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I think the biggest thing with this COVID-19 shelter in place is that it has exposed just how insecure our jobs, Plan A, and financial well-being really is. With that in mind, once this has “passed”, what are your plans for creating a plan B. I would strongly suggest, no matter what it is, to have a part-time residual income in place to protect you from financial devastation, what are your thoughts?
I’m not sure how many people realize that older millennials are mid to late 30s by pew’s definition. It’s almost as if the term “millennials” now simply covers folks younger than me
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.
What jobs? Steel mills? Mining? Autos? Those "available" jobs all evaporated and were replaced by low wage service jobs where everyone is a "manager".
A snapshot of my earnings history from college graduation:
1977- $4000
1979- $25000
1981- $13000 (previous employer massively downsized, laid off 1/3 of workforce, mostly due to governmental policies that had been percolating for several years)
1982- $20000 (this entailed joining the Navy, completing Officer Candidate School and beginning Flight School)
1983- $3300 (yes, you saw that correctly. Had health issues that not only grounded me but disqualified me from any Navy assignment so was medically discharged at the beginning of the year. Was unemployed for the rest of the year)
1984- $14000 moved and began teaching
2014- $84000 last year prior to retirement. (That number, adjusted for inflation, is just about what I earned in 1979 in low level factory management)
As far as lucking out in the 1990s, the majority of baby boomers were in their low/mid 40s at the beginning of that decade to their low/mid 50s at the end. They also had to catch up for a lost decade. A decade where a "good" unemployment number was 7%, a "good" mortgage rate was 10% and entire industries disappeared.
The oldest Millennials are 37/38. They're heading into peak earning years.
So as I just turned 38 this year, I am one of the oldest Millenial? Good to know...
I started a job in a company 12 years ago and since then, I've been in 2 offices, and worked in various regions (Europe, Middle East, Australia and now North America), across different positions.
I am one of those guys who can and do work from home, with the 401k and the stocks swinging high and low as of now, but the bulk of our wealth is in real estate anyway... I suppose I should feel lucky about it.
What jobs? Steel mills? Mining? Autos? Those "available" jobs all evaporated and were replaced by low wage service jobs where everyone is a "manager".
A snapshot of my earnings history from college graduation:
1977- $4000
1979- $25000
1981- $13000 (previous employer massively downsized, laid off 1/3 of workforce, mostly due to governmental policies that had been percolating for several years)
1982- $20000 (this entailed joining the Navy, completing Officer Candidate School and beginning Flight School)
1983- $3300 (yes, you saw that correctly. Had health issues that not only grounded me but disqualified me from any Navy assignment so was medically discharged at the beginning of the year. Was unemployed for the rest of the year)
1984- $14000 moved and began teaching
2014- $84000 last year prior to retirement. (That number, adjusted for inflation, is just about what I earned in 1979 in low level factory management)
As far as lucking out in the 1990s, the majority of baby boomers were in their low/mid 40s at the beginning of that decade to their low/mid 50s at the end. They also had to catch up for a lost decade. A decade where a "good" unemployment number was 7%, a "good" mortgage rate was 10% and entire industries disappeared.
On the flip side, real estate and college tuition were much more affordable back then. Every generation faces both headwinds and tailwinds. That's just life.
I think the biggest thing with this COVID-19 shelter in place is that it has exposed just how insecure our jobs, Plan A, and financial well-being really is. With that in mind, once this has “passed”, what are your plans for creating a plan B. I would strongly suggest, no matter what it is, to have a part-time residual income in place to protect you from financial devastation, what are your thoughts?
2008 changed my mindset
I was a young millennial assistant store manager at a popular store chain. I watch 2008 recession cancel worker bonuses and commissions. Also store closing
2009 join the military
2015 join the reserves and started a government job
2019 owner of few rental properties and I get a government check that's my plan A. Plan B was my small business of a dump truck company.
I think the biggest thing with this COVID-19 shelter in place is that it has exposed just how insecure our jobs, Plan A, and financial well-being really is. With that in mind, once this has “passed”, what are your plans for creating a plan B. I would strongly suggest, no matter what it is, to have a part-time residual income in place to protect you from financial devastation, what are your thoughts?
I am a millennial and i am currently working on building passive income.I got a good passive income check before all this hit.
I think the biggest thing with this COVID-19 shelter in place is that it has exposed just how insecure our jobs, Plan A, and financial well-being really is. With that in mind, once this has “passed”, what are your plans for creating a plan B. I would strongly suggest, no matter what it is, to have a part-time residual income in place to protect you from financial devastation, what are your thoughts?
I mean, this is a once in a century event. There are no jobs safe from this. The tech and work from home jobs are safe for now. But I'm working from home and have a job that can convert online, and my workplace just furloughed about 18% of the staff.
The frustrating part is... are we going to have once-in-a-century events every 10-15 years now?
Well, it’s my third “once in a century” event. 4th if you’d count the collapse of the soviet union, which took the world from a bipolar to a unipolar world, but I was too young to see it. Although empires falling (British, French, Dutch, nazi, imperial Japanese) in the 20th century wasn’t actually unique.
911, was essentially an attack on the U.S mainland economically, militarily (pentagon), and politically right in the heart of our most important cities. 2008 was horrific in Michigan as it bore the absolute worst side of the financial crisis. Today, we have a world pandemic with no modern precedent for economic damage, another 3 million jobless is added to the pile of 30 million.
But hey, I live in my parents basement and still wear a diaper so it’s all good.
Last edited by Thatsright19; 05-07-2020 at 06:58 AM..
Every generation faces economic hardships at one point or another.
You can argue GenX graduating into the early 1990s recession faced stiff job competition against more numerous Boomers for scarce jobs, and later even stiffer competition internationally with a cheaper, globalized talent pool. I recall an honors engineer who graduated from a top tier program having to start off at an engineering firm as the office gofer and plant waterer, before proving his mettle enough to be actually given engineering projects.
Some GenX may have found their skill set obsolete, as the economy transitioned from the more traditional US market for which they trained, to a tech-driven global one. As with Millennials, those who were smart, lucky, and proactive found economic success. There will always be ‘winners and losers’ in every generation- and even within the same person at different stages in their life- in every economic market.
Just remember markets are not static, and it’s best to be flexible and adjust accordingly. Even within this pandemic, there will exist economic opportunity for those able to identify them and act on it. You already see some industries emerging as winners as others falter or fail.
Ranking which generation is affected worse in this pandemic is pointless. I know one married GenX engineer who was recently laid off. Has a young child, supported a SAHM, and finally just purchased their first home after many years renting. What are the chances this person will be able to find a new job, at the same level of their supposedly peak-earning years, in this job market - before age discrimination really sets in?
Last edited by mingna; 05-07-2020 at 08:40 AM..
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