Five years ago, I posted a blog entry about how the main problem with kids, is parents. My point was that there could be no bad kids unless they'd been exposed to bad parenting. That came to mind again this week, but in a much, much different way.
This week the Wall Street Journal reported that almost 40% of young Americans were living with their parents, siblings or other relatives in 2015. This is the largest percentage since 1940, and happened despite good job growth since the Great Recession of 2008. The share of those ages 18-34 living with parents or other family members has actually been rising since 2005, when roughly 33% were living with family.
It should be noted that this is all according to an analysis of census data by real estate tracker Trulia, which did it to determine why there is less demand for housing than would be expected for the millennial generation. They decided that rising rents in many cities and tough mortgage-lending standards were the culprit, making it difficult for those 'young Americans' to strike out on their own.
Pardon my French, but that reasoning in bullshit. It makes no sense on its face, since the percentage should decline as the economy has so improved over the past five years. Also, there's plenty of multi-generational family living even in lower cost-of-living areas. And for the past few years, mortgage rates have never been lower, making it easier than ever to buy a house.
Want to know why so many millennials are living in their parents' basements? Because they can. Because parents have allowed it -- not just by unconditionally opening their doors to their underachieving kids for undetermined periods of time, but by not holding their children accountable for making better decisions when it mattered, during and after high school and college.
That's simply another form of bad parenting, in a much different context than what I wrote five years ago. It's also a sign of how some millennials are lazy, er, I mean lack motivation, to the extent they'd rather give up independent living than have to be fully employed.
Parents should be more motivated about this, too. As a financial planner, I can also tell you the parents pay a terrible cost in the form of not being able to retire. Thousands of dollars are being spent on children for whom there should no longer be a cost. I've seen some situations where parents are paying more now for their adult children than they were when those kids were under 18. Ugh.
Showing posts with label generation. Show all posts
Showing posts with label generation. Show all posts
Wednesday, December 21, 2016
Sunday, March 31, 2013
Our Unstoppable Social Evolution
In the past week, there were at least 3 major news stories (two national and one local) about same-sex couples and the gay lifestyle. How can I refuse to write about them?
The two national stories were U.S. Supreme Court cases, heard on back-to-back days. One case was about the right of gays to marry, the other about gay marriage rights as they relate to the Clinton-era federal Defense Of Marriage Act.
The local story was another attempt by extreme Iowa Republican Party conservatives (I'm not sure there's another kind right now), to remove the governor's name from an anti-bullying conference. Why? Because they believe "anti-bullying" is a cover for promoting the gay agenda. Yes, they actually think this out loud. Not surprisingly, the effort is being led by WOITH Bob Vander Plaats, who can't be disgraced enough.
Regardless of how any of this turns out in the short term, in the long term it's once again time to remember a basic rule in America: Society evolves on social issues. There's no stopping it.
When we recognize something that hurts/helps society, we take action to disallow/allow it, respectively. It may take years, or decades, but eventually, we get it right.
It's going to take a while, maybe even another generation, but legislation allowing and expanding same-sex marriage in all states is going to happen. Take it from someone who lives in a state where gay marriage has been allowed for years now - we've figured out it doesn't hurt us, it only helps us.
And so society evolves.
Friday, October 19, 2012
Silver Anniversary Of A Crash
The stock market was down just under 2% today, Friday October 19th. Not a good day, but relative to 25 years ago, a GREAT day.
I recall October 19, 1987 quite well. That was the day the Dow Jones Industrial Average dropped over 500 points in one day, which at the time was over 20%. Think about that - a similar drop today would mean the Dow would fall over 2500 points!
Can you imagine the near and maybe real panic that would cause today, in the U.S. and around the world? People would be non-functional. At least the 40+% drop in the stock market in 2008 was more of a cascading crash, since it happened over the course of many weeks/months.
25 years ago, I was less than two years out of college, working an entry-level job setting up 401k plans for employer-customers at Principal Financial Group in Des Moines. Oh, and I had just found out we were expecting our first child. But I never felt like I was in danger of losing my job - if anything, there may have been more job security. Principal needed more help after that, as the 'yuppies' of that generation suddenly concluded they should be saving more money (inside a 401k plan was one way) instead of spending every dime they made.
Looking back, one of the crazy things about that day was we were not in the 24-hour news cycle that we are today. We weren't following the crash using TVs or the internet (the what?). We just got periodic updates throughout the day, near the end of which we learned of the 500+ point drop.
One of my favorite stories from that day actually didn't happen until the next day, when we were ushered into a meeting with some Principal executives, who told us to tell employer-customer not to be alarmed, it was 'business as usual' there - except now we weren't going to do this, or this other thing, or that, or that other thing. In other words, it was the opposite of business as usual. Clueless morons!
In the end, the market and the economy came back stronger than ever, setting up the 90s for another big bull run. Is that why people think the current recovery seems non-existent - because it isn't happening fast enough?
