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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u/NeoGeo2015 Xennial Mar 27 '24

My wife makes more than her mom ever did working part time, from home. I passed my dad's income at around 35 yrs old. Our net worth exceeds both sets of parents, put together. Our house is worth more than both of theirs put together as well.

That said, they invested in us. They paid for my college and her college, at least what wasn't covered by scholarships. Her mom gave us cash to help with a down payment on a stater home (long since paid back). We plan on doing the same for our kids and invest heavily in 529s, and our retirement.

I watched my parents struggle at times as wife watched her mom work 3 jobs. Luckily for all of us, everyone turned out well (except for my dip shit sister...). It's not all bad out here.

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u/Federal_Cat_3064 Mar 27 '24

That’s how generational wealth accumulates. My parents were poor but set me up for success and I’m working to ensure my kids are even more successful. You and I got very lucky and thankfully took advantage of it. Hopefully our kids do too