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Posted: 12/6/2023 7:24:00 PM EDT
It's a bad time to be an elder millennial.
Elder millennials whom Bank of America defines as those ages 35 to 45 have already weathered a lot of economic storms. They've seen two recessions in their adult lives, a pandemic, and an economy that seemed to be stacked against them from the start. But while the pandemic and its resulting labor market may have offered some economic reprieve, the financial walls might be closing in on elder millennials. That could be chalked up to the lifestyle expectations of a cohort that should be entering a more stable period of adulthood, one that includes comfortably spending, owning a house, and saving for retirement. Instead, they're falling behind in home ownership, accruing trillions in debt, and still scrambling to maintain their lifestyle. Some of the blame rests with the recessions that came before. "The older Millennial cohort is more likely to have been hit harder by the 2008 housing crisis, which potentially set them back financially relative to younger Millennials," Bank of America Institute wrote in their research on homeownership. As Business Insider's Hillary Hoffower previously reported, the Great Recession made millennials born in the 1980s a "lost generation" when it came to wealth accumulation. A 2018 report from the Federal Reserve Bank of St. Louis found that the wealth of millennials born in the 1980s was 34% below predictions.  GOT DAYUM MILLENNIALS |
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Posted: 12/6/2023 7:31:00 PM EDT
[#1]
Not complaining about my real estate portfolio increasing 200% due to covid.
Sold my trailer park last week for something like $2.25m after the debt yield is calculated in. Paid $325k for it in 2019. |
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Posted: 12/6/2023 7:33:22 PM EDT
[#2]
So basically they were not taught to manage money.
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Posted: 12/6/2023 7:39:11 PM EDT
[#3]
They have a lot of big trucks, fancy SUV's, golf carts, side by sides, and boats through. Based on what I see in my area.
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Posted: 12/6/2023 7:40:06 PM EDT
[#4]
Skill issue
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Posted: 12/6/2023 7:42:33 PM EDT
[#5]
Lessons I’ve learned over two recessions-
1) always live beneath your means 2) never have less than six months cash in case of a financial emergency 3) it takes money to make money. Look for opportunities. 4) never turn down a good thing/ continue looking for something better 5) take care of your health. Life can go from 100 to 0 pretty quickly even if you don’t fuck up |
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Posted: 12/6/2023 7:43:01 PM EDT
[#6]
Quote HistoryQuoted: Not complaining about my real estate portfolio increasing 200% due to covid. Sold my trailer park last week for something like $2.25m after the debt yield is calculated in. Paid $325k for it in 2019. Before anyone says “okay boomer” to people trying to get you to reset your thinking read the above. You can play follow the loser or follow the leader |
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Posted: 12/6/2023 7:43:04 PM EDT
[#7]
Quote HistoryQuoted: Not complaining about my real estate portfolio increasing 200% due to covid. Sold my trailer park last week for something like $2.25m after the debt yield is calculated in. Paid $325k for it in 2019. Yikes! I saw those early videos and it sure looked like a mistake. I'm glad you toughed it out and made it work out in a big way. |
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Posted: 12/6/2023 7:44:08 PM EDT
[#8]
How is someone born in the late 70s a millennial?
