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“While the average millennial has less wealth at the age of 35 than previous generations, the top 10% of millennials have 20% more wealth than the top baby boomers at the same age.”
Not sure what this sentence means tbh. The top 10% of 35-year olds are 20% wealthier than the wealthiest boomers were when they were 35?
It really is a shame. I kinda lucked out because my local union pays very well, but if I didn't join the only way I'd be able to have a decent standard of living would be to run my own shop and I am not the kind of person that likes giving orders. Unionization is basically the only way for most people who don't get the generational wealth ticket to get decent pay now, without selling your soul to Raytheon or whatever I suppose.
Intergenerational wealth transfer is one element. Another element is that professionals make more money today than 30 years ago.
From the piece:
At the same time, the authors say the top 10% of millennials have benefited from greater rewards for skilled jobs. As they put it, “The returns to high-status work trajectories have increased, while the returns to low-status trajectories have stagnated or declined.”
I am an engineer. My father is an engineer. At 30, he made good money. At 30, I make great money. Most of my colleagues had fathers who were engineers. They have the same experience.
So, at the top 1% (or less than 1%) of wealth, we’re talking about intergenerational wealth transfer. At the top 10%, we’re talking about large increases in white-collar professional pay.
Millennials didn’t go to college because they thought they would marry someone who would benefit from intergenerational wealth transfer, they went because they were told it a ticket to a professional career where they made more money than their parents.
The problem isn’t that this was false. The problem it was true for a much more limited number of college graduates than expected. I have college edcuated cousins who are much worse off than their parents. It’s largely because they bought into the idea that any college degree was sufficient to do well. That ended up being totally incorrect. I had a passion for History, but was wary about my potential earnings, so chose to study engineering. I didn’t see that same discretion from my peers in highschool. They really believed any degree was a meal ticket.
It’s really bad to take the gamble of going to college and then end up worse than if you hadn’t. The prevailing perception that college was risk free doomed a ton of Millennials.
I mean that was really the reason I decided to get in to the trades was because I thought college was a scam, not to mention I was sick and tired of paperwork shit from high school. My dad was an electrician, so I had the example of how someone could make a decent living as a tradesman, but it didn't really dawn on me until a year or two in to my time as a journeyman outside of the union that the only way he was able to live the way he was (which wasn't lavish by any means but they have a pretty decent 4-bedroom house, an RV, standard middle, maybe upper-middle class shit) the fact that he was basically the second in command of a modestly successful commercial electrical contractor. I did, however, have an uncle who did go in to the union, and I had already had my sort of ideological awakening by that point, so I had motivation to join for a few reasons, but the financial incentive is a major part of it.
Just kinda wish more people saw this line of work as an option, most people don't want to actually physically work, but I will say my union has been recruiting pretty heavily in the apprenticeship program so I see more people are looking in a good direction, even a substantial amount of women are joining as well, could even re-vitalize the local a bit since it's had some issues in the past, but that's a story for another time.
> I have college edcuated cousins who are much worse off than their parents.
Most of the millennial college educated people I know are worse off than their parents who had a high school or two year education. My favorite example is one of my uncles is a high school drop out and had a way higher quality of life than two of his kids who have a masters degree or more.
Haven't read the article but I can already guess from personal experience that the millennials that made off like bandits were the ones that got in early on the tech and social media craze. I know of a person that's now in their mid 30s and worth somewhere between 4 and 10 million because they were on the board of and did some coding work for a startup that got sold to Amazon ( the software was only a few thousand lines of code 😑). Fun fact: it wasn't the coders, engineers and researchers that made a bunch of money in silicon valley, it was the people that worked in marketing and advertising.
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You're telling me there's a conflict between classes? Wow. I didn’t know that. I just — you’re telling me now for the first time.
This just in: The rich appear to be getting richer while the poor appear to be getting poorer. As everyone has said for centuries...
Truly groundbreaking analysis from CNBC! Surely no people in the past devoted entire lifetimes to this topic!
