While some people are thoroughlyoptimisticabout their future, personal growth, and technological progress, others are far more skeptical. One major worry that youngergenerationshave is that they might never achieve the same level of financial security and stability as their older relatives.
We wanted to learn more about these financial worries, so we reached out to the author of the thread,u/Asmothrowaway6969. Meanwhile,Bored Pandawas also interested in what Millennials can do to create more financial security for themselves, so we got in touch with personal finance expert Sam Dogen, the founder of‘Financial Samurai’and the author of the bestseller‘How To Engineer Your Layoff.'
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My dad just retired at 76, he has a great pension was making 150k and they asked him to retire this year for a 1 years pay.his replacement is making 45k, no retirement package and actually has more duties than my dad did, so overall is doing the job of 2 people that were paid 150k each…so ya good luck with that.
Millennials(aka Generation Y) are people born between 1981 and 1996. Meanwhile, members of Generation Z (aka Gen Z or Zoomers) were born between 1997 and 2012. Anyone born after that is currently considered a member of Generation Alpha (Gen A).
So, even though many Millennials are still relatively young, many of them are hoping to settle down, own a home, and get promoted to higher positions. But similar to members of Gen Z, some Millennials find that they’re stretched thin financially.
This latest birthday, #37. My parents built a huge house on an entire acre of land, on 1 income in their early 30s. I just turned 37, have been renting since I was 19, have an education and a good career myself, and will probably never be able to afford a house. Sad.
My mom is an addict and my father is stuck doing backbreaking work at a retail chain making half of what I do.My parents aren’t better off. They got cheated just like most of us. Despite my relative success life remains more challenging than you’d anticipate at this income level, not because of some personal failing, but because our society has simply changed so much.We CAN do better. I think that requires us to be real about who is responsible for our challenges. I’ll give you a hint—it’s more specific than “boomers” or “parents.” .
Bored Panda asked the author of the thread about the biggest financial challenges that they think Millennials face these days. According to them, it’s having to “rely solely on 401ks and not have access to pensions.”“It’s proof that loyalty doesn’t mean what it used to, but we all grew up with the same advice: that loyalty is key and would be rewarded. I know people who started working somewhere at 18 and got raises and promotions and never even considered leaving. They took care of the company and the company took care of them. That doesn’t happen anymore," u/Asmothrowaway6969 said.
Bored Panda asked the author of the thread about the biggest financial challenges that they think Millennials face these days. According to them, it’s having to “rely solely on 401ks and not have access to pensions.”
“It’s proof that loyalty doesn’t mean what it used to, but we all grew up with the same advice: that loyalty is key and would be rewarded. I know people who started working somewhere at 18 and got raises and promotions and never even considered leaving. They took care of the company and the company took care of them. That doesn’t happen anymore," u/Asmothrowaway6969 said.
Mom was a dope addict and dad a career criminal. I was literally conceived in a federal penitentiary. I’m now a 38 year old software engineer, living with my wife of almost 10 years who practices anesthesia at a large and highly respected children’s hospital. We have a million dollar home in a MCOL area on over 20 acres of land, 6 figure savings, loaded retirement accounts, and everything we could possibly need. F**k my parents. I am and always will be better than them.
My parents had the typical middle-class lifestyle and I have had to earn double what they did to obtain it. Now I just need compound interest to do its thing.
Though they don’t think that it was easier to earn money in previous generations, every dollar used to go further. “Dollar for dollar, people make more now, but they struggle more, too.” A major problem, in their view, is “making twice what your parents did and not being able to achieve half of what they could.“The redditor finds the entire situation very disheartening. “We followed the advice we were given, but we’re not getting the same rewards. Corporations have taken all that they gave to those before us because they were allowed to. When will we demand better? From them, from our government, from everything? Millennials are often accused of thinking they are owed certain things. I think we are just demanding what everyone before us got.”
Though they don’t think that it was easier to earn money in previous generations, every dollar used to go further. “Dollar for dollar, people make more now, but they struggle more, too.” A major problem, in their view, is “making twice what your parents did and not being able to achieve half of what they could.”
The redditor finds the entire situation very disheartening. “We followed the advice we were given, but we’re not getting the same rewards. Corporations have taken all that they gave to those before us because they were allowed to. When will we demand better? From them, from our government, from everything? Millennials are often accused of thinking they are owed certain things. I think we are just demanding what everyone before us got.”
My parents ask me for money. They brooooke.
My mom pulled me aside when I was in college to be a teacher. But I knew it. I’m not dumb and my mom was a director at a Big Pharma Co. Before she retired, she was pulling in ~250k USD a year.I have never planned on having kids or even pets and therefore plan to live generally smaller than my parents did. Smaller house, fewer cars, etc. I make decent money teaching (union state!) and I’m comfortably saving for retirement. That’s enough.
