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Old 06-16-2019, 11:47 AM
 
Location: western East Roman Empire
6,600 posts, read 10,664,793 times
Reputation: 5755

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Quote:
Originally Posted by Lycanmaster View Post
https://www.zerohedge.com/news/2019-...wed-generation

https://www.adweek.com/brand-marketi...dea-after-all/



As I've mentioned in the past, many if not most industries have been heavily reliant on Baby Boomers to keep themselves afloat and healthy.

Once the Boomers start retiring or dying off in greater numbers, the economy is going to be in MASSIVE trouble.

Simply put, the Millenial generation is FAR poorer and indebted to sustain our current living standards...

Bleeding middle-income jobs abroad, rising credit/debt instead of rising wage income, zombie banks, illegal immigration, sky-rocketing prices for untradeable services (housing, education, health care), depleted local government finances.


How has that worked out for the past 30 years?

How do you expect it to work out over the next 30?
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Old 06-16-2019, 11:55 AM
 
429 posts, read 104,127 times
Reputation: 1026
Quote:
Originally Posted by liveurdream View Post
Lot of truth here. I am in the older half of this group. A lot of people gave up and settled for less. I never did but is was hell on the way.
That also holds true for generations. Look at how many boomers are not prepared for retirement now that they are at that age. Many of them gave up and just settled for less. And now they cannot afford to retire from their jobs.

In 30+ years when you face retirement you will look back and be thankful that you did what you did.
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Old 06-16-2019, 11:58 AM
 
Location: Southwest Washington State
21,833 posts, read 14,341,548 times
Reputation: 30673
Quote:
Originally Posted by numsgal View Post
It would be interesting to see a comparison of how Boomers spent their money in their 20's and the current crop of 20's. I suspect there would be a lot of overlap. Boomers probably just went through that "phase" quicker due to cultural expectations.

I also graduated in 1981, but am not and never have worried about who in my class might make six figures. I was in a small class (20 people) but everyone is/has been gainfully employed. Some made more than others. Some spent differently than the majority. There are twenty different experiences in the group and every one is as valid as the next. I don't know anyone who makes less than their parents did unless they chose a career that made less.
Here is a difference—the cost of housing. Our first house cost as much as DH’s annual salary. And neither of us had college debt. I believe the first house cost $21,500, if memory serves. The house had been built in the late 1950s. So, in 1971, it was not particularly old. I was born in 1946.
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Old 06-16-2019, 12:08 PM
 
429 posts, read 104,127 times
Reputation: 1026
Quote:
Originally Posted by numsgal View Post
It would be interesting to see a comparison of how Boomers spent their money in their 20's and the current crop of 20's. I suspect there would be a lot of overlap. Boomers probably just went through that "phase" quicker due to cultural expectations.

I also graduated in 1981, but am not and never have worried about who in my class might make six figures. I was in a small class (20 people) but everyone is/has been gainfully employed. Some made more than others. Some spent differently than the majority. There are twenty different experiences in the group and every one is as valid as the next. I don't know anyone who makes less than their parents did unless they chose a career that made less.
Interest rates were very high in the 80's. Mortgage rates in the double digits..16% and higher even.
Most of my peers and friends were renting. Didn't even have enough extra money to take advantage of those rates as CD's were high interest as well. Inflation was 13% in 1980.
So it really wouldn't be a fair comparison.
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Old 06-16-2019, 01:18 PM
 
Location: Buckeye, AZ
27,283 posts, read 15,758,543 times
Reputation: 9858
This article even if it is by a questionable source like Zerohedge who is known for being fake news, it has been all people talked about with millennials whether or not it is a slamming millennials way. Millennials have made considerably less than most generations when entering into the workforce due to the recession and recovery. I know, I know, the 1970's and 1980's weren't a walk in the park in regards to entering the workforce. I've heard this. However, by most metrics, the millennials had a worse rise into the economy than most generations. Student loan debt because of a reduced importance in trades hurt and the end of mass transit to many areas don't help either. Phoenix Light Rail detractors, I'm looking at you...

Quote:
Originally Posted by liveurdream View Post
This topic isn't surprising. Heck, all I have to do is look at my high school graduating class. I graduated high school (class of 232 people) for a year between 1981 to 1996 and there less than 5 people that make six figures. Most of them work jobs that pay $60kish or lower. It's really sad when you think about it. The ones that own homes don't own anything special.

