I have reached an age where I've noticed something fascinating. Every generation is convinced it was issued the toughest instruction manual for life.
My grandmother used to talk about growing up during the Great Depression and World War II, living under rations of sugar, coffee, butter and eggs. My late father-in-law recounted stories about arriving early at the schoolhouse to stoke the furnace that heated the single room that served all grades.
My generation (baby boomers)? We survived double-digit inflation, dial-up internet, mortgage rates that climbed into the teens, gas lines, recessions and trying to program a VCR. We still carry emotional scars from the blinking "12:00."
My children faced the Great Recession, soaring college costs, impossible
housing prices and enough passwords to qualify for a job at the Pentagon.
My grandchildren? They'll someday tell us about surviving social media, artificial intelligence, climate worries and whatever replaces smartphones. They survived Wi-Fi going out for seven minutes. They survived paying rent that costs more than our mortgage.
Here's the funny part. Every generation looks backward and says, "You had it easy." Every generation looks forward and says, "These kids have no idea." Both are usually wrong. History isn't a contest to determine who suffered the most.
The details change, but the emotions remain remarkably consistent. People worry they'll lose their jobs. They wonder if they'll ever afford a home. They fear they're falling behind. They question whether they're making the right financial decisions. Sound familiar?
As a financial planner for many years, I watched clients navigate recessions, natural disasters, market crashes, wars, inflation, pandemics and political upheaval. Every crisis felt unique while it was happening.
Yet the families who weathered those storms best usually weren't the ones who predicted the future correctly. They were the ones who consistently practiced timeless financial habits.
They lived below their means. They saved when they could. They avoided unnecessary debt. They diversified their investments. They helped their neighbors. They laughed often. Most importantly, they refused to make permanent financial decisions based on temporary headlines. None of those habits are exciting enough to trend on social media. They never have been.
Let’s face it, easy times are surprisingly rare. You build financial security by making sensible decisions during uncertain times. Our grandparents knew that. Our parents learned it. We discovered it ourselves. Our grandchildren will too.
But somewhere, 50 years from now, a young adult will say, "Nobody has ever had it as hard as we do." And an older person nearby will quietly smile. Because every generation thinks it invented hard times and every generation eventually discovers that resilience, not circumstances, is what carries people through.
Paul K. Fain III, CFP®, has been a financial planner, advocate, and educator for 38 years. He can be reached with comments at PKFIII@aol.com
This article originally appeared on Knoxville News Sentinel: Why every generation feels like they have it hardest | Paul Fain
