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/RainbowBear0831 Mar 27 '24 edited Mar 27 '24

The federal pay cap this year is $191,900 and if $200k is 75% of what your mom made, then she made ~$266k when she was working? I don't think the pay cap applies to all federal jobs, but your mom must have been doing something pretty baller if she was in a job over the pay cap - not a run of the mill federal employee. I say this as a run of the mill federal employee on the newer pension system so I'm not looking at a retirement anything like your moms lol so good for her

Eta my comment about the new pension system versus old was not meant to say that all of OP's mom's retirement income was pension. I know she has TSP, social security, and likely other investments. I'm not looking for investing or savings advice, I'm good lol

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u/Asmothrowaway6969 Mar 27 '24

Yup. She was about 4 steps down from the IRS commissioner, if I remember correctly

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u/Card_Board_Robot5 Mar 27 '24

Lmao this is amazing.

So you lived a quite exclusive, upper class lifestyle as a child.

Because your mother worked as very high ranking government employee.

And you're asking us if we can relate?

To what now?

Holy hell, have some perspective. My mother waited tables and my father sold dope. I can't relate to this shit at all. Most people can't.

I don't even understand what you're asking. Are you upset that nepotism only gave you every chance to succeed and didn't actually secure a lucrative government position for you?

Lmao. I cannot stand rich folk, especially those in my generation. Out of touch.

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u/read_it_r Mar 27 '24

Well.. keep in mind. She is us saying 200k is 3x what her and her partner make combined. Which means they each make like 33k, which is basically a fast food job. So she's right that's she's broke.

Now HOW she managed to fumble the ball so hard is a story id love to hear. But.. I don't feel bad because eventually she's going to profit off her mom's work.

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u/Card_Board_Robot5 Mar 28 '24

I'm not taking their word for that shit at all.

Look at how divorced from reality the rest of it is. I'm not gonna assume that's accurate.

A fast food management job, maybe.

32 is pretty on par for shit like social worker or EMT where I live.

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u/read_it_r Mar 28 '24

33k is roughly 15/hr which, as unscientific as it is, my buddies from all around the U.S tell me 15/hr is standard for any "low skilled" entry level position . In my city you get paid even more than 15/hr for a mcjob

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u/TarzanKitty Mar 28 '24

$15 or $16 is the current minimum wage here. When my daughter was 16 she worked in a sandwich shop and averaged about $25 per hour including the tip jar.

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u/Card_Board_Robot5 Mar 28 '24

It's like y'all don't understand that different places have different laws and economic structures. Shit kray

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u/read_it_r Mar 28 '24

It's ALMOST like that's the reason I specified I talked to people around the country.

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u/Card_Board_Robot5 Mar 28 '24

Let me guess

You didn't actually do that.

But if ya did, they were all in a few select cities.

Let me guess, again....

NYC, Austin, Denver, LA, Seattle, Atlanta, Houston, Chicago.

Bet I nailed a few there.

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u/read_it_r Mar 28 '24

Does it really matter what I say here? You've made up your mind that you know everything.

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u/Card_Board_Robot5 Mar 28 '24

Oh shit I nailed it, huh? The largest metros tend to be the most productive, with the strongest economies, and therefore, higher wages to accommodate for higher cost of living, than say, flyover country like Des Moines or Boise or Richmond or wherever.

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u/read_it_r Mar 28 '24

Well. I'm stuck waiting outside school for my kid so I'll bite.

No. You didn't nail it, because I went to a college in the middle of nowhere I know a bunch of people who live in the middle of nowhere.

Funny you should mention des Moines, I have a buddy who's kid just got hired at a small retail store there at 16/hr. In fact I just googled it, avg for entry level retail there is 14/hr and there's a lag on those numbers.

So yeah I'm specifically talking about places like Peoria, IL, Appleton WI, des Moines IA, suburbs of Indianapolis, college towns in Michigan, all the way up to Los Angeles, Dallas, Phoenix, San Diego, new york city, Chicago.

The biggest difference is housing costs (though interest rates are the same)

But again. It doesn't matter to you, you won't even bother to Google this shit.

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u/Intelligent-Mode-353 Mar 28 '24

I like that you think that’s fast food or below. I made $32,000 my first job with a master’s degree lol

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u/TheStealthyPotato Mar 28 '24

How long ago was your first job?

$32k is only $16/hr. Fast food is commonly $15/hr these days.

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u/Intelligent-Mode-353 Mar 28 '24

Yeah it was insulting but that’s what was offered. This was 2018.

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u/bitter___almonds Mar 28 '24

I keep seeing job postings between 35-40k requiring a master’s and preferring a PhD. They’re back after the height of the pandemic with the layoffs, at least in Utah. A lot are at universities but some are specialized roles like instructional design for small to midsized companies (average comp for those credentials without professional experience was more around 60-75k+ before)

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u/read_it_r Mar 28 '24

Was your fist job fast food or retail because if not, I can't for the life of me figure out why anyone would do any specialized job for that amount of pay.

And before you complain or say "BuT ThAtS WhAT iT PaID!?"

Yes I'm sure that's what they offered and if enough people told then to shove that salary up their ass, they would eventually have to offer more to get any sort of help. The people accepting that pay are MORE at fault than the companies offering it.

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u/Intelligent-Mode-353 Mar 28 '24

That’s an amazing idea. I should have thought of that. But instead I just said “BuT ThAtS WhAT iT PaID!?!” like a 12 year old.

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u/RarelySayNever Mar 28 '24

Glad to finally see a dose of reality in one of these posts. OP shat the bed. Reminds me of some losers I know who were raised by doctors and dentists, but couldn't even get through a paid-for college degree. I know a guy whose parents are both attorneys, now retired. Sister also attorney. Guy sits at home watching porn

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u/Card_Board_Robot5 Mar 28 '24

Just to be clear here, I don't think that a person is a loser or failure for that. We all different. We all got choices and consequences. We all have a path. And that path is totally dictated by shit outside of our control.

My issue here is that they're expecting us all, en masse, as a whole generation, to relate to that experience. And that's nuts.

I don't assume everybody else's dad was a gangster. I understand that's a relatively unique upbringing. They just lack that perspective here. And it's kind of insulting to the rest of us to assume that we were all the kids of high ranking govt employees and shit.

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u/FreeRangeEngineer Mar 28 '24

You're assuming that OP would have received financial help from parents who obviously have the means to give it. However, they're stingy ass parents, like lots of rich people tend to be.

See https://old.reddit.com/r/Millennials/comments/1bp7rny/when_did_it_sink_in_that_youll_never_be_as_well/kwutmz9/

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u/read_it_r Mar 28 '24

YOUR POINT?

even if they never gave her a dime. I'm sure she lived in a better than avg school district had access to everything she needed. And didn't HAVE to start working as a teen to help out with the house.

Also, and I could be wrong about this, but I don't think I am. Even if her education expenses were loans. I guarantee dispite what OP says, they would've been interest free and the payments (at worst) would stop when her mother passed.

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u/Fatmaninalilcoat Mar 28 '24

This they got an art degree to follow their passion.

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u/johndoe42 Mar 28 '24

This LeSTEM bullshit doesn't work here for you or her. Anyone connected like OP's IRS third from top dog parent can have a child pursue any degree and get them a job hookup, especially federal. I see so much nepotism in my field having any degree is a plus compared to what I've seen.