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Posted: 12/6/2023 7:44:41 PM EDT
[#9]
As a Millenial immigrants these Articles are allways entertaining. I only came to the US a Couple years ago and I am allready way ahead of my peers in the country I came from (and that was a first world country not some shithole)
If I had been born here i would be so fucking rich and a Millionaire before 40. My House (or a house) would have been bought with 10 year ago prices, the 401k gains since 2008 would be sweet af. Every Generation in the US alleays compares themself to the Boomers and expect the same without seeing that Boomers lived in a unique Situation (that is half the world bombed itself into the stone age shortly prior) that is not the Standart, not even in first world countrys. There is still opportunity in this country, and yes it is not as great as it was 20,30 or 40 years ago it is still way better than every other country in the world. |
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Posted: 12/6/2023 7:46:37 PM EDT
[#10]
Quoted: It's a bad time to be an elder millennial. Elder millennials whom Bank of America defines as those ages 35 to 45 have already weathered a lot of economic storms. They've seen two recessions in their adult lives, a pandemic, and an economy that seemed to be stacked against them from the start. But while the pandemic and its resulting labor market may have offered some economic reprieve, the financial walls might be closing in on elder millennials. That could be chalked up to the lifestyle expectations of a cohort that should be entering a more stable period of adulthood, one that includes comfortably spending, owning a house, and saving for retirement. Instead, they're falling behind in home ownership, accruing trillions in debt, and still scrambling to maintain their lifestyle. Some of the blame rests with the recessions that came before. "The older Millennial cohort is more likely to have been hit harder by the 2008 housing crisis, which potentially set them back financially relative to younger Millennials," Bank of America Institute wrote in their research on homeownership. As Business Insider's Hillary Hoffower previously reported, the Great Recession made millennials born in the 1980s a "lost generation" when it came to wealth accumulation. A 2018 report from the Federal Reserve Bank of St. Louis found that the wealth of millennials born in the 1980s was 34% below predictions. https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1l5erQ.img?w=768&h=513&m=6 GOT DAYUM MILLENNIALS Not having any sympathy for the chubby loser millennial in the picture. |
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Posted: 12/6/2023 7:47:34 PM EDT
[#11]
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Posted: 12/6/2023 7:48:11 PM EDT
[#12]
I'm an old millennial.
I'm quite comfortable. Married to my wife for almost 14 years, kids, owe 1/3 what my house is worth, own 3/4 cars. |
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Posted: 12/6/2023 7:49:45 PM EDT
[#13]
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Posted: 12/6/2023 7:50:26 PM EDT
[#14]
 twenty one pilots: Stressed Out [OFFICIAL VIDEO] |
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Posted: 12/6/2023 7:50:42 PM EDT
[#15]
Quote HistoryQuoted: How is someone born in the late 70s a millennial? They aren't. |
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Posted: 12/6/2023 7:54:38 PM EDT
[#16]
Elder?
At 40, I was flat broke from a divorce. I had a Japanese car, a black and white TV, and a mattress. I retired at 62, very well off. I spent those 22 years working my ass off, weekends and evenings, eating in airports and sleeping in crappy hotels. It’s not easy, but it works. |
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Posted: 12/6/2023 7:55:22 PM EDT
[#17]
The whole thing just bugs me. I try and impart my wisdom to the millennials out there but honestly they're too fucking stupid. They are all about living in the moment and instant gratification.
For starters; -Your first tent doesn't have to be the tent you're going to spend the rest of your life in -Look for a nice (affordable) starter tent from Walmart or even a Blue Tarp which works just as good. -Cut back on the luxuries. I'll say it again cut back on the luxuries -You don't need a fancy Coleman twin burner propane stove when a single burner stove is just fine for your needs. -You don't have to have the latest and greatest -Yes we've all seen hot tents, no you can't afford it. -Make a plan and stick to it -Ask your manager if you can pick up a second shift, most Wendys are open until 1AM so that's ample time to make some extra bucks |
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Posted: 12/6/2023 8:00:35 PM EDT
[#18]
If they would just pick themselves up by the bootstraps they'd be fine.
