Mildly Infuriating

Oh nice, you found 1 family that this is relevant for. Now call that family "all millennials"! Proper journalism right here.

Yeah i earn more than my parents combined for my entire childhood but guess what gobbled that shit right up.

The house i grew up in cost $20,000.

The one my husband and i bought cost $1,000,000.

Both 3 bedroom postwars in slightly dodgy neighbourhoods yaaay inflation

For the curious: $1,000AUD in 1980 is equivalent in purchasing power to about $5,125.00 today, an increase of $4,125.00 over 44 years. The Australian dollar had an average inflation rate of 3.78% per year between 1980 and today, producing a cumulative price increase of 412.50%.

This means that today's prices are 5.13 times as high as average prices since 1980, according to the Bureau of Statistics consumer price index. A dollar today only buys 19.512% of what it could buy back then.

My highschool civics teacher, who once told the class that everyone becomes more conservative with age and income, will be pinning this to the wall of the classroom.

Partner and I are millinials, household income ~200K, one child, excellent credit, no debt. Partner's standards are a tad high but I'm unusually spartan with some minor capital expenditures, so I feel we balance out.

I grew up middle class and on paper we put my parents to shame, nevertheless they built a huge house, had three kids, five cars, fed the family... while my partner and I struggle to find a home while paying for one kid.

Something doesn't add up.

That said I do wonder if it would basically be impossible to top the boomers on wealth and cost of living. Think back before WWII and how hard was it on the average joe, probably a lot harder than we want to admit. The boomers mighta hit the jackpot and millennials are stuck basically with the expectation that we should do that well while also footing the bill for all of the "progress" they have made since the 60's.

Don't get me wrong, there has been real progress but there has been a lot of "progress" in the wrong directions as well, in some cases 180°. Millennials have been paying for it our whole lives, and I don't think we are ever going to really come out ahead, we'll bust our asses to break even but honestly I'm okay with that if it sets our children up to have a better life.

Translation: Please no revolution.

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

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.

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

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.

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.

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.

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....

Ahhh they surely saved from not buying avocado on toast.

Cool now show my parents equivalent you know the person who left highschool, had 3 kids by 30 didn't work till 50 and still hasa house, car retirement.

@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.

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.

Guess I missed the memo

A lot of this is on paper. For example, if they're calculating potential retirement age based on stock market returns then they may be in for a rude awakening if the longest bull run of all time (minus the covid disruption) ends. But what are the odds of that, right? Surely housing prices will also rise forever too.