this post was submitted on 21 Dec 2024
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Mildly Infuriating

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See! You're not THAT poor. Just give it another few decades!

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[–] [email protected] 11 points 7 hours ago

This is" true" for a (tiny) subset of the Australian population. I know that I straight up sacrificed my 20s to an engineering degree and fifo job and now, at 35 I have comparable material wealth to my dad when he was my age (who was a sheet metal worker in a major city). But even still, the tiny population who did what I did will never get another run at what should've been the best 15 years of their life.

I'm unconvinced that my decision was better than the ones my (much poorer) friends who now have families made....

[–] ZombiFrancis 26 points 12 hours ago (1 children)

Thankfully as we're all breaking into our 40s, we have finally reached a point our society expected of us by 25. All it took was the slow deaths of our families.

But our kids are gonna be fucked! Thanks boomer for telling us that should make us feel better like it apparently did your generation.

[–] [email protected] 12 points 11 hours ago

Big reason I'm not having kids. Oh I'm only starting to feel relatively stable in my late 30s?! Why would I ruin that now, kids cost well over 800k, I can't afford my house and one kid, let alone 2

[–] [email protected] 27 points 13 hours ago* (last edited 12 hours ago)

First millennials were mocked for wanting part of The American Dream; now Millennials are being mocked for a few of them having a bit of it from the "COVID+inheritance" effect.

The WSJ should be ripped asunder. It is an insult to birds to line birdcages with it.

[–] [email protected] 35 points 15 hours ago

mocked at times for being perpetually behind in building wealth

but that was you guys who did that. you know that, right? it's important to me that you know that.

[–] [email protected] 123 points 22 hours ago (6 children)

Is this the beginning of the framing of "Look how good you have it. You don't need to murder CEOs."?

[–] [email protected] 28 points 15 hours ago

Trump is coming to power again, so the WSJ has to switch back to selling the idea that everything will be okay.

[–] CancerMancer 11 points 13 hours ago

It was already happening. Plenty of people were insulting those complaining about the cost of living, saying things like "What do you mean? The economy is doing fine." In Canada the finance minister called it a "vibecession", implying it was all in our heads.

All these people are talking about asset prices while we talk about the cost of living.

[–] Lucidlethargy 10 points 13 hours ago

"Look how good everyone is doing. Oh, you're not doing good? You must be lazy, pull up those boot straps!"

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[–] [email protected] 113 points 1 day ago* (last edited 1 day ago) (5 children)

Article: https://archive.md/Gr6qG

Basically: got to buy a house early as opposed to most of us ( probably with parents' help), got lucky on the stock market (because he wasn't spending everything on rent), and works as a CFO somewhere.

Definitely not in everyone's reach here.

[–] dream_weasel 2 points 6 hours ago

I mean maybe.

I went to school through 23rd grade and ran a lab at a university for about 7 years. Then I switched jobs and pastures in industry are much greener.

I suspect there are a fair amount of us who spent too much time in school and also on donating our time instead of getting paid for it.

[–] [email protected] 4 points 11 hours ago* (last edited 11 hours ago) (1 children)

I bought my house in 2009 and I was really lucky because I wouldn't have been able to afford one precrash. It was actually cheaper to have a mortgage on a house than rent in many 2 bedroom 800 sq. Ft. apartments in my area. Cheaper than some 1 bedrooms in certain areas around here.

For a few years after 2009 interest rates and prices were low enough much more affordable than now.

My situation then is not the situation most millennials find themselves in just a few short years after and certainly not now, especially since I'm an old ass millinial.

I make 6 times what I did when I bought my house and my means is roughly the same plus a car payment basically. My house is worth much much more than what I mortgaged.

A million back then could have given you a lot, lot more structure and a lot more land. Now it'll get you around a 2700 sq. ft. house on an 4th of an acre in a neighborhood in my area. Less than an hour down the road you'll get a shitbox in the hood.

This article is just full of so much shit relative to the normal person. But then that's not the target audience. It's just there so Gen Xers and Boomers will continue to subscribe and just drives the "if millinial weren't stupid and lazy they'd have the same opportunities as we did." propaganda.

[–] [email protected] 1 points 7 hours ago (1 children)

How are you a millennial? I was barely out of highschool in 2009

[–] dream_weasel 0 points 6 hours ago* (last edited 3 hours ago)

Then you maybe aren't one? you're born in the 90s which makes you heavily tail end.

