When all things are considered, young adults of today live more satisfying lives than those of their parents, in my opinion.
这句话当中的“when all things are considered”和“in my opinion“都显得多余。完全可以去掉。改为：
Young adults of today live more satisfying lives than their parents.
Due to the fact that our grandparents were under an obligation to help their parents, they did not have the options that young people have at this point in time.
“due to the fact that”就是一个很典型的繁琐的表达方式的例子，可以替换，简化为下面的表达方式：
Because our grandparents were obligated to help their parents, they did not have the options that young people have now.
2. 避免频繁使用“there be”结构，
My grandfather didn't have time to stand around doing nothing with his school friends.
Stand around doing nothing其实可以用一个动词来表达，即loiter：
My grandfather didn't have time to loiter with his school friends.
Profits from the farm were not large. Sometimes they were too small to meet the expenses of running a farm. They were not sufficient to pay for a university degree.
Profits from the farm were sometimes too small to meet operational expenses, let alone pay for a university degree.