one I trained for but became medically disqualified from pursuing, but it's still discouraging. I live an hour from my suburban workplace in a 1 bedroom apartment with no hope of being able to afford a house in my area. Thankfully, I had no student loans for either my undergrad or the master's degree I earned part time.



In contrast with others, both my partner and I went to top universities (he went to an Ivy) and neither of us nor most of our friends make 6 figures. Honestly, here in Boston, a low 6 figure income makes home ownership difficult-to-impossible, particularly as a single earner, with kids, or any student loans. My boyfriend went to law school and makes more money than most of his classmates/friends as a small business owner than they do as practicing lawyers. They all have 6 figures of law school debt, even as many of them graduated from good undergrad programs debt-free thanks to scholarships. The recession killed their legal careers - I suspect they would have done fine if they had graduated 5 years earlier or 5 years later.



I'm doing better than many of my peers and trying to get out of my region to somewhere lower cost. But there's a trade off there - lower cost areas have dramatically lower opportunities for career growth. Right now, I'm looking at a position in upstate New York where I would be in trouble if I lost the job because there's limited opportunities outside of my potential employer, but at this point I can't turn down the notion of half the cost of living coupled with a raise, big promotion, and the opportunity to specialize in my field in an area where I both excel and there's more long term opportunity. I just know that I will move somewhere only to have to move again, though hopefully with equity and an MBA, a few years down the line. I worry about if I will be able to have kids between my late start in saving and my partner's debt.



In contrast, by the time my parents were 30, they had two kids, one income, and a condo. My dad was the breadwinner and rose to the level of VP without a college degree. Even our lowest level hires making 40K a year as glorified secretaries have a master's degree at the minimum.


I suspect I will be OK because I am constantly planning and working toward my goals. I suspect I wouldn't really be concerned at all if I hadn't experienced the financial toxicity of stage IV cancer at the ripe old age of 23. It's still hard not to feel discouraged that I work so hard both professionally and academically and still seem to have so much less to show for it compared to a generation or two older in my family.
I am so sorry to read about your cancer and the financial hardship you have suffered.

I agree 100% with your sentiments. I definitely had it easier financially than my daughter who is also in the Boston area, went to a top university, has an excellent job and income. She has worked every bit as hard if not harder than I did.
Luck and timing was the factor.

Godspeed.
 
Old Today, 08:01 PM
 
Location: Philadelphia/South Jersey area
2,504 posts, read 1,139,976 times
Reputation: 8366
I have not read the article, nor all the responses.

let me just simply say that if I had a couple of hundred dollars every time I have heard that a generation or the country was screwed I probably could have retired at 40. lol.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top