And yes this generation is more about spending more on experiences than "things."

This generation doesn't make as much money as generations before them and they have more student loan debt. I find that to be dumb and lazy since it is easier now than ever before to find side work for income or even a second full-time job.

I am the highest income earner in my high school graduating class and I wasn't even close to the top of the class in GPA. The top 3 in the class for GPA don't even make $100k as a family household. So stupid.
I think your post is a little too negative to those not making six figures. It isn't like they could really control how much they make. I work two jobs but make less than 25k. Why can't I make more, well the experience catch 22. Plus I help out my parents. Sorry for a sob story but it isn't uncommon in my generation.
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Old 06-16-2019, 01:38 PM
 
28,230 posts, read 39,866,600 times
Reputation: 36735
Quote:
Originally Posted by numsgal View Post
It would be interesting to see a comparison of how Boomers spent their money in their 20's and the current crop of 20's. I suspect there would be a lot of overlap. Boomers probably just went through that "phase" quicker due to cultural expectations.

I also graduated in 1981, but am not and never have worried about who in my class might make six figures. I was in a small class (20 people) but everyone is/has been gainfully employed. Some made more than others. Some spent differently than the majority. There are twenty different experiences in the group and every one is as valid as the next. I don't know anyone who makes less than their parents did unless they chose a career that made less.
Boomer here. 1948. Graduated in 1966 from high school. Married in 1972.

I grew up dirt poor.

In my 20's I had no credit cards. No savings. A minimum wage job. I met my wife who had all those things. Not a lot, but more than me. She had a car her parents gave her. I didn't have one.

We got married at 24. When we went to JC Penneys (her only credit card) to add me to the account the card had to be transferred to my name because a married woman was not allowed to have a card in her name. We spent 1/2 an hour arguing with them to no avail. Imagine the reaction today if a store said that to you.

We spent two years doing nothing but save money. We were fortunate in that friends moved out of their house and rented it to us cheap. A trip to McDonalds was a treat. We bought the Book of Hoyle and taught ourselves every two person game in it. We bought model kits and put them together. No going out to dinner. No movies.

At the end of those two years we were able to afford 20% down on a 1300 SF house on the "poor" side of town. Banks would not loan to you unless you had 20% down then. That was about $5,200.

I can't fathom the way things work now. Kids go through college, end up with stupidly large loans, and it seems like it's for nothing since all I hear about is that you can't get a decent job. And four years of college seems to be the minimum for any job. I'm still trying to wrap my head around what is going to happen when so many jobs are will be automated.

If I could fix it I would.
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Old 06-16-2019, 01:42 PM
 
Location: Dallas suburbs
87 posts, read 19,299 times
Reputation: 88
Quote:
Originally Posted by Pilot1 View Post
They're broke but "WOKE". Fair trade off.
I am living for this statement. I am 34 (older millennial) My first round of university at 18, i was at a liberal school and was very WOKE, so woke that I didnt graduate at 22. When I went back to school and graduated at 30, I had an economics professor that basically echoed these words, encouraging us to sell out. I did. Got a BS and an MBA. Could finally afford to buy a house 6 months ago with my spouse, but our student loan debts are amazing.

You've just got to chose what you want. I dont go on vacations, i dont buy clothes, i cook 95% of my meals for the week. All my money goes to the house, 401k/IRA, the student loans and the beamer. I view my life as comfortable without all the unnecessary trappings of millennials, but that lack of disposable income puts me in that cohort of not being a reliable consumer for a bunch of crap that i dont find important.... I use Uber about once a year.
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Old 06-16-2019, 01:45 PM
 
1,226 posts, read 519,715 times
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all in my circle of friends seem to be doing well...they work in healthcare, IT, finance, engineering
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Old 06-16-2019, 01:49 PM
 
Location: Dallas suburbs
87 posts, read 19,299 times
Reputation: 88
Quote:
Originally Posted by Tek_Freek View Post
Boomer here. 1948. Graduated in 1966 from high school. Married in 1972.

I grew up dirt poor.

In my 20's I had no credit cards. No savings. A minimum wage job. I met my wife who had all those things. Not a lot, but more than me. She had a car her parents gave her. I didn't have one.

