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Join the military. Get his degree, be an officer, and get a nice pension. I have a lot of haters with my strategy. F them, too. LOL, awesome! Going the military route is not a bad way to go. Get a pension by the time he turns 38, and then get another job so that he is concurrently making two incomes! No brainer. He does, but I am not paying for it. If I can do it, he can do it, too. Even very intelligent friends of mine seem to intentionally ignore their money, so long as they have enough coming in to pay for everything. Older generations do have the benefit of experience in this case.

I treat it the same way I do Social Security. Even if there were, I would expect them to spend it on themselves, not on me. The real benefits, if they last, would probably skip at least one generation. Only the richie rich can afford that kind of leisure, unless they buy a season pass. They basically said not to expect anything, because they were going to burn every dime on themselves having a blast! I have a lot of respect for that mindset and it set expectations where they belong. I would have a hard time just living it up with the money. For anyone relying on inheritance, the future is not pretty.

Post inheritance, they are more like lottery winners, doubtful anything will be left within 5 years. If nothing is left in 5 years for your parents, are you planning on taking care of them in 5 years? How much? And I do not know with certainty whether I will. I certainly do not want to rely on it.

Our parents were helicopter parents who wanted us to be happy and get a trophy for everything. I am glad my parents taught me the power of savings and compounding. When I first started working I would put some crazy numbers in retirement calculators for kicks. It was more fun to look at the what ifs than focus on the paltry savings I had at the time.

68% Millennials Feel They Have It Worse Than Other Generations — But Do They Really?

Gallup Polls use 1, users for data to make assumptions. This is one millennial that fits your description, but very much gives a damn about money! How did you come to that figure? Did your parents say so? Or did you simply estimate all the assets they have and make a guess? They can help you with a downpayment, buy you a car, pay for grad school, etc. Both my husband and I have told our parents to spend whatever money they have on themselves. My parents will likely not have anything to give, while my in-laws may or may not. They have two homes, one a bayfront home in Delaware.

However, my father in law has dementia and who knows what kind of healthcare costs they will incur once he needs to be put in a nursing home facility. Honestly, I think expecting an inheritance from their parents is a bit greedy. My parents will not be passing down an inheritance to my brother or I. Actually, my brother and I will be responsible for their retirement.

I do get jealous of people who have inheritances or who have parents who pay their down payment for a house. No wonder they live very carefree. My mom raised my brother and I as investments. I have actually heard her say that. She does expect us to take care of her. She worked 22 years and invested time and money. My mom is only She lives another 40 years?

You owe so much to your parents and nuclear family that you will support them until they die — some even feel more beholden to parents than to spouse and kids. The US tax code has a spot for deducting support of Mexican and Canadian dependent parents for this very reason. Take care of yourself first before you take care of them. And fight off the guilty thoughts if you do. I wrote a blog post about this as well Jan Some states have filial responsibility laws, meaning that you are legally obligated to pay the necessary living and medical expenses for your parents.

Yes, a good investment if you guys follow through! I think the apparent Millenial retirement disillusion stems from them using the personal capital tool as a toy. I doubt the yr old or whatever exact Millenial definition uses the retirement calculator as seriously as someone nearing retirement looking for an honest financial checkup.

Also, receiving large sums of money can lead to guilt, insecurity, and a life that lacks meaning. So I would tell my parents to keep their money, knowing that the journey to wealth is far more meaningful than doing nothing for yourself and inheriting wealth. Would you agree Sam? I disagree. Hard work is miserable, and by the time you have earned money, some important things have passed you by in our case, fertility.

Inheriting it is way better. They are voting for Bernie and YOU are paying for their party. The job market here is not great, but I did find myself a federal job that pays well thanks to my military service. Thanks for sharing. May I ask your income, how many years do you plan to work before retirement, and how much in retirement savings you plan to have when retired?

Seriously, that is so sweet. On the flip side, does it make buying a car very painful? My income is 50K, and my wife will be making about the same when she finishes her degree this year Bachelors in Nursing. Right now I am overqualified for my job, as I have 8 years experience but am in an entry level position until I finish my degree in July. You are right about cars though, as I made a financial misstep when I went out and bought a new truck last year.

Thankfully I got it for several grand under book value, so I can get out of it without a huge hit. I also do not plan to travel nearly as much as most. I got to see plenty of the world while active duty. I intentionally left out social security as an income source, as I will treat that as a bonus if it actually is still around. Another health benefit I will have is to use the VA hospitals, which will save me money in retirement medical bills. I am surprised at how optimistic other older millennials are. Millennial here. Keep in mind these are very much broad categorizations. However, I do NOT expect any sort of inheritance whatsoever and will be hustling my butt off to achieve my goals!

