Careers.....Boomers vs Millennias

[CKN]

Many people are not financially responsible, but it is also taught to them at an early age that debt is just a fact of life and they should take on more. My parents went to college in the early 80s, and rented apartments while going to state colleges and only working part time. They paid for school as they went. When I went to college (2008) there was no way I'd get approved for an apartment around here only working part time while being in school. I lived home, commuted, worked full-time, and somehow graduated with no debt. I was the minority then, and with tuition costs I'm not sure that is even possible now. People are graduating college with mountains of debt, and most have a car payment. $30-35k starting salary isn't going to cover that plus an apartment lease.

Many jobs around me are $17.00 to $20.00 an hour-these are entry level. That's $41,000.00/yr. Still difficult to live on your own in most cities with that. However-debt is a fact of life if you want a house. The money ship has sailed to pay cash for a house any where that's decent. They are simply too expense. In my area your parents would be paying $2,000.00/month to rent an apartment-TODAY.

Respectfully-can't compare what you parents went through.

 

[Exhaustgases]

Boomer, with a mindset of a nowadays kid, back when I entered the workforce. I dreamed of a 16 hour work week or less. Time and the type of work I was doing mattered more that the pay, especially when I started out. I never stayed at a job longer than 12 years, a few times it was for more $, and some times it was because of layoffs, or just wanting to do something different. Except for a few starting jobs, every job I did, if I made a mistake it would have cost the employer from thousands, and some, into millions of dollars, so no mistakes allowed. I never had a, do little, cushy job, high stress for some of them. I fully understand not dedicating your whole life and time to an employer or job. No matter what you think you would like to do as a job, after doing it for a few years, you will not like it so much any more. I have never had an honest supervisor or employer, been lied to many times.
Some employers the management was great and some of the employees horrible to work with, and vice versa. Only one outfit was a nice family atmosphere to work at, it was a pleasure working there.

 

[JTK]

As stated-this is extremely rare-these days. Do new hires have access to the plan?

They did away with the traditional pension for anyone hired after 2005, but 2005+ employees get a lump sum payment based on years of service.

 

[Passport1]

Interesting thread. I think every day about how fortunate I was. Twenty-three years active duty and eleven more as a federal civil servant. It was hard. Moving your family maybe every four years, the constant deployments, once off to war. Never hurt or sick and got several pensions and lifetime health insurance. Was it worth it? Yeah but I might not do it again. You just have to stick with your job and if you planned it right and get a bit of luck there might be that pot 'o gold at the end.

 

[doitmyself]

After reading many of these stories, I feel blessed. I am grateful. I'm into my 45th. year with the same employer and still diggin' it. The passion is still there. I'm an idealist by nature, but enough of a realist to mostly keep grounded. I don't envy the career situation for today's young people. Those that have/make opportunities can still find satisfaction I suppose.

 

[Dave Hess]

I sometimes daydream about what if I went into law enforcement and worked as an undercover DEA agent riding with a fugitive outlaw meth head biker gang….. instead of spending 35 years in healthcare.

I would look like Dog the Bounty Hunter and ride a Harley.

 

[supton]

I'm into my 45th. year with the same employer and still diggin' it.

Wowzer. Impressive! I've wondered if I can pull off 40-45 years, but honestly, if I hit 40 I will be very likely to just call it and take early retirement.

I'm working on 22 now, although this pandemic sure has tested my passion for the work... good employer though, so that has gone a long ways.

 

[clinebarger]

Yeah, older generations believed that your life was only worth something if you dedicated your entire life to your company that didn't give a **** about you. Younger generations realize that living to work is stupid. Unfortunately, that makes us ""lazy"" and ""entitled"" (sarcasm, since some people clearly don't understand that)

You want to work less, But make more money....That sounds a lot like entitlement. 40 hours is part time to me....Can't remember the last time I didn't put in 55-60 in a week as an employee.....Now as a business owner, I put in more hours.....Not less!!

BTW....Not a Boomer, I'm a Gen X'er

 

[supton]

I’d like to get under 40 hours per week. Would be nice to have more time in the week for myself.

At the start of WFH I did get it up to 55 or so, but lately I just cannot get past 45 or so, brain just quits. 100% computer work, these days its like my brain just shuts off.

 

[carviewsonic]

I worked for 5 years after college for a couple different employers, before working for 33.5 years for the employer I retired from. It was a decent career, but I'm glad to be done with it and retired now.
My former employer improved pay and benefits over the years, and is a good place for someone to have a career. But it is a much streamlined version of its former self, with about 1/2 the staff that it had in my early years there. Which means fewer opportunities for a young person to get in the door.

