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Link Posted: 12/7/2023 2:37:43 AM EDT
[#1]
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LMAO $40,000? A starter pile here in NV is around $285,000.
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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.


LMAO $40,000? A starter pile here in NV is around $285,000.

Link Posted: 12/7/2023 2:40:04 AM EDT
[#2]
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I'm an 'elder millennial'. Things were going decently until the divorce (and things would have been a lot better if my ex-wife hadn't been the type to spend money frivolously, even though she made boatloads of money).

When we separated and I moved into my apartment, I had almost nothing with me. Didn't even have a chair or a table to eat off of. I remember eating dinner the first several nights here...my choices for seating were either sitting on my bed, or sitting on the floor.

A divorce can financially ruin you and set you back decades. I essentially had to start my life over from almost nothing in my mid-30s.
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Same boat; "elder" that basically bankrupted due to a divorce, and started over. Life goes on.
Link Posted: 12/7/2023 2:44:10 AM EDT
[#3]
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Same boat; "elder" that basically bankrupted due to a divorce, and started over. Life goes on.
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Yep. I'm doing better now...got a nicer job and I'm hitting my retirement accounts pretty hard, but even so, I'm still way behind on that. It is highly unlikely I'll ever be at the financial level I could have been, had I not gotten divorced. But as you said, life does go on.
Link Posted: 12/7/2023 3:01:26 AM EDT
[#4]
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How is someone born in the late 70s a millennial?
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Yeah tell me about it.

They just keep moving the years further and further back. First it was 1988, then 85, then 81.
Link Posted: 12/7/2023 3:02:59 AM EDT
[#5]
Link Posted: 12/7/2023 3:13:31 AM EDT
[#6]
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
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For Pete's sake. Now they are specifically defining "Elder Millennials" which includes 2 years of Gen-X


THIS "elder millennial" is doing just fine. I think I am in the top 20% in my age group WRT retirement savings, married, kids, nice house.
Link Posted: 12/7/2023 3:16:52 AM EDT
[#7]
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Quoted:
How is someone born in the late 70s a millennial?
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They aren't.
Link Posted: 12/7/2023 3:17:51 AM EDT
[#8]
For reference, I had boomer cons screaming at me about my extravagant spending in 2003 when I spent $89 on a Mosin Nagant.

Which really discouraged spending $125 on the Yugo Mauser wrapped in cosmoline.

We could also get into not spending $40 on spam cans of 8MM OR 7.62x54r.

That was literally mentioned as a reason why I was refused a raise. “You’re just going to spend it on guns and toys.” Well Bill, I’m not going to spend it on Ex Wives and child support. So deal with it.

So no, millennials aren’t living above their means. But we could talk about the Potato’s inflation policies.
Link Posted: 12/7/2023 3:21:43 AM EDT
[#9]
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Yeah tell me about it.

They just keep moving the years further and further back. First it was 1988, then 85, then 81.
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How is someone born in the late 70s a millennial?


Yeah tell me about it.

They just keep moving the years further and further back. First it was 1988, then 85, then 81.


A Millennial is anyone born in the 20th Century that became an adult in the 21st Century.  DOB 82-99.  Add this to the many basic concepts that journalist are incapable of understanding.

ETA:
A big component that gets left out of these discussions are the types of opportunities between generation.  Gen X and millennials have had as much opportunity or more than boomers, but those opportunities have been far less defined and predictable. The traditional “tracks” to a prosperous middle upper class have shifted to a more diffuse and chaotic landscape.  I think a lot of people are not suited for this and that’s causing this generational distress.
Link Posted: 12/7/2023 3:34:10 AM EDT
[#10]
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A Millennial is anyone born in the 20th Century that became an adult in the 21st Century.  DOB 82-99.  Add this to the many basic concepts that journalist are incapable of understanding.
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1965-1980 GenX
1980-1995 Millenial
1995-2010 GenZ
Link Posted: 12/7/2023 3:35:47 AM EDT
[#11]
Fuck em.
Link Posted: 12/7/2023 4:09:02 AM EDT
[#12]
Guess I'm an elder millennial. Sure, I could be doing better, but I have a roof over my head, my family doesn't go hungry and I have two vehicles. All with no debt.

