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

  • Victor@lemmy.world
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months ago

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

    • booly@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      I’ve read the article. It goes into detail in the stats across the entire generation. It talks about the big rise in both median and average household wealth for millennials between 2019 and 2022. It also acknowledges that the gap between 20th percentile and 80th percentile for millennials has grown to the largest in history for any generation.

      It’s the rise in house prices and the stock market. For millennials who already owned that stuff before the pandemic, and in a position to take advantage of the huge salary gains from the great resignation, the last 5 years have been a financial boon.

      • Victor@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        Alright, cool. That’s quite well and good, then.

        Still though, is this perhaps how the article starts off? If so, it might still be a bit misleading for those who don’t read all the way through. Not everyone is as thorough as you. ❤️

        Have to admit I am a millennial who signed up to buy an apartment just as the pandemic started and we had just had our first baby. It was a bit sweaty there for a second, but I was very fortunate to land a job that pays very well. But yeah, it was hard for a bit. Was out of work for 9 months during 2022. Got through some good games in my Steam library though! 🙃

        • booly@sh.itjust.works
          link
          fedilink
          English
          arrow-up
          0
          ·
          edit-2
          9 months ago

          Yeah it’s a somewhat standard reporting structure, of an intro paragraph about the stat, 4 paragraphs about a specific person’s journey from unemployed college grad living with parents and mowing lawns for extra cash to becoming a CFO in the span of 15 years, and then a longer description of what the stats show, then placement of those stats in context comparing to Gen X and Boomers, and important caveats in what the stats actually mean (unclear whether this makes millennials better off when they’re expected to face higher lifetime costs on housing and healthcare). Then it dives back into the anecdotes, including how most rich millennials perceive the fragility of their own financial position.

          Here’s an archive.is link:
          https://archive.is/Gr6qG

      • ryathal@sh.itjust.works
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        It’s also just math working. The older millennials should be millionaires or close to it in order to be on track for retirement. A 401k is going to make people look wealthier than a pension.

    • intensely_human@lemm.ee
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      Well, they did technically just say “millennials”.

      They omitted the modifier “a tiny fraction of”, but that’s assumed

      • Victor@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        Strong disagree. When someone says “humans”, does that also imply “a tiny fraction of”? I think that this quantifier is very significant, and needs to be included. Otherwise it becomes misleading.

  • Duamerthrax@lemmy.world
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months ago

    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.

      • Duamerthrax@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        He’s a boomer and his brother is a small business owner. Their only hardships have come from petty disputes with the township over signage. This same guy, without any irony, said that the only unions we still need anymore are teacher’s unions. Surprised that bootlicker didn’t include police unions.

        Don’t ever let anyone tell you public schools teach liberalism. This happened while the science teachers would tiptoe around outright saying that climate change was real.

  • jonne@infosec.pub
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months ago

    Article: https://archive.md/Gr6qG

    Basically: got to buy a house early as opposed to list of us ( probably with parent’s 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@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months 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.

    • Avatar_of_Self@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      edit-2
      9 months ago

      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.

    • Scrubbles@poptalk.scrubbles.techOP
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      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!

      • Maggoty@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months 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!

      • Uli@sopuli.xyz
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months 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.

    • katy ✨@lemmy.blahaj.zone
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months 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.

    • MutilationWave@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      Stop it! The avocado toast shit is so old, my wife’s mom repeated it like it was a clever joke two years ago

        • MutilationWave@lemmy.world
          link
          fedilink
          English
          arrow-up
          0
          ·
          9 months ago

          Guilty as charged. I buy $4 avocados in the winter because I’m rich as fuck.

          Not really. I buy them when they’re $1 or less, in season. I’ve never even made avocado toast for real. I cut them in half, score them, then squeeze lime juice on plus salt or Tajin. Scoop them with a spoon. So delicious.

          • JigglySackles@lemmy.world
            link
            fedilink
            English
            arrow-up
            0
            ·
            9 months ago

            Nice, that sounds delicious. I’m actually guilty of enjoying avocado toast every now and again. There is a “everything bagel” seasoning at Trader Joes that goes super well on top. The funny thing is I had no idea what avocado toast was or that it was a thing until boomers started bitching about it. Sounded good so I tried it lol

            • MutilationWave@lemmy.world
              link
              fedilink
              English
              arrow-up
              0
              ·
              9 months ago

              That everything bagel seasoning is the shit. Kinder’s is a brand I hadn’t seen until recently and their seasonings are awesome. Not full of sugar which I hate. They’re a bit pricy but they come in big-ass bottles

    • Free_Opinions@feddit.uk
      link
      fedilink
      English
      arrow-up
      0
      ·
      edit-2
      9 months ago

      Maybe if we just go around shooting everyone whose better off that ourselves then one day we’ll all be equally poor and miserable.

