5 ms·

I'm a little older but I have found it strange how well economic crisis has been almost wiped from our collective memories it was a horrible period and I have

I'm a little older but I have found it strange how well economic crisis has been almost wiped from our collective memories it was a horrible period and I have many friends who are in the same boat especially those not in software

SilverElfin 10mo ago
I think it is wiped from memories because it very specifically affected one or two years of college graduates (that had the experience the parent comment mentioned). Not an entire generation. The data shows millennials as a whole are better off than boomers were at their age.
- mvr123456 10mo ago
  > The data shows millennials as a whole are better off than boomers were at their age. Perhaps true if you go east far enough, seems objectively wrong for the majority of the west though. Honest question, if you think this and it isn't just rage bait.. what data supports it? Scott Galloway disagrees and offers hard data, and goes as far as calling it intergenerational theft. https://www.youtube.com/watch?v=qEJ4hkpQW8E https://www.youtube.com/watch?v=qEJ4hkpQW8E
  - SilverElfin 10mo ago
    > Perhaps true if you go east far enough, seems objectively wrong for the majority of the west though. Much of the (American) millennials generation believes a story that they’re worse off. I feel it is a convenient story for people to tell themselves and blame someone else for their perceived losses. But I pulled up several articles supporting my claim with a quick search, even though the opposite narrative is more widespread. Example article about how inflation adjusted net worth is higher for millennials than it was for boomers at the same age: https://www.newsweek.com/millennials-financially-better-off-boomers-same-age-1969917 https://www.newsweek.com/millennials-financially-better-off-... Galloway isn’t necessarily wrong in the individual data points he raises. But if you look at the sum of all of the factors - higher rents, more student debt, etc but also the positive things - the net worth in the end is higher for millennials. And remember this is inflation adjusted already.
    - Den_VR 10mo ago
      The numbers that interest me are comparing home ownership rates at various ages between the generational groups Lots of research shows about a 8-10% gap, that only at very specific ages finally achieved parity. The consequence of this is a difference in wealth building, economic security, and family planning for millions.
      - SilverElfin 10mo ago
        Why does home ownership on its own matter? Net worth is inclusive of housing and assets and debt. And net worth is a direct measure of the wealth that is being built.
        johnnyanmac 10mo ago
        Because homes are pretty much the only asset a millenial would have at that time that would have grown over time. a 08-9 graducate wouldn't really have much money to spar for stocks unless they made really lucky bets or happened to mine a fewbitcoin they forgot about. Most all else would have inflated or depreciated.
        bluGill 10mo ago
        401k and IRAs is where millennials should have their stocks and those have done very well over the years. There is little point in stocks elsewhere (unless you are very rich) since stocks are for long term investments and those two cover the retirement needs of nearly everyone (except the very rich), and there are few other savings needs people might have that stocks qualify for. Remember you won't live forever (at least not to current medical knowledge, you can bet otherwise if you want), and you can't take it with you (according to most religions). Thus once you have retirement covered and emergency savings you should be spending everything you earn. You should have enough money left at the end of the month to afford the things you buy at the end of the month, but there is no point in any more, enjoy life with what you earn. (donating to charity counts as enjoying life!)
        10mo ago
- AngryData 10mo ago
  A lot of the data used to claim millenials are doing better off is based on nonsense like "millenials have larger TVs on average" or "millenials all have smart phones yet boomers didn't have mobile phones", or equating 1 person making 3 times the median wage and 2 people making nothing as just as good as 3 different people making median wage.
deleted 10mo ago
[deleted]
flag_fagger 10mo ago
It’s because the site is chalk full of millennials who jumped on the “I was an office assistant making $40k and I did a bootcamp and now make 200k” at the right place at just the right time. They’re convinced they’ll time the next grift right. Who knows

SilverElfin 10mo ago

I think it is wiped from memories because it very specifically affected one or two years of college graduates (that had the experience the parent comment mentioned). Not an entire generation. The data shows millennials as a whole are better off than boomers were at their age.

mvr123456 10mo ago
> The data shows millennials as a whole are better off than boomers were at their age. Perhaps true if you go east far enough, seems objectively wrong for the majority of the west though. Honest question, if you think this and it isn't just rage bait.. what data supports it? Scott Galloway disagrees and offers hard data, and goes as far as calling it intergenerational theft. https://www.youtube.com/watch?v=qEJ4hkpQW8E https://www.youtube.com/watch?v=qEJ4hkpQW8E
- SilverElfin 10mo ago
  > Perhaps true if you go east far enough, seems objectively wrong for the majority of the west though. Much of the (American) millennials generation believes a story that they’re worse off. I feel it is a convenient story for people to tell themselves and blame someone else for their perceived losses. But I pulled up several articles supporting my claim with a quick search, even though the opposite narrative is more widespread. Example article about how inflation adjusted net worth is higher for millennials than it was for boomers at the same age: https://www.newsweek.com/millennials-financially-better-off-boomers-same-age-1969917 https://www.newsweek.com/millennials-financially-better-off-... Galloway isn’t necessarily wrong in the individual data points he raises. But if you look at the sum of all of the factors - higher rents, more student debt, etc but also the positive things - the net worth in the end is higher for millennials. And remember this is inflation adjusted already.
  - Den_VR 10mo ago
    The numbers that interest me are comparing home ownership rates at various ages between the generational groups Lots of research shows about a 8-10% gap, that only at very specific ages finally achieved parity. The consequence of this is a difference in wealth building, economic security, and family planning for millions.
    - SilverElfin 10mo ago
      Why does home ownership on its own matter? Net worth is inclusive of housing and assets and debt. And net worth is a direct measure of the wealth that is being built.
      - johnnyanmac 10mo ago
        Because homes are pretty much the only asset a millenial would have at that time that would have grown over time. a 08-9 graducate wouldn't really have much money to spar for stocks unless they made really lucky bets or happened to mine a fewbitcoin they forgot about. Most all else would have inflated or depreciated.
        bluGill 10mo ago
        401k and IRAs is where millennials should have their stocks and those have done very well over the years. There is little point in stocks elsewhere (unless you are very rich) since stocks are for long term investments and those two cover the retirement needs of nearly everyone (except the very rich), and there are few other savings needs people might have that stocks qualify for. Remember you won't live forever (at least not to current medical knowledge, you can bet otherwise if you want), and you can't take it with you (according to most religions). Thus once you have retirement covered and emergency savings you should be spending everything you earn. You should have enough money left at the end of the month to afford the things you buy at the end of the month, but there is no point in any more, enjoy life with what you earn. (donating to charity counts as enjoying life!)
      - 10mo ago
AngryData 10mo ago
A lot of the data used to claim millenials are doing better off is based on nonsense like "millenials have larger TVs on average" or "millenials all have smart phones yet boomers didn't have mobile phones", or equating 1 person making 3 times the median wage and 2 people making nothing as just as good as 3 different people making median wage.

deleted 10mo ago

[deleted]

flag_fagger 10mo ago

It’s because the site is chalk full of millennials who jumped on the “I was an office assistant making $40k and I did a bootcamp and now make 200k” at the right place at just the right time. They’re convinced they’ll time the next grift right. Who knows