We got married at 24. When we went to JC Penneys (her only credit card) to add me to the account the card had to be transferred to my name because a married woman was not allowed to have a card in her name. We spent 1/2 an hour arguing with them to no avail. Imagine the reaction today if a store said that to you.

We spent two years doing nothing but save money. We were fortunate in that friends moved out of their house and rented it to us cheap. A trip to McDonalds was a treat. We bought the Book of Hoyle and taught ourselves every two person game in it. We bought model kits and put them together. No going out to dinner. No movies.

At the end of those two years we were able to afford 20% down on a 1300 SF house on the "poor" side of town. Banks would not loan to you unless you had 20% down then. That was about $5,200.

I can't fathom the way things work now. Kids go through college, end up with stupidly large loans, and it seems like it's for nothing since all I hear about is that you can't get a decent job. And four years of college seems to be the minimum for any job. I'm still trying to wrap my head around what is going to happen when so many jobs are will be automated.

If I could fix it I would.
If you want a job, you have to be an automator of other jobs.
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Old 06-16-2019, 01:56 PM
 
Location: Ohio
19,869 posts, read 14,217,545 times
Reputation: 16058
Quote:
Originally Posted by Lycanmaster View Post
Simply put, the Millenial generation is FAR poorer and indebted to sustain our current living standards...
There's no evidence to support that claim. After all, there are 79 Million in Generation Y.

Quote:
Originally Posted by TMSRetired View Post
Here's an article that says Millennials don't want "things" that previous generations did. They'd rather have experiences.
Boomers were raised in a concrete world. Material things are important to them.

Millennials were raised in the virtual world of the Internet.

It doesn't take a PhD in Sociology to figure it out, so how dumb is Corporate America?

Quote:
Originally Posted by TMSRetired View Post
Well the median income in the US is about $60K so your friends aren't doing bad at all. Just a little over 10% of individuals make $100K a year.
Actually, it's 8.7% who earn $100,000 or more.

The mean income is over $50,000 which squares nicely with your median of $60,000, so it's not like wages aren't rising or people are being underpaid.

Quote:
Originally Posted by numsgal View Post
It would be interesting to see a comparison of how Boomers spent their money in their 20's and the current crop of 20's.
Boomers didn't have Internet in their 20s.

It doesn't require a PhD in Sociology to figure it out.

Quote:
Originally Posted by Thatsright19 View Post
Yes, millennials have waited longer to both marry and have kids.
That's demonstrably false.

While Millennials may not be marrying, they are having out-of-wedlock births.

The rate is 40% or 2 in 5 children are born bastards.

Studies show Millennials desire to cohabit for the experience, rather than marry. That has nothing to do with money and everything to do with view-point.

Also, note that cohabitation is not conducive to home-buying.

Quote:
Originally Posted by TMSRetired View Post
The economy though has been on an upswing for nearly 10 years now.
That's about to end.

I have no doubt that you will tie the historic record of 120-months expansion in August and set a new historic record of 121 months of economic expansion in August.

But it won't last much longer than that. The most likely chance of recession is 1st or 2nd QTR 2020.

I know that's not what Republicans want to hear, because that automatically gives the Democrats the White House, but that's just how the cards fall.

Past performance doesn't mean much in Economics, but the last two historic expansions ended with double-dip recessions. That does make it more than possible you'll have that here.

The recessions after the 106-month expansion were severe, but after the 120-month they were rather mild. Tame even. So, it's anyone's guess as to whether the next recession will be severe or mild or in-between. A lot will be riding on what actually causes the recession.

Quote:
Originally Posted by TMSRetired View Post
The media portrays them as doing much worse then previous generations.
But, of course!

The Media has an agenda.

"Your life sucks and only Democrats can save it."

That's the message.

Quote:
Originally Posted by TMSRetired View Post
Also spending habit are different between the 2 generations. The millennials are not just going to slip in and take over the spending habits of the boomers. That's where corporate America is hurting.
But, why would they?

Generation Y grew up knowing only technology and their entire lives revolve around it.

That's not even remotely true of Boomers.

The global environments the two groups were raised and came of age in are literally worlds apart.

Generation Y never ducked and covered. Boomers did. Generation Y didn't have to contend with the Draft and Vietnam. Generation Y never saw the social unrest and racial strife Boomers did.

It would be stupid to even suggest they might think the same or hold the same values.
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