I recall October 19, 1987 quite well. That was the day the Dow Jones Industrial Average dropped over 500 points in one day, which at the time was over 20%. Think about that - a similar drop today would mean the Dow would fall over 2500 points!
Can you imagine the near and maybe real panic that would cause today, in the U.S. and around the world? People would be non-functional. At least the 40+% drop in the stock market in 2008 was more of a cascading crash, since it happened over the course of many weeks/months.
25 years ago, I was less than two years out of college, working an entry-level job setting up 401k plans for employer-customers at Principal Financial Group in Des Moines. Oh, and I had just found out we were expecting our first child. But I never felt like I was in danger of losing my job - if anything, there may have been more job security. Principal needed more help after that, as the 'yuppies' of that generation suddenly concluded they should be saving more money (inside a 401k plan was one way) instead of spending every dime they made.
Looking back, one of the crazy things about that day was we were not in the 24-hour news cycle that we are today. We weren't following the crash using TVs or the internet (the what?). We just got periodic updates throughout the day, near the end of which we learned of the 500+ point drop.
One of my favorite stories from that day actually didn't happen until the next day, when we were ushered into a meeting with some Principal executives, who told us to tell employer-customer not to be alarmed, it was 'business as usual' there - except now we weren't going to do this, or this other thing, or that, or that other thing. In other words, it was the opposite of business as usual. Clueless morons!
In the end, the market and the economy came back stronger than ever, setting up the 90s for another big bull run. Is that why people think the current recovery seems non-existent - because it isn't happening fast enough?
Monday, July 30, 2012
Here's What Is The Matter With People
Lately I've been boiling down my frustration with the actions of others through a simple statement of, "What's the matter with people?"
I've finally decided that, for the betterment of humanity, I will try to answer this question. I think it comes down to three overarching items:
1) People want attention. It doesn't even matter whether it's for good or bad reasons, as long as those who seek attention get it. This is both the cause and effect of reality television. It's bad enough that people want to make their entire lives a show for the public, but then that's further encouraged by compensating (and even making celebrities out of) people for their asinine behavior.
2) People are stupid. I wrote about this a few years ago, and it's only gotten worse. Most people will believe anything they read or hear. They have no filter, no ability to discern whether something passes the 'smell' test. The internet / social media make this problem worse, because people are constantly relying on it for all of their information. If the United States could devise a way to tax anyone who forwards an electronic message that has little or no basis in fact, we would quickly solve our deficit problem.
3) People are slackers. The children and grandchildren of the 'greatest generation' are not nearly as motivated as their ancestors. It seems that for every two Americans who try to make an honest living, there is one who doesn't give a damn. Sometimes to avoid life, that one will use extreme measures, e.g. unqualified government assistance, illegal activity, or even living with their too-coddling parents, to avoid getting a real job. On the minimally plus side, I always say that we need people in the service industry too, to take care of me when I'm on vacation.
So that's what's the matter with people. Now that I've provided the answers, someone please come up with the solutions.
I've finally decided that, for the betterment of humanity, I will try to answer this question. I think it comes down to three overarching items:
1) People want attention. It doesn't even matter whether it's for good or bad reasons, as long as those who seek attention get it. This is both the cause and effect of reality television. It's bad enough that people want to make their entire lives a show for the public, but then that's further encouraged by compensating (and even making celebrities out of) people for their asinine behavior.
2) People are stupid. I wrote about this a few years ago, and it's only gotten worse. Most people will believe anything they read or hear. They have no filter, no ability to discern whether something passes the 'smell' test. The internet / social media make this problem worse, because people are constantly relying on it for all of their information. If the United States could devise a way to tax anyone who forwards an electronic message that has little or no basis in fact, we would quickly solve our deficit problem.
3) People are slackers. The children and grandchildren of the 'greatest generation' are not nearly as motivated as their ancestors. It seems that for every two Americans who try to make an honest living, there is one who doesn't give a damn. Sometimes to avoid life, that one will use extreme measures, e.g. unqualified government assistance, illegal activity, or even living with their too-coddling parents, to avoid getting a real job. On the minimally plus side, I always say that we need people in the service industry too, to take care of me when I'm on vacation.
So that's what's the matter with people. Now that I've provided the answers, someone please come up with the solutions.
Sunday, May 13, 2012
Dear Graduating Class of 2012
To High School Graduates of 2012:
Congratulations on what is probably the greatest accomplishment of your life so far. Now the bad news - it doesn't really matter.
If you are/were a slacker up to now, you probably feel like you got over, and in some sense that's true. The thing of it is, you'd have to be a complete moron, or maybe a criminal, not to get a diploma with the sorry state of public schooling these days. Plus, now you're just going to continue being a slacker, so what did you really get over on? But thank you for your lack of effort anyway, because I'm always going to need people willing and only able to work in the service industry to take care of me.
