The Millennial wealth gap: Americans born between 1981-1996 are accumulating savings at a much slower pace than prior generations, study finds

submitted by HeyImSancho from dailymail.co.uk

all 12 comments
sorted by:
top
newinsightfulfun

[–]cmdrrockawesome 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

By the way, a lot of the comments on that article are so disheartening. It seems like all Baby Boomers want to do is comment on how lazy or stupid Millennials are. How they were able to do such and such, and the only reason Millennials can't is because they spend too much money or waste too much time and effort. They aren't aware of the economic factors that allowed them to have the success they did, nor are they aware of the factors that hold so many of my generation back.

[–]cmdrrockawesome 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

This isn’t a shock. I’m a millennial (1983) and I’ve witnessed this all first hand. The Great Recession stymied economic growth for at least a decade and delayed economic and personal milestones for the same amount of time or more. People didn’t buy houses or other large investments and their earning potential was hampered. We’re only now starting to recover.

[–]HeyImSancho[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

I don't think we're recovering, when looking at the longer trend of less, and less tangible property that can be liquefied if needed, as compared to consumer crap that drops in extreme value right after purchase.

Wages have just started going up in the last few years, but had remained stagnant for the last 30. If you compare buying power of wages say 1998 to now, and I think we're seriously off by at least 40%, or more when looking at some commodities.

[–]cmdrrockawesome 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Wages have stagnated for the past few decades, and are only now showing the slightest signs life. I believe this is what has led to the appeal of politicians like Bernie Sanders, Elizabeth Warren, and Alexandria Ocasio-Cortez. They at least acknowledge the disparity between the Baby Boomers and (to a degree) Gen Xers and Millennials. I've often said that I doubt most Baby Boomers would be able to accomplish everything they have in their lives if they had been born in my generation.

[–]HeyImSancho[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (7 children)

College is a perpetrated agendized scam. It's been used to cheat, and steal the money of the people, and more importantly it's been used to steal people's minds, hearts, and souls by way of brain washing.

Worse yet, the wealthiest, and most successful people any of us know, and those that I know in my own life, never went to college. So why are so many people conned into believing it's the only way???

How many reading this realize that almost all professions used to consist of at best, taking a single test without degrees attached?

Prove me wrong, debate me, be intelligent!

[–]cmdrrockawesome 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

A college education, by and large, is a positive in most people's lives. Where I think we've failed as a society is pushing the narrative that everyone should go to college. There are plenty of alternatives that can benefit people and actually might suit them better. Trade schools, apprenticeships, entrepreneurial training, etc. We've seemingly put all of our eggs in the college basket while simultaneously making it harder to afford, even at the state school level. I can see why some people would think it was a massive scam.

The student loan debt crisis will soon come to a head. When it does, expect another massive bailout from the feds. Only then will we reexamine our post-secondary school strategy.

[–]HeyImSancho[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

College is positive in a lot of folks eyes, but more so as a sign of achievement they hang on the wall; proof for this are all the college scandals right now; where idiots that truly couldn't survive on their own, and without money, are buying their way into schools.... Doesn't say too much for any alum who has a degree from any of those schools.... The discernment between who earned, and bought is too much.

Away from that, I totally agree with other avenues such as votech, and trade school. There are a number of trades that offer real wages, and benefits for journey level workers. I had a buddy who graduated high school, worked for an electrical contractor; by the time he was 22, he had his Master's license, and since high school, he'd earned just over 100 grand in total.

Contrast that, with the electrical contractors daughter, who went off to college; when she was 22 she'd amassed a debt to her father in excess of a 100 grand, didn't have a job, didn't know life.

My friend now makes a lot more than that with his own company. You can take this, and look at many to most of the more successful players never graduate college; there was a time when that was said of high school as well.

I think we're being snowed under with the details a little too much; perhaps wasted information, or wasted scape goating, or something.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (4 children)

Something is very wrong when we push push push everyone to go to college, but then let them pick degree programs which have next to no earnings potential- English, communications, psychology, art history. No one gives it to the kids straight. This leads me to mostly agree with you assessment- scam.

[–]HeyImSancho[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (3 children)

The sad part is, our entire society is devolving to care only about money. I opine they put, 'in god we trust' on every bill for a very specific reason; teach us that those IOU notes are 'god'.

I say this, as our society fails at realizing the importance of those fields of study that you point out, as making no money. They should aid in defining, and insuring that our path forward in culture, and community is at the least 'known'. They in many ways are the difference between a reactionary society, and proactionary society.

A lost people, nation, or community void of where they came from, is more easily controlled than one in which they know 'why' for what they do; just saying.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

Yes, you're touching on getting a (classical) education vs getting a degree for financial stability. The classical education has tons of merit and worth, but unfortunately most have to choose between one or the other. This is similarly glossed over or not discussed at all when choosing your major, at least for me.

It is sad.

[–]HeyImSancho[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Nothing is set in stone, and life definitely isn't scripted; it's probably a good thing they don't push people into any given field. It's as simple as, only you can know what will make you happy....

That's what our current paradigm fails at teaching us, really knowing ourselves. Perhaps that's only something that can come with age, and until then, you 'fake it till you make it?' I can't say that I fell in love with my skill set, but it can put food on the table.

As far as big companies, most just want to see a degree, short of applying for a specific skill set, and accompanying degree, most just want a regular degree. It shows you can simply stick with 'it', or 'anything'. It's either have that, work experience, or military anymore.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

I'm a big believer in fake it till you make it. I think AA teaches it even.