Is there no 4th category of Millennial who is cruising along just fine with rich parents taking care of everything? How old are you now and what do you do to expect to retire in 15 years? I agree, there is definitely a 4th category. All are doing very well investing in RE in Boston and working hr weeks making 6 figures at good companies. It is possible if you hustle in all aspects of your portfolio career, stocks, businesses and RE.

Depends how hard and smart you are willing to work. Educating yourself is key like reading the FS site. I would hope people will work hard and succeed on their own. Even if your parents will eventually leave you a million dollars. Not very appealing if you ask me. I live in a country with forced savings through a pension-system. The upside is that I sleep well knowing that my parents both working have a secure financial future. The downside is that it is only for them and cannot be inherited. So I can and will create my own wealth. That is impressive. But the average lifestyle of millennials does not support such a purchase.

And besides that many want to life the big city life and as Sam pointed out there is just no way that budget allows for any kind of property in Sf or any other major city for that matter. Perhaps you comment can be a lesson for them. In a way the opposite of what Sam wrote last week profit from a IPO-boom.

Millenial here. I believe that the numbers can be explained largely by a bias in Personal Capital user base. Therefore, it stands to reason that the people using the system are more educated and computer literate than the general population. More specifically, money in the hands of your parents. Definitely agree. Those of us with FIRE goals are the ones using it.

People who tend to care more about money, have more money. People who have more money tend to use financial tools like Personal Capital to help manage their investments and stay on track of their net worth. The median age in America is around 35, so the PC user is an older demographic. People are living longer than ever; especially well educated and rich Americans. These kids are delusional in that an inheritance will help them reach financial goals.

What if the parents need the money for long term care or outlive their assets and end up needing help from grown children? Nothing ever turns out perfectly as expected! Are people really living longer?


I had two die at 69 and one 71 in the past 5 years. Not all of us will be lucky enough to live long enough to worry about long term care. My 92 year old grandmother was the only one that made it to a care facility and that only lasted about 3 years. It was expensive but only because she had assets; it was very low cost or almost free to most of the residents who were subsidized by the government low income or no savings.

I think most Millennials will try to save and plan as previous generations have done. Its not that I hope my family will pass away, on the contrary, I want them to live and enjoy their twilight years as long as possible. Knowing them and their spending habits they taught me the same habits I seriously doubt they will run out of money.

And if for some crazy reason they did run out, their family will be there to help, Millennials included! My dad never went to college and started his own company that became quite successful. Perhaps, knowing that I have this safety net has allowed me to take the risks that I have.

I have a great goal for you and others who are expecting a great windfall. Build the same amount, or greater amount of net worth on your own that you expect to inherit, or donate most of it away if you do not get there by a certain time. Win win! I will get a sizable inheritance from my parents. However my career is at a standstill. I often think about taking it easy, work part time, and spend my free time creating art, traveling.

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It is mostly real estate. My parents are getting a decent cash flow from rental income. Based on what they currently receive I figure my share would be close to 6 figures annually. If I take into account of what I will potentially get, then I can cut back on work, still max my IRA, cover my living expense without trying to squeeze out extra for after tax savings, and just chill a little bit and do fun and creative stuff. Very tempting as I feel totally burnt out.

If you can do it take the break! You deserve it. You can always find another opportunity. Do kids get money before their parents pass?

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This is so true. What kind of person volunteers this information? Yes, grandparents, uncles, aunts… the inheritance could be from anybody. Not sure what type of person would publicly tell others they got XYZ inheritance either. Purse-raiding on a larger scale. Plus, it avoids you building up resentment about how your parents spend their money in their later years. Great reply! I would agree- I would NOT depend on an inheritance even if you think you may get some- it was never your money in the first place.

I live in the metro New York area, which is notorious for sky high nursing home costs. Even if you have a long term care policy, savings gets eaten up quickly. She is now in a senior apartment that has all but exhausted her savings over the last five years. He owns a Toyota from , which could use some updating. How do you know its their intention to save their inheritance though?

Maybe they are just trying to practice frugality for their parents on a fixed income. Good for you! In this particular example, I know that is the intention of these children. The children are all in their 50s or so and not very financially responsible. A close friend of mine owns some nursing care facilities. My expected inheritance is high 6 figures. It did not impact my savings or retirement expectations. But it is a great safety net.

I am at the very end of the boomers, but meet the characteristics of gen x better. My question for the millennials is when do you think you will inherit this million? A little late to fund your early retirement or buy your house. I wonder why the data implies Millennials expect a large inheritance when all the other reports about retirement savings indicate there are no retirement savings. Hard to inherit money from a a generation that has saved very little…. Your kidding right?

The boomer generation has no savings? The biggest generational wealth transfer in recorded history is about to begin. Unfortunately for them they will likely squander their inheritance away through poor money management.