 

[BMWTurboDzl]

Naive thinking- wall street and stock prices are no longer grounded in reality. They are speculation, pure and simple. The most telling thing is if a company reports good quarterly results, but maybe fell a little bit short of shareholder projections, the stock TANKS, often in the double digit percentages. Most wallstreet stockholders are focused entirely on short-term results, and care not at all about long-term sustainability. It's about more growth more now at the expensive of long-term. Modern execs are a function of this, because most of their compensation is in the form of stock options, so they are personally motivated to drive up profits short term- cutting costs and improving margin by cutting employees, raising prices, and then getting out while the getting is good and cashing out their stock.

In addition the reason for this revolves around how various forms of income are taxed. I've read that CEO's can leverage this by getting loans against their unvested shares and living off loan proceeds. Think Elon Musk.

 

[BMWTurboDzl]

As stated-this is extremely rare-these days. Do new hires have access to the plan?

Yep.

Pension plans are inherently unsustainable and it's why you only see them in the public sector*. Little better than a legalized Ponzi scheme.

*Compared to the private sector, public sector plans have a never ending pool of contributors

 

[Trav]

Read an interesting article about how Boomers and Millennias see jobs/careers.

It said Boomers worked planning on staying for life and expecting security in return (healthcare/pension)

Millennials don't plan on staying for life. They plan on jumping jobs or getting let go etc. They look for things that can help them advance to that next job or meet current needs.

What are your thoughts?

I being a boomer did almost all my career at one employer. I did retire with 1/2 of my healthcare paid for and a pension. I never wanted to relocate or jump jobs.

Generally, boomers like working and owning a home and millennials like loafing in moms basement.

 

[JeffKeryk]

Wow, posts seem to be on one side of the fence or the other.
I have found there are great companies to work for, OK companies and terrible companies to work for.
Ditto employees.

Remember, companies are in the business of making money, growing and prospering. Ditto employees.

If you are fortunate enough to have a job/career you at least somewhat enjoy, count your blessings.

 

[PimTac]

Wow, posts seem to be on one side of the fence or the other.
I have found there are great companies to work for, OK companies and terrible companies to work for.
Ditto employees.

Remember, companies are in the business of making money, growing and prospering. Ditto employees.

If you are fortunate enough to have a job/career you at least somewhat enjoy, count your blessings.

This is true and to expand this point, you can be working for the best company and have a lousy department head or vis a versa.

Jobs and careers are fluid. If you work at one place for a long time you see people come and go. You might be working with a tight crew and everyone gets along and later on as people leave the atmosphere changes. Companies go through good times and bad. Employees should learn to adapt to changing situations. New systems, changes in shift, changes in policies etc.

 

[K.Aoi]

Generally, boomers like working and owning a home and millennials like loafing in moms basement

And here's that wonderful boomer attitude . I could bring out the charts and graphs showing affordability of homes in comparison to incomes over the last 50 years but you will just ignore them so I won't bother. The generation that was handed everything on a silver platter by the greatest generation after the war, and has since ruined the country in pursuit of their own success at the expense of everyone else, leaving us to clean up their mess. The hypocrisy is so thick you can cut it.

Boomers LOVE their investments, living off the backs of the rest of us and complaining when millenials want a housing market crash (so that they could actually afford a house), or when we want higher income since that would impact their beloved stock buybacks and dividends, money markets, annuities. You say millenials are entitled? The collective boomer generation should look in the mirror. You've been blaming your problems on us for decades, and continue to do so today.

 

[Astro14]

And here's that wonderful boomer attitude . I could bring out the charts and graphs showing affordability of homes in comparison to incomes over the last 50 years but you will just ignore them so I won't bother. The generation that was handed everything on a silver platter by the greatest generation after the war, and has since ruined the country in pursuit of their own success at the expense of everyone else, leaving us to clean up their mess. The hypocrisy is so thick you can cut it.

Boomers LOVE their investments, living off the backs of the rest of us and complaining when millenials want a housing market crash (so that they could actually afford a house), or when we want higher income since that would impact their beloved stock buybacks and dividends, money markets, annuities. You say millenials are entitled? The collective boomer generation should look in the mirror. You've been blaming your problems on us for decades, and continue to do so today.

You show absolutely equal bigotry and bias towards a generation other than your own. This is an offensive post.

With that, the thread is locked.

 

[PimTac]

The misconception runs deep here.