Are you financially better off than your parents were at your age?

[Rain Man]

Simple question, multifaceted answer. Do you think you're better off, worse off, or about the same as your parents were when they were your current age?


Poll coming, and I promise not to tell your parents.

[BigRedChief]

Originally Posted by lewdog

I think my generation, millenniums, tend to over-estimate how good our financial situation happens to be. Most look at income brought home and solely that compared to others or their parents. However, this generation has very few homeowners compared to our parents at this age, has higher living expenses (by choice at times) and has virtually no savings for retirement or even a clue on how to prepare for the future. I know plenty of people who are offered 401k's at work and either have no clue what they are investing in them or some of them decide not to even have one. So while many feel good about things, their grasp on a full financial picture is very poorly defined.

I agree. I carry debt I shouldn't but I want things and don't want to wait.

[Demonpenz]

I don't think I will ever find fault with people who aren't into saving money and long term financial stuff. Tomorrow never comes for lots of people anyway.

[ThaVirus]

Originally Posted by Demonpenz

I don't think I will ever find fault with people who aren't into saving money and long term financial stuff. Tomorrow never comes for lots of people anyway.

I feel you; you've got to live. The problem is, tomorrow does come for the vast majority of people.

Like most anything else, I think there's a happy medium.

[DaneMcCloud]

Originally Posted by Demonpenz

I don't think I will ever find fault with people who aren't into saving money and long term financial stuff. Tomorrow never comes for lots of people anyway.

I absolutely agree.

As I've mentioned here before, we lost a considerable amount of money due to the crash of 2008 and by 2013, we weren't even back to 65% of our original savings. Had I kept all of that money in low yield CD's and savings accounts, I'd still have it to this day.

Instead, it was lost to me but Wall Street, brokers and corporations earned it back tenfold.

[Demonpenz]

One thing I know about my brain is I just like to save or do some financial education because it helps give me hope and entertainment now. I know there are no promises later that it will get better, it just helps me live day in and day out with hope for a brighter future. The people who are better with their brains don't have to do all this shit to feel good about where they are going. They are just living man

[El Jefe]

Originally Posted by Sully

About the same.
My dad and mom had just gotten divorced. My dad was working for GSA making good money, but my mom had ruined his credit, so it was a few years of living lean when he and my step mom got together.
I'm settled in a good job, bit not really high pay. Same with my wife. We will do ok, but probably never make what my dad did, without major career changes, which neither of us want.

See, I am kind of in the same situation. Money isn't everything to me, I like what I do and I am not interested in chasing money doing something I don't like. My wife makes pretty good money, and she could make more if she wanted to get her nurse practitioners or further, but we are happy where we are.

[El Jefe]

Originally Posted by O.city

I didn't have any from undergrad, between academics and golf and mom and dad.

I had 301k after 4 years of dental school at 6.7% but am paying about 4200 per month, sometimes more to try and get out from under that shit.

That is almost over 3 times my mortgage, wow.

[El Jefe]

Originally Posted by lewdog

I think my generation, millenniums, tend to over-estimate how good our financial situation happens to be. Most look at income brought home and solely that compared to others or their parents. However, this generation has very few homeowners compared to our parents at this age, has higher living expenses (by choice at times) and has virtually no savings for retirement or even a clue on how to prepare for the future. I know plenty of people who are offered 401k's at work and either have no clue what they are investing in them or some of them decide not to even have one. So while many feel good about things, their grasp on a full financial picture is very poorly defined.

A lot of good points in here, I see a lot of my friends fall into your exact description. Very few of my friends are homeowners, and very few have any retirement accounts started.

[2bikemike]

Originally Posted by lewdog

I think my generation, millenniums, tend to over-estimate how good our financial situation happens to be. Most look at income brought home and solely that compared to others or their parents. However, this generation has very few homeowners compared to our parents at this age, has higher living expenses (by choice at times) and has virtually no savings for retirement or even a clue on how to prepare for the future. I know plenty of people who are offered 401k's at work and either have no clue what they are investing in them or some of them decide not to even have one. So while many feel good about things, their grasp on a full financial picture is very poorly defined.

