I usually don’t talk about finance articles from MSN, Yahoo, or other sites that are out of touch with young people. Most of the time, they are just wrong, or they come down on young people with a ferocity that is rarely justified.

MSN has an article, titled “Why Your Kids Expect to be Rich”, that is pretty interesting. In it, the statistic of 73% of teens believing they will be making more than 100k per year was brought out.

I’m not going to rehash the entire article, if you want to read it http://articles.moneycentral.msn.com/CollegeAndFamily/RaiseKids/RaiseKids.aspxYour Kids Expect to be Rich, check it out. The point is, because we are seeing our parents pretending to be made out of money, and because our parents aren’t having candid conversations with us about money, we have a screwed up view about how much money we will make.

Look, you don’t need to make 100k to have a good life. More people make less than that than make more. Individually, neither my wife nor I make that kind of money. Of course, we don’t want to have to work as hard as it would take to make that kind of money either.

If you are a young person, don’t worry about a dollar amount. No matter what number you pick, you will probably find out that its not a realistic representation of what you are going to need to thrive. Talk to your parents about money, and have an honest conversation. If you need to, come up with a premise that is sure to get them to sit down and talk to you. I’ve found that talks about pregnancy (or the pregnancy of a “girlfriend”) does the trick. Sure, it can be a little embarrassing at first, but once you get into the conversation, its usually worth it.

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Comments
  1. I get an error on clicking on the link. By the time my kids are in the workforce, they better be looking at 100K. Considering that I don’t have kids yet, inflation will make that 100K seem pretty small by today’s standards.

  2. Wil says:

    LM

    Thanks for the head’s up! I think its fixed. I look at it this way. 100k is realistic for SOME professions. The article makes me a little afraid for today’s kids.

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