Back then, my dad was able to go to the navy for 2 years first and then they paid for him to get his engineering degree. He is now the CEO of his own electrical engineering firm that does major work for Northern CA. My mom rose quickly on the ladder and is now a senior property accountant at a seriously awesome company with all the perks you could ever want. I’m guessing their success is due to a combination of hard work, luck, and logic.
My mom bought a duplex for $125k with a negative amortization loan in Northern CA back in the early 1990’s. She only put $4,000 down on that place but after 4 years, she was able to sell it for $185k so she made out. Thereafter, she put a hefty down payment on a $198k 4-bedroom house in the same area. My dad graduated college in 1995, at the peak of the dot com boom, and they sold that house for $298k to buy a brand new 5-bedroom house for $550k. After only 10 years, they have paid it off. To say I’m envious to say the least is an understatement!
These days, you would be lucky to even have a job at a young age straight out of college. Salaries start so low now, compared to 15 years ago, starting salaries were the same. Cost of living increased at a crazy rate… movie tickets are $10 rather than $5, gas is almost $5/gallon rather than $2 and still our starting salaries haven’t even as so much grown a 1/4 of what it was 15 years ago. I feel like the world is going backwards and forwards at the same time!
I wanted to post this today because of how hard it is to buy a condo these days. A 2-bed 2-bath condo in SoCal can go all the way up past $300k depending on the location. If it’s by the beach, it’s possibly close to $1 million no matter what since a 3 or 4-bedroom overlooking the beach could be $10 million+.
Don’t get me wrong, I love being a Gen Y’er. I love the Internet, social networking and all the new and cool gadgets and new technology out there that make everyone’s lives easier. I just wish I could keep up with inflation!
So which generation would you prefer to live in - Baby Boomers, Gen X, or Gen Y?