Yeah I made mistakes and it took a bit to dig out, but if you live within your means you'd bet surprised. I'm always going to want more, but I'm doing pretty good for myself.
Link Posted: 12/7/2023 4:52:22 AM EDT
[#13]
Its hilarious how out of touch with reality so many people are.
Link Posted: 12/7/2023 6:01:02 AM EDT
[#14]
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They aren't.
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How is someone born in the late 70s a millennial?



They aren't.



No wonder they are broke…they can’t do math either.
Link Posted: 12/7/2023 6:09:55 AM EDT
[#15]
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We need a millennial subforum.
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Link Posted: 12/7/2023 6:22:16 AM EDT
[#16]
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
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Damned nice fridge in that nice kitchen photo.

Starbucks and a must-have new iPhone every 2 years is quite the bleed as well.

Link Posted: 12/7/2023 6:29:45 AM EDT
[#17]
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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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This is true.  Pay scale has not kept up


Where does the money go you might ask?



And taken to pay other people to not work

Link Posted: 12/7/2023 6:43:40 AM EDT
[#18]
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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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That's exactly my thought. Boomers grew up and lived in very unique times for them to be able to live the lives they did. I'm happy for them, but too many people of other generations expect the same outcomes and it's just unrealistic.
Link Posted: 12/7/2023 6:58:48 AM EDT
[#19]
LOL.  Suck it.
Link Posted: 12/7/2023 7:04:11 AM EDT
[#20]
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LOL.  Suck it.
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You know what they say about queers and steers from Texas, right?


Link Posted: 12/7/2023 7:20:15 AM EDT
[#21]
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For reference, I had boomer cons screaming at me about my extravagant spending in 2003 when I spent $89 on a Mosin Nagant.

Which really discouraged spending $125 on the Yugo Mauser wrapped in cosmoline.

We could also get into not spending $40 on spam cans of 8MM OR 7.62x54r.

That was literally mentioned as a reason why I was refused a raise. “You’re just going to spend it on guns and toys.” Well Bill, I’m not going to spend it on Ex Wives and child support. So deal with it.

So no, millennials aren’t living above their means. But we could talk about the Potato’s inflation policies.
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Family business? Why did they know how you spent your money? Raise should be performance based and nothing else.
Link Posted: 12/7/2023 7:24:59 AM EDT
[#22]
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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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Wow!!!    Great job and congrats!
Link Posted: 12/7/2023 7:30:29 AM EDT
[#23]
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That's exactly my thought. Boomers grew up and lived in very unique times for them to be able to live the lives they did. I'm happy for them, but too many people of other generations expect the same outcomes and it's just unrealistic.
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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.


That's exactly my thought. Boomers grew up and lived in very unique times for them to be able to live the lives they did. I'm happy for them, but too many people of other generations expect the same outcomes and it's just unrealistic.


Hmm, lets see, Nam, carters malaise years, incredible inflation and interest rates that make today's look like sunshine and rainbows, the massive off shoring of manufacturing and closing of tens of thousands of businesses related to it, the changeover to an entire new world from mechanical to electronics which was a lot like horses to autos, the energy ''crises'' that made energy costs higher then they are now when compared to wages. Layoffs everywhere, no jobs, a couple of nice crashes in there related to the market.

I will also say there were a lot of good things that you have to weigh against the above but those are all people will talk about, never the totally fooked things.
Link Posted: 12/7/2023 8:34:20 AM EDT
[#24]
This article is dumb.  The older millennials who don’t have homes are the same millennials who lost their cars when they couldn’t make the payments.   Theyr the baby boomers who have nothing except social security.  


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
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Link Posted: 12/7/2023 8:44:27 AM EDT
[#25]
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We are the last generation to remember masturbating without a smart phone.
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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.

Back when every rickety ass "fort" in the woods, built by male adolescents, had at least a couple of old hustlers/playboys stashed in them.  
Link Posted: 12/7/2023 9:05:16 AM EDT
[#26]
Link Posted: 12/7/2023 9:20:39 AM EDT
[#27]
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I was making $7-$8 in the mid 80s, in high school working at a landscape nursery.
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You dad had a hell of a job in 1980-1981. $25/hour back then was outstanding.
Yeah, my dad made about $7/hr in the mid eighties.


I was making $7-$8 in the mid 80s, in high school working at a landscape nursery.

Nice.

