Please teach your kids to become financially independent by 40 - the labor market doesn’t want you

[Anonymous]

I think total financial independence by 40 is unrealistic especially if you have dependent children.

However I do think advising your kids to set up their lives so that they or their partner can work part time or not work (or both partners work flexible jobs) by 40 that is good advice -- it is really hard to have a dual income couple with regular 9-5 jobs plus kids and feel sane. Relying on dual income at that stage is just really tough on people and I think my generation (I'm an Xennial) got sold a bill of goods about pursuing careers and having kids that was just not realistic.

But that does't mean being financially independent by 40. We are mid 40s and very much still working but DH is working towards retirement at 52 and I work 30 hours a week in a consulting job that I will happily do in some capacity well into my 50s for even 60s (flexible WFH and I like my job and it's realistic for me to be able to reduce my hours or take time off because I can pick and choose projects). At 38 we were both still working regular full time jobs and with kids it became untenable and we made choices to fix that so that we could enjoy our life and also actually enjoy seeing our kids grow up and also not tie ourselves to jobs until we're 65.

[Anonymous]

Ironically I had little to offer anyone until I was 40! Such silliness. At 45 with two kids I can finally leverage my knowledge and abilities to have a more flexible family friendly schedule. You need to find the niche that needs and appreciates your skills, even if it’s not glamorous work. Keep switching careers till you find it. You bring more to the table than you think,

[Anonymous]

I survived a mid week layoff today. Team of 8 people, 4 have been let go and 3 of them are over 40. This happened 24 hours after a software that automated many of core functions went live. The vendor will provide full support for 1 year and then it support will be slowly transfer in house. I am sure these sort of things have always happened but I haven't here for only 1 year and I am the youngest 24. I hope this is not the kind of future I will be facing...

[Anonymous]

The lawyers, doctors and accountants I know all were able to work as long as they wanted.

[Anonymous]

Teach your kids to have rich parents.

If you screwed that up then at least teach them to marry a rich spouse

[Anonymous]

Anonymous wrote:The lawyers, doctors and accountants I know all were able to work as long as they wanted.

Right. Too many people rely on experience as a crutch instead of updating their knowledge and learning new technology. Not all older people are like this but a lot are and I’m not shocked that they struggle on the job market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The lawyers, doctors and accountants I know all were able to work as long as they wanted.

Right. Too many people rely on experience as a crutch instead of updating their knowledge and learning new technology. Not all older people are like this but a lot are and I’m not shocked that they struggle on the job market.

Haha, my doctors are in no way updating their knowledge and technology like my industry does every 5 years. It’s all about having the AMA and Bar Association gate keeping; accountants are still safe because of the Accounting Employment Act, I mean Sarbanes Oxley.

[Anonymous]

I am in my 40s and exhausted. I am trying to balance a stressful job and manage a household, including a nanny's schedule, house repairs, all the kids' activities, and on and on.

[Anonymous]

Anonymous wrote:One person in the couple needs to hit executive status by 45 where less ageism.

A 48 year CFO is young. A 48 year old junior compliance person is old.

This. Everyone else, plan to move to Wichita or Toledo

https://realestate.usnews.com/places/rankings/cheapest-places-to-live

[Anonymous]

Anonymous wrote:Teach your kids to have rich parents.

If you screwed that up then at least teach them to marry a rich spouse

Yes, this should be the take away from this! OP is right though.

[Anonymous]

Anonymous wrote:I think total financial independence by 40 is unrealistic especially if you have dependent children.

However I do think advising your kids to set up their lives so that they or their partner can work part time or not work (or both partners work flexible jobs) by 40 that is good advice -- it is really hard to have a dual income couple with regular 9-5 jobs plus kids and feel sane. Relying on dual income at that stage is just really tough on people and I think my generation (I'm an Xennial) got sold a bill of goods about pursuing careers and having kids that was just not realistic.

But that does't mean being financially independent by 40. We are mid 40s and very much still working but DH is working towards retirement at 52 and I work 30 hours a week in a consulting job that I will happily do in some capacity well into my 50s for even 60s (flexible WFH and I like my job and it's realistic for me to be able to reduce my hours or take time off because I can pick and choose projects). At 38 we were both still working regular full time jobs and with kids it became untenable and we made choices to fix that so that we could enjoy our life and also actually enjoy seeing our kids grow up and also not tie ourselves to jobs until we're 65.

If your DH is retiring at 52 and you were part time for a decade, you certainly had financial means to be independent in your 40s.

What did your DH do for career?

[Anonymous]

Anonymous wrote:I am in my 40s and exhausted. I am trying to balance a stressful job and manage a household, including a nanny's schedule, house repairs, all the kids' activities, and on and on.

Me too! And it's impacting my health.

[Anonymous]

This post has some truth to it. AI is still in the infancy, but will change everything in 5-10 years. Soon you will see more AI in customer service, then more AI in white collar jobs like accounting, IT, even health. Many jobs will be unnecessary.

[Anonymous]

I am in my 50s, with a PhD in a quantitative field. I have changed jobs a few times in the last 5 years, and I can generally find work. I am currently a Fed.

Second all of the suggestions for accounting. My agency has a dozen vacant accounting positions. An older relative got an accounting job in her 70s. Tell your kids to embrace math.

[Anonymous]

I began to get nervous at 35 and saved a LOT.

This is very good advice, OP!