Put on a suit, shine their shoes up nice, walk into the nearest factory, and look the boss man in the eyes as they shake his hand. There's a good paying job right there. Combine that with buying a reasonable starter house for $40,000 instead of trying to afford a mcmansion and they should be able to afford a fine lifestyle. They'd probably even have leftover money to take their honeys to the local malt shop once a week. I don't know why those dumb millennials refuse to understand this basic sort of stuff. |
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Posted: 12/6/2023 8:00:40 PM EDT
[#19]
Quote HistoryQuoted: The whole thing just bugs me. I try and impart my wisdom to the millennials out there but honestly they're too fucking stupid. They are all about living in the moment and instant gratification. For starters; -Your first tent doesn't have to be the tent you're going to spend the rest of your life in -Look for a nice (affordable) starter tent from Walmart or even a Blue Tarp which works just as good. -Cut back on the luxuries. I'll say it again cut back on the luxuries -You don't need a fancy Coleman twin burner propane stove when a single burner stove is just fine for your needs. -You don't have to have the latest and greatest -Yes we've all seen hot tents, no you can't afford it. -Make a plan and stick to it -Ask your manager if you can pick up a second shift, most Wendys are open until 1AM so that's ample time to make some extra bucks I refuse to cut back on avocado toast. A life without is not a life at all. |
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Posted: 12/6/2023 8:02:07 PM EDT
[#20]
Quote HistoryQuoted: The whole thing just bugs me. I try and impart my wisdom to the millennials out there but honestly they're too fucking stupid. They are all about living in the moment and instant gratification. For starters; -Your first tent doesn't have to be the tent you're going to spend the rest of your life in -Look for a nice (affordable) starter tent from Walmart or even a Blue Tarp which works just as good. -Cut back on the luxuries. I'll say it again cut back on the luxuries -You don't need a fancy Coleman twin burner propane stove when a single burner stove is just fine for your needs. -You don't have to have the latest and greatest -Yes we've all seen hot tents, no you can't afford it. -Make a plan and stick to it -Ask your manager if you can pick up a second shift, most Wendys are open until 1AM so that's ample time to make some extra bucks And to add to your very good advice, if you can’t afford your first starter tent then do what I did and live under an overpass with a bunch of guys from work and split the cost of living with them, it’s called having roommates and it’s what we all used to do in the past. And yes millennials your boomer parents had roommates!! |
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Posted: 12/6/2023 8:02:23 PM EDT
[#21]
What? I dunno.
Lots of us got homes 2011-2016 or so, then we refi in 2018 and again in 2020 and are sitting comfy. Golden handcuff? Sure, totally get that. But I can't afford to not live this lifestyle... it is cheaper for me to stay in CA then it is to move to most red states. |
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Posted: 12/6/2023 8:02:51 PM EDT
[#22]
Quote HistoryQuoted: Skill issues And psychological issues which are more important. Living in mommy’s basement for 10-years warped them, before they got a real job and were able to move out. Millennials, having grown up with social media distractions, think differently and most of that ends up being bad/dubious/fail thinking. Very sad, because in 100 years historians looking back will be labeling them the second “Lost Generation.” |
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Posted: 12/6/2023 8:02:52 PM EDT
[#23]
Boomers, gen X, millennials, and gen Z…..who has had it the best and who has had it the worst in order?
I’m not being nefarious, but would like to see how each generation ranks others |
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Posted: 12/6/2023 8:06:14 PM EDT
[#24]
IMHO GEN-X is those that didn't grow up with the internet (last gen).
That means born in 1983/1984 and up. HS didn't have the internet till 1996/1998. |
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Posted: 12/6/2023 8:06:25 PM EDT
[#25]
The best part of being an elder millennial is that our parents will kick the can pretty soon and we get to move upstairs, out of the basement. I just hope that they figured the property taxes into my inheritance, which they probably didn't, since they are entitled boomers.
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Posted: 12/6/2023 8:09:09 PM EDT
[#26]
Quote HistoryQuoted: IMHO GEN-X is those that didn't grow up with the internet (last gen). That means born in 1983/1984 and up. HS didn't have the internet till 1996/1998. It's a generation, not something fluid like gender. You're a millennial. You don't get to identify as gen x just because you like mall rats and hate your parents |
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Posted: 12/6/2023 8:10:37 PM EDT
[#27]
(45) year old millennial, eh...
