Announcement

Collapse
No announcement yet.

Millennial's Difficulty May Have Been Spawned From Being Hit By Bad Timing

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Millennial's Difficulty May Have Been Spawned From Being Hit By Bad Timing

    This is interesting. I don't think we talked about this but Millennials sure graduated out of college right when the financial crisis hit. Then as they try to get their footing in the world the pandemic hit. I can see how people who were new to the job market in 2019-2014 would have a horrible time to get ahead in life even with a good degree. I remember our hospital had a hiring freeze which means even doctors couldn't find work. As much as I believe in self destiny, many millennials were indeed dealt a crappy hand.


    #2
    I graduated college in May 2008. It certainly wasn't a great time to be the new guy in any company, especially in the financial world.

    Gratefully I was somewhat insulated from the immediate effects by going straight into the military.... However, my cohort was later faced with the subsequent effects of high military retention due to the poor employment market -- I've gone through 3-4 rounds of both voluntary & involuntary separation boards, as well as a higher degree of competition for continued promotion/retention/selection for positions.

    While I've weathered it was relatively fine, I definitely have friends & family who have faced a great deal of struggle in establishing & sustaining a coherent career path.
    "Praestantia per minutus" ... "Acta non verba"

    Comment


      #3
      I don't think it would be a stretch to create a similar storyline about many other generations.
      How about "the greatest generation"; born and raised during the depression, then just as they are reaching adulthood WW2.

      Comment


        #4
        Many of us kept it together and worked our assess off and pursued things like marriage, home ownership, and sacrificed to make and save money. It was a bad time to lay down roots or even begin a career, and it's had a lasting impact on our spending and saving habits.

        Comment


          #5
          Originally posted by Fishindude77 View Post
          I don't think it would be a stretch to create a similar storyline about many other generations.
          How about "the greatest generation"; born and raised during the depression, then just as they are reaching adulthood WW2.
          Would baby boomer generation be considered to have the best timing? Is this why it's hard for other generations to match up to them in term of wealth?

          Comment


            #6
            Well, on the upside, maybe the current crisis will give the country some perspective on the importance of thrift and good governance.
            james.c.hendrickson@gmail.com
            202.468.6043

            Comment


              #7
              Try graduating in 99/2000 when the tech bubble popped and people had job offers pulled. And lots of companies went bankrupt overnight and those people were looking for jobs. Then yeah millenials graduated in 2008/2009 had no jobs but those same generation Xers, were buying homes and losing them since we are about 10 years older. So instead of buying in the 2012 dip most Generation Xers were being forclosed and short saled. So Xers lived through no jobs and housing bubbles popped, and college costs of the 90s first started going astronomical and I recall seeing articles of first 6 figure college debt.

              The reason why Xers are never mentioned? We are the smallest generation. Our parents many boomers had less children. We're also the first generation Xers of latchkey kids, first generation of parents getting divorced en masse, first generation where majority don't have a pension. But Xers they say complain the least because we were left to raise ourselves 70s/80s so much by our boomer parents and greatest generation parents that we just say nothing. Boomers protest, Millenials are hoovered by their parents a lot, but Xers? Suffer in silence. A very large majority of my friends lost their homes in 2008/2009 because they were old enough to have bought condos/homes and were having kids and barely surviving the internet bubble pop and crazy job losses/no first jobs.

              Next up? Retiring Xers without pensions should be interesting. I think it's the first generation where the majority do not have pensions.
              LivingAlmostLarge Blog

              Comment


                #8
                Originally posted by LivingAlmostLarge View Post

                Next up? Retiring Xers without pensions should be interesting. I think it's the first generation where the majority do not have pensions.
                I'm the tail end of the Boomers. I don't know anyone with a pension except for teachers and government employees.

                Comment


                  #9
                  Originally posted by moneybags View Post

                  I'm the tail end of the Boomers. I don't know anyone with a pension except for teachers and government employees.
                  Same here. None of my peers have pensions except the teachers and the government folks. Everyone else is self-funded like me.
                  Steve

                  * Despite the high cost of living, it remains very popular.
                  * Why should I pay for my daughter's education when she already knows everything?
                  * There are no shortcuts to anywhere worth going.

                  Comment


                    #10
                    Originally posted by LivingAlmostLarge View Post
                    Next up? Retiring Xers without pensions should be interesting. I think it's the first generation where the majority do not have pensions.
                    To add to your point, what concerns me the most is the large number of people nearing retirement age with grossly inadequate savings for retirement.

                    Most millennials still have a good chunk of time on their side to fix their situation.
                    Last edited by ua_guy; 10-25-2021, 08:52 AM.

                    Comment


                      #11
                      Originally posted by moneybags View Post

                      I'm the tail end of the Boomers. I don't know anyone with a pension except for teachers and government employees.
                      Look at stats. I think I posted before there still are like 60% of boomers had pensions. But the number dropped below 50% for generation Xers. Perhaps the tail end has less but I think it is very concerning.
                      LivingAlmostLarge Blog

                      Comment


                        #12
                        Originally posted by LivingAlmostLarge View Post

                        Look at stats. I think I posted before there still are like 60% of boomers had pensions. But the number dropped below 50% for generation Xers. Perhaps the tail end has less but I think it is very concerning.
                        I can't find your stats, can you post a link?

                        Comment


                          #13
                          https://www.ssa.gov/policy/docs/ssb/v69n3/v69n3p1.html and https://www.ebri.org/docs/default-so...rsn=f3e4292f_0

                          LivingAlmostLarge Blog

                          Comment


                            #14
                            Originally posted by Fishindude77 View Post
                            I don't think it would be a stretch to create a similar storyline about many other generations.
                            How about "the greatest generation"; born and raised during the depression, then just as they are reaching adulthood WW2.
                            My grandparents were examples of what you are talking about. After graduating from 4-year college (no small feat for a female from a working class family in the 1930's) with a degree in biology, my grandmother went to work at a hospital lab in exchange for free meals in the cafeteria. To earn a little money to pay her share of her little shared dormitory-style room at the YWCA, she served punch at hotel dances on the weekends. My grandfather came from a more privileged (aka upper middle class) background, also graduated 4-year college, and after graduation went to work in the stockroom of a retail store. When I was young and arrogant and in college myself, I asked him how he could accept such work as a college grad, and he patiently replied "I was just happy to have a job." They got married, grandpa landed a job as a travelling salesman, and then *bam* WW2. Like most men of his generation he enlisted. He served in 2 wars, then went to work for the government. I never heard either one of them complain about their circumstances. Instead, I feel like they simply tried to instruct us to be prepared for the hardships we would eventually face by sharing their experiences with us.

                            Comment


                              #15
                              Hard times make hard men,
                              hard men make easy times,
                              Easy times make soft men,
                              Soft men make hard times
                              Which one applies to our current state? Not difficult to figure out.

                              Comment

                              Working...
                              X