At 33 I have a 401k 3X my salary the will only be 2.5 times soon (maybe less) with a hopeful big promotion coming soon. I have a house that is 17% of my monthly salary and a rental property that for now covers its costs.

I have been influenced quite a bit by Gen Xers at work, but my Baby Boomer parents taught me nothing about money. They told me not to rack up credit card debt and not to try to live to their standard of living, but that was it. There was no education. They didn't teach about budgets. There were no allowances or money lessons. Nothing. They thought by shielding me from money issues that I could have a more stress-free childhood and they were right. That said I entered the working world with no idea at all of what to do.

I've learned the most from successful friends at work that insisted I at least get the company match in 401k. I started as a Co-op and my 401k has been pretty successful. That said many of my peers haven't had the opportunity to listen and learn from peers. Some have sought financial independence and others haven't. I remember having no idea what I was doing when my parents called me to sign my student loans. I spent 4 years at tech and came out with $25k in debt. I spent my co-op money buying cars, sports equipment, and expensive apartment rents. My little sisters mostly paid their way working upon my advice.

My point is whether the older generations admit it or not, by and large you guys did a terrible job educating the younger generations on fiscal responsibility. It wasn't millennial business practices that created banking fraud or that created the balloon mortgages. We grew up in a consumer society without education or the skills to deal with a shrinking economy. Hindsight is 20/20 and those aren't excuses they're facts.

To correct the situation my kids will be involved in finances and understand money. I was fortunate to learn on my own and from some peers that gave great advice. Rather than wagging fingers and blaming the younger generations maybe stop and think how your generation DID affect the current one. What I think you'll see is the next generation will be much more financially savvy but will miss some other point.

[Post edited by hokiehunter07 at 05/16/2018 10:52AM]