Simon Sinek on Millennials in the Workplace

These types are surveys are skewed by the larger population of low income earners who save nothing. These are the same nonsense surveys that say the average k balance in the US is 20K. Of course the numbers decrease dramatically when you include everyone. If you parse out the data for working professionals or even blue collar workers my HVAC, car mechanic, and landscaper are all hardworking multimillionaires the boomer wealth is off the charts.

Both sets of my grandparents who lived their lives in a small town in middle America died as millionaires. The survey you reference is typical click bait media. Case in point, my Mom has over 4 million in the bank at age Even in down market years she still makes more money than she spends from dividends. My Mom and the majority of boomers grossly overestimate how much money they will actually need in retirement. Thats a huge part of the adult US population who will be getting a significant inheritance 42 million out of 60 million GenX and fringe GenY.

I agree with you. There is much more wealth out there than people realize. They love putting groups down. It was outrageous the amount of schadenfreude during the dotcom collapse, and the housing collapse. I also strongly believe in the rise of Stealth Wealth. The government will punish you. The public will lynch you. The IRS will target you. Those articles are ridiculous. For one thing they almost always cite average retirement account balances, even though most households that save have multiple retirement accounts.

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  • Further, many of the wealthiest people have plenty of non-retirement investments — businesses, real estate, taxable accounts, etc. That would be a best case, but I also ran it assuming my parents spend all their money which I hope they do! So that estimate fits my bill too. I think this payout expectation may be one of the many causes of this sense of entitlement I see among most of my peers. Great post! While yes, there are certain jobs you do need to be in specific locations for, there are plenty of jobs in related careers that you can do elsewhere. My brother works for a major law firm in NYC, and while he does make more money in NYC, he could easily get a big firm job in many cities across the US.

    The reduced taxes paid remember, NYC also has city earnings taxes plus the reduced cost of living would more than compensate for the reduction in salary. It helps if you live in those expensive cities like NY first though, to get the good job experience to pad the resume. This is a good point.

    The US is huge, and people can easily lower their cost of living while making still good money at the same time.


    Charlotte is a good example. Austin and Houston are probably two other good examples. That is scary as hell to me to have to rely on my parents not spending all their money in retirement to be able to retire. The only thing you can control in investing is how much you save.

    Take some initiative and put yourself in charge of your future. Being financially complacent is very dangerous. That said, the Baby Boomers are the richest generation ever! If I knew I had access to 1million in inheritance I was probably going to invest majority of them and start a business over here. I would sure try that If I had the money, probably more money will just keep me motivated to start more businesses and focus in more directions.

    Tell us more about your desire to open a solar plant. What draws you to solar? I also plan on retiring in about…. There is NO money on Mrs. Cs side, and my parents had kids very young, so by the time I would inherit anything, I should be an old man as well! With all that being said, based on my peers, I represent an extremely small percentage of millennials that I know. Thanks for sharing your housing specifics.

    If so, this data could suggest aggressively investing in the MidWest now. What do you think? I think it may become a fairly common practice for people, especially young adults, to move to the midwest due to low cost of living as more and more jobs become location independent. My guess is there is a substantial portion of millennials who grossly underestimate what housing and numerous other expenses cost in their current locations.

    In other words, younger home buyers really do manage to spend less money on their homes. Which is good. I am misunderstanding. I should clarify. The distribution is highly skewed towards coasts where median home prices are higher. Given the way Personal Capital asks for projections, it is possible that the k is actually the average down payment that millenials are putting down to buy a home in the future?

    That would put the average home price at which seems much more reasonable especially in the North East. If they are currently renting, they might consider that they will be keeping monthly expenses the same once they purchase but will need to spend cash to buy a home. Your email address will not be published.

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    Is a College Degree Worth It? | Millennial Money Man

    You can also subscribe without commenting. Sign up for the private Financial Samurai newsletter! Below is the data that came out from the Retirement Planner user analysis. East Coasters are the most interested in paying for their education goals: New Jersey, Massachusetts and New York rank as the top 3 savers for education expenses. Continue reading to find the answer. Heck no! Why bother killing myself when my parents killed themselves for me already? No use both of us suffering for decades! I'd probably slack off a little with my savings and be super picky with the type of work I do.

    I would work just as hard and save just as much if I had nothing coming my way. I want to prove to myself and to others I can create my own wealth! They deserve it. I don't. I want to work for my money. Feel free to share in the comments section. Share Pin 3. Reddit Comments Wow, those numbers from that study are shocking, and a little sad. Whoops, meant to say this will ensure the government will NOT intervene. If not, that business name is racist in the public domain This is a grossly inaccurate article, which is sad and confusing coming from such a well self-accredited financial advisor.