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Posted: 12/6/2023 8:12:19 PM EDT
[#28]
Quote HistoryQuoted: So basically they were not taught to manage money. And they didn't learn it on their own, in their 35-45 years on this Earth, either. |
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Posted: 12/6/2023 8:13:58 PM EDT
[#29]
Millennial here.
I’ve made myself largely recession proof by not having anything. |
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Posted: 12/6/2023 8:15:00 PM EDT
[#30]
Quote HistoryQuoted: And psychological issues which are more important. Living in mommy’s basement for 10-years warped them, before they got a real job and were able to move out. Millennials, having grown up with social media distractions, think differently and most of that ends up being bad/dubious/fail thinking. Very sad, because in 100 years historians looking back will be labeling them the second “Lost Generation.” I'm a millennial and grew up with a rotary phone. We didn't grow up with social media. We were still using AOL 500 min free cds in high school. You're confusing us with the following generations |
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Posted: 12/6/2023 8:15:37 PM EDT
[#31]
34 year old <------
I don't get too caught up in the boomer vs millennial stuff, so I'm not taking sides here, but as a 34 year old in the trades who's been very heavily 'self made' (no trust fund or silver spoon treatment), I get so tired of the excuses why my peers are failing. For the record, only debt is a bobcat skid steer. Home is paid off, vehicle paid off, no carry over credit card debt month to month, etc. |
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Posted: 12/6/2023 8:15:44 PM EDT
[#32]
Quote HistoryQuoted: I'm a millennial and grew up with a rotary phone. We didn't grow up with social media. We were still using AOL 500 min free cds in high school. You're confusing us with the following generations They always do. Millennial means "Anyone younger than me" I didn't have internet in my house until 2001. |
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Posted: 12/6/2023 8:17:05 PM EDT
[#33]
Quote HistoryQuoted: So basically they were not taught to manage money. This all started when they removed Civics and Economics from the school curriculum back in the late 80's. Even some of my generation (X) is clueless on how to budget them self's. |
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Posted: 12/6/2023 8:19:24 PM EDT
[#34]
Quote HistoryQuoted: This all started when they removed Civics and Economics from the school curriculum back in the late 80's. Even some of my generation (X) is clueless on how to budget them self's. Or it could be the massive slide toward bankrupting the country into accepting socialism on a national scale. I had civics and economics on my curriculum in the early 2000's still btw. |
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Posted: 12/6/2023 8:20:14 PM EDT
[#35]
Quote HistoryQuoted: The whole thing just bugs me. I try and impart my wisdom to the millennials out there but honestly they're too fucking stupid. They are all about living in the moment and instant gratification. For starters; -Your first tent doesn't have to be the tent you're going to spend the rest of your life in -Look for a nice (affordable) starter tent from Walmart or even a Blue Tarp which works just as good. -Cut back on the luxuries. I'll say it again cut back on the luxuries -You don't need a fancy Coleman twin burner propane stove when a single burner stove is just fine for your needs. -You don't have to have the latest and greatest -Yes we've all seen hot tents, no you can't afford it. -Make a plan and stick to it -Ask your manager if you can pick up a second shift, most Wendys are open until 1AM so that's ample time to make some extra bucks  Attached File |
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Posted: 12/6/2023 8:20:24 PM EDT
[#36]
Always move forward, life is hard.
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Posted: 12/6/2023 8:20:28 PM EDT
[#37]
Average price of a pickup truck when my boomer parents were 40....$15,000. Gas $0.99 gal
Average cost of home $50,000 My dad making $25/hr Average price of a pickup truck in MY 40's $52,000......gas $4.50. Average cost of home $350,000 Me making $27/hr Shits expensive as fuck, yo And we ait getting paid much more. |
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Posted: 12/6/2023 8:20:58 PM EDT
[#38]
Quote HistoryQuoted: I refuse to cut back on avocado toast. A life without is not a life at all. |
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Posted: 12/6/2023 8:21:31 PM EDT
[#39]
Quote HistoryQuoted: And to add to your very good advice, if you can't afford your first starter tent then do what I did and live under an overpass with a bunch of guys from work and split the cost of living with them, it's called having roommates and it's what we all used to do in the past. And yes millennials your boomer parents had roommates!! Dirty Mike and the Boiz? 
