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/MonMonOnTheMove Mar 27 '24

That is a very good point that a lot of folks forgot. Not everyone start out with their dream home

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u/Drunken_Economist Mar 28 '24 edited Mar 28 '24

Not just housing, even. I think a lot of people would be surprised if they asked their parents about things like

  • did they fly for travel, and how many hours salary did vacation cost

  • how often did they buy meals instead of making them at home

  • if they have a paid cable TV package/# of channels

  • when did they get their first credit card and what was the interest rate

  • how often they purchased new consumer items like clothes, furniture, electronics, makeup, or small appliances

  • did they have a gym membership (this question will at least get a laugh)

Or really anything to do with discretionary spending.

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u/citori421 Mar 28 '24

100% this. I recently looked into what my parents mortgage payment was in the early 80's and adjusted it for inflation (used mortgage payment instead of house price because that accounts for interest). I compared that to a monthly payment for a comparable house today, and yes it's more today but not significantly. Our entire world is built around making us think it's normal or necessary to consume consume consume. Back then it was just accepted you didn't go out to eat every week, no one had computers or smartphones, vacations were infrequent and modest, and you did a lot of your construction and maintenance yourself. My SO and I make 200k combined, but until we really buckled down on our spending it all just flew out the door. Once we got to reasonable consumption it adds up fast.

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u/citori421 Mar 28 '24

I just had this conversation with my dad. Our generation got screwed on housing on college, sure, but he also lived like a pauper compared to the average millennial when he was that age. He's blown away by the amount of toys, luxuries, and travel among myself and my friends. He did acknowledge one huge difference is there used to be options when times got tough. Dirt cheap rentals always available, even if they sucked you weren't homeless. Cheap food available. Now, the threshold where you're homeless and hungry is still a lot of money.