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Old 08-27-2019, 08:58 PM
 
6,579 posts, read 3,167,669 times
Reputation: 6122

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Quote:
Originally Posted by austiNati View Post
You didn't even address the issue. You just lashed out at people. Obviously market value means squat seeing as the market's designed to implode every 15 - 20 years; and seeing that wages haven't kept up with productivity, nor has housing with the population, there may be some apsects of the market not working they way they are supposed to. You're simply not even arguing this in good faith.

What does market value have to do with the fact that my husband and I pay more for health insurance than for rent? We're both young and healthy.

What does market value have to do with education costing the price of a luxury car?
Last i checked, every time higher degrees of education are needed, we accommodate that by making it a free public institution (elementary school in the 1800's, high-school in the 1900's, ____in the 2000's).

The wealth gap between the top and bottom is outrageous. You know these things, but argue in favor of the apparatus that corrupt the system. The market doesn't determine who does what, but the market does need a highly educated populace to function correctly.

Picking out a career and field of study is one thing. Demanding careers exists that aren't worth a respectable wage??? Letting the market determine what careers have value, despite the ones that are currently needed being devalued (First responders, Teachers, Social workers etc...) is just boot-licking nonsense. Hold those at the top as accountable as those who are just trying to function in the system that's being provided for them to navigate.
Please explain to me how wealthy people are holding you back from achieving whatever it is you desire to achieve.
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Old 08-27-2019, 09:15 PM
 
Location: Las Vegas, Nevada
703 posts, read 518,853 times
Reputation: 2104
Quote:
Originally Posted by ChessieMom View Post
In your view - it is correct.

No, it is not my view. The author backed up her information. Demographics cannot be disputed.


Quote:
Originally Posted by Serious Conversation View Post
Absolutely. I don't know people sometimes don't understand or acknowledge this.
I don't either.



Quote:
Originally Posted by redguard57 View Post
This board and their children are in no way representative of the general population, certainly not of most Millennials.

I'm a case in point, a good home sale that I never expected would more than double in value in 3 years but it did, then an inheritance, then subsequent value growth of my next home put me in the top 7% of net worth for my age group (35-39).

Most people my age are doing okay but are struggling mightily with debt. Yes, the Millennials will be hit hard because many of them never truly recovered from the recession, they just survived it.

100% correct! Most people I know are doing worse now than in 2009, but it is the exact opposite on this forum since it reflects the upper middle class to wealthy class. The majority of people I know rent and do not have any money in the markets. For example, California has a very bad homeless crisis. I have just watched this video.




https://www.youtube.com/watch?v=gg5DDRuPBu8


The typical response from people on this forum is that they do not see it. Here is a hypothetical city data post below.


" I live in Manhattan, NY, and I visit my son and daughter quite regularly who are both living in California. They live in Beverly Hills. I rarely, if ever see any homeless people. There definitely is not an increase. Her friends and neighbors are not seeing it either, so the video is wrong."
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Old 08-27-2019, 11:11 PM
 
Location: Cincinnati
640 posts, read 1,040,506 times
Reputation: 521
Quote:
Originally Posted by Blondy View Post
Please explain to me how wealthy people are holding you back from achieving whatever it is you desire to achieve.

Please tell me you stretched before that reach
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Old 08-27-2019, 11:35 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,943 posts, read 40,461,192 times
Reputation: 24260
Quote:
Originally Posted by redguard57 View Post
This board and their children are in no way representative of the general population, certainly not of most Millennials.

... Yes, the Millennials will be hit hard because many of them never truly recovered from the recession, they just survived it.
Actually, there is a pretty good cross-section of economic and social and educational levels here, with actual comments / real experiences. (Uber rich to dirt poor (or at least 'cheap skates' ... frugal)

You will note the general theme / responses across readership:
Millennial children of posters are:
1) Paid very well in comparison to parent's earnings at same age.
2) While college debt is a national issue, it appears poster's kids generally have school and personal debt under control.
...a) Some kids paid their own, some kids were supported through college, all seem to be employed and succeeding in life. (with certain challenges, but generally very positive. )
3) Home ownership (tho not required as a measure of success) is challenging, but there are many affordable markets and the lowest mortgage rates of all time.
The USA and much of the world has been in such a positive growth / earnings mode during millennial opening of employment it is quite ironic to note the high statistical reported millennial unemployment rate of 12.8% vs. 4.8% general unemployment.

There are so many different reasons... this article is quite accurate to my experiences (trying to recruit and hire qualified and competent Millennials)

https://www.forbes.com/sites/larryal.../#a6372a64bb0b

https://www.pewsocialtrends.org/essa...r-generations/

https://www.businessinsider.com/mill...housing-2019-5

Bit hard to believable so many have 'missed the gravy train bus'. It will not get easier for them (or US(A))

Truly has been a prosperous season.
they could have participated in:
  • High equity growth (several booms and few busts of market)
  • Low borrowing rates (good for starting businesses, investments, home ownership) must be wise(?)
  • Low unemployment
  • Many accessible employment gaps in skilled careers (aging pilots, ATC, Auto Mechanics, painters, electricians, plumbers, bricklayers, toolmakers, machinists, truck drivers, medical fields, Science, engineering) (millennial are very averse to 'getting dirty' )
  • Vast educational opportunities (on-line, private, apprenticeships, CC, Universities, Worldwide jobs and careers)

Seems crazy to have missed all these. BUT... as grandpa said... "Can lead the horse to water, but you can't make them drink". Grandpa was running a team of horses across the plains at age 14 and sending home his earnings. Few millennials could say the same. Few millennials could even handle a horse (or a tractor) or a shovel, or a tape measure. I meet them every day.

