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Old 06-17-2019, 01:12 PM
 
20,077 posts, read 11,137,874 times
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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.

Your comments come across as if everyone should be making a 6 figure salary.
The median personal income in the US is only $30,000.

The median household income is $60,000.

I find that folks in this forum normally speak as though Americans made much more than Americans actually make. Maybe it's just that the set of people who spend spare time on this kind of forum happens to be in a greater income level than the median.

But most people in the US aren't making very much.
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Old 06-17-2019, 01:43 PM
 
121 posts, read 20,202 times
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The obvious indicators are housing/rent prices, auto loans and income. Today's home prices are near criminal. Autos are really expensive and everyone wants one. Income is rising for those already too rich to spend it, leaving many regular stiffs house poor.
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Old 06-17-2019, 02:05 PM
 
25,966 posts, read 32,962,923 times
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Quote:
Originally Posted by Thatsright19 View Post
What part of that is funny?
The fact that you consider it “hard times”.
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Old 06-17-2019, 03:00 PM
 
2,700 posts, read 2,364,983 times
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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.

You sure do seem to know a lot about how much people you graduated with make.

I don't even know how much money most of my closest friends make. I can ballpark it based on their degrees, job titles, experience, etc... but lol @ saying that exactly 5 people out of 232 that you graduated with make 100k+
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Old 06-17-2019, 03:45 PM
 
429 posts, read 104,127 times
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Quote:
Originally Posted by Ralph_Kirk View Post
The median personal income in the US is only $30,000.

The median household income is $60,000.

I find that folks in this forum normally speak as though Americans made much more than Americans actually make. Maybe it's just that the set of people who spend spare time on this kind of forum happens to be in a greater income level than the median.

But most people in the US aren't making very much.
I was replying to a poster who said their friends were making $60K and how so few of their friends were making $100K or more.
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Old 06-17-2019, 04:13 PM
 
2,729 posts, read 1,747,774 times
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Quote:
Originally Posted by ChessieMom View Post
The fact that you consider it “hard times”.
If what I saw in Michigan wasn’t hard times with the collapse of the auto industry, i don’t know what it would take.
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Old 06-19-2019, 07:35 AM
 
Location: Wonderland
44,651 posts, read 36,106,549 times
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I haven't read the thread - I'll just put that out there first off - LOL.

But I just want to say that of COURSE Millennials aren't wealthy as a whole. What group of twenty somethings has ever been in the history of the world?
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Old 06-19-2019, 07:45 AM
 
Location: Wonderland
44,651 posts, read 36,106,549 times
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Quote:
Originally Posted by TMSRetired View Post
The economy though has been on an upswing for nearly 10 years now.
The media portrays them as doing much worse then previous generations.

Those with college degrees though only have slightly less net worth than boomers did at their age.
The cohort that are suffering are the HS graduates with no college. You just don't have those decent paying blue collar jobs anymore as they all got offshored starting way back in the 60's. That's the group that is actually earning less than boomers at their age and education attainment. Those with college degrees are earning more than boomers did at their age with degrees.

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.



https://www.marketingcharts.com/cust...-trends-105985
https://www.pewsocialtrends.org/essa...r-generations/

The jobs are out there - the average age of a plumber (still very necessary and in demand skill by the way) is in the fifties. But how many younger people want to go into plumbing for a living?

Not everyone is good at or well suited for white collar, professional jobs. And so what? There's nothing shameful about a job where a person might get their hands dirty - as they bring home the bacon. But people have been sold a bill of goods for a long time now.

One of the busiest and most productive little corners of our town is the high school that has a trade school focus. Construction, drafting, oil and gas, plumbing, automotive, chef, etc. Those classes are busting at the seams now and THANK GOODNESS.

I recently met a young woman, NOT YET THIRTY, who had started working at Subway when she was fifteen. She used the Subway incentives to get her college degree over a time frame of about six or seenn years. She continued to work at Subway - first as a regular hourly worker, then as a manager (still wearing a uniform and busting her tail in the local restaurant) and then as an area and then district manager. At age 28 or so, she is now making over $100,000 a year. She doesn't wear a suit to work -she wears khakis and a Subway shirt. Not sexy. But great pay!
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Old 06-19-2019, 07:48 AM
 
2,729 posts, read 1,747,774 times
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Quote:
Originally Posted by KathrynAragon View Post
I haven't read the thread - I'll just put that out there first off - LOL.

But I just want to say that of COURSE Millennials aren't wealthy as a whole. What group of twenty somethings has ever been in the history of the world?
It’s not saying they should be wealthy. It’s saying that things like student loans slow down the normal spending cycle of this generation. In other words, that crushes consumer spending. Like for example, buying a house and then needing all the associated spending and furnishing that goes with that. Or...putting off marriage. Or kids within that marriage.

Which is the same concern the federal reserve has.


But that’s what happens when the federal government gets into the student loan business. They distort where capital flows with their broken lending model. And that causes pain to real people in the real world. But hey, why would we holdleadership accountable? Let’s blame young people.
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Old 06-19-2019, 07:49 AM
 
Location: ATL, GA
1,170 posts, read 673,085 times
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Just to chime in, I'm a Millennial. Besides spending money on experiences rather than things, Millennials are also becoming a little more aware of minimalism. Our economy is obviously not similar to that of the Boomer era, so Millennials find themselves having to become more creative with making money and spending money. Just look a this "tiny house" trend. I personally own property, but I would love to buy an acre or two and build a shipping container house on it. I don't think Millennials see the idea of "big house is good" like the boomers did. Why? Economy and value of the dollar.

I also forgot to add that with less square footage of living space, the less things you buy. The condo I own is only 850 square feet, but it looks like you could have a tennis match in my living room because of the minimal amount of stuff I have.
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