are you wealthier than your parents?

[Ajaxv2]

Originally Posted by LucasCLarson

Nice.

Same story here.

What type of small business?

I have a similar story, and live in St Paul. I smell a story-swap.

 

[Pezzaturra]

Monetary yes, but existentially a big No.
My parents grew up in a post war Europe and had stable jobs with guaranteed and free healthcare benefits , 40+vacation days, pensions, almost free daycare for me and my siblings, low-interest RE loans and no real-estate taxes. Neither of them had to ever worry about loosing their jobs or their benefits nor about the quality of our free education.
Neither of them had to compete with inhabitants of a 3-rd world for their livelihood.

 

[LucasCLarson]

Originally Posted by Pezzaturra

Monetary yes, but existentially a big No.
My parents grew up in a post war Europe and had stable jobs with guaranteed and free healthcare benefits , 40+vacation days, pensions, almost free daycare for me and my siblings, low-interest RE loans and no real-estate taxes. Neither of them had to ever worry about loosing their jobs or their benefits nor about the quality of our free education.
Neither of them had to compete with inhabitants of a 3-rd world for their livelihood.

That sounds pretty ideal.

I studied german for 4 semesters. Interesting stuff. Europeans seem to have a much more relaxed approach to life.

 

[JohnGalt]

Yes, I am.

 

[Valor]

At 23, I'm way better off now than my parents were when they were 23.

 

[Piobaire]

Originally Posted by Fuuma

Why would my answer to that question be suitable to you? A very economic-minded guy like Pio will be the first to tell you that his (relatively) high paying/status job has some drawback and was the result of a conscious choice to sacrifice certain things.

True 'dat.

It was what I was attempting to intimate in my first post in this thread and has been the cause of much existential angst for me over the last several years. I think whichever path you take (unless you are born rich), you have to learn to appreciate the benefits of that path and minimize the baggage. So if you choose the more Bohemian path, enjoy your freedom and lack of pressure, as one day that **** will probaby catch up with, i.e. old age, major illness. If you choose the big job/big stress/big pay path, enjoy the hell out of the choices and comforts it gives you and try to compartmentalize the stress and things, otherwise that **** will kill you.

 

[RSS]

I probably didn't have greater wealth than my parents ... be it at age of 45 ... or 60 for that matter. That said ... I am certain that I had and continue to have greater earned income.

Given the economy my earned income may soon be $0 ... but that would equal that of my father ... with the exception of his military service.

 

[navalnola]

Considering my parents both dropped out of college and became married at approx. the same age as I am now, I would consider myself wealthier. I have no debt from school, own my own vehicle outright, make more than I spend, support myself and live on my own. This is hugely contrasted to my parents who (once they dropped out of school) moved into a house my grandparents owned (rent free, mind you) for four years to get on their feet.

 

[kwilkinson]

Not in any way, shape, or form. Most likely never will be. I'm not too worried about it though.

 

[HyperHorse]

Originally Posted by darkdream

I am dependent on my parents (college student living in one of their condominiums and I will be dependent for my PhD/MBA time too). My mother makes around 400k from her career alone (and this is her taking a safe job for the big family for financial security since she make much more than my father). I do hope to make more than my mother does within 10 years after I finish my education to make her proud and to pay her back.

Why you got to pay her back? She can't take that $$$ to the grave. She earned that $$$ so you could have it.
She should be happy/proud that you're just in college...

 

[kwilkinson]

Originally Posted by HyperHorse

Why you got to pay her back? She can't take that $$$ to the grave. She earned that $$$ so you could have it.
She should be happy/proud that you're just in college...

lolwut

 

[Frodo]

Well I am 45 and I make twice what both my parents made put together at my age, even accounting for inflation. And they made triple what their (pitifully poor) parents made. They poured their lives into me like water on a fire, and I'm doing the same for my daughters. My oldest daughter will probably make 3-4 times what I make. I agree with the poster who said that it bears contemplation that if you aren't taking a step up with each generation, something's amiss.

It's all about the next generation. And shoes. The next generation and shoes: that's what it's all about. And gin. That's what it's all about. And this lamp...

 

[Valor]

Originally Posted by Frodo

It's all about the next generation.
I agree partially to this. I think its commendable that a lot of parents work extremely hard to give everything to their kids, but sometimes its a damn shame that their kids turn out to be spoiled and lazy. I've met quite a few kids from very wealthy families, some who turned out fantastic and have a strong work ethic, and some who turned out terrible and are basically going to live off their trust fund for the rest of their lives. This may seem crazy, but if it were feasible, I would support a 100% inheritance tax.

 

[StephenHero]

When my dad was 23-24, he had just quit professional soccer to work in a plastic factory to pay for his masters degree. At 22 (two years ago), I had a job in a warehouse painting safety signs. I now have a pretty low position in a field that pays nothing, but I'm doing much better relative to others I went to school with. The correct long term guess would be to guarantee that I don't make more than him relative to the percentile of the population he's in. But I know he also doesn't enjoy his job now, while I really enjoy going to work. So we've basically chosen different paths and career goals. It would also have been nearly impossible for me to do what I'm doing without the financial support his well paying job allowed. I often feel guilty about this and I'm apprehensive about having kids because I have no idea if I could guarantee them the appropriate support they'll need.

 

[crazyquik]

No where near my father at this point in my life.

I think I'll go drink myself to sleep now.