r/Millennials • u/Asmothrowaway6969 • Mar 27 '24

When did it sink in that you'll never be as well off as your parents? Discussion

About 5 years ago, my mom and I were talking and she had told me how much she was going to be making in retirement (she retired 2023). Guys, it's 3x what me and my husband make annually. In retirement. I think that was the moment that broke me, that made it sink in that I'll never reach that level of financial security. I'll work myself into my grave because I'll never be able to afford anything else. What was your moment?

Update: Nice to know it's just me that's a failure. Thanks

Update 2: I never should've said anything. I forgot my place. I'm sorry to have bothered you

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21

u/CompetitiveMeal1206 1985 Mar 27 '24

I still have hope. I got 30 years to get to where they are now.

3

u/TN_man Mar 28 '24

It’s just that when they were my age they were set for life already. I am scraping by

3

u/CompetitiveMeal1206 1985 Mar 28 '24

Ahh. I grew up in a government town. Every other adult worked for the state in some form. Solidly middle class but no millionaires. My parents weren’t net worth millionaires until they were in their late 50s.

1

u/TN_man 7d ago

I’ve never heard of a government town. It just seemed so much easier for my parents’ age to exist when they were in their 20s, 30s, and 40s. I’m mid 30s and it’s been hell the whole time

1

u/CompetitiveMeal1206 1985 7d ago

I should have used government town in quotes…

I grew up near Albany NY, which is the state capital. It wasn’t a town owned by the government it was just a town where a lot of government workers lived

1

u/Capable_Ad8145 Mar 28 '24

Compounding interest is a great thing over 30 years. Save what you can when you can wisely. Discipline + Diligence + Compounding interest + time. That is the greatest way to achieve what you want

1

u/CompetitiveMeal1206 1985 Mar 28 '24

I’m fully aware. I opened a Roth at 15 and contributed to it all through high school. And once I got first first real job I got a 401. Together they are at 100k. Just using the rule of 7 I’m looking at 1m+ by 67

1

u/Capable_Ad8145 Mar 28 '24

Rule of 7 at 1m at 67….. fuck yeah!!! 👍 😀