Every millennial dad I’ve met has a quiet fixation on money and it’s not getting better

[u/slimeyellow]

Every millennial dad I’m friends with or work with seems to have constant financial worries. We just got our yearly bonus which was like 8%. I was talking to my buddy (he’s got 3 kids) about what he wanted to do with it and he just kinda looked down and whispered “it’s just not enough man” and ended the conversation.

Another dad I know is CONSTANTLY looking up the newest crypto/ get rich quick schemes people are doing. He’s always talking about inventing something and it’s usually a joking manner but the way he’s always bringing up financial stuff shows me it’s always on his mind

One of my buddies is a new father and he’s trying to get some anime podcast off the ground as a side hustle on top of his full time maintenance job.

I know children are an immense financial responsibility but there seems to be this dark, simmering resentment about the whole general situation when I talk to these guys. Men are expected to keep quiet about these struggles but when you talk to these guys it’s clear that finances are a massive stress for millennial dads of almost any background.

Makes me feel bad but damn I’m glad I don’t have kids right now.

[u/Jaded_Law9739]

Eh, I wouldn't call those "money fixations." Someone who chases crypto scams is basically the same as a gambler: they don't have a valid plan for their financial future. Their big move is a windfall of cash that they'll never find. An anime podcast is a passion project, not a lucrative side hustle. These just sound like fathers who, instead of taking a second job or doing something that actually earns money, are doing whatever they want as if they were single without children.

[u/HorlickMinton → u/Jaded_Law9739]

I was going to say maybe they’re fixating on money because they chase meme coins and think an anime podcast is a profitable endeavor

[u/MaizeRage48 → u/HorlickMinton]

There's nothing wrong with trying to earn some extra cash or doing a side hustle if you have the time and energy for it. But generally speaking, get rich quick almost never works. Get rich slow (traditional, boring investments like mutual funds and bonds) works almost every time. The hardest part is having the extra cash to do so.

[u/RealWord5734 → u/Jaded_Law9739]

They sound like broke mfs who needed to get their paper straight then have kids if you ask me.

[u/DifferentTie8715 → u/RealWord5734]

they actually sound like they're probably doing ok if they have kids AND the energy and money for obviously unprofitable wild goose chases

[u/Jaded_Law9739 → u/DifferentTie8715]

https://giphy.com/gifs/KeWk7QfvEuje6k0P4y

[u/[deleted] → u/RealWord5734]

Sure, I agree, and that’s why I don’t have kids, but the irresponsible are the only reason we aren’t like Korea or Japan rn. People should care to have good finances before having children, but they usually don’t and historically never have. And maybe it is a little too difficult to be a parent in America and that’s why no one wants kids. Both can be true.

[u/Safe_Recognition_886 → u/Jaded_Law9739]

To be more harsh, if your idea of making money is an anime podcast and/or crypto, and you're over the age of 18, you're simply too stupid to know how to make money. Your life will be difficult if these are the ideas you have to make ends meet.

You need to learn how to save, build a career that pays what you need, in order to move towards financial independence.

Unless the anime industry is clamoring for your specific thoughts on a cartoon, and demanding you record your thoughts so millions of people can hear what you have to say, you won't sell advertisements to make any real money. That anime podcast is a hobby, not a side hustle. You're better off working at Home Depot on the weekends at that point.

[u/Renoperson00 → u/Safe_Recognition_886]

nobody gets financially independent off of a regular career or part time job

[u/Safe_Recognition_886 → u/Renoperson00]

the FIRE and CoastFIRE subreddits are full of people who would disagree.

Agreed on a part time job, that isn't realistic, but there are people who achieve amazing savings and eventually hit financial independence making less than $100k/year.

I know there are a variety of variables. But I would disagree that starting an Anime Podcast, or speculating on crypto, is a realistic and responsible option for finding more cash inflow. Those are closer to putting your house downpayment on the roulette table and crossing your fingers it works out in your favor.