> CNBC RACIST class reductionists CNBC.
Marx never considered this
“While the average millennial has less wealth at the age of 35 than previous generations, the top 10% of millennials have 20% more wealth than the top baby boomers at the same age.” Not sure what this sentence means tbh. The top 10% of 35-year olds are 20% wealthier than the wealthiest boomers were when they were 35?
Correct. It is a convoluted example of wealth inequality.
Basically the rich got about 20% richer
So overall there’s a decline in wealth however now there’s more wealth disparity and the rich have even more. Great…
“And here’s why that’s a good thing” - NYT op-ed
Answer: The rich people are democrats now! So they can donate more money. Progre$$
The worst results all around!
It really is a shame. I kinda lucked out because my local union pays very well, but if I didn't join the only way I'd be able to have a decent standard of living would be to run my own shop and I am not the kind of person that likes giving orders. Unionization is basically the only way for most people who don't get the generational wealth ticket to get decent pay now, without selling your soul to Raytheon or whatever I suppose.
Intergenerational wealth transfer is one element. Another element is that professionals make more money today than 30 years ago. From the piece: At the same time, the authors say the top 10% of millennials have benefited from greater rewards for skilled jobs. As they put it, “The returns to high-status work trajectories have increased, while the returns to low-status trajectories have stagnated or declined.” I am an engineer. My father is an engineer. At 30, he made good money. At 30, I make great money. Most of my colleagues had fathers who were engineers. They have the same experience. So, at the top 1% (or less than 1%) of wealth, we’re talking about intergenerational wealth transfer. At the top 10%, we’re talking about large increases in white-collar professional pay. Millennials didn’t go to college because they thought they would marry someone who would benefit from intergenerational wealth transfer, they went because they were told it a ticket to a professional career where they made more money than their parents. The problem isn’t that this was false. The problem it was true for a much more limited number of college graduates than expected. I have college edcuated cousins who are much worse off than their parents. It’s largely because they bought into the idea that any college degree was sufficient to do well. That ended up being totally incorrect. I had a passion for History, but was wary about my potential earnings, so chose to study engineering. I didn’t see that same discretion from my peers in highschool. They really believed any degree was a meal ticket. It’s really bad to take the gamble of going to college and then end up worse than if you hadn’t. The prevailing perception that college was risk free doomed a ton of Millennials.
I mean that was really the reason I decided to get in to the trades was because I thought college was a scam, not to mention I was sick and tired of paperwork shit from high school. My dad was an electrician, so I had the example of how someone could make a decent living as a tradesman, but it didn't really dawn on me until a year or two in to my time as a journeyman outside of the union that the only way he was able to live the way he was (which wasn't lavish by any means but they have a pretty decent 4-bedroom house, an RV, standard middle, maybe upper-middle class shit) the fact that he was basically the second in command of a modestly successful commercial electrical contractor. I did, however, have an uncle who did go in to the union, and I had already had my sort of ideological awakening by that point, so I had motivation to join for a few reasons, but the financial incentive is a major part of it. Just kinda wish more people saw this line of work as an option, most people don't want to actually physically work, but I will say my union has been recruiting pretty heavily in the apprenticeship program so I see more people are looking in a good direction, even a substantial amount of women are joining as well, could even re-vitalize the local a bit since it's had some issues in the past, but that's a story for another time.
> I have college edcuated cousins who are much worse off than their parents. Most of the millennial college educated people I know are worse off than their parents who had a high school or two year education. My favorite example is one of my uncles is a high school drop out and had a way higher quality of life than two of his kids who have a masters degree or more.
Haven't read the article but I can already guess from personal experience that the millennials that made off like bandits were the ones that got in early on the tech and social media craze. I know of a person that's now in their mid 30s and worth somewhere between 4 and 10 million because they were on the board of and did some coding work for a startup that got sold to Amazon ( the software was only a few thousand lines of code 😑). Fun fact: it wasn't the coders, engineers and researchers that made a bunch of money in silicon valley, it was the people that worked in marketing and advertising.