    • Higgs boson@dubvee.org
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

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

    • CancerMancer@sh.itjust.works
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months 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.

      • Eatspancakes84@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        When we think cost of living we mostly think about rent and cost of food. The rich don’t pay rent and food is a tiny fraction of their budget, so obviously they don’t complain.

  • Maggoty@lemmy.world
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months 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.

  • where_am_i@sh.itjust.works
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months ago

    Ok, lemmy crybabies. Me and my millennial friends all graduated from a university in Europe. None of us were born rich, but we’re all well-off now. By now everyone lives in different country, works in a different field, but literally everyone can afford a mortgage, a car, a ski trip, and maybe for their partner not to work for a few years if kids would be born.

    Yet, imagine that, nobody really planned for their career to be lucrative. People just did what they thought was interesting and did it well. Only one dude was after money. He went into banking and now probably makes close to a mil annually.

    I reiterate. All that was necessary for a financial success was to find an interesting job and do it with passion. To me this sounds like a communist dream.

    And yet lemmy keeps telling me every day that it could only be possible if all of us were born rich, or sucked to corpos or whatever. You’re just a bunch of sore losers, lemmy.

    Enjoy your holidays and think about your life choices.

    • LANIK2000@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      edit-2
      9 months ago

      Also European here. And just to bring some more up to date examples.

      My colleague bought a nice big flat some 5 odd years ago. If he wanted to buy the exact same thing today, he literally wouldn’t be able to afford it, not even with much worse terms. For the same money he’d need to move to some small dinky house in the countryside.

      My aunt bought a flat 7 years ago for almost 1.5 million CZK, and then 2 years later one for 2 mil. Today, they’re both worth at least 10 each.

      Income has not grown like that in the past decade. These are arguably successful people that literally wouldn’t be able to recreate their success today, only a few years later. Shit’s going down hill and it’s going down hill fast.

      So for me and my GF, buying a house is a pipe dream. We just about manage renting our current flat, which is already cheap, we both earn comfortably above average and she even works overtime often enough. Buying a house or having a child are literally crippling decisions.

    • grindemup@lemmy.world
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      Wow, it’s amazing g that you and your friends are a globally representative sample of millenials, despite all going to the same university. I wonder what would happen if different people have different life circumstances? Well, good thing we don’t need to worry about that since you and your friends are doing okay.

      • Holyginz@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        I choose to believe they are a troll, because I still at times need to convince myself someone isn’t actually that maliciously ignorant.

    • HeartyOfGlass@lemm.ee
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      How much are you paid to troll? Just curious. Sounds like an interesting job I could do with passion.

      Or do you just say dumb shit for your own sexual gratification?

        • Nighed@feddit.uk
          link
          fedilink
          English
          arrow-up
          0
          ·
          9 months ago

          To be fair, there a lots of interesting jobs out there, you just don’t know they are interesting because they sound boring, or because you only see them if you have experience in some boring job.

  • katy ✨@lemmy.blahaj.zone
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months 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.

    • circuitfarmer@lemmy.sdf.org
      link
      fedilink
      English
      arrow-up
      0
      ·
      9 months ago

      Generational wealth is a huge cancer on the system that isn’t talked about enough. You can’t fix wealth inequality with nepo-babies running around.

      • ChonkyOwlbear@lemmy.world
        link
        fedilink
        English
        arrow-up
        0
        ·
        9 months ago

        I’m not going to pretend I didn’t get an inheritance when my dad died. I got a little run down house in a farm town and the balance of a workers comp settlement. There’s a big difference between that and people inheriting enough that they never have to work a day in their lives.

        • circuitfarmer@lemmy.sdf.org
          link
          fedilink
          English
          arrow-up
          0
          ·
          9 months ago

          No it isn’t the same, but it is something. I’d sleep a lot better knowing I at least had a run down farmhouse on the way instead of working until I die to pay the rent.

          • ChonkyOwlbear@lemmy.world
            link
            fedilink
            English
            arrow-up
            0
            ·
            9 months ago

            The irony is that I only got that house because my parents divorced and I only got money because my dad was injured badly at work. His bad fortune was my good fortune. I would give it up in a heartbeat if it meant he didn’t have to go through that pain.

  • hark@lemmy.world
    link
    fedilink
    English
    arrow-up
    0
    ·
    9 months ago

    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.

  • TheReturnOfPEB@reddthat.com
    link
    fedilink
    English
    arrow-up
    0
    ·
    edit-2
    9 months 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 line birdcages with it.