Posted on 01/15/2017 12:15:23 PM PST by Rufus2007
While President Barack Obama is leaving office claiming victory on the economy, millennials are financially worse off than their baby boomer parents were at the same age.
A new report looking at the economic situation of young people ages 25-34 found that millennials own and earn significantly less than their parents’ generation did as young people in the late 1980s.
...more...
(Excerpt) Read more at dailycaller.com ...
They did it by paying attention to mom and dad.
“Yup! Those who plan longterm will do very well!! Especially in the technical fields!”
Re: Tech fields.
This is very true. The complete team reporting to me at our little startup are millennials. They are hardworking, smart and highly educated. All are making in 6 figures. I am seeing wisdom on how they spend & save their money. They make me think there is hope.
I don’t think any of them will end up as a coffee jockey at Starbucks. :)
There are exceptions, and virtually every child of a FReeper are those exceptions.
Hit the nail directly on the head!(BTW,wife and I were both Science TEACHERS surrounded by idiots and refused to drink the liberal Kool Aid)
They don't mind because they are spending their inheritance living in their basements. That will change when their parents run out of money though. Until then it is party hardy time!!!
” But guess what, the Boomers were savers”
No, they are not. The numbers say otherwise. Very few have saved anything for their impending retirement. Very few.
Actually, that provision in obamacare is the ONE. SINGLE. THING. in his whole atrocity that I was glad for. My kids needed it as they were putting themselves through grad school and were living on a tight budget.
It was a huge help to them to have good quality insurance (ours) at no cost to them, but to us.
FWIW, my kids in their mid twenties, are doing very well financially.
One has been married for almost three years, is on his 2nd job and 2nd house (the job change demanded a move), and the other two are finishing up grad school in in excellent financial shape as they were taught to manage money and not blow it on every little toy that comes along that they have to have.
If they are raised right, there will be no need to *kick them out*.
My youngest was back hat home for a brief stint after a job didn’t work out, but she got a part time one and pursued further education and is no in grad school and looking at a PhD.
Sometimes they need a hand up and kicking them out is not always the loving or necessary thing to do.
BTW, I lived at home until I got married at 30. I had a full time, good paying job, paid room and board, helped around the house, did my own laundry, owned my own car, traveled and had my own social life.
Home was a place to sleep and eat.
Living at home is not necessarily due to anything but convenience. I had a good relationship and understanding with my parents and it worked for us.
Your just racis against the female with the male anatomy with a triple major in lesbian studies and social justice, and a few substance dependency and hygiene issues, and $80,000 in school debt. How is this person being given a fair shake? /s
Same here, our millennials are in jobs paying very good salaries. They married young, own their own homes, and one baby has arrived :) They are doing much better than we were at their age.
Sorry, there must be more to it than that. Did you help them? Nothing wrong with that. My parents wouldn’t lend me $10,000 for a week when we put down our deposit on our first house although we had jobs. We had to borrow it from good friends - much to my embarrassment - who got it back in 7 days. They were Depression people and very tight with a buck.
I moved out at 19. Poor parents. I found my own way, barely getting by on a low-paying job, but worked things out. I married at 23, my wife was 21 and also poor. Being on our own made us stronger, and things indeed did get better as the years went by. Our kids couldn't wait to be out on their own, although we paid for their college, which they graduated in four years at the age of 21 and found full-time work. Millennials can make it on their own if they apply themselves and don't get lazy.
Nothing wrong with living at home if you have a happy family and are welcomed. This idea of the nuclear family is less than a century old. During the Depression, grandparents, parents and adult children lived under one roof - sometimes happily, sometimes miserably. But they survived. I don’t get this dislike of adult children living at home if they have jobs and are decent, mature people. My next door neighbors have such a family and they seem happier than clams.
Me and my wife saved as Boomers. Three out of four of my siblings did not, and have nothing in their late years. Same for my wife, three out of five of her siblings did not save. That's about one-third being savers in our combined families. The other two-thirds are liberals and spenders who waste, and call the others "lucky". Yeah, lucky we had brains not to be wasteful spoiled liberals.
But now he lives with you! In other words, family members help each other. This idea of kicking out young people because they are young people is beyond me. The only reason to kick out a young adult is if he is not pulling his own weight, taking dope or hanging around the computer in the basement. I got my first apt. at 18 because I couldn’t stand living with my miserable mother who made my life a living hell. I could have saved a lot of money living at home if she hadn’t been so awful and would have saved a lot of physic energy in worrying that the next landing in the lousy NYC apartment building didn’t harbor a rapist.
Paid for college.Sacrificed so they didn’t have to work during school.First son had to get a loan for last year cause he went 5 years and # 2 was in first year.Told him it was good for his credit rating. Both graduated and secured jobs with Johnson & Johnson and GE.They didn’t major in Social Science as you can see.
“Actually, that provision in obamacare is the ONE. SINGLE. THING. in his whole atrocity that I was glad for. My kids needed it as they were putting themselves through grad school and were living on a tight budget. “
What you should have demanded was that healthcare costs decrease such that universities could once again offer healthcare.
In 2004, I paid $112 for a $250 deductible plan for my own healthcare through Blue Cross. Today, because of ObamaCare that same basic plan is $750 and the deductible is $5,100.
In 1980, my wife paid $18/month for a university health plan.
ObamaCare was about you, the so-called rich (rich was defined as anything above minimum wage), paying higher premiums for your children. They didn’t want young adults having affordable healthcare. They wanted you to pay more.
That sounds great but when would that have happened?
Certainly not in time to help us.
No, I was just ready to make my way. And I had your classic American Dream upbringing.
Roots and Wings, if we’re lucky in this world. Children SHOULD want to leave the nest! ;)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.