All my HS jobs in the mid eighties paid just over $3/hr.    
Link Posted: 12/7/2023 9:29:31 AM EDT
[#28]
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I was making $7-$8 in the mid 80s, in high school working at a landscape nursery.
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My dad moved to Texas and took a job for about $7/hr working on aircraft around 1987. I'm pretty sure he made more before that but got laid off and needed to feed our family.

With five kids and a stay at home wife it was financially difficult for him until around the early 2000's. Almost all of his retirement savings were accumulated between 2005 and 2020. At that point he had maxed out his pay scale, obtained his A&P and had a lot of opportunities for overtime.

He retired a few years ago at 67 and is doing fairly well now.
Link Posted: 12/7/2023 9:32:14 AM EDT
[#29]
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I'm amused how so many people who are blessed with good fortune think they were so much smarter than everyone else.  Yes, many of us made good decisions but there was also the fact that our timing was lucky, or this, or that circumstance all lined up-others did the same thing and got totally hosed.

TLDR- thank God for what you have and have been able to do.
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Older GenX and I don't know anyone that did the same things as I did to be financially secure and got totally hosed.

I do know plenty of people that got hosed by being over-extended living at the edge of their means or beyond them.  Every pay increase or promotion just meant a higher monthly debt increase.  

Watched people from boomers to millennials all do the same things - good and bad.          
Link Posted: 12/7/2023 9:56:07 AM EDT
[#30]
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Older GenX and I don't know anyone that did the same things as I did to be financially secure and got totally hosed.

I do know plenty of people that got hosed by being over-extended living at the edge of their means or beyond them.  Every pay increase or promotion just meant a higher monthly debt increase.  

Watched people from boomers to millennials all do the same things - good and bad.          
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Accurate. A lot of people forget that GenX has a... debt problem.
Highest Credit Card Debt
Highest Student Loan Debt
Highest Mortgage Debt

The reasons for this are likely very... complicated.
Link Posted: 12/7/2023 9:57:44 AM EDT
[#31]
I already dislike BOA enough, but trying to redefine me as a millennial is going too far.  Oldest millennials are 42 currently.  I'll admit Xennial might be a thing.
Link Posted: 12/7/2023 10:00:59 AM EDT
[#32]
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I already dislike BOA enough, but trying to redefine me as a millennial is going too far.  Oldest millennials are 42 currently.  I'll admit Xennial might be a thing.
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Wear it with pride. There are a lot of good things about millennials, plus we live rent-free in so many people's heads.
Link Posted: 12/7/2023 10:14:19 AM EDT
[#33]
Oh look, an entire thread where people don’t understand fiat money and how much value the dollar has lost due to (insert a million reasons).

No gramps, it isn’t the same as when you grew up. Can’t afford a family, house, and car on $4.25 and hour.

Hey whipersnapper, I don’t see you fixing the problems  you blame the boomers for not fixing. And you’re allowing a lot more to be created for generations to come.



Link Posted: 12/7/2023 10:16:32 AM EDT
[#34]
A cohort is a standard tactical military unit of a Roman legion.
It was generally composed of 480 soldiers.
Link Posted: 12/7/2023 10:19:44 AM EDT
[#35]
I see it, they need to borrow money to get their vehicle serviced, because they are broke after taking the family to Disney World for a week.
Link Posted: 12/7/2023 10:26:15 AM EDT
[#36]
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You need to learn this because this is how every adult writes.
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No we weren't. We were taught Square Dancing in gym class and the recorder in music class. We were told by our parents going to college is the only way to make a living as an adult. Starting your own business was only for the rich and if you wanted to be a blue collar worker, you probably had bad grades and didn't apply yourself. Thanks Gen xers and baby boomers


Remember all of that time they spent teaching us cursive?

You need to learn this because this is how every adult writes.
One of my biggest disappointments in life was upon reaching adulthood and interacting with other alleged adults, finding out what they were actually like.

I never used my PE square dancing education.
Link Posted: 12/7/2023 11:04:58 AM EDT
[#37]
As the parent of an elder millennial, I took the time to teach my daughter that avocados were for guacamole, not toast.