Edit. Sorry I guess you're millennial out to approx 1996, but still, there are a lot of us born WAY before you. There were millennials in middle school before you were born. Don't be shitty about it.

[–] [email protected] 11 points 15 hours ago

and their examples are absurd;

brent royer got a 40% raise when he left one job for another, which is not a common occurence

and andy holmes basically moved back home and got a $90,000 home and flipped it to be worth $300,000 while investing in the stock market.

[–] Lucidlethargy 5 points 13 hours ago

I sincerely doubt this asshat is even in the 25% percentile. He's likely closer to the top 10%.

[–] [email protected] 49 points 23 hours ago (2 children)

But maybe that could happen to YOU, so don't pay too much attention to how much you're getting screwed, because you'll totally be a CFO in just a few more years of work!

[–] [email protected] 22 points 23 hours ago

Hell, I might be a CFO now and I've failed to notice! Hold on, let me check... No... No, I've just managed to burn a microwave dinner again.

[–] [email protected] 10 points 22 hours ago

Yup we just need to travel back in time, attend a select private university, have parents who can give us a living space until we save up for a house, and get a job directly into the C-Suite off the networking from that private university. It could totally happen! We don't need any workers, everyone can be in the boardroom!

[–] [email protected] 53 points 22 hours ago (7 children)

Ahhh they surely saved from not buying avocado on toast.

[–] [email protected] 11 points 14 hours ago

All they did was stop their once a week Starbucks and they became executives!

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[–] [email protected] 40 points 22 hours ago

The entire article is more than mildly infuriating. They're interviewing the well connected and winners of the economic lottery. Furthermore there's no mention at all of what that period of depressed earnings does to long term financial gains. With bias like this I don't even trust their numbers for things like adults reporting they're doing okay. Another day, another bullshit piece of economic propaganda.

[–] [email protected] 132 points 1 day ago (1 children)

Yeah, because their parents are dying and leaving their kids an inheritance.

[–] [email protected] 92 points 1 day ago (1 children)

Y'all got an inheritance? All I got was a funeral bill.

[–] [email protected] 19 points 19 hours ago

my parents asked me for loans

:: cries in having poor parents ::

[–] [email protected] 77 points 1 day ago (3 children)

@scrubbles Let me correct this one for them:

Millennials — long mocked for being locked out of the housing market and postponing major life decisions due to their financial position — are finally starting to inherit wealth.

Well, as long as they're middle class.

Many princes and princesses of the top 10% already had parents willing to be guarantors on mortgages, or just outright give precious a trust fund.

And working class millennials are already screwed, and will be for the rest of their lives.

But for 40-something middle-class Millennials, their 70-something Boomer parents kicking the bucket is providing an unexpected financial windfall.

[–] [email protected] 15 points 22 hours ago* (last edited 22 hours ago)

My parents have been very clear, there is no inheritance. I love them but when we were young adults they bought into the idea that getting college degrees would set us up for life and they decided to coast on their early retirement instead of buying property and getting real assets to hand down.

[–] [email protected] 44 points 1 day ago (1 children)

I know everyone thinks they are middle class, but If your parents are giving you a trust fund you are probably pretty solidly in the upper class, not middle.

[–] [email protected] 33 points 1 day ago

@jrs100000 You'll note I said "princes and princesses of the top 10%". As in top 10% of households by income.

Those Millennials are set.

The middle class Millennials are now starting to inherit property.

And the working class Millennials? Screwed.

[–] [email protected] 13 points 1 day ago (2 children)

All Im inheriting is debt...

[–] [email protected] 13 points 16 hours ago

Are you American? If so, know your rights. Most debt cannot be passed down to surviving children. If the amount of debt exceeds how much their estate is worth, the lenders are not entitled to you paying them. They will try to make you pay, don't do it! Do not give them even one penny or agree to anything, or you will have then "assumed" the debt and now it is yours.

The exceptions are loans where your name is on them (joint or cosigned iirc) or medical debt in certain states with filial responsibility laws.

[–] [email protected] 2 points 18 hours ago

With ya there.

after 30 years I thought the house was paid off. Nope. Now I'm in 5 way inheritance battle over scraps waiting to happen.

[–] [email protected] 54 points 1 day ago

Guess I missed the memo

[–] [email protected] 11 points 1 day ago

Titles accurate, I thought I'd have some stability by now when I got out of college

[–] [email protected] 1 points 22 hours ago* (last edited 22 hours ago)

brainrotting the middle to late gen a is a problem too! /j (mostly)

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