Why it's harder to earn more than your parents | The Economist

I am consistently told that anyone can become rich in America. Usually by people who are not rich but they sure do insist that it’s possible

I believe the entire premise of the article is wrong. This is my opinion. And my opinion is entirely based on anecdotal evidence, and I cannot cite anything but my own experience and observations.

The generational difference is all about expectations. I don't know any 20-40 somethings that do not or did not suffer from the same mental affliction. They assumed that if they got a good job and/or education, they were immediately entitled to the same lifestyle their parents enjoyed. There was no understanding that mom and dad were 20-30 years down the road. My unscientific wild-ass assumption, the younger generation typically closes the "lifestyle gap" with consumer debt. Without the discipline of delayed gratification, the accumulation of wealth is impossible.

I'm at the tail end of the generation of "savers." About 2/3 of my peers would not sacrifice: no secondhand store purchases, no home rental with 2-3 people in bunk beds for every bedroom in a 3-bedroom house, no skipping restaurant meals, etc. etc. etc. Those who were/are savers and investors accumulated some fairly substantial net worth by their mid-40's, regardless of their income level. Those who were/are spendthrifts live payday to payday and worry about how they will retire.

My mama ruined me by making life to easy for me.