    Hi Regina! How about you? TLDR of 3 — stop whining, start doing. Thanks for getting my back Rob! And well done rising to your current position! Do not forget to be entertained sometimes. Life is more fun this way. You might not survive to pension. Oh definitely I think it is the reason why. In fact, since leaving school, I am generally depressed by the average motivation and skill level of our workforce… Motivation comes in a lot of shapes and sizes.

    That said, Im sure there are plenty of interesting statics showing how fast family wealth declines over the generations… Lastly, for those who are against passing on inheritance, I cant emphasize enough how quickly life can change, and what a difference having that money can make. No substitute for hard work Lastly- go the extra mile. Judging by the size and success of the Millennials are Ruining [insert cultural institution here] subgenre of internet analysis, many industries are struggling to stay in step with the generation of avocado toast, participation trophies and granularized attention spans.

    Of course, if you are a typical Bleacher Report reader, you are part of the millennial generation and probably tired of sweeping generalizations and cliches regarding toast, trophies and attention spans. You may also be aware that complaints about disrespectful, entitled young people these days date back at least as far as Socrates.

    Old fogies have trouble coping with change; it's what makes them fogies. And the NFL sure looks like it's run by them. But millennials really are more than just another bunch of kids who need to get off the world's lawn, according to experts. To clarify: Tulgan is talking about what he calls "second-wave millennials" who came of age after the stock market crash. Instead of growing up in the booming dot-com era of the late '90s, these millennials grew up in families and communities facing a near-depression. Second-wave millennials are also mostly native to a world of both ubiquitous social networking and on-demand media.

    Since childhood, their favorite shows and music were waiting for them to watch, not the other way around. That's the biggest challenge. The two-wave generational theory explains why the NFL may just now be facing a new type of player: First-wave millennials are approaching 40 and starting to get coaching and front-office jobs, but the latest batch of young people these days is very different from those entering the workforce even a decade ago.

    Jones says that the rise of social networking has made local celebrities out of top high school football players, turning the whole recruiting process upside down. Recruits now get scholarship offers in ninth or 10th grade. They don't want to visit campuses for workouts because they know they don't have to. Caraher sees the same phenomenon all the time in industry.

    Many of those fawned-over high school freshmen eventually become NFL players. That means the league is full of egomaniacal monsters who expect the world served to them in a bread bowl, right? No one wants to sacrifice their playing time for being a smarty-pants. Football, in other words, weeds out young people with stereotypical "bad millennial" habits early. Unlike industry, there's no expectation of flex scheduling or working from home. Gassers and benching remain effective disciplinary tools that aren't available to your average tech company.

    And a freshman or rookie who arrives thinking he has nothing new to learn usually gets straightened out in his first drill against a senior or veteran. Mommy and Daddy's rubbing of the back isn't there. The steadily widening earnings gap by educational attainment is further highlighted when the analysis shifts to track the difference over time in median earnings of college graduates versus those with a high school diploma. To be sure, the Great Recession and painfully slow recovery have taken their toll on the Millennial generation, including the college-educated.

    Young college graduates are having more difficulty landing work than earlier cohorts. They are more likely to be unemployed and have to search longer for a job than earlier generations of young adults. But the picture is consistently bleaker for less-educated workers: On a range of measures, they not only fare worse than the college-educated, but they are doing worse than earlier generations at a similar age. For example, the unemployment rate for Millennials with a college degree is more than double the rate for college-educated Silents in 3.

    But the unemployment rate for Millennials with only a high school diploma is even higher: The same pattern resurfaces when the measure shifts to the length of time the typical job seeker spends looking for work. In the average unemployed college-educated Millennial had been looking for work for 27 weeks—more than double the time it took an unemployed college-educated to year-old in to get a job 12 weeks. According to the analysis, Millennial high school graduates spend, on average, four weeks longer looking for work than college graduates 31 weeks vs.

    But again, Millennials without a college degree fare worse, not only in comparison to their college-educated contemporaries but also when compared with similarly educated young adults in earlier generations. But depending on their major field of study, some are more relevant on the job than others, the Pew Research survey finds. To measure the value of their college studies, all college graduates were asked their major or, if they held a graduate or professional degree, their field of study. The remainder said they were studying or training for a vocational occupation.

    At the same time, those who majored in science or engineering are less likely than social science, liberal arts or education majors to say in response to another survey question that they should have chosen a different major as an undergraduate to better prepare them for the job they wanted. In addition to selecting a different major, the Pew Research survey asked college graduates whether, while still in school, they could have better prepared for the type of job they wanted by gaining more work experience, studying harder or beginning their job search earlier. About three-quarters of all college graduates say taking at least one of those four steps would have enhanced their chances to land their ideal job.

    Leading the should-have-done list: getting more work experience while still in school. Half say taking this step would have put them in a better position to get the kind of job they wanted. The survey also found that Millennials are more likely than Boomers to have multiple regrets about their college days.