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I have observed this in Oregon. The boomers rolling in from California, usually with a massive equity tail wind, are MUCH wealthier than the Gen. X who are largely underwater on their homes, and the Millennials are unemployed or underemployed and mired with student loan debt. It seems like a very dramatic contrast in net worth, driven largely by the asset bubbles and economic conditions that have treated the three groups so differently. It is apparently widespread. To give just three countries...
let me esplain u, the principles that the old people practice, u know the dave ramsey stuff, works.
the new economic plan, the refi, the leverage, the debt consolidation, the live for the moment, spend now save later, club med, plastic instant gratification & 67% divorce rate, does not work.
let me esplain u, the principles that the old people practice, u know the dave ramsey stuff, works.
the new economic plan, the refi, the leverage, the debt consolidation, the live for the moment, spend now save later, club med, plastic instant gratification & 67% divorce rate, does not work.
Well said and true!
"You must spread around reputation before gving it to Huckleberry again"
let me esplain u, the principles that the old people practice, u know the dave ramsey stuff, works.
the new economic plan, the refi, the leverage, the debt consolidation, the live for the moment, spend now save later, club med, plastic instant gratification & 67% divorce rate, does not work.
Ok,sure, but don't moralize to me. I am a Ramsey man myself, but that requires a steady job, solid income, and reasonable opportunity. Those have been hard to come by for the younger kids, and few of them are getting either good advice or a break. Also, buying a boomer house for $200k and having it drop to $150k a decade later is not exactly a recipe for wealth creation (I know that story too). It is tough sledding! So, spare the "we are wealthy because we are more moral than you" stuff. It ain't true. The only exception I can see is the fixation with cell phones and techno gadgets. If you are working 15 hours a week at Walgreens, and living in the basement, why do you need a $200 cell phone bill!
Besides, many of the boomers did not practice all the virtuous saving, self-denial stuff. There were summer homes, bling, boats, beemers, big hair, boob jobs, and vacations too, but the winds were at their backs. Things are fundamentally different now.
Last edited by Fiddlehead; 04-23-2012 at 01:09 AM..
let me esplain u, the principles that the old people practice, u know the dave ramsey stuff, works.
the new economic plan, the refi, the leverage, the debt consolidation, the live for the moment, spend now save later, club med, plastic instant gratification & 67% divorce rate, does not work.
Ok, don't moralize to me. I am a Ramsey man myself, but that requires a steady job, solid income, and reasonable opportunity. Those have been hard to come by for the younger kids, and few of them are getting either good advice or a break. Also, buying a boomer house for $200k and having it drop to $150k a decade later is not exactly a recipe for wealth creation (I know that story too). It is tough sledding! So, spare the "we are wealthy because we are more moral than you" stuff. It ain't true. The only exception I can see is the fixation cell phones and techno gadgets. If you are working 15 hour a week at Walgreens, and living in the basement, why do you need a $200 cell phone bill!
Besides, many of the boomers did not practice all the virtuous saving, self-denial stuff. There were summer homes, bling, and vacations too, but the winds were at their backs. Things are fundamentally different now.
You and Fiddlehead are both right, but it's a matter of timing.
Boomers like Clinton and GWB smoked a lot of weed, drank a lot of booze, practiced a lot of "free love", went to discos, snorted cocaine, sold out, became "born again" and "settled down" during Reagan and the beginning of "Herpes" and HIV. The tail end of the "Boomer generation" arrived late at the party and they aren't doing as well. But they have had some time to recover.
Gen X's are stubborn, and they raised worse brats than the boomers. They'll get there.
Millenials are pieces of work: it's their way or the highway. They'll get there too.
let me esplain u, the principles that the old people practice, u know the dave ramsey stuff, works.
the new economic plan, the refi, the leverage, the debt consolidation, the live for the moment, spend now save later, club med, plastic instant gratification & 67% divorce rate, does not work.
Like ALL personal finance writers I've read, the Dave Ramsey stuff assumes that a person has in the long run an income within shouting distance of average.
It's very hard to make Dave Ramsey's budget guidelines work if you're un(der)employed at poverty level or minimum wage.
Seems to me the boomers that were as self indulgent as possible did very well and got out of the booming places when the getting was good and infested Oregon. They made the biggest speculative boom of all and sold out before the crash. The rest of us, including the next couple of generations, are paying the bill.
All the "economic advisors" preaching frugality have to assume their followers have a 50th to 80th percentile income because anything lower does not leave room for any savings no matter how frugal the individual. None of these guys has any advice for a person fresh out of college with a 70k loan and no job experience. These people are stuck with the usurious loan that will prevent them from even starting to save (all excess income must go to pay off the loan) for at least 10 years or so.
I believe this is one of the reasons we are going to wind up with a permenantly stagnant economy much like Great Britian where the really wealth ate doing very well and there is very limited opportunity for the rest. The Plutocrats have obtained their goals - the control both the money and have eliminated the competition for places at the table. Their exclusivity is insured.
in 1973 we lost the convertability of dollars to gold, and our currency began to depreciate dramatically.
Boomers like to b*tch about the high interest rates of the 1980's, but buying at reasonable prices is exactly what made their age group so much wealthier than younger generations. They were in the position to buy dirt-cheap property back in the days when rates were high and wages were rising at 10% per year.
10, 20 years later, you have a bunch of people who owe $5,000 left of their $20,000 mortgage, on their now-$200,000 house, thanks to favorable monetary policy. They like to think of this as "normal", which is why they tell everyone to buy houses -- but the truth is that they spent much of their adult, working lives in a building financial bubble. This was an anomaly, something that was unsustainable. As rates fall, housing prices rise; however, rates eventually bottom out.
Last edited by Cletus Awreetus-Awrightus; 04-23-2012 at 07:14 AM..
in 1973 we lost the convertability of dollars to gold, and our currency began to depreciate dramatically.
One has nothing to do with the other. We disassociated the dollar with the gold because gold had wild fluctuation swings in value and thus the dollar would improve or collapse with it. Our currency continues to depreciate because we keep printing and borrowing more of it, something you believe we need to do more of.
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Well said and true!
