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They may be now, I don’t know since we don’t discuss their salaries. I can almost guarantee you that they will eventually make more than us. When I was starting college my goal was to make as much as my father, $40,000 at the time. Heck, even in the 1980s I’d have starved on that little. He paid $32,000 for his 2nd home, we paid $50,000 for our first. Inflation aloneness requires each generation to make more than the last to live at the same level of comfort, with the exception of the extremes, the millionaire, and the kids that never get beyond minimum wage jobs.
1991 I was supporting a wife and a child on $45k with a mortgage at 10.5% on a $110k home. We weren't rich but we were also far from starving.
The answer depends on whether the question is retail or wholesale.
Is the question my kids, or the next generation? My six kids, children of successful parents who sent all of them to college and are now adults, or a broader selection of those who are still children and come from varying socio-economic backgrounds?
All answers so far are about the successful adult children of evidently advantaged parents... a bit of a skewed sample. I'd suggest that most of the next generation, those perhaps 10-15 now, will have lower real lifetime income than current working adults. But may have better lives overall.
Nope, hopefully we've beat in the notion of hard work, now my youngest is in the entertainment industry and that is an extremely competitive environment but he will definitely have greater happiness
How many folks like me thinks that our children in the future will make less wages factoring inflation when they grow up? Millennials are already making less money than their parent's prime working age.
The larger population along with automation along with high immigration and larger aging population will require higher taxes to keep this country going. Labor participation will keep going down as wealthier families will keep their children away from working.
My dad made decent money while we grew up, but my siblings and I became professionals. I make more/the same in my early years already than my dad is making now in his peak earning years. With big company benefits, ect and knowledge of finance, I’ll almost certainly have a better financial outcome than my parents barring catastrophic life events. I’m a dreaded “millennial” lol.
Our kids will grow up most likely in a much bigger metro with significantly better opportunity. They’ll have access to better k12 education and we’ll probably have college money for them.
I have young people working for me who could be my children (they're about 25 years younger than me) earning as much at 33 years old as I did at 56. Same job (software engineering), same company. They are so far ahead of my generation financially, it's almost incredible. Interestingly, the 30 somethings are starting to grumble that the 20 somethings are catching up to them in terms of compensation. Salary compression in high demand fields has always been a problem, but it seems to be getting worse.
On the other hand, there was a time when semi-skilled jobs paid pretty well. When I graduated from college, my mom was making more as a mail carrier than I was making as an engineer. These days, a starting software engineer makes 50% more than an experienced mail carrier. So, in the scenario where the parents and children both pursued semi-skilled careers. I can easily see how the children will never have as much earning power as their parents.
Going back another generation, my father worked as an electrical engineer for 40+ years at the same company I do now and retired at 62. In inflation adjusted dollars, I currently make 73% more than he did when he retired. That percentage will probably be around 90% by the time I reach 62 years old.
Last edited by YourWakeUpCall; 07-14-2019 at 08:39 AM..
How many folks like me thinks that our children in the future will make less wages factoring inflation when they grow up? Millennials are already making less money than their parent's prime working age..
Millennials are still about 20-30 years behind Gen X prime years. So the second statement is invalid.
well, my son is "making more" if benefits are considered.
at his age, i made more with zero benefits.
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