Skip to comments.Lost Generations? Wealth Building among Young Americans (Gen. X and Y are financially screwed)
Posted on 03/16/2013 10:57:54 AM PDT by SeekAndFind
Unless youre under 40.Today,those in Gen X and Gen Y have accumulated less wealth than their parents did at that age over a quartercentury ago.Their average wealth in 2010 was 7 percent below that of thosein their 20s and 30s in 1983. Even before the Great Recession, younger Americans were on a strikingly different trajectory.
Now, stagnant wages, diminishing job opportunities, and lost home values may be merging to paint a vastly different future for Gen X and Gen Y. Despite their relative youth, they may not be able to make up thelost ground.
If these generations cannot accumulate wealth, they will be less able to support themselves when they eventually retire. This financial uncertainty could reverberate throughout the economy,since entrepreneurial activity, saving, and investment tend to build on a base of confidence and growing wealth.
Meanwhile, the countrys budget crises and public debt burden loom large, and the younger generation could be facing much highertax bills, both in total and as a share of their incomes, than their parents.
(Excerpt) Read more at urban.org ...
Gen X follows the Baby Boomers Some put Gen X starting at 1963.
The first Gen Xers are turning 50 this year. Please stop lumping “Gen X” with the Millenials.
The kids I know in their teens, 20s and even 30s want nothing much more than their I-Phones and a small car!!
My step son and his wife want everything on a beer budget. They also think that everything and everyone’s life should center on them...
I know a 24 year old ‘kid’ who has already received two promotions and is making 60k/year now.. Bottom line? GET A DEGREE IN COMPUTER SCIENCE and learn computer programming as many languages as possible (and work hard)!!!
Add in all the borrowing Bammy is doing for their “benefit” and you’ll see they are indentured servants to the State.
I forgot about THOSE kind!!
The problem with this country is that there are generations of Americans who are jealous or disdainful of other generations of Americans. Reading articles from somewhere called the Urban Institute doesn’t help things where they exhaustively examine wealth between groups of older Americans born in slightly different closely spaced year groups and then complain because we somehow lost to Obama, or whoever they want to blame.
Topping it off, they completely neglect intelligent examination of things like sacrifice for children, homes, stability, and country and concentrate on “how WE - Xer, millenial, et al got SCREWED! because their effing degree ain’t worth anything.....”
Not worth listening to.
I am glad I learned how to support technology years ago. After years in the slow paced and mediocre world of public broadcasting with same type of money, I took a few classes and got a few certs. After a long hard road, I make in the 50s.
Don’t forget the cool name brand shoes and apparel, which are the only other tangible, durable goods with which they appear to concern themselves all that much outside of a decent LCD screen tv and if male a gaming platform attached to it.
They live in a fantasy world online via social media and gaming. The world itself is just a prop or photo backdrop for “so cool, look at me” photos posted to Facebook.
Remove their perception of coolness and being special, get confronted with a very unhappy person, it all turns into a pumpkin and they don’t want that.
It verges upon compulsion, evem psychosis with some. We’ve had to let so many seemingly promising twentysomethings go because they absolutely cannot stop texting, posting and checking Facebook.
That’s the way you do it. Learn and keep at it. Complaining doesn’t do much. If you never buy on credit (long term for nonessentials), save and keep learning and working, you’ll succeed..
It does to them. Just consider yourself fortunate to make an appearance with them via photos in social media. That derivative coolness is worth something, you know, lol.
Why not? They see, Snookie, Kim K or whoever getting their ass kissed on TV each week for doing essentially nothing but being a bitch. Oh, don’t forget the Real Housewives of Anywhere America....faked up collagen-lipped, saline-boobed bitches.
Fortunately, they are not the kind who take pics of their mom and I with them....only her parents (who are on the government dole)....
They’re cool. You’re not. You don’t exist in their idealized online depiction of self. It’s like getting airbrushed out of an official photo under the USSR, just writ very small.
So a third of America’s youth are doing drugs and sitting on assistance..I see it every day. Thanks schools for ruining this next generation.
“...You dont exist in their idealized online depiction of self...”
So true....we are old fuddy duddies. And yet I brought my stepson into my business.
They sure want to go on our vacations with us, though......freeloading once again....
Both of which, are imported.
So no jobs, support them.
We need to bring back lots, and lots, and lots of US jobs.
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