Millennials earn 20% less than Boomers did at same stage of life

Post by sAuronas » Sat, Jan 14, 2017, 12:48 PM UTC

closeparen wrote: post #43

ChuckMcM wrote: post #35

I cannot say I'm very impressed with the article. I could pick out a number of millenials who are doing better than their parents at the same age. But I wouldn't use that to argue that everything is okay. One thing that has stuck out at me has been the ways in which people have money drained from them. I think there is a huge student loan problem where young people were "sold" a crappy education. But setting that asi…

You are slamming an entire generation by claiming that the problem is spending irresponsibly on frivolous things. I don't blame you - it must feel great to feel that the problems of the world are rooted in others being less virtuous than you. The trouble is, my generation faces lower real wages and higher housing costs, and those effects are so large that Starbucks habits are basically noise in comparison. That narra…

Post by GFK_of_xmaspast » Sat, Jan 14, 2017, 2:32 PM UTC

EliRivers wrote: post #109

jknoepfler wrote: post #92

Earlier quoted context omitted.

I'm sorry, did you just complain about making 30% ROI on $200k over two years? Oh no, your tax burden.

This is nonsensical. I have to pay that extra tax NOW. That's real money that I have to pay out. An extra 30% on something I nominally own? That's not real. I can't pay the taxes with that. What should I do to get that extra 30%? Take out an extra mortgage on that alleged increase in house value? Sell it and move to a worse house in a worse neighbourhood, somewhere I don't really want to live that I can still afford…

Post by MicroBerto » Sat, Jan 14, 2017, 3:10 PM UTC

speeder wrote: post #12

Note that even in countries where the absolute amount of money is better, the stuff on this article still applies. I am from Brazil, and many boomers told me when I was young how awesome I was to be young, because I was living in a golden age where I didn't had to walk uphill both ways to school, could have computer, and whatnot. But it is me that envy them now, I am 29, have zero income, lots of debt, and own no ass…

Post by _nalply » Sat, Jan 14, 2017, 4:21 PM UTC

anguswithgusto wrote: post #42

I'm surprised at how much flack this article is getting here on HN. Is it because we're all making those sweet 1% salaries in tech? All my non-tech/finance friends are paying obscenely high rent, crippled with student debt, can't afford houses, can't afford cars, and three times as educated as their parents, but paid less than their parents were. In the case of unpaid internships (unavoidable for lots of industries,…

Post by m0llusk » Sat, Jan 14, 2017, 5:03 PM UTC

developer2 wrote: post #50

closeparen wrote: post #43

Earlier quoted context omitted.

You are slamming an entire generation by claiming that the problem is spending irresponsibly on frivolous things. I don't blame you - it must feel great to feel that the problems of the world are rooted in others being less virtuous than you. The trouble is, my generation faces lower real wages and higher housing costs, and those effects are so large that Starbucks habits are basically noise in comparison. That narra…

>> those effects are so large that Starbucks habits are basically noise in comparison Right, because spending $1500-2000/year on Starbucks and another $2000-$4000+/year on McDonald's and other takeout for 2-3 meals a day is "noise". Consumerism is a very real thing today. There are lower middle class people who blow $30-50 a day on Starbucks, energy drinks, going out for lunch, and ordering pizza for dinner. Throw in…