But I have hope, as all my millennial kid's peers (90% were homeschoolers) are doing excellent and growing more competence daily. Several own businesses or are CFO / CEO / CIO of start-ups. A couple have businesses employing 100+

Homelessness and "Millennial blight" are most often self induced choices. (I deal with both demographics daily)

Grandpa didn't say... but my dad said often "There are NO FREE LUNCHES" just after he had given me a strong boot in the rear.

I will venture to guess:
  • Few millennials missed meals as kids so their parents could meet payroll.
  • Not many millennials got the tar beat out of them for not doing required chores.
  • Fewer got sent to Dairy Farm Boarding School to get "Straightened Out"
  • How many of those smitten with the 'blight' ... left home, WORKED FT, while attending college, paid 100% of car / insurance food and lodging starting at age 18.
None of that was 'optional' for some of us. (boomers)

Last edited by StealthRabbit; 08-28-2019 at 12:12 AM..
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Old 08-28-2019, 05:20 AM
 
4,158 posts, read 1,610,823 times
Reputation: 7524
This threads always, and I mean ALWAYS, bring out all the humble brags. I don't care about how wonderful/successful you think your kids/grandkids are. Bah humbug.

And get off my lawn
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Old 08-28-2019, 06:09 AM
 
Location: Tennessee
24,202 posts, read 18,024,284 times
Reputation: 28469
Quote:
Originally Posted by BigCityDreamer View Post
It seems to me that the average post in the economics forums on city data is way more doom and gloom than what the general population represents.
I don't think so.

I live in a small metro in Tennessee. It's a low cost and low wage area. I should make close to $70k this year with bonus, assuming the bottom doesn't fall out with company finances.

I'm doing a bit better than my parents are. Mom just broke $40k last year. Dad makes about $60k, but has the potential for overtime that I don't get it. They're in their early 60s - she just retired, and he'll probably retire within five years.

I'm 33. At 33, he was in manufacturing and she was home with me. He probably made close to what I do now inflation adjusted, but the work was dangerous. I have a "stare at the computer screen" job. I'm probably better off from a health/lifestyle perspective.
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Old 08-28-2019, 06:12 AM
 
4,636 posts, read 4,801,456 times
Reputation: 3796
I’m an older millennial, but have many younger millennial friends. I’m 36, wife is 34 and most of our friends are early 30s. The ones that I know that still have student loans are largely by choice. Sure they have student loans (Usually in the $20-$40k range still) but they also travel to Europe, Australia, New Zealand, etc. for 1.5-2 weeks a year. Take 3 years of those trips and pay your SLs and they are gone. I had about $22k when I finished and instead of buying a new car, going on fancy trips, etc. I paid off my loans immediately, but that means I haven’t been to most of those places yet. Our only debt is our mortgage and because of the interest rate we haven’t been in any hurry to pay it off. Our HH probably makes about what my parents made at our age after adjusting for inflation. We do have 2 kids in daycare, it’s expensive, but not anything obscene and IMO reasonable for watching our kids for 45 hours/week.

Also unlike most of my friends we save 50%+’of our income and should be financially independent by the time we’re 40/38. Also wanted to add that while I graduated UG in 06 I went to grad school shortly after and entered the workforce in 2011, so at one of the worst times according to most.

Quote:
Originally Posted by Coldjensens View Post
Another daughter (same age) just graduated with her PhD. She is teaching at a college in Maryland. Yes, student loan debt is a problem for her and will be for a considerable time.
I also have a PhD...did she not go to a fully funded program? I don't think a PhD is worth it in almost any field unless you receive funding and full tuition remission. I still took out about $10k/yr for the first two years, but in hindsight that was not because I needed it but because I wanted it, which is how I ended up with the $22k in debt.

Last edited by mizzourah2006; 08-28-2019 at 06:23 AM..
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Old 08-28-2019, 07:19 AM
 
Location: East Coast of the United States
17,563 posts, read 19,816,796 times
Reputation: 13483
Quote:
Originally Posted by mizzourah2006 View Post
I’m an older millennial, but have many younger millennial friends. I’m 36, wife is 34 and most of our friends are early 30s. The ones that I know that still have student loans are largely by choice. Sure they have student loans (Usually in the $20-$40k range still) but they also travel to Europe, Australia, New Zealand, etc. for 1.5-2 weeks a year.
Yes, there is very often more to the story when it comes to people's personal finances.

Some people like to have a lot of "experiences." But that might not be the wisest course of action for their financial situation.
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Old 08-28-2019, 08:20 AM
 
302 posts, read 121,461 times
Reputation: 629
Quote:
Originally Posted by Coldjensens View Post
<snip>


A son lives in Austin. He is already living on the edge. No car, barely makes rent plus student loan payments. Not a lot left for food. A recession is not his biggest problem. Obamacare is the first hurdle that will crush him financially once he turns 26. He is healthy, so he will probably just risk the penalty. He will always be broke anyway, but he loves his work and he is moving up the ladder, so he may make a decent income next year. Unless the place he works closes, it is unlikely he will lose his job. so, he will continue to live on next to nothing.

I believe there is now no penalty for not having medical coverage.
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Old 08-28-2019, 08:23 AM
 
2,615 posts, read 685,417 times
Reputation: 4583
Quote:
Originally Posted by BigCityDreamer View Post
Yes, there is very often more to the story when it comes to people's personal finances.

Some people like to have a lot of "experiences." But that might not be the wisest course of action for their financial situation.
We're attending a wedding for a couple in their late 20s. The wedding registry isn't for the typical home related items such as stemware; it is mostly for "experiences" such as a couple's massage, funding a night in a luxury destination hotel, etc etc. I'm not sure about debt, but the two do have a sizeable income, as both are in San Francisco. She's a tech recruiter pulling down about $200K; he's a software engineer doing close to the same.
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