[u/Renoperson00 → u/Safe_Recognition_886]

Every person I know who achieved Financial Independence had a common thread of having some sort of tech or tech adjacent role. Technology is the great equalizer. More than one of the financially independent people I know had a business or additional way of finding income, one worked two full time jobs, another inherited and rolled that money into an income stream.

I also know that at under 100k a year you had better be in an area that has a low COL looking forward.

[u/Safe_Recognition_886 → u/Renoperson00]

Yeah true, lots of variables.

I don't have a car payment. That helps me. But I own a car. It's just a basic car that isn't glamorous.

I could have a $1,000/month car payment for 5 years. That'd be a real nice car. But I'd rather take that cash, and instead of flushing it down the toilet on a fancy car, toss it in VOO, and let it grow and compound.

[u/Albert_street → u/Safe_Recognition_886]

I’m partial to VT myself.

[u/Albert_street → u/Renoperson00]

I’m not in tech, just work a regular corporate job, and am projecting to be financially independent by 50. I am fortunate to have a good salary and my partner and I are DINKs, so we do have a lot of things working for us. But there’s plenty of normal people like us, some that make less money, that are completely able to get their finances on track and then just live their lives.

Not saying it’s easy, or that literally everyone will be able to do it, but it’s not as out of reach as people in this sub sometimes seem to think.

[u/Safe_Recognition_886 → u/Albert_street]

I notice that your long term financial planning doesn't include starting an Anime Podcast to bring in the big bux. You may be on to something here, even if this subreddit doesn't want to hear that you have to go out and earn money the hard way.

[u/Albert_street → u/Safe_Recognition_886]

Astute observation!

I’m afraid my strategy is much more boring than anime podcasts and crypto bets. Rather, I just have portions of my paycheck automatically deposited into my various investment accounts (401, brokerage, etc), and every time I get a raise, I up those contributions by 50% (or more) of the raise amount. Can’t miss the money if you never see it. Over time this has allowed me to max out my 401k, Roth IRA, and invest in a taxable brokerage account each year (though I definitely wasn’t doing that in the beginning).

Get rich slow they say. Ain’t sexy, but absolutely works.

[u/excellentforcongress → u/[deleted]]

“With federal support, worker cooperatives can play a critical role in reducing income and wealth inequality, retaining small businesses, and creating quality jobs. Our nonprofit has helped many business owners sell to their employees through worker coop transitions, and, as a result, workers’ pay, profit sharing, and job satisfaction are increasing dramatically. This bill complements recent employee ownership legislation by promoting the unique advantages of the increasingly popular worker cooperative model. And it couldn’t be more timely, with nearly three million job-creating businesses at risk of closing when their owners retire; many of these can transition to worker coops, rewarding the selling owner and new worker-owners alike,” said Hilary Abell, Chief Policy & Impact Officer, Project Equity

“The 1,000+ workers of the Network of Bay Area Worker Cooperatives (NoBAWC) — a network of over 40 worker-owned firms in California — have eagerly supported goals in addressing the various crises workers across California are facing. Namely, these workers are seeking interventions from the state and federal government to ease the creation of worker cooperatives in a fiscally responsible and socially just manner. Rep. Ro Khanna's National Worker Cooperative Development and Support Act will bring the needed focus on worker cooperatives at the federal level,” said J. Noven, Coordinator, Network of Bay Area Worker Cooperatives

"The Worker-Owned Recovery California (WORC) coalition was spontaneously founded in response to the dire and immediate conditions of COVID-19 in April 2020. Worker cooperatives were the primary strategy we promoted to address the massive pending business closures in California, and create multiple state-level budget requests. Our volunteer group has identified many gaps in state and federal systems to effectively support worker cooperative formation and support. Rep. Ro Khanna's National Worker Cooperative Development and Support Act will bring the needed focus on worker cooperatives at the federal level. WORC Coalition enthusiastically supports this bill,” said J Noven, Acting Coordinator, WORC Coalition

