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An ours similarly, along with their friends and others that we know and work with. I don't know who these millennial are that are in such dire financial condition, we just don't see it.
Student loans.
Lots of white collared peers, including myself, make quite a bit more than the median and more than our parents did at this age, but my parents, for example, weren't carrying around an additional small to medium-sized mortgage with 6-9% interest (law school). Their starter home was also about 1/2 of my student loans.
It's also why so many of us, even my white collared high earning capacity peers, have foregone having children. Simply not sustainable to have them.
I bought my first house at the age of 25, making 12hr.
My son is an Engineer, in the bay area making over 100k and can barley afford a condo
Imagine if i was making 100k in 1998 what i could of bought compared to him now.
These kids maybe making more money than us, but they sure have to pay more than we did for stuff.
boomers have had it so good they don't even realize how screwed up things are now...
houses are much much more expensive in US cities compared to what they were in the 80s on an income inflation adjusted basis, pensions have all but disappeared... the stock market has sucked since 2000 and is predicted to suck for the near future so you can't even make money there, white collar jobs are being decimated left and right by import of cheap labor and globalization, social security and medicare is in disarray, cost of education has skyrocketed etc. etc. I could go on and on...
boomers have had it so good they don't even realize how screwed up things are now...
houses are much much more expensive in US cities compared to what they were in the 80s on an income inflation adjusted basis, pensions have all but disappeared... the stock market has sucked since 2000 and is predicted to suck for the near future so you can't even make money there, white collar jobs are being decimated left and right by import of cheap labor and globalization, social security and medicare is in disarray, cost of education has skyrocketed etc. etc. I could go on and on...
Bull....you are way off base if you think boomers had it easy ....
Pensions in private industry were already pretty rare for us ...
Stock markets sucked for 19 years , from 1964 to 1983 , we had double digit inflation...saving a dime was impossible, mortgages were 18% .....it was all well and good the bull market came knocking but the damage leading up was so severe few regular people had a pot to pee in .
401k’ s did not even exist ....we had the highest unemployment since the Great Depression ...my city New York was going bankrupt ...we had riots in the streets around the country and we had the draft ...KNOW WHAT IT WAS LIKE TO BE DRAFTED TO NAM? I got out of school and got drafted .
My dads generation had to fight in World War II and inherited a world that was destroyed ,, his dad lived through the Great Depression.
Are you trying to tell us that the fact you can’t buy a house is worse , or you have student loans ,and everyone else had it easy ? I didn’t think so
This coming downturn will be my fourth recession since college. The first one in 1991 I was admittedly unprepared for, but I made so little money back then that it wasn't hard to find enough $$$ to make do. I did learn a lot about the value of a buck.
By the second recession (1999) I had saved about 100k and I saw it as a buying opportunity for stocks. The third one I bought my "career" house, which I am now selling. And for the fourth one I will buy my retirement house. Each time I have slowly moved to cash as the downturn approaches, and bought back in once capitulation took hold.
I think people who never save are the ones most affected by these waves in the economic cycle. And they can be from any generation. I do believe that the big millennial student loan debtors will get crushed.
My parents are Great Depression babies, so they have always been frugal, and they will be fine. However they, like I, worry about the political implications of masses of people with debts and zero work income (probably zero passive income, too).
I agree. My parents are, mostly, in good shape. I feel they are a bit too exposed if things go south very quickly, though.
Those with a high loan-to-income ratio, assuming there is no "bailout" for them, and those with a lifestyle right up on the edge of what their income can tolerate will get crushed. Deja vu, really.
After the devastating effects of the Great Recession, can Millennials get back on track toward economic success?
All generations are a very heterogeneous bunch of people with different lifestyles and different concepts of what qualifies as "success". The only thing in common is that the year on their birth certificates happens to fall in a certain range.
After the devastating effects of the Great Recession, can Millennials get back on track toward economic success?
Annie Lowrey, staff writer at The Atlantic, is CLUELESS. Any recession, deflation or depression is a BLESSING for Millennials. Deflating Housing prices, Rents, Education and Healthcare cost, food and everything else is a blessing for Millennials. Millennials have no future if this ZIRP SCAM continues. The FED has stolen trillions and trillions of dollars from this generation to spend today and try to avoid Recession, Deflation and Depression. Just wait for a few more years until Millennials catch up what has been done to them and their future. I don't think your retirement is going to be so nice. IF CHAOS wins anything can happen.
What makes the writer think that Millennials will bear the brunt of job losses in the next recession? Boomers (still in the work force) and Gen Xer's would be more exposed to get canned because they are more expensive labor.
How much debt do they have, and in what part of the country do they reside?
LOL I had far more debt. I had just bought a house and a new car. Son has no debt - he IS saving for a car though. And he has a 401K which I definitely did not have.
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