Life at age 30: then and now

Posted on Posted in Divorce, Financial Planning, parenting

Wall Street Journal reports today that half of today’s 30 year olds earn more than their parents (adjusted for inflation) at the same age. I don’t see evidence of that early success in my communities today.

At age 30 back in 1990 most of my peers owned houses, perhaps had a a rental property or boat or maybe a second car (cars were less reliable so perhaps it seemed like a good idea to have a spare). By age 30 I had already bought and rehabbed four houses, my business was stable, I drove a Jeep wagon and a sports car, had a nice boat, was already divorced from my first marriage and a newlywed in my second. Many of my business school peers were similarly situated.

Many of today’s 30 year olds that I see are still struggling to get out of their parent’s home. Few own homes. More are single. Many aren’t even seriously dating. Many still have student loans. I don’t know any 30 year olds who own a boat. The youngest owner at our marina is mid thirties and his father bought him the boat.

Sadly, I don’t see much of a comparison in the level of opportunities for 30 year olds between 1990 and 2016.

 

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