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Proud Public Servant

(2,097 posts)

61. I'll answer for me and my daughter both

Thu Jun 25, 2015, 01:51 PM

Jun 2015

At 52, I'm probably doing a little better than my dad was. My salary is probably pretty close to his once you adjust for inflation, but I have greater job security (at 52, he was about to be forced into an early retirement by the breakup of AT&T) and greater prospects for ongoing advancement (even if AT&T hadn't broken up, he'd gone as far as he was going to go). He owned his own home, whereas I've got a mortgage (and will have for years); on the other hand, I have as much equity in my home now as his home was worth. I'm not sure which of us had the better savings/investment portfolio; he had much more cash on hand (bought a new car with cash every seven years, like clockwork, whereas I've never owned a new car) but I suspect I have the bigger retirement fund. So I guess I'm doing better, by a bit.

My daughter (25), on the other hand, is doing much, much better than either her mother or I were doing at her age. She's making considerably more money than either of us were making at that age and already has decent savings in a 401k. She's also debt-free, though that's our doing rather than hers.

So slow inter-generational improvements for us.

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Are you better off economically than your parents were at this point in your life? [View all] Juicy_Bellows Jun 2015 OP

Much worse shenmue Jun 2015 #1

I feel you wholeheartedly. Juicy_Bellows Jun 2015 #4

Thank you shenmue Jun 2015 #5

Here's to hope! Juicy_Bellows Jun 2015 #11

Thank you shenmue Jun 2015 #15

My 26 year old Go Vols Jun 2015 #2

Hell yes the Unions are a good thing - now to convince more people of that. Juicy_Bellows Jun 2015 #9

This message was self-deleted by its author merrily Jun 2015 #3

This message was self-deleted by its author Juicy_Bellows Jun 2015 #7

This message was self-deleted by its author merrily Jun 2015 #12

This message was self-deleted by its author Juicy_Bellows Jun 2015 #14

I'm doing much, much better than both at this point. I'm 27. linuxman Jun 2015 #6

Well that's probably because you are a Linux man! :) Juicy_Bellows Jun 2015 #8

I attribute it to waiting to have kids. linuxman Jun 2015 #10

Interesting - my parents had my older brother pretty early (normal by those days) and I came Juicy_Bellows Jun 2015 #13

So far a lot of us 40+ folks are feeling the pinch. Juicy_Bellows Jun 2015 #16

I'm not really sure...it's so different now. PearliePoo2 Jun 2015 #17

It really is quite different isn't it? Juicy_Bellows Jun 2015 #19

I'm 60 (almost 61) and KNOW I am doing way worse than my parents. raven mad Jun 2015 #18

If you don't mind my asking, when did it become apparent to you? Juicy_Bellows Jun 2015 #20

I was about 45 and couldn't get a decent job at way above minimum. raven mad Jun 2015 #21

I am sorry to hear that - Ageism is alive and well. Juicy_Bellows Jun 2015 #22

Need another category--people getting Social Security are really in a different situation eridani Jun 2015 #23

Damn fine point - I totally missed that. Juicy_Bellows Jun 2015 #24

I have outlived my parents by decades. dixiegrrrrl Jun 2015 #31

I'm not as well off as my parents were Blue_In_AK Jun 2015 #25

Thank you for sharing. Juicy_Bellows Jun 2015 #26

I originally selected over 40 and on track JustAnotherGen Jun 2015 #27

Grew up in poverty. joshcryer Jun 2015 #28

not even close, but then again onethatcares Jun 2015 #29

At 16 I was making more... meaculpa2011 Jun 2015 #30

the other other... quickesst Jun 2015 #32

It's not hard to do better than my parents. TheOther95Percent Jun 2015 #33

Given that my father retired at 60 randr Jun 2015 #34

That's the big difference spinbaby Jun 2015 #35

I'm over 40 and led a COMPLETELY different life than my parents. Comparing economics KittyWampus Jun 2015 #36

I make far more than my parents did, but I have far less to show for it. Sheldon Cooper Jun 2015 #37

I can completely agree with this. Xyzse Jun 2015 #51

Not even close. 99Forever Jun 2015 #38

Economic power much greater, but it's hard to argue with 80 acres for 12,000 dollars. ileus Jun 2015 #39

Couple Ways RobinA Jun 2015 #40

My father was a 1%er. Me, not even close. Exilednight Jun 2015 #41

2 sided answer. Financially, better but not nearly as secure nc4bo Jun 2015 #42

hell no. much worse. Javaman Jun 2015 #43

My parents were able to sustain a family of six on one income. hobbit709 Jun 2015 #44

In a future poll, you might want to separate 40-64 and 65+ jeff47 Jun 2015 #45

My parents didn't go to college. Neither did my inlaws. MissB Jun 2015 #46

Vastly better off than my parents lapislzi Jun 2015 #47

I'm definitely better off... Adrahil Jun 2015 #48

Crushed by medical and student loan debt here... hunter Jun 2015 #49

In many ways I am doing better than my parents at the same age... Much worse in others Xyzse Jun 2015 #50

Better than one parent, worse than the other. Shrike47 Jun 2015 #52

My dad retired at age 55 with a union retirement. B Calm Jun 2015 #53

Wealthiest times in HUMAN HISTORY. Octafish Jun 2015 #54

Other. opiate69 Jun 2015 #55

I am better than my parents, but that doesn't mean much. Lyric Jun 2015 #56

Way better off - it's a matter of timing tularetom Jun 2015 #57

I aimed a little lower than my dad and chose a more secure path. He did fine, I'm fine, no regrets. Gidney N Cloyd Jun 2015 #58

Doing better, mainly because we don't have kids nt geek tragedy Jun 2015 #59

Worse, my father retired at 55 from a corp after putting three sons through college aikoaiko Jun 2015 #60

I'll answer for me and my daughter both Proud Public Servant Jun 2015 #61

Better WestCoastLib Jun 2015 #62

Substantially better brooklynite Jun 2015 #64

Dear FSM, no. KamaAina Jun 2015 #63