What's the number?

[El Chupacabra]

Annual bump!

Overall bad year financially, between markets and inflation. Hopefully 2023 is better.

[Toadman]

Figured I would bump this thread because I'm feeling like I need to bump something today. Not quite the specific topic of the thread but I will argue somewhat tangential. Yeah, I used the word tangential. Deal with it.

Thoughts?

Boomers And Gen Z Agree They Need A Salary Of Around $125,000 A Year To Be Happy, But Millennials Say They Need $526,000 — Who Is Right?

https://finance.yahoo.com/news/boome...163346569.html

And once again, the lost generation gets left out of the discussion.

[XXX-er]

I forget which is which but by the time the youngest group gets to retirement the numbers will be much higher and if they arent home owners by retirement they gotta come up with the rent some how

I think when this thread started I was the only person posting who was retired

[J. Barron DeJong]

Figured I would bump this thread because I'm feeling like I need to bump something today. Not quite the specific topic of the thread but I will argue somewhat tangential. Yeah, I used the word tangential. Deal with it.

Thoughts?



https://finance.yahoo.com/news/boome...163346569.html

And once again, the lost generation gets left out of the discussion.

Not being happy unless they’re earning more than ~96% of all workers will make for a lot if miserable Millenials.

[liv2ski]

We are both now retired. Haven't changed our life style much other than I canned the gardeners, as I have time to do that and asked the house keeper to come every week rather than every other week. No month in Yurp planned this year so that will save us $15k+. Have definitely upped our wine game, so that is likely an extra $1k a year, but so worth it. Old dogs are costing me an arm and a leg and sadly I think we are getting close to the end for Gunther. Once both pups cross over the Rainbow Bridge, we have discussed living in Yurp 3+ months a year.
Life is actually pretty great except for getting old and being to lazy to work out often.

[Toadman]

I think once Millennials realize the amount of work you need to do at that salary level, along with the corresponding stress that comes with it, they might not be so happy.

[subtle plague]

Millenials have kids these days. Imagine the Stress..... I honestly wonder if they're going to have even less kids than us Xers.

[The AD]

I'm just over a year out from turning 55 and that's still my retirement goal.

I'm confident I can stay happy on well under half a million $ per year.

[Danno]

I'm just over a year out from turning 55 and that's still my retirement goal.

I'm confident I can stay happy on well under half a million $ per year.

I've managed to stay relatively happy on WELL under half a mil per year for the entire 35 years of my adult life, don't imagine retirement will be much different.

[The AD]

I've managed to stay relatively happy on WELL under half a mil per year for the entire 35 years of my adult life, don't imagine retirement will be much different.

Same. Maybe the (other) Millennials heard about their grandparents being able to buy a house on the equivalent of two to three years salary and think they should be able to do the same?

[ötzi]

Just heard that a guy I know, father of my daughter's friend, my age, was fine yesterday morning and had some kind of a massive stroke yesterday and is in the ICU paralyzed right now. He was home alone, he somehow managed to call 911 or he'd be dead. Live now.

[ghosthop]

Thoughts?

https://finance.yahoo.com/news/boome...163346569.html

Those numbers mostly track for me when you think about priorities.

500k is the number my wife and I often toss around as a reference point because back of napkin math says we could afford a home, save ~5M in twenty years, and still live a relatively affluent lifestyle. We are debt free, I couldn’t imagine being an elder millennial staring down 40 with significant student loans.

[liv2ski]

Same. Maybe the (other) Millennials heard about their grandparents being able to buy a house on the equivalent of two to three years salary and think they should be able to do the same?

Our first home was 2X our combined annual gross income because rates were 14%+. You want lower prices? Then jack those rates back up for years on end.

[XXX-er]

1st I got the retirement checks/ then the early CPP checks/ then the OAS checks/ then the checks from the Riffs/ and of course the tenant sends checks so being a saver the old habits die hard, I have to consciously think about trying to spend money

edit: I never made > 25$ an hr fixing the HW but once it was over the pension at 49 was huge

[Conundrum]

Not being happy unless they’re earning more than ~96% of all workers will make for a lot if miserable Millenials.

Yeah, 22% of the population equating happiness to being a top 3% earner. Doesn't seem to pencil. I think Big Steve could do some life coaching here "The key to happiness is low overhead and low expectations." Wonder what he's up to these days.

[shroom]

I heard he’s a DIY influencer in E-burg. wise words though!

[schuss]

I don't think I know a single millennial that would peg that. Most I know would rather just have more time off

[Mazderati]

Re-poll when Z is trying to buy a house.

[Toadman]

Yeah, 22% of the population equating happiness to being a top 3% earner. Doesn't seem to pencil. I think Big Steve could do some life coaching here "The key to happiness is low overhead and low expectations." Wonder what he's up to these days.

All that is to say that there are a lot of unhappy people out there.

[dunfree]

Yeah, 22% of the population equating happiness to being a top 3% earner. Doesn't seem to pencil. I think Big Steve could do some life coaching here "The key to happiness is low overhead and low expectations." Wonder what he's up to these days.

pretty sure in a bunch of states it’s closer to .3% than 3%, even if in a bunch of MSA that income number is “only” top 10-20% (greater SJC cutoff for ~20% is $500k) US is rich, but not that rich

[jackstraw]

I don't think I know a single millennial that would peg that. Most I know would rather just have more time off

Seems some tend to agree. My kids are on that line of genZ and millennials. My oldest is in marketing and his company went to a 4-day work week with no cut in pay. That's just wild to me.

[AdironRider]

As a millenial with kids I can certainly see why the millenial number is so high.

In my hood, which is northern NH by the way, going rate for childcare is 1750 per month, per kid full time. You need to clear 3500 a month for two kids under 6. Tap a mortgage on top of that which for the median house here is another 3500 including property taxes. And the food bill is 1250. Thats 8250 a month before you turn on a light, put a drop of gas in your car, or you know, anything fucking else.

A family of 4 requires 200k a year to live in NH without significant family support. I can't imagine what it is like in Boston or NYC. Capitalism got its hands on raising a kid and sure did its thing.

But retirement with a paid off house and no kids to support? I stick to my number of a million and the cash flow of a 3 unit rental property. Supplemented with social security (with a COLA) and that is still good livin.

[Kevo]

Here is a link to the actual study that the article references. It does include data about Gen X- https://www.empower.com/the-currency...cial-happiness

The study is asking about individual incomes, not household income. $526K in individual income is well above the 99th percentile.

Here is a good data on household income percentile-
https://dqydj.com/household-income-by-year/

And for individual income-
https://dqydj.com/individual-income-by-year/

and some percentile data for households and individuals by state-
https://dqydj.com/income-by-state/

And finally by age-
https://dqydj.com/income-percentile-by-age-calculator/

[Conundrum]

In that case, I guess it’s not all about participation ribbons after all.

[schuss]

They only have 2k people in the study. Given generational breakouts they're barely scraping the minimum for getting to a 95% CI and based on what I know of publicish survey you're typically throwing out 20-30% of sample these days. They need probably double the sample to be confident in an outlier like that.