Very good take on the state of wealth. I talk with a lot of younger people who don't comprehend Wealth. I see and hear it all the time families making a 6 figure income and live paycheck to paycheck and not doing anything to enhance their Net Worth.

I admit when I was in my early 20's I spent everything I made. I read 2 books that changed my Paradigm about money. (The Richest Man in Babylon and The Millionaire Next Door) I have spent the past couple of decades applying those principles. I have accumulated considerably more Wealth than a lot of my peers. I do not have a college degree I have worked hard and worked at living within my means.

[kepp]

Originally Posted by 2bikemike

Very good take on the state of wealth. I talk with a lot of younger people who don't comprehend Wealth. I see and hear it all the time families making a 6 figure income and live paycheck to paycheck and not doing anything to enhance their Net Worth.

I admit when I was in my early 20's I spent everything I made. I read 2 books that changed my Paradigm about money. (The Richest Man in Babylon and The Millionaire Next Door) I have spent the past couple of decades applying those principles. I have accumulated considerably more Wealth than a lot of my peers. I do not have a college degree I have worked hard and worked at living within my means.

That's a huge part of it, for sure. I've spent the last year or so trying to steer my family (i.e. my wife) into a pretty strict budget. I think we've settled into it in recent months. It's kind of amazing how quickly savings can add up when you only buy what you need and live within your means.

[2bikemike]

Originally Posted by kepp

That's a huge part of it, for sure. I've spent the last year or so trying to steer my family (i.e. my wife) into a pretty strict budget. I think we've settled into it in recent months. It's kind of amazing how quickly savings can add up when you only buy what you need and live within your means.

Good for you! Keep it up and you'll be amazed at the results. A written budget is the first step. I occasionally hear Dave Ramsey on the radio and think he is doing a pretty good job of changing peoples attitudes toward money.

[underEJ]

I learned the best thing ever from watching my dad. He just had a way of being both very frugal and very satisfied with life at the same time. He was very good at knowing what was a good expense in terms of long term satisfaction, and he was willing to pay for the right things, but he didn't want to spend on a million little things with very little satisfaction. He drove a beautiful old Cadillac for years until it got stolen. He'd gotten it from an aunt who was not going to be driving anymore, both frugal and satisfying. He'd bought his house in Brookside from an uncle at a very family friendly price. He and my mom loved touring open houses and thinking about dream houses, but they really didn't need it, so they never pulled the trigger on any of them.

He did however spend the money to send my sister and I to private school, and as much as I hated it sometimes, there is no doubt it was an excellent investment. He also bought a computer way back in the day (1979) for around 3000, a huge expense that he mentioned could have bought us another car, but again, as an educational investment, paid off huge for both him and for his kids.

I don't think he carried debt around, except maybe during the early seventies, and I have no idea how much he earned, but we never wanted for the needs, and we grew up not needing much of the wants. I try to live the same way. I think at my age, he sold his firm to Burns and McDonnell, and then did quite well after that even if it had been a bit lean leading up to that. I am likely more stable at the same age, but I probably will opt to work less as I get older and not increase my earnings over time, so he probably wins in the long run.

This is sort of a parent appreciation thread too, so thanks to my dad for being a great example!

[rico]

Originally Posted by lewdog

I think my generation, millenniums, tend to over-estimate how good our financial situation happens to be. Most look at income brought home and solely that compared to others or their parents. However, this generation has very few homeowners compared to our parents at this age, has higher living expenses (by choice at times) and has virtually no savings for retirement or even a clue on how to prepare for the future. I know plenty of people who are offered 401k's at work and either have no clue what they are investing in them or some of them decide not to even have one. So while many feel good about things, their grasp on a full financial picture is very poorly defined.

This is a great post.

[C3HIEF3S]

I have never asked my dad what his financial situation was like at my current age, but I am going to guess not spectacular like many sophomores in college.
So I will answer with "equal to".

[ChiefRocka]

We are heading toward a decentralized future where a car transportation service owns no cars, an accommodations company owns no property and a social network company provides no content. We will be our own banks, our own stock brokers, our own real estate agents, our own loan officers and our own venture capitalists. Technology will allow for this and I think its coming sooner than most believe. This video sums up how regulatory bodies and governments will attempt to stop these liberating technologies!