• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

The unluckiest generation in U.S. history

Brett

Guest
Joined
Jun 6, 2005
Messages
9,360
Reaction score
4,976
Points
598
Location
Coastal Virginia
"After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history. Millennials will bear these economic scars over the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.

The Great Recession pushed young workers a few steps down the wage ladder. New research shows they never recovered, even as their older colleagues regained all the ground they’d lost. And now it’s happening again, to many of those same young workers."

https://www.washingtonpost.com/business/2020/05/27/millenial-recession-covid/

uluck.jpg
 

Patri

Tug Review Crew
TUG Member
Joined
Jun 6, 2005
Messages
6,797
Reaction score
4,127
Points
648
It doesn't really matter. They start where they are and move forward. They will build on their own achievements and be proud of that.
 

T_R_Oglodyte

TUG Lifetime Member
Joined
Jun 6, 2005
Messages
16,237
Reaction score
8,214
Points
1,048
Location
Belly-View, WA
Growth in economic is the measure of luck? But if you do want to reduce it to simple economic terms, wouldn't the luckiest time to be born the time when their economic well-being is best? Would millenials be better off trading places with their counterparts from two centuries ago?
 

klpca

TUG Review Crew: Veteran
TUG Member
Joined
Sep 11, 2006
Messages
8,347
Reaction score
7,432
Points
749
Location
CA
Resorts Owned
SDO, Quarter House, Seapointe, Coronado Beach, Carlsbad Inn, Worldmark
"After accounting for the present crisis, the average millennial has experienced slower economic growth since entering the workforce than any other generation in U.S. history. Millennials will bear these economic scars over the rest of their lives, in the form of lower earnings, lower wealth and delayed milestones, such as homeownership.

The Great Recession pushed young workers a few steps down the wage ladder. New research shows they never recovered, even as their older colleagues regained all the ground they’d lost. And now it’s happening again, to many of those same young workers."

https://www.washingtonpost.com/business/2020/05/27/millenial-recession-covid/

View attachment 21375
Yeah, I tried to point this out to an older friend and was told that I was whining. I am not. I can just see where this is headed for this generation. The reality of the situation is that some will never catch up economically. Wealth is created over time and when your savings growth (be it retirement or generic savings) is wiped out twice in 12 years, yes you will just have to start over, but truth is that you have a much shorter timeline in which to recover. Add on the debt that the government is stuck with, this generation is going to face some hefty tax hikes over their lifetime and they will not achieve the same economic growth. Their reality will be different than that of their parents.
 

geekette

Guest
Joined
Jun 6, 2005
Messages
10,777
Reaction score
5,531
Points
848
It's all a crapshoot. I got my degree in 88, so I understand starting out in bad times with crap jobs and a wad of debt. Life is what you make it. It was that early pot hole that got me in fear of being old and poor (young and poor sucked rocks), so as soon as I could, I started investing in div paying stocks. Good thing I did.

I kind of prefer starting with a hard road since I know for sure that I can handle hard times. Might have been different had folks bought me cars, paid for my schooling and waltzed into my first job at 22, never having to work for min wage. Rather cush compared to the row I hoed. I am better for having struggled.

I can't make conclusions about a generation that spans too many years to be significant. Are the oldest mills in the same boat as the youngest? I don't think so. I am early GenX, did not get to ride boomer coattails, but those after me graduated into better circumstances. We did not at all have the same situation.

Individuals have their own challenges and opportunities. There is only so much I can blame Black Monday of 1987 or dotcom bust for anything in my life as it is today.
 

Brett

Guest
Joined
Jun 6, 2005
Messages
9,360
Reaction score
4,976
Points
598
Location
Coastal Virginia
Yeah, I tried to point this out to an older friend and was told that I was whining. I am not. I can just see where this is headed for this generation. The reality of the situation is that some will never catch up economically. Wealth is created over time and when your savings growth (be it retirement or generic savings) is wiped out twice in 12 years, yes you will just have to start over, but truth is that you have a much shorter timeline in which to recover. Add on the debt that the government is stuck with, this generation is going to face some hefty tax hikes over their lifetime and they will not achieve the same economic growth. Their reality will be different than that of their parents.


yes, for sure millennials are going to need a longer time frame to accumulate wealth for retirement
 
Last edited:

cman

TUG Member
Joined
Jun 15, 2005
Messages
719
Reaction score
814
Points
453
It's a ticking time bomb. As they age and begin to occupy positions of power and influence, they're going to revolt against things like student loan debt, inability to buy a house, and the lack of the ability to comfortably retire. This is the first generation in my lifetime that most likely won't do as well as their parents. They want the same things that we wanted in life but for many of them, those goals are not readily achievable.
 

Passepartout

TUG Review Crew: Veteran
TUG Member
Joined
Feb 10, 2007
Messages
28,582
Reaction score
17,387
Points
1,299
Location
Twin Falls, Eye-Duh-Hoe
Sure. There will be winners and losers. There will be young people who work hard, study trends, invest in and prepare for the future, and there will be those satisfied with a barista job or flipping burgers or walking dogs.
 
  • Like
Reactions: RX8

TravelTime

TUG Member
Joined
Mar 20, 2018
Messages
8,093
Reaction score
6,461
Points
499
Location
California
Resorts Owned
All Resale: MVC DPs, Marriott Ko Olina, Marriott Marbella, WKOVR-N, Four Seasons Aviara
OTOH, I have also read that boomers are going to make the most massive spread of generational wealth in history to their offspring. So possibly millennials will inherit the most of any generation.

 
Last edited:

easyrider

TUG Review Crew: Elite
TUG Member
Joined
Aug 21, 2005
Messages
15,354
Reaction score
8,274
Points
948
Location
Palm Springs of Washinton
Resorts Owned
Worldmark * * Villa Del Palmar UVCI * * Vacation Internationale*
I don't agree with any generation being unlucky because of economic conditions. Look at the technology that the newer generations have compared to what we had. Wealth is not luck, imo.

Bill
 

klpca

TUG Review Crew: Veteran
TUG Member
Joined
Sep 11, 2006
Messages
8,347
Reaction score
7,432
Points
749
Location
CA
Resorts Owned
SDO, Quarter House, Seapointe, Coronado Beach, Carlsbad Inn, Worldmark
I'm not getting angsty for them, just observing the reality of the situation. And like @cman , I think that there will be changes in store for everyone once that generation takes over the reins.
 

am1

TUG Member
Joined
Dec 3, 2009
Messages
8,105
Reaction score
1,537
Points
448
Have to play the hand that your dealt. A joke people believe in canceling student debt. I made it 5.5 years and graduated with two degrees with cash in my pocket. Got a job where I stayed two weeks a year after graduating and never used the diplomas again.
 
Top