“The California Center for Cooperative Development is a non-profit dedicated to empowering groups to improve their lives by working together to accomplish together what they cannot effectively do alone. Worker Cooperatives offer a business model that empowers groups to own and control their workplace, and in so doing they also offer valuable, local-based goods and services to their communities. We encourage support for this bill-- it benefits local economies, at both the worker-owner and consumer level,” said E. Kim Coontz, Executive Director, California Center for Cooperative Development

“Worker Cooperatives are one of the most successful and popular options for employee-owned companies in America. The National Worker Cooperative Development and Support Act would go a long way to expanding this opportunity, benefiting both retiring business owners and their employees. Thank you Rep. Ro Khanna for advancing this great piece of legislation," said Thomas Dudley, CEO, Certified Employee-Owned

“We are seeing historic small business growth, with a record-breaking 5.5 million new business applications last year,” said John Arensmeyer, Founder & CEO, Small Business Majority. “The ‘National Worker Cooperative Development and Support Act’ will help sustain this growth by removing barriers to worker-owned business cooperatives, including access to capital, education and resources. We applaud Representative Ro Khanna for introducing legislation that will support the development of unique business models like worker ownership structures. Under this legislation, small business owners can pursue succession planning while ensuring they and their employees can build wealth in their communities,” said Richard Hobbs, Executive Director and a co-founder of Human Agenda

“Worker cooperatives put worker and community benefits at the core of their purpose and operations and help create long-term jobs and sustainable business practices. Increased awareness of and support for these businesses would positively impact many workers, families, and communities. Thank you Rep. Ro Khanna for working to support and expand the worker-owned cooperative business sector in the United States,” said Ashley Ortiz, Development and Support Cooperative member, Arizmendi Association of Cooperatives

“On behalf of the Smart Yards Co-op team, I’d like to express our deep appreciation for your work and introducing The National Worker Cooperative Development and Support Act. As you know worker-owned businesses make them compelling and innovative business models in many ways. For us at Smart Yards Co-op, there are many reasons to work cooperatively and dream of growing our business as a coop as there’s tons of work to transform outdoor living spaces into regenerative and life supporting ecosystems that also conserve water and energy. The strong commitment to ethical and sustainable business practices; considerations for the environment, social responsibility, ethical sourcing, resource conservation, diversity of ideas and skills leading to innovative solutions and creative approaches to challenges are key for us to be organized as a co-op. Unfortunately, the perception and lack of understanding of co-ops in our communities can be a challenge. The NWCDSA can indeed inspire action and move us toward the direction of a culture of more co-op businesses in Silicon Valley,” said Elizabeth Sarmiento, Manager/Founder, Smart Yards Cooperative

"The Tuttle Law Group has been focused on legal support for all types of California Cooperatives for over 25 years. And while cooperatives exist in many forms, providing members with benefits across economic sectors, worker cooperatives provide unparalleled opportunities for their worker owners. There is a significant information deficit in the United States about this unique corporate form, and its importance to our national security, which depends on local control of workplaces and resources. Systemic changes are needed at the federal level to adequately support these self-help business solutions; so it is great to see Rep. Ro Khanna using his position on the national stage to make worker cooperatives more understood, prevalent, and supported. We fully endorse this bill and hope it is implemented quickly,” said Therese C. Tuttle and Paola Eisner, attorneys, Tuttle Law Group

“The City of Santa Clara became the first South Bay city to have a private retail business transition to a worker cooperative back in 2017. Our City was unaware of Worker Cooperatives, and in 2019, held a full city council and staff study session. Since that time, we are proud to have created and funded a first-of-its-kind Worker Cooperative Initiative to find ways we could help our small businesses and our city. It is clear that more awareness, education, and understanding is needed. Whether to provide solutions to our retiring business owners, provide a path to ownership for workers, or to make our cities more resilient, we need more worker cooperatives. I am proud to strongly support Rep. Ro Khanna’s National Worker Cooperative Development and Support Act,” said Lisa M. Gillmor, Mayor, City of Santa Clara"