I grew up on food stamps and now earn over 100k. I will never have this feeling.
See Also on Bored Panda
Bored Panda also reached out to personal finance expert Sam Dogen to hear his thoughts about building up a sense of financial security, as well as how Millennials might be affected as they are set to inherit a vast amount of wealth from the older generations.Dogen urged Millennials to cultivate a stronger relationship with their parents. “They are the ones who have likely accumulated wealth during a prolonged bull market and purchased homes at lower prices than today. Naturally, parents desire to assist their children in owning homes and achieving financial independence. However, they may also fear spoiling their children and fostering a sense of entitlement,” the founder of’Financial Samurai’told Bored Panda in an email.“For mature adult children who approach the situation thoughtfully, they can effectively rely on support from‘The Bank of Mom & Dad’to help with significant expenses like buying a home, purchasing a car, or starting a family. It’s essential for adult children to developemotional intelligenceand navigate this dynamic with sensitivity. It’s worth noting that parents are often wealthier than their children realize, and their primary goal is to provide the best opportunities for their children.”
Bored Panda also reached out to personal finance expert Sam Dogen to hear his thoughts about building up a sense of financial security, as well as how Millennials might be affected as they are set to inherit a vast amount of wealth from the older generations.
Dogen urged Millennials to cultivate a stronger relationship with their parents. “They are the ones who have likely accumulated wealth during a prolonged bull market and purchased homes at lower prices than today. Naturally, parents desire to assist their children in owning homes and achieving financial independence. However, they may also fear spoiling their children and fostering a sense of entitlement,” the founder of’Financial Samurai’told Bored Panda in an email.
“For mature adult children who approach the situation thoughtfully, they can effectively rely on support from‘The Bank of Mom & Dad’to help with significant expenses like buying a home, purchasing a car, or starting a family. It’s essential for adult children to developemotional intelligenceand navigate this dynamic with sensitivity. It’s worth noting that parents are often wealthier than their children realize, and their primary goal is to provide the best opportunities for their children.”
Yeah no, I am far better off than my parents. Biological mom died when I was young, step mom has a solid career so she’ll be fine when dad passes. But dad spent way too many years getting paid under the table (and saved none of it) before getting into an above board job so his Social Security is like $1k a month max. They’re doing okay-ish but only because stepmom still works.
Clawed my way out of poverty so I never had this moment.
Update: Nice to know it’s just me that’s a failure. ThanksYou say in your post that your mom makes $200k in retirement per year. You also say it is 3x what you and your husband make combined.Which means you and your husband make less than $67k combined. Which means the two of you are averaged salaries of $33,500. If you are a millennial it means you are at least in your late 20s or early 30s. Earning $33k.$33,500 is about $16 an hour full-time. I live in rural PA and the Burger King in my town has a sign hiring for $16 an hour.So you are making BK wages compared to your mom who held a long and apparently successful career as one of the most senior people at the IRS. She probably had an accounting degree and maybe a graduate degree and put her time into her career.I mean, what are you expecting here? To just be given a $200k annual lifetime pension for no work? Life has never been that way. I swear some of the poverty posts in this sub give millennials a bad name.
According to Dogen, Millennials “must be ready” for the generational wealth transfer that will happen in the coming decades. “This readiness involves consulting with anestate planning lawyerto minimize taxes and fees and to ensure the continuity of their parents' legacies,” he said.“Beyond legal preparations, adult children should foster stronger relationships with their parents while they are still alive. Moreover, they should educate themselves about various financial matters, including investing in stocks,managing real estate, and taxes of all types.“Dogen warned that “it’s crucial not to let decades of sacrifice and asset accumulation go to waste after inheritance.” He added: “Luckily, most Millennials inheriting significant assets will be in their 40s and older, meaning they should have the maturity to make better decisions.”
According to Dogen, Millennials “must be ready” for the generational wealth transfer that will happen in the coming decades. “This readiness involves consulting with anestate planning lawyerto minimize taxes and fees and to ensure the continuity of their parents' legacies,” he said.
“Beyond legal preparations, adult children should foster stronger relationships with their parents while they are still alive. Moreover, they should educate themselves about various financial matters, including investing in stocks,managing real estate, and taxes of all types.”
Dogen warned that “it’s crucial not to let decades of sacrifice and asset accumulation go to waste after inheritance.” He added: “Luckily, most Millennials inheriting significant assets will be in their 40s and older, meaning they should have the maturity to make better decisions.”
My parents weren’t very well off, wasn’t hard to achieve more than them.
I’m pretty sure I’m better off than my mom.
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