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Posted: 12/6/2023 8:21:56 PM EDT
[#40]
Only "elder millennials"?
Shit ... try 50% of all American adults. (T-minus 8 months until mortgage is paid off at 4.2%) |
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Posted: 12/6/2023 8:22:28 PM EDT
[#41]
Quote HistoryQuoted: It's a generation, not something fluid like gender. You're a millennial. You don't get to identify as gen x just because you like mall rats and hate your parents Quote HistoryQuoted: Quoted: IMHO GEN-X is those that didn't grow up with the internet (last gen). That means born in 1983/1984 and up. HS didn't have the internet till 1996/1998. It's a generation, not something fluid like gender. You're a millennial. You don't get to identify as gen x just because you like mall rats and hate your parents https://freebeacon.com/politics/maxine-waters-i-was-a-millennial-once/ |
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Posted: 12/6/2023 8:23:00 PM EDT
[#42]
Quote HistoryQuoted: Millennial here. I've made myself largely recession proof by not having anything.  Attached File |
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Posted: 12/6/2023 8:23:35 PM EDT
[#43]
Quote HistoryQuoted: They always do. Millennial means "Anyone younger than me" I didn't have internet in my house until 2001. We are the last generation that can occupy themselves when the power goes out. Board games died with us |
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Posted: 12/6/2023 8:23:43 PM EDT
[#44]
Quote HistoryQuoted: Only "elder millennials"? Shit ... try 50% of all American adults. (T-minus 8 months until mortgage is paid off at 4.2%) Don't you dare interrupt the daily "everything is caused by millennials" thread sir. You get your logic tf out of here. |
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Posted: 12/6/2023 8:24:41 PM EDT
[#45]
Quote HistoryQuoted: We are the last generation that can occupy themselves when the power goes out. Board games died with us We are the last generation to remember masturbating without a smart phone. |
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Posted: 12/6/2023 8:26:08 PM EDT
[#46]
Quote HistoryQuoted: We are the last generation that can occupy themselves when the power goes out. Board games died with us Quote HistoryQuoted: Quoted: They always do. Millennial means "Anyone younger than me" I didn't have internet in my house until 2001. We are the last generation that can occupy themselves when the power goes out. Board games died with us We also know how to forage for porn in the woods, like our ancestors. |
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Posted: 12/6/2023 8:28:13 PM EDT
[#47]
Quote HistoryQuoted: How is someone born in the late 70s a millennial? It’s odd, although I do recall “Millennial” being used to refer to people born as far back as 1980 when the term was coined. |
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Posted: 12/6/2023 8:29:36 PM EDT
[#48]
Quote HistoryQuoted: I'm an old millennial. I'm quite comfortable. Married to my wife for almost 14 years, kids, owe 1/3 what my house is worth, own 3/4 cars. I’m in the bracket they provided and feel the same. Married 12 years, keeping up just fine. I even have a boat! |
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Posted: 12/6/2023 8:32:26 PM EDT
[#49]
Quote HistoryQuoted: We also know how to forage for porn in the woods, like our ancestors. It's unbelievable how everyone found porn in the woods back then. It's like a lost psychic ability...it just was a thing.Also we still utilized National Geographic. 13 year old me used the art section of Encyclopedia Britannica in a pinch. |
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Posted: 12/6/2023 8:33:37 PM EDT
[#50]
Quote HistoryQuoted: It's unbelievable how everyone found porn in the woods back then. It's like a lost psychic ability...it just was a thing.Also we still utilized National Geographic. 13 year old me used the art section of Encyclopedia Britannica in a pinch. I remember using the victorias secret catalog back when the chicks were still hot while I was pulling on my bootstrap. |
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