Those of you eating avocado toast, well that's the root of your problem.
Link Posted: 12/7/2023 11:15:11 AM EDT
[#38]
Late 30s millennial here. No money issues for me but I’m a big time cheapskate and so is my wife. I also get a nice tax free check in the mail every month from the VA because I was lazy and spent my entire 20s in the Middle East and got injured in the process.
Link Posted: 12/7/2023 11:17:39 AM EDT
[#39]
Age 35-45?

Congratulations Gen-X, you are millennials now
Link Posted: 12/7/2023 11:19:54 AM EDT
[#40]
We need to seperate the discussion.  People who make terrible financial decisions span all generations.

Then lets not confuse this with Bidens shit economy.

"Maintaining a lifestyle" just screams "Living beyond your means"



Link Posted: 12/7/2023 11:23:52 AM EDT
[#41]
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How is someone born in the late 70s a millennial?
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These definitions are always hilariously fungible. But, from a financial management angle, I guess it makes sense to use those who started their professional lives at the beginning of millenium.

Link Posted: 12/7/2023 11:33:34 AM EDT
[#42]
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How is someone born in the late 70s a millennial?
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This. 45 y/o is NOT a millennial. That's GenX right there.
Link Posted: 12/7/2023 11:38:55 AM EDT
[#43]
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Age 35-45?

Congratulations Gen-X, you are millennials now
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The absolute latest cutoff I have ever seen for "Gen X" is 1980. But when it first started getting written about, the cut off year was as far back as 1972 or earlier.

At best, this definition makes two years of "X" as "millennials."
Link Posted: 12/7/2023 11:40:39 AM EDT
[#44]
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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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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."
I love these threads because they're always full of people who don't know who millennials are lmao.
Link Posted: 12/7/2023 11:48:50 AM EDT
[#45]
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Yep. I'm doing better now...got a nicer job and I'm hitting my retirement accounts pretty hard, but even so, I'm still way behind on that. It is highly unlikely I'll ever be at the financial level I could have been, had I not gotten divorced. But as you said, life does go on.
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Same boat; "elder" that basically bankrupted due to a divorce, and started over. Life goes on.

Yep. I'm doing better now...got a nicer job and I'm hitting my retirement accounts pretty hard, but even so, I'm still way behind on that. It is highly unlikely I'll ever be at the financial level I could have been, had I not gotten divorced. But as you said, life does go on.

We should start a club. The best part is during a successful part of my financial recovery, I started a small business in late 2019 which the gov covid regs completely crushed...so that's fun
Link Posted: 12/7/2023 11:56:03 AM EDT
[#46]
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I love these threads because they're always full of people who don't know who millennials are lmao.
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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."
I love these threads because they're always full of people who don't know who millennials are lmao.


It's as if they remember millennials being teenagers when they first heard about them in the 1990s, and thus they will forever remain teenagers in their minds, or they might be allowed to get as old as 30.
Link Posted: 12/7/2023 11:59:40 AM EDT
[#47]
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It's as if they remember millennials being teenagers when they first heard about them in the 1990s, and thus they will forever remain teenagers in their minds, or they might be allowed to get as old as 30.
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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."
I love these threads because they're always full of people who don't know who millennials are lmao.


It's as if they remember millennials being teenagers when they first heard about them in the 1990s, and thus they will forever remain teenagers in their minds, or they might be allowed to get as old as 30.

Reminds me of when Marines recognize the youngest Marine at the birthday ceremony. Current year minus 17-19 will always be their birthyear, yet the old folks always gasp with surprise lol.
Link Posted: 12/7/2023 12:17:35 PM EDT
[#48]
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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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This really is a solid list. My wife and I turned 40 and 41 this year, respectively, and have basically held to the above list since we both started working. She wasn't investing as heavily as she should have been in her early 20s, but once we got engaged, I started getting more involved with her finances and showing her the joys of compounding interest
Link Posted: 12/7/2023 12:32:06 PM EDT
[#49]
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Quoted:


We are the last generation to remember masturbating without a smart phone.
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Quoted:

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.


Thanks for the good memories.

Things really were simpler back then....
Link Posted: 12/7/2023 12:59:50 PM EDT
[#50]
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I see it, they need to borrow money to get their vehicle serviced, because they are broke after taking the family to Disney World for a week.
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That was literally my wife's parents in the 90s

Coming back from Florida and my mother-in-law mentioned to my wife and her siblings how they might not have a house to come back to as it may have been taken by the bank while they were gone.
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