this post was submitted on 18 Jun 2024
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Claire*, 42, was always told: “Follow your dreams and the money will follow.” So that’s what she did. At 24, she opened a retail store with a friend in downtown Ottawa, Canada. She’d managed to save enough from a part-time government job during university to start the business without taking out a loan.

For many years, the store did well – they even opened a second location. Claire started to feel financially secure. “A few years ago I was like, wow, I actually might be able to do this until I retire,” she told me. “I’ll never be rich, but I have a really wonderful work-life balance and I’ll have enough.”

But in midlife, she can’t afford to buy a house, and she’s increasingly worried about what retirement would look like, or if it would even be possible. “Was I foolish to think this could work?” she now wonders.

She’s one of many millennials who, in their 40s, are panicking about the realities of midlife: financial precarity, housing insecurity, job instability and difficulty saving for the future. It’s a different kind of midlife crisis – less impulsive sports car purchase and more “will I ever retire?” In fact, a new survey of 1,000 millennials showed that 81% feel they can’t afford to have a midlife crisis. Our generation is the first to be downwardly mobile, at least in the US, and do less well than our parents financially. What will the next 40 years will look like?

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[–] [email protected] 1 points 10 months ago (1 children)

Hell. Gen X also are worried about retirement.

Will social security be here in 15 years? My 401k has not kept up at all.... Everything today costs soooooooo much there's no real room for saving.

[–] [email protected] 1 points 10 months ago

Right??

Early Gen Z / very tail end of millennial here.

Got a job that pays ~80k (with promotion potential to 100k in a year) and I'm just.. dumbfounded at how yall are making it. I didn't grow up wealthy at all, and struggled with homelessness for a time, so I'm not new to the frugal game, but being able to put away only a hundred or two bucks a month after taxes is crazy with the hours and time I put into existing. I'd rather just not work at all if the end result is the same.

Doordash is a crux in my life and something I've definitely splurged on in the past, but groceries are just as expensive outside of rice beans and chicken. Baffling. :(

[–] [email protected] 1 points 10 months ago (14 children)

Good post, but we really need to get out of the generational thinking.

I know rich and poor boomers. I know rich and poor millenials, and gen X/Z.

It's a class struggle. Always has been.

Stop making it a generational battle. That only serves to divide the working class.

Yes, there is racism, ageism, sexism. We should debate those things and improve, but we can't let those things divide us politically.

And since I'm ranting, let me end with a solution. We need to find themes that help all of us.

So perhaps we should say: for example, everyone with less than $1M in wealth gets a $20K tax deduction.

Who could oppose that? It doesn't benefit home owners vs. renters. It doesn't benefit students vs. retirees. It doesn't benefit city dwellers vs. rural. Or white vs. black.

But it does benefit the class who owns nothing and gives them a better chance to own something.

[–] [email protected] 1 points 10 months ago* (last edited 10 months ago) (1 children)

Good post, but we really need to get out of the generational thinking.

I know rich and poor boomers. I know rich and poor millenials, and gen X/Z.

It's a class struggle. Always has been.

As I said somewhere else, it is not that boomers are rich. It's just ~~all~~ most rich are boomers.

[–] [email protected] 0 points 10 months ago (1 children)

TIL Taylor Swift and Elon Musk are boomers.

[–] [email protected] 0 points 10 months ago (1 children)
[–] [email protected] 0 points 10 months ago (1 children)

That's better.

But most rich people are old, that's not new.

That's just how wealth accumulation and inheritance works.

[–] [email protected] 1 points 10 months ago

That's the thing. "It's a class struggle. Always has been."

[–] [email protected] 0 points 10 months ago (3 children)

there are a whole class of humans that actually think; 'i had to suffer through student loans, everyone else should also'

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[–] [email protected] 1 points 10 months ago

This is another one of many things that the government should be taking care of for people (and they sort of tried to with Social Security) but of course the "privatize everything" sociopath elites killed that idea, and our culture expects everyone to just learn how to Warren Buffet better. Bro, do you even index fund?

[–] [email protected] 1 points 10 months ago* (last edited 10 months ago) (17 children)

The next forty years will look like absolute hell and the lack of proper services for the explosive number of diseases in the millennial cohort will directly contribute.

  1. Milliennials by and large don't have enough money to retire, and they are experiencing in striking numbers high rates of immunodeficiency and cancers. (I was personally diagnosed with cancer at 42. You know, the ultimate answer to life the universe and everything...) This will mean they will need more elder care and sooner... and they won't really be able to afford it.