If you are/were not a slacker up to now, good for you, it might have helped you get a college scholarship and made your family proud. Unfortunately, as of this moment, you are no farther ahead in life than the slacker to which I just referred. All that work took you to the same piece of paper that the lazy students got. Sucks, doesn't it? The good news is, you have a better future ahead, and from here you are going to very quickly improve your chances of future prosperity over the slacker.
To College Graduates of 2012:
Congratulations on what is probably the greatest accomplishment of your life so far. Now the bad news - it's time to grow up.
What the hell is the matter with your generation? Not so long ago, going to college meant you had four years to develop a certain set of intellectual skills, and upon your graduation you already had a job and/or post-graduate school lined up to begin a couple of weeks later. Now more often than not, you take more than four years to get an undergraduate degree, and you have a 'now what?' look on your face as you walk across the stage, and you move back home.
And don't give me the old 'tough job market' excuses. I know, I know, the Great Recession is making it tough on college graduates - that doesn't mean you shouldn't try. It means you need to try harder.
Also, try expanding your job horizons already. It's a big country out there, you don't need to limit your search to the city/state in which you grew up. This may come as a surprise to you, but that was kind of part of going to college, realizing it's a big world of other people and opportunities out there.
I don't entirely blame you. I also blame your parents. Apparently, they want you to have an option that they didn't have, meaning moving back home and allowing you to indefinitely leech off of them. Fortunately for you, my generation has decided they would rather be your adult friends instead of being your parents.
It's hard not to take advantage of this invitation to slacker-ville, no doubt. Just be accountable, OK? If you have a new degree but no job, it's probably your fault. Your parents want you succeed, and they may give you a place to avoid the big, bad world for a while, but don't get used to taking advantage of it.
Which brings me to my quick and opposite advice: It's a big, bad world out there. Get used to it.
Wednesday, July 20, 2011
The Wimpiest Generation
So there's a heatwave gripping the Midwest. Near 100 degrees all week with stifling humidity. Can't walk three steps without somebody complaining about the weather and asking, "Is it hot enough for you?" Constant media alerts about the heat index, and how dangerous it is to be outside too long.
Gimme a break. Would somebody please tell me what the big deal is? (Alert: I'm about to go off on an "I remember when....." rant.)
When I was really young, heat like this didn't stop us from going outside to play all afternoon - and not at the swimming pool, either. We had no real alternative, other than watching soap operas on one of the three TV stations from which we could choose, but we did it without complaining. And we didn't stop every five minutes to take a drink either.
When I was a teenager, it was the same deal, except instead of playing outside I was doing farmwork outside. Day after day after day. It seemed like the hottest days were reserved for baling hay or straw (a task equally as itchy as it was hot). And we're not talking about the labor-saving round bales they make today, either. I mean the rectangular ones that you had to lift and stack. Of course, since we operated a livestock farm, if we had nothing better to do we could always haul manure (a task equally as smelly as it was hot). Oh, and we didn't stop every five minutes to take a drink then, either.
Needless to say, when I became an adult with a wimpy office job, I didn't complain about the heat. Still don't.
But the current city-fied, under 30 generation, now they are a different story. This is the sedentary generation, a group raised on cable TV and video games. Anything above a climate-controlled 80 degrees is enough for them to start bitching, maybe even take the day off. The media coddling doesn't help, alerting us to take breaks, stay indoors, and of course, make sure our pets aren't outside. (Somewhere up there, my old dog Teddy is shaking his head.)
I get that each generation lives better than the one before it, and I don't expect people to be outdoors if they don't have to be. But please, please stop complaining about the heat. It makes you and the country look like a bunch of wimps
Gimme a break. Would somebody please tell me what the big deal is? (Alert: I'm about to go off on an "I remember when....." rant.)
When I was really young, heat like this didn't stop us from going outside to play all afternoon - and not at the swimming pool, either. We had no real alternative, other than watching soap operas on one of the three TV stations from which we could choose, but we did it without complaining. And we didn't stop every five minutes to take a drink either.
When I was a teenager, it was the same deal, except instead of playing outside I was doing farmwork outside. Day after day after day. It seemed like the hottest days were reserved for baling hay or straw (a task equally as itchy as it was hot). And we're not talking about the labor-saving round bales they make today, either. I mean the rectangular ones that you had to lift and stack. Of course, since we operated a livestock farm, if we had nothing better to do we could always haul manure (a task equally as smelly as it was hot). Oh, and we didn't stop every five minutes to take a drink then, either.
Needless to say, when I became an adult with a wimpy office job, I didn't complain about the heat. Still don't.
But the current city-fied, under 30 generation, now they are a different story. This is the sedentary generation, a group raised on cable TV and video games. Anything above a climate-controlled 80 degrees is enough for them to start bitching, maybe even take the day off. The media coddling doesn't help, alerting us to take breaks, stay indoors, and of course, make sure our pets aren't outside. (Somewhere up there, my old dog Teddy is shaking his head.)
I get that each generation lives better than the one before it, and I don't expect people to be outdoors if they don't have to be. But please, please stop complaining about the heat. It makes you and the country look like a bunch of wimps
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