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I'm not patting myself on the back. My grandfather had a 3rd grade education. My mother went to a segregated school and worked 2 jobs to support me. I have been able to economically achieve more than my parents because the U.S. allowed black people to participate in the education/employment system during the 1960s. As a result, my generation actually has the opportunity to accumulate wealth for the first time, while our parents didn't.
@EY2 Obviously, I'm thankful for hard work of the black community. Where did I say I wasn't? I'm answering the question that was posed in the thread about MY parents. Apparently, talking about my history makes you feel uncomfortable or guilty, so you would prefer that I and others like me pretended that the hard work of our parents & grandparents didn't exist. If your parents were coal miners, talk about their history. What does that have to do with me?
I already have.
Before you pat yourselves in the back, discount your current earnings to the value of the dollar when your parents were working.Adjusted for inflation, making $25,000 in 1975 is the equivalent of making $118,000 today.
My parents combined gross income was around $800k annually so I have a bit of time to go. My dad’s pension alone is still more than my annual salary
My parents went bankrupt so, I like my odds
EY2, why the negativity here? The question was asked whether we think we could achieve more economically than our parents. In my case, as I noted above, I made more my first year out of school than my dad did at the same time. So, in those years that we were both working at the same when he was at the end of his career and I was at the beginning of mine, I made more in actual dollars than he did. I was able to save more and accumulate more wealth as a result of my higher earnings.
Is that something I pat myself on the back for? Yeah, I do. I worked hard in school and made career decisions that got me out of my small town and into a career that has provided me with enormous personal, financial, and professional opportunities and growth. You know who are my biggest cheerleaders and proudest supporters? My parents! They wanted me to have more and to do more than they did.
There are many of us in public accounting who are the first generation of college degrees or the first generation in a professional field like a lawyer or accountant, and we will achieve more economically than our parents did. I am not sure why you would be negative about that with your comments above.
I am 25 and already make more than both of my parents combined. It is because of their sacrifice that I am able to achieve this though. Neither of them had the opportunity to go to college (they both grew up very poor). They made sure that I did.
This got deep real fast, to answer the question yes, I was raised by a single working class mother. Someday my sisters and I will have to financially care for her.
@EY2 It has nothing to do with you. That's why I don't understand why you had anything to say to begin with. It just puts into perspective as to why I have a net worth higher than my parents, especially since I and Senior Manager 1 are the only people who have posted so far who have a surpassed their parents. Perhaps you should rant to him about how he should be grateful for his school teacher dad, and how his dad wasn't the only person with struggles while you're at it. Its obvious that black history strikes a nerve with you.
Sometimes I think about how much my parents made compared to me and wonder how on earth they afforded it all....I make a decent living and I feel broke all the time! They paid off their mortgage, paid for my university education, saved for retirement and I never really felt we went without! How did they do it!?!! Haha
No my dads a partner
Audit Senior 1 - I am talking about comparing apples to apples. Value of the dollar then to the dollar now. You are making this about opportunity. You should thank that generation for having the strength to keep going despite the obvious unfairness. You are not the only offspring of people who had limited opportunity. How about coming from generations of coal miners all dying before 60 with black lung disease.? Be grateful for them. You reaped the benefit of their persistence. Thanks for the civics lecture.
My dad took 20 yrs to get to 60k in the Midwest, I make 51k my first year out of college. So yes. Graduating college has inspired and encouraged a lot of my cousins since I come from a blue collar family. I had to grind through college with the financial struggle every year of trying to get student loans without a co-signer. It was worth it.
Audit Senior 1 - what does your story have to do with me? Your story doesn’t make me uncomfortable. It’s not a race issue.
Dad worked in an investment bank and retired by 52, cuz he could. I’ll never make this kind of money in my life and that kind worries me, never being as successful or financially independent as him, even though we have almost the same academic backgrounds by now (he has two bachelors -management and accounting - and a MBA and I have two bachelor as well - law and accounting - and an LLM). I try to think times have changed and all, but question a lot the career path I chose in what concerns making money.
My father just retired and he was making about 20k more than me. I should be passed his annual income in a few years.
I achieved that my first year out of law school. My dad was a public school teacher in a small town and my first year salary was more than his at the time.
Kpmg1: what do your parents do?
@PWC1 I worry about how I'll be able to afford this in the future as well.