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Yup, I'm 36 soon to be 37 and I didn't get my first full time job until 29 because of grad school
No grad school here, but for me, it was 25. I ended up working a MW job for about a year after I graduated. My job search needed, refinement and improvement.
I was thinking about grad school at one point, but it just doesn't seem to be worth it now. At minimum, it'd have to be employer sponsored.
Millennial here. I graduated in 2007 with 30k in student loans (and I went to a "cheap" community college and state school, LOL!). Was laid off in the '08 recession and brought back to the same job, with a salary cut of course. Now this. Jesus. I'll never be able to buy a house, go to grad school, retire. My only hope is that my dad leaves me his house when he dies. I bet many millennials are as screwed as I am.
When I was 30, I just landed my first "real" job. I spent the previous 12 years chasing 2 majors that never panned out, spending my student loans in Atlantic City casinos, and generally being useless, playing in a band in bars to pay the bills.
At age 28 - back to school - got serious - got a 4 years degree (engineering) in 2.5 years - and started with the same debt as you (except it was years ago) and of course, experienced the same recession in 2008.
Your outlook and attitude is dismal. I bought a wonderful home, never needed grad school (although I did finish a 2nd undergrad degree), and I certainly plan to retire in a few years.
Don't be down on yourself at that age. Lots and lots and LOTS of people are just getting going in their early 30s, and while some folks manage it at 20 - hey, at least I didn't wait til 40.
But if your expectations were to buy a house worth 10x your pay - or retire when you're 49 - then the problem is in your expectations, not the system.
My concern is that Millennials are to the 2020s what small farmers were to the 1920s - they never recovered from the earlier economic crisis that occurred after WWI, and were in even worse position to get through the Great Depression.
Your concerns are misguided and misplaced. Millennials have not experienced back-to-back-to back recessions as Boomers did when starting out. Millennials had 10+ years from the end of the last recession to what might be the next recession. Boomers did not have that luxury. Millennials have not experienced Monetary Inflation anywhere near the extent that Boomers did when starting out. Millennials have never had to contend with Wage Inflation and Wage & Price Freezes. Millennials don't have to contend with double-digit mortgage rates.
Boomers had it far worse than Millennials did and if Millennials can't recover from their own stupidity and achieve greatness, then double-dumbass on them.
To suggest Millennials are farmers is absurdity at its best.
Your concerns are misguided and misplaced. Millennials have not experienced back-to-back-to back recessions as Boomers did when starting out. Millennials had 10+ years from the end of the last recession to what might be the next recession. Boomers did not have that luxury. Millennials have not experienced Monetary Inflation anywhere near the extent that Boomers did when starting out. Millennials have never had to contend with Wage Inflation and Wage & Price Freezes. Millennials don't have to contend with double-digit mortgage rates.
Boomers had it far worse than Millennials did and if Millennials can't recover from their own stupidity and achieve greatness, then double-dumbass on them.
To suggest Millennials are farmers is absurdity at its best.
I think this is where I’m supposed to say ok boomer.
Your concerns are misguided and misplaced. Millennials have not experienced back-to-back-to back recessions as Boomers did when starting out. Millennials had 10+ years from the end of the last recession to what might be the next recession. Boomers did not have that luxury. Millennials have not experienced Monetary Inflation anywhere near the extent that Boomers did when starting out. Millennials have never had to contend with Wage Inflation and Wage & Price Freezes. Millennials don't have to contend with double-digit mortgage rates.
Boomers had it far worse than Millennials did and if Millennials can't recover from their own stupidity and achieve greatness, then double-dumbass on them.
To suggest Millennials are farmers is absurdity at its best.
While inflation in the 70s, early 80s was certainly no fun, jobs were still available to those who sought them. And then the Boomers lucked out by hitting prime earning years in the 90s, the best times ever.
Millennials graduated into high unemployment during the Great Recession. I remember what it was like trying to compete for entry level jobs with a room full of people 10-20 years my senior with requisite experience. That lasted for about 4 years from 2008 ish to about 2012 ish. Now they have high unemployment scenario again, but 30 million unemployed is almost 4x worse than any given point of the Great Recession. If I lose my job, the hope of getting a similar one in that scenario is almost non-existent.
Millennials had the biggest stock market bull run in recorded history, what exactly are they complaining about? Millennials always constantly complaining even though they have been pampered as kids and handed everything on a silver platter by their Boomer parents.
The generation that had it worst was us Gen Xers... we did not have the obnoxious starting salaries being offered to the Millennials nor did we get to participate in the bonanza stock market bull run that the Boomers had from 82-99.
Millennials had the biggest stock market bull run in recorded history, what exactly are they complaining about? Millennials always constantly complaining even though they have been pampered as kids and handed everything on a silver platter by their Boomer parents.
The generation that had it worst was us Gen Xers... we did not have the obnoxious starting salaries being offered to the Millennials nor did we get to participate in the bonanza stock market bull run that the Boomers had from 82-99.
It sounds like you’re objective and have a lot of credibility on this issue.
Millennials had the biggest stock market bull run in recorded history, what exactly are they complaining about? Millennials always constantly complaining even though they have been pampered as kids and handed everything on a silver platter by their Boomer parents.
The generation that had it worst was us Gen Xers... we did not have the obnoxious starting salaries being offered to the Millennials nor did we get to participate in the bonanza stock market bull run that the Boomers had from 82-99.
If they ever made enough money to be able to invest.
I mean, yeah, I made maybe 25k off the markets in the last 5 years at the level I was able to invest. Yay? That's nice and it'll give me some cushion if SHTF, but that's not going to cover a job loss forever
1. Those charts are all hideous. They need to learn how to use Tableau a bit better. It looks like a Gen Xer or a boomer put those charts together
2. Those charts don't actually split out Millennials. They lump Gen Z into the younger Millennials and Gen X into the older millennials. Why don't they just say "younger people" is it because the term millennial has turned into a clickbait buzzword?
As a millennial I think this is going to impact everyone regardless of age, now I do think in general millennials probably have smaller networths and more debt than people in their 40s and 50s, but technically we also have more time left to accummulate that networth. At least we're not as likely to die from the virus as our parents and grandparents, so I'd say life is a pretty big benefit we have going for us.
It's like they came up with the story first, but they couldn't find the data that fit their generational narrative.
For millennials in high paying jobs that allow them to work at home, they are doing great. Their 401k will not have accumulated much. Their market purchases will be at bargain prices of the decade.
For the ones in manufacturing or low paying service industry jobs, they will have to deal with massive unemployment and at least a year or two of a terrible job market.
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