  2. No Child Left Behind has properly fucked US education for the foreseeable future, and US education was abysmal before that already. The elderly are going to be being taken care of by adults who may be functionally illiterate and when you're functionally illiterate, you can become anti-vax even if you got hired as caretaker for the elderly. (Not all will grow up to be functionally illiterate, but if we're to take teachers at their word, the gap between the struggling kids and the smart kids is wider than ever. As in C students functionally don't exist, only A students and F students, and the F students are the larger group who are being passed on to higher grades just to hit numbers.)

  3. On top of education being gutted and there being a dangerous future of incapable people being put in these jobs because there's no one else to do them: The collapse in birth rate because nobody can afford to have fucking kids will also make this problem worse as fewer and fewer workers will be available to take care of more and more elderly and infirm people.

  4. Most of the places that take care of the elderly are being bought up at rapid pace by investment groups, private equity, hedge funds, and the like, and all they do is cut services, make things worse, and cause more suffering and death so they can wring more money out of people suffering at the end of their lives. How many of these businesses will even still exist in 20 years? Many of them are shutting down constantly because the numbers just don't add up, or because the private equity group that bought it has finished hollowing it out and there's simply no money left.

  5. Because of all of this, we will see an absolute explosion of homelessness in the elderly.

  6. You can bet your ass fuck-nothing will be done to prevent any of this. Especially if Trump wins in November, then we're dealing with this process outright accelerating at a breakneck pace.

  7. Oh and just for "fun" we can expect to see a lot more police violence against poverty-striken old people. "STOP RESISTING OLD MAN!"

EDIT: Oh yeah, and that's not even counting climate change, finite amounts of topsoil left, potential pandemics, and the fact that most of the world doesn't even have access to clean water. I try to keep an eye on neat, simple engineering projects from poor countries because we may need to rely on similar options soon enough ourselves.

EDIT II: Get involved in Mutual Aid Groups. We all have skills. No one is coming to save us. No government or political party or corporation. We have to save each other, and that will be very difficult to achieve. I forget the writer, but she said something like "No dictator is ever going to bring about the revolution. It will always have to come from the bottom organizing together." The only thing we can do is help one another. It will not be easy or fair or entirely successful.

[–] [email protected] 0 points 10 months ago (1 children)

If the orange man wins, America is over and none of your concerns will matter as we slip into a fascist dystopia. That is an existential threat we have to deal with right now, and it can actually be prevented.

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[–] [email protected] 0 points 10 months ago (2 children)

Now try being a mid 30s millenial that couldn't even make it running a business

[–] [email protected] 1 points 10 months ago

For real. I'm over here having a mid-life crisis since I was 27.

[–] [email protected] 0 points 10 months ago (1 children)

Running a business is way harder than just being a worker. I don't understand what you mean by this.

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[–] [email protected] 0 points 10 months ago* (last edited 10 months ago) (4 children)

X'er here. I have what most would consider a good job, with good pay, and a good boss. I consider it a good job with good pay and a good boss. My spouse is unable to work, and we have two children. I'm currently seeking some skill or product I can develop without taking time away from my existing responsibilities such that I have a chance of not having to work until I die at my desk one day.

With no shade against millenials, this is the only time I'm grumpy about being forgotten in the generational sniping that goes on. All these articles (like OP) about this very valid angst from older millenials and I identify with it pretty much every time. I know I'm not the only X'er who does.

[–] [email protected] 0 points 10 months ago* (last edited 10 months ago) (1 children)

It's the trouble with attributing it to any specific generation. It's like people forgot that Gen Xers grew up reading the same dystopian sci-fi that we did that predicted this corporate shithole world. Neuromancer was written in 1984, when I was three years old. People forget that the cynicism of Gen X explicitly came from being such a small generation compared to the Boomers that it was just always a given that they wouldn't ever have much political influence. Hell, it even affects a lot of Boomers, because this has been going on for a long time.

Gen X gets forgotten, but they were honestly the first to really bear the brunt of this disease that's eating at all of us, and thus it's sad that they get forgotten. Cheers mate, and I hope you find that skill and succeed in your goals.

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[–] [email protected] 0 points 10 months ago* (last edited 10 months ago) (7 children)

Am millennial… xenniel or “elder millennial to be exact… I have completely given up on ever owning a home or being able to retire. Short of some major acts of public disruption at unprecedented, economy-toppling, billionaire-eating scale, my entire generation - and those after us - are fucked.

[–] [email protected] 1 points 10 months ago

And yet we act like boiled frogs, each generation making fun of the prior one for expecting things to be better than they are. Gen z is so used to things being like shit that they think that all older generations are entitled fuckers And that we should get used to everything being worse because Right now it’s the best they’ve ever known.

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