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Are you better off than your parents? Is your kids likely to be better off than you?
Posted on 2/20/24 at 11:07 am
Posted on 2/20/24 at 11:07 am
Had dinner with a couple whom are both doctors over the weekend. They were telling me that they are concerned their kids won’t be as successful and will have a lifestyle drop after college.
Found it interesting since most of my generation and one before it outdid their parents but millineals are the first generation where their kids are likely to not be as successful.
Found it interesting since most of my generation and one before it outdid their parents but millineals are the first generation where their kids are likely to not be as successful.
55
Posted on 2/20/24 at 11:08 am to fareplay
quote:
Had dinner with a couple whom are both doctors over the weekend.
Whites or Indians?
Posted on 2/20/24 at 11:10 am to fareplay
With the current rates of inflation, they are right at the moment.
Posted on 2/20/24 at 11:10 am to fareplay
No and No
cost of living has exploded while wages haven't
cost of living has exploded while wages haven't
Posted on 2/20/24 at 11:11 am to fareplay
Hard to tell. I wanted for nothing growing up but definitely didn’t grow up in the lap of luxury. Financially, I am probably a little behind my parents at this stage but my kids have a charmed life.
My kids will inherit a good bit if I make it to my late 70s/early 80s
My kids will inherit a good bit if I make it to my late 70s/early 80s
Posted on 2/20/24 at 11:11 am to fareplay
Yep. Grew up with bill collectors calling. frick all that noise.
Posted on 2/20/24 at 11:13 am to fareplay
quote:
Is your kids likely to be better off than you?
Better than me? Probably so.
Better than you? I hope so.
Posted on 2/20/24 at 11:13 am to fareplay
quote:
a lifestyle drop after college.
So their parents have been supporting them in college? Then it's a no-brainer that they'll have a "lifestyle drop." The same could be said for me and my friends, both while we were in college and immediately afterwards. Living on our own, no matter how shitty the circumstances were, was seen as a badge of honor.
Posted on 2/20/24 at 11:14 am to fareplay
I always tell mine that if they like the way they currently live they need to pick a career that will afford them the same.
Posted on 2/20/24 at 11:14 am to fareplay
quote:yes, they will be better of than me, as I’m better off as my parents. Plus, we know our grammar. Helps you get ahead in life.
Is your kids likely to be better off than you?
Posted on 2/20/24 at 11:18 am to LSUBFA83
When you were living alone, average rent for a 1b probably was less than 50% of average income of Americans
Posted on 2/20/24 at 11:18 am to fareplay
Really tough question. We're all better off than our parents. And they're better off than their parents and parents before them.
The world? The US? Screwed. My grandparents - if they were even aware of a national debt - may have worried about what their kids would face as adults. Same w my parents, and now me w my child. And you know? Can't stop it. No way to stop the spiral. My grandkid's grandkids will inherit 200T+++. Legit no way to reverse it and it started 80 years ago.
Posted on 2/20/24 at 11:19 am to fareplay
How frickin hard is it to use IS and ARE? Jesus frickin Christ, I don't understand how some people passed 4th grade.
Posted on 2/20/24 at 11:20 am to fareplay
quote:
Are you better off than your parents? Is your kids likely to be better off than you?
I am better off than my parents.
My kids are off to a much better start than I had. More focused on the value of school and grades. Hopefully, their work ethic will continue. My achievements are due to blind loyalty and hard work. My kids are much smarter than I ever was at their age.
My parents will leave me and my siblings nothing but I house. And I am not complaining at all. I will be lucky enough to have to make a decision on what is left to them (kids and grandkids), and what is donated.
I am a lucky man.
Posted on 2/20/24 at 11:20 am to fareplay
your parents started way fewer threads.
Posted on 2/20/24 at 11:20 am to fareplay
My kids is able to construct a sentence.
Posted on 2/20/24 at 11:24 am to Nayab
quote:
No and No
cost of living has exploded while wages haven't
People love to pimp this line but its not as true as they like to think. Look at a lot of what the lower middle class spends their money on and its lifestyle choices their parents didn't even have to make, as in its better stuff to make their life better.
Bigger houses
Smart phones and cell phones in general
Better and nicer cars
Eating out constantly
better and more expensive vacations- yes even middle class
Bigger Tvs and streaming services. My parents maybe had 5 channels at one point
ETA: if a middle class person today lived remotely close to how their parents lived, they'd be balling in savings.
This post was edited on 2/20/24 at 11:28 am
Posted on 2/20/24 at 11:25 am to fareplay
quote:
millineals are the first generation where their kids are likely to not be as successful
My parents and my wife's parents were both successful and have done well. My wife and I have "out done" both sets of parents at 36 years old. That said, she and I were set up and able to accomplish what we have because of what our parents did and what they did for us.
Posted on 2/20/24 at 11:25 am to fareplay
Together my wife and i make more than my mom and dad did at this age and we are way worse off due to purchasing power of the dollar today.
Posted on 2/20/24 at 11:26 am to Jim Rockford
My parents were far better off financially than their parents. We are about the same or a little better, though my dad's pension and health care was incredible. Our kids will probably do better than us. They are doing well now.
One big difference is that, like our parents, we were basically a one-income household. Our kids are a two-income household.
One big difference is that, like our parents, we were basically a one-income household. Our kids are a two-income household.
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